Paris, 23 February 2017
2016 full-year results
Return to growth in
revenues and adjusted EBITDA in 2016
Proposed increase in 2017 dividend to 0.65
euros
-
Commercial momentum remained
strong in the 4th quarter, led
by fibre (393,000 net additions) and retail convergent offers
(239,000 net additions). There were 3.3 million fibre customers
at 31 December 2016 (+75% year on year) and retail convergent
offers counted 9.2 million customers (+10% year on year). The
growth of mobile contracts[1] continued
to be strong, with 620,000 net sales for the quarter (+5.3% year on
year). 4G in Europe was up 58% year on year with 28.1 million
customers at 31 December 2016. Orange Money had 28.9 million
customers at that date.
-
Revenues were 40.918 billion
euros in 2016, a 0.6% increase after
falling 0.1% in 2015 and 2.5% in 2014 (on a comparable basis). In
the 4th quarter of
2016, revenues rose 1.0% after rising 0.8% in the 3rd quarter and
0.3% in the 1st half. The
improving trend continued, led by Europe (particularly Spain),
although mobile services were still impacted by decreased revenues
from national roaming in France and roaming price reductions in
Europe.
-
The Group's adjusted EBITDA was
12.682 billion euros in 2016, an increase of 1.3% (+158 million
euros) on a comparable basis, in line with the objective of a
higher adjusted EBITDA in 2016 than in 2015. Adjusted EBITDA from
telecoms activities[2] (12.694
billion euros) rose 1.3% (+164 million euros). The adjusted EBITDA
margin rate from telecoms activities was 31.0%, an improvement of
0.2 percentage points in relation to 2015.
-
Group operating income was
4.077 billion euros in 2016, a decrease of 665 million euros
compared with 2015. Operating income from telecoms activities was
3.992 billion euros, a decrease of 750 million euros. Orange Bank
had operating income of 85 million euros in 20162.
-
Net income was 3.263 billion
euros in 2016, an increase of 10.3% compared to 2015 (+305
million euros). Net income attributable to equity owners of the
Group was 2.935 billion euros in 2016, versus 2.652 billion euros
in 2015.
-
The Group's CAPEX (6.971
billion euros in 2016) increased 3.0% on a comparable basis.
CAPEX related to telecoms activities (6.956 billion euros) rose
2.8% and was equivalent to 17% of revenues from telecoms activities
(+0.4 percentage points compared with 2015). Investments in fibre
were up while 4G and 4G+ deployment continued, in line with the
goals of the Essentiels2020 strategic plan.
-
Net debt[3] was
24.444 billion euros at 31 December 2016, a reduction of 2.108
billion euros year on year, related in particular to the sale of EE
in January 2016. The ratio of net financial debt to adjusted EBITDA
from telecoms activities was 1.93x at 31 December 2016 versus 2.01x
one year earlier, in line with the objective of a ratio of about 2x
in the medium term.
2017 outlook
Orange has set an objective for 2017
of adjusted EBITDA that is higher than the level achieved in 2016
on a comparable basis, lifted by the strong commercial momentum
supported by CAPEX, and continuing efforts to transform the cost
structure.
The Group maintains the objective of a ratio of net debt to
adjusted EBITDA from telecoms activities of about 2x in the medium
term to preserve Orange's financial strength and investment
capacity. Within this context, the Group is maintaining a policy of
selective, value-creating acquisitions by concentrating on markets
in which it is already present.
The Group confirms the payment of a dividend of 0.60 euros per
share for 2016[4]. An interim
dividend for 2016 of 0.20 euros per share was paid on 7 December
2016 and the balance of 0.40 euros per share will be paid on the 14
June[5].
The Board of Directors will propose
to the Annual General Meeting of Shareholders in 2018 a dividend of
0.65 euros per share for 2017, and plans to pay an interim dividend
for 2017 of 0.25 euros per share in December. This dividend
increase of 5 euro cents reflects the improvement in the Group's
profitability, begun in 2015 and clearly confirmed by the results
of 2016. It is also an expression of the Group's confidence in the
continuation of this momentum and the constant search for the right
balance between funding investments necessary for the development
of the Group's operations, sharing value with employees, and
providing returns to shareholders.
*
* *
Commenting on the 2016 results, Stéphane Richard,
Chairman and CEO of Orange Group, said:
"In 2016, we are
reaping the benefits of our strategy of differentiation through
investment and customer experience with the return to growth in our
revenues and EBITDA. This is due to the efforts of our employees
who I would in particular like to thank.
Our investments are
driving our commercial performance, led by very high speed fixed
and mobile broadband and despite a level of competition that is
intense and unprecedented, particularly in France. Our fibre
customer base grew 75% with 3.3 million customers by the end of
2016 and our 4G customer base in Europe rose 58% with 28 million
customers.
But they also enable
us to improve the experience we offer our customers with, in
particular, the opening of 136 new sites using our "Smart Store"
concept.
Lastly, the
acquisitions made over the year have added to our geographical
footprint in Africa and strengthened our Enterprise activities in
IT and specialist services, particularly in cyber security.
The confirmation of
an improving trend allows us to consider a redistribution of the
value created with, for our shareholders, a proposed increase in
the dividend for 2017, a year that will be key for the Group with
the launch of Orange Bank during the first half."
