Detailed preview for H1 21 results

2 3 4 9 10 11 12 13 14 15 16 33 34 35 36 37 38 39 40 41 42 41 42
in m€ 2Q21 1H21 2021 2022 2023 2024 2025
var 21 / 20 var 21 / 20 var 21 / 20
# Estimates: 17 2Q21 2Q20 CB * 2Q20 A 1H21 1H20 CB * 1H20 A FY21 FY20 CB * FY20 A FY22e var 22/21 FY23e var 23/22 FY24e var 24/23 FY25e var 25/24
CB CB CB

1. Profit & Loss Account

Revenues Total Group 10,360 10,288 10,375 +0.7% 20,675 20,553 20,769 +0.6% 42,285 41,936 42,270 +0.8% 42,682 +0.9% 43,028 +0.8% 43,115 +0.2% 43,107 -0.0%
France 4,554 4,577 4,593 -0.5% 8,958 8,992 9,024 -0.4% 18,353 18,395 18,461 -0.2% 18,370 +0.1% 18,360 -0.1% 18,277 -0.4% 18,074 -1.1%
Europe 2,514 2,535 2,544 -0.8% 5,096 5,181 5,229 -1.6% 10,449 10,541 10,580 -0.9% 10,560 +1.1% 10,642 +0.8% 10,709 +0.6% 10,712 +0.0%
Spain 1,158 1,213 1,216 -4.5% 2,346 2,495 2,503 -6.0% 4,758 4,951 4,951 -3.9% 4,755 -0.1% 4,783 +0.6% 4,757 -0.5% 4,777 +0.4%
Poland 640 624 627 +2.5% 1,282 1,241 1,276 +3.3% 2,599 2,557 2,590 +1.6% 2,621 +0.8% 2,649 +1.1% 2,678 +1.1% 2,665 -0.5%
Belgium & Luxembourg 315 303 303 +3.9% 645 637 637 +1.3% 1,353 1,315 1,315 +2.9% 1,387 +2.5% 1,410 +1.7% 1,447 +2.6% 1,461 +1.0%
Central Europe 407 399 402 +2.0% 834 817 823 +2.0% 1,763 1,740 1,746 +1.4% 1,769 +0.3% 1,791 +1.2% 1,817 +1.5% 1,827 +0.6%
Eliminations intra-european (5) (4) (4) - (10) (10) (10) - (22) (22) (22) - (22) - (22) - (22) - (22) -
Africa & Middle East 1,471 1,359 1,401 +8.2% 2,959 2,748 2,845 +7.7% 6,098 5,685 5,834 +7.3% 6,376 +4.6% 6,683 +4.8% 6,945 +3.9% 7,173 +3.3%
Enterprise 1,921 1,889 1,925 +1.7% 3,828 3,789 3,859 +1.0% 7,776 7,659 7,807 +1.5% 7,829 +0.7% 7,831 +0.0% 7,884 +0.7% 7,943 +0.8%
International carriers & Shared services 355 355 355 -0.1% 719 729 728 -1.3% 1,430 1,453 1,450 -1.6% 1,413 -1.2% 1,408 -0.3% 1,413 +0.3% 1,393 -1.4%
Eliminations (445) (426) (441) - (875) (883) (915) - (1,861) (1,791) (1,855) - (1,879) - (1,884) - (1,878) - (1,872) -
0 0
EBITDAaL* - Total Group 3,259 3,286 3,312 -0.8% 5,824 5,859 5,914 -0.6% 12,596 12,607 12,680 -0.1% 12,924 +2.6% 13,140 +1.7% 13,330 +1.4% 13,517 +1.4%
EBITDAaL* - Telecom activities 3,293 3,326 3,350 -1.0% 5,886 5,933 5,985 -0.8% 12,715 12,771 12,839 -0.4% 12,993 +2.2% 13,159 +1.3% 13,272 +0.9% 13,455 +1.4%
France 3,207 3,252 3,301 -1.4% 7,001 7,070 7,163 -1.0% 7,089 +1.3% 7,157 +1.0% 7,112 -0.6% 7,126 +0.2%
Europe 1,367 1,444 1,457 -5.3% 2,823 2,918 2,932 -3.2% 2,884 +2.2% 2,946 +2.1% 3,014 +2.3% 3,042 +0.9%
Spain 631 728 728 -13.4% 1,292 1,433 1,433 -9.8% 1,307 +1.2% 1,340 +2.6% 1,360 +1.5% 1,361 +0.1%
Poland 320 310 319 +3.3% 636 623 632 +2.1% 647 +1.6% 657 +1.7% 670 +2.0% 677 +1.0%
Belgium & Luxembourg 152 148 148 +2.5% 331 323 323 +2.3% 344 +3.9% 354 +3.0% 365 +2.9% 373 +2.4%
Central Europe 262 257 261 +2.1% 552 538 544 +2.6% 560 +1.4% 566 +1.0% 567 +0.2% 572 +0.9%
Africa & Middle East 988 898 935 +10.0% 2,097 1,910 1,964 +9.8% 2,227 +6.2% 2,349 +5.5% 2,482 +5.6% 2,568 +3.5%
Enterprise 473 486 471 -2.8% 1,023 1,056 1,023 -3.1% 1,022 -0.1% 1,026 +0.3% 1,021 -0.5% 1,025 +0.5%
International carriers & Shared services (140) (148) (179) - (234) (183) (244) - (224) - (212) - (221) - (228) -
EBITDAaL - Orange Bank (61) (75) (72) - (125) (165) (160) - (75) - (50) - (25) - 20 -

