JCDecaux : Full-Year 2023 results
Full-Year 2023 results
- Adjusted
revenue up +7.6% to €3,570.0 million
- Adjusted
organic revenue up +8.7%
- Adjusted
operating margin of €663.1 million, up +10.0%, +€60.2 million
yoy
- Adjusted
EBIT, before impairment, of
€266.2 million, up +25.5%,
+€54.2 million yoy
- Net
income Group share of €209.2 million, up +58,3%, +€77.0 million
yoy
-
Operating cash flows of €478.5 million, up +19.8%, +€79.1
million yoy
- Adjusted
free cash flow of -€1.0 million impacted by c.€100
million one-off past rental payments
-
Best-in-class ESG ratings
- Proposal
to AGM not to pay any dividend in 2024 to maintain financial
flexibility
- First
quarter 2024 adjusted organic revenue growth expected to be around
+9%
Paris, March
7th, 2024 – JCDecaux SE
(Euronext Paris: DEC), the number one outdoor advertising company
worldwide, announced today its results for the year ended December
31st, 2023. The accounts are audited and certified.
Commenting on the Group’s 2023 results,
Jean-François Decaux, Chairman of the Executive Board and
Co-CEO of JCDecaux, said:
“Our 2023 Group revenue grew by +7.6%, +8.7% on
an organic basis, to reach €3,570.0 million driven by digital, the
continued growth of street furniture and the ongoing recovery of
our transport activities. Our Digital Out Of Home (DOOH) revenue
grew by +20.8% in full-year 2023, +22.7% on an organic basis, to
reach a record 35.3% of Group revenue in 2023 with a strong
programmatic revenue growth while analogue advertising revenue also
grew in 2023 despite the conversion of some premium analogue sites
to digital.
Our adjusted operating margin improved by €60.2
million to reach €663.1 million, representing a year-on-year
increase of +10.0%. This positive operating leverage despite
inflationary pressures on costs was driven by our street furniture
division, benefiting from both a full revenue recovery and some
contract renegotiations, while our transport business was still
affected by a slower pace of recovery, notably in China, and our
billboard segment was impacted by French regulations, while digital
continued to enhance operating leverage within this segment. Our
other P&L performance indicators improved accordingly including
our net result Group share which increased by €77.0 million, i.e.
+58.3% year-on-year, to reach €209.2 million. We delivered strong
operating cash flows of €478.5 million increasing by €79.1 million,
+19.8% compared to 2022. Our free cash flow was nearly breakeven at
-€1.0 million, primarily impacted by one-off past rental payments
for about €100 million released following the conclusion of
contract renegotiations, implying a positive underlying free
cash flow generation. Our net debt was broadly stable at €1,005.9
million at the end of 2023, leading to a decreasing financial
leverage now at 1.5x.
We have confirmed once again the excellence of
our sustainable practices, recognised as best-in-class by
extra-financial rating agencies including A List by the CDP, and we
have launched in June our Climate Strategy “committed SBTi”,
including targets to continue to reduce our carbon footprint across
our entire value chain. This strategy is based on three principles:
Measure, Reduce, Contribute. It aims for Net Zero Carbon by 2050
(scopes 1, 2, and 3) and complements our ambitious 2030 ESG
Strategy.
As far as Q1 2024 is concerned, we now expect an
organic revenue growth rate at around +9% driven by strong digital
revenues with a double-digit organic revenue growth rate in our
transport business and a high single-digit organic revenue growth
rate in street furniture.
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 adoptions of IFRS 11 from
January 1st, 2014 and IFRS 16 from
January 1st, 2019, and in compliance with the AMF’s
instructions, the operating data presented below are adjusted:
- to include our prorata share in
companies under joint control, regarding IFRS 11,
- to exclude the impact of
IFRS 16 on our core business lease agreements (lease
agreements of locations for advertising structures excluding real
estate and vehicle rental contracts).
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. Please refer to the paragraph
“Adjusted data” on page 4 of this release for the definition of
adjusted data and reconciliation with IFRS.
ADJUSTED REVENUE
As reported on January 26th, 2024, adjusted
revenue increased by +7.6%, +8.7% on an organic basis, to €3,570.0
million compared to €3,316.5 million in 2022.
