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France : renewed commercial dynamic in French mobile segment, and growth in Spain and emerging markets.

Consolidated revenues of 21.843 billion euros for the first half of 2012 remained stable at -0.1% compared with the first half of 2011, in line with the first quarter results on a comparable basis and excluding the impact of regulatory measures:

In France, the revenue decline was limited to 2.0%. The success of Sosh (367,000 clients at 30 June 2012), Open (2.1 million customers) and the new Origami offers helped stabilise Orange s market share on the mobile market, estimated at 38.1% at 30 June 2012, compared with 38.3% at the end of March. The second quarter net loss of customers (-155,000) was one fourth of that in the first quarter, with a return to growth in the retail contract customer base in June (+27,000). The national roaming contract signed with the new market entrant partially offset the revenue decline in the retail mobile market;

Spain continued its strong growth (+4.8% for the six-month period), led by sustained growth in fixed broadband services and the rapid development of Internet browsing on mobiles;

Revenues in Poland declined 1.1%, while remaining stable in other European countries;

Africa and the Middle East confirmed the improvement seen in the first quarter, with 6.2% growth over the half year period;

The decline in revenues in the Enterprise segment was limited to 2.6%.

Restated EBITDA was 7.004 billion euros, with margin decline limited to 1.6 percentage points (32.1% of revenue for the first half of 2012) on a comparable basis, due to control of commercial costs and the results of the Chrysalid plan.;

CAPEX rose 1.0% to 2.460 billion euros compared to the first half of 2011 on a comparable basis, for a ratio of CAPEX to revenues of 11.3%. CAPEX in very high-speed broadband (FTTH) and mobile broadband (4G) accelerated.;

Net income was 1.909 billion euros for the first half of 2012, versus 2.095 billion euros in the first half of 2011.;

Operating cash flow (restated EBITDA CAPEX) for the first half of 2012 was 4.544 billion euros.;

Net debt was 31.177 billion euros at 30 June 2012, a reduction of 1.154 billion euros compared to the restated net debt at 31 December 2011.

The restated ratio of net debt to EBITDA was 2.11 at 30 June 2012.

The Group confirms its operating cash flow target of close to 8 billion euros for 2012 and reiterates its commitment to return to a net debt/EBITDA ratio of 2 in the medium term in order to protect the Group's financial health in all circumstances. Based on the results of the first half of 2012, an interim dividend for 2012 of 0.58 euros per share will be paid in cash on 12 September 2012.

2012 Al Bawaba (

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Publication:Mena Report
Date:Jul 27, 2012
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