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2006 Annual Report Document De Référence

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2006 Annual Report Document De Référence 2006 Annual Report Document de Référence Nagoya TABLE OF CONTENTS COMPANY OVERVIEW 3 Financial highlights 4 The year 2006 6 The outdoor advertising industry 8 One business, three segments 16 Our advertisers 31 Sustainable developement 34 Research and development 43 FINANCIAL STATEMENTS 45 Management discussion and analysis of group consolidated financial statements 46 Consolidated financial statements and notes 56 Management discussion and analysis of corporate financial statements 114 Corporate financial statements and notes 116 LEGAL INFORMATION 139 Corporate governance and internal control 140 Shareholders and trading information 164 Share capital 169 Other legal information 178 COMBINED ANNUAL MEETING OF SHAREHOLDERS, 10 MAY 2007 188 Agenda 189 Summary of proposed resolutions 190 Proposed resolutions 192 OTHER INFORMATION 206 Statutory auditors’ reports 207 Person responsible for the Annual Report and persons responsible for the audit of the financial statements 211 Incorporation by reference In accordance with Article 28 of EU Regulation n°809/2004 dated 29 April 2004, the reader is referred to previous “Documents de référence” containing certain information: 1. Relating to fiscal year 2005: - The Management Discussion and Analysis and consolidated financial statements, including the statutory auditors’ report, set forth in the “Document de référence” filed on 7 April 2006 under number D.06-218 (pages 42 to 113 and 191, respectively). - The corporate financial statements of JCDecaux SA, their analysis, including the statutory auditors’ report, set forth in the “Document de référence” filed on 7 April 2006 under number D.06-218 (pages 114 to 134 and 192, respectively). - The statutory auditors’ special report on regulated agreements with certain related parties, set forth in the “Document de référence” filed on 7 April 2006 under number D.06-218 (pages 193 and 194). 2. Relating to fiscal year 2004: - The Management Discussion and Analysis and consolidated financial statements, including the statutory auditors’ report, set forth in the “Document de référence” filed on 7 April 2005 under number D.05-0364 (pages 38 to 77 and 161, respectively). - The corporate financial statements of JCDecaux SA, their analysis, including the statutory auditors’ report, set forth in the “Document de référence” filed on 7 April 2005 under number D.05-0364 (pages 91 to 107 and 163, respectively). - The statutory auditors’ special report on regulated agreements with certain related parties, set forth in the “Document de référence” filed on 7 April 2005 under number D.05-0364 (pages 164 and 165). Otherwise, the information set forth in those two “Documents de référence” has been replaced and/or updated, as the case may be, by the information set forth in this “Document de référence”. 1 2 COMPANY OVERVIEW Financial highlights 4 The year 2006 6 Contracts 6 Partnerships and acquisitions 7 The outdoor advertising industry 8 Segments of the outdoor advertising activity 8 Outdoor advertising : an increasingly relevant communication channel 8 Competitive environment 14 One business, three segments 16 Our strategy 16 Street Furniture 17 Transport 23 Billboard 28 Our advertisers 31 Key advertisers 31 Characteristics of advertising contracts 33 JCDecaux One Stop Shop : serving our international clients 33 Sustainable development 34 Human resources 34 Relations with customers and suppliers 39 Relations with the community 39 Environmental policy 39 Research and development 43 3 FINANCIAL HIGHLIGHTS 2006 REVENUES BY REGION 2006 OPERATING MARGIN BY REGION North America Rest of the World Asia-Pacific North America Asia-Pacific 7.2% 0.8% 6% 5% 13.0% United Kingdom 12% United Kingdom Rest of Europe Rest of Europe 13.6% 35.6% 41% France France 29.8% 36% REVENUES BY BUSINESS OPERATING MARGIN BY BUSINESS (in € million, segment’s share in %) (in € million, segment’s share in %) 1,946.4 534 1,745.2 464 474 1,627.3 Street Furniture 882.0 925.3 984.1 Street Furniture 386 384 408 54% 53% 51% 83% 81% 76% Billboard 432.6 27% 428.3 25% 454.6 23% Billboard 58 13% 59 12% 73 14% Transport 312.7 19% 391.6 22% 507.7 26% Transport 20 4% 31 7% 53 10% 2004 2005 2006 2004 2005 2006 In 2006, the Group’s revenues increased by 11.5% to The operating margin(1) increased by 12.6% to €533.6 million from €1,946.4 million. Excluding acquisitions and the impact of foreign €474.1 million in 2005. The operating margin as a percentage of exchange, organic revenue growth was 7.7%. Street Furniture consolidated revenues was 27.4%, up 20 basis points compared to revenues were €984.1 million, an increase of 6.4%. Excluding the prior period (2005: 27.2%), reflecting a slight decrease in the acquisitions and the impact of foreign exchange, organic revenue Street Furniture operating margin as a percentage of revenues offset growth was 5.6%. Transport revenues grew by 29,6 % to by very strong increases in operating margin in Billboard and in the €507.7 millions. Excluding acquisitions and the impact of foreign lower-margin Transport division. exchange, organic revenue growth was 14.3%. Billboard revenues (1) Operating margin: Revenues less Direct Operating Expenses (excluding Maintenance grew by 6.1% to €454.6 million. Excluding acquisitions and the spare parts) less SG&A expenses. impact of foreign exchange, organic revenue growth was 6.2%. 