Press
release
Paris, 27 April 2017
1st quarter 2017
financial information
The increase in Q1 2017 revenue and
adjusted EBITDA confirms the successful return to growth in
2016
Consumer convergent offers in Europe continued the
strong growth of previous quarters, with 259,000 net sales in the
1st quarter of
2017. Year on year, consumer convergent offers rose 11.2%, with 9.5
million customers at 31 March 2017. Convergence is a real catalyst
for Orange's growth in Europe.
Growth of the Group's fixed broadband services remained strong,
with 200,000 net sales in the 1st quarter of
2017, led by fibre (362,000 net sales). The fixed broadband base
was 19.0 million customers at 31 March 2017 (+4.6% year on year on
a comparable basis), including 3.7 million fibre customers (+64%
year on year).
Mobile contract[1] net sales
of 298,000 were achieved in the 1st quarter of
2017 with customer base growth of 4.1% year on year on a comparable
basis. Mobile 4G in Europe continued to grow rapidly, rising 48%
year on year with 29.5 million customers at 31 March 2017. 4G
represented 58.4% of the contract base1 in Europe at
that date, a year-on-year increase of 17.4 percentage
points.
In Africa and the Middle East, net mobile sales improved very
significantly with 2.7 million net additions in the 1st quarter of
2017, led in particular by Mali, Burkina Faso, Côte d'Ivoire and
Senegal. Orange Money had 30.8 million customers at 31 March 2017,
a 74% increase year on year.
-
Revenues rose 0.8% in the
1st quarter of
2017 (10.070 billion euros), after rising 1.0% in the
4th quarter of
2016 (comparable basis), led by the Europe zone and in particular
by strong growth in Spain. Fixed broadband services increased 6.3%
in the 1st quarter of
2017 related to growth in fibre and TV content in France and Spain.
Mobile services were stable at -0.2% and continued to be impacted
by the decreased revenues from national roaming in France and the
decline in roaming prices in Europe.
-
The Group's adjusted EBITDA was
2.598 billion euros in the 1st quarter of
2017, an increase of 2.0% (+50 million euros) on a comparable
basis. Adjusted EBITDA from telecom activities (2.611 billion
euros) rose 2.2% (+57 million euros). The adjusted EBITDA margin
rate from telecom activities was 25.9%, an improvement of 0.3
percentage points compared to the 1st quarter of
2016.
-
The Group's CAPEX (1.493
billion euros in the 1st quarter of
2017) increased 2.1% on a comparable basis. CAPEX rose 1.4% in
telecom activities (1.484 billion euros), while the ratio of CAPEX
to revenues from telecom activities was 14.7% (+0.1 percentage
points compared with the 1st quarter of
2016). Investment in fibre and very high-speed mobile (4G and 4G+)
increased, in line with the goals of the Essentiels2020 strategic
plan.
On the publication of the results for the
1st quarter of
2017, Stéphane Richard, Chairman and CEO of the Orange Group,
commented:
"The first quarter confirms the
improvement in the 2016 trend. Revenues are growing, driven by
solid commercial performances, particularly in France, Spain and
Poland.
The strategy Orange has pursued
over a number of quarters, centred on convergence around the home,
the best connectivity in the market due to our sustained
investment, and an unparalleled customer experience, is bearing
fruit.
For the fourth consecutive
quarter, adjusted EBITDA is growing, underpinning our objective for
2017 of delivering adjusted EBITDA higher than 2016 on a comparable
basis.
Lastly, Orange's diversification
into financial services will move into a new phase in 2017. In
Africa, Orange Money crossed the 30 million customer mark this
quarter, growing by 74% in one year, while in France, the Orange
Bank offer will be launched with Orange employees in mid-May and
for the general public on 6 July 2017."
*
* *
The Board of Directors of Orange SA met on 26
April 2017 and examined the Group's results to 31 March 2017.
The financial data and comparable basis data in
this press release are unaudited.
More detailed information is available on the
Orange website:
www.orange.com
Key figures
|
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|
1st
quarter |
1st
quarter |
1st
quarter |
|
change comparable |
|
change historical |
|
|
|
2017 |
2016 |
2016 |
|
basis |
|
basis |
In millions
of euros |
|
comparable basis |
historical basis |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
10 070 |
9 986 |
10 009 |
|
0.8% |
|
0.6% |
Of which: |
|
|
|
|
|
|
|
|
France |
4 427
|
4 431 |
4 431 |
|
(0.1)% |
|
(0.1)% |
|
Europe |
2 656 |
2 542 |
2 534 |
|
4.5% |
|
4.8% |
|
|
Spain |
1 290 |
1 189 |
1 189 |
|
8.5% |
|
8.5% |
|
|
Poland |
652 |
649 |
642 |
|
0.5% |
|
1.6% |
|
|
Belgium
& Luxembourg |
307 |
309 |
309 |
|
(0.7)% |
|
(0.7)% |
|
|
Central
European Countries |
409 |
396 |
395 |
|
3.2% |
|
3.5% |
|
|
Intra-Europe eliminations |
(3) |
(1) |
(1) |
|
- |
|
- |
|
Africa & Middle East |
1 239 |
1 231 |
1 271 |
|
0.7% |
|
(2.5)% |
|
Enterprise |
1 796 |
1 832 |
1 823 |
|
(2.0)% |
|
(1.5)% |
|
International Carriers & Shared
Services |
407 |
454 |
454 |
|
(10.4)% |
|
(10.3)% |
|
Intra-Group eliminations |
(455) |
(504) |
(504) |
|
- |
|
- |
Adjusted EBITDA* |
2 598 |
2 548 |
2 569 |
|
2.0% |
|
1.1% |
of which telecom activities |
2 611 |
2 555 |
2 569 |
|
2.2% |
|
1.7% |
|
As % of revenues |
25.9% |
25.6% |
25.7% |
|
0.3 pt |
|
0.3 pt |
of which
Orange Bank |
(13) |
(7) |
- |
|
- |
|
- |
CAPEX (excluding licenses) |
1 493 |
1 463 |
1 457 |
|
2.1% |
|
2.5% |
of which telecom activities |
1 484 |
1 463 |
1 457 |
|
1.4% |
|
1.9% |
|
As % of revenues |
14.7% |
14.6% |
14.6% |
|
0.1 pt |
|
0.2 pt |
of which
Orange Bank |
9 |
- |
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
* EBITDA adjustments are described in
appendix 3.
