France Telecom reported 2009 revenues of EUR 45.944 billion, down 1.8% on a comparable basis (EUR 50.952 billion including the UK). Organic cash flow reached EUR 8.35 billion, better than the announced objective. Revenues (excluding the United Kingdom) were EUR 11.540 billion in the 4th quarter of 2009, a decrease of 3.3% on a comparable basis and 5.8% on an historical basis. Including the United Kingdom, consolidated revenues were 12.808 billion euros, a 3.0% decline versus the 4th quarter of 2008 on a comparable basis.
Incoming CEO Stéphane Richard stated ""I would first like to thank Didier Lombard for leading the Group's transformation from being a national monopoly to a robust multi-national group that can boast more than 190 million customers and 180,000 employees in 32 countries, all while keeping a tight reign on its financial
performance. It is an outstanding group blessed with many excellent qualities, even as it faces a crisis of confidence in France. We are working to recenter the business to provide a renewed outlook for the Group as a whole. This new project, which will be announced before the summer, aims to reposition both customers and employees firmly at the heart of the executive management's priorities in a way that balances economic performance with social considerations while retaining our leadership position in innovation. This is the exciting task that lies ahead for me and the new management team."
Some notes from the financial report:
- For the year, France Telecom posted an increase in the overall customer base of 5.7% year on year (192.7 million customers at 31 December 2009).
- There was a 8.8% growth in the mobile customer base (132.6 million customers).
- There was a 4.1% rise in ADSL broadband subscribers (13.5 million customers) and very rapid growth of digital TV, with 3.2 million subscribers at 31 December 2009 for a year-on-year increase of 53%.
- The group's capital expenditure reached EUR 5.3 billion, for a CAPEX rate of 11.5% of revenues. This compares with CAPEX of EUR 6.3 billion in 2008 (13.4% of revenues) on a comparable basis. CAPEX for the 4th quarter was significantly higher than the average level for the first three quarters of the year, in line with seasonal trends seen in previous years.
- The MVNO customer base in Europe rose 25% to 4.0 million customers at 31 December 2009 (including 2.4
million customers in France), compared with 3.2 million customers a year earlier (including 1.8 million
customers in France). - ADSL broadband services continued to grow, reaching 13.5 million customers at 31 December 2009, a year-on-year
increase of 4.1%. Broadband usage rose sharply. - At 31 December 2009, there were: 3.2 million digital TV (IPTV and satellite) subscribers, a 53% increase in one year; 7.6 million Voice over IP subscribers, a year-on-year increase of 17%; and 8.8 million Livebox subscribers, a 12% increase in one year.
