Orange Press Release : Third Quarter 2021 Results
Press releaseParis, 26 October
2021
Third quarter 2021 financial information at 30
September 2021
Orange delivers a
sustained commercial
performance and
confirms all of its 2021
objectives
In millions of euros |
|
3Q 2021 |
changecomparablebasis |
changehistoricalbasis |
|
9M 2021 |
changecomparablebasis |
changehistoricalbasis |
Revenues |
|
10,508 |
(0.4)% |
(0.7)% |
|
31,374 |
0.9 % |
0.1 % |
EBITDAaL |
|
3,550 |
(0.7)% |
(1.0)% |
|
9,387 |
(0.5)% |
(1.2)% |
eCAPEX (excluding licenses) |
|
1,709 |
(1.0)% |
(1.2)% |
|
5,554 |
14.3 % |
13.7 % |
EBITDAaL - eCAPEX |
|
1,841 |
(0.4)% |
(0.7)% |
|
3,833 |
(16.2)% |
(16.9)% |
- Continued good
commercial performances:
-
11.3 million convergent customers
-
10.8 million Fiber (FTTH) customers out of 53.8 million
connectable households. The FTTH client base rose 25.5% year on
year, driven in particular by France and Poland
- Revenues down
slightly (-0.4%)1 in Q3 2021.
- They rose 1.3%
excluding co-financing:
- strong
performance in retail services2 with an acceleration in revenue
growth from convergence (+2.9%), mobile (+5.6%) and fixed broadband
(+5.2%)
- France recorded
a 4.1% decline, but was virtually stable excluding co-financing
thanks to retail services where growth accelerated (+3.7% excluding
PSTN)
- Europe excluding
Spain rose 2.0% with retail services growth accelerating (+5.7%).
Spain was down 4.4% despite a slight pick-up in retail
services
- Africa &
Middle East: another very strong performance at +12.0%
- Enterprise
declined (-1.4%) due to a decrease in fixed services (-5.2%) which
was not offset by the growth in IT & Integration services
(+2.1%) and mobile services (+3.5%)
- International
Carriers & Shared Services grew 10.8%
- EBITDAaL decline
was limited to 0.7%, impacted by the lower level of co-financing
received in France. EBITDAaL grew 4.5% excluding co-financing.
- eCAPEX was down
slightly: -1.0% in Q3 2021 after a strong increase in the first
half due to investments in Fiber and in Africa & Middle East,
in line with the objectives for 2021.
The Group is maintaining its financial
objectives for 2021after allocation of the tax refund3:
- stable but
negative EBITDAaL,
- eCAPEX of 7.6 to
7.7 billion euros,
- organic cash
flow from telecoms activities of over 2.2 billion euros
- net
debt/EBITDAaL ratio for telecom activities remaining at around 2x
in the medium term.
Dividend
Orange will make an interim dividend payment for
2021 of 0.30 euros in cash on December 15, 20214. In respect of the
2021 financial year, a dividend of 0.70 euros per share will be
proposed to the 2022 Shareholders’ Meeting.
Commenting on the publication of these results,
Stéphane Richard, Chairman and Chief Executive Officer of the
Orange group, said:
"Orange’s sustained commercial performance in
the third quarter, marked by solid momentum in retail services
across all the countries where we are present, allows us to confirm
all of our financial commitments. In an economy still showing the
effects of the health crisis, including the acceleration of the
digital transformation, our customers' appetite for very high-speed
access is evidenced in their take up of fiber and 5G, and of our
convergent offers.
In France, the good momentum continued with
growth of 1.2 points in retail services. Orange fiber now has 5.6
million customers in France, an increase of 36% year on year.
However, as yet our accounts reflect little of this promising trend
owing to the decline in co-financing received from other operators
on our fiber network in 2021 compared to 2020.
In Spain, while the market remains very
fragmented and impacted by the health crisis, the revenue trend in
retail services is improving quarter by quarter, further supported
by positive commercial results, with customer gains across all
segments. The results are therefore encouraging and while much
remains to be done, we are fully engaged in the execution of our
turnaround strategy.
The other European countries continue to make a
positive contribution to the Group’s results, with a 5.7% growth in
retail services, due both to our convergence strategy and the
enthusiasm seen for fiber, where Orange is the stand-out European
leader. The acquisition of TKR in Romania will also strengthen our
leadership position in convergence, providing us with a quality
fixed network with which to pursue our strategy.
In Africa, the Group's main growth engine, our
revenues rose strongly, up 12%, with all countries contributing,
driven in particular by mobile data, which is expanding fast.
Orange now has more than 40 million 4G customers, a 33.6% increase
compared to last year."