As from
the 1st quarter of
2017, the presentation of revenues has changed, the better to
reflect management of the Enterprise market in France. The revenues
and operating expenses from mobile services and mobile equipment
sales of businesses with more than 50 employees, previously
included in the France operating segment, are now combined with the
activities of the Enterprise segment. This change had no impact on
the Group's statement of income. Only the presentation of revenues
and operating expenses of the France and Enterprise segments are
changed, with an adjustment on intra-Group eliminations. There was
no impact on CAPEX or on the workforce of the two segments. The
historical and pro-forma data of the 1st quarter of
2016 take these changes of presentation into account.
In parallel, the customer base has changed, with the transfer from
1 January 2017 of 2.7 million mobile contracts (excluding
machine-to-machine), 5.7 million machine-to-machine customers, and
262,000 fixed broadband customers from the France segment to the
Enterprise segment. In Appendix 4 of the press release (key
performance indicators), the "Orange - France market" section
combines the mobile and fixed broadband customer base of both
segments to provide a view of all of the customers of those
services on the French market.
In
addition, fixed-4G[2] offers,
which use the 4G network to provide fixed broadband services, were
previously included in mobile services. They are now in fixed
broadband services (revenues and customer base). This change
concerns Spain, Poland and Romania.
With the
consolidation of Orange Bank, the Group's key figures are presented
by indicating the share of telecom activities and that of Orange
Bank. Since Orange Bank's Net Banking Income is consolidated in the
Group's financial statements under the heading "Other operating
income", the Group's revenues refer to the telecom activities
alone.
Comments on key Group
figures
Revenues
The Orange Group had revenues of 10.070 billion
euros in the 1st quarter of
2017, an increase of 0.8% (+85 million euros) on a comparable
basis[3], in line
with the two previous quarters (+1.0% in the 4th
quarter of 2016 and +0.8% in the 3rd
quarter).
In France, fixed broadband services rose 5.5% in the 1st quarter of
2017, led by fibre and TV content. The mobile services trend
improved (-3.3% in the 1st quarter of
2017 compared with -5.1% in the 4th quarter of
2016) with the less substantial decline in national
roaming.
In the Europe zone, revenue growth was 4.5% in the 1st quarter of
2017 on a comparable basis, identical to that of the previous
quarter:
- in Spain, revenue growth remained strong (+8.5% in the
1st quarter) and
relates to both mobile and fixed services (fibre and TV
content);
- in Poland, revenues rose 0.5% in the 1st
quarter with very strong mobile equipment sales tied to the success
of instalment payment plans;
- Belgium & Luxembourg: mobile services fell 0.4% in the
1st quarter,
marked by the decline in incoming mobile traffic (SMS). Fixed
services rose 14.3% with the recent growth in convergent
offers;
- the Central European Countries increased 3.2% in the 1st
quarter: the growth in Romania (+4.6%) and Moldova (+5.6%) was
partially offset by the decline in Slovakia
(-1.0%).
Africa and the Middle East had growth of 0.7% in the 1st quarter on a
comparable basis. Excluding the unfavourable calendar impact in
comparison with the 1st quarter of
2016[4], growth
would have been 1.5%, in line with the 4th quarter of
2016 (+1.6%).
Enterprise segment: IT and integration services rose 2.6% in the
1st quarter, led
in particular by the Cloud (+19%) and security services (+15%).
Other services (voice, data and mobile) were down compared with the
1st quarter of
2016.
Customer base growth
In France (including mobile customers from the
Enterprise segment), mobile contracts[5] had 87,000
net sales in the 1st quarter of
2017, led by the strong growth of Open (185,000 net sales) and Sosh
(65,000 net sales) offers. Rapid growth in fibre continued, with
127,000 net sales in the 1st quarter and
1.579 million customers at 31 March 2017 (+46.8% year on
year).
In Spain, commercial momentum remained strong in both fixed
broadband with 196,000 net fibre sales for the quarter (1.806
million fibre customers at 31 March 2017) and mobile contracts with
119,000 net sales.
In Poland, mobile contracts recorded 190,000 net sales in the
1st quarter of
2017 and the contract customer base rose 10.9% year on year
(+927,000 customers). In Belgium & Luxembourg, mobile contracts
continued to rise in line with the previous
quarters.
In Africa and the Middle East, the mobile base was 123.4 million
customers at 31 March 2017, a year-on-year increase of 1.0% on a
comparable basis (+1.218 million customers). Orange Money had 30.8
million customers at 31 March 2017.
In all, the Group's mobile customer base comprised 203.5 million
customers at 31 March 2017, a year-on-year increase of +1.2% on a
comparable basis. Contract customers (70.4 million) increased
steadily (+7.7%), led by France and the Europe zone.
Fixed broadband (19.0 million customers at 31 March 2017) rose 4.6%
year on year on a comparable basis. Fibre, with 3.7 million
customers, was up sharply (+64.2%).
Consumer convergent offers in Europe had 9.5 million customers
(+11.2% in one year), primarily in France (5.6 million), Spain (3.1
million) and Poland (738,000). The Belgium & Luxembourg segment
and Romania have also launched consumer convergent offers quite
recently.
TV services had 8.6 million customers at 31 March 2017, a
year-on-year increase of 5.4%.
Adjusted EBITDA
The Group's adjusted EBITDA was 2.598 billion
euros in the 1st quarter of
2017, an increase of 2.0% (+50 million euros) on a comparable
basis.
Adjusted EBITDA from telecom activities was 2.611 billion euros in
the 1st quarter of
2017, an increase of 2.2% (+57 million euros) on a comparable
basis. Excluding specific items which mainly relate to the
1st quarter of
2016, adjusted EBITDA from telecom activities in the 1st quarter of
2017 was stable compared to the 1st quarter of
2016.
The adjusted EBITDA margin rate from telecom activities was 25.9%,
an increase of 0.3 percentage points in relation to the
1st quarter of
2016.
The increase in adjusted EBITDA from telecom activities in the
1st quarter of
2017 was related to revenue growth (+85 million euros), partially
offset by increases in certain costs principally concerning content
costs with the growth of TV activities and the enrichment of offers
in Spain and France, network costs, property expenses and the
decreased contribution from the disposal of fixed assets. At the
same time, labour expenses fell 5.3% compared with the 1st quarter of
2016 connected partly to the decreased average number of full-time
equivalent employees (-2.8% on a comparable basis) and partly to
specific items occurring in the 1st quarter of
2016 (employee share ownership offer).
