JCDecaux : Q3 2024 trading update
Q3 2024 trading update
- Q3 2024
adjusted revenue up +10.9% to €948.2 million
- Q3 2024
adjusted organic revenue up +11.1%
- Q4 2024
adjusted organic revenue expected to grow low
single-digit
Paris, November
7th, 2024 – JCDecaux
SE (Euronext Paris: DEC), the number one outdoor
advertising company worldwide, announced today its revenue for the
third quarter 2024.
Commenting on the 2024 third quarter revenue,
Jean-Charles Decaux, Chairman of the Executive Board and
Co-CEO of JCDecaux, said:
“Our Q3 2024 Group revenue grew by +10.9%,
+11.1% on an organic basis, above our expectations, to reach €948.2
million with a solid business momentum across all segments and
geographies, mainly driven by continued strong digital revenue
growth, while France benefited from the positive impact of the
Paris Olympic and Paralympic Games.
Digital Out Of Home (DOOH) revenue grew by
+17.8%, +18.5% on an organic basis, to reach a new record high of
38.5% of Group revenue including an ongoing strong programmatic
revenue growth.
All business segments recorded strong
organic revenue growth: Street Furniture grew by +8.8% with
continued solid momentum, Transport grew by +15.5% reflecting the
strong growth in both airports and public transport systems and
Billboard grew by +7.9% driven by solid momentum across
markets.
France and UK delivered strong double-digit
organic revenue growth with all other geographies growing high
single-digit. Our business in China, while still well below
pre-covid levels, grew double-digit with an increased digital
penetration.
As far as Q4 is concerned and bearing in
mind our record Q4 last year, we expect a low single-digit organic
revenue growth rate, including continued solid development of
digital revenue and reflecting some macro uncertainties such as
ongoing debates about government budgets in France and UK, while
China is expected to be around flat due to low consumer
demand.
We are confident that Out of Home (OOH) will
continue to grow its market share in a fragmented media landscape
with Digital Out of Home (DOOH) being the fastest growing media
segment. JCDecaux as the industry leader and the most digitised
global OOH Media company is well positioned to benefit from this
digital transformation.”
Following the adoption of IFRS 11 from January
1st, 2014, the operating data presented below is
adjusted to include our prorata share in companies under
joint control.
Please refer to the paragraph “Adjusted data” of this release for
the definition of adjusted data and reconciliation with IFRS.
The values shown in the tables are generally expressed in millions
of euros. The sum of the rounded amounts or variations calculations
may differ, albeit to an insignificant extent, from the reported
values.
Adjusted revenue for the third quarter 2024
increased by +10.9% to €948.2 million compared to
€855.0 million in the third quarter of 2023.
Excluding the negative impact from foreign exchange variations and
the positive impact of changes in perimeter, adjusted revenue
increased by +11.1%.
Adjusted advertising revenue, excluding revenue related to sale,
rental and maintenance of street furniture and advertising
displays, increased by +10.4% on an organic basis in the third
quarter of 2024.
By activity:
|
Q3 adjusted revenue |
2024 (€m) |
2023 (€m) |
Reported growth |
Organic growth(a) |
|
Street Furniture |
468.5 |
432.0 |
+8.4% |
+8.8% |
|
Transport |
346.9 |
302.1 |
+14.8% |
+15.5% |
|
Billboard |
132.7 |
120.8 |
+9.8% |
+7.9% |
|
Total |
948.2 |
855.0 |
+10.9% |
+11.1% |
(a) Excluding acquisitions/divestitures and the impact of
foreign exchange
|
9-month adjusted revenue |
2024 (€m) |
2023 (€m) |
Reported growth |
Organic growth(a) |
|
Street Furniture |
1,386.4 |
1,254.7 |
+10.5% |
+10.0% |
|
Transport |
980.8 |
838.8 |
+16.9% |
+17.6% |
|
Billboard |
388.6 |
346.5 |
+12.2% |
+9.5% |
|
Total |
2,755.8 |
2,440.0 |
+12.9% |
+12.6% |
(a) Excluding acquisitions/divestitures and the impact of
foreign exchange
Please note that the geographic comments below
refer to organic revenue growth.
