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    ORA   FR0000133308

ORANGE

(ORA)
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Orange : Condensed interim financial statements for the 1st half 2021

07/26/2021 EDT
Income statement
(in millions of euros, except for per share data) Note June 30, 2021 June 30, 2020(1)
Revenue 20,867 20,769
External purchases (8,736) (8,546)
Other operating income 322 271
Other operating expenses 5.1 (295) (448)
Labor expenses (4,421) (4,376)
Operating taxes and levies (1,219) (1,232)
Gains (losses) on disposal of fixed assets, investments and activities 3.1 12 59
Restructuring costs 5.2 (245) (13)
Depreciation and amortization of fixed assets (3,499) (3,549)
Depreciation and amortization of financed assets (41) (22)
Depreciation and amortization of right-of-use assets (731) (652)
Reclassification of translation adjustment from liquidated entities (0) -
Impairment of goodwill 6.1 (3,702) -
Impairment of fixed assets (4) 1
Impairment of right-of-use assets (60) (6)
Share of profits (losses) of associates and joint ventures 1 (6)
Operating income (1,752) 2,250
Cost of gross financial debt excluding financed assets (461) (569)
Interests on debts related to financed assets (1) (1)
Gains (losses) on assets contributing to net financial debt (5) 1
Foreign exchange gain (loss) 57 (115)
Interests on lease liabilities (58) (58)
Other net financial expenses 32 (3)
Finance costs, net 8 (436) (744)
Income taxes 7 (417) (491)
Consolidated net income (2,605) 1,015
Net income attributable to owners of the parent company (2,769) 927
Non-controlling interests 165 88
Earnings per share (in euros) attributable to parent company
Net income
basic (1.09) 0.30
diluted (1.09) 0.29
(1) The first semester 2020 figures have been restated of the IFRS IC decision on lease term (see Note 2.3).
Comprehensive income
(in millions of euros) Note June 30, 2021 June 30, 2020(1)
Consolidated net income (2,605) 1,015
Remeasurements of the net defined benefit liability 69 (16)
Assets at fair value (9) (33)
Income tax relating to items that will not be reclassified (18) (3)
Items that will not be reclassified to profit or loss (a) 43 (51)
Assets at fair value (0) (2)
Cash flow hedges 8.2 193 554
Translation adjustment gains and losses 11.5 102 (184)
Income tax relating to items that are or may be reclassified (55) (177)
Share of other comprehensive income in associates and joint ventures that are or may be reclassified - -
Items that are or may be reclassified subsequently to profit or loss (b) 239 191
Other consolidated comprehensive income (a) + (b) 282 140
Consolidated comprehensive income (2,323) 1,155
Comprehensive income attributable to the owners of the parent company (2,504) 1,100
Comprehensive income attributable to non-controlling interests 181 55
(1) The first semester 2020 figures have been restated of the IFRS IC decision on lease term (see Note 2.3).
Assets
(in millions of euros) Note June 30, 2021 December 31, 2020
Assets
Goodwill 6.2 23,914 27,596
Other intangible assets 14,623 15,135
Property, plant and equipment 29,696 29,075
Right-of-use assets 7,613 7,009
Interests in associates and joint ventures 96 98
Non-current financial assets related to Mobile Financial Services activities 10.1 1,129 1,210
Non-current financial assets 8.1 978 1,516
Non-current derivatives assets 8.1 305 132
Other non-current assets 140 136
Deferred tax assets 739 731
Total non-current assets 79,234 82,639
Inventories 800 814
Trade receivables 4.1 5,461 5,620
Other customer contract assets 1,349 1,236
Current financial assets related to Mobile Financial Services activities 10.1 2,237 2,075
Current financial assets 8.1 2,361 3,259
Current derivatives assets 8.1 154 162
Other current assets 1,595 1,701
Operating taxes and levies receivables 1,039 1,104
Current taxes assets 127 128
Prepaid expenses 928 850
Cash and cash equivalents 8.1 6,791 8,145
Total current assets 22,843 25,094
Assets held for sale 3.2 790 -
Total assets 102,867 107,733
Liabilities
(in millions of euros) Note June 30, 2021 December 31, 2020
Equity and liabilities
Share capital 10,640 10,640
Share premiums and statutory reserve 16,859 16,859
Subordinated notes 11.4 5,497 5,803
Retained earnings (3,095) 1,092
Equity attributable to the owners of the parent company 29,902 34,395
Non-controlling interests 11.6 2,469 2,643
Total equity 11 32,370 37,038
Non-current financial liabilities 8.1 31,182 30,089
Non-current derivatives liabilities 8.1 384 844
Non-current lease liabilities 6,625 5,875
Non-current fixed assets payables 1,457 1,291
Non-current financial liabilities related to Mobile Financial Services activities 10.1 0 0
Non-current employee benefits 1,926 2,202
Non-current dismantling provisions 858 885
Non-current restructuring provisions 59 53
Other non-current liabilities 271 307
Deferred tax liabilities 1,168 855
Total non-current liabilities 43,930 42,401
Current financial liabilities 8.1 3,516 5,170
Current derivatives liabilities 8.1 133 35
Current lease liabilities 1,320 1,496
Current fixed assets payables 2,916 3,349
Trade payables 6,480 6,475
Customer contract liabilities 2,251 1,984
Current financial liabilities related to Mobile Financial Services activities 10.1 3,251 3,128
Current employee benefits 2,289 2,192
Current dismantling provisions 14 16
Current restructuring provisions 222 64
Other current liabilities 1,924 2,267
Operating taxes and levies payables 1,565 1,279
Current taxes payables 328 673
Deferred income 182 165
Total current liabilities 26,391 28,294
Liabilities related to assets held for sale 3.2 175 -
Total equity and liabilities 102,867 107,733
Changes in shareholder's equity
(in millions of euros) Note Attributable to owners of the parent company Attributable to non-controlling interests Total equity
Number of issued shares Share capital Share premiums and statutory reserve Subordinated notes Reserves Other comprehensive income Total Reserves Other comprehensive income Total
Balance as of December 31, 2019 2,660,056,599 10,640 16,859 5,803 (1,075) (502) 31,725 2,452 234 2,687 34,412
Consolidated comprehensive income(1) 2.3 - - - - 927 173 1,100 88 (33) 55 1,155
Share-based compensation - - - - 7 - 7 2 - 2 9
Purchase of treasury shares - - - - 1 - 1 - - - 1
Dividends - - - - (532) - (532) (206) - (206) (738)
Subordinated notes remuneration - - - - (164) - (164) - - - (164)
Changes in ownership interests with no gain/loss of control - - - - (6) - (6) 2 - 2 (4)
Other movements - - - - (27) - (27) 11 - 11 (16)
Balance as of June 30, 2020(1) 2.3 2,660,056,599 10,640 16,859 5,803 (869) (330) 32,104 2,349 201 2,551 34,656
Consolidated comprehensive income - - - - 3,895 (430) 3,465 145 (42) 103 3,568
Share-based compensation - - - - 10 - 10 5 - 5 14
Purchase of treasury shares - - - - 6 - 6 - - - 6
Dividends - - - - (1,064) - (1,064) (19) - (19) (1,082)
Issues and purchases of subordinated notes - - - 0 (12) - (12) - - - (12)
Subordinated notes remuneration - - - - (94) - (94) - - - (94)
Changes in ownership interests with no gain/loss of control - - - - (15) - (15) 17 - 17 2
Other movements - - - - (6) - (6) (13) - (13) (19)
Balance as of December 31, 2020 2,660,056,599 10,640 16,859 5,803 1,852 (759) 34,395 2,484 159 2,643 37,038
Consolidated comprehensive income - - - - (2,769) 265 (2,504) 165 17 181 (2,323)
Share-based compensation - - - - 4 - 4 1 - 1 5
Purchase of treasury shares 11.2 - - - - (3) - (3) - - - (3)
Dividends 11.3 - - - - (1,330) - (1,330) (216) - (216) (1,545)
Issues and purchases of subordinated notes 11.4 - - - (306) (6) - (311) - - - (311)
Subordinated notes remuneration 11.4 - - - - (163) - (163) - - - (163)
Changes in ownership interests with no gain/loss of control 3 - - - - (188) - (188) (142) - (142) (330)
Other movements - - - - 2 - 2 1 - 1 3
Balance as of June 30, 2021 2,660,056,599 10,640 16,859 5,497 (2,601) (494) 29,902 2,292 176 2,469 32,371
(1) The first semester 2020 figures have been restated of the IFRS IC decision on lease term (see Note 2.3).
Changes in components of OCI
(in millions of euros) Attributable to owners of the parent company Attributable to non-controlling interests Total other comprehensive income
Assets at fair value Hedging instruments Translation adjustment Actuarial gains and losses Deferred tax Other compre- hensive income of associates and joint ventures(1) Total Assets at fair value Hedging instruments Translation adjustment Actuarial gains and losses Deferred tax Total
Balance as of December 31, 2019 (28) (117) 78 (611) 216 (40) (502) (2) (6) 251 (10) 1 234 (268)
Variation (34) 551 (149) (15) (179) - 173 (1) 3 (35) (0) (0) (33) 140
Balance as of June 30, 2020 (62) 434 (71) (625) 36 (40) (330) (3) (3) 216 (10) 1 201 (128)
Variation 129 (532) (185) (18) 175 - (430) (0) 1 (45) 3 (0) (42) (472)
Balance as of December 31, 2020 68 (98) (256) (644) 212 (40) (759) (3) (2) 171 (8) 0 159 (600)
Variation(2) (10) 197 82 70 (74) - 265 1 (3) 19 (1) 1 17 282
Balance as of June 30, 2021 58 99 (173) (574) 138 (40) (494) (2) (6) 190 (8) 1 176 (318)
(1) Amounts excluding translation adjustment.
(2) Including a 193 million euros change in hedging instruments, of which 199 million euros relates to Orange SA, notably on USD and GBP hedges (see Note 8.2), and a variation of 102 million euros in translation adjustments relating to several currencies (see Note 11.5).
