Press release Orange - Financial results at 30 June 2019
Press releaseParis, 25 July 2019
Financial results at 30 June 2019
Revenues return to growth, EBITDAaL
continues to increase
France stabilises its revenues, Africa & Middle
East continues to grow strongly. 2019 objectives are confirmed.
In millions of euros |
Q2 2019 |
changecomparable basis |
changehistorical basis |
|
1st half 2019 |
change comparable basis |
changehistorical basis |
Revenues |
10,388 |
0.5% |
2.0% |
|
20,573 |
0.2% |
1.5% |
EBITDAaL |
3,375 |
0.9% |
na |
|
5,958 |
0.8% |
na |
Operating income |
|
|
|
|
2,388 |
|
1.6% |
Consolidated net income |
|
|
|
|
1,137 |
|
29.4% |
eCAPEX (excluding licenses) |
1,877 |
3.1% |
na |
|
3,509 |
5.5% |
na |
Operating cash-flow (EBITDAaL - eCAPEX) |
1,498 |
(1.7)% |
na |
|
2,449 |
(5.2)% |
na |
- In the 2nd quarter of 2019, revenues returned to growth, rising
0.5% year on year on a comparable basis. Restated for the impact of
the promotional period for ePresse and audiobook offers in 2018, it
would have grown 0.7% despite a very competitive environment on the
Group's main markets (France and Spain).
This increase was driven by the powerful engine of
Africa & Middle East, which rose 5.8%, and by the resilience of
France, where revenues stabilised, growing 0.4%, excluding the
impact of the ePresse and audiobook offers. Affected by a highly
promotional market, Spain fell slightly, declining 1.6%. The other
segments contributed to the revenue growth: Europe rose 1.2% thanks
to convergence and Enterprise posted its third consecutive quarter
of growth, rising 0.7%.
- EBITDAaL continued to grow during the 2nd quarter, rising 0.9%.
In the 1st half of 2019, EBITDAaL grew 0.8% year on year despite
the impact of ePresse and audiobook offers. Restated for this
impact, growth in EBITDAaL would have been 2.0%. The EBITDAaL
margin from telecoms activities improved by 0.3 percentage points
in the 1st half.
- Consolidated net income rose 29.4% to €1,137 million.
- In the 1st half, eCapex grew 5.5%, to €3.5 billion, tied to the
acceleration in the FTTH rollout in France. In line with the
objectives, eCapex for 2019 will be slightly lower compared to
2018, excluding the impact of the new network sharing agreement in
Spain.
- In the 2nd quarter, France had 61,000 net mobile contract sales
and 41,000 for fixed in a promotional environment that continues to
be intense. The ongoing success of Fibre was demonstrated by the
160,000 net sales, a record for a 2nd quarter.
- Spain had 38,000 net mobile contract sales1 in the 2nd quarter,
following the modification of our commercial strategy in a market
that is still highly competitive.
- In Europe, growth in mobile contract and fixed broadband
accelerated, driven by the continued success of the Love convergent
offers.
- In Africa & Middle East, the rollout of 4G continued,
making it possible to have attained nearly 20 million customers by
the end of the 2nd quarter, a 54.4% increase year on year.
Outlook for 2019
Based on the 1st half 2019 results, and excluding
the effects of the new network-sharing contract in Spain, Orange is
re-affirming its objectives for 2019:
- EBITDAaL growth in 2019 will be lower than that achieved in
2018 on a comparable basis.
- 2019 eCAPEX will be slightly down compared to 2018 on a
comparable basis.
- Operating Cash Flow (EBITDAaL – eCAPEX) in 2019 will be higher
than in 2018 on a comparable basis.
- the target ratio of net debt to EBITDAaL for telecoms
activities will be maintained at around 2x in the medium term.
Commenting on the publication of the 1st half
results, Stéphane Richard, Chairman and CEO of Orange Group,
said:
"Although there continues to be strong competition
in our key markets, the second-quarter results meant the Group
delivered a good performance for the first half with revenues
increasing 0.2% and growth in EBITDAaL sustained at 0.8%.
It is clear that our strategy in very high-speed
broadband remains effective. On fixed services, the acceleration of
our fibre deployments in Europe was accompanied by a continually
strong commercial performance, which enabled us to attain the level
of nearly 7 million fibre customers.
In mobile, Orange now has 62 million 4G customers,
including nearly 20 million in Africa and the Middle East, and we
are getting ready for the arrival of 5G with numerous tests being
carried out with the initial mobile devices, in preparation for
commercial launches next year. In addition, the RAN-sharing
agreements in Spain and Belgium formalised in recent months show we
are committed to the long-term optimisation of our networks.
I would like to highlight the very good performance
of our operations in Africa and the Middle East which are, more
than ever, an important growth driver for Orange.
This first half also marked a new milestone in our
multi-service operator strategy with the acquisition of SecureData
and SecureLink in the cyberdefence market, where we have the
ambition to become the leader in Europe. Our cyberdefence offer is
now available in 12 countries, and already has 3,700 customers and
full-year revenues of €600 million.
I would like to extend my sincere thanks to all the
Orange teams, who work every day to ensure the satisfaction of our
customers and the success of the Group."
*
*
*
Orange SA's Board of Directors met on 24 July 2019
and reviewed the interim consolidated financial statements at 30
June 2019, which were prepared under its responsibility.
The interim consolidated financial statements at 30
June 2019 are posted on Orange's website in the "Investors /
Results and presentations" section.
More detailed information on the Group's financial
statements and performance indicators is also available on Orange's
website in the same section:
www.orange.com
In accordance with auditing standards, the
statutory auditors performed a limited review of the interim
consolidated financial statements and verified the information
presented in the interim management report.
