Supplemental Disclosure Material - Ono

Results of Operations for the Three Months Ended March 31, 2011 and 2012
The following table sets forth certain summary financial information and the percentage change from period to
period for each of the periods indicated.
For the three months
ended March 31,
2011 2012
(euro in millions)
(unaudited)
Percentage
change
Net revenues .......................................................... 364 383 5.2%
Other revenue ......................................................... — — —
Operating expenses ..................................................... (280) (293) 4.6%
Operating result ...................................................... 84 90 7.1%
Net financial result ..................................................... (65) (58) (10.8)%
Result before income tax ............................................... 19 32 68.4%
Income tax ........................................................... (6) (10) 66.7%
Result for the period ................................................... 13 22 69.2%
Attributable to owners of the parent ........................................ 13 22 69.2%
Attributable to non-controlling interest ..................................... — — n.a.
Net Revenues
Our net revenues are derived primarily from residential services, which involve providing our customers with a
combination of internet, pay television and telephony services, either through our fiber network or through ADSL, business
services, which involve providing SMEs, large corporations and public entities with voice and data services, as well as other
value-added services, and providing other telecommunications operators with wholesale access to our excess capacity and
certain other products and services, such as carrier services, voice traffic services, leased and dedicated lines and internetservice
provider solutions.
The following table sets forth our net revenues derived from our different activities, their proportion of total
revenues and the percentage change from period to period for each of the periods indicated.
For the three months ended
March 31,
2011
% of net
revenues 2012
% of net
revenues
Percentage
change
(euro in millions, except percentages)
(unaudited)
Residential ................................................... 288 79.1% 292 76.3% 1.4%
Residential fiber .............................................. 278 76.4% 281 73.4% 1.1%
Residential ADSL ............................................ 10 2.7% 11 2.9% 10.0%
Business, wholesale & other ..................................... 74 20.3% 89 23.3% 20.3%
SMEs ...................................................... 19 5.2% 21 5.5% 10.5%
Large accounts & corporations .................................. 32 8.8% 31 8.1% (3.1)%
Wholesale & other ............................................ 23 6.3% 37 9.7% 60.9%
Indirect access & other ......................................... 2 0.6% 2 0.4% —
Indirect access and other (1) ..................................... 2 0.6% 2 0.4% —
Total net revenues ............................................. 364 383 5.2%
(1) Technology in the process of being phased out.
Overall net revenues for the three months ended March 31, 2012 increased by €19 million, or 5.2%, to €383 million
from €364 million for the three months ended March 31, 2011, primarily reflecting the increases in business and residential
revenues.
Residential Services
Residential revenues are mainly comprised of monthly fees, initial connection charges, usage charges from our
residential telephony services, sales of cable modems from our internet services and set-top box rental charges and variable
fees for pay-per-view events from our fiber television services, as well as from our mobile services. Most of our customers
receive our products and services through our fiber network; however an increasing number receive bundled telephony and
internet services through ADSL technology.
Residential revenues, which represented 76.3% of our revenues in the three months ended March 31, 2012,
increased by €4 million, or 1.4%, to €292 million for the three months ended March 31, 2012 from €288 million for the three
months ended March 31, 2011. Our strategy of acquiring customers through a bundled offer has led to an overall increase in
the number of services we provide to our residential customers. The service upgrade campaigns implemented throughout the
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