Key figures
|
|
|
|
|
|
|
|
|
|
|
2016 |
2015 |
2015 |
|
change |
|
change |
In millions of euros |
|
comparable basis |
historical basis |
|
comparable basis |
|
historical basis |
|
|
|
|
|
|
|
|
|
|
Revenues |
40,918 |
40,669 |
40,236 |
|
0.6% |
|
1.7% |
Of which: |
|
|
|
|
|
|
|
|
France |
18,969 |
19,154 |
19,141 |
|
(1.0)% |
|
(0.9)% |
|
Europe |
10,541 |
10,288 |
9,963 |
|
2.4% |
|
5.8 % |
|
|
Spain |
5,014 |
4,731 |
4,253 |
|
6.0% |
|
17.9 % |
|
|
Poland |
2,644 |
2,710 |
2,831 |
|
(2.4)% |
|
(6.6)% |
|
|
Belgium & Luxembourg |
1,242 |
1,235 |
1,235 |
|
0.5% |
|
0.5 % |
|
|
Central European countries |
1,648 |
1,616 |
1,648 |
|
1.9% |
|
(0.0)% |
|
|
Intra-Europe eliminations |
(7) |
(4) |
(4) |
|
- |
|
- |
|
Africa & Middle
East |
5,245 |
5,110 |
4,899 |
|
2.6% |
|
7.1 % |
|
Enterprise |
6,398 |
6,351 |
6,405 |
|
0.7% |
|
(0.1)% |
|
International Carriers
& Shared Services |
1,812 |
1,853 |
1,915 |
|
(2.2)% |
|
(5.4)% |
|
Intra-Group eliminations |
(2,047) |
(2,087) |
(2,087) |
|
- |
|
- |
Adjusted EBITDA* |
12,682 |
12,524 |
12,418 |
|
1.3% |
|
2.1% |
of which telecoms
activities |
12,694 |
12,530 |
12,418 |
|
1.3% |
|
2.2% |
|
As % of revenues |
31.0 % |
30.8 % |
30.9 % |
|
0.2 pt |
|
0.2 pt |
|
France |
7,134 |
7,097 |
7,075 |
|
0.5% |
|
0.8 % |
|
Europe |
2,944 |
2,824 |
2,740 |
|
4.2% |
|
7.5 % |
|
|
Spain |
1,349 |
1,190 |
1,068 |
|
13.4% |
|
26.4 % |
|
|
Poland |
725 |
807 |
842 |
|
(10.2)% |
|
(13.9)% |
|
|
Belgium & Luxembourg |
316 |
276 |
276 |
|
14.4% |
|
14.4 % |
|
|
Central
European countries |
554 |
551 |
554 |
|
0.6% |
|
0.1 % |
|
Africa & Middle
East |
1,658 |
1,674 |
1,667 |
|
(1.0)% |
|
(0.5)% |
|
Enterprise |
1,014 |
939 |
932 |
|
8.0% |
|
8.8 % |
|
International Carriers & Shared Services |
(56) |
(4) |
4 |
|
- |
|
- |
of which Orange
Bank |
(12) |
(6) |
- |
|
- |
|
- |
Operating Income |
4,077 |
|
4,742 |
|
|
|
(14.0)% |
of which telecoms
activities |
3,992 |
|
4,742 |
|
|
|
(15.8)% |
of which
Orange Bank |
85 |
|
- |
|
|
|
- |
Net income |
3,263 |
|
2,958 |
|
|
|
10.3% |
Net income
attributable to equity owners of the Group |
2,935 |
|
2,652 |
|
|
|
10.7% |
CAPEX (excluding licences) |
6,971 |
6,769 |
6,486 |
|
3.0% |
|
7.5% |
of which telecoms
activities |
6,956 |
6,769 |
6,486 |
|
2.8% |
|
7.2% |
|
As % of revenues |
17.0% |
16.6% |
16.1% |
|
0.4 pt |
|
0.9 pt |
of which
Orange Bank |
15 |
- |
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
31 December
2016 |
31 December
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
financial debt |
24,444 |
26,552 |
|
|
|
|
|
Ratio** of
net financial debt / Adjusted EBITDA |
1.93x |
2.01x |
|
|
|
|
|
* EBITDA adjustments are described in
appendix 6. Adjusted EBITDA is the new term for aggregate restated
EBITDA; the definition of this indicator is unchanged.
** The method of calculating the adjusted ratio of
net debt to Adjusted EBITDA from telecoms activities is described
in appendix 4.
· Quarterly
data
|
|
|
|
|
|
|
|
|
|
|
4th
quarter |
4th
quarter |
4th
quarter |
|
change
comparable |
|
change
historical |
|
|
|
2016 |
2015 |
2015 |
|
basis |
|
basis |
In millions of euros |
|
comparable basis |
historical basis |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
10,516 |
10,411 |
10,395 |
|
1.0 % |
|
1.2 % |
Of which: |
|
|
|
|
|
|
|
|
France |
4,825 |
4,865 |
4,862 |
|
(0.8)% |
|
(0.8)% |
|
Europe |
2,742 |
2,623 |
2,618 |
|
4.5% |
|
4.7% |
|
|
Spain |
1,307 |
1,211 |
1,189 |
|
7.9% |
|
9.9 % |
|
|
Poland |
681 |
668 |
686 |
|
1.9% |
|
(0.7)% |
|
|
Belgium & Luxembourg |
322 |
323 |
323 |
|
(0.2)% |
|
(0.2)% |
|
|
Central European countries |
433 |
422 |
422 |
|
2.6% |
|
2.7 % |
|
|
Intra-Europe eliminations |
(1) |
(1) |
(1) |
|
- |
|
- |
|
Africa & Middle
East |
1,359 |
1,338 |
1,312 |
|
1.6% |
|
3.6% |
|
Enterprise |
1,642 |
1,643 |
1,657 |
|
(0.1)% |
|
(0.9)% |
|
International Carriers
& Shared Services |
451 |
467 |
473 |
|
(3.3)% |
|
(4.6)% |
|
Intra-Group eliminations |
(502) |
(525) |
(526) |
|
- |
|
- |
Adjusted EBITDA* |
3,172 |
3,032 |
3,067 |
|
4.6 % |
|
3.4% |
of which telecoms
activities |
3,184 |
3,039 |
3,067 |
|
4.8% |
|
3.8% |
|
As % of revenues |
30.3% |
29.2% |
29.5% |
|
1.1 pt |
|
0.8 pt |
of which Orange
Bank |
(12) |
(6) |
- |
|
- |
|
- |
Operating Income |
62 |
|
622 |
|
|
|
- |
of which
telecoms activities** |
(23) |
|
622 |
|
|
|
- |
of which
Orange Bank |
85 |
|
- |
|
|
|
- |
CAPEX (excluding licenses) |
2,238 |
2,273 |
2,252 |
|
(1.5)% |
|
(0.6)% |
of which telecoms
activities |
2,224 |
2,273 |
2,252 |
|
(2.2)% |
|
(1.2)% |
|
As % of revenues |
21.1% |
21.8% |
21.7% |
|
(0.7)pt |
|
(0.5)pt |
of which
Orange Bank |
15 |
- |
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
* EBITDA adjustments are described in
appendix 6. Adjusted EBITDA is the new term for aggregate restated
EBITDA; the definition of this indicator is unchanged.
** Operating income from telecoms
activities of the 4th quarter of
2016 reflects impairment of goodwill and fixed assets in the total
amount of 805 million euros, mainly related to Poland, the
Democratic Republic of the Congo, Cameroon and
Egypt.
