Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2020 | |
Document Information [Line Items] | |
Entity Central Index Key | 0001038143 |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2020 |
Entity File Number | 1-14712 |
Entity Registrant Name | ORANGE |
Entity Address, Address Line One | 78, rue Olivier de Serres |
Entity Address, Postal Zip Code | 75015 |
Entity Address, City or Town | Paris |
Entity Address, Country | FR |
Current Fiscal Year End Date | --12-31 |
Amendment Flag | false |
Consolidated income statement
Consolidated income statement - EUR (€) € in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Profit (loss) [abstract] | ||
Revenue | € 20,769 | € 20,573 |
External purchases | (8,557) | (8,562) |
Other operating income | 271 | 341 |
Other operating expenses | (448) | (201) |
Labor expenses | (4,376) | (4,434) |
Operating taxes and levies | (1,232) | (1,207) |
Gains (losses) on disposal of fixed assets, investments and activities | 59 | 68 |
Restructuring costs | (13) | (52) |
Depreciation and amortization of fixed assets | (3,549) | (3,500) |
Depreciation and amortization of financed assets | (22) | (3) |
Depreciation and amortization of right-of-use assets | (642) | (609) |
Reclassification of translation adjustment from liquidated entities | 2 | |
Impairment of fixed assets | 1 | 0 |
Impairment of right-of-use assets | (6) | (24) |
Share of profits (losses) of associates and joint ventures | (6) | (4) |
Operating income | 2,249 | 2,388 |
Cost of gross financial debt except financed assets | (569) | (575) |
Interests on debts related to financed assets | (1) | 0 |
Gains (losses) on assets contributing to net financial debt | 1 | 4 |
Foreign exchange gain (loss) | (115) | (2) |
Interests on lease liabilities | (56) | (60) |
Other net financial expenses | (3) | 14 |
Effects resulting from BT stake | (119) | |
Finance costs, net | (742) | (738) |
Income tax | (491) | (513) |
Consolidated net income | 1,016 | 1,137 |
Net income attributable to owners of the parent company | 927 | 1,039 |
Non-controlling interests | € 88 | € 98 |
Earnings per share [abstract] | ||
Net income - basic (in euros per share) | € 0.30 | € 0.34 |
Net income - diluted (in euros per share) | € 0.29 | € 0.33 |
Consolidated statement of compr
Consolidated statement of comprehensive income - EUR (€) € in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Statement of comprehensive income [abstract] | ||
Consolidated net income | € 1,016 | € 1,137 |
Other comprehensive income [abstract] | ||
Remeasurements of the net defined benefit liability | (16) | (89) |
Assets at fair value | (33) | 34 |
Income tax relating to items that will not be reclassified | (3) | 17 |
Items that will not be reclassified to profit or loss | (51) | (38) |
Assets at fair value | (2) | 11 |
Cash flow hedges | 554 | (184) |
Translation adjustment gains and losses | (184) | 50 |
Income tax relating to items that are or may be reclassified | (177) | 57 |
Items that are or may be reclassified subsequently to profit or loss | 191 | (66) |
Other comprehensive income consolidated | 140 | (104) |
Consolidated comprehensive income | 1,155 | 1,033 |
Comprehensive income attributable to [abstract] | ||
Comprehensive income attributable to the owners of the parent company | 1,100 | 922 |
Comprehensive income attributable to non-controlling interests | € 55 | € 111 |
Consolidated statement of finan
Consolidated statement of financial position - EUR (€) € in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Assets [abstract] | ||
Goodwill | € 27,589 | € 27,644 |
Other intangible assets | 14,434 | 14,737 |
