registration document France Telecom 2009 - Orange.com

financial information concerning the issuer’s assets and liabilities, financial position and profits and losses
20
CONSOLIDATED STATEMENTS
Analysis of net financial debt
(in millions of euros) Note December 31, 2009 December 31, 2008 December 31, 2007
TDIRA 22.3 1,631 2,860 3,354
Bonds, excluding TDIRA 22.4 31,094 29,932 32,169
Bank loans 22.5 1,959 3,670 2,674
Finance lease liabilities (1) 667 1,233 1,525
Securitization debt 807 1,231 1,111
Commercial papers 300 603 100
Bank overdrafts 148 132 189
Other fi nancial liabilities 242 224 104
Financial liabilities at amortized cost,
excluding trade payables 36,848 39,885 41,226
ECMS public tender offer 3 and 31.4 1,082 - -
Other commitments to purchase non-controlling
interest 23 55 78
Amena price guarantee 3 - 810 516
Derivatives (liabilities) 23 1,359 1,195 1,596
Derivatives (assets) 23 (482) (915) (152)
Gross financial debt after derivatives (a) 38,830 41,030 43,264
Deposits related to QTE leases and similar items
(assets available-for-sale) 16 87 90 105
Deposits related to QTE leases and similar items
(loans and receivables) 18 11 14 91
Cash collateral paid 18 758 238 788
Deposits related to securitization 18 73 - -
Other fi nancial assets at fair value, excluding
derivatives 19 7 611 490
Cash equivalents 19 2,911 3,766 2,722
Cash 18 1,038 1,034 1,303
Assets included in the calculation of net
financial debt, excluding derivatives (b) 4,885 5,753 5,499
Effective portion of cash fl ow hedges (c) 23 608 215
Unrealized gain (loss) on net investment hedges (c) (27) (26) -
External net financial debt (a) - (b) + (c) 33,941 35,859 37,980
o/w ECMS public tender offer 3 and 31.4 1,082 - -
External net financial debt, excluding ECMS
public tender offer 32,859 35,859 37,980
20
(1) In 2009, the change in fi nance lease liabilities was due primarily to the buy-back of liabilities related to in-substance defeasance operations of Orange in the UK.
At December 31, 2009, the residual debt, which will not be transferred to the joint venture, amounted to 137 million euros (813 million euros at December 31, 2008, 1,116 million euros
at December 31, 2007).
Debt maturity schedules are presented in Note 28.3, Liquidity risk management .
Analysis of net financial debt by currency
The table below provides an analysis of external net fi nancial debt by currency, after hedging derivatives.
(Equivalent value in millions of euros at year-end closing rate) EUR GBP PLN CHF USD Other Total
Net debt by currency before currency derivatives (1) 20,828 4,883 (106) 861 5,882 1,593 33,941
Effect of derivatives 7,765 (3,293) 1,706 367 (6,100) (445) -
Net financial debt by currency after derivatives 28,593 1,590 1,600 1,228 (218) 1,148 33,941
(1) Including the market value of derivatives in local currency.
2009 REGISTRATION DOCUMENT / FRANCE TELECOM
417