Key figures
Half-year data
In millions of euros |
|
1st half 2019 |
1st half 2018 comparable basis |
1st half 2018historical basis |
changecomparable basis |
changehistorical basis |
Revenues |
|
20,573 |
20,533 |
20,262 |
0.2% |
1.5% |
France |
|
8,874 |
8,957 |
8,952 |
(0.9)% |
(0.9)% |
Spain |
|
2,624 |
2,639 |
2,634 |
(0.6)% |
(0.4)% |
Europe |
|
2,789 |
2,754 |
2,775 |
1.3% |
0.5% |
Africa & Middle East |
|
2,737 |
2,593 |
2,524 |
5.6% |
8.4% |
Enterprise |
|
3,770 |
3,747 |
3,530 |
0.6% |
6.8% |
International Carriers & Shared Services |
|
747 |
783 |
759 |
(4.6)% |
(1.6)% |
Intra-Group eliminations |
|
(968) |
(940) |
(912) |
- |
- |
EBITDAaL (1) |
|
5,958 |
5,909 |
na |
0.8% |
na |
of which
telecom activities |
|
6,035 |
5,969 |
na |
1.1% |
na |
As % of revenues |
|
29.3% |
29.1% |
na |
0.3
pt |
na |
France |
|
3,281 |
3,295 |
na |
(0.4)% |
na |
Spain |
|
787 |
771 |
na |
2.0% |
na |
Europe |
|
708 |
721 |
na |
(1.8)% |
na |
Africa & Middle East |
|
868 |
785 |
na |
10.5% |
na |
Enterprise |
|
565 |
562 |
na |
0.6% |
na |
International Carriers & Shared Services |
|
(174) |
(165) |
na |
(4.6)% |
na |
of which Orange Bank |
|
(78) |
(60) |
na |
(29.3)% |
na |
Operating income |
|
2,388 |
|
2,350 |
|
1.6% |
of which
telecom activities |
|
2,475 |
|
2,417 |
|
2.4% |
of which Orange Bank |
|
(88) |
|
(68) |
|
(28.5)% |
Consolidated net income |
|
1,137 |
|
879 |
|
29.4% |
Net income attributable to equity owners of the Group |
|
1,039 |
|
789 |
|
31.8% |
eCAPEX |
|
3,509 |
3,327 |
na |
5.5% |
na |
of which
telecom activities |
|
3,493 |
3,306 |
na |
5.6% |
na |
as % of revenues |
|
17.0% |
16.1% |
na |
0.9
pt |
na |
of which Orange Bank |
|
16 |
21 |
na |
(18.8)% |
na |
Operating cash-flow (EBITDAaL - eCAPEX) |
|
2,449 |
2,582 |
na |
(5.2)% |
na |
In millions of euros |
|
30 June2019 |
31 December2018 |
|
|
|
historical basis |
Net financial debt (2) |
|
26,737 |
25,441 |
Ratio of
net financial debt/Adjusted EBITDA of telecoms activities (3) |
|
na |
1.93 |
Ratio of net financial debt/EBITDAaL of telecoms activities
(4) |
|
2.06 |
na |
(1) Adjustments to the presentation of EBITDAaL are
described in Appendix 2.(2) Compared with 31 December 2018, the net
financial debt as of 30 June 2019 excludes the lease liabilities
included in the scope of IFRS 16 and includes debts relating to
financed assets.(3) Ratio calculated based on adjusted EBITDA over
the previous 12 months on a historical basis. (4) Ratio calculated
based on an approximation of EBITDAaL over the previous 12 months
on a historical basis.
Quarterly data
In millions of euros |
|
Q2 2019 |
Q2 2018comparable basis |
Q2 2018historical basis |
changecomparable basis |
change historical basis |
Revenues |
|
10,388 |
10,335 |
10,180 |
0.5% |
2.0% |
France |
|
4,467 |
4,468 |
4,460 |
(0.0)% |
0.2% |
Spain |
|
1,306 |
1,327 |
1,324 |
(1.6)% |
(1.4)% |
Europe |
|
1,400 |
1,383 |
1,388 |
1.2% |
0.9% |
Africa & Middle East |
|
1,388 |
1,312 |
1,279 |
5.8% |
8.5% |
Enterprise |
|
1,940 |
1,927 |
1,804 |
0.7% |
7.5% |
International Carriers & Shared Services |
|
376 |
395 |
383 |
(4.8)% |
(1.9)% |
Intra-Group eliminations |
|
(488) |
(476) |
(457) |
- |
- |
EBITDAaL (1) |
|
3,375 |
3,344 |
na |
0.9% |
na |
of which
telecom activities |
|
3,408 |
3,374 |
na |
1.0% |
na |
As % of revenues |
|
32.8% |
32.6% |
na |
0.2
pt |
na |
of which Orange Bank |
|
(34) |
(30) |
na |
11.8% |
na |
eCAPEX |
|
1,877 |
1,822 |
na |
3.1% |
na |
of which
telecom activities |
|
1,869 |
1,812 |
na |
3.1% |
na |
as % of revenues |
|
18.0% |
17.5% |
na |
0.5
pt |
na |
of which Orange Bank |
|
8 |
9 |
na |
(9.4)% |
na |
Operating cash-flow (EBITDAaL - eCAPEX) |
|
1,498 |
1,523 |
na |
(1.7)% |
na |
(1) Adjustments to the presentation of
EBITDAaL are described in Appendix 2.