CAPEX
The Group's CAPEX (1.493 billion euros in the
1st quarter of
2017) increased 2.1% on a comparable basis. CAPEX in the telecom
activities (1.484 billion euros) rose 1.4%, and the ratio of CAPEX
to revenues from telecom activities was 14.7% (+0.1 percentage
point compared with the 1st quarter of
2016).
Investments in fibre rose +7% on a comparable basis. They chiefly
concerned France, Spain and Poland. A total of 21.5 million
households had fibre connectivity across the Group's footprint at
31 March 2017 (+53% year on year), of which 10.0 million were in
Spain, 7.4 million in France, 2.1 million in Romania (following the
cross-network-sharing agreement with Telekom Romania), 1.7 million
in Poland and 352,000 in Slovakia.
Investments continued to be strong in very high-speed mobile
services. The 4G coverage rate at 31 March 2017 was 89% of the
population in France, 91% in Spain, 99% in Poland, 100% in Belgium,
83% in Romania, 80% in Slovakia, and 98% in Moldova. In France and
Spain, investments also sought to improve service quality for
recreational areas and transportation. At the same time, 4G+
deployment continued in France and in the other European
countries.
In Africa and the Middle East, 3G is deployed in the 21 countries
of that segment, with 4G services commercially available in 11 of
them (Botswana, Cameroon, Côte d'Ivoire, Guinea Bissau, Jordan,
Liberia, Madagascar, Morocco, Mauritius, Senegal and Tunisia).
Orange Egypt continued its 4G deployment following the acquisition
of a licence last October.
Investment in customer equipment also increased in connection with
the success of the New Livebox and its TV decoder marketed in
France since May 2016.
The modernisation of stores continued: at 31 March 2017, the Group
had 181 stores based on the new Smart Store concept, with 72 in
France, 90 in the other European countries, and 19 in Africa and
the Middle East.
In the Internet of Things (IoT), a dedicated network based on LoRa
technology is being deployed in France and already covers 83 urban
areas, or 43% of the population.
Investments in information systems and service platforms continued
to be significant to support the transformation effort (the
improvement in the customer experience and continued digitalisation
of internal processes) in connection with the Essentiels2020
strategic plan.
2017 outlook
For the full year 2017, Orange
confirms an adjusted EBITDA greater than that achieved in 2016 on a
comparable basis, buoyed by the strong commercial momentum which is
supported by investment, and continuing efforts for transformation
of the cost structure.
The Group also confirms the objective of a ratio of net debt to
adjusted EBITDA from telecom activities of around 2x in the medium
term to preserve Orange's financial strength and investment
capacity. Within this framework, the Group is maintaining a policy
of selective, value-creating acquisitions by concentrating on
markets in which it is already present.
The Group further confirms the payment of a dividend of 0.60 euros
per share for 2016[6]. An interim
dividend for 2016 of 0.20 euros per share was paid on 7 December
2016 and the balance of 0.40 euros per share will be paid on 14
June[7].
As announced during the
presentation of the 2016 results, the Board of Directors will
propose to the 2018 Annual General Meeting of Shareholders the
payment of a dividend of 0.65 euros per share for financial year
2017, and intends to pay an interim dividend for 2017 of 0.25 euros
per share in December this year.
Review by operating
segment
France
Revenues in France were essentially
stable in the 1st quarter of
2017 (-0.1%), after falling 0.9% in the 4th quarter of
2016.
The improved trend was linked to mobile services, which declined
only 3.3% in the 1st quarter of
2017 after falling 5.1% in the 4th quarter of
2016, due to a less substantial decrease in national roaming in the
1st quarter
2017. Mobile services continued to be impacted by the cuts in
roaming prices in Europe and the growing share of SIM-only offers,
which represented 70.0% of consumer contracts at 31 March 2017 (+15
percentage points in one year).
The growth of SIM cards linked to convergent offers remained
strong, with 8.5 million SIM cards at 31 March 2017, an increase of
11.7% year on year. There were 18.2 million contract
customers[8] at 31 March
2017 (+2.6% year on year), and 64% of the consumer contracts
included 4G (+15 percentage points in one year).
Fixed services rose 1.6% in the 1st quarter of
2017 after climbing 1.5% in the 4th quarter of
2016. Growth continued to be strong in fixed broadband services
(+5.5% in the 1st quarter of
2017 after rising 5.0% in the 4th quarter of
2016), led by growth of the customer base and a rise in ARPU. The
fixed broadband customer base had 11.0 million subscribers at 31
March 2017 (+3.7% year on year). It included 1.6 million fibre
subscribers, an increase of 47% year on year. The quarterly ARPU of
fixed broadband increased 1.6% in the 1st quarter of
2017, due to the growing share of fibre offers and the increase of
TV content offers. Consumer convergent offers (5.6 million
customers at 31 March 2017, a year-on-year increase of 9.7%)
represented 57.3% of the consumer fixed broadband customer base
(+2.9 percentage points in one year).
Fixed services to carriers also increased in the 1st quarter of
2017 (+5.1%) with the deployment of fibre and increased revenue
from ADSL accesses. Traditional telephony declined 12.2% in the
1st quarter.
Europe
Revenue growth in the Europe zone was
4.5% in the 1st quarter of
2017, the same as in the 4th quarter of
2016, on a comparable basis.
Mobile services revenues grew 2.0% in the 1st
quarter of 2017 on a comparable basis. Commercial activity for
contracts continued to be strong, with 357,000 net sales in the
1st quarter of
2017 on a comparable basis. The contract customer base had 33.5
million customers at 31 March 2017, an increase of 6.2% year on
year, representing more than two thirds (67.4%) of the total mobile
customer base at that date (+4.8 percentage points in one year).
The growth in contracts offset the decrease in prepaid offers (16.2
million customers, -14.2% year on year).
Revenues from fixed broadband services rose 8.4% in the
1st quarter of
2017 (on a comparable basis), due to rapid growth of fibre and TV
content offers in Spain, trend improvement in Poland and the
success of the convergence offers recently marketed in Belgium. The
fixed broadband customer base in the Europe zone had 6.8 million
customers at 31 March 2017 (+6.6% year on year on a comparable
basis), including 2.0 million fibre customers, mainly in
Spain.
Consumer convergent offers in the Europe zone had 153,000 net sales
in the 1st quarter of
2017, led by Poland, Spain and, to a lesser extent, the Belgium
& Luxembourg segment and the Central European Countries. At 31
March 2017, the consumer convergent offers customer base in the
Europe zone had 3.9 million customers, a year-on-year growth of
13.2%.