*
* *
The Board of Directors of Orange SA met on 22
February 2017 and examined the Group's financial statements.
The Group's statutory auditors audited those
financial statements, and the audit reports relative to their
certification are in the process of being issued.
More detailed information is available on the
Orange website: www.orange.com
Comments on key Group
figures
Revenues
The Orange Group had revenues of 40.918 billion
euros in 2016, an increase of 0.6% (+249 million euros) on a
comparable basis[6] after the
stabilisation observed in 2015 of -0.1% (-47 million euros). Fixed
broadband services rose 5.2%, led by fibre and TV content in France
and Spain, while mobile services increased 0.3% despite the impact
of the reduction in revenues from national roaming in France and
roaming price decreases in Europe.
In the 4th quarter of
2016, revenues were up 1.0% on a comparable basis, after rising
0.8% in the 3rd quarter and
0.3% in the 1st
half.
In France, fixed broadband services continued their steady climb
(+4.9% in the 4th quarter),
led by fibre and TV content. Mobile services were down 4.6% due in
particular to the downturn in national roaming.
In the Europe zone, revenue growth accelerated, rising 4.5% in the
4th quarter
after increases of 2.8% in the 3rd quarter and
1.9% in the 2nd quarter:
-
in Spain, revenue growth remained strong (+7.9%
in the 4th quarter
after rising 7.8% in the 3rd quarter),
led by both mobile and fixed services (fibre and TV content);
-
in Poland, revenues rose 1.9% in the
4th quarter,
after declining 3.9% in the 3rd quarter, led
by very strong mobile equipment sales;
-
Belgium & Luxembourg: mobile services rose
2.0% in the 4th quarter
after falling 0.1% in the 3rd quarter.
Fixed services increased 3.1% with the first effects following the
marketing of convergent offers;
-
the Central European countries were up 2.6% in
the 4th quarter
after rising 0.8% in the 3rd quarter: the
growth in Romania (+3.8%) and the recovery in Moldova (+6.3%) were
partially offset by the downturn in Slovakia
(-0.9%).
In Africa and the Middle East, growth slowed to
1.6% in the 4th quarter
linked to the decline in services to operators and less favourable
conditions in the Democratic Republic of the Congo.
In the Enterprise segment, IT and integration services rose 3.9% in
the 4th quarter,
following on from the 3rd quarter, led
by security services (+26%) and the Cloud (+20%).
Customer base
growth
In France, net additions of mobile
contracts[7] remained
strong (131,000 in the 4th quarter),
both for Orange offers (63,000) and for Sosh (68,000), while growth
in fibre accelerated with 145,000 net additions for the quarter.
Fibre had a total of 1.452 million customers at 31 December
2016.
In Spain, commercial momentum remained strong both in fixed
broadband, with 199,000 net fibre additions for the quarter (1.610
million customers at 31 December 2016), and in mobile contracts,
with 177,000 net additions.
In Poland, the growth of mobile contracts accelerated with 368,000
net additions in the 4th quarter. For
the full year 2016, the contract base was up an additional 1.092
million customers, after the addition of 683,000 customers in 2015.
In Belgium, mobile contracts rose as in previous
quarters.
In Africa and the Middle East, the mobile customer base was 120.7
million at 31 December 2016. It included the contribution from
Burkina Faso (5.9 million customers) and Sierra Leone (1.5 million
customers), both consolidated in the 4th quarter. On
a comparable basis, net quarterly additions gradually improved,
with 208,000 additional customers in the 4th quarter
following 96,000 added in the 3rd quarter.
Orange Money had 28.9 million customers at 31 December
2016.
In all, the Group's mobile customer base was 201.7 million at 31
December 2016, an increase of 0.9% on a comparable basis. In
particular, contracts (69.9 million customers) had sustained growth
(+8.4% year on year), led by France and the Europe zone.
Fixed broadband (18.3 million customers) was up 3.5%. Fibre, with
3.3 million customers at 31 December 2016, grew very strongly
(+74.9% year on year) and retail convergent offers counted 9.2
million customers (+10.2% year on year).
At the same time, TV services had a total of 8.5 million customers
at 31 December 2016, compared with 7.9 million at 31 December 2015,
a year-on-year increase of 6.9%.
Adjusted EBITDA
The adjusted EBITDA of the Group was 12.682
billion euros in 2016, an increase of 1.3% (+158 million euros) on
a comparable basis.
Adjusted EBITDA from telecoms activities was 12.694 billion euros
in 2016, an increase of 1.3% (+164 million euros) on a comparable
basis. The adjusted EBITDA margin for telecoms activities was
31.0%, an improvement of 0.2 percentage points in relation to
2015.
In the 4th quarter of
2016, adjusted EBITDA from telecoms activities was 3.184 billion
euros, an increase of 4.8% on a comparable basis (+145 million
euros) compared with the 4th quarter of
2015, and the adjusted EBITDA margin for telecoms activities was
30.3% (+1.1 percentage points).
The increase in adjusted EBITDA from telecoms activities in the
4th quarter was
tied to: revenue growth; a reduction in labour expenses (with the
average number of full-time equivalent employees falling 2.8% in
the quarter); the effects of the Explore2020 operational efficiency
plan, in particular with the reduction in overheads and
distribution costs; and increased revenue from asset disposals
linked with the property optimisation plan. Interconnection costs,
content costs and the purchase of equipment for customers increased
to support the revenue growth.
Operating
income
The Orange Group had operating income of 4.077
billion euros in 2016. This includes 85 million euros of operating
income from the activities of Orange Bank.
Operating income from telecoms activities was 3.992 billion euros,
a decrease of 750 million euros compared with 2015 (on an
historical basis). This decrease is mostly tied to goodwill
impairment of 772 million euros, asset impairment of 207 million
euros (mainly concerning Poland, Egypt, the Democratic Republic of
the Congo and Cameroon), and to an increase of 263 million euros in
amortisation and depreciation[8], partially
offset by increased EBITDA from telecoms activities (+454 million
euros).
Net income
The net income for the Orange Group was 3.263
billion euros in 2016, compared with 2.958 billion euros in 2015
(on an historical basis). The increase of 305 million euros between
the two years is linked to the increase of 1.805 billion euros in
net income from discontinued operations related to EE, partly
offset by the decrease in operating income of 665 million euros,
the net write-down of BT shares of 533 million euros, and the
increase of 321 million euros in corporate income tax.