Comments on Group key
figures
Revenues
Orange group
revenues were 10.5 billion euros in the third quarter
of 2021, down 0.4% year on year on a comparable basis. This slight
decline was mainly due to the lower level of co-financing of the
Fiber network received in France.
Excluding co-financing, revenues would have
risen by 1.3%, driven by retail services5, while the growth in
equipment sales slowed sharply (+2.1% after +27.5% increase in the
second quarter) due to the catch-up effect of the previous
quarter.
Customer base growth
There were 11.3 million convergent
customers Group-wide at September 30, 2021, up 3.1% year
on year.
Mobile
services had 221.8 million lines at September
30, 2021, up 4.7% year on year, including 80.1 million
contracts, an increase of 5.1% compared to a year ago.
Fixed services had
44.7 million access lines at September 30, 2021 (down 1.0%
year on year), of which 11.3 million were very high-speed
broadband, which continues to grow strongly (+25.3% year on year
with nearly 528,000 net additions during the quarter). Fixed
narrowband access lines were down 13.4% year on year.
Mobile financial services had
nearly 1.6 million customers in Europe and 0.6 million
customers in Africa.
EBITDAaL
Group EBITDAaL
was 3.55 billion euros in the third quarter of 2021, down
0.7%. Excluding co-financing, this would have increased by 4.5%,
driven by the good commercial performance and decreased costs.
Over the first nine months of the year, the
decline in EBITDAaL was limited to -0.5%.
EBITDAaL from telecom
activities was 3.58 billion euros in the third
quarter, down 0.8%.
eCAPEX
Group eCAPEX was
1.7 billion euros in the third quarter, a slight 1.0% decline
compared to the third quarter of 2020. It was nevertheless up by
14.3% over the first nine months of the year, due to the
acceleration of investment in the networks, in particular in Fiber
in France and in Africa. This remains in line with the Group’s
objectives for the full-year 2021.
At September 30, 2021, Orange had
53.8 million households with FTTH connectivity worldwide (up
20.8% year on year). The number of connectable households in France
rose 31.4% at 27.4 million.
Changes in asset portfolio
On September 30, 2021, Orange Romania announced
that it had completed its acquisition of a 54% controlling stake in
the operator Telekom Romania Communications (TKR) for an enterprise
value of 497 million euros. TKR, Romania’s second largest
fixed telecoms operator, had revenues of 633 million euros in
2020.
On August 31, 2021, Orange Polska and APG Asset
Management (APG) completed the creation of their 50-50 joint
venture FiberCo in Poland, which represents 2.4 million lines
including an additional 1.7 million FTTH lines to be deployed
over the next five years.
__________________________________________________________________________________
The Board of Directors of Orange SA met on
October 25, 2021 to review the consolidated financial results for
the period ended September 30, 2021.
More detailed information on the Group’s
financial results and performance indicators is available on the
Orange website www.orange.com/en/consolidated-results.
Review by operating segment
France
In millions of euros |
|
3Q 2021 |
changecomparablebasis |
changehistoricalbasis |
|
9M 2021 |
changecomparablebasis |
changehistoricalbasis |
Revenues |
|
4,483 |
(4.1)% |
(4.5)% |
|
13,433 |
(1.7)% |
(2.1)% |
Retail services |
|
2,723 |
1.2 % |
1.2 % |
|
8,106 |
0.5 % |
0.5 % |
Convergence |
|
1,180 |
3.8 % |
3.8 % |
|
3,497 |
2.7 % |
2.7 % |
Mobile Only |
|
577 |
2.8 % |
2.3 % |
|
1,699 |
1.1 % |
0.7 % |
Fixed Only |
|
966 |
(2.7)% |
(2.4)% |
|
2,910 |
(2.4)% |
(2.2)% |
Wholesale |
|
1,291 |
(15.4)% |
(16.3)% |
|
4,011 |
(8.1)% |
(9.1)% |
Equipment sales |
|
300 |
(0.4)% |
(0.4)% |
|
823 |
8.4 % |
8.4 % |
Other revenues |
|
169 |
7.3 % |
7.6 % |
|
494 |
3.6 % |
3.9 % |
Continuing solid commercial
performances
Orange France’s revenues were impacted by the
lower level of co-financing received compared to the third quarter
of 2020. Excluding co-financing, revenues would be virtually stable
(-0.4%).
Retail
services showed a continued acceleration in growth (+1.2%
vs. +0.4% in the second quarter and -0.2% in the first quarter).
Excluding PSTN, growth would be 3.7%, offsetting the effect of the
structural decline of copper.
Equipment sales recorded a
slight decline after the very strong growth in the second quarter
(+23.4%) which had benefited from the reopening of stores compared
to 2020.