Cash flow statement
(in millions of euros) Note June 30, 2021 June 30, 2020(1)
Operating activities
Consolidated net income (2,605) 1,015
Non-monetary items and reclassified items for presentation 9,817 6,355
Operating taxes and levies 1,219 1,232
Gains (losses) on disposal of fixed assets, investments and activities 3.1 (12) (59)
Other gains and losses (16) (4)
Depreciation and amortization of fixed assets 3,499 3,549
Depreciation and amortization of financed assets 41 22
Depreciation and amortization of right-of-use assets 731 652
Changes in provisions (275) (288)
Reclassification of cumulative translation adjustment from liquidated entities 0 -
Impairment of goodwill 6 3,702 -
Impairment of fixed assets 4 (1)
Impairment of right-of-use assets 60 6
Share of profits (losses) of associates and joint ventures (1) 6
Operational net foreign exchange and derivatives 7 (4)
Finance costs, net 436 744
Income taxes 7 417 491
Share-based compensation 5 9
Changes in working capital and operating banking activities(2) 276 (1,013)
Decrease (increase) in inventories, gross 9 24
Decrease (increase) in trade receivables, gross 136 (699)
Increase (decrease) in trade payables 22 (248)
Changes in other customer contract assets and liabilities 164 41
Changes in other assets and liabilities (3) (54) (131)
Other net cash out (2,129) (2,021)
Operating taxes and levies paid (985) (871)
Dividends received 7 3
Interest paid and interest rates effects on derivatives, net(4) (651) (625)
Income taxes paid (500) (527)
Net cash provided by operating activities (a) 5,360 4,336
Investing activities
Purchases and sales of property, plant and equipment and intangible assets (4,258) (3,629)
Purchases of property, plant and equipment and intangible assets (5) (4,186) (3,395)
Increase (decrease) in fixed assets payables (227) (441)
Investing donations received in advance 20 7
Sales of property, plant and equipment and intangible assets 135 201
Cash paid for investment securities, net of cash acquired 0 (0)
Investments in associates and joint ventures (2) (2)
Purchases of equity securities measured at fair value (42) (29)
Sales of investment securities, net of cash transferred 0 0
Sales of investment securities at fair value 90 15
Decrease (increase) in securities and other financial assets 954 301
Investments at fair value, excluding cash equivalents 899 436
Others 55 (135)
Net cash used in investing activities (b) (3,258) (3,344)
Financing activities
Medium and long-term debt issuances 8.5 1,526 2,028
Medium and long-term debt redemptions and repayments(6) 8.5 (3,072) (1,575)
Repayments of lease liabilities (882) (644)
Increase (decrease) of bank overdrafts and short-term borrowings 655 (219)
including redemption of subordinated notes reclassified in 2019 as short-term borrowings - (500)
Decrease (increase) of cash collateral deposits 574 132
Exchange rates effects on derivatives, net 50 72
Subordinated notes issuances (purchases) and other related fees 11.4 (311) -
Coupon on subordinated notes 11.4 (163) (186)
Proceeds (purchases) from treasury shares (3) (0)
Capital increase (decrease) - owners of the parent company - -
Capital increase (decrease) - non-controlling interests 3 1
Changes in ownership interests with no gain / loss of control 3.2 (333) (2)
Dividends paid to owners of the parent company 11.3 (1,330) (532)
Dividends paid to non-controlling interests 11.6 (190) (164)
Net cash used in financing activities (c) (3,477) (1,090)
Net change in cash and cash equivalents (a) + (b) + (c) (1,375) (98)
Net change in cash and cash equivalents
Cash and cash equivalents in the opening balance 8,145 6,481
Cash change in cash and cash equivalents (1,375) (98)
Non-cash change in cash and cash equivalents 21 (19)
o/w effect of exchange rates changes and other non-monetary effects 21 (19)
Cash and cash equivalents in the closing balance 6,791 6,364
(1) 2020 figures have been restated of the IFRS IC decision on lease term (see Note 2.3).
(2) Operating banking activities mainly include transactions with customers and credit institutions. They are presented in changes in other assets and liabilities.
(3) Excluding operating tax receivables and payables.
(4) Including interests paid on lease liabilities in the amount of (59) million euros as of June 30, 2021 and (63) million euros as of June 30, 2020.
(5) Investments in financed assets amounting to 23 million euros as of June 30, 2021 and 117 million euros as of June 30, 2020 have no effect on the statement of cash flows at the time of acquisition.
(6) Including proceeds from sale and lease-back transactions for (41) million euros as of June 30, 2021 and (24) million euros as of June 30, 2020.
Segment revenues
(in millions of euros) France Europe Africa & Middle-East Enterprises(1) International Carriers & Shared Services(2) Eliminations telecom activities Total telecom activities Mobile Financial Services Eliminations telecom activities / mobile financial services Orange consolidated financial statements
Spain Other European countries Eliminations Europe Total
June 30, 2021
Revenue 8 950 2,368 2,800 (4) 5,164 3 043 3 840 743 (869) 20,870 - (4) 20 867
Convergent services 2 317 933 404 - 1,337 - - - - 3,654 - - 3 654
Mobile-only services 1 122 450 984 - 1,434 2 329 318 - (14) 5,189 - (0) 5 189
Fixed-only services 1 944(3) 225 296 - 522 318 1 834(4) - (84) 4,533 - (0) 4 533
IT & integration services - 6 152 - 158 13 1,565 - (90) 1,646 - (2) 1 644
Wholesale 2,720 443 486 (4) 926 310 21 522 (594) 3,906 - - 3 906
Equipment sales 523 310 408 - 718 54 101 - (4) 1,392 - (0) 1 391
Other revenue 325 0 69 0 70 18 - 221 (84) 551 - (1) 549
External 8,658 2,350 2,764 - 5,114 2 963 3,639 493 - 20,867 - - 20 867
Inter-operating segments 292 18 36 (4) 50 80 201 250 (869) 4 - (4) -
June 30, 2020
Revenue 9,024 2,503 2,729 (4) 5,229 2 845 3,859 728 (915) 20,771 - (1) 20,769
Convergent services 2,268 1,020 357 - 1,377 - - - - 3,645 - - 3 645
Mobile-only services 1,124 517 1,008 - 1,525 2 164 327 - (18) 5,122 - (0) 5 122
Fixed-only services 1 986(3) 238 308 - 546 270 1 958(4) - (86) 4,673 - (0) 4 673
IT & integration services - 4 143 - 147 11 1 475 - (78) 1,556 - (1) 1 555
Wholesale 2 871 449 506 (4) 952 342 21 530 (654) 4,062 - - 4 062
Equipment sales 458 263 348 - 611 40 77 - (2) 1,184 - (0) 1 184
Other revenue 318 12 58 - 70 19 - 199 (77) 529 - (0) 529
External 8 694 2,486 2,693 - 5,179 2 756 3 667 474 - 20,769 - - 20,769
Inter-operating segments 330 17 37 (4) 50 89 192 255 (915) 1 - (1) -
(1) Including, in 2021, revenue of 2,547 million euros in France, 7 million euros in Spain, 637 million euros in other European countries and 649 million euros in other countries. Including, in 2020, revenue of 2,511 million euros in France, 6 million euros in Spain, 820 million euros in other European countries and 523 million euros in other countries.
