Earnings Release • Jul 30, 2015
Earnings Release
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Paris, 30th July, 2015 – JCDecaux SA (Euronext Paris: DEC), the number one outdoor advertising company worldwide, announced today its 2015 half year financial results.
Following the adoption of IFRS 11 from 1st January, 2014, the operating data presented below is adjusted to include our prorata share in companies under joint control, and therefore is comparable with historical data. Please refer to the paragraph "Adjusted data" on page 6 of this release for the definition of adjusted data and reconciliation with IFRS.
The 2014 comparative figures are restated from the retrospective application of IFRIC 21 "Levies", applicable from 1 st January, 2015. The application of IFRIC 21 leads to the recognition in full of the levies immediately when the obligation event arises in accordance with the legislation. The impact on previously published H1 2014 figures is -€5.2 million on Net income Group share (of which -€6.7 million on the Adjusted operating margin and on the Adjusted EBIT) and has a nil impact on the Adjusted free cash flow.
Commenting on the 2015 first half results, Jean-François Decaux, Chairman of the Executive Board and Co-CEO of JCDecaux, said:
"We are pleased to report an increase of 11.9% of our H1 2015 revenues at €1,459.7 million. Our organic revenue growth of 2.0% in Q2 is in line with our guidance and leads to an organic growth rate of 2.9% in H1 driven by the performance of Street Furniture and Transport which was partly offset by the weakness of our Billboard division. Our digital revenues were up very strongly and now represent 10% of total revenues with a growing contribution from our Street Furniture division where we recently installed the very first 84ʺ LCD screens in the best locations of cities like Hamburg and Edinburgh. More cities will follow in the second half of this year.
Our overall operating margin rate was almost flat. Our margin expansion in Street Furniture was offset by a margin reduction in both Transport and Billboard due to the slowdown in some emerging countries and a different revenue mix in our large Chinese Transport division. Free cash flow generation was strong despite higher capex.
Bearing in mind the limited visibility and the on-going volatility in most markets, we currently anticipate Q3 organic revenue growth to be in line with our H1 performance.
Looking forward, we remain convinced that out-of-home retains its strength and attractiveness in an increasingly fragmented media landscape. With our accelerating exposure to emerging markets, our growing premium digital portfolio, our ability to win new contracts and the high quality of our teams across the world, we believe we are well positioned to outperform the advertising market and increase our leadership position
in the outdoor advertising industry through profitable market share gains. The strength of our balance sheet is a key competitive advantage that will allow us to pursue further external growth opportunities as they arise."
Adjusted revenues for the six months ending 30th June 2015 increased by 11.9% to €1,459.7 million from €1,304.8 million in the same period last year. On an organic basis (i.e. excluding the positive impact from foreign exchange variations – especially emerging market currencies – and the positive impact from changes in perimeter), adjusted revenues grew by 2.9%. Adjusted advertising revenues, excluding revenues related to sale, rental and maintenance, increased by 2.9% on an organic basis in the first half of 2015.
In the second quarter, adjusted revenues increased by 10.9% to €810.7 million. On an organic basis, adjusted revenues grew by 2.0% compared to Q2 2014.
Adjusted advertising revenues, excluding revenues related to sale, rental and maintenance, increased by 2.0% on an organic basis in Q2 2015.