CAPEX
The Group's CAPEX (6.971 billion euros in 2016)
rose 3.0% on a comparable basis. CAPEX in telecoms activities
(6.956 billion euros) was up 2.8%, and CAPEX as a proportion of
revenues from telecoms activities was 17.0% (+0.4 percentage points
compared with 2015).
Investments in fibre increased 10% on a comparable basis. This was
principally related to France, Spain and Poland. A total of 20.3
million households had fibre connectivity across the Group at 31
December 2016 (+57% year on year), of which 9.6 million were in
Spain, 6.9 million in France, 2.0 million in Romania (following the
cross-network-sharing agreement with Telekom Romania), 1.5 million
in Poland and 350,000 in Slovakia.
Investments in very high-speed mobile services continued, following
on from the previous year. The 4G coverage rate at 31 December 2016
was 88% of the population in France, 90% in Spain, 99% in Poland,
99.6% in Belgium, 80% in Romania and Slovakia, and 97% in Moldova.
In France and Spain, investments also sought to improve service
quality for recreational areas and in transportation. At the same
time, 4G+ deployment continued in France and in the other European
countries.
In Africa and the Middle East, 3G is deployed in the 21 countries
of that segment, with 4G commercially available in 10 of them
(Botswana, Cameroon, Côte d'Ivoire, Guinea Bissau, Jordan, Liberia,
Morocco, Mauritius, Senegal and Tunisia). Moreover, Orange Egypt
announced on 14 October that it had acquired a 4G
licence.
In the area of Internet of Things (IoT), a dedicated network based
on LoRa technology is being deployed in France and already covers
18 urban areas (120 towns).
Substantial CAPEX is devoted to information systems and service
platforms, with the datacentre optimisation programme in France,
investment related to the integration of Jazztel in Spain, and
ongoing projects to improve the customer experience in Africa and
the Middle East.
Capital spending on customer equipment also increased, with the
launch of the New Livebox and its TV decoder in France last
May.
Upgrades to the stores continue. At 31 December 2016, the Group had
157 stores based on the new Smart Store concept, 65 of which are in
France, 79 in the other European countries, and 13 in Africa and
the Middle East.
Changes in asset
portfolio
In January 2016, Orange and Deutsche Telekom
finalised the sale of 100% of EE, their joint venture in the United
Kingdom, to BT Group. Upon closing of the sale, Orange received 4.5
billion euros in cash and a 4% interest in BT Group.
In Africa, the Group reinforced its presence with acquisitions in
four countries in 2016: Cellcom in Liberia, Tigo in the Democratic
Republic of the Congo, and entities of the Bharti group in Burkina
Faso and Sierra Leone. The Group also announced 5 April its
acquisition of an interest in Africa Internet Group, the e-commerce
leader in Africa. On 10 June 2016, Orange completed the sale of its
entire 70% interest in Telkom Kenya to Helios Investment
Partners.
In the Europe zone, on 18 October 2016, Orange completed the
acquisition of 100% of the capital of Sun Communications, the
leading supplier of paid television in Moldova which will enable
Orange to propose broadband convergent offers on the Moldovan
market.
In the area of enterprise services, the Group announced on 15 April
2016 that it had acquired 100% of Lexsi, a European leader in
cybersecurity and a specialist in threat intelligence services.
Orange also announced on 20 July 2016 the acquisition of Log'in
Consultants which specialises in integration services for
workstation virtualisation.
In October 2016, Orange acquired 65% of Groupama Banque[9] which was
renamed Orange Bank on 16 January 2017. The Orange Bank online
banking offer will be available in France in the 1st half of
2017.
Over the course of 2016, Orange Digital Ventures, the Group's
investment firm, acquired interests in five promising start-ups, in
line with the goals of the Essentiels2020 plan: SecBi, PayJoy,
BandwidthX, KissKissBankBank and Jumia.
Net financial
debt
The Orange Group had total net financial
debt[10] of 24.444
billion euros at 31 December 2016, a reduction of 2.108 billion
euros compared with 31 December 2015, due in particular to the sale
of EE in January 2016, for which Orange received 4.481 billion
euros net in cash and a 4% interest in BT Group.
The Group also pursued its policy of selective acquisitions for a
net total (acquisitions minus other disposals) of 1.191 billion
euros, in particular with the acquisition of operations in Burkina
Faso, Sierra Leone, Liberia, the Democratic Republic of the Congo
and Moldova. In addition to this is added the net effect of the
acquisition of a majority interest in Groupama Banque (now Orange
Bank). Additionally, a total of 1.800 billion euros was paid for
telecommunication licences in 2016 and concerned in particular the
4G licenses in Poland and Egypt and the 700 MHz licences in
France.
The ratio of net financial debt to adjusted EBITDA from telecoms
activities was 1.93x at 31 December 2016, versus 2.01x at 31
December 2015. It is in line with the target of a ratio of net debt
to adjusted EBITDA from telecoms activities of about 2x in the
medium term.
Items related to the change in net financial debt and to the ratio
of net debt to adjusted EBITDA from telecoms activities are
presented in appendix 4.
Review by operating
segment
France
|
|
In millions
of euros |
period ended 31 December |
|
2016 |
2015 |
2015 |
16/15 |
16/15 |
|
|
comparable basis |
historical basis |
comparable basis |
historical basis |
|
|
|
|
|
|
Revenues |
18,969 |
19,154 |
19,141 |
(1.0)% |
(0.9)% |
Adjusted
EBITDA |
7,134 |
7,097 |
7,075 |
0.5% |
0.8% |
Adjusted EBITDA /
Revenues |
37.6% |
37.1% |
37.0% |
0 |
0 |
Operating
Income |
3,709 |
- |
3,765 |
- |
(1.5)% |
CAPEX |
3,421 |
3,097 |
3,097 |
10.5% |
10.5% |
CAPEX / Revenues |
18.0% |
16.2% |
16.2% |
0 |
0 |
Revenues from France declined
a modest 0.8% in the 4th quarter of
2016 after falling 0.6% in the 3rd quarter on a
comparable basis.
Mobile services declined 4.6% in the 4th quarter
after falling 3.8% in the 3rd quarter,
marked by a decline of national roaming revenues, as well as the
impact of roaming price reductions in Europe. SIM-only offers
continued their rapid growth and represented close to two thirds
(65%) of retail contracts at 31 December 2016 (+13 percentage
points in one year).