By activity, Street Furniture delivered a solid
organic revenue growth driven by digital and a continued high
demand from advertisers. Transport's organic revenue growth was
strong, aligning with the global airport passenger traffic
recovery, which is now at pre-COVID level, except for international
traffic in China. Billboard was driven by its most digitised
markets.
Full-year adjusted revenue |
2023 (€m) |
2022 (€m) |
Reported growth |
Organic growth(a) |
Street Furniture |
1,839.0 |
1,747.0 |
+5.3% |
+5.1% |
Transport |
1,232.6 |
1,075.2 |
+14.6% |
+18.4% |
Billboard |
498.4 |
494.3 |
+0.8% |
+0.7% |
Total |
3,570.0 |
3,316.5 |
+7.6% |
+8.7% |
(a) Excluding acquisitions/divestitures and the
impact of foreign exchange
All geographies grew positively organically in
2023 including Asia-Pacific, UK and Rest of the World growing
double-digit.
Full-Year adjusted revenue |
2023 (€m) |
2022 (€m) |
Reported growth |
Organic growth(a) |
Europe (b) |
1,056.9 |
988.3 |
+6.9% |
+5.6% |
Asia-Pacific |
768.1 |
721.5 |
+6.5% |
+13.0% |
France |
634.2 |
598.0 |
+6.1% |
+3.8% |
Rest of the World |
469.6 |
416.8 |
+12.7% |
+14.1% |
United Kingdom |
355.7 |
322.5 |
+10.3% |
+12.5% |
North America |
285.4 |
269.3 |
+6.0% |
+6.7% |
Total |
3,570.0 |
3,316.5 |
+7.6% |
+8.7% |
(a) Excluding acquisitions/divestitures and the impact of
foreign exchange
(b) Excluding France and the United Kingdom
For further details, please refer to the press
release dated January 25th, 2024.
ADJUSTED OPERATING MARGIN
(1)
For 2023, adjusted operating margin has improved
by €60.2 million to reach €663.1 million (vs €602.9 million in
2022), a +10.0% increase year-on-year reflecting a positive
operating leverage driven by our street furniture division
benefiting from both a full revenue recovery and some contract
renegotiations. The adjusted operating margin as a percentage of
revenue was 18.6% in 2023, +40bp above prior year.
The adjusted operating margin as a percentage of
revenue by business segment:
|
2023 |
2022 |
Change 23/22 |
|
€m |
% of revenue |
€m |
% of revenue |
Change (€m) |
Margin rate (bp) |
Street Furniture |
474.2 |
25.8% |
417.7 |
23.9% |
+56.5 |
+190bp |
Transport |
129.7 |
10.5% |
118.3 |
11.0% |
+11.4 |
-50bp |
Billboard |
59.3 |
11.9% |
67.0 |
13.5% |
-7.7 |
-160bp |
Total |
663.1 |
18.6% |
602.9 |
18.2% |
+60.2 |
+40bp |
Street Furniture: In 2023,
adjusted operating margin increased by €56.5 million to
€474.2 million. As a percentage of revenue, the adjusted
operating margin was 25.8%, +190bp above prior year. This reflects
a strong operating leverage on this business segment with revenue
growing at higher pace than the cost base due to a tight control
over our cost base and the benefit from our contract
renegotiations.
Transport: In 2023, adjusted
operating margin increased by €11.4 million to
€129.7 million. As a percentage of revenue, the adjusted
operating margin was 10.5%, -50bp below prior year. This is mainly
due to a decline year-on-year in operating margin in China as the
advertising rebound was soft.
Billboard: In 2023, adjusted
operating margin decreased by €7.7 million to €59.3 million mainly
due to France with the reglementary reduction and rationalisation
of the number of sites. As a result, as a percentage of revenue,
the adjusted operating margin was 11.9%, -160bp below prior
year.
ADJUSTED EBIT
(2)
In 2023, adjusted EBIT before impairment charges
stood at €266.2 million and improved by €54.2 million due to the
increase of €60.2 million in the operating margin and the rise of
€6.0 million in net charges positioned between the operating margin
and the EBIT. As a percentage of revenue, this represented a 110bp
increase to 7.5%, from 6.4%.
