registration document France Telecom 2009 - Orange.com

analysis of the financial position and earnings
9
ANALYSIS OF THE GROUP’S FINANCIAL POSITION AND EARNINGS
9.1.1 Overview
This section sets out, for the France Telecom Group, i) fi nancial
data and workforce, ii) a summary of results for 2009, iii) the
impact of regulatory rate changes and iv) the key events that
took place in 2009.
Operating income before depreciation and amortization, and
impairment losses (EBITDA), capital expenditures on tangible
and intangible assets excluding licenses (CAPEX) and organic
cash fl ow are not defi ned under IFRS. For further information
on the calculation of EBITDA, CAPEX and organic cash fl ow,
and the reasons why the France Telecom Group uses these
aggregates, see Section 9.1.5.4 Financial aggregates not
defi ned under IFRS and the Financial glossary appendix.
The elements of the consolidated income statement given in the
following tables represent the Group’s data excluding the net
income and expenses of Orange in the United Kingdom, which
are recorded in the net income of discontinued operations.
Consequently, the aggregates comprising the net income of
continuing operations no longer include sums relating to Orange
in the United Kingdom, and the data reported for 2007 and
2008 have been restated. The total for all operating segments,
including Orange in the United Kingdom, is presented in
Section 9.1.3 Analysis by operating segment.
9.1.1.1 Financial data and workforce
Z OPERATING DATA
(in millions of euros)
2009
Financial years ended December 31
2008
2008
basis (1) basis
comparable historical
Chg. (%)
Chg. (%)
basis (1) basis
comparable historical
2007
historical
basis
Revenues 45,944 46,800 47,699 (1.8)% (3.7)% 46,568
EBITDA (2) 14,794 16,832 17,083 (12.1)% (13.4)% 17,750
EBITDA/Revenues 32.2% 36.0% 35.8% 38.1%
Operating income 7,859 9,910 9,945 (20.7)% (21.0)% 10,540
Operating income/Revenues 17.1% 21.2% 20.8% 22.6%
CAPEX (2) (3) 5,304 6,283 6,414 (15.6)% (17.3)% 6,459
CAPEX/Revenues 11.5% 13.4% 13.4% 13.9%
Telecommunication licenses 58 270 273 (78.6)% (78.8)% 85
Average number of employees (4) 167,148 171,613 171,718 (2.6)% (2.7)% 172,906
(1) Unaudited data. See Section 9.1.5.1 Transition from data on a historical basis to data on a comparable basis.
(2) See Section 9.1.5.4 Financial aggregates not defi ned under IFRS and the Financial glossary appendix.
(3) CAPEX of continuing operations (see Section 9.1.2.4 Group Capital Expenditures).
(4) See the Financial glossary appendix.
9
Z NET INCOME
(in millions of euros)
Financial years ended December 31
2009
2008
historical basis
2007
historical basis
Operating income 7,859 9,945 10,540
Finance costs, net (2,299) (2,957) (2,647)
Income tax (2,295) (2,899) (1,245)
Consolidated net income after tax of continuing operations 3,265 4,089 6,648
Consolidated net income after tax of discontinued operations (1) 200 403 171
Consolidated net income after tax 3,465 4,492 6,819
Net income attributable to owners of the parent 2,997 4,069 6,300
Net income attributable to non-controlling interests 468 423 519
(1) Net income and expenses of Orange in the United Kingdom.
2009 REGISTRATION DOCUMENT / FRANCE TELECOM
199