Revenues from wholesale
services were down sharply due to the major co-financing
of the Fiber network received in the third quarter of 2020.
Orange France maintained its strong
sales momentum despite continued intense
competition. Mobile contracts (excluding M2M) continued their
excellent performance with +121,000 net sales over the quarter
driven by the Orange-branded convergent offers. Mobile ARPO
continued to improve (+0.3 euros year on year) notably due to the
effect of the gradual return of roaming. The mobile churn rate of
11.0% is at a particularly low level.
The solid sales trend was also confirmed in
fixed broadband with +80,000 net sales in the third quarter, thanks
to the continued excellent results in Fiber (+343,000 net sales)
reinforcing our leadership position. Still more than half of the
new Fiber customers are new customers for the Group.
Convergent ARPO increased by 1.1 euros year on
year, an acceleration compared to the second quarter, thanks in
particular to our "more for more" actions.
Europe
In millions of euros |
|
3Q 2021 |
changecomparablebasis |
changehistoricalbasis |
|
9M 2021 |
changecomparablebasis |
changehistoricalbasis |
Revenues |
|
2,583 |
(1.1)% |
(2.0)% |
|
7,747 |
(0.6)% |
(1.5)% |
Retail services |
|
1,741 |
(1.0)% |
(1.7)% |
|
5,192 |
(2.5)% |
(3.3)% |
Convergence |
|
679 |
1.2 % |
0.8 % |
|
2,016 |
(1.3)% |
(1.7)% |
Mobile Only |
|
732 |
(3.8)% |
(4.5)% |
|
2,166 |
(4.8)% |
(5.5)% |
Fixed Only |
|
251 |
(5.7)% |
(6.9)% |
|
773 |
(4.1)% |
(5.3)% |
IT & Integration services |
|
79 |
31.5 % |
29.0 % |
|
237 |
15.9 % |
13.6 % |
Wholesale |
|
452 |
(5.0)% |
(5.7)% |
|
1,378 |
(3.0)% |
(3.8)% |
Equipment sales |
|
347 |
0.2 % |
(2.3)% |
|
1,065 |
12.7 % |
10.2 % |
Other revenues |
|
42 |
42.3 % |
39.6 % |
|
112 |
13.3 % |
11.5 % |
Strong growth in retail
services6, excluding Spain which
recorded a good commercial performance while continuing its
transformation
Revenues from Europe (that groups Spain, Poland,
Belgium and Luxembourg, Romania, Slovakia and Moldova) were down
1.1% in the third quarter compared to 2020. These were
principally impacted by the year-on-year decline in lower-margin
activities, in particular fixed interconnection traffic in Spain
and Poland, and the slowdown in equipment sales compared with the
second quarter, which had benefited from a catch-up effect
following the end of the lockdown.
The trend in retail services is
improving, despite recording a slight decline (-1.0%) due to Spain,
thanks to the accelerated growth in Other European countries
(+5.7%).
Europe recorded a solid commercial performance
in the third quarter with +188,000 net mobile contract sales
excluding M2M and +66,000 net fixed broadband sales, of which
+122,000 were net Fiber sales.
The performance of fixed broadband was driven by
all countries, which all posted positive net sales, with Spain
buoyed by a rebound in Fiber and a lower rate of churn year on
year.
In Spain, revenues declined
4.4% due to a decrease in fixed interconnection traffic and a
slowdown of equipment sales compared to the second quarter,
although the trend in retail services shows a slight improvement
(-7.9% vs. -8.3% in the second quarter and -10.2% in the first
quarter).
Spain experienced strong sales momentum in the
third quarter, despite the back-to-school promotional period, with
+8,000 net sales of convergent offers, +76,000 net sales of mobile
contracts excluding M2M and +10,000 net sales of fixed broadband
offers (including +43,000 net FTTH sales) while reducing the churn
rate in all these segments.
Following the successful migration of the
Republica Movil customers to Simyo, Orange Spain continued its
operational transformation by starting the migration of Amena’s
customers to the Orange brand, which will enable it to reduce its
portfolio from five to three brands.