One-off items in 2023 corresponded to a net
income of €33.4 million, notably including reversals of provisions
totaling €33.3 million related to contract renegotiations. In 2022,
the one-off items mainly included the net accounting gain on our
share of Interstate for €42.1 million and the positive impact of
asset sales. Excluding this positive impact from the contract
renegotiations in 2023 and the net accounting revaluation of our
stake in Interstate in 2022, adjusted EBIT before impairment charge
for 2023 reached 6.6% as a percentage of revenue, a +150bp increase
year-on-year.
The net impairment charge on tangible and
intangible assets, rights-of-use assets and joint-ventures
generated an income of €16.0 million in 2023 mainly due to the
reversal of a provision recorded in 2022 for €17.0 million in China
related to the end of the Guangzhou metro contract. Compared to
last year, where the net impact was a charge of -€19.1 million,
this represents an improvement of €35.1 million.
Adjusted EBIT, after impairment charge, has
improved by €89.2 million from €193.0 million in 2022 to €282.2
million in 2023.
NET FINANCIAL INCOME / (LOSS)
(3)
The net financial result represented a charge of
€147.3 million in 2023 compared to €139.2 million in 2022, an
increase of €8.1 million. This is primarily due to the increase for
€14.0 million in discount charges on provisions and assets,
resulting from an increase in discount rates compared to 2022,
partially offset by a decrease in the cost of the net financial
debt.
This net financial result is predominantly
composed of a net discount charge related to IFRS 16 lease
liabilities, which remained stable at €83.8 million compared to
€84.1 million in 2022.
The cost of the net financial debt amounted to
€33.2 million compared to €43.4 million in 2022, a favorable
variation due to higher interest received on cash deposits
benefitting from rising interest rates, while our financial debt is
mostly at fixed rate.
EQUITY AFFILIATES
In 2023, the share of net profit from equity
affiliates was €52.0 million compared to €8.6 million in 2022, an
increase of €43.4 million year-on-year mainly coming from the
improvement in the results of our affiliates under joint control
and, in 2022, the negative impact from an impairment charge on our
financial investment in Clear Media for €28 million.
NET INCOME GROUP SHARE
In 2023, net income Group share before
impairment charge increased by +€25.9 million to
€205.7 million compared to €179.8 million in 2022.
Income tax represented a charge of €32.6 million
in 2023 compared to an income of €22.3 million in 2022, resulting
in a variation of -€54.9 million mainly due to the improvement of
the results before tax. The average tax rate stood at 13.6% in
2023, lower than usual, mainly due to the reversal in 2023 of
provisions on deferred tax assets related to the recovery of
activity.
Taking into account the net impact from the
impairment charge, net income Group share increased by €77.0
million to €209.2 million compared to €132.1 million in
2022.
ADJUSTED CAPITAL
EXPENDITURE
In 2023, adjusted net capex (acquisition of
property, plant and equipment and intangible assets, net of
disposals of assets) at €355.1 million remained below 2019 capex by
5.4%. This amount, which is almost stable compared to 2022 (+€5.3
million, +1.5%), includes the third tranche for €27.4 million
regarding the upfront payment related to the advertising rights of
the renewal and extension of our long-term partnership with
Shanghai Metro and non-core asset sales for a total amount of €35.6
million.
ADJUSTED FREE CASH FLOW
(4)
In 2023, operating cash flows reached +€478.5
million improving by +€79.1 million compared to 2022, +19.8%
year-on-year, mainly driven by the improving operating margin and a
decrease in net interests paid, due to the rise in interests
received on our liquidity, while our debt is mainly at fixed
rates.
Changes in our working capital requirements had
an unfavourable impact of €124.3 million due to the release of past
rental payments for c.€100 million over the period following some
contract renegotiations and, to a lesser extent, an increase in
receivables, and in inventory in line with the recovery of our
activity.
After capital expenditure, the adjusted free
cash flow amounted to -€1.0 million, a decrease of €44.2
million vs 2022 attributable to the change in our working capital
requirements, partly offset by the increase in our operating cash
flows.
DIVIDENDTo maintain our
financial flexibility for future organic and external bolt-on
investment opportunities, we will propose at the Annual General
Meeting which will take place on May 7th, 2024, not
to pay any dividend in 2024.
NET DEBT
(5)
Net debt was globally stable at €1,005.9 million
as of December 31st, 2023 vs €975.0 million as of December
31st, 2022 reflecting a solid financial situation with a leverage
ratio decreasing to 1.5x at the end of 2023, well distributed debt
maturities and a strong liquidity including €1,684.7 million in
cash and an undrawn credit facility of €825 million.