(2) Including revenue of 668 million euros in France in 2021 and 660 million euros in 2020.
(3) Including, in 2021, fixed only broadband revenue of 1,415 million euros and fixed only narrowband revenue of 529 million euros. Including, in 2020, fixed only broadband revenue of 1,363 million euros and fixed only narrowband revenue of 623 million euros.
(4) Including, in 2021, revenue of 569 million euros from voice services and revenue of 1,265 million euros from data services. Including, in 2020, revenue of 632 million euros from voice services and revenue of 1,326 million euros from data services.
Segment net income N
(in millions of euros) France Europe Africa & Middle-East Enterprise International Carriers & Shared Services Elimination telecom activities Total telecom activities Mobile Financial Services (1) Eliminations telecom activities / mobile financial services Total Presentation adjustments(2) Orange consolidated financial statements
Spain Other European countries Eliminations Europe Total
Revenue 8,950 2,368 2,800 (4) 5,164 3,043 3,840 743 (869) 20,870 - (4) 20,867 - 20,867
External purchases (3,440) (1,381) (1,563) 4 (2,940) (1,212) (1,943) (992) 1,846 (8,681) (56) 5 (8,733) (4) (8,736)
Other operating income 633 59 78 (0) 137 26 83 1,021 (1,632) 268 56 (2) 322 - 322
Other operating expenses (245) (84) (81) 0 (165) (129) (312) (19) 655 (216) (13) 2 (227) (68) (295)
Labor expenses (1,867) (135) (330) - (465) (265) (1,068) (668) - (4,333) (41) - (4,373) (48) (4,421)
Operating taxes and levies (661) (82) (52) - (134) (295) (46) (52) - (1,187) (1) - (1,188) (31) (1,219)
Gains (losses) on disposal of fixed assets, investments and activities - - - - - - - - - - - - - 12 12
Restructuring costs - - - - - - - - - - - - - (245) (245)
Depreciation and amortization of financed assets (41) - - - - - - - - (41) - - (41) - (41)
Depreciation and amortization of right-of-use assets (142) (127) (97) - (224) (83) (68) (212) - (729) (2) - (731) - (731)
Impairment of right-of-use assets - - - - - - - - - - - - - (60) (60)
Interests on debts related to financed assets(2) (1) - - - - - - - - (1) - - (1) 1 n/a
Interests on lease liabilities(2) (4) (7) (8) - (15) (33) (3) (4) - (57) (0) - (58) 58 n/a
EBITDAaL 3,181 610 749 - 1,359 1,051 484 (182) - 5,893 (56) 1 5,837 (385) n/a
Significant litigations (31) - - - - - - (58) - (89) - - (89) 89 n/a
Specific labour expenses (33) - (0) - (0) - (3) (6) - (42) 0 - (41) 41 n/a
Fixed assets, investments and businesses portfolio review (0) - (4) - (4) 1 1 14 - 12 - - 12 (12) n/a
Restructuring programs costs (3) (145) (3) - (148) (32) (6) (114) - (304) (1) - (305) 305 n/a
Acquisition and integration costs (1) - (5) - (5) - (1) (11) - (17) (3) - (20) 20 n/a
Depreciation and amortization of fixed assets (1,569) (542) (556) - (1,098) (479) (183) (153) - (3,482) (17) - (3,499) - (3,499)
Reclassification of translation adjustment from liquidated entities - - 0 - 0 - (0) - - (0) - - (0) - (0)
Impairment of goodwill - (3,702) - - (3,702) - - - - (3,702) - - (3,702) - (3,702)
Impairment of fixed assets (1) - (2) - (2) 0 0 (2) - (4) - - (4) - (4)
Share of profits (losses) of associates and joint ventures (0) - 0 - 0 5 0 (4) - 1 - - 1 - 1
Elimination of interests on debts related to financed assets(2) 1 - - - - - - - - 1 - - 1 (1) n/a
Elimination of interests on lease liabilities(2) 4 7 8 - 15 33 3 4 - 57 0 - 58 (58) n/a
Operating Income 1,548 (3,773) 189 - (3,584) 579 295 (514) - (1,676) (77) 1 (1,752) 0 (1,752)
Cost of gross financial debt except financed assets (461)
Interests on debts related to financed assets(2) (1)
Gains (losses) on assets contributing to net financial debt (5)
Foreign exchange gain (loss) 57
Interests on lease liabilities(2) (58)
Other net financial expenses 32
Finance costs, net (436)
Income taxes (417)
Consolidated net income (2,605)
(1) Mobile Financial Services's net banking income is recognized in other operating income and amounts to 53 million euros in 2021. The cost of risk is included in other operating expenses and amounts to (14) million euros in 2021.
(2) Presentation adjustments allow the reallocation of the lines of specific items identified in the segment information to the operating revenue and expense lines presented in the consolidated income statement. Interest expenses on liabilities related to financed assets and interests expenses on lease liabilities are included in segment EBITDAaL. They are excluded from segment operating income and included in net finance costs presented in the consolidated income statement.