| €m | 2015 | 2014 | Change 15/14 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Q1 | Q2 | H1 | Q1 | Q2 | H1 | Q1 | Q2 | H1 | |||
| Street Furniture | 291.3 | 364.2 | 655.5 | 260.3 | 337.3 | 597.6 | +11.9% | +8.0% | +9.7% | ||
| Transport | 268.9 | 325.3 | 594.2 | 216.7 | 266.4 | 483.1 | +24.1% | +22.1% | +23.0% | ||
| Billboard | 88.8 | 121.2 | 210.0 | 97.1 | 127.0 | 224.1 | -8.5% | -4.6% | -6.3% | ||
| Total | 649.0 | 810.7 | 1,459.7 | 574.1 | 730.7 | 1,304.8 | +13.0% | +10.9% | +11.9% |
| Change 15/14 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Q1 | Q2 | H1 | ||||||
| Street Furniture | +5.8% | +4.7% | +5.2% | |||||
| Transport | +6.6% | +2.9% | +4.5% | |||||
| Billboard | -6.3% | -6.9% | -6.6% | |||||
| Total | +4.0% | +2.0% | +2.9% |
a. Excluding acquisitions/divestitures and the impact of foreign exchange
| €m | H1 2015 | H1 2014 | Reported growth |
Organic growth(a) |
|---|---|---|---|---|
| Europe(b) | 389.8 | 362.1 | +7.6% | +7.8% |
| Asia-Pacific | 364.6 | 286.6 | +27.2% | +5.6% |
| France | 299.8 | 304.2 | -1.4% | -1.4% |
| United Kingdom | 163.6 | 150.6 | +8.6% | -3.2% |
| Rest of the World | 145.4 | 124.8 | +16.5% | +0.3% |
| North America | 96.5 | 76.5 | +26.1% | +2.9% |
| Total | 1,459.7 | 1,304.8 | +11.9% | +2.9% |
a. Excluding acquisitions/divestitures and the impact of foreign exchange
b. Excluding France and the United Kingdom
Please note that the geographic comments below refer to organic revenue growth.
First half adjusted revenues increased by 9.7% to €655.5 million (+5.2% on an organic basis), driven by a strong performance in Europe and emerging countries.
First half adjusted advertising revenues, excluding revenues related to sale, rental and maintenance were up 5.6% on an organic basis compared to the first half of 2014.
In the second quarter, adjusted revenues increased by 8.0% to €364.2 million. On an organic basis, adjusted revenues increased by 4.7% compared to the same period last year. Adjusted advertising revenues, excluding revenues related to sale, rental and maintenance were up 5.5% on an organic basis in Q2 2015 compared to Q2 2014.
Adjusted revenues increased by 23.0% to €594.2 million (+4.5% on an organic basis) during the first half of 2015, driven by Europe and the Rest of the World.
In the second quarter, adjusted revenues increased by 22.1% to €325.3 million compared to the same period last year (+2.9% on an organic basis, reflecting the slowdown in Greater China).
Adjusted revenues during the first half of 2015 fell by 6.3% to €210.0 million (-6.6% on an organic basis). Our Billboard business continues to suffer from both a lack of consolidation in Europe and the difficult economic situation in Russia. In France, JCDecaux complies with the new law "Engagement national sur l'environnement", also called "Loi Grenelle 2" since July 2015, the dismantling of the billboards is expected to have a slight impact on the segment's performance in H2 this year.
In the second quarter, adjusted revenues decreased by 4.6% to €121.2 million compared to Q2 2014 (- 6.9% on an organic basis).
In the first half of 2015, adjusted operating margin increased by 11.3% to €285.7 million from €256.8 million in the same period last year. The adjusted operating margin as a percentage of revenues was 19.6%, -10bp below prior year.
On an organic basis, adjusted operating margin increased by €9.0m, i.e. a 3.5% growth compared to the same period last year.
| H1 2015 | H1 2014 | Change 15/14 | |||||
|---|---|---|---|---|---|---|---|
| €m | % of revenues |
€m | % of revenues |
Change (%) |
Margin rate (bp) |
||
| Street Furniture | 198.3 | 30.3% | 174.6 | 29.2% | +13.6% | +110bp | |
| Transport | 75.8 | 12.8% | 70.1 | 14.5% | +8.1% | -170bp | |
| Billboard | 11.6 | 5.5% | 12.1 | 5.4% | -4.1% | +10bp | |
| Total | 285.7 | 19.6% | 256.8 | 19.7% | +11.3% | -10bp |
Street Furniture: In the first half of 2015, adjusted operating margin increased by 13.6% to €198.3 million. As a percentage of revenues, the adjusted operating margin increased by +110bp to 30.3%, compared to the first half of 2014, mainly driven by the increase in revenues.
Transport: In the first half of 2015, adjusted operating margin increased by 8.1% to €75.8 million. As a percentage of revenues, the adjusted operating margin decreased by -170bp to 12.8% compared to the first half of 2014, primarily due to a different revenue mix in China and the beginning of the new contract of the Metro of Guangzhou.
