Invest For The Future

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2021 was a rebound year for JCDecaux. We returned to our pre-Covid momentum. Although we are only halfway to restoring pre-crisis performance levels, business picked up month after month as health measures were gradually eased and travel resumed.

There has been a huge amount of effort behind our revenue achievement, made during and since the crisis by JCDecaux’s biggest asset, its employees, to step change the Group’s transformation at a time of transition. The many awards won by our teams throughout the world are a testament to their commitment and excellence. We would like to thank them again for their unfailing application, their agility and their spirit of innovation.

After a record year in 2019 followed by the most difficult year in the history of JCDecaux in 2020, our 2021 revenue rose by +18.7%, driven by sharp growth in our digital activities.

Putting your company’s purpose at the foundation of your relationships with your stakeholders is critical to long-term success.

Jean-François Decaux
Co-Chief Executive Officer

All geographies performed strongly over the year, especially during the fourth quarter despite the emergence of Omicron and mobility restrictions in some countries. Revenue in Europe (including France and the UK) was the closest to 2019 levels thanks to the Street Furniture division. For Transport, businesses exposed to domestic audiences recovered well as revenues were close to pre-Covid levels for domestic transport advertising revenue. In China revenues generated by our domestic transport activities (metros, buses, and domestic airport terminals) are already above 2019 revenue levels. Finally, Billboard advertising successfully pursued its rationalisation and digitisation strategy, particularly in the UK.

Digital-out-of-home (DOOH) revenue rose sharply in 2021 (+33.2%) reaching a record 26.9% of Group revenue. We are the most digitised outdoor advertising company worldwide, and we continued this year to accelerate our digital transformation by rolling out new digital screens, developing our automated planning platform and our audience sales solutions using qualitative data, strengthened by the launch in September of our global and local data solutions: JCDecaux Data Solutions. Programmatic advertising gained very strong momentum via the VIOOH platform, which is now trading in 15 countries, connected to multiple DSPs (Demand Side Platforms).

Our client portfolio is diversified, and the most future facing and buoyant economic sectors continued their advertising investment strategies on our media. The Internet category surged almost +70% over the year while Fashion, Personal Care and Luxury Goods is now the biggest category, ahead of Retail.

Our business also recorded significant contract wins especially Street Furniture in Brussels (15 years) and Antwerp (10 years), previously owned by Clear Channel, as well as the renewal of the contract in Strasbourg (11 years) and the iconic win of Sydney Trains (10 years). All these contracts include a digital component, which is proof of the growing interest cities and transport operators have in the advertising capabilities provided by digital screens.

Further strict cost control measures as well as rent reductions helped ease the impacts of the crisis. We strengthened our cash position and improved our financial flexibility due to very positive free cash flow again this year, and the issue in January 2022 of a €500 million bond with a maturity in 2030 subscribed more than three times and placed with high quality investors.

Future growth will also involve external growth. In September 2021, we completed the delisting of Clear Media with a consortium of investors. Initiated by the buyout of a minority stake in Clear Media Limited in 2020, the transaction is an important stage in JCDecaux’ strategy to increase its presence in the key market of China, especially in the Street Furniture segment. In France, Abri Services, specialising in Street Furniture in the Grand Ouest region of France, whose acquisition was announced at the end of 2020, was successfully merged and has been an integral part of JCDecaux since May 2021.

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We activated all the levers available to ride out the pandemic: digital transformation, reduction of our cost base, optimisation of our resources, ecological commitment, and social utility. Innovation, agility, operating excellence, and responsibility remain the essence of our corporate culture.

Putting your company’s purpose at the foundation of your relationships with your stakeholders is critical to long-term success.

Jean-François Decaux
Co-Chief Executive Officer

All geographies performed strongly over the year, especially during the fourth quarter despite the emergence of Omicron and mobility restrictions in some countries. Revenue in Europe (including France and the UK) was the closest to 2019 levels thanks to the Street Furniture division. For Transport, businesses exposed to domestic audiences recovered well as revenues were close to pre-Covid levels for domestic transport advertising revenue. In China revenues generated by our domestic transport activities (metros, buses, and domestic airport terminals) are already above 2019 revenue levels. Finally, Billboard advertising successfully pursued its rationalisation and digitisation strategy, particularly in the UK.

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Chairman and Chief Executive Officer