Africa & Middle East
In millions of euros |
|
3Q 2021 |
changecomparablebasis |
changehistoricalbasis |
|
9M 2021 |
changecomparablebasis |
changehistoricalbasis |
Revenues |
|
1,652 |
12.0 % |
12.0 % |
|
4,694 |
11.2 % |
8.7 % |
Retail services |
|
1,450 |
15.0 % |
14.9 % |
|
4,110 |
13.6 % |
10.9 % |
Mobile Only |
|
1,271 |
14.5 % |
13.9 % |
|
3,600 |
12.8 % |
9.8 % |
Fixed Only |
|
168 |
16.1 % |
19.7 % |
|
486 |
18.5 % |
18.5 % |
IT & Integration services |
|
11 |
82.2 % |
86.9 % |
|
24 |
26.7 % |
46.5 % |
Wholesale |
|
166 |
(6.3)% |
(6.0)% |
|
476 |
(5.9)% |
(8.2)% |
Equipment sales |
|
26 |
13.2 % |
22.0 % |
|
81 |
23.2 % |
30.0 % |
Other revenues |
|
9 |
(32.5)% |
(33.2)% |
|
28 |
(13.3)% |
(16.3)% |
Double-digit growth
maintained
Africa & Middle East continued to post very
strong revenue growth, thanks to the performance of retail
services.
The main driver of this growth is Mobile, buoyed
by data which is benefiting from a continual increase in the 4G
customer base (+33.6% year on year). For its part, Orange Money,
which is facing a tougher competitive environment, has an active
customer base of 22.6 million, up 12.5% over one year.
Fixed broadband also continued to have excellent
momentum, with a customer base that has increased 23.4% year on
year.
Likewise, B2B services posted spectacular
growth, even though this still only contributes slightly to total
revenues.
All countries recorded growth in the third
quarter, ten of which delivered double-digit growth.
Enterprise
In millions of euros |
|
3Q 2021 |
changecomparablebasis |
changehistoricalbasis |
|
9M 2021 |
changecomparablebasis |
changehistoricalbasis |
Revenues |
|
1,864 |
(1.4)% |
(1.8)% |
|
5,704 |
0.4 % |
(0.9)% |
Fixed Only |
|
899 |
(5.2)% |
(5.6)% |
|
2,733 |
(4.7)% |
(6.1)% |
Voice |
|
268 |
(11.3)% |
(11.5)% |
|
837 |
(9.8)% |
(10.5)% |
Data |
|
631 |
(2.3)% |
(2.8)% |
|
1,896 |
(2.3)% |
(4.0)% |
IT & Integration services |
|
745 |
2.1 % |
1.6 % |
|
2,311 |
6.4 % |
4.6 % |
Mobile7 |
|
220 |
3.5 % |
3.5 % |
|
660 |
3.5 % |
3.4 % |
Mobile Only |
|
154 |
(3.1)% |
(3.4)% |
|
472 |
(2.1)% |
(2.9)% |
Wholesale |
|
10 |
(8.1)% |
(8.1)% |
|
31 |
(2.6)% |
(2.6)% |
Equipment sales |
|
56 |
31.1 % |
32.6 % |
|
157 |
26.9 % |
31.0 % |
Revenues down, due in particular to the
sharp drop in voice services
Enterprise revenues declined in the third
quarter, although still recorded growth over the first nine months
of the year.
This was mainly the result of the continuing
decline of voice which was not offset this quarter by growth in
Mobile and IT & Integration services. The transformation in
customer usage, which is shifting ever more to fully digital
solutions, has accelerated the decline of voice compared to its
historical trend with voice now representing just 14% of total
revenues.
Growth in IT & Integration services slowed
but remained positive thanks to Cybersecurity (+14%) and Cloud and
Digital & Data activities (both up more than 8%).
International Carriers & Shared
Services
In millions of euros |
|
3Q 2021 |
changecomparablebasis |
changehistoricalbasis |
|
9M 2021 |
changecomparablebasis |
changehistoricalbasis |
Revenues |
|
392 |
10.8 % |
11.3 % |
|
1,135 |
4.9 % |
5.0 % |
Wholesale |
|
270 |
7.3 % |
8.1 % |
|
792 |
1.0 % |
1.6 % |
Other revenues |
|
122 |
19.6 % |
19.1 % |
|
343 |
14.9 % |
13.9 % |
Revenue from International Carriers & Shared
Services grew 10.8%.
Services to international carriers, whose
activities were severely impacted by the health crisis in 2020,
posted strong growth thanks to the partial lifting of restrictions
on international travel. They also benefited from the good
performance of voice and messaging activities.
Other revenue growth accelerated thanks to
Orange Marine, driven by its new Survey activities and the strong
revival in cable laying, as in the second quarter.
Mobile Financial Services
Mobile financial services now have 1.6 million
customers in Europe and 0.6 million customers in Africa.
In France, the share of new customer relationships
represented by paying offers continued to grow, reaching 97% in the
third quarter of 2021 compared with 88% in the same quarter
of 2020.