Billboard: In the first half of 2015, adjusted operating margin decreased by -4.1% to €11.6 million. As a percentage of revenues, adjusted operating margin increased by +10bp to 5.5% compared to the first half of 2014. The decrease in value of the adjusted operating margin is mainly due the decrease in revenues linked to the economic situation in Russia. The adjusted operating margin ratio improved thanks to a decrease in operating costs across all geographies.
In the first half of 2015, adjusted EBIT before impairment charge increased by 8.2% to €134.6 million compared to €124.4 million in the first half of 2014. As a percentage of revenues, this represented a - 30bp decrease to 9.2%, from 9.5% in H1 2014. The consumption of maintenance spare parts was slightly up in H1 2015 compared to H1 2014. Net amortization and provisions were up compared to the same period last year. Other operating income and expenses impacted the P&L negatively.
No impairment charge on goodwill and tangible, intangible assets and investments under equity method has been recorded in the first half of 2015. A €1.2 million reversal on provisions for onerous contracts has been recognized.
Adjusted EBIT, after impairment charge increased by 12.2% to €135.8 million compared to €121.0 million in H1 2014.
In the first half of 2015, net financial income was -€13.1 million compared to -€15.6 million in the first half of 2014, mainly due to the positive impact from foreign exchange variations on some local borrowings.
In the first half of 2015, the share of net profit from equity affiliates was €29.4 million, higher compared to the same period last year (€24.7 million), largely attributed to the negative impact of the impairment of Ukraine, last year.
In the first half of 2015, net income Group share before impairment charge increased by 6.4% to €78.6 million compared to €73.9 million in H1 2014.
Taking into account the impact from the impairment charge, net income Group share increased by 13.2% to €79.5 million compared to €70.2 million in H1 2014.
In the first half of 2015, adjusted net capex (acquisition of property, plant and equipment and intangible assets, net of disposals of assets) was at €107.9 million compared to €71.0 million during the same period last year, with both higher renewal (Paris bus shelters contract) and growth capex.
In the first half of 2015, adjusted free cash flow was €109.2 million compared to €101.3 million in the same period last year. This increase is due to a higher operating margin and favourable movements from change in working capital, offset by higher capex.
Net debt as of 30th June 2015 amounted to €62.7 million compared to a net debt position of €113.3 million as of 30th June 2014, representing 0.1 times the last 12 months operating margin.
A debt of €500 million (not included in the net debt as of 30th June, 2015) was recorded in liabilities in the consolidated statement of financial position relating to the commitment to purchase our own shares as part of the simplified public tender offer ("offre publique d'achat simplifiée", OPAS). Taking into account the impact of the OPAS, net debt as of 30th June, 2015 would have been €562.7 million.
The dividend of €0.50 per share for the 2014 financial year, approved at the Annual General Meeting of Shareholders on 13th May 2015, was paid on 20th May 2015, for a total amount of €112.0 million.
On the back of strong operating and financial performance, resulting in a net positive cash position of €83.5 million for the Group as at 31st December, 2014, the Executive Board of Directors has decided to optimize the Group's financial structure via a simplified public tender offer ("offre publique d'achat simplifiée", OPAS) to buy back 12,500,000 of its own shares at a price per share of €40, which ended on 9 th July 2015.
194,419,422 shares, accounting for 87% of the share capital, were tendered to the offer. Out of these, 61% of the free float were tendered to the offer. The success of the OPAS is reflected in the total number of shares tendered, which exceeds the 12,500,000 shares subject to the offer. As a consequence and in accordance with article 233-5 of the general regulations of the AMF, the buyback allocation was determined through a pro rata reduction on an equal basis between all shareholders based on the number of shares tendered to the offer. In line with the maximum size announced for the offer, JCDecaux bought back a total of 12,500,000 shares, for a consideration of €500 million.
The Decaux Family (including JCDecaux Holding SAS) tendered all its shares to the share buyback. The Family now holds 65.0% of JCDecaux SA.
Under IFRS 11, applicable from 1st January, 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 to monitor the activity, allocate resources and measure performance.