RIGHT-OF-USE & LEASE LIABILITIES
IFRS 16
Right-of-use IFRS 16 as of December 31st, 2023
amounted to €2,230.1 million compared to €2,725.3 million as of
December 31st, 2022, a decrease related to the amortisation of
rights-of-use, contracts renegotiations and a negative foreign
exchange rate impact, partially offset by new contracts, contracts
extended and contracts renewed.
IFRS 16 lease liabilities decreased from
€3,412,1 million as of December 31st, 2022 to €2,657,0 million as
of December 31st, 2023. The decrease, mainly related to repayments
occurred in 2023 as well as renegotiations and end of contracts and
a negative foreign exchange rate impact, is partially offset by new
contracts, extensions and renewals.
ADJUSTED DATA
Under IFRS 11, applicable from
January 1st, 2014, companies under joint control are
accounted for using the equity method.Under IFRS 16,
applicable from January 1st, 2019, a lease liability for
contractual fixed rental payments is recognised on the balance
sheet, against a right-of-use asset to be depreciated over the
lease term. As regards P&L, the fixed rent expense is replaced
by the depreciation of the right-of-use in EBIT, below the
operating margin, and a lease interest expense on the lease
liability in financial result, below EBIT. IFRS 16 has no
impact on cash payments but payment of debt (principal) is booked
in funds from financing activities.However, in order to reflect the
business reality of the Group and the readability of our
performance, our operating management reports used to monitor the
activity, allocate resources and measure performance continue:
- To integrate on proportional basis
operating data of the companies under joint control and;
- To exclude the IFRS 16 impact
on our core business (lease agreements of locations for advertising
structures excluding real estate and vehicle rental
contracts).
As regards the P&L, it concerns all
aggregates down to the EBIT. As regards the cash flow statement, it
concerns all aggregates down to the free cash flow.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, which is reconciled with IFRS financial statements.
In 2023, the impacts of IFRS 11 and
IFRS 16 on our adjusted aggregates are:
- -€274.1 million for
IFRS 11 on adjusted revenue (-€242.5 million for
IFRS 11 in 2022) leaving IFRS revenue at
€3,295.9 million (€3,074.0 million in 2022).
- -€68.0 million for
IFRS 11 and €665.1 million for IFRS 16 on adjusted
operating margin (-€60.6 million for IFRS 11 and €780.2
million for IFRS 16 in 2022) leaving IFRS operating
margin at €1,260.3 million (€1,322.5 million in
2022).
- -€56.6 million for IFRS 11 and
€145.2 million for IFRS 16 on adjusted EBIT before impairment
charge (-€45.0 million for IFRS 11 and €114.1 million for
IFRS 16 in 2022) leaving IFRS EBIT before impairment charge at
€354.8 million (€281.1 million in 2022).
- -€56.6 million for
IFRS 11 and €144.5 million for IFRS 16 on adjusted
EBIT after impairment charge (-€43.6 million for IFRS 11
and €114.1 million for IFRS 16 in 2022) leaving IFRS EBIT
after impairment charge at €370.1 million (€263.4 million
in 2022).
- €17.9 million for IFRS 11
on adjusted capital expenditure (€8.1 million for IFRS 11
in 2022) leaving IFRS capital expenditure at -€337.2 million
(-€341.8 million in 2022).
- €2.4 million for IFRS 11
and €762.5 million for IFRS 16 on adjusted free cash flow
(€12.1 million for IFRS 11 and €702.5 million for
IFRS 16 in 2022) leaving IFRS free cash flow at
€764.1 million (€757.8 million in 2022).
The full reconciliation between adjusted figures
and IFRS figures is provided on page 8 of this release.
NOTES
(1) Operating
Margin: Revenue less Direct Operating Expenses (excluding
Maintenance spare parts) less SG&A
expenses.(2) EBIT:
Earnings Before Interests and Taxes = Operating Margin less
Depreciation, amortization and provisions (net) less Impairment of
goodwill less Maintenance spare parts less Other operating income
and expenses.
(3) Net financial
income / (loss): Excluding the net impact of discounting
and revaluation of debt on commitments to purchase minority
interests (-€2.7 million and €3.6 million in FY 2023 and
FY 2022 respectively).