Open convergent offers and Sosh offers continued to grow strongly,
with 7.830 million retail Open customers at 31 December 2016
(+11.2% year on year) and 3.277 million Sosh customers (+11.5% year
on year). There were 20.775 million contract customers[11] at 31
December 2016 (up 2.5% year on year), with 4G customers (11.3
million) making up 54% of that customer base.
Fixed services rose 1.4% in the 4th quarter of
2016, after climbing 0.7% in the 3rd quarter. The
growth of fixed broadband services continued to be strong (+4.9% in
the 4th quarter
after rising 5.8% in the 3rd quarter),
led by an increase in the customer base and a rise in ARPU. The
fixed broadband customer base was 11.151 million subscribers at 31
December 2016 (+3.9% year on year). It included 1.452 million fibre
subscribers, up 51% year on year. Fixed broadband ARPU recorded
growth of 0.8% at 31 December 2016, reflecting the growing share of
fibre and premium offers (Play and Jet offers) and the development
of TV content offers. Convergent offers represented 57% of the
retail fixed broadband customer base at 31 December 2016 (+3
percentage points in one year).
Fixed services to carriers also increased in the 4th quarter
(+5.2%) with fibre deployment, increased ADSL revenues (accesses
and collection of data traffic) and infrastructure services. The
downward trend in traditional telephony was 12.2% in the
4th quarter.
Adjusted EBITDA for France
increased 0.5% in 2016 on a comparable basis, and the adjusted
EBITDA rate (37.6%) improved by 0.6 percentage points compared with
2015. The decline in revenues was offset by a reduction of
commercial expenses (in particular due to a streamlining of the
distribution network), and the reduction of labour expenses and
overheads achieved in connection with the Explore2020 operational
efficiency plan.
CAPEX in France climbed 10.5%
in 2016, and was equivalent to 18.0% of revenues (+1.9 percentage
points compared with 2015), led by a sharp increase in fibre
investment meaning a total of 6.9 million connectable households at
31 December 2016 (+1.8 million households in one year). Substantial
investment in very high-speed mobile continued: 88% of the
population had 4G coverage at 31 December 2016 (+8 percentage
points year on year), and 43% of 4G sites were equipped with 4G+ at
that date.
Europe
|
|
In millions
of euros |
period ended 31 December |
|
2016 |
2015 |
2015 |
16/15 |
16/15 |
|
|
comparable basis |
historical basis |
comparable basis |
historical basis |
|
|
|
|
|
|
Revenues |
10,541 |
10,288 |
9,963 |
2.4% |
5.8% |
Adjusted
EBITDA |
2,944 |
2,824 |
2,740 |
4.2% |
7.5% |
Adjusted EBITDA /
Revenues |
27.9% |
27.4% |
27.5% |
0 |
0 |
Operating
Income |
186 |
- |
718 |
- |
(74.2)% |
CAPEX |
1,960 |
1,995 |
1,783 |
(1.8)% |
9.8% |
CAPEX / Revenues |
18.6% |
19.4% |
17.9% |
0 |
0 |
Revenue growth
from the Europe zone accelerated in the 4th quarter of
2016, rising 4.5% after the 2.8% increase of the 3rd quarter, on
a comparable basis.
Across the Europe zone, revenues from mobile services followed the
trend of previous quarters, increasing 3.1% in the 4th quarter of
2016 on a comparable basis. There continued to be strong momentum
in commercial contract activity for the third consecutive quarter,
with 726,000 net sales in the 4th quarter. The
total contract customer base was 33.6 million customers at 31
December 2016, an increase of 6.9% year on year, representing close
to two thirds (65.9%) of the total mobile customer base at that
date (+3.5 percentage points year on year).
Fixed broadband revenues rose 7.7% in the 4th
quarter after rising 4.8% in the 3rd quarter (on
a comparable basis), reflecting the rapid development of fibre and
TV content offers in Spain. The fixed broadband customer base was
6.2 million customers at 31 December 2016 (+3.0% year on year),
including 1.8 million fibre customers, mainly in Spain. At 31
December 2016, fixed broadband also included customers of
convergent offers recently marketed via cable in Belgium and via
fibre in Romania.
Adjusted EBITDA
for the Europe zone rose 4.2% in 2016 on a comparable basis and the
adjusted EBITDA margin rate was 27.9% (+0.5 percentage point
compared with 2015). The increase in revenues and decrease in
labour expenses were partly offset by higher external purchases, in
particular content costs, commercial expenses, and interconnection
and connectivity costs.
CAPEX in the
Europe zone was 1.960 billion euros in 2016, equivalent to 18.6% of
revenues, slightly down compared with the previous year. The
roll-out of mobile 4G and 4G+ services continued and investments in
fibre remained high, principally in Spain and Poland.
Spain
|
|
In millions
of euros |
period ended 31 December |
|
2016 |
2015 |
2015 |
16/15 |
16/15 |
|
|
comparable basis |
historical basis |
comparable basis |
historical basis |
|
|
|
|
|
|
Revenues |
5,014 |
4,731 |
4,253 |
6.0% |
17.9% |
Adjusted
EBITDA |
1,349 |
1,190 |
1,068 |
13.4% |
26.4% |
Adjusted EBITDA /
Revenues |
26.9% |
25.2% |
25.1% |
0 |
0 |
Operating
Income |
276 |
- |
275 |
- |
0.2% |
CAPEX |
1,086 |
1,100 |
864 |
(1.3)% |
25.7% |
CAPEX / Revenues |
21.7% |
23.3% |
20.3% |
0 |
0 |
Revenue growth remained very
high in Spain in the 4th quarter of
2016, rising 7.9% after the 7.8% increase of the 3rd quarter (on
a comparable basis).
The growth was principally due to the development of mobile
services, which increased 7.5% in the 4th quarter of
2016, and particularly the enrichment of mobile offers including
the deployment of 4G. There were 7.9 million 4G customers at 31
December 2016 (up 1.5x year on year) and the contract customer
base[12] also
continued to grow (11.431 million customers at 31 December 2016, up
3.6% year on year). Mobile services supplied to other carriers also
increased sharply, led by the MVNOs and network
sharing.
Fixed services rose 5.4% in the 4th quarter of
2016, continuing the trend seen in the previous three quarters.
Fixed broadband revenue growth accelerated, rising 10.7% in the
4th quarter
after a 7.8% increase in the 3rd quarter.