Property, plant and equipment | 28,398 | 28,423 |
Right-of-use assets | 6,197 | 6,263 |
Interests in associates and joint ventures | 103 | 103 |
Non-current financial assets related to banking activities | 1,380 | 1,259 |
Non-current financial assets | 1,274 | 1,208 |
Non-current derivatives assets | 881 | 562 |
Other non-current assets | 135 | 125 |
Deferred tax assets | 859 | 992 |
Total non-current assets | 81,250 | 81,316 |
Inventories | 866 | 906 |
Trade receivables | 5,899 | 5,320 |
Other customer contract assets | 1,189 | 1,209 |
Current financial assets related to Orange Bank activities | 1,977 | 3,095 |
Current financial assets | 4,375 | 4,766 |
Current derivatives assets | 41 | 12 |
Other current assets | 1,509 | 1,258 |
Operating taxes and levies receivables | 955 | 1,090 |
Current tax assets | 116 | 120 |
Prepaid expenses | 887 | 730 |
Cash and cash equivalents | 6,364 | 6,481 |
Total current assets | 24,178 | 24,987 |
Total assets | 105,428 | 106,303 |
Equity and liabilities [abstract] | ||
Share capital | 10,640 | 10,640 |
Share premiums and statutory reserve | 16,859 | 16,859 |
Subordinated notes | 5,803 | 5,803 |
Retained earnings | (1,196) | (1,575) |
Equity attributable to the owners of the parent company | 32,106 | 31,727 |
Non-controlling interests | 2,553 | 2,688 |
Total equity | 34,660 | 34,416 |
Non-current financial liabilities | 32,744 | 33,148 |
Non-current derivatives liabilities | 672 | 487 |
Non-current lease liabilities | 5,290 | 5,225 |
Non-current fixed assets payables | 798 | 817 |
Non-current employee benefits | 2,398 | 2,554 |
Non-current dismantling provision | 818 | 810 |
Non-current restructuring provision | 88 | 96 |
Other non-current liabilities | 331 | 353 |
Deferred tax liabilities | 779 | 703 |
Total non-current liabilities | 43,918 | 44,192 |
Current financial liabilities | 4,489 | 3,925 |
Current derivatives liabilities | 54 | 22 |
Current lease liabilities | 1,233 | 1,267 |
Current fixed assets payables | 2,472 | 2,848 |
Trade payables | 6,397 | 6,682 |
Customer contract liabilities | 2,026 | 2,093 |
Current financial liabilities related to Orange Bank activities | 3,234 | 4,279 |
Current employee benefits | 2,115 | 2,261 |
Current dismantling provision | 10 | 15 |
Current restructuring provision | 67 | 120 |
Other current liabilities | 2,412 | 2,095 |
Operating taxes and levies payables | 1,566 | 1,287 |
Current tax payables | 724 | 748 |
Deferred income | 50 | 51 |
Total current liabilities | 26,850 | 27,695 |
Total equity and liabilities | € 105,428 | € 106,303 |
Consolidated statements of chan
Consolidated statements of changes in shareholders' equity - EUR (€) | Equity attributable to owners of parent [member] | Issued capital [member] | Share premium and statutory reserve [member] | Subordinated notes [member] | Reserves, attributable to owners of parent [member] | Accumulated other comprehensive income attributable to owners of parent [member] | Non-controlling interests [member] | Reserves, non-controlling interests [member] | Accumulated other comprehensive income, non-controlling interests [member] | Total |
Balance after effect of IFRS application | € 30,671,000,000 | € 10,640,000,000 | € 16,859,000,000 | € 5,803,000,000 | € (2,060,000,000) | € (571,000,000) | € 2,580,000,000 | € 2,357,000,000 | € 223,000,000 | € 33,251,000,000 |
Equity at beginning of period at Dec. 31, 2018 | 30,669,000,000 | 10,640,000,000 | 16,859,000,000 | 5,803,000,000 | (2,062,000,000) | (571,000,000) | 2,580,000,000 | 2,357,000,000 | 223,000,000 | € 33,249,000,000 |
Equity at beginning of period (in shares) at Dec. 31, 2018 | 2,660,056,599 | |||||||||