The Group adopted IFRS 16 "Leases" on 1 January 2019, according to
the simplified retrospective approach, without restatement of prior
period comparatives. The income statement and the presentation of
segmented information were amended accordingly (depreciation of
recognised right-of-use assets and interest expense relating to
lease liabilities instead of operating lease expenses with, in
particular, increased expenses from the interest component). At the
same time, the adoption of IFRS 16 led the Group to adapt its
financial indicators with, since 1 January 2019,
EBITDAaL (EBITDA after Leases), eCAPEX (Economic
CAPEX) and the adaptation of Operating Cash flow (EBITDAaL
less eCAPEX). See Appendix 4 Glossary. 2019 figures and 2018
figures on a comparable basis are presented according to IFRS 16
accounting standard. 2018 historical figures are presented
according to IAS 17 accounting standard. |
Comments on key Group figures
Revenues
Orange Group revenues were €20.6 billion in the 1st
half, up 0.2% on a comparable basis as growth resumed in the 2nd
quarter (up 0.5%) after being relatively stable in the 1st quarter.
Without the impact of the end of the promotional period for ePresse
and audiobook offers, revenues would have been up 0.5% in the 1st
half.
In the 1st half 2019, the performances of the main
services, on a comparable basis, were as follows:
Revenues from
Convergence – marketed in all European countries –
were €3.5 billion, up 4.1%. This increase enabled Orange to
consolidate its position as the leading convergent operator in
Europe.
Revenues from mobile-only
services were €5.2 billion, up 0.6%.
Revenues from fixed-only
services (€4.8 billion) fell 3.2% as a result of the
migration to convergent services and the declining trend in fixed
narrowband services.
Revenues from IT and
integration services (€1.3 billion) showed slightly
accelerated growth of 6.8% versus the 6.5% increase in the 1st half
of 2018. This growth was driven by Cloud and security services in
the Enterprise segment, as well as by the Enterprise market in
Poland.
Revenues from wholesale (€3.9
billion) fell 0.8%, albeit with an improving trend between the 1st
and 2nd quarters (-1.4% and -0.3%). This decline was primarily due
to the decrease in international voice traffic and visitor
roaming.
Revenues from equipment sales
(€1.4 billion) fell 4.6%, impacted by a decline in subsidies and a
more limited range of devices.
Customer base growth
There were 10.6 million convergent
customers, up 4.4%, underpinned by very strong growth in
Europe.
There were 206.9 million mobile
customers, with 3.3 million added in the 1st half.
There were 20.4 million fixed
broadband customers, an increase of
209,000 in the 1st half.
EBITDAaL
Group EBITDAaL was €6 billion in
the 1st half, up 0.8% on a comparable basis. Growth in EBITDAaL was
primarily the result of the success of our operating efficiency
plan.
Operating income
In the 1st half, Group operating
income was €2.4 billion, an increase of 1.6%, primarily
related to the increase in EBITDAaL.
Net income
Orange Group had a consolidated net
income of €1,137 million at 30 June 2019, compared to €879
million in the 1st half of 2018, benefitting from improved
operating income as well as improved financial income, which
included lower impairment of the Group's stake in BT.
eCAPEX
Group eCAPEX was up 5.5% in the
1st half, on a comparable basis, to €3.5 billion. This growth
stemmed mainly from the rollout of very high-speed fixed and mobile
broadband, primarily in France and to a lesser degree in the
countries of Africa & Middle East.
As such, at 30 June 2019, the Group had 35.5
million households connected to very high-speed broadband,
including increases in France (up 31%), Spain (up 13%) and Poland
(up 30%). The Group also bolstered its 4G coverage, with nearly
100% coverage of the populations in France, Belgium and Poland, and
coverage of at least 97% in Spain, Romania and Moldova.
Changes in asset portfolio
Continuing its strategy of diversification into new
services, in May 2019 Orange announced that it had signed an
agreement to acquire SecureLink, the leading independent
cybersecurity player in Europe. The acquisition of SecureLink
(closed on 8 July) following on from that of SecureData2 in January
and positions Orange as the cybersecurity market leader in
Europe.
On 28 June 2019, Orange also announced the disposal
of its residual interest in BT Group plc for a net amount of €542
million.
Net financial debt
Orange Group's net financial debt was €26.7 billion
at 30 June 2019. The debt in the 1st half of 2019 was mainly
related to the seasonality of certain disbursements3, as well as
from our strategy of investing in very high-speed broadband
networks. The amount of net debt at 30 June does not take into
account the disposal of BT shares, the proceeds of which were
received on 2 July.
The ratio of “net financial debt to EBITDAaL from
telecoms activities” was 2.06x at 30 June 2019. This is in line
with the Group’s objective to maintain a net debt to EBITDAaL ratio
for telecoms activities of around 2x in the medium term.
2019 dividend
Confident in the performance and solidity of the
Group's financial structure, on 24 July 2019 the Board of Directors
decided on the distribution of an interim dividend for 2019 of
€0.30 per share payable on 4 December4. The Board also confirmed
that it would propose to the 2020 Annual Shareholders' Meeting a
dividend of €0.70 per share for FY 2019.
