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JCDecaux Announces Solid Fourth Quarter Performance and 2.2% Increase in 2002 Revenues to €1577.7 Million

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Click here for JCDecaux's 2002 Revenues in PDF format.

Paris, 12 February 2003 – JCDecaux SA (JCDecaux, Paris : DEC), one of the world's leading outdoor advertising groups and the largest in Europe, announced today a solid improvement in fourth quarter revenues and indicated that its revenues for 2002 increased by 2.2% to €1577.7 million. Adjusting for foreign exchange, organic revenue growth was 0.7%, outperforming both the outdoor and the overall advertising market for the second consecutive year. Revenue growth in 2002 was primarily driven by the strong performance of the Street Furniture business as well as the improvement in Billboard operations, despite the challenging advertising market experienced during the year. The Group's revenue performance is in line with its comments made at the time of the third quarter results.

Full Year revenues
Street Furniture revenues increased by 5.3% to €840.3 million during the year. Adjusting for currency, organic revenue growth was 5.3% in 2002 – a good performance given the conditions and reflecting the increasing use of street furniture advertising. Business was strong in the US, with shopping mall sales increasing nearly 50% year-on-year. Across Europe, established countries, including France and Germany, performed well, and growth was particularly strong in the UK, Belgium, Netherlands and Sweden. In the fourth quarter, adjusting for currency, Street Furniture organic revenues grew by 8.7%.

Billboard revenues rose 7.6% to €442.6 million in 2002. Adjusting for currency, Billboard organic revenue growth was 2.8%. Geographically, business continued to be strong in the UK and in Central Europe, while it stabilized in France and Belgium. In the fourth quarter, adjusting for currency, organic revenues in Billboard increased by 5.2%.

Transport revenues declined by 11.6% to €294.8 million. Adjusting for currency, organic revenues declined by 13.0%. Transport recorded positive growth in Scandinavia, Spain, Portugal and Italy but continued to be weak in the United States and in France, where airport advertising remained depressed throughout 2002. In the fourth quarter, adjusting for currency, organic revenues in Transport declined by 8.1%.

Commenting on the Group's revenue performance, Jean-Charles Decaux, Chairman of the Executive Board and co-CEO of JCDecaux, said:

“Despite difficult market conditions for the second consecutive year, the growth in organic revenues in 2002 demonstrates the quality and resilience of our Street Furniture asset portfolio. This was supported by our Billboard business which capitalized on earlier investment and on a consolidating market. In Transport, our business continued to be impacted by the difficult trading environment in airports.

We continue to take market share away from both national and international competitors, reflecting the quality of our assets and our multi-country and multi-format portfolio. This has lead large advertisers to use JCDecaux as a preferred supplier in outdoor, especially in Europe.

As previously indicated, we expect EBITDA in 2002 to increase slightly over 2001. As we stated in October, we expect market conditions as we enter 2003 to remain challenging and it is difficult to assess when we will see a clear improvement in advertising. However, we are well placed to benefit when general advertising expenditure increases once again.”

Next information :
2002 results will be released on 19 March 2003

Key Information on the Group
- 2002 revenues : €1577.7million
- Listed on Euronext Paris ; part of the SBF 120 index
- N°1 worldwide in street furniture (283,000 faces)
- N°1 worldwide in airport advertising, with 154 airports and 180 other railway systems (142,000 Transport faces)
- N°1 in Europe for billboards (191,000 faces)
- 616,000 advertising faces in 40 countries
- Present in 3,300 cities with over 10,000 inhabitants
- 7,300 employees

For more information, contact:
Raphaele Rabatel
Tel: +33 (0)1 30 79 34 99
Fax: +33 (0)1 30 79 35 79
raphaele.rabatel@jcdecaux.fr

Investor Relations
Cécile Prévot
Tel: +33 (0)1 30 79 79 93
Fax: +33 (0)1 30 79 77 91
cecile.prevot@jcdecaux.fr

Forward Looking Statement
Certain statements in this release constitute « forward-looking statements » within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The words or phrases « guidance », « expect », « anticipate », « estimates » and « forecast » and similar words or expressions are intended to identify such forward-looking statements. In addition, any statements that refer to expectations or other characterizations of future events or circumstances are forward-looking statements. Various risks that could cause future results to differ from those expressed by the forward-looking statements included in this release include, but are not limited to : changes in economic conditions in the U.S. and in other countries in which JCDecaux currently does business (both general and relative to the advertising and entertainment industries) ; fluctuations in interest rates ; changes in industry conditions ; changes in operating performance ; shifts in population and other demographics ; changes in the level of competition for advertising dollars ; fluctuations in operating costs ; technological changes and innovations ; changes in labor conditions ; changes in governmental regulations and policies and actions of regulatory bodies ; fluctuations in exchange rates and currency values ; changes in tax rates ; changes in capital expenditure requirements and access to capital markets. Other key risks are described in the JCDecaux reports filed with the U.S. Securities and Exchange Commission. Except as otherwise stated in this news announcement, JCDecaux does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise.