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2012 Reference Document 2012 REFERENCE DOCUMENT 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 2011: - The Management Discussion and Analysis and consolidated financial statements, including the statutory auditors’ report, set forth in the “Document de référence” filed on 23 April 2012 under number D.12-0387 (pages 59 to 124 and 216, respectively). - The corporate financial statements of JCDecaux SA, their analysis, including the statutory auditors’ report, set forth in the “Document de référence” filed on 23 April 2012 under number D.12-0387 (pages 125 to 148 and 218, respectively). - The statutory auditors’ special report on regulated agreements with certain related parties, set forth in the “Document de référence” filed on 23 April 2012 under number D.12-0387 (page 220). 2. Relating to fiscal year 2010: - The Management Discussion and Analysis and consolidated financial statements, including the statutory auditors’ report, set forth in the “Document de référence” filed on 14 April 2011 under number D.11-0300 (pages 55 to 122 and 222 to 223, respectively). - The corporate financial statements of JCDecaux SA, their analysis, including the statutory auditors’ report, set forth in the “Document de référence” filed on 16 April 2010 under number D.11-0300 (pages 123 to 145 and 224 to 225, respectively). - The statutory auditors’ special report on regulated agreements with certain related parties, set forth in the “Document de référence” filed on 16 April 2010 under number D.11-0300 (pages 226 to 228). REVENUES BY REGION Cash flow disponibleCash flow disponible Ration dette financièreRation dettenette financière/ fonds propres nette / fonds propres 327.4 327.4322.7 322.7 212.4 212.4 207.3 207.3 North America Rest of the world 7.2% 5.3% 16% 16% United Kingdom 151.5 151.5 12.1% 280.5 280.5 Europe* Asia-Pacific 29.0% 23.0% 6% 6% -1% -1% 2010 2011 20102012 2011 2012 2010 2011 20102012 2011 2012 France 2010 2011 20102012 2011 2012 23.4% * Excluding France and the United Kingdom REVENUES BY BUSINESS OPERATING MARGIN BY BUSINESS Chiffre d'affairesChiffre 2012 pard'affaires activité 2012 par activité Marge opérationnelleMarge 2012 opérationnelle par activité 2012 par activité (in € million, segment’s share in %) (in € million, segment’s share in %) 2,622.8 2,622.8 2,463.0 2,463.0 2,350.0 2,350.0 602.2 602.2 582.1 582.1 555.4 555.4 1,147.0 48.8% 1,147.01,179.0 48.8%47.9% 1,179.01,171.3 47.9%44.7% 1,171.3 44.7% Street FurnitureStreet Furniture 375.9 67.7% 375.9386.9 67.7%66.5% 386.9374.9 66.5%62.3% 374.9 62.3% Street FurnitureStreet Furniture 777.6 33.1% 777.6874.8 33.1%35.5% 1,012.5874.8 35.5%38.6% 1,012.5 38.6% Transport Transport 115.4 20.8% 139.9115.4 20.8%24.0% 139.9170.6 24.0%28.3% 170.6 28.3% Transport Transport 425.4 18.1% 425.4409.2 18.1%16.6% 409.2439.0 16.6%16.7% 439.0 16.7% Billboard Billboard 64.1 11.5% 64.155.3 11.5%9.5% 55.356.7 9.5%9.4% 56.7 9.4% Billboard Billboard 2010 20102011 20122011 2012 2010 20102011 20122011 2012 In 2012, the Group’s revenue increased by 6.5% to €2,622.8 million. Group’s operating margin* increased by 3.5% to €602.2 million Excluding acquisitions and the impact of foreign exchange, organic from €582.1 million in 2011. It accounts for 23.0% of consolidated revenue growth was 1.5%. revenue. * Operating margin: Revenue less Direct operating expenses (excluding Maintenance spare Street Furniture revenues were €1,171.3 million, a decrease of parts) less SG&A expenses. 0.7%. Excluding acquisitions and the impact of foreign exchange, the decrease was 1.9%. Résultat d'exploitationRésultat 2012 d'exploitation par activité, 2012 avant par charges activité, de avant dépréciation charges de dépréciation Résultat d'exploitationRésultat 2012 d'exploitation par activité, 2012 avant par charges activité, de avant dépréciation charges de dépréciation Transport revenues grew by 15.7% to €1,012.5 million. Excluding acquisitions and the impact of foreign exchange, organic revenue growth was 8.9%. 10,30410,484 10,484 325.2 325.2 10,304 Billboard revenues increased by 7.3% to316.4 €439.0 million.316.4 Excluding 9,943 9,943 acquisitions and the impact of foreign exchange, organic revenue decreased by 4.8%. 274.1 274.1 3,295 3,2953,338 3,3383,373 3,373 Europe* Europe* 161.0 58.7% 186.8161.0 58.7%57.5% 186.8158.1 50.0%57.5% 158.1 50.0% Street FurnitureStreet Furniture 3,504 3,5043,529 3,5293,527 3,527 France France 83.5 30.5% 111.083.5 30.5%34.1% 111.0135.1 42.7%34.1% 135.1 42.7% Transport Transport 1,695 1,6951,812 1,8121,932 1,932 Asia-Pacific Asia-Pacific 651 686 675 29.6 10.8% 27.4 8.4% 23.2 7.3% United 651Kingdom 686 675 29.6 10.8% 27.4 8.4% 23.2 7.3% United Kingdom 201 Billboard Billboard 204 198204 198201 North America North America 594 594741 741776 776 2010 20102011 20122011 2012 Rest of the worldRest of the world 2010 20102011 20112012 2012 Cash flow disponible Ration dette financière nette / fonds propres 327.4 322.7 212.4 207.3 16% 151.5 280.5 6% -1% 2010 2011 2012 2010 2011 2012 2010 2011 2012 Chiffre d'affaires 2012 par activité Marge opérationnelle 2012 par activité 2,622.8 2,463.0 2,350.0 602.2 582.1 555.4 1,147.0 48.8% 1,179.0 47.9% 1,171.3 44.7% Street Furniture 375.9 67.7% 386.9 66.5% 374.9 62.3% Street Furniture Cash flow disponible Ration dette financière nette / fonds propres 777.6 33.1% 874.8 35.5% 1,012.5 38.6% Transport 327.4 322.7 212.4 115.4 20.8% 139.9 24.0% 170.6 28.3% 207.3 Transport 425.4 18.1% 409.2 16.6% 439.0 16.7% Billboard 64.1 11.5% 55.3 9.5% 56.7 9.4% Billboard 16% 151.5 2010 2011 2012 280.5 2010 2011 2012 2012 FINANCIAL HIGHLIGHTS 6% -1% Résultat d'exploitation 2012 par activité, avant charges de dépréciation Résultat d'exploitation 2012 par activité, avant charges de dépréciation EBIT BEFORE IMPAIRMENT CHARGES NET INCOME GROUP SHARE 2010 2011 2012 2010 2011 2012 BEFORE IMPAIRMENT2010 2011 CHARGES2012 (in € million, segment’s share in %) (in € million) 10,484 325.2 10,304 316.4 9,943 Cash flow disponible Ration dette financière nette / fonds propres 274.1 Chiffre d'affaires 2012 par activité Marge opérationnelle 20123,295 par activité 3,338 3,373 327.4 Europe* 322.7 212.4 207.3 2,622.8 161.02,463.058.7% 186.8 57.5% 158.1 50.0% Street Furniture 16% 2,350.0 151.5 3,504 602.23,529 3,527 280.5 France 582.1 555.4 1,147.0 48.8% 1,179.0 47.9% 1,171.3 44.7% Street Furniture 83.5 30.5% 111.0 34.1% 135.1 42.7% 6% Transport 1,695 1,812 1,932 Asia-Pacific 375.9 67.7% 386.9 66.5% 374.9 62.3% Street Furniture 651 686 675 29.6 10.8% 27.4 8.4% 23.2 7.3% United Kingdom Billboard 204 198 201 -1% North America 594 741 776 2010 2011 2012 Rest of the world 2010 2011 2012 777.6 33.1% 874.8 35.5% 1,012.5 38.6% 2010 2011 2012 2010 2011 2012 Transport 2010 2011 2012 115.4 20.8% 139.9 24.0% 170.6 28.3% EBIT* before net impairment charges** decreased by 2.7% to Net incomeTransport Group share before net impairment charges* decreased €316.4425.4 million18.1% compared409.2 to16.6% €325.2 million439.0 16.7% in 2011. As a percentage by 2.4% to €207.3 million, compared to €212.4 million in 2011. Billboard 64.1 11.5% 55.3 9.5% 56.7 9.4% of consolidated revenues, this represents to 12.1% (2011: 13.3%). Billboard * The net impairment charge resulting from the impairment test conducted for goodwill and tangible and intangible assetsChiffre amounts d'affaires to €44.5 2012million parin 2012, activité €(0.2) million in 2011 and Marge opérationnelle 2012 par activité * EBIT: Earnings2010 Before Interests 2011and Taxes = Operating2012 Margin less Depreciation, 2010 2011 2012 €(21.8) million in 2010. amortization and provisions, less Maintenance spare parts, less impairment charges, less other operating income and expenses. ** The net impairment charge resulting from the impairment test conducted for goodwill and 2,622.8 tangible and intangible assets amounts to €45.8 million in 2012, €(1.9) million in 2011 and €(4.9) million in 2010. 2,463.0 2,350.0 602.2 582.1 555.4 FREE CASH FLOW EMPLOYEE BREAKDOWN BY REGION Résultat d'exploitation 2012 par activité, avant charges de dépréciation Résultat d'exploitation 2012 par activité, avant charges de dépréciation Cash flow disponible Ration1,147.0 dette financière48.8% 1,179.0 nette / 47.9%fonds propres1,171.3 44.7% (in € million) Street Furniture 327.4 322.7 375.9 67.7% 386.9 66.5% 374.9 62.3% Street Furniture 212.4 207.3 10,484 325.2 10,304 316.4 9,943 16% 151.5 280.5 777.6 33.1% 874.8 35.5% 1,012.5 38.6% 274.1 Transport 3,295 3,338 3,373 Europe* 115.4 20.8% 139.9 24.0% 170.6 28.3% Transport 425.4 18.1% 409.2 16.6% 439.0 16.7% Billboard 64.1 11.5% 55.3 9.5% 56.7 9.4% 161.0 58.7% 186.8 57.5% 158.1 50.0% Billboard Street Furniture 6% 3,5042010 3,5292011 3,5272012 2010 2011 2012 France -1% 83.5 30.5% 111.0 34.1% 135.1 42.7% 2010 2011 2012 2010 2011 2012 Transport 2010 2011 2012 1,695 1,812 1,932 Asia-Pacific In 2012, free cash flow* was €322.7 million compared to €280.5 651 686 675 million29.6 in10.8% 2011 (+15.0%)27.4 8.4% 23.2 7.3% United Kingdom Billboard 204 198 201 RésultatNorth d'exploitation America 2012 par activité, avant charges de dépréciation Résultat d'exploitation 2012 par activité, avant charges de dépréciation * Free Cash Flow: Net cash flow from operating activities less net capital investments (tangible 594 741 776 and intangible2010 assets).
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