Review by operating segment
France
In millions of euros |
Q2 2019 |
changecomparable basis |
changehistorical basis |
|
1st half 2019 |
changecomparable basis |
changehistorical basis |
Revenues |
4,467 |
(0.0)% |
0.2% |
|
8,874 |
(0.9)% |
(0.9)% |
Retail
services |
2,683 |
(1.5)% |
(1.5)% |
|
5,375 |
(2.1)% |
(2.0)% |
Convergence |
1,080 |
4.0% |
(1.4)% |
|
2,153 |
3.3% |
(2.0)% |
Mobile Only |
582 |
(3.7)% |
(0.3)% |
|
1,168 |
(4.4)% |
(1.2)% |
Fixed Only |
1,020 |
(5.7)% |
(2.2)% |
|
2,054 |
(5.8)% |
(2.4)% |
Fixed Only broadband |
670 |
(0.5)% |
4.9% |
|
1,337 |
(1.0)% |
4.4% |
Fixed Only narrowband |
350 |
(14.2)% |
(13.5)% |
|
717 |
(13.6)% |
(12.9)% |
Wholesale |
1,372 |
3.3% |
3.8% |
|
2,672 |
2.1% |
2.2% |
Equipment
sales |
281 |
(4.4)% |
(4.4)% |
|
578 |
(5.4)% |
(5.4)% |
Other revenues |
132 |
9.0% |
9.0% |
|
249 |
3.1% |
3.1% |
EBITDAaL |
|
|
|
|
3,281 |
(0.4)% |
na |
EBITDAaL
/ Revenues |
|
|
|
|
37.0% |
0.2
pt |
na |
Operating income |
|
|
|
|
1,649 |
|
(0.9)% |
eCAPEX |
|
|
|
|
1,862 |
11.6% |
na |
eCAPEX / Revenues |
|
|
|
|
21.0% |
2.4 pt |
na |
|
|
|
|
|
|
|
|
A strong commercial performance in both
mobile and fixed broadband in France, with a stabilisation in
revenues.
On a comparable basis, in the 2nd quarter,
revenues in France stabilised and were up 0.4%,
excluding the impact of ePresse and audiobook offers, after a
decrease in the 1st quarter.
Retail services revenues were down
1.5% in the 2nd quarter of 2019, which is an improvement compared
to the 2.6% decline in the 1st quarter. Revenues from
convergent offers rose 4%, an acceleration
compared to the 2.5% increase in the 1st quarter.
Mobile-only revenues fell 3.7% in the 2nd quarter
(compared to a 5.2% decline in the 1st quarter), impacted by
migrations to convergent offers and the increase in the relative
weight of Sosh. Fixed-only broadband revenues
declined 5.7% (following a 5.9% decline in the 1st quarter), also
impacted by migrations to convergent offers and the ongoing
reduction in narrowband services.
Wholesale revenues grew 3.3% in
the 2nd quarter, an acceleration on the 1st quarter (up 0.9%),
driven by the construction of publicly funded networks (RIPs),
which offset the decline in unbundling.
Revenues from equipment sales were
down 4.4%, an improvement compared to the 6.4% decline in the 1st
quarter, due to a significantly slowing market.
In the 2nd quarter, ARPO was €17.0 for mobile-only,
€36.5 for fixed broadband only and €66.9 for convergent offers.
In terms of the solid sales
performance in the 2nd quarter, mobile
contracts recorded 61,000 net sales and an improved churn rate,
which was 10.9%, 0.8 percentage points lower year on year and 1.4
points lower compared to the previous quarter.
Fixed broadband registered 41,000
net sales in the 2nd quarter, with record sales for fibre (160,000
net sales) for a 2nd quarter. At 30 June 2019, Orange had 13.5
million connected households and a total of 2.9 million fibre
customers.
The convergent customer base rose
3.1% year on year, reaching 5.7 million customers, and the churn
rate of convergent customers was 2.9 percentage points lower than
the average rate for retail fixed broadband customers.
EBITDAaL declined 0.4% in the 1st
half, but would have increased 1.8% excluding the impact of ePresse
and audiobook offers, driven by a decline in indirect costs.
Spain
In millions of euros |
Q2 2019 |
change comparable basis |
change historical basis |
|
1st half 2019 |
change comparable basis |
change historical basis |
Revenues |
1,306 |
(1.6)% |
(1.4)% |
|
2,624 |
(0.6)% |
(0.4)% |
Retail
services |
936 |
(3.9)% |
(3.8)% |
|
1,890 |
(1.7)% |
(1.6)% |
Convergence |
518 |
(3.6)% |
(3.8)% |
|
1,049 |
(1.3)% |
(1.5)% |
Mobile Only |
288 |
(7.8)% |
(7.1)% |
|
584 |
(4.7)% |
(4.1)% |
Fixed Only |
128 |
4.1% |
4.1% |
|
254 |
3.3% |
3.3% |
Wholesale |
208 |
9.8% |
8.8% |
|
418 |
13.6% |
12.7% |
Equipment
sales |
162 |
(1.3)% |
0.9% |
|
316 |
(9.7)% |
(7.8)% |
EBITDAaL |
|
|
|
|
787 |
2.0% |
na |
EBITDAaL
/ Revenues |
|
|
|
|
30.0% |
0.8
pt |
na |
Operating income |
|
|
|
|
254 |
- |
23.4% |
eCAPEX |
|
|
|
|
529 |
(7.8)% |
na |
eCAPEX / Revenues |
|
|
|
|
20.2% |
(1.6 pt) |
na |
|
|
|
|
|
|
|
|
Revenues under pressure in Spain, while
EBITDAaL continued to grow thanks to cost
rationalisation.
On a comparable basis, Orange Spain
revenues fell 1.6% in the 2nd quarter in a very
volatile market environment.
Retail revenues fell 3.9% in the
2nd quarter and 1.7% in the 1st half.
Due to a market environment that remains very
promotional, convergent and mobile-only revenues were down 3.6% and
7.8%, respectively in the 2nd quarter. Fixed only revenues rose
4.1% in the same period, thanks in particular to the growth of
Orange Spain on the Enterprise market.
Wholesale revenues continued to
grow, up 9.8% in the 2nd quarter and up 13.6% in the 1st half,
fuelled by sustained international traffic.
Revenues from equipment sales
continued to decline in the 2nd quarter (down 1.3%), but improved
substantially compared to the 17.1% decline in the 1st quarter due
to the commercial actions that were taken.