Calendar of upcoming events
17 February 2022 - Publication
of Full-Year 2021 results
Contacts
press: Tom Wrighttom.wright@orange.com ; +33 6 78 91 35 11 |
financial communication: +33 1 44 44 04 32(analysts and
investors)Patrice Lambert-de Diesbachp.lambert@orange.com Samuel
Castelosamuel.castelo@orange.com Aurélia
Rousselaurelia.roussel@orange.comAndrei
Dragoliciandrei.dragolici@orange.com Louise
Racinelouise.racine@orange.comHong Hai
Vuonghonghai.vuong@orange.comindividual shareholders: 0 800 05 10
10 |
Disclaimer
This press release contains forward-looking
statements about Orange’s financial situation, results of
operations and strategy. 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. More detailed information on the
potential risks that could affect our financial results is included
in the Universal Registration Document filed on 17 March 2021
with the French Financial Markets Authority (AMF) and in the annual
report (Form 20-F) filed on 18 March 2021 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:
key financial indicators
Quarterly data
In millions of euros |
|
3Q 2021 |
3Q 2020comparablebasis |
3Q 2020historicalbasis |
changecomparablebasis |
changehistoricalbasis |
Revenues |
|
10,508 |
10,551 |
10,584 |
(0.4)% |
(0.7)% |
France |
|
4,483 |
4,676 |
4,693 |
(4.1)% |
(4.5)% |
Europe |
|
2,583 |
2,610 |
2,636 |
(1.1)% |
(2.0)% |
Africa & Middle East |
|
1,652 |
1,474 |
1,474 |
12.0 % |
12.0 % |
Enterprise |
|
1,864 |
1,891 |
1,898 |
(1.4)% |
(1.8)% |
International Carriers & Shared Services |
|
392 |
353 |
352 |
10.8 % |
11.3 % |
Intra-Group eliminations |
|
(466) |
(453) |
(468) |
|
|
EBITDAaL (1) |
|
3,550 |
3,576 |
3,584 |
(0.7)% |
(1.0)% |
o/w Telecom activities |
|
3,579 |
3,607 |
3,613 |
(0.8)% |
(1.0)% |
As % of revenues |
|
34.1 % |
34.2 % |
34.1 % |
(0.1 pt) |
(0.1 pt) |
o/w Mobile Financial Services |
|
(29) |
(31) |
(29) |
7.8 % |
2.2 % |
eCAPEX |
|
1,709 |
1,727 |
1,730 |
(1.0)% |
(1.2)% |
o/w Telecom activities |
|
1,707 |
1,718 |
1,723 |
(0.6)% |
(0.9)% |
as % of revenues |
|
16.2 % |
16.3 % |
16.3 % |
(0.0 pt) |
(0.0 pt) |
o/w Mobile Financial Services |
|
1 |
8 |
7 |
(82.3)% |
(79.6)% |
EBITDAaL - eCAPEX |
|
1,841 |
1,849 |
1,854 |
(0.4)% |
(0.7)% |
(1) EBITDAaL adjustments are described in
Appendix 2.
30 September data
In millions of euros |
|
9M 2021 |
9M 2020comparablebasis |
9M 2020historicalbasis |
changecomparablebasis |
changehistoricalbasis |
Revenues |
|
31,374 |
31,104 |
31,353 |
0.9 % |
0.1 % |
France |
|
13,433 |
13,667 |
13,717 |
(1.7)% |
(2.1)% |
Europe |
|
7,747 |
7,791 |
7,864 |
(0.6)% |
(1.5)% |
Africa & Middle East |
|
4,694 |
4,222 |
4,320 |
11.2 % |
8.7 % |
Enterprise |
|
5,704 |
5,679 |
5,757 |
0.4 % |
(0.9)% |
International Carriers & Shared Services |
|
1,135 |
1,082 |
1,080 |
4.9 % |
5.0 % |
Intra-Group eliminations |
|
(1,339) |
(1,338) |
(1,384) |
|
|
EBITDAaL (1) |
|
9,387 |
9,434 |
9,498 |
(0.5)% |
(1.2)% |
o/w Telecom activities |
|
9,471 |
9,540 |
9,598 |
(0.7)% |
(1.3)% |
As % of revenues |
|
30.2 % |
30.7 % |
30.6 % |
(0.5 pt) |
(0.4 pt) |
o/w Mobile Financial Services |
|
(85) |
(106) |
(101) |
19.8 % |
16.1 % |
eCAPEX |
|
5,554 |
4,858 |
4,886 |
14.3 % |
13.7 % |
o/w Telecom activities |
|
5,540 |
4,834 |
4,865 |
14.6 % |
13.9 % |
as % of revenues |
|
17.7 % |
15.5 % |
15.5 % |
2.1 pt |
2.1 pt |
o/w Mobile Financial Services |
|
14 |
24 |
21 |
(40.8)% |
(33.1)% |
EBITDAaL - eCAPEX |
|
3,833 |
4,577 |
4,612 |
(16.2)% |
(16.9)% |
(1) EBITDAaL adjustments are described in
Appendix 2.