Spain
Revenues continued to climb in Spain, +8.5% in the
1st quarter of
2017 due to growth in mobile services and fixed broadband services,
led by convergence which had a 12.1% increase in revenues compared
to the 1st quarter of
2016.
Consumer convergent offers continued their steady growth, with
48,000 net sales in the 1st quarter of
2017. They had a total of 3.1 million customers at 31 March 2017
(+6.5% year on year) and represented 82% of the consumer fixed
broadband customer base at that date (+1.5 percentage points in one
year).
Mobile services rose 8.1% in the 1st quarter of
2017, pulled by the continued enrichment of offers and the
deployment of 4G, which had a total of 8.2 million customers at 31
March 2017 (1.4x year on year). The contract customer
base[9] grew 3.2%
year on year (11.297 million customers at 31 March 2017), and the
quarterly ARPU of contracts rose 4.0%. Growth was also significant
in mobile services provided to other carriers, in particular the
growth of MVNOs and network sharing.
Fixed services rose 7.5% in the 1st quarter of
2017, led by continued strong revenue growth in fixed broadband
(+8.5%). Fixed broadband had 4.2 million customers at 31 March 2017
(+5.4% year on year), and quarterly ARPU rose 3.0%. Fibre in
particular increased sharply with a total of 1.8 million customers
at 31 March 2017 (1.8x in one year), which represented 43% of the
fixed broadband customer base at that date (+18 percentage points
in one year). TV services also rose rapidly, with 537,000 customers
at 31 March 2017 (1.5x year on year), led by the success of content
offers and notably the broadcasts of football championships.
Poland
Poland's revenues rose 0.5% in the 1st quarter of
2017 on a comparable basis. They benefitted from a very sharp
increase in mobile equipment sales linked to a rapid increase in
sales on the instalment payment plan and from the growth of fixed
equipment sales, in particular related to ICT[10].
Mobile services fell 6.6% in the 1st quarter of
2017, reflecting the above-mentioned rapid growth of instalment
payment plan sales and SIM-only offers, as well as bonuses offered
to pre-paid customers for SIM card registration. Commercial
momentum continued to be high, with 190,000 net contract sales in
the 1st quarter of
2017. The contract customer base had 9.5 million customers at 31
March 2017, a year-on-year growth of 11.1% on a comparable basis,
and 4G had 4.6 million users at 31 March 2017 (1.9x year on
year).
The prepaid customer base recorded a net loss of 1.9 million
customers year on year (-24.4%) related to migrations to contracts
and to the mandatory registration of customer identities which
began last July, but had a limited impact on the revenue
trend.
Fixed services fell 5.4% in the 1st quarter of
2017 on a comparable basis. The decrease was related to traditional
fixed services (fixed telephony and carrier services). Fixed
broadband rose 1.3% in the 1st quarter of
2017. The customer base (2.3 million customers at 31 March 2017)
climbed 7.6% year on year, led by the rapid development of Wireless
for fixed, fibre and VDSL. At 31 March 2017, very high-speed offers
had 544,000 customers (1.5x year on year) including 117,000 fibre
subscribers.
Consumer convergent offers continued the steady climb of the
previous quarters, with 72,000 net sales in the 1st
quarter of 2017. The consumer convergent offers customer base in
Poland was 738,000 at 31 March 2017, a 39% increase year on
year.
Belgium & Luxembourg
Revenues declined 0.7% in Belgium
& Luxembourg in the 1st quarter of
2017, after falling 0.2% in the 4th quarter of
2016. The revenue trend was impacted by a downturn in mobile
equipment sales.
Mobile services declined 0.4% in the 1st quarter of
2017 after rising 2.0% in the 4th quarter of
2016 due to a greater downturn in incoming mobile SMS traffic. The
contract customer base[11] (2.348
million customers at 31 March 2017) grew 1.6% year on year, and
quarterly ARPU from contracts in Belgium increased 1.1%, led by 4G
data services. These favourable changes offset the decline in
prepaid offers, where the customer base fell 16.6% year on year.
The MVNO customer base had 2.0 million customers at 31 March 2017
(+9.9% year on year).
Fixed services rose 14.3% in the 1st quarter of
2017 after rising 3.1% in the 4th quarter of
2016, led by the growth of the new LOVE convergent offers (mobile
and Internet + TV), which had 50,000 customers at 31 March 2017.
This major milestone, reached just a few months after the
commercial launch, confirms Orange Belgium's successful arrival as
an alternative convergence player in the Belgian market.
Central European
Countries
Revenues in the Central European
Countries rose 3.2% in the 1st quarter of
2017 on a comparable basis.
In Romania, revenues rose 4.6% in the 1st quarter of
2017, led by mobile services and mobile equipment sales. TV
services had 342,000 customers at 31 March 2017, a 16.4% increase
year on year. Fixed broadband services had 112,000 customers at 31
March 2017, including 99,000 connected with the deployment of
fixed-4G and 12,000 with that of fibre.
In Slovakia, revenue decline was limited to 1.0% in the
1st quarter of
2017. Mobile services fell 2.1% while mobile equipment sales rose
8.6%. Fixed broadband had 163,000 customers at 31 March 2017 (+4.4%
year on year), including 74,000 fibre customers.
In Moldova, revenues rose 5.6% in the 1st quarter of
2017 (on a comparable basis), led by mobile equipment sales, while
incoming international traffic was still in decline. With the
consolidation of Sun Communications in October 2016, Orange Moldova
had 99,000 TV services customers at 31 March 2017, while fixed
broadband had 45,000 customers.
The Central European Countries had a mobile customer base of 14.7
million customers at 31 March 2017, with contracts (8.1 million
customers) representing 55.4% of the mobile customer base at that
date. The 4G mobile customer base (3.5 million customers) increased
sharply (x1.8 year on year).
The fixed broadband customer base had 319,000 customers at 31 March
2017. Fibre, present in all three countries, rose 25.5% with 90,000
customers at that date.
Consumer convergent offers in the Central European Countries
(Romania and Slovakia) had 19,000 net sales in the 1st quarter of
2017 and a total of 71,000 customers at 31 March 2017.
Africa & Middle East
Revenues in the Africa & Middle East segment
rose 0.7% in the 1st quarter of
2017 on a comparable basis. Restated for the unfavourable calendar
impact in the comparison with the previous year[12],
revenues in the Africa & Middle East segment would be up 1.5%,
in line with the 4th quarter of
2016 (+1.6%).