4 EBIT BY BUSINESS NET INCOME GROUP SHARE (in € million, segment’s share in %) (in € millions) 332 201 299 193 287 Street Furniture 244 252 257 156 85% 84% 77% 42 13% Billboard 30 10% 30 10% Transport 13 5% 17 6% 33 10% 2004 2005 2006 2004 2005 2006 EBIT(2) increased by 10.9% to €331.9 million, up from €299.0 million in Net income Group share increased by 4.1% to €201.1 million, compared to 2005. The Group’s EBIT margin was maintained at 17.1% of consolidated €193.2 million in 2005. This performance was driven by the increase in EBIT revenues. and equity affiliates as well as the decrease in minority interests, partially offset by a rise in tax, financial charges and a one-off impairment charge of (2) EBIT: Earnings Before Interests and Taxes = Operating Margin less Depreciation, €4.0 million. amortization and provisions less Maintenance spare parts less Other operating income and expenses. FREE CASH FLOW FINANCIAL NET DEBT / (in € million) EQUITY RATIO 36% 201 193 34% 29% 156 2004 2005 2006 2004 2005 2006 Free cash flow(3) decreased by 5.1% to €179.5 million compared to 2005. Net debt as of 31 December 2006 was €695.0 million. The Group is rated « Baa2 » by Moody’s and « BBB+ » by Standard and Poor’s. (3) Free Cash Flow: Net cash flow from operating activities less net capital investments (tangible and intangible assets). 2006 EMPLOYEE BREAKDOWN BY EXPERTISE EMPLOYEE BREAKDOWN BY REGION 8,140 7,911 Contractual relations Research and development 6,933 6% 1% Administration and management France 3,136 3,124 3,111 15% 657 632 637 United Kingdom Sales and Marketing Technical 21% 57% Rest of Europe 2,521 2,568 2,707 Asia-Pacific 392 1,300 1,401 North America 175 181 200 Rest of the World 72 2004 81 2005 89 2006 FINA NC IAL HIGHLIGHTS > 5 THE YEAR 2006 In 2006, we pursued our development primarily through organic growth and strengthened our position as the world leader in Street Furniture and airport advertising. We also made several acquisitions to penetrate new markets, or to consolidate our position in mature markets. In 2006, we also acquired VVR-Berek, the leader in outdoor advertising in Berlin, established presences in Russia, the Ukraine and Central Asia, accelerated growth in our Street Furniture business in Japan and created a Middle East-Africa- Eastern Europe-Central Asia Division dedicated to rapid penetration of new, high-growth markets. 1. CONTRACTS Europe In France, we renewed and extended Street Furniture agreements in Cannes and in the metropolitan area of Le Mans Métropole for a duration of 15 years. We won the contract for Street Furniture and bicycles in Aix-en-Provence for a duration of 13 years. This agreement involves 950 advertising faces, 200 bicycles, and 16 Cyclocity® stations. We also won the Street Furniture contract for trams and self-service bicycles for the metropolitan area of Marseilles Provence Métropole for a duration of 15 years. It will involve installing 1,000 self-service bicycles and 130 Cyclocity® stations. We also renewed and extended for a duration of 15 years the contract for bus and tram shelters for the Nice Côte d’Azur urban area (24 communities). In addition, we won the contract for city information panels, Seniors® and advertising columns in Nice for a duration of 10 years. Lastly, during 2006, we won 22 Street Furniture contracts in the Ile-de-France region. The towns involved have a combined population of more than 850,000 people. These contracts involved nearly 2,500 2m² advertising faces and 500 8m² faces. In Spain, El Mobiliaro Urbano (our Spanish subsidiary) renewed the street furniture contract for Barcelona, providing for exclusive operation of 3,500 faces for 10 years. In addition to the renovation and maintenance of the existing inventory, the new contract involves installation of 700 new bus shelters, 1,100 bus stops, 600 bus platforms, 250 city information panels and 15 automated public toilets. In the United Kingdom, we won the contract with the British Airport Authority (“BAA”), the biggest airport operating authority in the world, for 10 years (seven years, plus an option for three years), or until March 2017. This new contract involves the seven British airports operated by BAA: Heathrow, Gatwick, Stansted, Glasgow, Edinburgh, Aberdeen and Southampton, as well as the Heathrow Express rail link.
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