registration document France Telecom 2009 - Orange.com

financial information concerning the issuer’s assets and liabilities, financial position and profits and losses
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NOTES TO THE ANNUAL FINANCIAL STATEMENTS OF FRANCE TELECOM S.A.
5.2 Financial Assets
(in millions of euros)
Note
Opening
balance
Changes
in scope and
reclassifications Increases Decreases
Closing
balance
COST
Equity interests 5.2.1 126,693 1,426 1,475 (39,171) 90,423
Notes issued by securitization vehicles 5.2.2 1,237 372 (1,237) 372
Cash collateral paid 5.2.3 238 520 758
Receivables related to equity interests 5.2.1 1,957 (1,422) 172 (445) 262
Other fi nancial assets 5.2.4 2,370 (7) 126 (1,343) 1,146
Total financial assets at cost 132,495 (3) 2,665 (42,196) 92,961
PROVISIONS FOR IMPAIRMENT
Equity interests (29,255) (5,963) 15,422 (19,796)
Notes issued by securitization vehicles (108) 88 (20)
Receivables related to equity interests (109) 107 (2)
Other fi nancial assets (59) (59)
Provisions (29,472) 29 (5,963) 15,529 (19,877)
TOTAL FINANCIAL ASSETS, NET 103,023 26 (3,298) (26,667) 73,084
5.2.1 Equity interests and related receivables
Gross value
The main changes under the heading of Equity Interests were:
■ the sale of shares in Atlas Services Belgium (ASB) for a gross
amount of 38,552 million euros;
■ changes in the scope of consolidation mainly comprise the
transfer of a receivable (net of provisions) due from Orange
Brand Services Ltd (OBSL) to Orange Sverige, remunerated
by a capital increase in Orange Sverige shares for an amount
of 1,429 million euros.
These transactions are described in Key events of 2009 (see
Note 3).
Provisions for impairment
Changes in general economic and fi nancial conditions,
the varying degrees of ability amongst companies in the
telecommunications market to withstand the deterioration of
local economic conditions, changes in the market capitalizations
of telecommunications operators and the levels of fi nancial
performance relative to market expectations all constitute
external indicators of impairment which, together with internal
performance, are analyzed by France Telecom S.A. to determine
whether or not it is necessary to carry out impairment tests at a
frequency of less than one year.
The main changes in provisions for impairment in 2009 are set
out in the table of fi nancial income and expense (see Note 4.8).
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2009 REGISTRATION DOCUMENT / FRANCE TELECOM
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