Mobile data services continued to rise sharply increasing 31% in
the 1st quarter of
2017, while revenues from Orange Money rose 64%. Orange Money had
30.8 million customers at 31 March 2017, including 9.1 million
active customers. 4G services are commercially available in 11
countries (Botswana, Cameroon, Côte d'Ivoire, Guinea Bissau,
Jordan, Liberia, Madagascar, Morocco, Mauritius, Senegal and
Tunisia), and Orange Egypt continues to deploy 4G following the
acquisition of a licence last October.
The principal contributors to revenue growth in the 1st quarter were
Mali, Burkina Faso, Guinea and Côte d'Ivoire.
In the Africa & the Middle East segment, the mobile customer
base had 123.4 million customers at 31 March 2017, a year-on-year
increase of 1.0% on a comparable basis (+1.218 million customers).
The customer base trend gradually improved following the 0.3%
decline in 2016 (-354,000 customers), impacted by an extraordinary
level of disconnections related to the strengthened regulations on
customer identification in most countries.
Enterprise
Revenues in the Enterprise segment
fell 2.0% in the 1st quarter of
2017 after declining 0.1% in the 4th quarter of
2016 on a comparable basis. The growth of IT and integration
services largely offset the downturn in voice services, data
services and mobile.
IT and integration services increased 2.6% in the 1st quarter of
2017 after climbing 4.0% in the 4th quarter of
2016. The Cloud grew 19%, security services increased 15% and
Applications[13] grew
3.5%.
Voice services fell 6.4% in the 1st quarter of
2017 after declining 0.9% in the 4th quarter of
2016, with a more pronounced downturn in traditional telephony.
Added to this was a decrease in customer relationship services
(contact number services) after the significant growth recorded in
2016, while voice-over-IP remained stable.
Data services recorded a 2.6% decrease in the 1st
quarter of 2017 after the 3.3% decline in the 4th
quarter of 2016, related largely to broadcasting (-11.8%). IPVPN
services were essentially stable in the 1st quarter of
2017 (-0.3% after falling 1.5% in the 4th quarter of
2016). There were 353,000 IPVPN subscribers at 31 March 2017,
year-on-year growth of 1.6%.
Mobile services and mobile equipment sales declined 2.7% in the
1st quarter of
2017 after rising 1.1% in the 4th quarter of
2016, due to a more pronounced downturn in roaming revenues related
to the less favourable trend in the mix between Europe and the
other international destinations.
International Carriers &
Shared Services
Revenues in the International Carriers &
Shared Services segment fell 10.4% in the 1st
quarter of 2017 on a comparable basis, mostly in connection with a
downturn in services to international carriers. Added to this was
the decrease in revenues from the Viaccess subsidiary, which had
benefitted in the 1st quarter of
2016 from a programme to renew TV decoder boards.
Schedule of upcoming
events
Contacts
press: +33 1 44 44 93 93
Jean-Bernard Orsoni
jeanbernard.orsoni@orange.com
Tom Wright
tom.wright@orange.com
Olivier Emberger
olivier.emberger@orange.com
|
financial communications: +33 1 44 44 04 32
(analysts and investors)
Patrice Lambert-de Diesbach
p.lambert@orange.com
Constance Gest
constance.gest@orange.com
Luca Gaballo
luca.gaballo@orange.com
Anna Vanova
anna.vanova@orange.com
Samuel Castelo
samuel.castelo@orange.com
Didier Kohn
didier.kohn@orange.com |
All press releases are available
on the following websites:
www.orange.com; www.orange.es;
www.orange-ir.pl; www.orange.be;
www.orange-business.com
Disclaimer
This press release contains
forward-looking statements about Orange. Although we believe these
statements are based on reasonable assumptions, they are subject to
numerous risks and uncertainties, including matters not yet known
to us or not currently considered material by us, and there can be
no assurance that anticipated events will occur or that the
objectives set out will actually be achieved. Important factors
that could cause actual results to differ from the results
anticipated in the forward-looking statements include, among
others: the success of Orange's strategy, particularly its ability
to maintain control over customer relations when facing competition
with OTT players, risks related to banking activities, loss or
disclosure to third parties of customers data, Orange's ability to
withstand intense competition in mature markets, networks or
software failures due to cyberattacks, damage to networks caused by
natural disasters, terrorist acts or other reasons, various frauds
affecting Orange or its clients, Orange's ability to retain the
neccessary skills given the high level of employee retirements and
the development of new needs, difficulties in integrating newly
acquired businesses as part of the telecommunication sector's
consolidation in Europe, its ability to capture growth
opportunities in emerging markets and the risks specific to those
markets, possible adverse health effects associated with the use of
telecommunications equipment, risks related to the single brand
strategy, the eruption of a global financial or economic crisis,
fiscal and regulatory constraints and changes, the results of
litigation regarding regulations, competition and other matters,
disagreements with its co-shareholders in companies that Orange
does not control, the terms of access to capital markets, interest
rate or exchange rate fluctuations, Orange's credit ratings,
changes in assumptions underlying the accounting value of certain
assets resulting in their impairment, and credit risks or
counterparty risks on financial transactions. More detailed
information on the potential risks that could affect our financial
results is included in the Registration Document filed on April 6,
2017 with the French Autorité des Marchés Financiers (AMF) and in
the annual report on Form 20-F filed on April 7, 2017 with the U.S.
Securities and Exchange Commission. Forward-looking statements
speak only as of the date they are made. Other than as required by
law, Orange does not undertake any obligation to update them in
light of new information or future developments.