Appendix 2: adjusted data to income
statement items
Quarterly data
|
|
3Q 2021 |
|
3Q 2020historical basis |
In millions of euros |
|
Adjusted data |
Presentation adjustments |
Income statement |
|
Adjusted data |
Presentation adjustments |
Income statement |
Revenues |
|
10,508 |
- |
10,508 |
|
10,584 |
- |
10,584 |
External purchases |
|
(4,298) |
0 |
(4,298) |
|
(4,261) |
- |
(4,261) |
Other operating income |
|
165 |
- |
165 |
|
132 |
- |
132 |
Other operating expense |
|
(91) |
(5) |
(96) |
|
(112) |
(7) |
(119) |
Labor expenses |
|
(1,982) |
12 |
(1,970) |
|
(1,991) |
67 |
(1,924) |
Operating taxes and levies |
|
(339) |
- |
(339) |
|
(352) |
- |
(352) |
Gains (losses) on disposal of fixed assets, investments and
activities |
|
na |
362 |
362 |
|
na |
14 |
14 |
Restructuring costs |
|
na |
(40) |
(40) |
|
na |
2 |
2 |
Depreciation and amortization of financed assets |
|
(21) |
- |
(21) |
|
(15) |
- |
(15) |
Depreciation and amortization of right-of-use assets |
|
(363) |
- |
(363) |
|
(367) |
- |
(367) |
Impairment of right-of-use assets |
|
- |
- |
- |
|
- |
- |
- |
Interest expenses on liabilities related to financed assets |
|
(0) |
0 |
na |
|
(0) |
0 |
na |
Interest expenses on lease liabilities |
|
(28) |
28 |
na |
|
(33) |
33 |
na |
EBITDAaL |
|
3,550 |
359 |
na |
|
3,584 |
109 |
na |
Significant litigation |
|
- |
- |
na |
|
(3) |
3 |
na |
Specific labor expenses |
|
21 |
(21) |
na |
|
68 |
(68) |
na |
Fixed assets, investments and business portfolio review |
|
362 |
(362) |
na |
|
14 |
(14) |
na |
Restructuring program costs |
|
(40) |
40 |
na |
|
2 |
(2) |
na |
Acquisition and integration costs |
|
(13) |
13 |
na |
|
(6) |
6 |
na |
Interest expenses on liabilities related to financed assets |
|
na |
(0) |
(0) |
|
na |
(0) |
(0) |
Interest expenses on lease liabilities |
|
na |
(28) |
(28) |
|
na |
(33) |
(33) |
30 September data
|
|
9M 2021 |
|
9M 2020historical basis |
In millions of euros |
|
Adjusted data |
Presentation adjustment, |
Income statement |
|
Adjusted data |
Presentation adjustments |
Income statement |
Revenues |
|
31,374 |
- |
31,374 |
|
31,353 |
- |
31,353 |
External purchases |
|
(13,031) |
(3) |
(13,034) |
|
(12,808) |
- |
(12,808) |
Other operating income |
|
487 |
- |
487 |
|
403 |
- |
403 |
Other operating expense |
|
(318) |
(73) |
(391) |
|
(387) |
(181) |
(568) |
Labor expenses |
|
(6,355) |
(36) |
(6,391) |
|
(6,333) |
33 |
(6,300) |
Operating taxes and levies |
|
(1,527) |
(31) |
(1,558) |
|
(1,584) |
- |
(1,584) |
Gains (losses) on disposal of fixed assets, investments and
activities |
|
na |
374 |
374 |
|
na |
73 |
73 |
Restructuring costs |
|
na |
(284) |
(284) |
|
na |
(11) |
(11) |
Depreciation and amortization of financed assets |
|
(62) |
- |
(62) |
|
(37) |
- |
(37) |
Depreciation and amortization of right-of-use assets |
|
(1,093) |
- |
(1,093) |
|
(1,019) |
- |
(1,019) |
Impairment of right-of-use assets |
|
- |
(60) |
(60) |
|
- |
(6) |
(6) |
Interest expenses on liabilities related to financed assets |
|
(1) |
1 |
na |
|
(1) |
1 |
na |
Interest expenses on lease liabilities |
|
(86) |
86 |
na |
|
(91) |
91 |
na |
EBITDAaL |
|
9,387 |
(26) |
na |
|
9,498 |
(0) |
na |
Significant litigation |
|
(89) |
89 |
na |
|
(172) |
172 |
na |
Specific labor expenses |
|
(21) |
21 |
na |
|
40 |
(40) |
na |
Fixed assets, investments and business portfolio review |
|
374 |
(374) |
na |
|
73 |
(73) |
na |
Restructuring program costs |
|
(344) |
344 |
na |
|
(17) |
17 |
na |
Acquisition and integration costs |
|
(34) |
34 |
na |
|
(16) |
16 |
na |
Interest expenses on liabilities related to financed assets |
|
na |
(1) |
(1) |
|
na |
(1) |
(1) |
Interest expenses on lease liabilities |
|
na |
(86) |
(86) |
|
na |
(91) |
(91) |
Appendix 3: economic CAPEX to
investments in property, plant and intangible
investment
In millions of euros |
|
3Q 2021 |