Consolidated comprehensive income | 922,000,000 | 1,039,000,000 | (117,000,000) | 111,000,000 | 98,000,000 | 13,000,000 | € 1,033,000,000 | |||
Share-based compensation | 27,000,000 | 27,000,000 | 4,000,000 | 4,000,000 | 31,000,000 | |||||
Purchase of treasury shares | (1,000,000) | (1,000,000) | (1,000,000) | |||||||
Dividends | (1,061,000,000) | (1,061,000,000) | (243,000,000) | (243,000,000) | (1,304,000,000) | |||||
Subordinated notes remuneration | (194,000,000) | (194,000,000) | (194,000,000) | |||||||
Changes in ownership interests with no gain/loss of control | 1,000,000 | 1,000,000 | (4,000,000) | (4,000,000) | (3,000,000) | |||||
Other movements | (54,000,000) | (54,000,000) | 19,000,000 | 19,000,000 | (35,000,000) | |||||
Equity at end of period at Jun. 30, 2019 | 30,311,000,000 | 10,640,000,000 | 16,859,000,000 | 5,803,000,000 | (2,303,000,000) | (688,000,000) | 2,467,000,000 | 2,231,000,000 | 236,000,000 | € 32,778,000,000 |
Equity at end of period (in shares) at Jun. 30, 2019 | 2,660,056,599 | |||||||||
Effect of IFRS 16 application | 2,000,000 | 2,000,000 | € 2,000,000 | |||||||
Consolidated comprehensive income | 2,153,000,000 | 1,967,000,000 | 186,000,000 | 121,000,000 | 122,000,000 | (2,000,000) | 2,274,000,000 | |||
Share-based compensation | (25,000,000) | (25,000,000) | (25,000,000) | |||||||
Purchase of treasury shares | (33,000,000) | (33,000,000) | (33,000,000) | |||||||
Dividends | (796,000,000) | (796,000,000) | (5,000,000) | (5,000,000) | (801,000,000) | |||||
Subordinated notes remuneration | (103,000,000) | (103,000,000) | (103,000,000) | |||||||
Changes in ownership interests with no gain/loss of control | 3,000,000 | 3,000,000 | 5,000,000 | 5,000,000 | 8,000,000 | |||||
Changes in ownership interests with gain/loss of control | 2,000,000 | 2,000,000 | 2,000,000 | |||||||
Other movements | 168,000,000 | 168,000,000 | 100,000,000 | 100,000,000 | 268,000,000 | |||||
Equity at end of period at Dec. 31, 2019 | 31,727,000,000 | 10,640,000,000 | 16,859,000,000 | 5,803,000,000 | (1,073,000,000) | (502,000,000) | 2,688,000,000 | 2,454,000,000 | 234,000,000 | € 34,416,000,000 |
Equity at end of period (in shares) at Dec. 31, 2019 | 2,660,056,599 | |||||||||
Consolidated comprehensive income | 1,100,000,000 | 927,000,000 | 173,000,000 | 55,000,000 | 88,000,000 | (33,000,000) | € 1,155,000,000 | |||
Share-based compensation | 7,000,000 | 7,000,000 | 2,000,000 | 2,000,000 | 9,000,000 | |||||
Purchase of treasury shares | 1,000,000 | 1,000,000 | 1,000,000 | |||||||
Dividends | (532,000,000) | (532,000,000) | (206,000,000) | (206,000,000) | (738,000,000) | |||||
Subordinated notes remuneration | (164,000,000) | (164,000,000) | (164,000,000) | |||||||
Changes in ownership interests with no gain/loss of control | (6,000,000) | (6,000,000) | 2,000,000 | 2,000,000 | (4,000,000) | |||||
Other movements | (27,000,000) | (27,000,000) | 11,000,000 | 11,000,000 | (16,000,000) | |||||
Equity at end of period at Jun. 30, 2020 | € 32,106,000,000 | € 10,640,226,396 | € 16,859,000,000 | € 5,803,000,000 | € (867,000,000) | € (330,000,000) | € 2,553,000,000 | € 2,352,000,000 | € 201,000,000 | € 34,660,000,000 |
Equity at end of period (in shares) at Jun. 30, 2020 | 2,660,056,599 |
Analysis of changes in sharehol
Analysis of changes in shareholders' equity related to components of the other comprehensive income - EUR (€) € in Millions | Accumulated other comprehensive income [member] | Accumulated other comprehensive income attributable to owners of parent [member] | Reserve of gains and losses on remeasuring available-for-sale financial assets attributable to owners of parent [member] | Reserve of gains and losses on hedging instruments that hedge investments in equity instruments attributable to owners of parent [member] | Reserve of exchange differences on translation attributable to owners of parent [member] | Reserve of actuarial gains and losses attributable to owners of parent [member] | Miscellaneous other accumulated other comprehensive income attributable to owners of parent [member] | Accumulated other comprehensive income associates and joint ventures attributable to owners of parent [member] | Accumulated other comprehensive income, non-controlling interests [member] | Reserve of gains and losses on remeasuring available-for-sale financial assets, non-controlling interests [member] | Reserve of gains and losses on hedging instruments that hedge investments in equity instruments, non-controlling interests [member] | Reserve of exchange differences on translation, non-controlling interests [member] | Reserve of actuarial gains and losses, non-controlling interests [member] | Miscellaneous other accumulated other comprehensive income, non-controlling interests [member] | Total |
Balance after effect of IFRS application | € (348) | € (571) | € (10) | € (264) | € 15 | € (504) | € 232 | € (40) | € 223 | € (4) | € (3) | € 237 | € (8) | € 1 | € 33,251 |
Equity at beginning of period at Dec. 31, 2018 | (348) | (571) | (10) | (264) | 15 | (504) | 232 | (40) | 223 | (4) | (3) | 237 | (8) | 1 | 33,249 |
Variation | (104) | (117) | 41 | (180) | 37 | (89) | 74 | 13 | 4 | (4) | 13 | 1,033 | |||
Equity at end of period at Jun. 30, 2019 | (452) | (688) | 31 | (444) | 52 | (593) | 306 | (40) | 236 | 0 | (7) | 250 | (8) | 1 | 32,778 |
Effect of IFRS 16 application | 2 | ||||||||||||||
Variation | 184 | 186 | (59) | 328 | 27 | (18) | (90) | (2) | (2) | 1 | 1 | (2) | 0 | 2,274 | |
Equity at end of period at Dec. 31, 2019 | (268) | (502) | (28) | (117) | 78 | (611) | 216 | (40) | 234 | (2) | (6) | 251 | (10) | 1 | 34,416 |
Variation | 140 | 173 | (34) | 551 | (149) | (15) | (179) | (33) | (1) | 3 | (35) | 0 | 0 | 1,155 | |
Equity at end of period at Jun. 30, 2020 | € (128) | € (330) | € (61) | € 434 | € (71) | € (626) | € 36 | € (40) | € 201 | € (3) | € (3) | € 216 | € (10) | € 1 | € 34,660 |
Consolidated statement of cash
Consolidated statement of cash flows - EUR (€) € in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash flows from (used in) operating activities [abstract] | ||
Consolidated net income | € 1,016 | € 1,137 |
Adjustments to reconcile profit (loss) [abstract] | ||
Operating taxes and levies | 1,232 | 1,207 |
Gains (losses) on disposal of fixed assets, investments and activities | 59 | 68 |
Other gains and losses | 4 | 7 |
Depreciation and amortization of fixed assets | 3,549 | 3,500 |
Depreciation and amortization of financed assets | 22 | 3 |
Depreciation and amortization of right-of-use assets | 642 | 609 |
Changes in provisions | (288) | (251) |
Reclassification of cumulative translation adjustment from liquidated entities | (2) | |
Impairment of fixed assets | (1) | |
Impairment of right-of-use assets | 6 | 24 |
Share of profits (losses) of associates and joint ventures | 6 | 4 |
Operational net foreign exchange and derivatives | (4) | 8 |
Finance costs, net | 742 | 738 |
Income tax | 491 | 513 |
Share-based compensation | 9 | 30 |
Decrease (increase) in inventories, gross | 24 | 18 |
Decrease (increase) in trade receivables, gross | (699) | (219) |
Increase (decrease) in trade payables | (248) | (239) |
Changes in other customer contract assets and liabilities | 41 | (22) |
Changes in other assets and liabilities | (131) | (468) |
