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 23.1 Cash flow hedges To hedge the exposure of some of their fi nancial cash fl ows, the subsidiaries of the France Telecom Group have set up risk hedging policies. ENTITY Functional currency Hedged nominal amount (in millions of currency units) Currency of hedged item Maturity date of hedged item Hedging instrument Hedged risk France Telecom S.A. EUR 250 CAD June 23, 2011 Cross-currency interest rate swaps Currency and interest rate TP Group PLN 130 EUR July 5, 2011 Cross-currency swaps Currency TP Group PLN 31 EUR June 15, 2012 Cross-currency swaps Currency TP Group PLN 130 PLN June 15, 2012 Interest rate swaps Interest rate TP Group PLN 303 EUR May 22, 2014 France Telecom S.A. EUR 250 USD July 8, 2014 France Telecom S.A. EUR 400 CHF December 4, 2014 France Telecom S.A. EUR 200 CAD June 23, 2016 Cross-currency interest rate swaps and interest rate swaps Cross-currency interest rate swaps Cross-currency interest rate swaps Cross-currency interest rate swaps Currency and interest rate Currency and interest rate Currency and interest rate Currency and interest rate France Telecom S.A. EUR 350 EUR July 25, 2018 Interest rate swaps Interest rate (HICP infl ation index) France Telecom S.A. EUR 250 USD July 8, 2019 Cross-currency interest rate swaps Currency and interest rate FT ImmoH EUR 95 EUR June 29, 2020 Interest rate swaps Interest rate France Telecom S.A. EUR 500 GBP November 20, 2028 France Telecom S.A. EUR 1,390 USD March 1, 2031 Cross-currency interest rate swaps Cross-currency interest rate swaps and forward purchases of US dollars Currency and interest rate Currency and interest rate For each hedging relationship, the hedged item has an impact on the income statement: ■ each year on interest payment dates; To hedge the exposure of some of their operating cash fl ows (purchase or sale) in foreign currencies, the subsidiaries of the France Telecom Group have set up risk hedging policies. The main hedges are shown in the table below. ■ each year on recognition of unrealized foreign exchange gains or losses upon revaluation of the nominal amount up to the maturity date of the hedged item. ENTITY Functional currency Hedged nominal amount (in millions of currency units) Currency of hedged item Maturity date of hedged item Hedging instrument Hedged risk Orange Romania EUR 103 RON 2010 Forward sales Operating income in Romanian leu Orange in Switzerland CHF 70 EUR 2010 Forward purchases Purchases in euros France Telecom S.A. EUR 24 USD 2010 Forward purchases Purchases in US dollars TP Group PLN 66 EUR 2010 Forward purchases Purchases in euros TP Group PLN 10 USD 2010 Forward purchases Purchases in US dollars TP Group PLN 44 EUR 2014 Cross-currency swaps Payment for UMTS license in euros For each hedging relationship, the hedged item will have an impact on the income statement in 2010. 424 2009 REGISTRATION DOCUMENT / FRANCE TELECOM
financial information concerning the issuer’s assets and liabilities, financial position and profits and losses 20 CONSOLIDATED STATEMENTS The change in the cash fl ow hedge reserve is analyzed as follows: (in millions of euros) 2009 2008 2007 Gain (loss) recognized in other comprehensive income during the period (1) (165) 381 301 Reclassifi cation adjustment in net income for the period (15) 24 22 Reclassifi cation adjustment in initial carrying amount of hedged item 7 - (4) Effectiveness recycled to operating income 1 (2) - Effectiveness recycled to fi nancial income 14 (22) (22) Ineffectiveness (fi nance costs, net) (3) (3) 0 (1) Mainly includes interest rate impact on cross-currency interest rate swaps (see Note 23.4, Hedging instruments reserves). Furthermore, the foreign exchange impact of derivatives used to hedge foreign-currency denominated bond issues generated an unrealized foreign exchange gain of 199 million euros which is recognized directly in the income statement, thereby offsetting exposure arising from the revaluation of these bonds at the closing exchange rate in the statement of fi nancial position. 23.2 Fair value hedges The main purpose of the France Telecom Group’s fair value hedges is to switch its fi xed-rate debt into variable rate debt and, for certain hedges, to convert foreign currency issues into euro issues. ENTITY Functional currency Hedged nominal amount (in millions of currency units) Currency of hedged item Maturity date of hedged item Hedging instrument Hedged risk 20 France Telecom S.A. EUR 1,500 USD March 1, 2011 France Telecom S.A. EUR 15,000 JPY May 10, 2011 Cross-currency interest rate swaps Cross-currency interest rate swaps Currency and interest rate Currency and interest rate TP Group PLN 10 EUR July 5, 2011 Cross-currency swaps Currency France Telecom S.A. EUR 400 CHF April 11, 2012 Interest rate swaps Interest rate France Telecom S.A. EUR 250 GBP May 24, 2012 Interest rate swaps Interest rate TP Group PLN 180 EUR May 22, 2014 France Telecom S.A. EUR 1,000 USD July 8, 2014 Cross-currency interest rate swaps and interest rate swaps Cross-currency interest rate swaps Cross-currency interest rate swaps and interest rate swaps Currency and interest rate Currency and interest rate Currency France Telecom S.A. EUR 750 GBP May 12, 2016 and interest rate France Telecom S.A. EUR 300 EUR May 22, 2018 Interest rate swaps Interest rate France Telecom S.A. EUR 115 EUR July 25, 2018 Interest rate swaps Cross-currency interest rate France Telecom S.A. EUR 1,000 USD July 8, 2019 swaps France Telecom S.A. EUR 350 GBP December 5, 2025 Interest rate swaps France Telecom S.A. EUR 500 GBP January 23, 2034 Interest rate swaps Interest rate (HICP infl ation index) Currency and interest rate Interest rate, partial maturity hedge until December 5, 2010 Interest rate, partial maturity hedge until January 23, 2011 2009 REGISTRATION DOCUMENT / FRANCE TELECOM 425
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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 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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580 2009 REGISTRATION DOCUMENT / FR
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France Telecom Group
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