Appendix 1: revenues by operating segment
|
|
|
|
|
|
|
|
1st quarter |
1st quarter |
1st quarter |
change |
change |
|
|
2017 |
2016 |
2016 |
comparable |
historical |
|
|
|
comparable basis |
historical basis |
basis |
basis |
In millions of euros |
|
|
|
(in %) |
(in %) |
|
|
|
|
|
|
|
France |
4 427 |
4 431 |
4 431 |
(0.1)% |
(0.1)% |
Mobile services |
1 576 |
1 629 |
1 629 |
(3.3)% |
(3.3)% |
Mobile equipment sales |
147 |
144 |
144 |
2.5% |
2.5% |
Fixed services |
2 564 |
2 523 |
2 523 |
1.6% |
1.6% |
|
Fixed
services, consumer |
1 561 |
1 568 |
1 568 |
(0.5)% |
(0.5)% |
|
Fixed
wholesale and other fixed services |
1 003 |
955 |
955 |
5.1% |
5.1% |
Other revenues |
140 |
135 |
135 |
- |
- |
Europe |
2 656 |
2 542 |
2 534 |
4.5% |
4.8% |
Mobile services |
1 523 |
1 492 |
1 501 |
2.0% |
1.5% |
Mobile equipment sales |
266 |
219 |
219 |
21.2% |
21.4% |
Fixed services |
819 |
794 |
779 |
3.1% |
5.2% |
Other revenues |
49 |
36 |
36 |
- |
- |
Of which: |
|
|
|
|
|
Spain |
1 290 |
1 189 |
1 189 |
8.5% |
8.5% |
Mobile services |
654 |
605 |
616 |
8.1% |
6.1% |
Mobile equipment sales |
135 |
119 |
119 |
14.1% |
14.1% |
Fixed services |
500 |
466 |
454 |
7.5% |
10.2% |
Other revenues |
1 |
0 |
0 |
- |
- |
Poland |
652 |
649 |
642 |
0.5% |
1.6% |
Mobile services |
287 |
307 |
306 |
(6.6)% |
(6.1)% |
Mobile equipment sales |
73 |
44 |
44 |
65.0% |
65.6% |
Fixed services |
262 |
277 |
273 |
(5.4)% |
(3.9)% |
Other revenues |
30 |
20 |
19 |
- |
- |
Belgium &
Luxembourg |
307 |
309 |
309 |
(0.7)% |
(0.7)% |
Mobile services |
253 |
254 |
254 |
(0.4)% |
(0.4)% |
Mobile equipment sales |
27 |
31 |
31 |
(13.1)% |
(13.1)% |
Fixed services |
21 |
18 |
18 |
14.3% |
14.3% |
Other revenues |
6 |
6 |
6 |
- |
- |
Central European
Countries |
409 |
396 |
395 |
3.2% |
3.5% |
Mobile services |
331 |
327 |
326 |
1.2% |
1.5% |
Mobile equipment sales |
31 |
25 |
25 |
20.5% |
21.0% |
Fixed services |
35 |
33 |
33 |
6.9% |
7.0% |
Other revenues |
12 |
10 |
10 |
- |
- |
Intra-Europe
eliminations |
(3) |
(1) |
(1) |
- |
- |
Africa & Middle
East |
1 239 |
1 231 |
1 271 |
0.7% |
(2.5)% |
Mobile services |
1 038 |
1 012 |
1 038 |
2.6% |
(0.0)% |
Mobile equipment sales |
17 |
17 |
19 |
1.1% |
(11.5)% |
Fixed services |
165 |
187 |
192 |
(11.3)% |
(13.8)% |
Other revenues |
19 |
16 |
22 |
- |
- |
Enterprise |
1 796 |
1 832 |
1 823 |
(2.0)% |
(1.5)% |
Voice services |
358 |
383 |
380 |
(6.4)% |
(5.8)% |
Data services |
688 |
706 |
698 |
(2.6)% |
(1.5)% |
Data services |
510 |
497 |
498 |
2.6% |
2.5% |
Mobile (services and equipment sales) |
240 |
246 |
246 |
(2.7)% |
(2.7)% |
International Carriers &
Shared Services |
407 |
454 |
454 |
(10.4)% |
(10.3)% |
International Carriers |
346 |
378 |
378 |
(8.5)% |
(8.5)% |
Shared
Services |
61 |
77 |
76 |
(19.8)% |
(19.7)% |
Intra-Group eliminations |
(455) |
(504) |
(504) |
- |
- |
Group total |
10 070 |
9 986 |
10 009 |
0.8% |
0.6% |
Appendix 2: analysis of adjusted consolidated EBITDA
|
|
|
|
|
|
1st quarter |
1st quarter |
change |
|
|
2017 |
2016 |
comparable |
|
|
|
comparable
basis |
basis |
In millions
of euros |
|
|
(in %) |
|
|
|
|
|
Revenues |
10 070 |
9 986 |
0.8% |
External purchases |
(4 458) |
(4 380) |
1.8% |
as % of revenues |
44.3% |
43.9% |
0.4
pt |
of which: |
|
|
|
|
Interconnection costs |
(1 314) |
(1 330) |
-1.2% |
|
as % of
revenues |
13.0% |
13.3% |
(0.3)
pt |
|
Other
network and IT expenses |
(773) |
(755) |
2.4% |
|
as % of
revenues |
7.7% |
7.6% |
0.1
pt |
|
Property,
overheads, other expenses and capitalised costs |
(775) |
(751) |
3.3% |
|
as % of
revenues |
7.7% |
7.5% |
0.2
pt |
|
Commercial expenses and content costs |
(1 596) |
(1 545) |
3.3% |
|
as % of
revenues |
15.9% |
15.5% |
0.4 pt |
Labour expenses |
(2 106) |
(2 221) |
(5.1)% |
as % of
revenues |
20.9% |
22.2% |
(1.3)
pt |
Operating
taxes and levies |
(926) |
(927) |
(0.0)% |
Other
operating income and expenses |
18 |
89 |
- |
Adjusted EBITDA* |
2 598 |
2 548 |
2.0% |
|
|
|
|
|
|
|
|
|
|
* EBITDA adjustments are described in
appendix 3.