Operating taxes and levies paid | (871) | (986) |
Dividends received | 3 | 14 |
Interest paid and interest rates effects on derivatives, net | (624) | (764) |
Income tax paid | (527) | (640) |
Net cash provided by operating activities | 4,326 | 4,139 |
Cash flows from (used in) investing activities [abstract] | ||
Purchases of property, plant and equipment and intangible assets | (3,395) | (4,150) |
Increase (decrease) in fixed assets payables | (441) | 7 |
Investing donations received in advance | 7 | |
Sales of property, plant and equipment and intangible assets | 201 | 151 |
Cash paid for investment securities, net of cash acquired | 0 | (126) |
Investments in associates and joint ventures | (2) | |
Purchases of equity securities measured at fair value | (29) | (25) |
Proceeds from sales of investment securities, net of cash transferred | 15 | 2 |
Decrease (increase) in securities and other financial assets: Investments at fair value, excluding cash equivalents | 436 | (28) |
Decrease (increase) in securities and other financial assets: Investments at fair value, other | (135) | 11 |
Net cash used in investing activities | (3,344) | (4,158) |
Cash flows from (used in) financing activities [abstract] | ||
Medium and long-term debt issuances | 2,028 | 4,884 |
Medium and long-term debt redemptions and repayments | (1,575) | (1,520) |
Repayments of lease liabilities | (634) | (678) |
Increase (decrease) of bank overdrafts and short-term borrowings | (219) | (723) |
Decrease (increase) of cash collateral deposits | 132 | (150) |
Exchange rates effects on derivatives, net | 72 | 64 |
Coupon and other fees on subordinated notes issuance | (186) | (267) |
Proceeds (purchases) from treasury shares | 0 | (1) |
Capital increase (decrease) - non-controlling interests | 1 | 41 |
Changes in ownership interests with no gain / loss of control | (2) | (3) |
Dividends paid to owners of the parent company | (532) | (1,061) |
Dividends paid to non-controlling interests | (164) | (243) |
Net cash used in financing activities | (1,080) | 343 |
Net change in cash and cash equivalents | (98) | 324 |
Effect of exchange rate changes on cash and cash equivalents [abstract] | ||
Cash and cash equivalents in the opening balance | 6,481 | 5,634 |
Cash change in cash and cash equivalents | (98) | 324 |
Non-cash change in cash and cash equivalents | (19) | 2 |
Cash and cash equivalents in the closing balance | 6,364 | 5,960 |
SecureData [member] | ||
Cash flows from (used in) investing activities [abstract] | ||
Cash paid for investment securities, net of cash acquired | (95) | |
Other business combinations [member] | ||
Cash flows from (used in) investing activities [abstract] | ||
Cash paid for investment securities, net of cash acquired | € 0 | € (31) |
Consolidated statement of cas_2
Consolidated statement of cash flows - Additional information - EUR (€) € in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Statement of cash flows [line items] | ||
Interests paid on lease liabilities | € (62) | € (46) |
Purchases of property, plant and equipment and intangible assets | 3,395 | 4,150 |
Redemption of subordinated notes reclassified as short-term borrowings | (500) | |
Finance leases [member] | ||
Statement of cash flows [line items] | ||
Purchases of property, plant and equipment and intangible assets | € 117 | € 66 |
Segment information
Segment information | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure of operating segments [abstract] | |
Segment information | Note 1 Segment information 1.1 Segment revenue (in millions of euros) France Spain Europe June 30, 2020 Revenue 9,024 2,503 2,729 Convergence services 2,268 1,020 357 Mobile services only 1,124 517 1,008 Fixed services only 1,986 238 308 IT & integration services — 4 143 Wholesale 2,871 449 506 Equipment sales 458 263 348 Other revenue 318 12 58 External 8,694 2,486 2,693 Inter-operating segments 330 17 37 June 30, 2019 Revenue 8,874 2,624 2,789 Convergence services 2,153 1,049 293 Mobile services only 1,168 584 1,065 Fixed services only 2,054 254 326 IT & integration services — 3 84 Wholesale 2,672 418 530 Equipment sales 578 316 401 Other revenue 249 — 90 External 8,543 2,602 2,748 Inter-operating segments 331 22 41 (1) Including, in 2020, revenue of 2,511 million euros in France, 6 million euros in Spain, 820 million euros in other European countries and 523 million euros in other countries. Including, in 2019, revenue of 2,593 million euros in France, 5 million euros in Spain, 638 million euros in other European countries and 534 million euros in other countries. (2) Including revenue of 660 million euros in France in 2020 and 687 million euros in 2019. (in millions of euros) Africa & Enterprise (1) International Eliminations Total telecom Orange Bank Eliminations Orange Middle-East Carriers activities telecom consolidated & Shared activities / financial Services (2) bank statements June 30, 2020 Revenue 2,845 3,859 728 (918) 20,771 — (1) 20,769 Convergence services — — — — 3,645 — — 3,645 Mobile services only 2,164 327 — (18) 5,122 — 0 5,122 Fixed services only 270 1,958 — (86) 4,673 — 0 4,673 IT & integration services 11 1,475 — (78) 1,556 — (1) 1,555 Wholesale 342 21 530 (657) 4,062 — — 4,062 Equipment sales 40 77 — (2) 1,184 — 0 1,184 Other revenue 19 — 199 (77) 529 — 0 529 External 2,756 3,667 474 — 20,769 — — 20,769 Inter-operating segments 89 192 255 (918) 1 — (1) — June 30, 2019 Revenue 2,737 3,770 747 (966) 20,575 — (2) 20,573 Convergence services — — — — 3,495 — — 3,495 Mobile services only 2,042 367 — (22) 5,204 — — 5,204 Fixed services only 240 1,978 — (88) 4,764 — — 4,764 IT & integration services 6 1,318 — (75) 1,336 — (2) 1,334 Wholesale 391 18 542 (708) 3,863 — — 3,863 Equipment sales 45 89 — (1) 1,428 — — 1,428 Other revenue 13 — 205 (72) 485 — — 485 External 2,624 3,583 473 — 20,573 — — 20,573 Inter-operating segments 113 187 274 (966) 2 — (2) — 1.2 Segment revenue to consolidated net income as of June 30, 2020 (in millions of euros) France Spain Europe Africa & Middle-East Revenue 9,024 2,503 2,729 2,845 External purchases (3,313) (1,395) (1,531) (1,219) Other operating income 641 63 72 24 Other operating expenses (288) (103) (85) (104) Labor expenses (1,900) (141) (315) (252) Operating taxes and levies (735) (63) (53) (264) Gains (losses) on disposal of fixed assets, investments and activities — — — — Restructuring costs — — — — Depreciation and amortization of financed assets (22) — — — Depreciation and amortization of right-of-use assets (102) (131) (79) (64) Impairment of right-of-use assets — — — — Interests on debts related to financed assets (2) (1) — — — Interests on lease liabilities (2) (4) (6) (8) (32) EBITDAaL 3,301 728 730 935 Significant litigations (167) — — — Specific labour expenses (26) — 0 — Fixed assets, investments and businesses portfolio review 23 22 4 0 Restructuring programs costs (4) 0 (3) (2) Acquisition and integration costs — — (2) — Depreciation and amortization of fixed assets (1,575) (528) (563) (508) Reclassification of translation adjustment from liquidated entities — — — — Impairment of fixed assets 0 0 1 0 Share of profits (losses) of associates and joint ventures 0 — 0 (1) Elimination of interests on debts related to financed assets (2) 1 — — — Elimination of interests