registration document France Telecom 2009 - Orange.com

analysis of the financial position and earnings
9
ANALYSIS OF THE GROUP’S FINANCIAL POSITION AND EARNINGS
2009 vs. 2008
(in millions of euros)
Financial years ended
December 31
Cost of net financial debt in 2008 (2,807)
Change in the fair value of the price guarantee given to minority shareholders
of FT España in 2008 (end of the price guarantee in 2009) (1) 381
Decrease in average net fi nancial debt outstanding 159
Decrease in the weighted average cost of net fi nancial debt 42
Other items 65
Cost of net financial debt in 2009 (2,160)
(1) See Notes 3, 9 and 31 to the consolidated fi nancial statements.
2008 vs. 2007
(in millions of euros)
Financial years ended
December 31
Cost of net financial debt in 2007 (2,576)
Change in the fair value of the price guarantee given to minority shareholders
of FT España in 2008 (1) (381)
Decrease in average net fi nancial debt outstanding 164
Increase in the weighted average cost of net fi nancial debt (71)
Decrease in change in the fair value of commitments to buy out non-controlling interests
(+24 million euros in 2008 compared with -32 million euros in 2007) (1) 56
Other items 1
Cost of net financial debt in 2008 (2,807)
(1) See Note 9 to the consolidated fi nancial statements.
Foreign exchange gains (losses)
Foreign exchange gains (losses) (see Note 9 to the consolidated
fi nancial statements) represented a loss of 65 million euros in
2009, compared with a loss of 54 million euros in 2008. In 2007,
foreign exchange gains (losses) represented a gain of 10 million
euros.
Other financial income and expenses
Other fi nancial income and expenses (see Note 9 to the
consolidated fi nancial statements) mainly comprises expenses
relating to the discounting expense, which bears essentially
on early retirement plans and other long-term commitments
in favor of personnel. Other fi nancial income and expenses
represented an expense of 74 million euros in 2009, compared
with an expense of 96 million euros in 2008, and an expense of
81 million euros in 2007.
9
9.1.2.3.2 Income tax
INCOME TAX (1)
(in millions of euros)
Financial years ended December 31
2009
2008
historical basis
2007
historical basis
Current tax es (640) (801) (528)
Deferred taxes (1,655) (2,098) (717)
GROUP TOTAL (2,295) (2,899) (1,245)
(1) See Note 10 to the consolidated fi nancial statements.
2009 REGISTRATION DOCUMENT / FRANCE TELECOM
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