Appendix 3: bridge table of adjusted data to consolidated income
statement
2017 data |
1st quarter
2017 |
|
In millions of euros |
Adjusted
data |
Presentation adjustments |
Income
statement |
|
Revenues |
10 070 |
- |
10 070 |
|
External
purchases |
(4 458) |
- |
(4 458) |
|
Other
operating income |
147 |
9 |
156 |
|
Other
operating expense |
(128) |
- |
(128) |
|
Labour
expenses |
(2 106) |
(24) |
(2 131) |
|
Operating
taxes and levies |
(926) |
5 |
(921) |
|
Gains
(losses) on disposal |
- |
(6) |
(6) |
|
Restructuring and integration costs |
- |
(5) |
(5) |
|
Adjusted EBITDA |
2 598 |
(20) |
|
|
Significant litigation |
15 |
(15) |
- |
|
Specific
labour expenses |
(24) |
24 |
- |
|
Review of
the investments and business portfolio |
(6) |
6 |
- |
|
Restructuring and integration costs |
(5) |
5 |
- |
|
Other
specific items |
- |
- |
- |
|
Reported EBITDA |
2 578 |
|
2 578 |
|
|
|
|
|
|
2016 pro forma data |
1st quarter
2016 |
|
In millions of euros |
Adjusted
data |
Presentation adjustments |
Income
statement |
|
Revenues |
9 986 |
- |
9 986 |
|
External
purchases |
(4 380) |
- |
(4 380) |
|
Other
operating income |
179 |
- |
179 |
|
Other
operating expense |
(90) |
(57) |
(147) |
|
Labour
expenses |
(2 221) |
(30) |
(2 250) |
|
Operating
taxes and levies |
(927) |
90 |
(837) |
|
Gains
(losses) on disposal |
- |
(0) |
(0) |
|
Restructuring and integration costs |
- |
(112) |
(112) |
|
Adjusted EBITDA |
2 548 |
(110) |
|
|
Significant litigation |
39 |
(39) |
- |
|
Specific
labour expenses |
(30) |
30 |
- |
|
Review of
the investments and business portfolio |
- |
- |
- |
|
Restructuring and integration costs |
(112) |
112
|
- |
|
Other
specific items* |
(6) |
6 |
- |
|
Reported EBITDA |
2 439 |
|
2 439 |
|
|
|
|
|
|
2016 historical data |
1st quarter
2016 |
|
In millions of euros |
Adjusted
data |
Presentation adjustments |
Income
statement |
|
Revenues |
10 009 |
- |
10 009 |
|
External
purchases |
(4 367) |
- |
(4 367) |
|
Other
operating income |
153 |
- |
153 |
|
Other
operating expense |
(84) |
(63) |
(148) |
|
Labour
expenses |
(2 217) |
(30) |
(2 247) |
|
Operating
taxes and levies |
(926) |
90 |
(836) |
|
Gains
(losses) on disposal |
- |
(3) |
(3) |
|
Restructuring and integration costs |
- |
(113) |
(113) |
|
Adjusted EBITDA |
2 569 |
(119) |
|
|
Significant litigation |
39 |
(39) |
- |
|
Specific
labour expenses |
(30) |
30 |
- |
|
Review of
the investments and business portfolio |
(10) |
10 |
- |
|
Restructuring and integration costs |
(113) |
113 |
- |
|
Other
specific items* |
(6) |
6 |
- |
|
Reported EBITDA |
2 449 |
|
2 449 |
|
* Transaction expenses related to the
negotiations with Bouygues Telecom in connection with discussions
that had begun in the 1st quarter of
2016 concerning a business combination between the two
companies.
Appendix 4: key performance indicators
|
March 31, 2017 |
March 31, 2016 |
Orange Group |
|
historical basis |
Total number of customers*
(millions) |
265.162 |
252.211 |
Mobile customers* (millions) |
203.499 |
190.837 |
- of which contract customers (millions) |
70.418 |
65.420 |
Fixed broadband customers
(millions) |
18.951 |
17.989 |
- of which FTTH customers (millions) |
3.653 |
2.226 |
TV customers (millions) |
8.625 |
8.182 |
Orange - French market** |
|
|
Mobile services |
|
|
Number of customers* (millions) |
30.489 |
28.612 |
- of which contract customers (millions) |
27.090 |
24.581 |
Fixed services |
|
|
Number of broadband customers (millions) |
11.220 |
10.830 |
Broadband market share at end of period (%) |
40.2*** |
40.0 |
Number of fixed line subscribers (millions) |
18.658 |
19.077 |
France |
|
|
Mobile services |
|
|
Number of customers* (millions) |
21.601 |
21.768 |
- of which contract customers (millions) |
18.203 |
17.738 |
Total ARPU quarterly (euros) |
21.4 |
21.6 |
Fixed services |
|
|
Number of broadband customers (millions) |
10.962 |
10.570 |
- of which FTTH customers (millions) |
1.579 |
1.075 |
Number of TV customers (millions) |
6.687 |
6.579 |
Broadband ARPU quarterly (euros) |
33.6 |
33.1 |
Number of fixed line subscribers (millions) |
15.943 |
16.179 |
Number of wholesale lines (millions) |
13.984 |
13.993 |
Europe**** |
|
|
Mobile services |
|
|
Number of customers* (millions) |
49.643 |
50.361 |
- of which contract customers (millions) |
33.475 |
31.519 |
Number of MVNO customers (millions) |
6.913 |
3.455 |
Fixed services |
|
|
Number of broadband customers (millions) |
6.835 |
6.282 |
- of which FTTH customers (millions) |
2.013 |
1.117 |
Number of TV customers (millions) |
1.883 |
1.551 |
Number of fixed lines (millions) |
8.908 |
8.993 |
Spain |
|
|
Mobile services |
|
|
Number of customers* (millions) |
15.765 |
15.227 |
- of which contract customers (millions) |
12.650 |
11.995 |
Total ARPU quarterly (euros) |
13.6 |
13.0 |
Number of MVNO customers (millions) |
4.909 |
1.629 |
Fixed services |
|
|
Number of broadband customers (millions) |
4.171 |
3.958 |
- of which FTTH customers (millions) |
1.806 |
1.018 |
Number of TV customers (thousands) |
537 |
365 |
Broadband ARPU quarterly (euros) |
31.6 |
30.6 |
|
|
|
* Excluding customers of MVNOs |
**
Customers from Orange France and Enterprise sector in France. |
|
|
*** Company estimate. |
**** Europe: Spain, Poland, Belgium &
Luxembourg, and Central European Countries. |
|
|
|
|
|
March 31, 2017 |
March 31, 2016 |
Poland |
|
historical basis |
Mobile services |
|
|
Number of customers* (millions) |
15.272 |
16.214 |
- of which contract customers (millions) |
9.452 |
8.525 |
Total ARPU quarterly (PLN) |
28.1 |
28.8 |
Fixed services |
|
|
Number of broadband customers (millions) |
2.268 |
2.130 |
- of which VHBB customers (VDSL and FTTH,
thousands) |
543 |
366 |
Number of TV customers (thousands) |
775 |
798 |
Broadband ARPU quarterly (PLN) |
58.2 |
60.3 |
Number of fixed lines (millions) |
4.579 |
5.025 |
Belgium & Luxembourg |
|
|
Mobile services |
|
|
Number of customers* (millions) |
3.924 |
3.909 |
- of which contract customers (millions) |
3.239 |
3.088 |
Total ARPU quarterly - Belgium (euros) |
24.5 |
24.0 |
Number of MVNO customers (millions) |
1.999 |
1.819 |
Fixed services |
|
|
Number of broadband customers (thousands) |
76 |
34 |
Number of TV customers (thousands) |
58 |
7 |
Number of telephone lines (thousands) |
158 |
171 |
Central European Countries |
|
|
Mobile services |
|
|
Number of customers* (millions) |
14.683 |
15.012 |
- of which contract customers (millions) |
8.133 |
7.911 |
Fixed services |
|
|
Number of broadband customers (thousands) |
319 |
160 |
Number of TV customers (thousands) |
511 |
382 |
Africa & Middle East |
|
|
Mobile services |
|
|
Number of customers* (millions) |
123.367 |
111.864 |
- of which contract customers (millions) |
9.852 |
9.319 |
Fixed services |
|
|
Number of broadband customers (thousands) |
896 |
877 |
Total number of telephone lines (thousands) |
1 109 |
1 142 |
Enterprise |
|
|
France |
|
|
Mobile services |
|
|
Number of contract customers* (millions) |
8.888 |
6.844 |
- of which machine-to-machine (millions) |
6.216 |
4.265 |
Fixed services |
|
|
Number of fixed lines (000s) |
2 715 |
2 898 |
Number of IP-VPN accesses (000s) |
297 |
293 |
Number of XoIP connections (thousands) |
80 |
76 |
World |
|
|
Number of IP-VPN accesses worldwide (thousands) |
353 |
348 |
* Excluding customers of MVNOs. |
|
|
Appendix 5: glossary
Key figures
Comparable basis: data based on comparable
accounting principles, scope of consolidation and exchange rates
are presented for previous periods. The transition from data on an
historical basis to data on a comparable basis consists of keeping
the results for the period ended and then restating the results for
the corresponding period of the preceding year for the purpose of
presenting, over comparable periods, financial data with comparable
accounting principles, scope of consolidation and exchange rate.