Fixed broadband had 3.940 million customers at 31 December 2016
(+5.0% year on year), and ARPU rose 7.5% following the rapid
development of fibre and TV services. Fibre had 1.610 million
customers at 31 December 2016 (up 2.0x in one year) and represented
41% of the fixed broadband customer base at that date (+19
percentage points in one year). TV services increased sharply, with
507,000 customers at 31 December 2016 (up 1.7x year on year) and
convergent offers represented 84.5% of the retail fixed broadband
customer base at 31 December 2016 (+1.8 percentage points year on
year).
Adjusted EBITDA for Spain
rose 13.4% in 2016 on a comparable basis and the adjusted EBITDA
margin rate (26.9%) improved 1.8 percentage points compared with
2015. Both benefitted from strong revenue growth and substantial
synergies related to the consolidation of Jazztel, partially offset
by increased commercial expenses and content purchases.
CAPEX in Spain was 1.086
billion euros and was equivalent to 21.7% of revenues. The
deployment of very high-speed services continued: at 31 December
2016, there were 9.6 million connectable households (+2.8 million
year on year) and 90% of the population had 4G mobile coverage (+6
percentage points year on year).
Poland
|
|
In millions
of euros |
period ended 31 December |
|
2016 |
2015 |
2015 |
16/15 |
16/15 |
|
|
comparable basis |
historical basis |
comparable basis |
historical basis |
|
|
|
|
|
|
Revenues |
2,644 |
2,710 |
2,831 |
(2.4)% |
(6.6)% |
Adjusted
EBITDA |
725 |
807 |
842 |
(10.2)% |
(13.9)% |
Adjusted EBITDA /
Revenues |
27.4% |
29.8% |
29.7% |
0 |
0 |
Operating
Income |
(405) |
- |
136 |
- |
- |
CAPEX |
455 |
444 |
463 |
2.4% |
(1.9)% |
CAPEX / Revenues |
17.2% |
16.4% |
16.4% |
0 |
0 |
Revenues from Poland rose
1.9% in the 4th quarter of
2016 after falling 3.9% in the 3rd quarter on a
comparable basis. The 4th quarter
benefitted from a very strong increase in mobile equipment sales
(linked to faster development of sales on the instalment payment
plan) and from a recovery of ICT[13].
Mobile services declined 3.4% in the 4th quarter
after falling 3.1% in the 3rd quarter.
Commercial momentum remained strong in the 4th
quarter with 368,000 net contract sales, after 309,000 in the
3rd quarter. The
contract customer base rose 13% year on year (+1.1 million net
additions) and there were 4.3 million 4G users at 31 December 2016
(up 2.1x year on year). The prepaid contract customer base posted a
net loss of 1.0 million customers over the year partly related to
migrations to contracts, and partly due to the recording of
customer identities, which has become mandatory and began last
July, though this had a limited impact on the revenue
trend.
Fixed services declined 7.4% in the 4th quarter
after falling 8.6% in the 3rd quarter.
Most of the decrease was related to traditional fixed services
(fixed telephony and carrier services). Fixed broadband also
declined (-6.8% in the 4th quarter) due
to a decrease in ADSL customers and to ARPU erosion. Nonetheless,
the customer base trend improved in the 4th quarter with
a significant increase in net sales of very high-speed VDSL offers
and fibre (+56,000 compared with +44,000 in the 3rd
quarter). At 31 December 2016, very high-speed offers had a total
of 492,000 customers (including 88,000 fibre subscribers), an
increase of 65% year on year, and there were 566,000 convergent
offer customers on the retail market, up 23% year on
year.
Adjusted EBITDA for Poland
declined 10.2% in 2016 on a comparable basis with the adjusted
EBITDA rate (27.4%) down 2.4 percentage points. The decreased
revenues and increased interconnection costs and commercial
expenses were partially offset by a reduction of labour expenses
and of subcontracted operations and technical maintenance.
CAPEX in Poland rose 2.4% in
2016 on a comparable basis and was the equivalent of 17.2% of
revenues (+0.8 percentage points in relation to 2015). The
increased CAPEX was linked to the deployment of very high-speed
fixed and mobile services. At 31 December 2016, a total of 1.5
million connectable households (2.1x in one year) and 99% of the
population had 4G coverage (+15 percentage points year on
year).
Belgium &
Luxembourg
|
|
In millions
of euros |
period ended 31 December |
|
2016 |
2015 |
2015 |
16/15 |
16/15 |
|
|
comparable basis |
historical basis |
comparable basis |
historical basis |
|
|
|
|
|
|
Revenues |
1,242 |
1,235 |
1,235 |
0.5% |
0.5% |
Adjusted
EBITDA |
316 |
276 |
276 |
14.4% |
14.4% |
Adjusted EBITDA /
Revenues |
25.4% |
22.3% |
22.3% |
0 |
0 |
Operating
Income |
113 |
- |
119 |
- |
(4.7)% |
CAPEX |
168 |
193 |
193 |
(13.2)% |
(13.2)% |
CAPEX / Revenues |
13.5% |
15.6% |
15.6% |
0 |
0 |
Revenues were
stable in Belgium and Luxembourg in the 4th quarter
(-0.2%). Increases from mobile and fixed services were offset by
decreased mobile equipment sales.
Mobile services grew 2.0% in the 4th quarter,
despite the impact of international roaming price cuts in Europe.
The mobile contract customer base[14] (2.345
million customers at 31 December 2016) grew 1.9% year on year, and
quarterly ARPU from contracts in Belgium rose 1.8%. The MVNO
customer base had 2.043 million customers at 31 December 2016
(+14.3% year on year).
Fixed services rose 3.1% in the 4th quarter, led
by the recent marketing of convergent offers in Belgium. At 31
December 2016, Orange Belgium had 33,400 Internet and IPTV
convergent offer customers, with 56,700 associated mobile
contracts.
Adjusted EBITDA in Belgium
and Luxembourg increased 14.4% in 2016. Excluding the impact of the
pylon tax agreement with Wallonia, adjusted EBITDA was 300 million
euros in 2016, an improvement of 1.1% compared with 2015. The
decrease in interconnection costs and network and IT expenses and a
reduction of commissions, labour expenses and bad debts offset the
increased costs of advertising and promotion, and connectivity
costs (cable network accesses) linked to the launch of convergent
offers.