Against this backdrop, Orange focused on preserving
its customer base: in the 2nd quarter Orange Spain had 38,000 net
mobile contract sales5 and a decline in the churn rate of 2.6
percentage points compared to the 1st quarter. Very high-speed
fixed broadband (fibre) increased by 71,000 net sales.
EBITDAaL rose 2.0% in the 1st half, demonstrating
Orange Spain's resilience and its ability to rationalise costs by
automating and digitalising its operational processes.
Europe
In millions of euros |
Q2 2019 |
change comparable basis |
change historical basis |
|
1st half 2019 |
change comparable basis |
change historical basis |
Revenues |
1,400 |
1.2% |
0.9% |
|
2,789 |
1.3% |
0.5% |
Retail
services |
893 |
2.5% |
2.2% |
|
1,768 |
3.0% |
2.3% |
Convergence |
151 |
35.5% |
35.0% |
|
293 |
39.0% |
37.4% |
Mobile Only |
536 |
(2.1)% |
(2.2)% |
|
1,065 |
(2.0)% |
(2.4)% |
Fixed Only |
162 |
(8.5)% |
(8.9)% |
|
326 |
(7.3)% |
(8.5)% |
IT
& integration services |
44 |
22.8% |
22.1% |
|
84 |
26.7% |
24.8% |
Wholesale |
270 |
(5.8)% |
(6.0)% |
|
530 |
(6.9)% |
(7.7)% |
Equipment
sales |
198 |
4.3% |
4.1% |
|
401 |
1.4% |
0.8% |
Other revenues |
39 |
9.9% |
7.8% |
|
90 |
23.5% |
20.9% |
EBITDAaL |
|
|
|
|
708 |
(1.8)% |
na |
EBITDAaL
/ Revenues |
|
|
|
|
25.4% |
(0.8
pt) |
na |
Operating income |
|
|
|
|
170 |
- |
12.2% |
eCAPEX |
|
|
|
|
407 |
9.0% |
na |
eCAPEX / Revenues |
|
|
|
|
14.6% |
1.0 pt |
na |
|
|
|
|
|
|
|
|
Europe revenues increased, driven by rising
retail services as a result of convergence.
On a comparable basis, Europe
revenues (which consists of Belgium, Luxembourg,
Moldova, Poland, Romania and Slovakia) rose 1.2% in the 2nd quarter
and 1.3% in the 1st half. This increase was the result of solid
growth in retail services, but was still impacted by the decline in
wholesale services.
Retail services revenues grew 2.5%
in the 2nd quarter, a slight slowdown compared to the 3.6% growth
in the previous quarter.
In this segment, convergent
revenues continued their robust growth, up 35.5% in the 2nd quarter
and 39.0% in the first six months.
Mobile-only revenues declined
2.1%, impacted particularly by migrations to convergent offers,
which now represent 17% of the total mobile contract base6.
Fixed-only revenues declined 8.5%
in the 2nd quarter. Nonetheless, the broadband growth drivers are
in place with a FTTH customer base which grew by a little over
290,000 customers over the last 12 months (reaching a total of
914,000 customers).
Revenues from IT and integration
services continued to increase strongly, up 22.8% in the 2nd
quarter, driven principally by Poland.
Wholesale revenues were down 5.8%
in the 2nd quarter, but this was an improvement compared to the 1st
quarter (down 8.1%).
At the country level, Poland
reported the fourth consecutive quarter of revenue growth (up 2.0%
in the 2nd quarter), due in particular to the excellent performance
of convergence services (up 21.4%). Revenues in Belgium and
Luxembourg increased 1.9% in the 2nd quarter; all segments
of retail revenues (convergent, mobile-only, fixed-only, IT &
integration) rose, but wholesale revenues were still down 13.0% due
to the impact of the termination of MVNO contracts. Revenues from
Central Europe declined 0.5% in the 2nd quarter,
an improvement on the 1.9% decline in the previous quarter;
although the performance of retail services improved (up 2.5%), the
overall decline was related to pressure on wholesale services.
Despite the good dynamic overall, Europe
EBITDAaL eroded slightly falling 1.8% in the 1st
half, mainly due to three factors: the loss in 2018 of MVNO
contracts in Belgium, higher costs for content to support the
growth of convergence, and higher access costs for third-party
fixed broadband networks in connection with the growth of our
customer base.
Africa & Middle East
In millions of euros |
Q2 2019 |
change comparable basis |
change historical basis |
|
1st half 2019 |
change comparable basis |
change historical basis |
Revenues |
1,388 |
5.8% |
8.5% |
|
2,737 |
5.6% |
8.4% |
Retail
services |
1,163 |
7.9% |
10.6% |
|
2,288 |
7.8% |
10.7% |
Mobile Only |
1,037 |
7.2% |
9.5% |
|
2,042 |
7.4% |
9.9% |
Fixed Only |
123 |
15.2% |
21.5% |
|
240 |
11.6% |
17.6% |
IT
& integration services |
3 |
(13.5)% |
(13.2)% |
|
6 |
(0.3)% |
0.4% |
Wholesale |
194 |
(7.5)% |
(4.8)% |
|
391 |
(6.1)% |
(3.1)% |
Equipment
sales |
24 |
16.7% |
20.6% |
|
45 |
9.1% |
13.3% |
Other revenues |
7 |
97.3% |
105.6% |
|
13 |
(5.3)% |
(2.8)% |
EBITDAaL |
|
|
|
|
868 |
10.5% |
na |
EBITDAaL
/ Revenues |
|
|
|
|
31.7% |
1.4
pt |
na |
Operating income |
|
|
|
|
435 |
- |
46.3% |
eCAPEX |
|
|
|
|
418 |
4.4% |
na |
eCAPEX / Revenues |
|
|
|
|
15.3% |
(0.2 pt) |
na |
|
|
|
|
|
|
|
|
Continued growth in Africa & Middle
East, underpinned by the solid performance of retail
services.