Segment net income N-1
(in millions of euros) France Europe Africa & Middle-East Enterprise International Carriers & Shared Services Elimination telecom activities Total telecom activities Mobile Financial Services(1) Eliminations telecom activities/ mobile financial services Total Presentation adjustments(2) Orange consolidated financial statements
Spain Other European countries Eliminations Europe Total
Revenue 9,024 2,503 2,729 (4) 5,229 2,845 3,859 728 (915) 20,771 - (1) 20,769 - 20,769
External purchases (3,313) (1,395) (1,520) 4 (2,912) (1,219) (1,977) (970) 1,898 (8,493) (54) 1 (8,546) - (8,546)
Other operating income 641 63 72 (0) 135 24 76 1,006 (1,644) 239 37 (5) 271 - 271
Other operating expenses (288) (103) (85) 0 (188) (104) (328) (17) 661 (265) (15) 6 (274) (174) (448)
Labor expenses (1,900) (141) (315) - (455) (252) (1,035) (662) - (4,305) (38) - (4,342) (33) (4,376)
Operating taxes and levies (735) (63) (53) - (117) (264) (58) (58) - (1,231) (1) - (1,232) - (1,232)
Gains (losses) on disposal of fixed assets, investments and activities 59 59
Restructuring costs (13) (13)
Depreciation and amortization of financed assets (22) - - - - - - - - (22) - - (22) - (22)
Depreciation and amortization of right-of-use assets (102) (131) (89) - (220) (64) (63) (202) - (651) (1) - (652) - (652)
Impairment of right-of-use assets - - - - - - - - - - - - - (6) (6)
Interests on debts related to financed assets(2) (1) - - - - - - - - (1) - - (1) 1 n/a
Interests on lease liabilities(2) (4) (6) (9) - (15) (32) (2) (4) - (58) (0) - (58) 58 n/a
EBITDAaL 3,301 728 729 - 1,457 935 471 (179) - 5,985 (72) 1 5,914 (109) n/a
Significant litigations (167) - - - - - - (2) - (169) - - (169) 169 n/a
Specific labour expenses (26) - 0 - 0 - (2) 1 - (28) (0) - (28) 28 n/a
Fixed assets, investments and businesses portfolio review 23 22 4 - 25 (0) 7 4 - 59 - - 59 (59) n/a
Restructuring programs costs (4) (0) (3) - (3) (2) (3) (6) - (17) (2) - (19) 19 n/a
Acquisition and integration costs - - (2) - (2) - (4) (4) - (10) - - (10) 10 n/a
Depreciation and amortization of fixed assets (1,575) (528) (563) - (1,091) (508) (205) (157) - (3,536) (13) - (3,549) - (3,549)
Reclassification of translation adjustment from liquidated entities - - - - - - - - - - - - - - -
Impairment of goodwill - - - - - - - - - - - - - - -
Impairment of fixed assets (0) 0 1 - 1 (0) (0) 0 - 1 - - 1 - 1
Share of profits (losses) of associates and joint ventures 0 - 0 - 0 (1) 1 (6) - (6) - - (6) - (6)
Elimination of interests on debts related to financed assets(2) 1 - - - - - - - - 1 - - 1 (1) n/a
Elimination of interests on lease liabilities(2) 4 6 9 - 15 32 2 4 - 58 - - 58 (58) n/a
Operating Income 1,557 228 174 - 402 456 267 (345) - 2,337 (87) 1 2,250 (0) 2,250
Cost of gross financial debt except financed assets (569)
Interests on debts related to financed assets(2) (1)
Gains (losses) on assets contributing to net financial debt 1
Foreign exchange gain (loss) (115)
Interests on lease liabilities(2) (58)
Other net financial expenses (3)
Finance costs, net (744)
Income taxes (491)
Consolidated net income 1,015
(1) Mobile Financial Services's net banking income is recognized in other operating income and amounts to 34 million euros in 2020. The cost of risk is included in other operating expenses and amounts to (11) million euros in 2020.
(2) Presentation adjustments allow the reallocation of the lines of specific items identified in the segment information to the operating revenue and expense lines presented in the consolidated income statement. Interests on debts related to financed assets and interests on lease liabilities are included in segment EBITDAaL. They are excluded from segment operating income and included in net finance costs presented in the consolidated income statement.
Segment investments
(in millions of euros) France Europe Africa & Middle-East Enterprise (1) International Carriers & Shared Services (2) Eliminations telecom activities and unallocated items Total telecom activities Mobile Financial Services Eliminations telecom activities/ mobile financial services Orange consolidated financial statements
Spain Other European countries Eliminations Europe Total
June 30, 2021
eCapex 2,171 457 413 - 870 525 157 110 - 3,832 13 - 3,845
Elimination of proceeds from sales of property, plant and equipment and intangible assets 19 - 0 - 0 6 4 19 0 48 - - 48
Telecommunications licenses 207 64 11 - 75 11 - - - 293 - - 293
Financed assets 23 - - - - - - - - 23 - - 23
Total investments (3) 2,420 521 424 - 945 541 161 130 - 4,196 13 - 4,208
June 30, 2020
eCapex 1,635 392 369 - 761 449 174 123 - 3,142 14 - 3,156
Elimination of proceeds from sales of property, plant and equipment and intangible assets 95 75 7 - 82 2 13 6 - 197 - - 197
Telecommunications licenses - 3 30 - 33 9 - - - 42 - - 42
Financed assets 117 - - - - - - - - 117 - - 117
Total investments (4) 1,847 470 405 - 875 460 187 129 - 3,499 14 - 3,513
(1) Including investments in intangible assets and property, plant and equipment in France for 104 million euros in 2021 and 110 million euros in 2020.
(2) Including investments in intangible assets and property, plant and equipment in France for 124 million euros in 2021 and 126 million euros in 2020.
(3) Including 1,244 million euros for other intangible assets and 2,964 million euros for tangible assets.
(4) Including 944 million euros for other intangible assets and 2,569 million euros for tangible assets.