The method used is to apply to the data of the corresponding period
of the preceding year, the accounting principles and scope of
consolidation for the period just ended as well as the average
exchange rate used for the income statement for the period
ended.
Reported EBITDA: operating income before
depreciation and amortisation, before impacts related to
acquisitions of controlling interests, before reversal of reserves
of liquidated entities, before impairment of goodwill and assets,
and before income from associates. Reported EBITDA is not a
financial aggregate as defined by IFRS standards and may not be
directly comparable to similarly named indicators in other
companies.
Adjusted EBITDA: EBITDA (see definition), adjusted
for the impacts of key disputes, specific labour expenses, the
review of the portfolio of shares and operations, the cost of
restructuring and consolidation, and, as applicable, other specific
and systematically identified items. Since the 1st quarter of 2016,
Adjusted EBITDA excludes all income from the disposal of shares and
operations and the Adjusted EBITDA for past periods was revised
accordingly. Adjusted EBITDA is not a financial aggregate as
defined by IFRS standards and may not be directly comparable to
similarly named indicators in other companies. Adjusted EBITDA is
the new name (since the 4th quarter of
2016) for the restated EBITDA aggregate; the definition of this
indicator is unchanged.
CAPEX: capital expenditure on tangible and
intangible assets excluding telecommunication licences and
investments through finance leases. CAPEX is not a financial
performance indicator as defined by IFRS standards and may not be
directly comparable to indicators referenced by the same name in
other companies.
Mobile services
Revenues from mobile services: include revenues
generated by incoming and outgoing calls (voice, SMS and data
services), network access fees, added-value services, machine to
machine, roaming revenues from customers of other networks
(national and international roaming), revenues with mobile virtual
network operators (MVNO) and revenues from network sharing.
Mobile ARPU: the quarterly average revenues per
user (ARPU) are calculated by dividing the revenues from incoming
and outgoing calls (voice, SMS and data services), network access
fees, added-value services and international roaming over the past
three months, by the weighted average number of customers over the
same period, excluding "machine to machine" customers. The weighted
average number of customers is the average of the monthly averages
during the period in question. The monthly average is the
arithmetic mean of the number of customers at the start and end of
the month. Mobile ARPU is expressed as monthly revenues per
customer.
Roaming: use of a mobile service on the network of
an operator other than that of the subscriber.
MVNO: Mobile Virtual Network Operator. These are
operators that do not have their own radio network and thus use the
infrastructure of third-party networks.
Fixed services
Includes traditional fixed telephony, fixed
broadband services, enterprise solutions and networks[14] and
carrier services (notably national and international
interconnections, unbundling and wholesale telephone line
rentals).
Fixed broadband ARPU (ADSL, FTTH, VDSL, Fixed-4G,
satellite and WiMAX): the quarterly average revenues per user
(ARPU) of broadband services per year are calculated by dividing
the revenues generated by consumer broadband services over the past
three months by the weighted average number of connections over the
same period. The weighted average number of connections is the
average of the monthly averages during the period in question. The
monthly average is the arithmetic mean of the number of connections
at the start and end of the month. Fixed broadband ARPU is
expressed as monthly revenues per connection.
Fixed-4G (fLTE): fixed broadband offer using 4G
technology as a substitute for the fixed-line network.
Convergence
Consumer convergent offers customer base: consists
of consumer customers who have subscribed to offers combining at
least a fixed broadband connection and a mobile contract.
[1] Excluding
machine-to-machine.
[3] On an
historical basis, 1st quarter 2017
revenues increased 0.6% compared with the 1st
quarter of 2016, which included:
- the impact of changes in perimeter (+1.1 percentage
points), mainly with the acquisition of Cellcom in Liberia and Tigo
in the Democratic Republic of the Congo (9 months and 6 months of
activity in 2016 respectively); and the acquisition of entities
from the Bharti group in Burkina Faso (with 6 months of activity in
2016) and in Sierra Leone (with 5 months of activity in
2016);
- the impact of foreign exchange variations (-1.3 percentage
points), in particular with the decline in the Egyptian pound and,
to a lesser extent, the increase in the US dollar, the Polish zloty
and the Jordanian dinar.
[4] The
1st quarter of
2017 is one day shorter than in 2016 (leap year), which is
significant in a mobile market dominated by prepaids.
[5] Excluding
machine-to-machine.
[6] Subject to
the approval of the Annual General Meeting of Shareholders.
[7] The
ex-dividend date is set at 12 June 2017 and the record date at 13
June 2017.
[8] Excluding
machine-to-machine.
[9] Excluding
machine-to-machine.
[10]
Information & Communication Technologies
[11] Excluding
machine-to-machine.
[12] The
1st quarter of
2017 is one day shorter than in 2016 (leap year), which is
significant in a mobile market dominated by prepaids.
[13]
Applications include projects in the machine-to-machine and
connected objects fields, the digital customer experience, data
analysis (Big Data) and systems integration.
[14] With the
exception of France, where enterprise solutions and networks are
mostly listed under the Enterprise business segment.
PR_Orange_Q1_2017_EN_270417.pdf
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Orange via Globenewswire
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