3Q 2020historicalbasis |
|
9M 2021 |
9M 2020historicalbasis |
eCAPEX |
|
1,709 |
1,730 |
|
5,554 |
4,886 |
Elimination of proceeds from sales of property, plant and equipment
and intangible assets |
|
51 |
68 |
|
99 |
266 |
Telecommunication licenses |
|
420 |
5 |
|
713 |
47 |
Financed assets |
|
2 |
56 |
|
25 |
173 |
Investments in property, plant and equipment and intangible
assets |
|
2,182 |
1,860 |
|
6,391 |
5,372 |
Appendix 4: key performance
indicators
In thousand, at the end of the period |
|
September 302021 |
|
September 302020 |
Number of convergent customers |
|
11,256 |
|
10,914 |
Number of mobile accesses (excluding MVNOs)
(1) |
|
221,788 |
|
211,856 |
o/w |
Mobile accesses of convergent customers |
|
20,371 |
|
19,484 |
|
Mobile only accesses |
|
201,417 |
|
192,371 |
o/w |
Contract customers |
|
80,115 |
|
76,252 |
|
Prepaid customers |
|
141,673 |
|
135,604 |
Number of fixed accesses (2) |
|
44,674 |
|
45,128 |
|
Number of fixed retail accesses |
|
29,301 |
|
29,357 |
|
|
Number of fixed broadband accesses |
|
22,323 |
|
21,301 |
|
|
o/w |
Accesses with very high-speed broadband |
|
11,270 |
|
8,997 |
|
|
|
Accesses of convergent customers |
|
11,256 |
|
10,914 |
|
|
|
Fixed only accesses |
|
11,067 |
|
10,387 |
|
|
Number of fixed narrowband accesses |
|
6,978 |
|
8,055 |
|
Number of fixed wholesale accesses |
|
15,373 |
|
15,771 |
Group total accesses (1+2) |
|
266,462 |
|
256,983 |
2020 data is presented on a comparable
basis.
Key indicators by country are presented in the
"Orange investors data book Q3 2021", available on www.orange.com,
under Finance/Results
www.orange.com/en/latest-consolidated-results
Appendix 5: glossary
Key figures
Data on a 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. Changes in data on a comparable
basis reflect organic business changes. Data on a comparable basis
is not a financial aggregate as defined by IFRS and may not be
comparable to similarly-named indicators used by other
companies.
EBITDAaL or “EBITDA after Leases”: operating
income (i) before depreciation and amortization of fixed assets,
effects resulting from business combinations, reclassification of
cumulative translation adjustment from liquidated entities,
impairment of goodwill and fixed assets, share of profits (losses)
of associates and joint ventures, (ii) after interest on debts
related to financed assets and on lease liabilities, and (iii)
adjusted for significant litigation, specific labor expenses, fixed
assets, investments and businesses portfolio review, restructuring
programs costs, acquisition and integration costs and, where
appropriate, other specific elements. EBITDAaL is not a financial
aggregate as defined by IFRS standards and may not be directly
comparable to similarly-named indicators in other companies.
eCAPEX or “economic CAPEX”: (i) acquisitions of
property, plant and equipment and intangible assets, excluding
telecommunications licenses and financed assets, (ii) less the
price of disposal of property, plant and equipment and intangible
assets. eCAPEX is not a financial performance indicator as defined
by IFRS standards and may not be directly comparable to indicators
referenced by similarly-named indicators in other companies.
Organic Cash Flow (telecoms activities): for the
perimeter of the telecoms activities, this corresponds to the net
cash provided by operating activities, minus (i) lease liabilities
repayments and debts related to financed assets repayments, and
(ii) purchases and sales of property, plant and equipment and
intangible assets, net of the change in the fixed assets payables,
(iii) excluding effect of telecommunication licenses paid and
significant litigations paid or received. Organic Cash Flow
(telecoms activities) is not a financial aggregate defined by IFRS
and may not be comparable to similarly-named indicators used by
other companies.