Consequently, pursuant to IFRS 8, Segment Reporting presented in the financial statements shall comply with the Group's internal information, and the Group's external financial communication will therefore rely on this operating financial information. Financial information and comments will therefore be based on "adjusted" data, consistent with historical data, which will be reconciled with IFRS financial statements. 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.
In the first half of 2015, the impact of IFRS 11 on our adjusted aggregates was:
The full reconciliation between IFRS figures and adjusted figures is provided on page 8 of this release.
Q3 2015 revenues: 5 th November, 2015 (after market)
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 annual report registered in France with the French Autorité des Marchés Financiers.
Investors and holders of shares of the Company may obtain copy of such annual report 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: Agathe Albertini +33 (0) 1 30 79 34 99 – [email protected] Investor Relations: Arnaud Courtial
+33 (0) 1 30 79 79 93 – [email protected]
| Profit & Loss | H1 2015 | |||||
|---|---|---|---|---|---|---|
| €m | Adjusted | Impact of companies under joint control |
IFRS | Adjusted | Impact of companies under joint control |
IFRS |
| Revenues | 1,459.7 | (172.0) | 1,287.7 | 1,304.8 | (153.7) | 1,151.1 |
| Operating costs | (1,174.0) | 126.6 | 1,047.4 | (1,048.0) | 114.5 | (933.5) |
| Operating margin | 285.7 | (45.4) | 240.3 | 256.8 | (39.2) | 217.6 |
| Spare parts | (20.1) | 0.5 | (19.6) | (18.7) | 0.6 | (18.1) |
| Amortization and provisions (net) | (124.0) | 11.8 | (112.2) | (120.6) | 9.4 | (111.2) |
| Other operating income/ expenses | (7.0) | 0.2 | (6.8) | 6.9 | 0.1 | 7.0 |
| EBIT before impairment charge | 134.6 | (32.9) | 101.7 | 124.4 | (29.1) | 95.3 |
| Impairment charge (2) | 1.2 | - | 1.2 | (3.4) | 4.5 | 1.1 |
| EBIT after impairment charge | 135.8 | (32.9) | 102.9 | 121.0 | (24.6) | 96.4 |
(1) H1 2014 figures are proforma of the retrospective impact of IFRIC 21 "Levies". The impact on the previously published H1 2014 figures was -€6.7m on Adjusted operating margin and -€5.8m on IFRS operating margin.
(2) Including impairment charge on net assets of companies under joint control.
| Cash-flow Statement | H1 2014 (1) H1 2015 |
|||||
|---|---|---|---|---|---|---|
| €m | Adjusted | Impact of companies under joint control |
IFRS | Adjusted | Impact of companies under joint control |
IFRS |
| Funds from operations net of maintenance costs |
210.0 | 1.5 | 211.5 | 183.1 | (5.1) | 178.0 |
| Change in working capital requirement |
7.1 | (34.6) | (27.5) | (10.8) | (19.2) | (30.0) |
| Net cash flow from operating activities |
217.1 | (33.1) | 184.0 | 172.3 | (24.3) | 148.0 |
| Capital expenditure | (107.9) | 19.4 | (88.5) | (71.0) | 8.3 | (62.7) |
| Free cash flow | 109.2 | (13.7) | 95.5 | 101.3 | (16.0) | 85.3 |
(1) H1 2014 figures are proforma of the retrospective impact of IFRIC 21 "Levies". The impact on the previously published H1 2014 figures was -€6.7m on Funds from operations net of maintenance costs, +€6.7m on Change in working capital requirement on adjusted figures (vs. respectively -€5.8m and +€5.8m on IFRS figures), no impact on Cash flow from operating activities.