(4) Free cash
flow: Net cash flow from operating activities less capital
investments (property, plant and equipment and intangible assets)
net of
disposals.(5) Net
debt: Debt net of managed cash less bank overdrafts,
excluding the non-cash IAS 32 impact (debt on commitments to
purchase minority interests), including the non-cash IFRS 9
impact on both debt and hedging financial derivatives and excluding
IFRS 16 lease liabilities.
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 |
Q3 |
Q4 |
FY |
|
|
|
|
|
|
|
2022 adjusted revenue |
(a) |
683.0 |
791.8 |
808.4 |
1,033.3 |
3,316.5 |
|
|
|
|
|
|
|
2023 IFRS revenue |
(b) |
671.8 |
795.2 |
789.0 |
1,039.9 |
3,295.9 |
IFRS 11 impacts |
(c) |
49.5 |
68.6 |
66.0 |
90.0 |
274.1 |
2023 adjusted revenue |
(d) = (b) + (c) |
721.3 |
863.7 |
855.0 |
1,130.0 |
3,570.0 |
Currency impacts |
(e) |
1.2 |
19.1 |
33.4 |
22.6 |
76.3 |
2023 adjusted revenue at 2022 exchange rates |
(f) = (d) + (e) |
722.5 |
882,8 |
888.4 |
1,152.6 |
3,646.3 |
Change in scope |
(g) |
-5.7 |
-9.3 |
-12.2 |
-13.1 |
-40.3 |
2023 adjusted organic revenue |
(h) = (f) + (g) |
716.8 |
873.6 |
876.2 |
1,139.5 |
3,606.0 |
|
|
|
|
|
|
|
Organic growth |
(i) = (h)/(a)-1 |
+5.0% |
+10.3% |
+8.4% |
+10.3% |
+8.7% |
€m |
Impact of currencyas of December
31st, 2023 |
|
|
CNY |
18.5 |
AUD |
16.9 |
USD |
7.9 |
GBP |
7.3 |
Others |
25.8 |
|
|
Total |
76.3 |
Average exchange rate |
FY 2023 |
FY 2022 |
|
|
|
CNY |
0.1305 |
0.1413 |
AUD |
0.6140 |
0.6593 |
USD |
0.9246 |
0.9496 |
GBP |
1.1497 |
1.1727 |
Next information:Q1 2024 revenue: May 2nd, 2024
(after market) |
Key Figures for JCDecaux
- 2023 revenue: €3,570.0m(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 is recognised for its
extra-financial performance in the FTSE4Good (3.4/5), CDP (A),
MSCI (AA), Sustainalytics (13.7), and has achieved Gold Medal
status from EcoVadis1st 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 statementsThis
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
RECONCILIATION BETWEEN ADJUSTED FIGURES AND IFRS
FIGURES
Profit & Loss |
2023 |
2022 |
€m |
Adjusted |
Impact of companies under joint control |
Impact of IFRS 16 from controlled entities (1) |
IFRS |
Adjusted |
Impact of companies under joint control |
Impact of IFRS 16 from controlled entities (1) |
IFRS |
Revenue |
3,570.0 |
(274.1) |
0.0 |
3,295.9 |
3,316.5 |
(242.5) |
0.0 |
3,074.0 |
Net operating costs |
(2,906.9) |
206.1 |
665.1 |
(2,035.7) |
(2,713.6) |
181.9 |
780.2 |
(1,751.5) |
Operating margin |
663.1 |
(68.0) |
665.1 |
1,260.3 |
602.9 |
(60.6) |
780.2 |
1,322.5 |
Maintenance spare parts |
(48.1) |
1.4 |
0.0 |
(46.8) |
(47.0) |
1.1 |
0.0 |
(46.0) |
Amortisation and provisions (net) |
(327.5) |
16.7 |
(592.2) |
(903.1) |
(377.9) |
14.4 |
(691.6) |
(1,055.1) |
Other operating income / expenses |
(21.3) |
(6.7) |
72.3 |
44.3 |
34.0 |
0.2 |
25.5 |
59.6 |
EBIT before impairment charge |
266.2 |
(56.6) |
145.2 |
354.8 |
212.0 |
(45.0) |
114.1 |
281.1 |
Net impairment charge (2) |
16.0 |
0.0 |
(0.7) |
15.3 |
(19.1) |
1.4 |
0.0 |
(17.7) |
EBIT after impairment charge |
282.2 |
(56.6) |
144.5 |
370.1 |
193.0 |
(43.6) |
114.1 |
263.4 |