CAPEX in Belgium
and Luxembourg was 168 million euros in 2016. Investments in fixed
broadband services (IT and customer equipment) increased in
connection with the deployment of convergent offers on cable. High
investment in 4G+ continued, and at 31 December 2016, 99.6% of the
population had 4G coverage and 54% had 4G+ coverage.
Central European
countries
|
|
In millions
of euros |
period ended 31 December |
|
2016 |
2015 |
2015 |
16/15 |
16/15 |
|
|
comparable basis |
historical basis |
comparable basis |
historical basis |
|
|
|
|
|
|
Revenues |
1,648 |
1,616 |
1,648 |
1.9% |
(0.0)% |
Adjusted
EBITDA |
554 |
551 |
554 |
0.6% |
0.1% |
Adjusted EBITDA /
Revenues |
33.6% |
34.1% |
33.6% |
0 |
0 |
Operating
Income |
202 |
- |
188 |
- |
7.2% |
CAPEX |
251 |
258 |
263 |
(2.7)% |
(4.6)% |
CAPEX / Revenues |
15.2% |
15.9% |
16.0% |
0 |
0 |
Revenues in the
Central European countries rose 2.6% in the 4th
quarter of 2016, after rising 0.8% in the 3rd
quarter (on a comparable basis). The trend in the 4th quarter
improved across all three countries:
-
in Romania, revenues rose 3.8% in the
4th quarter
after rising 3.3% in the 3rd quarter, led
by mobile services and mobile equipment sales. TV services had
333,000 customers at 31 December 2016, a 20.9% increase in one
year. Marketing of very high-speed fixed services commenced on
5th
September;
-
in Slovakia, the decline was limited to 0.9% in
the 4th quarter
following the 2.7% decrease of the 3rd quarter.
Mobile services declined less while mobile equipment sales
increased sharply. Fixed broadband had 162,000 customers at 31
December 2016 (+6.2% year on year), including 72,000 fibre
customers;
-
in Moldova, revenues rose 6.3% in the
4th quarter
after falling 3.7% in the 3rd quarter (on
a comparable basis). The improvement was linked to a recovery in
mobile equipment sales, while incoming international traffic
continued to be down. Following consolidation of Sun Communications
on 1 October 2016, Orange Moldova's TV services had 100,000
customers at 31 December 2016, while fixed broadband had 44,000
customers.
The mobile customer base of the
Central European countries was 15.1 million at 31 December 2016.
Contracts (8.2 million customers) increased 4.2% and represented
54.1% of the mobile customer base (+2.4 percentage points in one
year). The 4G mobile customer base doubled in one year to 3.2
million at 31 December 2016 (41% of the contracts, excluding
machine-to-machine). The fixed broadband customer base had 212,000
customers at that same date, including 123,000 very high-speed
customers.
Adjusted EBITDA for the Central European countries rose 0.6% in
2016 on a comparable basis. The revenue growth was partly offset by
increased interconnection costs and commercial expenses (purchases
of mobile handsets).
CAPEX in the Central European
countries was 251 million euros in 2016, the majority of which was
related to mobile services, in particular the continued deployment
of 4G+ in Romania and of 4G in all three countries. In Romania, the
agreement signed at the end of 2015 with Telekom Romania for the
use of its fibre network in urban areas gave access to 2.0 million
connectable households, enabling the marketing of convergent
offers.
Africa & Middle
East
|
|
In millions
of euros |
period ended 31 December |
|
2016 |
2015 |
2015 |
16/15 |
16/15 |
|
|
comparable basis |
historical basis |
comparable basis |
historical basis |
|
|
|
|
|
|
Revenues |
5,245 |
5,110 |
4,899 |
2.6% |
7.1% |
Adjusted
EBITDA |
1,658 |
1,674 |
1,667 |
(1.0)% |
(0.5)% |
Adjusted EBITDA /
Revenues |
31.6% |
32.8% |
34.0% |
0 |
0 |
Operating
Income |
68 |
- |
463 |
- |
(85.3)% |
CAPEX |
962 |
1,005 |
922 |
(4.2)% |
4.3% |
CAPEX / Revenues |
18.3% |
19.7% |
18.8% |
0 |
0 |
Revenues in the Africa &
Middle East segment grew 1.6% in the 4th quarter of
2016, after rising 2.5% in the 3rd quarter, on
a comparable basis. The slowing of growth in the 4th quarter was
linked to a decrease in services to operators and less favourable
conditions in the Democratic Republic of the Congo.
In parallel, the growth of mobile data services remained strong,
reaching 31% in the 4th quarter,
while revenues from Orange Money were up 58%. Orange Money had 28.9
million customers at 31 December 2016, including 8.4 million active
customers.
The principal contributors to revenue growth in the 4th quarter were
Mali, Burkina Faso, Guinea and Côte d'Ivoire.
The mobile customer base in the Africa and Middle East segment
totalled 120.7 million customers at 31 December 2016, compared with
113.5 million at 30 September. The increase of 7.2 million
customers in the 4th quarter was
linked to the consolidation of Burkina Faso (5.9 million customers)
and of Sierra Leone (1.5 million). On a comparable basis, the
mobile customer base of the Africa and Middle East segment was down
0.3% year on year. It was impacted throughout 2016 by an
unprecedented level of disconnections linked to the strengthened
requirements regarding the verification of customer identities in
most countries.
Adjusted EBITDA for the
Africa and Middle East segment was down 1.0% in 2016 on a
comparable basis, and the adjusted EBITDA margin (31.6%) was down
1.2 percentage points.
Excluding the impact of the devaluation of the Egyptian pound on
operating expenses (-32 million euros), the adjusted EBITDA margin
for the 2nd half
remained stable at 31.6%, despite the slowing of revenue growth and
rising taxes in some countries.
CAPEX in the Africa and
Middle East segment remained sustained (962 million euros in 2016),
particularly related to entities brought into the scope of
consolidation during 2016, and due to the development of mobile
data networks. However, CAPEX declined 4.2% on a comparable basis
following the substantial investments of previous years,
particularly in Morocco and Jordan.