| In million euros | 30/06/2015 | 31/12/2014 |
|---|---|---|
| Restated (1) | ||
| Goodwill | 1,258.6 | 1,170.8 |
| Other intangible assets | 312.3 | 299.6 |
| Property, plant and equipment | 1,057.9 | 1,022.6 |
| Investments under equity method | 490.9 | 475.2 |
| Financial investments | 0.8 | 0.8 |
| Other financial assets | 102.0 | 75.4 |
| Deferred tax assets | 38.1 | 31.1 |
| Income tax receivable | 1.3 | 1.3 |
| Other receivables | 33.8 | 31.7 |
| NON-CURRENT ASSETS | 3,295.7 | 3,108.5 |
| Other financial assets | 11.7 | 5.5 |
| Inventories | 107.2 | 92.5 |
| Financial instruments | 6.5 | 2.0 |
| Trade and other receivables | 926.2 | 787.2 |
| Income tax receivable | 28.2 | 6.2 |
| Financial assets for treasury management purposes | 42.0 | 41.8 |
| Cash and cash equivalents | 526.2 | 794.8 |
| CURRENT ASSETS | 1,648.0 | 1,730.0 |
| TOTAL ASSETS | 4,943.7 | 4,838.5 |
(1) Restated from the retrospective application of IFRIC 21 "Levies".
| In million euros | 30/06/2015 | 31/12/2014 |
|---|---|---|
| Restated (1) | ||
| Share capital | 3.4 | 3.4 |
| Additional paid-in capital | 1,082.5 | 1,064.7 |
| Treasury shares | (502.4) | 0.0 |
| Consolidated reserves | 1,496.9 | 1,414.6 |
| Consolidated net income (Group share) | 79.5 | 194.3 |
| Other components of equity | 78.5 | (14.0) |
| EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT COMPANY |
2,238.4 | 2,663.0 |
| Non-controlling interests | (4.6) | (23.6) |
| TOTAL EQUITY | 2,233.8 | 2,639.4 |
| Provisions | 272.5 | 265.8 |
| Deferred tax liabilities | 106.3 | 82.0 |
| Financial debt | 528.8 | 544.8 |
| Debt on commitments to purchase non-controlling interests | 93.6 | 92.0 |
| Other payables | 11.6 | 14.8 |
| NON-CURRENT LIABILITIES | 1,012.8 | 999.4 |
| Provisions | 34.4 | 37.1 |
| Financial debt | 91.3 | 193.1 |
| Debt on purchase of treasury shares | 500.0 | 0.0 |
| Debt on commitments to purchase non-controlling interests | 21.2 | 26.4 |
| Financial instruments | 1.8 | 5.6 |
| Trade and other payables | 1,010.9 | 890.6 |
| Income tax payable | 22.0 | 35.3 |
| Bank overdrafts | 15.5 | 11.6 |
| CURRENT LIABILITIES | 1,697.1 | 1,199.7 |
| TOTAL LIABILITIES | 2,709.9 | 2,199.1 |
| TOTAL EQUITY AND LIABILITIES | 4,943.7 | 4,838.5 |
(1) Restated from the retrospective application of IFRIC 21 "Levies".
| 1 st half of 2015 |
1 st half of 2014 |
|
|---|---|---|
| In million euros | Restated (1) | |
| REVENUE | 1,287.7 | 1,151.1 |
| Direct operating expenses | (831.1) | (737.7) |
| Selling, general and administrative expenses | (216.3) | (195.8) |
| OPERATING MARGIN | 240.3 | 217.6 |
| Depreciation, amortisation and provisions (net) | (111.0) | (110.1) |
| Impairment of goodwill | 0.0 | 0.0 |
| Maintenance spare parts | (19.6) | (18.1) |
| Other operating income | 1.9 | 10.3 |
| Other operating expenses | (8.7) | (3.3) |
| EBIT | 102.9 | 96.4 |
| Financial income | 5.9 | 4.9 |
| Financial expenses | (15.4) | (22.6) |
| NET FINANCIAL INCOME (LOSS) (2) | (9.5) | (17.7) |
| Income tax | (30.6) | (27.9) |
| Share of net profit of companies under equity method | 29.4 | 24.7 |
| PROFIT FROM CONTINUING OPERATIONS | 92.2 | 75.5 |
| Gain or loss on discontinued operations | 0.0 | 0.0 |
| CONSOLIDATED NET INCOME | 92.2 | 75.5 |
| - Including non-controlling interests | 12.7 | 5.3 |
| CONSOLIDATED NET INCOME (GROUP SHARE) | 79.5 | 70.2 |
| Earnings per share (in euros) | 0.354 | 0.314 |
| Diluted earnings per share (in euros) | 0.354 | 0.312 |
| Weighted average number of shares | 224,353,599 | 223,808,614 |
| Weighted average number of shares (diluted) | 224,789,653 | 225,109,717 |
(1) Restated from the retrospective application of IFRIC 21 "Levies".
