registration document France Telecom 2009 - Orange.com

analysis of the financial position and earnings
9
ANALYSIS OF THE GROUP’S FINANCIAL POSITION AND EARNINGS
9.1.2.1 From Group revenues to EBITDA
(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
External purchases (2) (19,170) (19,444) (19,893) (1.4)% (3.6)% (18,963)
Other operating income and expenses (2) (1,728) (1,464) (1,506) 18.1% 14.7% (1,533)
Labour expenses (2) (9,094) (8,405) (8,536) 8.2% 6.5% (8,914)
Gains (losses) on disposal of assets (4) (32) (29) (88.2)% (87.0)% 775
Restructuring costs (213) (411) (442) (48.3)% (51.9)% (187)
Share of profi ts (losses) of associates 23 (212) (210) na na 4
European Court of First Instance ’s
ruling of November 30, 2009 (964) - - - - -
EBITDA 14,794 16,832 17,083 (12.1)% (13.4)% 17,750
As a % of revenues 32.2% 36.0% 35.8% 38.1%
(1) Unaudited data. See Section 9.1.5.1 Transition from data on a historical basis to data on a comparable basis.
(2) See the Financial glossary appendix and Note 5 to the consolidated fi nancial statements.
9.1.2.1.1 Revenues
REVENUES (2)
(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
France 23,639 23,627 23,726 0.1% (0.4)% 23,267
Spain 3,887 4,067 4,067 (4.4)% (4.4)% 3,963
Poland 3,831 4,202 5,184 (8.8)% (26.1)% 4,825
Rest of the World 8,308 8,409 8,322 (1.2)% (0.2)% 8,287
Enterprise 7,559 7,834 7,785 (3.5)% (2.9)% 7,723
International Carriers & Shared Services 1,388 1,345 1,349 3.2% 2.9% 1,240
Eliminations (2,668) (2,684) (2,734) - - (2,737)
GROUP TOTAL 45,944 46,800 47,699 (1.8)% (3.7)% 46,568
(1) Unaudited data. See Section 9.1.5.1 Transition from data on a historical basis to data on a comparable basis.
(2) See Note 4 to the consolidated fi nancial statements.
9
Change in revenues
2009 vs. 2008
The France Telecom Group’s revenues totaled 45,944 million
euros in 2009, down 3.7% on a historical basis and 1.8% on a
comparable basis year-on-year.
On a historical basis, more than half the 3.7% or 1,755 million
euro fall in Group revenues between 2008 and 2009 was
attributable to:
■ the negative effect of foreign exchange fl uctuations, for a
total of 821 million euros year-on-year, resulting primarily
from change in the value of the Polish zloty against the euro
(973 million euros), partially offset by change in the value of
the US dollar (79 million euros), Swiss franc (41 million euros)
and Slovak crown (30 million euros) against the euro; and
■ the negative impact of changes in the scope of consolidation
and other changes, for a total of 78 million euros year-onyear,
due mainly to the sale of Web businesses Topachat.com
and Clust.com on February 27, 2009 for 73 million euros.
On a comparable basis, the Group’s revenues fell by 1.8% or
856 million euros between 2008 and 2009. The fall in revenues
was largely attributable to the negative effects of regulatory
measures and the adverse impact of the economic environment.
Between 2008 and 2009, there was a marked fall in revenues
on a comparable basis in Poland (down 8.8% or 371 million
euros), due mainly to the impact of cuts to call termination
prices and roaming rates, as well as the decline in traditional
telephone services stemming from the migration to mobile
telephony. The fall was less marked in Business services
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