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 NOTE 15 Interests in associates 15.1 Interests in associates The net book values of France Telecom’s investments in associates are as follows: (in millions of euros) Company Main activity % interest December 31, 2009 December 31, 2009 December 31, 2008 December 31, 2007 Sonaecom Telecommunications operator in Portugal 20% 134 84 273 Orange Austria subgroup (ex-One) Telecommunications operator in Austria 35% - - - Compagnie Européenne de Téléphonie Distributor 61.37% 51 54 - Orange Tunisie Telecommunications operator in Tunisia 49% 91 - - Other - 16 34 9 TOTAL 292 172 282 (in millions of euros) 2009 2008 2007 Opening balance 172 282 360 Dividends - - (1) Share of profi ts (losses) (23) (12) 4 Impairment (1) 46 (199) - Acquisitions (2) 116 107 - Disposals of investments (17) (6) (35) Other impact of changes in scope of consolidation 5 - (46) Translation adjustment (5) - - Reclassifi cation to assets held for sale (2) - - Closing balance 292 172 282 (1) Relates to Sonaecom. (2) Including Orange Tunisie for 95 million euros in 2009. Including Compagnie Européenne de Téléphonie for 68 million euros in 2008. 15.2 Main financial aggregates - interests in associates Unless otherwise indicated, the main fi nancial aggregates for 100% of each associate as of December 31 st were as follows: Sonaecom France Telecom’s ownership interest in Sonaecom was 20% at December 31, 2009 (20% at December 31, 2008, 19.19% at December 31, 2007). The main fi nancial aggregates for Sonaecom are as follows: (in millions of euros) 2009 (1) 2008 2007 Revenues 717 976 893 Net income 3 5 37 Total assets 1,966 1,973 1,759 Equity 933 929 935 France Telecom share in equity 187 186 179 (1) Latest fi gures reported for the nine months ended September 30, 2009 (unaudited). 406 2009 REGISTRATION DOCUMENT / FRANCE TELECOM
financial information concerning the issuer’s assets and liabilities, financial position and profits and losses 20 CONSOLIDATED STATEMENTS Orange Austria subgroup (ex-One) In October 2007, One, which has since been renamed Orange Austria subgroup, underwent a Leveraged Buy Out (LBO). France Telecom’s share of the total cash consideration received was 154 million euros on the transaction date. At the same time, France Telecom and the Mid Europa Partners (MEP) investment fund entered into an investment agreement through which France Telecom invested 108 million euros in Orange Austria subgroup, giving it an interest of 35% in Orange Austria subgroup, compared with its 17.45% stake in One before the LBO. Other than the shares pledged as collateral, France Telecom provided no guarantee for any liability, nor entered into any agreement that would require it to provide fi nancial support to Orange Austria subgroup in any manner whatsoever. France Telecom’s ownership interest in Orange Austria subgroup was 35% at December 31, 2009, 2008 and 2007. The main fi nancial aggregates for Orange Austria subgroup are as follows: (in millions of euros) 2009 2008 2007 (1) Revenues 595 615 164 Net income (32) (82) (73) Total assets 759 878 895 Non-current fi nancial liabilities 1,250 1,264 1,235 Equity (657) (626) (544) France Telecom share in equity (230) (219) (190) (1) 3 months to December 31, 2007. 20 Based on the terms of this transaction, France Telecom deemed that its stake in Orange Austria subgroup is identical to the stake it previously held in One, plus a cash distribution, as Orange Austria subgroup is the same company as One, only more leveraged. Equity recognized on the LBO transaction date amounted to (471) million euros for 100%, representing One’s pre-LBO equity less 774 million euros of distributions paid to One’s historical shareholders (net of the amount reinvested by France Telecom) plus the 200 million euro investment of the new shareholder, MEP. Given negative equity and the absence of commitment, the contribution to the consolidated fi nancial statements is nil. The distribution, net of France Telecom’s reinvestment, was fi rst recorded as a reduction of the carrying amount (10 million euros before the transaction), and the amount of 36 million euros in excess of this value was recognized as a gain. France Telecom will subsequently start to recognize a share of income in Orange Austria subgroup only when France Telecom’s share of Orange Austria subgroup’s cumulative net income equals the gain recognized in the transaction, in accordance with IAS 28. The share of total net income for the Orange Austria subgroup that is not included in the consolidated fi nancial statements of the France Telecom Group amounted to (66) million euros, including (11) million euros for 2009, (29) million euros for 2008 and (26) million euros for 2007. Compagnie Européenne de Téléphonie (CET) France Telecom Group owns 48.5% of CET alongside Compagnie du Téléphone (CDT). In September 2009, the Group acquired 24.99% of CDT, thereby increasing its fi nancial interest in CET to 61.37%. This ownership structure and an analysis of the respective rights of the shareholders indicate that the Group has only signifi cant infl uence over CET. The main fi nancial aggregates for CET are as follows: (in millions of euros) 2009 (1) 2008 Revenues 160 183 Net income (37) (45) Total assets NC 198 Equity (100) (63) France Telecom share in equity (62) (31) (1) The share of CET’s earnings recognized in the consolidated fi nancial statements for the year ended December 31, 2009 was determined based on an estimate of the net income of CET, whose closing date occurs after France Telecom Group reports its fi nancial results. 2009 REGISTRATION DOCUMENT / FRANCE TELECOM 407
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egistration document France Telecom
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2 2009 REGISTRATION DOCUMENT / FRAN
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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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580 2009 REGISTRATION DOCUMENT / FR
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France Telecom Group
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