STREET FURNITURE
Third quarter adjusted revenue increased by
+8.4% to €468.5 million (+8.8% on an organic basis). France
driven by the Paris Olympic and Paralympic Games, UK and Rest of
the World grew double-digit. North America and Asia-Pacific
recorded high single-digit growth.
Third quarter adjusted advertising revenue,
excluding revenue related to sale, rental and maintenance of street
furniture was up +7.3% on an organic basis.
TRANSPORT
Third quarter adjusted revenue increased by
+14.8% to €346.9 million (+15.5% on an organic basis). France,
UK, Rest of Europe and Asia-Pacific grew double-digit.
BILLBOARD
Third quarter adjusted revenue increased by
+9.8% to €132.7 million (+7.9% on an organic basis). France
and Rest of Europe grew double-digit. North America and Rest of the
World recorded high-single digit growth.
ADJUSTED DATA
Under IFRS 11, applicable from January
1st, 2014, companies under joint control are accounted
for using the equity method.
However, in order to reflect the business reality of the Group,
operating data of the companies under joint control will continue
to be proportionately integrated in the operating management
reports used by directors to monitor the activity, allocate
resources and measure performance.
Consequently, pursuant to IFRS 8, Segment Reporting presented in
the financial statements complies with the Group’s internal
information, and the Group’s external financial communication
therefore relies on this operating financial information. Financial
information and comments are therefore based on “adjusted” data,
consistent with historical data prior to 2014, which is reconciled
with IFRS financial statements.
In Q3 2024, the impact of IFRS 11 on adjusted revenue was
-€76.1 million (-€66.0 million in Q3 2023), leaving
IFRS revenue at €872.0 million (€789.0 million in
Q3 2023). For the first nine months of 2024, the impact of
IFRS 11 on adjusted revenue was -€217.1 million
(-€184.1 million for the first nine months of 2023), leaving
IFRS revenue at €2,538.7 million (€2,255.9 million for
the first nine months of 2023).
ORGANIC GROWTH DEFINITION
The Group’s organic growth corresponds to the
adjusted revenue growth excluding foreign exchange impact and
perimeter effect. The reference fiscal year remains unchanged
regarding the reported figures, and the organic growth is
calculated by converting the revenue of the current fiscal year at
the average exchange rates of the previous year and taking into
account the perimeter variations prorata temporis, but
including revenue variations from the gains of new contracts and
the losses of contracts previously held in our portfolio.
|
€m |
|
Q1 |
Q2 |
H1 |
Q3 |
9M |
|
|
|
|
|
|
|
|
|
2023 adjusted revenue |
(a) |
721.3 |
863.7 |
1,585.0 |
855.0 |
2,440.0 |
|
|
|
|
|
|
|
|
|
2024 IFRS revenue |
(b) |
740.4 |
926.3 |
1,666.7 |
872.0 |
2,538.7 |
|
IFRS 11 impacts |
(c) |
61.2 |
79.8 |
141.0 |
76.1 |
217.1 |
|
2024 adjusted revenue |
(d) = (b) + (c) |
801.6 |
1,006.1 |
1,807.6 |
948.2 |
2,755.8 |
|
Currency impacts |
(e) |
7.1 |
0.2 |
7.3 |
5.4 |
12.8 |
|
2024 adjusted revenue at 2023 exchange rates |
(f) = (d) + (e) |
808.7 |
1,006.3 |
1,814.9 |
953.7 |
2,768.6 |
|
Change in scope |
(g) |
-8.4 |
-9.8 |
-18.2 |
-4.1 |
-22.3 |
|
2024 adjusted organic revenue |
(h) = (f) + (g) |
800.3 |
996.5 |
1,796.8 |
949.5 |
2,746.3 |
|
|
|
|
|
|
|
|
|
Organic growth |
(i) = (h)/(a)-1 |
+11.0% |