EBITDAaL margin - Telecom activities 31.8% 32.3% 32.3% -0.5pt 28.5% 28.9% 28.8% -0.4pt 30.1% 30.4% 30.4% -0.4pt 30.4% +0.4pt 30.6% +0.1pt 30.8% +0.2pt 31.2% +0.4pt
France 35.8% 36.2% 36.6% -0.4pt 38.1% 38.4% 38.8% -0.3pt 38.6% +0.4pt 39.0% +0.4pt 38.9% -0.1pt 39.4% +0.5pt
Europe 26.8% 27.9% 27.9% -1.0pt 27.0% 27.7% 27.7% -0.7pt 27.3% +0.3pt 27.7% +0.4pt 28.1% +0.5pt 28.4% +0.3pt
Spain 26.9% 29.2% 29.1% -2.3pt 27.1% 28.9% 28.9% -1.8pt 27.5% +0.3pt 28.0% +0.5pt 28.6% +0.6pt 28.5% -0.1pt
Poland 25.0% 25.0% 25.0% -0.0pt 24.5% 24.4% 24.4% +0.1pt 24.7% +0.2pt 24.8% +0.1pt 25.0% +0.2pt 25.4% +0.4pt
Belgium & Luxembourg 23.6% 23.3% 23.3% +0.3pt 24.5% 24.6% 24.6% -0.1pt 24.8% +0.3pt 25.1% +0.3pt 25.2% +0.1pt 25.6% +0.4pt
Central Europe 31.5% 31.4% 31.7% +0.0pt 31.3% 30.9% 31.2% +0.4pt 31.7% +0.3pt 31.6% -0.1pt 31.2% -0.4pt 31.3% +0.1pt
Africa & Middle East 33.4% 32.7% 32.9% +0.7pt 34.4% 33.6% 33.7% +0.8pt 34.9% +0.5pt 35.2% +0.2pt 35.7% +0.6pt 35.8% +0.1pt
Entreprise 12.3% 12.8% 12.2% -0.5pt 13.2% 13.8% 13.1% -0.6pt 13.1% -0.1pt 13.1% +0.0pt 12.9% -0.2pt 12.9% -0.0pt
International carriers & Shared services -19.5% -20.2% -24.6% +0.7pt -16.4% -12.6% -16.9% -3.8pt -15.9% +0.5pt -15.1% +0.8pt -15.6% -0.5pt -16.4% -0.8pt

