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France Telecom Revenues Down 6.4%
France Telecom has reported a 6.4% decline in its 3rd-quarter revenues to EUR 12.7 billion (US$18.8 billion), of which -2.8 points was related to the unfavourable impact of exchange rates (zloty and pound sterling).
The 3.7% decrease in quarterly revenues on a comparable basis primarily reflected the impact of regulatory measures, which increased strongly in the third quarter of 2009. Excluding regulatory measures, third quarter revenue was down 0.9%, after rising 0.4% in the second quarter and 1.7% in the first quarter.
EBITDA fell 8% on an historical basis to EUR4.6 billion (US$6.8 billion), which includes a decline of 2.7 points due to the unfavourable impact of exchange rates. On a comparable basis, EBITDA declined 5.4% compared with the third quarter of 2008
The Group had 189.1 million customers at 30 September 2009 (excluding MVNOs), up 6.6% year on year with 11.7 million additional customers (net of contract terminations) compared to 2008. Growth in the number of mobile customers continued rising to 128.8 million customers (excluding MVNOs), a year-on-year increase of 9.5% or 11.2 million additional customers (net of contract terminations).
The third quarter continued to be very active, with 3.3 million additional mobile customers. At the same time, the MVNO customer base in Europe rose 35.5% to 3.8 million customers at 30 September 2009 (including 1.7 million customers in France).
Commenting on the results for the first nine months of 2009, France Telecom Chairman and Chief Executive Officer Didier Lombard stated: "Against a backdrop of difficult economic, social and regulatory conditions, the Group is proving its ability to maintain its performance."
" Despite mixed conditions across our footprint, our performance in France was notable. Revenues from France were up 0.6% and the takeup of new services continues to spread, particularly those related to 3G and our digital TV offers. Our ability to weather current conditions rests on the Group's financial strength, on our ability to innovate and on the commitment of our teams around the world."
The Group confirms its objective of stable cash flow at the 2008 level, which was EUR 8 billion (excluding the acquisition of new frequencies for mobile services, which is however unlikely before the end of the year).
Posted to the site on 29th October 2009