Segment assets
(in millions of euros) France Europe Africa & Middle-East Enterprise International Carriers & Shared Services Eliminations telecom activities and unallocated items Total telecom activities Mobile Financial Services Eliminations telecom activities / mobile financial services Orange consolidated financial statements
Spain Other European countries Eliminations Europe Total
June 30, 2021
Goodwill 14,364 3,170 2,640 - 5,809 1,460 2,232 18 - 23,883 32 - 23,914
Other intangible assets 4,608 1,807 1,737 - 3,544 2,007 639(1) 3 735(2) - 14,533 90 - 14,623
Property, plant and equipment 16,570 3,773 3,829 - 7,602 3,950 474(1) 1 095(2) - 29,691 6 - 29,696
Right-of-use assets 1,847 1,086 1,108 - 2,194 937 450 2,157 - 7,584 29 - 7,613
Interests in associates and joint ventures 12 - 6 - 6 70 2 7 0 96 - - 96
Non-current assets included in the calculation of net financial debt - - - - - - - - 491 491 - - 491
Other 9 17 17 - 34 25 33 20 1,558 1,679 1 148 (3) (27) 2,800
Total non-current assets 37,410 9,853 9,336 - 19,189 8,448 3,829 7,032 2,049 77,957 1,304 (27) 79,234
Inventories 374 55 145 - 200 86 56 84 - 800 0 - 800
Trade receivables 1,759 649 1,023 (1) 1,670 839 1,063 978 (808) 5,502 45 (86) 5,461
Other customer contract assets 350 165 365 - 530 14 456 - - 1,349 - - 1,349
Prepaid expenses 70 418 81 - 499 252 74 45 (26) 915 14 (1) 928
Current assets included in the calculation of net financial debt - - - - - - - - 8,988 8,988 - - 8,988
Other 650 93 80 - 174 1,245 178 454 57 2,757 2 585 (4) (27) 5,316
Total current assets 3,204 1,380 1,694 (1) 3,073 2,436 1,826 1,562 8,211 20,312 2,644 (113) 22,843
Assets held for sale 781 - - - - - - 10 - 790 - - 790
Total assets 41,394 11,233 11,030 (1) 22,262 10,884 5,656 8,604 10,260 99,060 3,948 (141) 102,867
December 31, 2020
Goodwill 14,364 6,872 2,640 - 9,512 1,443 2,225 18 - 27,561 35 - 27,596
Other intangible assets 4,957 1,852 1,795 - 3,647 2,046 640 3,753 - 15,042 93 - 15,135
Property, plant and equipment 16,038 3,750 3,903 - 7,653 3,751 488 1,139 - 29,069 6 - 29,075
Right-of-use assets 1,523 1,129 1,052 - 2,181 921 456 1,898 - 6,979 30 - 7,009
Interests in associates and joint ventures 9 - 5 - 5 70 2 12 0 98 - - 98
Non-current assets included in the calculation of net financial debt - - - - - - - - 774 774 - - 774
Other 9 17 25 - 42 26 31 20 1,633 1,760 1 219 (3) (27) 2,952
Total non-current assets 36,900 13,619 9,421 - 23,040 8,257 3,840 6,840 2,406 81,283 1,383 (27) 82,639
Inventories 361 57 162 - 219 77 57 100 - 814 - - 814
Trade receivables 1,975 645 1,046 (0) 1,691 769 1,081 890 (761) 5,645 30 (55) 5,620
Other customer contract assets 386 154 367 - 521 13 317 - - 1,236 - - 1,236
Prepaid expenses 53 492 51 - 542 131 77 66 (28) 841 9 (1) 850
Current assets included in the calculation of net financial debt - - - - - - - - 11,260 11,260 - - 11,260
Other 803 117 79 - 197 1,196 200 386 155 2,937 2 381 (4) (4) 5,313
Total current assets 3,578 1,465 1,705 (0) 3,170 2,185 1,733 1,442 10,627 22,734 2,421 (61) 25,094
Total assets 40,477 15,085 11,126 (0) 26,210 10,442 5,573 8,282 13,033 104,017 3,804 (88) 107,733
(1) Including intangible and tangible assets for 575 million euros in France in 2021 and 573 million euros in 2020.
(2) Including intangible and tangible assets for 1,664 million euros in France in 2021 and 1,731 million euros in 2020. Intangible assets also include the Orange brand for 3,133 million euros.
(3) Including 1,129 million euros of non-current financial assets related to Mobile Financial Services in 2021 and 1,210 million euros in 2020 (see Note 10.1).
(4) Including 2,244 million euros of current financial assets related to Mobile Financial Services in 2021 (of which 314 million euros related to trade receivables sold by Orange Spain) and 2,077 million euros in 2020 (see Note 10.1).