(2) Excluding the impact of put, the net financial income is €(13.1) million for the first half of 2015, compared to €(15.6) million for the first half of 2014.
| 1 st half of |
1 st half of |
|
|---|---|---|
| In million euros | 2015 | 2014 |
| Restated (1) | ||
| CONSOLIDATED NET INCOME | 92.2 | 75.5 |
| Translation reserve adjustments on foreign operations (2) | 75.7 | 16.1 |
| Translation reserve adjustments on net foreign investments | (0.5) | 0.3 |
| Cash flow hedges | (0.9) | 0.3 |
| Tax on the other comprehensive income subsequently released to net income (3) | 0.2 | (0.1) |
| Share of other comprehensive income of companies under equity method (after | ||
| tax) | 21.9 | (5.5) |
| Other comprehensive income subsequently released to net income | 96.4 | 11.1 |
| Change in actuarial gains and losses on post-employment benefit plans and assets | ||
| ceiling | 0.0 | (1.7) |
| Tax on the other comprehensive income not subsequently released to net income | (0.1) | 0.5 |
| Share of other comprehensive income of companies under equity method (after | ||
| tax) | (2.2) | 0.9 |
| Other comprehensive income not subsequently released to net income | (2.3) | (0.3) |
| Total other comprehensive income | 94.1 | 10.8 |
| TOTAL COMPREHENSIVE INCOME | 186.3 | 86.3 |
| - Including non-controlling interests | 14.3 | 5.3 |
| TOTAL COMPREHENSIVE INCOME - GROUP SHARE | 172.0 | 81.0 |
(1) Restated from the retrospective application of IFRIC 21 "Levies".
(2) For the first half of 2015, translation reserve adjustments on foreign transactions were mainly related to changes in exchange rates, of which €23.8 million in the United Kingdom, €21.2 million in Hong Kong, €4.9 million in United Arab Emirates, €4.2 million in the United States and €(3.3) million in Brazil.
For the first half of 2014, translation reserve adjustments on foreign transactions were mainly related to changes in exchange rates, of which €9.2 million in the United Kingdom, €3.5 million in Australia and €3.4 million in Brazil.
(3) For the first half of 2015 and the first half of 2014, tax on the other comprehensive income subsequently released to net income was due to translation reserve adjustments on net foreign investments.
| Equity attributable to the owners of the parent company | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Addition al |
Retaine d |
Non controllin |
|||||||||||
| Share | paid-in | earning | g | ||||||||||
| Capital | capital | s | Other components of equity | Total | interests | Total | |||||||
| Actuarial gains and |
Total | ||||||||||||
| Cash | Available | Translation | Reva | losses/ | other | ||||||||
| flow | for-sale | reserve | luation | assets | compo | ||||||||
| In million euros | hedges | securities | adjustments | reserves | ceiling | Other | nents | ||||||
| Equity as of 1 January 2014 restated (1) |
3.4 | 1,052.3 | 1,522.1 | (0.3) | (0.1) | (25.0) | 0.9 | (33.3) | 0.8 | (57.0) | 2,520.8 | (38.8) | 2,482.0 |
| Capital increase (2) | 0.0 | 7.6 | 0.0 | 0.0 | 7.6 | 0.5 | 8.1 | ||||||
| Distribution of dividends | (107.3) | 0.0 | (107.3) | (6.6) | (113.9) | ||||||||
| Share-based payments | 1.7 | 0.0 | 1.7 | 1.7 | |||||||||
| Debt on commitments | |||||||||||||
| to purchase | |||||||||||||
| non-controlling interests | |||||||||||||
| (3) | 0.0 | 0.0 | 0.0 | ||||||||||
| Change in consolidation | |||||||||||||
| scope (4) | (0.4) | 0.0 | (0.4) | 4.8 | 4.4 | ||||||||
| Consolidated net income | 70.2 | 0.0 | 70.2 | 5.3 | 75.5 | ||||||||
| Other comprehensive | |||||||||||||
| income | 0.3 | 10.8 | (0.3) | 10.8 | 10.8 | 0.0 | 10.8 | ||||||
| Total comprehensive | |||||||||||||
| income | 0.0 | 0.0 | 70.2 | 0.3 | 0.0 | 10.8 | 0.0 | (0.3) | 0.0 | 10.8 | 81.0 | 5.3 | 86.3 |
| Other | 0.1 | 0.0 | 0.1 | 0.1 | |||||||||
| Equity as of 30 June 2014 restated (1) |
3.4 | 1,061.6 | 1,484.7 | 0.0 | (0.1) | (14.2) | 0.9 | (33.6) | 0.8 | (46.2) | 2,503.5 | (34.8) | 2,468.7 |
(1) Restated from the retrospective application of IFRIC 21 "Levies".