Other revenue: other revenue includes equipment
sales to dealers and brokers, revenue from portals, on‑line
advertising revenue and corporate transversal business line
activities of the Group, and other miscellaneous revenue.
Retail services: aggregation of Convergent
services, Mobile only services, Fixed only services and IT &
integration services. Concerns only France, Europe and Africa &
Middle East operating segments.
Convergence
The customer base and the revenues invoiced to
convergence services customers (excluding equipment sales) was for
convergent offers defined as the combination of, at a minimum, a
fixed broadband access and a mobile contract subscribed by retail
market customers.
Convergent ARPO: the average quarterly revenues
per convergent offer (ARPO) is calculated by dividing revenues from
retail convergent services offers invoiced to customers generated
over the past three months (excluding IFRS 15 adjustments) by the
weighted average number of retail convergent offers over the same
period. ARPO is expressed by monthly revenues per convergent
offer.
Performance indicators
The fixed retail accesses correspond to the
number of fixed broadband accesses (xDSL (ADSL and VDSL), FTTx,
cable, Fixed-4G (fLTE) and other broadband accesses (satellite,
Wimax and others)) and fixed narrowband accesses (mainly PSTN) and
payphones.
The fixed wholesale accesses correspond to the
number of fixed broadband and narrowband wholesale accesses
operated by Orange.
Mobile Only services
Revenues from Mobile Only services consists of
revenues invoiced to customers of mobile offers excluding retail
convergence and equipment sales. The customer base includes
customers with a contract excluding retail convergence,
machine-to-machine contracts and prepaid cards.
Mobile Only ARPO: the average quarterly revenues
from Mobile Only (ARPO) is calculated by dividing the revenue from
Mobile Only services (excluding machine-to-machine and IFRS 15
adjustments) generated over the past three months by the weighted
average of Mobile Only customers (excluding machine-to-machine)
over the same period. The ARPO is expressed as monthly revenues per
Mobile Only customer.
Fixed Only services
Revenues from Fixed Only services include the
revenue of fixed services excluding retail convergence and
equipment sales: traditional fixed-line telephony, fixed broadband
and enterprise solutions and networks (with the exception of
France, where enterprise solutions and networks are listed under
the Enterprise segment). For the Enterprise segment, fixed-only
service revenues include sales of network equipment related to the
operation of voice and data services. The customer base consists of
fixed-line telephony and fixed broadband customers, excluding
retail convergence customers.
Fixed Only Broadband ARPO: the average quarterly
revenues from Fixed Only Broadband (ARPO) is calculated by dividing
the revenue from Fixed Only Broadband services (excluding IFRS 15
adjustments) generated over the past three months by the weighted
average of Fixed Only Broadband customers over the same period.
ARPO is expressed as monthly revenues per Fixed Only Broadband
customer.
IT & integration
services
Revenues from IT and integration services
include revenue from unified communication and collaboration
services (Local Area Network and telephony, consulting,
integration, project management and video conferencing offers),
hosting and infrastructure services (including cloud computing),
application services (customer relations management and other
application services), security services, machine-to-machine
services (excluding connectivity), as well as equipment sales for
the products and services above.
Wholesale
Revenues from other carriers consists of (i)
mobile services to other carriers including incoming traffic,
visitor roaming, network sharing, national roaming and Mobile
Virtual Network Operators (MVNOs), and (ii) fixed services to other
carriers including national networking, services to international
carriers, high-speed and very high-speed broadband access (fibre
access, unbundling of telephone lines and xDSL access sales) and
the sale of telephone lines on the wholesale market.
1
Unless otherwise
stated, the changes presented in this press release are on a
comparable basis.2 Includes B2C and B2B services. See
the definition in Appendix 5: glossary.
3
These targets take
into account the allocation of the 2.2 billion-euro tax refund
received at the end of 2020 after the French Council of State ruled
in the Group’s favor in a long-running tax dispute, which is
intended to generate long-term added value for the Group but will
have an impact on objectives in the short term.4 The ex-dividend
date is set for December 13.5 Includes B2C and B2B services. See
the definition in Appendix 5: glossary.
6 Includes B2C and B2B services. See the definition
in Appendix 5: glossary.7 Mobile revenues include mobile services
and mobile equipment sales invoiced to businesses and incoming
mobile traffic from businesses invoiced to other carriers.
- PR_Orange_3Q_2021_EN_261021
Orange (EU:ORA)
Graphique Historique de l'Action
De Mar 2024 à Avr 2024
Orange (EU:ORA)
Graphique Historique de l'Action
De Avr 2023 à Avr 2024