+15.4% |
+13.4% |
+11.1% |
+12.6% |
€m |
Impact of currency as of September
30th,
2024 |
|
|
|
|
CNY |
4.6 |
|
BRL |
4.0 |
|
AUD |
2.3 |
|
GBP |
-7.0 |
|
Other |
8.9 |
|
|
|
|
Total |
12.8 |
|
Average exchange rate |
9M 2024 |
9M 2023 |
|
|
|
|
|
CNY |
0.1278 |
0.1312 |
|
BRL |
0.1757 |
0.1843 |
|
AUD |
0.6091 |
0.6170 |
|
GBP |
1.1744 |
1.1484 |
Next
information:
2024 annual results: March 6th, 2025 (before market)
Key Figures for JCDecaux
- 2023 revenue:
€3,570.0m(a) – H1
2024 revenue: €1,807.6m(a)
- N°1 Out-of-Home Media company
worldwide
- A daily audience of 850 million
people in more than 80 countries
- 1,056,833 advertising panels
worldwide
- Present in 3,918 cities with
more than 10,000 inhabitants
- 11,650 employees
- JCDecaux is listed on the
Eurolist of Euronext Paris and is part of the Euronext 100 and
Euronext Family Business indexes
- JCDecaux’s Group carbon
reduction trajectory has been approved by the SBTi and the company
has joined the Euronext Paris CAC® SBT 1.5° index
- JCDecaux is recognised for its
extra-financial performance in the FTSE4Good (3.8/5), CDP (A),
MSCI (AAA), Sustainalytics (13.7), and has achieved Gold Medal
status from EcoVadis
- 1st Out-of-Home Media company
to join the RE100
- Leader in self-service bike
rental scheme: pioneer in eco-friendly mobility
- N°1 worldwide in street
furniture (630,196 advertising panels)
- N°1 worldwide in transport
advertising with 153 airports and 258 contracts in
metros, buses, trains and tramways (319,081 advertising
panels)
- N°1 in Europe for billboards
(85,743 advertising panels worldwide)
- N°1 in outdoor advertising in
Europe (708,620 advertising panels)
- N°1 in outdoor advertising in
Asia-Pacific (165,292 advertising panels)
- N°1 in outdoor advertising in
Latin America (91,682 advertising panels)
- N°1 in outdoor advertising in
Africa (25,337 advertising panels)
- N°1 in outdoor advertising in
the Middle East (21,300 advertising panels)
(a) Adjusted
revenue
For more information about JCDecaux, please
visit jcdecaux.com.
Join us on Twitter, LinkedIn, Facebook, Instagram
and YouTube.
Forward looking statements
This news release may contain some forward-looking statements.
These statements are not undertakings as to the future performance
of the Company. Although the Company considers that such statements
are based on reasonable expectations and assumptions on the date of
publication of this release, they are by their nature subject to
risks and uncertainties which could cause actual performance to
differ from those indicated or implied in such statements.
These risks and uncertainties include without limitation the risk
factors that are described in the universal registration document
registered in France with the French Autorité des Marchés
Financiers.
Investors and holders of shares of the Company may obtain copy of
such universal registration document by contacting the Autorité des
Marchés Financiers on its website www.amf-france.org or directly on
the Company website www.jcdecaux.com.
The Company does not have the obligation and undertakes no
obligation to update or revise any of the forward-looking
statements.
Communications
Department: Albert Asséraf
+33 (0) 1 30 79 79 10 – albert.asseraf@jcdecaux.com
Investor
Relations: Rémi Grisard
+33 (0) 1 30 79 79 93 – remi.grisard@jcdecaux.com
- 07-11-24 JCDecaux Q3 2024_ENG
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