on lease liabilities (2) 4 6 8 32 Operating Income 1,557 228 173 456 Cost of gross financial debt except financed assets — — — — Interests on debts related to financed assets (2) — — — — Gains (losses) on assets contributing to net financial debt — — — — Foreign exchange gain (loss) — — — — Interests on lease liabilities (2) — — — — Other net financial expenses — — — — Finance costs, net — — — — Income Tax — — — — Consolidated net income — — — — (1) Orange Bank's net banking income is recognized in other operating income and amounts to 34 million euros as of June 30, 2020. The cost of risk is included in other operating expenses and amounts to (11) million euros as of June 30, 2020. (2) Presentation adjustments allow the reallocation of the lines of specific items identified in the segment information to the operating revenue and expense lines presented in the consolidated income statement. Interest expenses on liabilities related to financed assets and interests expenses on lease liabilities are included in segment EBITDAaL. They are excluded from segment operating income and included in net finance costs presented in the consolided income statement. (in millions of euros) Enterprise International Elimination Total Orange Eliminations Total Presentation Orange Carriers & telecom telecom Bank (1) telecom adjust- consoli- Shared activities activities activites / ments (2) dated financial Services bank statements Revenue 3,859 728 (918) 20,771 — (1) 20,769 — 20,769 External purchases (1,977) (970) 1,901 (8,504) (54) 1 (8,557) — (8,557) Other operating income 76 1,006 (1,644) 239 37 (5) 271 — 271 Other operating expenses (328) (17) 661 (265) (15) 6 (274) (174) (448) Labor expenses (1,035) (662) — (4,305) (38) — (4,342) (33) (4,376) Operating taxes and levies (58) (58) — (1,231) (1) — (1,232) — (1,232) Gains (losses) on disposal of fixed assets, investments and activities — — — — — — — 59 59 Restructuring costs — — — — — — — (13) (13) Depreciation and amortization of financed assets — — — (22) — — (22) — (22) Depreciation and amortization of right-of-use assets (63) (202) — (640) (1) — (642) — (642) Impairment of right-of-use assets — — — — — — — (6) (6) Interests on debts related to financed assets (2) — — — (1) — — (1) 1 n/a Interests on lease liabilities (2) (2) (4) — (56) 0 — (56) 56 n/a EBITDAaL 471 (179) — 5,986 (72) 1 5,914 (111) n/a Significant litigations — (2) — (169) — — (169) 169 n/a Specific labour expenses (2) 1 — (28) 0 — (28) 28 n/a Fixed assets, investments and businesses portfolio review 7 4 — 59 — — 59 (59) n/a Restructuring programs costs (3) (6) — (17) (2) — (19) 19 n/a Acquisition and integration costs (4) (4) — (10) — — (10) 10 n/a Depreciation and amortization of fixed assets (205) (157) — (3,536) (13) — (3,549) — (3,549) Reclassification of translation adjustment from liquidated entities — — — — — — — — — Impairment of fixed assets — — — 1 — — 1 — 1 Share of profits (losses) of associates and joint ventures 1 (6) — (6) — — (6) — (6) Elimination of interests on debts related to financed assets (2) — — — 1 — — 1 (1) n/a Elimination of interests on lease liabilities (2) 2 4 — 56 0 — 56 (56) n/a Operating Income 267 (345) — 2,336 (87) 1 2,249 — 2,249 Cost of gross financial debt except financed assets — — — — — — — — (569) Interests on debts related to financed assets (2) — — — — — — — — (1) Gains (losses) on assets contributing to net financial debt — — — — — — — — 1 Foreign exchange gain (loss) — — — — — — — — (115) Interests on lease liabilities (2) — — — — — — — — (56) Other net financial expenses — — — — — — — — (3) Finance costs, net — — — — — — — — (742) Income