(1) IFRS 16 impact on the core business contracts of controlled
entities.(2) Including impairment charge on net assets of companies
under joint control. |
|
|
|
|
|
|
|
|
|
|
|
Cash Flow Statement |
2023 |
2022 |
€m |
Adjusted |
Impact of companies under joint control |
Impact of IFRS 16 from controlled entities (1) |
IFRS |
Adjusted |
Impact of companies under joint control |
Impact of IFRS 16 from controlled entities (1) |
IFRS |
Operating Cash Flows |
478.5 |
(15.8) |
600.0 |
1,062.8 |
399.4 |
(10.6) |
703.7 |
1,092.6 |
Change in working capital requirement |
(124.3) |
0.4 |
162.5 |
38.5 |
(6.4) |
14.6 |
(1.2) |
7.0 |
Net cash flow from operating activities |
354.2 |
(15.3) |
762.5 |
1,101.3 |
393.0 |
4.0 |
702.5 |
1,099.6 |
Capital expenditure |
(355.1) |
17.9 |
0.0 |
(337.2) |
(349.9) |
8.1 |
0.0 |
(341.8) |
Free cash flow |
(1.0) |
2.4 |
762.5 |
764.1 |
43.2 |
12.1 |
702.5 |
757.8 |
(1) IFRS 16 impact on the core and non-core business contracts of
controlled entities. |
|
|
Full-year consolidated financial
statements – 2023
CONSOLIDATED FINANCIAL STATEMENTS
STATEMENT OF FINANCIAL
POSITIONAssets
In million euros |
31/12/2023 |
31/12/2022 |
Goodwill |
1,666.0 |
1,748.7 |
Other intangible assets |
699.7 |
624.0 |
Property, plant and equipment |
1,240.2 |
1,279.0 |
Right-of-use |
2,230.1 |
2,725.3 |
Investments under the equity method |
421.6 |
411.9 |
Other financial assets |
83.7 |
114.5 |
Financial derivatives |
- |
- |
Deferred tax assets |
167.5 |
209.9 |
Current tax assets |
2.4 |
2.7 |
Other receivables |
17.9 |
9.4 |
NON-CURRENT ASSETS |
6,529.0 |
7,125.4 |
Other financial assets |
4.1 |
4.8 |
Inventories |
187.6 |
161.7 |
Financial derivatives |
6.8 |
2.5 |
Trade and other receivables |
824.1 |
775.9 |
Current tax assets |
16.2 |
22.4 |
Treasury financial assets |
91.4 |
46.8 |
Cash and cash equivalents |
1,597.2 |
1,919.5 |
CURRENT ASSETS |
2,727.4 |
2,933.5 |
TOTAL ASSETS |
9,256.4 |
10,058.9 |
Equity and liabilities
In million euros |
31/12/2023 |
31/12/2022 |
Share capital |
3.2 |
3.2 |
Additional paid-in capital |
612.4 |
608.5 |
Treasury shares |
(0.6) |
(2.0) |
Consolidated reserves |
1,304.2 |
1,152.8 |
Consolidated net income (Group share) |
209.2 |
132.1 |
Other components of equity |
(177.3) |
(131.3) |
EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT
COMPANY |
1,951.0 |
1,763.3 |
Non-controlling interests |
95.9 |
36.2 |
TOTAL EQUITY |
2,046.9 |
1,799.5 |
Provisions |
356.6 |
452.0 |
Deferred tax liabilities |
36.3 |
79.9 |
Financial debt |
1,922.1 |
1,916.4 |
Debt on commitments to purchase non-controlling interests |
105.6 |
102.9 |
Lease liabilities |
1,959.5 |
2,454.7 |
Other payables |
9.7 |
10.2 |
Income tax payable |
0.3 |
0.6 |
Financial derivatives |
0.0 |
0.0 |
NON-CURRENT LIABILITIES |
4,390.2 |
5,016.8 |
Provisions |
81.0 |
83.8 |
Financial debt |
770.9 |
993.3 |
Debt on commitments to purchase non-controlling interests |
4.6 |
4.6 |
Financial derivatives |
4.3 |
4.2 |
Lease liabilities |
697.5 |
957.3 |
Trade and other payables |
1,230.6 |
1,145.9 |
Income tax payable |
26.6 |
23.7 |
Bank overdrafts |
3.9 |
29.8 |
CURRENT LIABILITIES |
2,819.4 |
3,242.6 |
TOTAL LIABILITIES |
7,209.5 |
8,259.4 |