As the strongest contributor to the Group's growth,
Africa & Middle East delivered a 5.8% increase in 2nd quarter
revenue on a comparable basis, a slight
acceleration from the previous quarter (5.3%). This was driven by
the strong performance of retail services, which
produced its 7th consecutive quarter of growth of around 8% (7.9%
in the 2nd quarter).
This performance resulted primarily from the
continued growth of mobile-only services, which
rose 7.2% in the 2nd quarter, driven by the growth in data
services. Africa & Middle East had nearly 20 million 4G
customers while the Orange Money active customer base7 rose 6%
compared to the previous quarter, to 16.5 million customers. Taken
together, Africa & Middle East countries registered 122.6
million mobile customers, 2.2 million more than in the previous
quarter.
Revenue growth remained strong thanks to
fixed services, rising 15.2% in the 2nd quarter
after increasing 8.1% in the 1st quarter, and in particular due to
broadband services which registered 1.1 million clients.
Wholesale services fell 7.5% in
the 2nd quarter, principally due to reduced volumes in direct
international incoming traffic.
The four operations acquired in 2016 accounted for
more than one-quarter of the revenue growth in the 2nd quarter.
Over the quarter, Africa & Middle East also benefited from the
performance of Egypt and Sonatel Group, which grew 9.2% and 5.5%
year on year, respectively; while Côte d'Ivoire returned to growth
with a 6.1% increase in revenues year on year.
The EBITDAaL of Africa &
Middle East grew strongly, up 10.5% in the 1st half, reaching a
margin of 31.7%, an increase of 1.4 percentage points year on year
thanks to sound cost management.
Enterprise
In millions of euros |
Q2 2019 |
change comparable basis |
change historical basis |
|
1st half 2019 |
change comparable basis |
change historical basis |
Revenues |
1,940 |
0.7 % |
7.5 % |
|
3,770 |
0.6 % |
6.8 % |
Fixed
Only |
993 |
(2.6)% |
(1.4)% |
|
1,978 |
(1.9)% |
(0.9)% |
Voice |
322 |
(7.5)% |
(7.5)% |
|
649 |
(6.8)% |
(7.0)% |
Data |
670 |
(0.0)% |
1.8
% |
|
1,329 |
0.7
% |
2.4
% |
IT &
integration services |
709 |
6.6
% |
27.8
% |
|
1,318 |
5.7
% |
25.6
% |
Mobile8 |
238 |
(1.8)% |
(1.8)% |
|
474 |
(2.1)% |
(2.1)% |
Mobile Only |
187 |
(1.5)% |
(1.5)% |
|
367 |
0.5
% |
0.6% |
Wholesale |
8 |
(7.1)% |
(7.1)% |
|
18 |
1.7
% |
1.7% |
Equipment sales |
43 |
(2.2)% |
(2.2)% |
|
89 |
(12.1)% |
(12.1)% |
EBITDAaL |
|
|
|
|
565 |
0.6% |
na |
EBITDAaL
/ Revenues |
|
|
|
|
15.0% |
0.0
pt |
na |
Operating income |
|
|
|
|
360 |
- |
(5.9)% |
eCAPEX |
|
|
|
|
197 |
11.7% |
na |
eCAPEX / Revenues |
|
|
|
|
5.2% |
0.5 pt |
na |
|
|
|
|
|
|
|
|
Enterprise revenue increased for the third
consecutive quarter.
In the 2nd quarter, revenues in the Enterprise
segment increased 0.7% on a comparable basis, the third consecutive
quarter of growth. IT and integration services were the drivers of
this growth.
IT and integration services
revenues rose 6.6% in the 2nd quarter, an acceleration compared to
the 4.6% increase in the previous quarter. These continued to be
driven by Cyberdefense and Cloud services, which grew 15% and 20%,
respectively, in the quarter.
Mobile revenues fell 1.8% in the
2nd quarter. Revenues from traditional
voice and data services decreased 2.6% despite the
stability of data services (0% change), underpinned by WAN (Wide
Area Networks) offers. In July, Orange Business Services won the
largest SD WAN (Software Defined Wide Area Networks) contract to
date, with Sony, for the rollout of this solution in 50
countries.
After acquiring SecureData in January, Orange
concluded the acquisition of SecureLink, the leading independent
cybersecurity player in Europe, in July 2019. The
cumulated annual revenues of SecureLink, Secure Data and Orange
Cyberdefense reached more than €600 million in 2018, making Orange
a European leader in cyberdefence, with a presence in 12 European
countries and a portfolio of 3,700 customers.
International Carriers & Shared
Services
In millions of euros |
Q2 2019 |
change comparable basis |
change historical basis |
|
1st half 2019 |
changecomparable basis |
change historical basis |
Revenues |
376 |
(4.8)% |
(1.9)% |
|
747 |
(4.6)% |
(1.6)% |
Wholesale |
269 |
(10.9)% |
(6.7)% |
|
542 |
(9.3)% |
(4.8)% |
Other revenues |
108 |
15.9% |
13.6% |
|
205 |
10.5% |
7.9% |
EBITDAaL |
|
|
|
|
(174) |
(4.6)% |
na |
EBITDAaL
/ Revenues |
|
|
|
|
(23.3)% |
(2.1
pt) |
na |
Operating income |
|
|
|
|
(393) |
- |
(38.2)% |
eCAPEX |
|
|
|
|
80 |
(30.5)% |
na |
eCAPEX / Revenues |
|
|
|
|
10.6% |
(4.0 pt) |
na |
|
|
|
|
|
|
|
|
On a comparable basis, revenues from
International Carriers and Shared Services
decreased 4.8% in the 2nd quarter, with a decline in services to
international carriers.
