registration document France Telecom 2009 - Orange.com

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20 CONSOLIDATED financial information concerning the issuer’s assets and liabilities, financial position and profits and losses STATEMENTS (in millions of euros) Cost of gross financial debt Gains (losses) on assets contributing to net financial debt Finance costs, net Cost of net financial debt Foreign exchange gains (losses) 2007 Other net financial expenses Finance costs, net Operating income Foreign exchange gains (losses) Other Other comprehensive income Retained earnings Assets available for sale - - - (6) 5 - - (38) Loans and receivables - 25 25 (439) 43 (28) (219) (3) - Financial assets at fair value through profi t or loss, excluding derivatives - 256 256 - - - - - Liabilities at amortized cost (1) (2,856) (2) - (2,856) 1,184 - 30 (2) - Financial liabilities at fair value through profi t or loss, excluding derivatives (32) - (32) - - - - - Derivatives 31 - 31 (729) - (7) - 319 Discounting expense - - - - (129) - - - Gains and losses of continuing activities (2,857) 281 (2,576) 10 (81) (2,647) (5) (221) 281 Gains and losses of discontinued operations (4) (96) 1 (95) (14) 106 (3) (1) (67) - (1) Including the change in f air value of hedged liabilities. (2) Including redemptions of perpetual bo nds redeemable for shares (TDIRA) for (64) million euros. (3) Mainly receivables written off for (319) million euros and various interest on receivables for 96 million euros. (4) Relates to assets held for sale in the UK (see Note 11, Discontinued operations). 398 2009 REGISTRATION DOCUMENT / FRANCE TELECOM
financial information concerning the issuer’s assets and liabilities, financial position and profits and losses 20 CONSOLIDATED STATEMENTS NOTE 10 Income tax 10.1 Income tax recognized in profit or loss Income tax benefit / (charge) The Group’s income tax charge amounts to (2,338) million euros, including (43) million euros attributable to assets held for sale. The breakdown of the tax charge by tax consolidation group and/or by region is the following: 2009 2008 2007 France tax group (1,673) (1,971) (499) ■ Current taxes (29) (46) 3 ■ Deferred taxes (1,644) (1,925) (502) UK (88) (89) 195 ■ Current taxes (31) (118) 78 ■ Deferred taxes (57) 29 117 Spain 1 (619) (494) ■ Current taxes 1 - 22 ■ Deferred taxes 0 (619) (516) TP Group (74) (116) (147) ■ Current taxes (100) (160) (174) ■ Deferred taxes 26 44 27 Other subsidiaries (461) (105) (300) ■ Current taxes (481) (478) (457) ■ Deferred taxes 20 373 157 Tax charge for continuing operations (2,295) (2,899) (1,245) ■ Current taxes (640) (801) (528) ■ Deferred taxes (1,655) (2,098) (717) Tax charge for assets held for sale (43) 107 (85) ■ Current taxes (45) 117 (81) ■ Deferred taxes 2 (10) (4) 20 France tax group In 2009, the tax charge for the French tax group amounted to (1,673) million euros, including a deferred tax charge of (1,644) million euros primarily resulting from the reversal of deferred tax assets as a consequence of the utilization of tax losses carried forward. In 2008, the tax charge for the French tax group also mainly included the deferred tax charge arising from the utilization of tax losses carried forward which were previously recognized as tax assets. In 2007, the tax charge for the French tax group comprised a deferred tax charge of (2,172) million euros corresponding to the reversal of deferred tax assets previously recognized as regards tax loss carryforwards and a deferred tax income of 1,573 million euros that was booked as a consequence of the reassessment of the recoverability horizon. During 2009, the Group continued to exchange correspondence and to hold meetings with French tax authorities representatives to resolve tax reassessments notifi ed in previous years following the tax audits for the years 2000 to 2005. As a result, the Group accepted certain tax adjustments which did not have a material impact on its fi nancial statements. Other tax adjustments were contested and appealed (in 2009, one such appeal was fi led with the Commission Nationale des Impôts Directs which is expected to issue a recommendation during the fi rst half of 2010); in accordance with the rules of procedure, the Company may be required to provide a bank guarantee in this respect. In accordance with the accounting principles set out in the last subparagraph of Note 2.17, France Telecom has calculated the tax assets and liabilities recognized in the statement of fi nancial position based on the technical merits of the positions it defends vis-à-vis the tax authorities. Spain In 2009, the current tax was zero as well as the deferred tax charge. Indeed, the tax losses generated during 2009 did not give rise to the recognition of any additional deferred tax asset. In 2008 and 2007, the deferred tax charge relates to the reassessment of the recoverability horizon for Spanish tax assets. Other tax entities In 2008, a net deferred tax income of 406 million euros was recognized within other tax entities that evidenced the probable nature of their future taxable profi ts. 2009 REGISTRATION DOCUMENT / FRANCE TELECOM 399
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egistration document France Telecom
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table of contents 8 9 10 11 12 13 1
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nota This Registration Document ser
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1 8 2009 REGISTRATION DOCUMENT / FR
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2 10 2009 REGISTRATION DOCUMENT / F
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3 CONSOLIDATED selected financial i
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4 risk factors In addition to the o
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4 OPERATIONAL risk factors RISKS In
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4 OPERATIONAL risk factors RISKS Fi
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4 LEGAL risk factors RISKS frequent
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4 FINANCIAL risk factors RISKS Cred
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4 FINANCIAL risk factors RISKS Equi
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5 INVESTMENTS information about the
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6 THE overview of the group’s bus
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6 THE overview of the group’s bus
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6 FRANCE overview of the group’s
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6 OVERVIEW overview of the group’
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6 OVERVIEW overview of the Group’
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6 ENVIRONMENTAL overview of the Gro
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6 REGULATIONS overview of the Group
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6 INSURANCE overview of the Group
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7 176 2009 REGISTRATION DOCUMENT /
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8 NETWORKS property, plant and equi
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9 ANALYSIS analysis of the financia
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11 innovation, research and develop
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14 ORGANIZATION administrative and
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14 STRUCTURE administrative and man
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14 INTERNAL administrative and mana
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14 REPORT administrative and manage
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15 RULES compensation and benefits
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15 TOTAL compensation and benefits
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15 COMPENSATION compensation and be
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17 WORKFORCE employees TRENDS The i
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17 WORKFORCE employees TRENDS Priva
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17 ORGANIZATION employees OF WORKIN
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17 employees COMPENSATION Z COMPENS
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17 employees COMPENSATION Option pl
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17 LABOUR employees RELATIONS Stock
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employees 17 TRAINING The preventio
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17 employees OUTSOURCING The amount
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18 DISTRIBUTION major shareholders
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18 340 2009 REGISTATION DOCUMENT /
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20 CONSOLIDATED financial informati
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20 NON financial information concer
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20 NON financial information concer
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20 NOTES financial information conc
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20 DIVIDEND financial information c
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21 SHARE additional information CAP
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21 MEMORANDUM additional informatio
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21 MEMORANDUM additional informatio
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26 DRAFT 2010 shareholders’ meeti
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26 REPORT 2010 shareholders’ meet
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26 STATUTORY 2010 shareholders’ m
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egistration document appendices TEC
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egistration document appendices FIN
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egistration document appendices ANN
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egistration document appendices COR
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egistration document appendices COR
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580 2009 REGISTRATION DOCUMENT / FR
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France Telecom Group
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