TOTAL EQUITY AND LIABILITIES |
9,256.4 |
10,058.9 |
STATEMENT OF COMPREHENSIVE INCOMEIncome
statement
In million euros |
2023 |
2022 |
REVENUE |
3,295.9 |
3,074.0 |
Direct operating expenses |
(1,420.2) |
(1,198.2) |
Selling, general and administrative expenses |
(615.5) |
(553.3) |
OPERATING MARGIN |
1,260.3 |
1,322.5 |
Depreciation, amortisation and provisions (net) |
(870.3) |
(1,072.8) |
Impairment of goodwill |
(17.5) |
0.0 |
Maintenance spare parts |
(46.8) |
(46.0) |
Other operating income |
81.7 |
80.9 |
Other operating expenses |
(37.4) |
(21.3) |
EBIT |
370.1 |
263.4 |
INTERESTS ON IFRS 16 LEASE LIABILITIES |
(83.8) |
(84.1) |
Financial income |
62.5 |
13.4 |
Financial expenses |
(128.6) |
(64.8) |
NET FINANCIAL INCOME EXCLUDING IFRS 16 |
(66.1) |
(51.4) |
NET FINANCIAL INCOME (LOSS) |
(150.0) |
(135.6) |
Income tax |
(32.6) |
22.3 |
Share of net profit of companies under the equity method |
52.0 |
8.6 |
CONSOLIDATED NET INCOME |
239.5 |
158.7 |
- Including non-controlling interests |
30.3 |
26.6 |
CONSOLIDATED NET INCOME (GROUP SHARE) |
209.2 |
132.1 |
Earnings per share (in euros) |
0.982 |
0.621 |
Diluted earnings per share (in euros) |
0.978 |
0.621 |
Weighted average number of shares |
213,008,301 |
212,733,422 |
Weighted average number of shares (diluted) |
213,912,412 |
212,733,422 |
Statement of other comprehensive income
In million euros |
2023 |
2022 |
CONSOLIDATED NET INCOME |
239.5 |
158.7 |
Translation reserve adjustments (1) |
(31.4) |
5.8 |
Cash flow hedges |
(0.6) |
(1.5) |
Tax on the other comprehensive income subsequently released to net
income |
0.9 |
1.2 |
Share of other comprehensive income of companies under equity
method (after tax) (2) |
(3.9) |
(11.0) |
OTHER COMPREHENSIVE INCOME SUBSEQUENTLY RELEASED TO NET INCOME |
(35.0) |
(5.6) |
Change in actuarial gains and losses on post-employment benefit
plans and assets ceiling |
(1.6) |
25.5 |
Tax on the other comprehensive income not subsequently released to
net income |
0.3 |
(4.3) |
Share of other comprehensive income of companies under equity
method (after tax) |
(1.6) |
0.3 |
OTHER COMPREHENSIVE INCOME NOT SUBSEQUENTLY RELEASED TO NET
INCOME |
(2.9) |
21.5 |
TOTAL OTHER COMPREHENSIVE INCOME |
(38.0) |
15.9 |
TOTAL COMPREHENSIVE INCOME |
201.5 |
174.6 |
- Including non-controlling interests |
38.4 |
29.7 |
TOTAL COMPREHENSIVE INCOME - GROUP SHARE |
163.1 |
145.0 |
(1) In 2023, translation reserve adjustments mainly related to
changes in foreign exchange rates, of which €(13.8) million in Hong
Kong, €(11.7) million in Australia, €(7.2) million in South Africa,
€(6.5) million in France and €8.8 million in Mexico. The item also
includes a €(0.1) million reclassification to net income related to
changes in consolidation scope. In 2022,
translation reserve adjustments mainly related to changes in
foreign exchange rates, of which €19.1 million in Hong Kong, €7.9
million in Mexico, €(11.0) million in the United States and €(6.6)
million in the United Kingdom.(2) This includes reclassification to
net income of translation reserves from companies accounted for
under the equity method following changes in consolidation scope of