At the same time, growth in other revenues
continued to accelerate strongly rising 15.9% in the 2nd quarter,
compared to 5.0% in the 1st quarter. Other revenues consist mainly
of the laying and maintenance of submarine cables, content (OCS and
Orange Studio), consulting (Sofrecom) and secure-TV access
(Viaccess). With the success of the TV series ‘Game of Thrones’ and
‘Chernobyl’, OCS recorded 400,000 new subscribers in the 2nd
quarter.
Orange Bank
In the 1st half, Orange Bank registered nearly
20,000 new accounts per month with a total of 320,000 customers at
30 June 2019, of which around 60% are active users.
The improvement in the quality of the app is
evident and recognised by customers, who rate it 4.4 on the App
Store.
Schedule of upcoming events
29/10/2019 - Publication of third-quarter 2019
results
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
Isabelle Casadoisabelle.casado@orange.com Samuel
Castelosamuel.castelo@orange.com Didier Kohn didier.kohn@orange.com
Aurélia Roussel aurelia.roussel@orange.com |
Disclaimer
This press release may contain forward-looking
statements about Orange, particularly objectives and trends
regarding Orange’s financial situation, investments, results of
operations, business and strategy. These forward-looking statements
do not represent forecasts within the meaning of European
Regulation No. 809/2004 and although we believe they 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 Registration Document filed on March 21, 2019 with the
French Financial Markets Authority (AMF) and in the annual report
on Form 20-F filed on April 16, 2019 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: indicators used until 31
December 2018 (historical basis)
In millions of euros |
Q2
2018historicalbasis |
|
H1
2018historicalbasis |
Group |
|
|
|
Adjusted EBITDA |
3,379 |
|
5,984 |
o/w
telecom activities |
3,408 |
|
6,043 |
As % of
revenues |
33.5
% |
|
29.8
% |
France |
na |
|
3,266 |
Spain |
na |
|
783 |
Europe |
na |
|
737 |
Africa & Middle-East |
na |
|
794 |
Enterprise |
na |
|
579 |
International Carriers & Shared Services |
na |
|
(116) |
o/w
Orange Bank |
(30) |
|
(60) |
CAPEX (excluding licenses) |
1,836 |
|
3,369 |
o/w
telecom activities |
1,827 |
|
3,349 |
As % of
revenues |
17.9
% |
|
16.5
% |
o/w
Orange Bank |
9 |
|
20 |
Operating Cash-Flow (Adjusted EBITDA - CAPEX) |
1,543 |
|
2,615 |
France |
|
|
|
Adjusted
EBITDA |
na |
|
3,266 |
Adjusted
EBITDA / Revenues |
na |
|
36.5
% |
CAPEX |
na |
|
1,669 |
CAPEX / Revenues |
na |
|
18.6 % |
Spain |
|
|
|
Adjusted
EBITDA |
na |
|
783 |
Adjusted
EBITDA / Revenues |
na |
|
29.7
% |
CAPEX |
na |
|
578 |
CAPEX / Revenues |
na |
|
21.9 % |
Europe |
|
|
|
Adjusted
EBITDA |
na |
|
737 |
Adjusted
EBITDA / Revenues |
na |
|
26.6
% |
CAPEX |
na |
|
389 |
CAPEX / Revenues |
na |
|
14.0 % |
Middle East & Africa |
|
|
|
Adjusted
EBITDA |
na |
|
794 |
Adjusted
EBITDA / Revenues |
na |
|
31.4
% |
CAPEX |
na |
|
408 |
CAPEX / Revenues |
na |
|
16.1 % |
Enterprise |
|
|
|
Adjusted
EBITDA |
na |
|
579 |
Adjusted
EBITDA / Revenues |
na |
|
16.4
% |
CAPEX |
na |
|
168 |
CAPEX / Revenues |
na |
|
4.8 % |
International Carriers & Shared Services |
|
|
|
Adjusted
EBITDA |
na |
|
(116) |
Adjusted
EBITDA / Revenues |
na |
|
(15.3)% |
CAPEX |
na |
|
137 |
CAPEX / Revenues |
na |
|
18.1 % |
Orange Bank |
|
|
|
CAPEX |
na |
|
20 |
Appendix 2: adjusted data to income
statement items
2019 data |
2nd quarter |
|
June 30 |
(in millions of euros, except for per share data) |
Adjusted data, |
Presentation adjustments, |
Income statement, |
|
Adjusted data, |
Presentation adjustments, |
Income statement, |
Revenues |
10,388 |
- |
10,388 |
|
20,573 |
- |
20,573 |
External
purchases |
(4,289) |
- |
(4,289) |
|
(8,562) |
- |
(8,562) |
Other
operating income |
197 |
- |
197 |
|
341 |
- |
341 |
Other
operating expense |
(93) |
(2) |
(95) |
|
(195) |
(6) |
(201) |
Labour
expenses |
(2,162) |
(28) |
(2,190) |
|
(4,320) |
(114) |
(4,434) |
Operating
taxes and levies |
(320) |
- |
(320) |
|
(1,207) |
- |
(1,207) |
Gains
(losses) on disposal of fixed assets, investments and
activities |
- |
21 |
21 |
|
- |
68 |
68 |
Restructuring costs |
- |
(40) |
(40) |
|
- |
(52) |
(52) |
Depreciation and amortization of financed assets |
(3) |
- |
(3) |
|
(3) |
- |
(3) |
Depreciation and amortization of right-of-use assets |
(312) |
- |
(312) |
|
(609) |
- |
(609) |
Impairment of right-of-use assets |
1 |
(25) |
(24) |
|
- |
(24) |
(24) |
Interests
expenses on liabilities related to financed assets |
- |
- |
- |
|
- |
- |
- |
Interests expenses on lease liabilities |
(32) |
32 |
- |
|
(60) |
60 |
- |
EBITDAaL |
3,375 |
(42) |
- |
|
5,958 |
(68) |
|
Significant litigation |
- |
- |
- |
|
(65) |
65 |
- |
Specific
labour expenses |
(26) |
26 |
- |
|
(46) |
46 |
- |
Fixed
assets, investments and business portfolio review |
21 |
(21) |
- |
|
68 |
(68) |
- |
Restructuring program costs |
(64) |
64 |
- |
|
(75) |
75 |
- |
Acquisition and integration costs |
(4) |
4 |
- |
|
(10) |
10 |
- |