(2) Increase in JCDecaux SA's additional paid-in capital related to the exercise of stock options and share of non-controlling interests in capital increase of controlled entities. (3) Discounting impacts were recorded in the income statement in "Consolidated net income" under the line item "Non-controlling interests" for €(2.1) million for the first half of
2014.
(4) Changes in consolidation scope, primarily following the acquisition of 85% of Eumex group (Latin America) and the takeover of the company MCDecaux Inc. (Japan) due to the acquisition of an additional interest of 25%.
| Equity attributable to the owners of the parent company | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Addition al |
Treas ury |
Retaine d |
Non controllin |
|||||||||||
| Share | paid-in | share | earning | g | ||||||||||
| Capital | capital | s | s | Other components of equity | Total | interests | Total | |||||||
| In million euros | Cash flow hedges |
Available for-sale securities |
Translation reserve adjustments |
Reva luation reserves |
Actuarial gains and losses/ assets ceiling |
Other | Total other compo nents |
|||||||
| Equity as of 31 | ||||||||||||||
| December 2014 restated (1) |
3.4 | 1,064.7 | 0.0 | 1,068.9 | 0.9 | (0.1) | 27.1 | 0.9 | (43.6) | 0.8 | (14.0) | 2,663.0 | (23.6) | 2,639.4 |
| Capital increase (2) | 0.0 | 16.3 | (0.3) | 0.0 | 16.0 | 0.6 | 16.6 | |||||||
| Treasury shares | ||||||||||||||
| (502.4 | ||||||||||||||
| Purchase | ) | 0.0 | (502.4) | (502.4) | ||||||||||
| Cancellation | 0.0 | 0.0 | 0.0 | |||||||||||
| Distribution of dividends | (112.0) | 0.0 | (112.0) | (8.3) | (120.3) | |||||||||
| Share-based payments | 1.5 | 0.0 | 1.5 | 1.5 | ||||||||||
| Debt on commitments to purchase non-controlling interests (3) |
||||||||||||||
| Change in consolidation | 0.0 | 0.0 | 0.0 | |||||||||||
| scope (4) | 0.1 | 0.0 | 0.1 | 12.4 | 12.5 | |||||||||
| Consolidated net income | 79.5 | 0.0 | 79.5 | 12.7 | 92.2 | |||||||||
| Other comprehensive | ||||||||||||||
| income | (0.9) | 95.7 | (2.3) | 92.5 | 92.5 | 1.6 | 94.1 | |||||||
| Total comprehensive | ||||||||||||||
| income Other |
0.0 | 0.0 | 0.0 | 79.5 0.2 |
(0.9) | 0.0 | 95.7 | 0.0 | (2.3) | 0.0 | 92.5 0.0 |
172.0 0.2 |
14.3 | 186.3 0.2 |
| Equity as of 30 June 2015 |
3.4 | 1,082.5 | (502.4 ) |
1,576.4 | 0.0 | (0.1) | 122.8 | 0.9 | (45.9) | 0.8 | 78.5 | 2,238.4 | (4.6) | 2,233.8 |
(1) Restated from the retrospective application of IFRIC 21 "Levies".