2. Operating cash-flow - - - -
eCAPEX - Total Group 1,855 1,565 1,576 +18.5% 3,615 3,131 3,156 +15.5% 7,630 7,092 7,132 +7.6% 7,297 -4.4% 6,813 -6.6% 6,594 -3.2% 6,531 -0.9%
eCAPEX - Telecom activities 1,844 1,556 1,567 +18.5% 3,598 3,115 3,142 +15.5% 7,600 7,059 7,102 +7.7% 7,271 -4.3% 6,785 -6.7% 6,582 -3.0% 6,499 -1.3%
France 1,971 1,647 1,635 +19.7% 4,125 3,788 3,748 +8.9% 3,845 -6.8% 3,468 -9.8% 3,215 -7.3% 3,129 -2.7%
Europe 870 755 761 +15.2% 1,879 1,841 1,847 +2.1% 1,829 -2.7% 1,726 -5.6% 1,670 -3.3% 1,685 +0.9%
Spain nc nc nc 443 392 392 nc
+12.9% 954 969 969 -1.5% 899 -5.8% 823 -8.5% 799 -2.9% 803 +0.6%
Poland 198 181 nc
186 nc
+9.7% 405 400 nc
405 +1.2% 398 -1.7% 397 -0.2% 399 +0.3% 397 -0.3%
Belgium & Luxembourg 90 65 65 +38.7% 203 178 178 +14.1% 207 +2.3% 197 -5.2% 190 -3.4% 195 +2.6%
Central Europe 125 117 118 +6.5% 295 294 295 +0.4% 288 -2.5% 282 -2.1% 278 -1.4% 277 -0.4%
Africa & Middle East 467 434 449 +7.7% 1,061 1,008 1,036 +5.3% 1,077 +1.5% 1,100 +2.1% 1,139 +3.6% 1,140 +0.1%
Enterprise 180 170 174 +5.8% 389 332 339 +17.0% 383 -1.6% 380 -0.7% 378 -0.6% 393 +4.1%
International carriers & Shared services 117 110 123 +7.2% 141 91 133 +55.8% 138 -2.1% 139 +0.9% 143 +2.4% 150 +5.2%
eCapex Telecom activities in % of revenues 17.8% 15.1% 15.1% +2.7pt 17.4% 15.2% 15.1% +2.2pt 18.0% 16.8% 16.8% +1.1pt 17.0% -0.9pt 15.8% -1.3pt 15.3% -0.5pt 15.1% -0.2pt

EBITDAaL - eCapex (Total Group) 1,404 1,721 1,737 -18.4% 2,209 2,727 2,758 -19.0% 4,966 5,515 5,548 -10.0% 5,627 +13.3% 6,328 +12.5% 6,736 +6.5% 6,986 +3.7%
EBITDAaL - eCapex (Telecom activities) 1,449 1,770 1,782 -18.1% 2,288 2,817 2,843 -18.8% 5,115 5,711 nc
5,736 -10.4% 5,721 +11.9% 6,374 +11.4% 6,690 +5.0% 6,956 +4.0%

3. Cash-flow statement (Telecom activities) - -

EBITDAaL - eCapex (Telecom activities) 2,288 2,843 5,115 5,736 5,721 606 6,374 653 6,690 316 6,956 266
Change in eCAPEX payables (200) (340) 45 307 13 (34) (33) (46) (20) 12 (20) (1)
Change in working capital requirement (300) (1,017) (100) (500) (70) 29 (56) 13 (60) (5) (60) (1)
Net interest paid (excluding interests paid on lease liabilities) (536) (559) (1,074) nc(1,127) (1,053) 20 (1,056) (4) (1,037) 18 (1,014) 22
Income paid tax (516) (527) (1,026) nc(1,085) (1,125) (100) (1,167) (43) (1,301) (135) (1,318) (18)
Other operational items. It excludes litigations since FY 2019. (150) (146) (696) (838) (655) 41 (532) 122 (369) 162 (318) 51
Organic cash flow (Telecom activities) 760 255 2,267 2,494 2,954 685 3,560 606 3,800 239 4,077 276
Telecommunication licenses paid (150) (134) (547) (351) (379) 167 (399) (21) (395) 3 (395) (1)
(Significant) litigations paid (and cashed) (34) (18) (200) 2,217 (314) (115) (295) 18 (296) (2) (297) (2)
Net of acquisitions and disposals (323) (18) (356) (89) - 355 - - - - - -
Subordinated notes issuances & coupons (163) (186) (292) (292) (292) (1) (292) (1) (286) 5 (286) (1)
Dividends to Orange shareholders (1,062) (532) (2,218) (1,595) (1,862) 355 (1,896) (35) (1,929) (34) (2,073) (146)
Minority shareholders remuneration in group subsidiaries (164) (164) (230) (225) (234) (5) (237) (4) (234) 2 (240) (7)
Other financial items (86) (157) (150) (183) (128) 22 (96) 31 (150) (56) (150) (1)
Net financial debt 24,664 26,420 24,832 23,489 24,855 22 23,872 (984) 22,917 (956) 21,906 (1,012)