Interests
expenses on liabilities related to financed assets |
- |
- |
- |
|
- |
- |
- |
Interests expenses on lease liabilities |
- |
(32) |
(32) |
|
- |
(60) |
(60) |
2018 historical data |
2nd quarter |
|
June 30 |
(in millions of euros, except for per share data) |
Adjusted data, |
Presentation adjustments, |
Income statement, |
|
Adjusted data, |
Presentation adjustments, |
Income statement, |
Revenues |
10,180 |
- |
10,180 |
|
20,262 |
- |
20,262 |
External
purchases |
(4,472) |
- |
(4,472) |
|
(8,990) |
- |
(8,990) |
Other
operating income |
173 |
- |
173 |
|
324 |
- |
324 |
Other
operating expense |
(107) |
(3) |
(110) |
|
(182) |
(3) |
(185) |
Labour
expenses |
(2,096) |
(11) |
(2,106) |
|
(4,210) |
(22) |
(4,232) |
Operating
taxes and levies |
(300) |
(31) |
(331) |
|
(1,220) |
(31) |
(1,251) |
Gains
(losses) on disposal of fixed assets, investments and
activities |
- |
- |
- |
|
- |
- |
- |
Restructuring and integration costs |
- |
(46) |
(46) |
|
- |
(62) |
(62) |
Adjusted EBITDA |
3,379 |
(91) |
- |
|
5,984 |
(118) |
- |
Significant litigation |
(34) |
34 |
- |
|
(32) |
32 |
- |
Specific
labour expenses |
(11) |
11 |
- |
|
(24) |
24 |
- |
Review of
the investments and business portfolio |
- |
- |
- |
|
- |
- |
- |
Restructuring and integration costs |
(46) |
46 |
- |
|
(62) |
62 |
- |
Reported EBITDA |
3,288 |
- |
3,288 |
|
5,866 |
- |
5,866 |
Appendix 3: key performance
indicators
(in thousands, at the end of the period) |
|
30 June2019 |
30 June2018 |
Number of convergent customers |
|
10,588 |
10,144 |
Number of mobile services customers (excluding
MVNO) |
|
206,874 |
199,241 |
o/w: Customers with convergent offers |
|
18,654 |
17,501 |
o/w: Customers with mobile only offers |
|
188,219 |
181,740 |
o/w: Contract customers |
|
72,790 |
77,438 |
o/w: Prepaid customers |
|
134,083 |
121,803 |
Number of fixed broadband customers |
|
20,355 |
19,687 |
Customers with very high-speed broadband access |
|
7,030 |
5,486 |
Customers with convergent offers |
|
10,588 |
10,144 |
Customers with fixed only offers |
|
9,766 |
9,543 |
Number of fixed telephony customers |
|
39,028 |
40,834 |
Group total |
|
266,256 |
259,762 |
Numbers to 30 June 2018 are on a comparable
basis
The key indicators by country are shown in the
Investors section of the Orange Group website, orange.com, in the
document "Orange Investors data book Q2 2019". This is directly
accessible through the following link:
https://www.orange.com/en/Investors/Results-and-presentation/Folder/All-consolidated-results
Appendix 4: 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” (from January 1,
2019): 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 labour 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” (from January 1, 2019):
(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.
Operating Cash Flow (EBITDAaL – eCAPEX from January
1, 2019): EBITDAaL (see definition) less eCAPEX (see definition).
Orange uses this indicator to measure the performance of the Group
in generating cash from its operations. Operating Cash Flow is not
a financial aggregate defined by IFRS and may not be comparable to
similarly-named indicators used by other companies.
Reported EBITDA (until December 31, 2018):
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 (until December 31, 2018): reported
EBITDA (see definition), adjusted for the impacts of key disputes,
specific personnel expenses, the review of the portfolio of shares
and operations, restructuring and consolidation costs, and, as
applicable, other specific and systematically identified items.
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.
CAPEX (until December 31, 2018): 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 similarly-named indicators in other companies.
Operating Cash Flow (Adjusted EBITDA – CAPEX until
December 31, 2018): Adjusted EBITDA less CAPEX. Orange used this
indicator to measure the performance of the Group in generating
cash from its operations. Operating Cash Flow is not a financial
aggregate defined by IFRS and may not be comparable to
similarly-named indicators used by other companies.
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.
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 networks9. 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 Excluding machine to machine
2 the leading independent provider of
cybersecurity solutions in the United Kingdom
3 in particular, the payment of the balance of
the dividend
4 The ex-dividend date is set for 2 December
2019 and the record date for 3 December 2019.
5 Excluding machine-to-machine
6 Excluding machine-to-machine
7 customers making at least one transaction per
month
8 Mobile revenues include mobile services and
mobile equipment sales invoiced to businesses and incoming mobile
traffic from businesses invoiced to other carriers
9 With the exception of France, where enterprise
solutions and networks are listed under the Enterprise business
segment.
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