Segment liabilities
Europe
(in millions of euros) France Africa & Middle-East Enterprise International Carriers & Shared Services Eliminations telecom activities and unallocated items Total telecom activities Mobile Financial Services Eliminations telecom activities / mobile financial services Orange consolidated financial statements
Spain Other European countries Eliminations Europe Total
June 30, 2021
Equity - - - - - - - - 32,657 32,657 (286) - 32,370
Non-current lease liabilities 1,516 963 984 - 1,947 890 353 1,886 - 6,591 34 - 6,625
Non-current fixed assets payables 760 352 191 - 544 153 0 - - 1,457 - - 1,457
Non-current employee benefits 1,000 4 15 - 19 74 225 600 0 1,917 9 - 1,926
Non-current liabilities included in the calculation of net financial debt - - - - - - - - 31,499 31,499 - - 31,499
Other 567 61 275 - 336 71 24 50 1,301 2,350 100 (1) (27) 2,423
Total non-current liabilities 3,843 1,380 1,466 - 2,846 1,188 603 2,535 32,800 43,815 143 (27) 43,930
Current lease liabilities 275 243 155 - 399 100 104 442 - 1,320 - - 1,320
Current fixed assets payables 1,410 498 332 - 829 495 54 128 (1) 2,916 - - 2,916
Trade payables 2,814 827 809 (1) 1,634 1,175 733 886 (808) 6,435 131 (86) 6,480
Customer contracts liabilities 995 148 309 - 456 144 534 148 (26) 2,251 - (1) 2,251
Current employee benefits 1,170 37 107 - 144 91 412 450 - 2,267 22 - 2,289
Deferred income - 98 15 - 113 31 28 9 (0) 182 - - 182
Current liabilities included in the calculation of net financial debt - - - - - - - - 3,655 3,655 - (7) 3,649
Other 902 303 334 - 638 1,552 253 481 (440) 3,386 3 939 (2) (20) 7,305
Total current liabilities 7,566 2,154 2,061 (1) 4,214 3,588 2,120 2,545 2,380 22,413 4,092 (113) 26,391
Liabilities related to assets held for sale 175 - - - - - - (0) - 175 - - 175
Total equity and liabilities 11,584 3,534 3,527 (1) 7,060 4,776 2,723 5,080 67,837 99,059 3,948 (141) 102,867
December 31, 2020
Equity - - - - - - - - 37,251 37,251 (213) - 37,038
Non-current lease liabilities 1,238 977 904 - 1,881 825 346 1,553 - 5,843 31 - 5,875
Non-current fixed assets payables 613 339 186 - 525 153 - - - 1,291 - - 1,291
Non-current employee benefits 1,171 9 15 - 23 72 242 684 0 2,194 8 - 2,202
Non-current liabilities included in the calculation of net financial debt - - - - - - - - 30,858 30,858 - - 30,858
Other 583 65 302 - 367 69 39 44 990 2,092 110 (1) (27) 2,175
Total non-current liabilities 3,606 1,389 1,407 - 2,796 1,119 628 2,282 31,847 42,278 150 (27) 42,401
Current lease liabilities 240 277 186 - 463 141 118 529 - 1,491 5 - 1,496
Current fixed assets payables 1,564 655 413 - 1,068 523 60 135 (1) 3,349 - - 3,349
Trade payables 2,646 987 880 (0) 1,867 1,066 745 848 (761) 6,411 120 (55) 6,475
Customer contracts liabilities 940 103 303 - 405 126 422 119 (27) 1,985 - (1) 1,984
Current employee benefits 1,166 38 101 - 138 72 415 374 (0) 2,166 27 - 2,192
Deferred income 2 114 5 - 119 36 1 6 (0) 165 - - 165
Current liabilities included in the calculation of net financial debt - - - - - - - - 5,207 5,207 - (2) 5,205
Other 670 131 242 - 373 1,435 257 900 80 3,714 3 715 (2) (2) 7,427
Total current liabilities 7,229 2,304 2,129 (0) 4,432 3,398 2,019 2,911 4,498 24,488 3,867 (61) 28,294
Total equity and liabilities 10,835 3,692 3,536 (0) 7,229 4,517 2,647 5,193 73,596 104,017 3,804 (88) 107,733
(1) Including in 2021, 27 million euros of non-current financial liabilities and 27 million euros in 2020.
(2) Including in 2021, 3,252 million euros of current financial liabilities related to Mobile Financial Services activities and 3,128 million euros in 2020 (see Note 10.1).
Cash flow Telco_Bank N
June 30, 2021
(in millions of euros) Telecom activities Mobile Financial Services Eliminations telecom activities / mobile financial services Orange consolidated financial statement
Operating activities
Consolidated net income (2,528) (77) (0) (2,605)
Non-monetary items and reclassified items for presentation 9,795 22 1 9,817
Changes in working capital and operating banking activities
Decrease (increase) in inventories, gross 9 (0) - 9
Decrease (increase) in trade receivables, gross 118 (13) 30 136
Increase (decrease) in trade payables 41 11 (30) 22
Changes in other customer contract assets and liabilities 163 - 0 164
Changes in other assets and liabilities 50 (103) - (54)
Other net cash out
Operating taxes and levies paid (983) (2) - (985)
Dividends received 7 - - 7
Interest paid and interest rates effects on derivatives, net (649)(1) (2) (1) (651)
Income taxes paid (500) (0) - (500)
Net cash provided by operating activities (a) 5 523(2) (164) - 5,360
Investing activities
Purchases (sales) of property, plant and equipment and intangible assets(3) (4,245) (13) - (4,258)
Purchases of property, plant and equipment and intangible assets (4,173) (13) - (4,186)
Increase (decrease) in fixed assets payables (227) - - (227)
Investing donations received in advance 20 - - 20
Sales of property, plant and equipment and intangible assets 135 - - 135
Cash paid for investment securities, net of cash acquired 0 (0) (0) 0
Investments in associates and joint ventures (2) - - (2)
Purchases of equity securities measured at fair value (41) (1) - (42)
Sales of investment securities, net of cash transferred 0 - - 0
Sales of investment securities at fair value 90 (0) 0 90
Decrease (increase) in securities and other financial assets 881 68 5 954
Net cash used in investing activities (b) (3,317) 54 5 (3,258)
Financing activities
Cash flows from financing activities
Medium and long-term debt issuances 1,526 - - 1,526
Medium and long-term debt redemptions and repayments (3 072)(4) - - (3,072)
Increase (decrease) of bank overdrafts and short-term borrowings 626 34 (5) 655
Decrease (increase) of cash collateral deposits 568 7 - 574
Exchange rates effects on derivatives, net 50 - - 50
Other cash flows
Repayments of lease liabilities (880) (2) - (882)
Subordinated notes issuances (purchases) and other related fees (311) - - (311)
Coupon on subordinated notes (163) - - (163)
Other proceeds (purchases) from treasury shares (3) - - (3)
Capital increase (decrease) - non-controlling interests 0 3 - 3
Capital increase (decrease) - telecom activities / mobile financial services(5) (81) 81 - -
Changes in ownership interests with no gain / loss of control (333) - - (333)
Dividends paid to owners of the parent company (1,330) - - (1,330)
Dividends paid to non-controlling interests (190) - - (190)
Net cash used in financing activities (c) (3,594) 122 (5) (3,477)
Cash and cash equivalents in the opening balance 7,891 254 - 8,145
Cash change in cash and cash equivalents (a) + (b) + (c) (1,386) 12 - (1,375)
Effect of exchange rates changes on cash and cash equivalents and other non-monetary effects 19 2 - 21
Cash and cash equivalents in the closing balance 6,523 268 - 6,791
(1) Including (59) million euros of interests paid on lease liabilities.