€(0.3] million in 2023 and €3.1 million in 2022. |
STATEMENT OF CASH FLOWS
In million euros |
2023 |
2022 |
NET INCOME BEFORE TAX |
272.1 |
136.5 |
Share of net profit of companies under the equity method |
(52.0) |
(8.6) |
Dividends received from companies under the equity method |
56.5 |
51.4 |
Expenses related to share-based payments |
12.8 |
6.1 |
Gains and losses on lease contracts |
(95.7) |
(48.9) |
Depreciation, amortisation and provisions (net) |
889.4 |
1,074.3 |
Capital gains and losses and net income (loss) on changes in
scope |
(0.9) |
(67.2) |
Net discounting expenses |
18.2 |
(2.0) |
Net interest expense & interest expenses on IFRS16 lease
liabilities |
115.2 |
126.3 |
Financial derivatives, translation adjustments, amortised cost and
other |
1.5 |
(0.4) |
Interest paid on IFRS16 lease liabilities |
(98.8) |
(93.8) |
Interest paid |
(67.0) |
(45.9) |
Interest received |
57.8 |
9.7 |
Income tax paid |
(46.4) |
(44.9) |
Operating Cash Flows |
1,062.8 |
1,092.6 |
Change in working capital |
38.5 |
7.0 |
Change in inventories |
(22.0) |
(15.6) |
Change in trade and other receivables |
(57.1) |
(15.7) |
Change in trade and other payables |
117.6 |
38.2 |
NET CASH FLOWS FROM OPERATING ACTIVITIES |
1,101.3 |
1,099.6 |
Cash payments on acquisitions of intangible assets and property,
plant and equipment |
(372.8) |
(351.2) |
Cash payments on acquisitions of financial assets (long-term
investments) net of cash acquired |
(14.6) |
(89.4) |
Cash payments on acquisitions of other financial assets |
(3.4) |
(4.0) |
TOTAL INVESTMENTS |
(390.8) |
(444.6) |
Cash receipts on proceeds on disposals of intangible assets and
property, plant and equipment |
35.6 |
9.4 |
Cash receipts on proceeds on disposals of financial assets
(long-term investments) net of cash sold |
0.1 |
0.3 |
Cash receipts on proceeds on disposals of other financial
assets |
16.8 |
18.0 |
TOTAL ASSET DISPOSALS |
52.5 |
27.7 |
NET CASH FLOWS FROM INVESTING ACTIVITIES |
(338.3) |
(416.9) |
Dividends paid |
(12.8) |
(17.8) |
Purchase of treasury shares |
(36.0) |
(43.1) |
Cash payments on acquisitions of non-controlling interests |
(0.0) |
(6.3) |
Capital decrease |
0.0 |
(0.1) |
Repayment of long-term borrowings |
(973.8) |
(1,179.2) |
Repayment of lease liabilities |
(762.5) |
(702.5) |
Acquisitions and disposals of treasury financial assets |
(44.4) |
- |
CASH OUTFLOW FROM FINANCING ACTIVITIES |
(1,829.5) |
(1,949.0) |
Cash receipts on proceeds on disposal of interests without loss of
control |
- |
- |
Capital increase |
3.9 |
0.5 |
Sale of treasury shares |
37.5 |
43.7 |
Increase in long-term borrowings |
737.2 |
1,623.9 |
CASH INFLOW FROM FINANCING ACTIVITIES |
778.6 |
1,668.2 |
NET CASH FLOWS FROM FINANCING ACTIVITIES |
(1,050.8) |
(280.8) |
CHANGE IN NET CASH POSITION |
(287.8) |
401.8 |
NET CASH POSITION BEGINNING OF PERIOD |
1,889.7 |
1,487.4 |
Effect of exchange rate fluctuations and other movements |
(8.5) |
0.5 |
NET CASH POSITION END OF PERIOD (1) |
1,593.3 |
1,889.7 |
- ENG 07-03-24 # JCDecaux FY 2023
JCDecaux (TG:DCS)
과거 데이터 주식 차트
부터 8월(8) 2024 으로 9월(9) 2024
JCDecaux (TG:DCS)
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부터 9월(9) 2023 으로 9월(9) 2024