(2) Increase in JCDecaux SA's additional paid-in capital related to the exercise of stock options and the delivery of bonus shares and share of non-controlling interests in capital increase of controlled entities.
(3) Discounting impacts were recorded in the income statement in "Consolidated net income" under the line item "Non-controlling interests" for €3.6 million for the first half of 2015. (4) Changes in consolidation scope, primarily following the acquisition of 70% of Continental Outdoor Media group.
| 1 st half |
1 st half of |
|
|---|---|---|
| of 2015 | 2014 | |
| In million euros | Restated (1) |
|
| Net income before tax | 122.8 | 103.4 |
| Share of net profit of companies under equity method | (29.4) | (24.7) |
| Dividends received from companies under equity method | 51.8 | 31.5 |
| Expenses related to share-based payments | 1.5 | 1.7 |
| Depreciation, amortisation and provisions (net) | 110.3 | 108.6 |
| Capital gains and losses & net income (loss) on changes in scope | 0.1 | (5.5) |
| Net discounting expenses | (1.0) | 5.5 |
| Net interest expense | 5.5 | 6.3 |
| Financial derivatives, translation adjustments & other | 13.0 | 3.7 |
| Change in working capital | (27.5) | (30.0) |
| Change in inventories | (12.4) | (12.7) |
| Change in trade and other receivables | (31.7) | (40.0) |
| Change in trade and other payables | 16.6 | 22.7 |
| CASH PROVIDED BY OPERATING ACTIVITIES | 247.1 | 200.5 |
| Interest paid | (15.9) | (15.9) |
| Interest received | 3.8 | 4.2 |
| Income taxes paid | (51.0) | (40.8) |
| NET CASH PROVIDED BY OPERATING ACTIVITIES | 184.0 | 148.0 |
| Cash payments on acquisitions of intangible assets and property, plant and equipment | (94.0) | (64.9) |
| Cash payments on acquisitions of financial assets (long-term investments) net of cash acquired (2) | (92.3) | (50.9) |
| Acquisitions of other financial assets | (23.2) | (20.1) |
| Total investments | (209.5) | (135.9) |
| Cash receipts on proceeds on disposal of intangible assets and property, plant and equipment | 5.5 | 2.2 |
| Cash receipts on proceeds on disposal of financial assets (long-term investments) net of cash sold | 1.5 | 0.0 |
| Proceeds on disposal of other financial assets | 2.0 | 5.1 |
| Total asset disposals | 9.0 | 7.3 |
| NET CASH USED IN INVESTING ACTIVITIES | (200.5) | (128.6) |
| Dividends paid | (120.3) | (113.9) |
| Purchase of treasury shares | (2.4) | - |
| Cash payments on acquisitions of non-controlling interests | (0.2) | (0.7) |
| Repayment of long-term debt | (170.3) | (18.8) |
| Repayment of debt (finance lease) | (4.0) | (2.5) |
| Cash outflow from financing activities | (297.2) | (135.9) |
| Cash receipts on proceeds on disposal of interests without loss of control | 0.0 | 0.0 |
| Capital increase | 16.6 | 8.1 |
| Increase in long-term borrowings | 10.2 | 13.5 |
| Cash inflow from financing activities | 26.8 | 21.6 |
| NET CASH USED IN FINANCING ACTIVITIES | (270.4) | (114.3) |
| CHANGE IN NET CASH POSITION | (286.9) | (94.9) |
| Net cash position beginning of period | 783.2 | 672.1 |
| Effect of exchange rate fluctuations and other movements | 14.4 | (0.6) |
| Net cash position end of period (3) | 510.7 | 576.6 |
(1) Restated from the retrospective application of IFRIC 21 "Levies".
(2) Including €10.8 million of net cash acquired for the 1st half of 2015, compared to €1.8 million of net cash acquired for the 1st half of 2014.
(3) Including €526.2 million in cash and cash equivalents and €15.5 million in bank overdrafts as of 30 June 2015, compared to €591.7 million and €15.1 million, respectively, as of 30 June 2014.
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