Enterprise
|
|
In millions
of euros |
period ended 31 December |
|
2016 |
2015 |
2015 |
16/15 |
16/15 |
|
|
comparable basis |
historical basis |
comparable basis |
historical basis |
|
|
|
|
|
|
Revenues |
6,398 |
6,351 |
6,405 |
0.7% |
(0.1)% |
Adjusted
EBITDA |
1,014 |
939 |
932 |
8.0% |
8.8% |
Adjusted EBITDA /
Revenues |
15.9% |
14.8% |
14.6% |
0 |
0 |
Operating
Income |
594 |
- |
534 |
- |
11.2% |
CAPEX |
336 |
320 |
325 |
5.1% |
3.5% |
CAPEX / Revenues |
5.3% |
5.0% |
5.1% |
0 |
0 |
Revenues from the Enterprise
segment were stable (-0.1%) in the 4th quarter of
2016 on a comparable basis, after the 1.0% increase over the first
nine months of the year. Growth in IT and integration services
offset a decline in voice services and data services. Full year
2016 revenues rose 0.7% after falling 0.9% in 2015.
IT and integration services rose 3.9% in the 4th
quarter, following on from an increase of 4.5% in the first nine
months of the year. Security services climbed 26% over the quarter,
and Cloud revenues rose 20%.
Voice services declined 0.6% in the 4th quarter. The
decline of traditional telephony was partially offset by an
increase in voice-over-IP and customer relations services (contact
number services).
Data services fell 2.8% in the 4th quarter, in
part due to a decline of television broadcasting (-11.3%). Revenues
from IPVPN subscribers fell 1.5% over the quarter but increased
1.3% for the full year. There were 352,000 IPVPN subscribers at 31
December 2016, up 0.9% year on year.
Adjusted EBITDA for the Enterprise segment rose 8.0% in 2016 on
a comparable basis, and the adjusted EBITDA margin (15.9%) improved
1.1 percentage points compared with the previous year. In addition
to the revenue growth, external purchases were reduced in
connection with the decline of activity on the legacy networks in
France and actions taken to improve profitability
internationally.
CAPEX in the Enterprise
segment increased 5.1% on a comparable basis, related to IT
services: new product development, investment in network
virtualisation and migration of added-value services over IP.
International Carriers &
Shared Services
|
|
In millions
of euros |
period ended 31 December |
|
2016 |
2015 |
2015 |
16/15 |
16/15 |
|
|
comparable basis |
historical basis |
comparable basis |
historical basis |
|
|
|
|
|
|
Revenues |
1,812 |
1,853 |
1,915 |
(2.2)% |
(5.4)% |
Adjusted
EBITDA |
(56) |
(4) |
4 |
|
|
Adjusted EBITDA /
Revenues |
(3.1)% |
(0.2)% |
0.2% |
0 |
0 |
Operating
Income |
(565) |
- |
(738) |
- |
23.6% |
CAPEX |
277 |
352 |
359 |
(21.3)% |
(22.7)% |
CAPEX / Revenues |
15.3% |
19.0% |
18.7% |
0 |
0 |
Revenues from the
International Carriers and Shared Services segment fell 2.2% on a
comparable basis in 2016, to 1.812 billion euros. The decline in
voice services to international operators was partially offset by
the growth of Orange Marine (submarine cable-laying and
maintenance).
Adjusted EBITDA for 2016 was
down 52 million euros compared with the previous year on a
comparable basis, reflecting increased CAPEX on the development of
the Orange brand (change of brand in Belgium, Egypt and Morocco;
sponsorship of EURO 2016), partially offset by increased revenues
from property asset disposals connected with the property portfolio
optimisation plan.
CAPEX amounted
to 277 million euros in 2016, a decrease of 75 million euros on a
comparable basis, following the sharp increase in 2015 (+127
million euros) generated by investments in submarine cables and
projects to refurbish and upgrade the property portfolio, in
particular the creation of the Orange Gardens eco-campus for
Innovation.
Orange Bank
Adjusted EBITDA
for Orange Bank, consolidated from 4 October 2016 (three months of
activity), represented a loss of 12 million euros in 2016, a net
banking income (NBI) of 21 million euros and a bank loan cost of
risk of 2 million euros.
Operating income
from Orange Bank was positive at 85 million euros, including a 97
million-euro profit related to Orange's acquisition of a majority
interest in Groupama Banque (now called Orange Bank).
Orange Bank CAPEX (15 million euros in 2016) related to preparation
for the commercial launch of the business, scheduled for the
1st half of
2017.
[1] Excluding
machine-to-machine.
[2] The Group's
annual financial statements for 2016 include the activity of Orange
Bank from the last three months of the year. Orange Bank's net
banking income is recognised in the Group's other operating income.
Adjusted EBITDA, operating income and CAPEX are shown separately
for the telecoms activities and Orange Bank in the tables on pages
4 and 5.
[3] Net
financial debt as defined and used by Orange does not include the
activities of Orange Bank, to which this concept does not
apply.
[4] Subject to
the approval of the Annual General Meeting of Shareholders.
[5] The
ex-dividend date is 12 June 2017 and the record date 13 June
2017.
[6] On an
historical basis, 2016 revenues rose 1.7% in relation to 2015,
including:
- the impact of changes in scope of consolidation
(+2.2 percentage points), in particular with the acquisition of
Jazztel and the full consolidation of Médi Telecom on 1 July 2015;
the acquisition of Cellcom in Liberia and of Tigo in the Democratic
Republic of the Congo (9 months and 6 months of activity in 2016
respectively); the acquisition of entities of the Bharti group in
Burkina Faso (with 6 months of activity in 2016) and in Sierra
Leone (with 5 months of activity in 2016); the sale of 80% of
Dailymotion on 30 June 2015 (+10% on 30 July); and the sale of
Orange Armenia on 3 September 2015;
- the impact of foreign exchange (-1.1 percentage
points), in particular the decline of the Egyptian pound and of the
Polish zloty.
[7] Excluding
machine-to-machine.
[8] Primarily
due to changes in the scope of consolidation (acquisition of
Jazztel on 1 July 2015 and full consolidation of Médi Telecom also
as from 1 July 2015), the increased CAPEX of recent years (linked
in particular with the deployment of 4G and fibre networks), and
the amortization of new telecommunication licences (mainly 4G).
[9] Groupama
retained 35%.
[10] Net
financial debt as defined and used by Orange does not include the
activities of Orange Bank, to which this concept does not
apply.
[11] Excluding
machine-to-machine.
[12] Excluding
machine-to-machine.
[13]
Information & Communication Technologies.
[14] Excluding
machine-to-machine.
Orange_FY2016_EN_230217.pdf
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Orange via Globenewswire
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