4. Data per Share - - - -

Number of shares (in millions) 2,660 2,660 2,660 2,660 2,661 2,661
Dividend per share for fiscal year 0.45 0.70 0.72 0.74 0.74 0.79

*comparable basis: unaudited figures, subject to adjustments.

 GROUP - comparable basis

revenues (1) EBITDAaL (1) eCAPEX (1) B/S (2)

in M€ Currency
egyptian egyptian egyptian egyptian
Total euros zloty pound other Total euros zloty pound other Total euros zloty pound other zloty pound

1Q20
actual per currency EUR 10,394 7,874 640 220 1,660 2,601 1,954 158 72 417 1,580 1,266 79 30 204
euro exchange rate applied in 1Q20 1.00 4.32 17.37 1.00 4.32 17.37 1.00 4.32 17.37 4.55 17.34
euro exchange rate applied in 1Q21 1.00 4.54 18.92 1.00 4.54 18.92 1.00 4.54 18.92 4.65 18.46
forex impact EUR (122) (31) (18) (73) (29) (7) (6) (16) (14) (4) (2) (8)
perimeter impact (3) EUR (6) (6) (0) 0 (4) 0 4 0 (0)
1Q20 comparable basis EUR 10,265 7,868 609 202 1,587 2,573 1,950 151 67 405 1,566 1,266 76 28 196

2Q20
actual per currency EUR 10,375 7,874 620 211 1,670 3,312 2,626 162 73 451 1,576 1,181 106 37 251
euro exchange rate applied in 2Q20 1.00 4.51 17.52 1.00 4.51 17.52 1.00 4.51 17.52 4.46 18.15
euro exchange rate applied in 2Q21 1.00 4.46 19.68 1.00 4.46 19.68 1.00 4.46 19.68 4.50 19.30
forex impact EUR (76) (3) (15) (57) (25) (2) (5) (18) (10) (1) (3) (6)
perimeter impact (3) EUR (12) (3) (9) (1) (5) (0) 3 0 (0)
2Q20 comparable basis EUR 10,288 7,871 617 196 1,604 3,286 2,622 160 67 437 1,565 1,181 105 35 245

1H20
actual per currency EUR 20,769 15,748 1,260 432 3,330 5,914 4,580 320 145 868 3,156 2,447 186 67 456
euro exchange rate applied in 1H20 1.00 4.41 17.44 1.00 4.41 17.44 1.00 4.41 17.44 4.46 18.15
euro exchange rate applied in 1H21 1.00 4.50 19.30 1.00 4.50 19.30 1.00 4.50 19.30 4.50 19.30
forex impact EUR (198) (34) (33) (130) (54) (9) (11) (34) (25) (5) (5) (14)
perimeter impact (3) EUR (18) (9) (9) (1) (8) 7 0 (0)
1H20 comparable basis EUR 20,553 15,738 1,225 398 3,191 5,859 4,572 311 134 842 3,131 2,447 181 62 441