(2) Including significant litigations paid and received for (354) million euros as of June 30, 2021.
(3) Including telecommunication licenses paid for (129) million euros as of June 30, 2021.
(4) Including repayments of debts relating to financed assets for (41) million euros as of June 30, 2021.
(5) Including 70 million euros of Orange Bank share capital invested by Orange.
Cash flow Telco_Bank N-1
June 30, 2020
(in millions of euros) Telecom activities Mobile Financial Services Eliminations telecom activities / mobile financial services Orange consolidated financial statement
Operating activities
Consolidated net income 1,103 (87) - 1,015
Non-monetary items and reclassified items for presentation 6,321 33 1 6,355
Changes in working capital and operating banking activities
Decrease (increase) in inventories, gross 24 - - 24
Decrease (increase) in trade receivables, gross (704) (4) 9 (699)
Increase (decrease) in trade payables (267) 28 (9) (248)
Changes in other customer contract assets and liabilities 41 - - 41
Changes in other assets and liabilities (111) (20) 0 (131)
Other net cash out
Operating taxes and levies paid (873) 2 - (871)
Dividends received 3 - - 3
Interest paid and interest rates effects on derivatives, net (625)(1) 1 (1) (625)
Income taxes paid (527) (0) - (527)
Net cash provided by operating activities (a) 4 385(2) (49) - 4,336
Investing activities
Purchases (sales) of property, plant and equipment and intangible assets(3) (3,615) (14) - (3,629)
Purchases of property, plant and equipment and intangible assets (3,382) (14) - (3,395)
Increase (decrease) in fixed assets payables (441) - (441)
Investing donations received in advance 7 - - 7
Sales of property, plant and equipment and intangible assets 201 - - 201
Cash paid for investment securities, net of cash acquired (0) - - (0)
Investments in associates and joint ventures (2) - - (2)
Purchases of equity securities measured at fair value (29) - - (29)
Sales of investment securities, net of cash transferred 0 - - 0
Sales of investment securities at faire value 15 - - 15
Decrease (increase) in securities and other financial assets 351 (49) (0) 301
Net cash used in investing activities (b) (3,280) (63) (0) (3,344)
Financing activities
Cash flows from financing activities
Medium and long-term debt issuances 2,028 - - 2,028
Medium and long-term debt redemptions and repayments (1 575)(4) - - (1,575)
Increase (decrease) of bank overdrafts and short-term borrowings (211) (8) 0 (219)
Decrease (increase) of cash collateral deposits 133 (1) - 132
Exchange rates effects on derivatives, net 72 - - 72
Other cash flows
Repayments of lease liabilities (642) (2) - (644)
Subordinated notes issuances (purchases) and other related fees - - - -
Coupon on subordinated notes (186) - - (186)
Other proceeds (purchases) from treasury shares (0) - - (0)
Capital increase (decrease) - non-controlling interests 1 - - 1
Capital increase (decrease) - telecom activities / mobile financial services(5) (89) 89 - -
Changes in ownership interests with no gain / loss of control (2) - - (2)
Dividends paid to owners of the parent company (532) - - (532)
Dividends paid to non-controlling interests (164) - - (164)
Net cash used in financing activities (c) (1,168) 78 0 (1,090)
Cash and cash equivalents in the opening balance 6,112 369 - 6,481
Cash change in cash and cash equivalents (a) + (b) + (c) (62) (35) - (98)
Effect of exchange rates changes on cash and cash equivalents and other non-monetary effects (19) - - (19)
Cash and cash equivalents in the closing balance 6,031 333 - 6,364
(1) Including (63) million euros of interests paid on lease liabilities.
(2) Including significant litigations paid and received for (18) million euros as of June 30, 2020.
(3) Including telecommunication licenses paid for (134) million euros as of June 30, 2020.
(4) Including repayments of debts relating to financed assets for (24) million euros as of June 30, 2020.
(5) Including 89 million euros of Orange Bank share capital invested by Orange.
Organic cash flow
June 30, 2021 June 30, 2020(1)
Net cash provided by operating activities (telecom activities) 5,523 4,385
Purchases (sales) of property, plant and equipment and intangible assets (4,245) (3,615)
Repayments of lease liabilities (880) (642)
Repayments of debts relating to financed assets (41) (24)
Elimination of telecommunication licenses paid 129 134
Elimination of significant litigation paid (and received) 354 18
Organic cash flow from telecom activities 840 255
(1) The first semester 2020 figures have been restated of the IFRS IC decision on lease term (see Note 2.3).

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Orange SA published this content on 26 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2021 08:26:07 UTC.


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Net income 2021 2 631 M 3 077 M 3 077 M
Net Debt 2021 27 572 M 32 246 M 32 246 M
P/E ratio 2021 9,60x
Yield 2021 7,55%
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Nbr of Employees 138 626
Free-Float 80,4%
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Technical analysis trends ORANGE
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Mean consensus OUTPERFORM
Number of Analysts 27
Last Close Price 9,43 €
Average target price 12,31 €
Spread / Average Target 30,5%
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Managers and Directors
StÚphane Richard Chairman & Chief Executive Officer
Ramˇn Fernßndez Executive Director-Finance & Operations
MichaŰl Trabbia Chief Technology & Innovation Officer
Helle Kristoffersen Independent Director
Jean-Michel SÚvÚrino Independent Director
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