3Q20
actual per currency EUR 10,584 8,047 620 222 1,695 3,584 2,879 167 83 455 1,730 1,366 87 41 235
euro exchange rate applied in 3Q20 1.00 4.44 18.60 1.00 4.44 18.60 1.00 4.44 18.60 4.55 18.48
euro exchange rate applied in 3Q21 1.00 4.50 19.30 1.00 4.50 19.30 1.00 4.50 19.30 4.50 19.30
forex impact EUR (77) 2 (16) (63) (12) 1 (6) (6) (10) 0 (3) (8)
perimeter impact (3) EUR (7) (8) 1 0 (4) 4 (0) 0
3Q20 comparable basis EUR 10,500 8,039 622 206 1,633 3,573 2,875 168 77 452 1,720 1,366 88 38 228

9m20
actual per currency EUR 31,353 23,794 1,880 654 5,025 9,498 7,460 487 228 1,323 4,886 3,813 273 109 691
euro exchange rate applied in 9m20 1.00 4.42 17.83 1.00 4.42 17.83 1.00 4.42 17.83 4.55 18.48 0
euro exchange rate applied in 9m21 1.00 4.50 19.30 1.00 4.50 19.30 1.00 4.50 19.30 4.50 19.30 0
forex impact EUR (275) (32) (50) (193) (65) (8) (17) (40) (35) (5) (8) (22)
perimeter impact (3) EUR (25) (17) (8) (1) (12) 11 0 (0)
9m20 comparable basis EUR 31,053 23,778 1,847 604 4,824 9,432 7,447 479 211 1,294 4,851 3,814 268 100 669

4Q20
actual per currency EUR 10,917 8,228 677 221 1,791 3,182 2,466 143 79 494 2,247 1,740 133 39 335
euro exchange rate applied in 4Q20 1.00 4.51 18.71 1.00 4.51 18.71 1.00 4.51 18.71 4.56 19.25
euro exchange rate applied in 4Q21 1.00 4.50 19.30 1.00 4.50 19.30 1.00 4.50 19.30 4.50 19.30
forex impact EUR (24) 0 (7) (17) (2) 0 (3) (0) (5) (0) (1) (4)
perimeter impact (3) EUR (10) 7 (18) (4) (5) 1 0 (0)
4Q20 comparable basis EUR 10,882 8,235 677 214 1,756 3,176 2,461 144 76 495 2,241 1,740 132 38 331

2H20
actual per currency EUR 21,501 16,275 1,297 443 3,486 6,767 5,346 310 162 949 3,977 3,107 220 80 570
euro exchange rate applied in 2H20 1.00 4.47 18.66 1.00 4.47 18.66 1.00 4.47 18.66 4.56 19.25
euro exchange rate applied in 2H21 1.00 4.50 19.30 1.00 4.50 19.30 1.00 4.50 19.30 4.50 19.30
forex impact EUR (101) 2 (23) (80) (14) 1 (8) (7) (16) (0) (4) (11)
perimeter impact (3) EUR (17) (0) (17) (4) (9) 5 0 (0)
2H20 comparable basis EUR 21,383 16,275 1,299 420 3,389 6,749 5,336 312 153 948 3,961 3,107 220 76 559

FY20
actual per currency EUR 42,270 32,022 2,556 875 6,817 12,680 9,926 630 307 1,817 7,132 5,554 405 147 1,026
euro exchange rate applied in FY20 1.00 4.44 18.05 1.00 4.44 18.05 1.00 4.44 18.05 4.56 19.25
euro exchange rate applied in FY21 1.00 4.50 19.30 1.00 4.50 19.30 1.00 4.50 19.30 4.50 19.30
forex impact EUR (299) (32) (57) (210) (68) (8) (20) (40) (40) (5) (10) (26)
perimeter impact (3) EUR (35) (9) (26) (5) (17) 12 0 (0)
FY20 comparable basis EUR 41,936 32,013 2,524 818 6,580 12,607 9,908 623 287 1,789 7,092 5,554 400 138 1,000
(0) 0 0 (0) (0) 0 0 0

(1) Average exchange rates over the period used to convert the P&L accounts of the group foreign subsidiaries from local currency to euros.
(2) End of period exchange rates used to convert the balance sheet accounts of the group foreign subsidiaries from local currency to euros.
(3) Comparable basis: unaudited figures, subject to adjustments.