Tax — — — — — — — — (491) Consolidated net income — — — — — — — — 1,016 1.3 Segment revenue to consolidated net income as of June 30, 2019 (in millions of euros) France Spain Europe Africa & Middle-East Revenue 8,874 2,624 2,789 2,737 External purchases (3,309) (1,448) (1,581) (1,199) Other operating income 686 99 70 23 Other operating expenses (264) (107) (89) (93) Labor expenses (1,930) (135) (344) (249) Operating taxes and levies (684) (86) (59) (253) Gains (losses) on disposal of fixed assets, investments and activities — — — — Restructuring costs — — — — Depreciation and amortization of financed assets (3) — — — Depreciation and amortization of right-of-use assets (84) (154) (71) (64) Impairment of right-of-use assets — — — — Interests on debts related to financed assets (2) 0 — — — Interests on lease liabilities (2) (5) (6) (7) (34) EBITDAaL 3,281 787 708 868 Significant litigations — — — — Specific labour expenses (31) — — — Fixed assets, investments and businesses portfolio review — — 11 5 Restructuring programs costs (24) (6) (5) (2) Acquisition and integration costs — — (1) — Depreciation and amortization of fixed assets (1,582) (533) (550) (471) Reclassification of translation adjustment from liquidated entities — — — 2 Impairment of fixed assets — — — (1) Share of profits (losses) of associates and joint ventures — — — — Elimination of interests on debts related to financed assets (2) 0 — — — Elimination of interests on lease liabilities (2) 5 6 7 34 Operating Income 1,649 254 170 435 Cost of gross financial debt except financed assets — — — — Interests on debts related to financed assets (2) — — — — Gains (losses) on assets contributing to net financial debt — — — — Foreign exchange gain (loss) — — — — Interests on lease liabilities (2) — — — — Other net financial expenses — — — — Effects resulting from BT sale — — — — Finance costs, net — — — — Income Tax — — — — Consolidated net income — — — — (1) Orange Bank's net banking income is recognized in other operating income and amounts to 15 million euros as of June 30, 2019. The cost of risk is included in other operating expenses and amounts to (4) million euros as of June 30, 2019. (2) Presentation adjustments allow the reallocation of the lines of specific items identified in the segment information to the operating revenue and expense lines presented in the consolidated income statement. Interest expenses on liabilities related to financed assets and interests expenses on lease liabilities are included in segment EBITDAaL. They are excluded from segment operating income and included in net finance costs presented in the consolided income statement. (in millions of euros) Enterprise International Elimination Total Orange Eliminations Total Presentation Orange Carriers & telecom telecom Bank (1) telecom adjust- consolidated Shared activities activities activities / ments (2) financial Services bank statements Revenue 3,770 747 (966) 20,575 — (2) 20,573 — 20,573 External purchases (1,896) (1,043) 1,958 (8,518) (47) 3 (8,562) — (8,562) Other operating income 78 1,034 (1,659) 331 17 (7) 341 — 341 Other operating expenses (311) 5 667 (192) (10) 7 (195) (6) (201) Labor expenses (964) (662) — (4,284) (36) — (4,320) (114) (4,434) Operating taxes and levies (63) (62) — (1,207) — — (1,207) — (1,207) Gains (losses) on disposal of fixed assets, investments and activities — — — — — — — 68 68 Restructuring costs — — — — — — — (52) (52) Depreciation and amortization of financed assets — — — (3) — — (3) — (3) Depreciation and amortization of right-of-use assets (47) (187) — (607) (2) — (609) — (609) Impairment of right-of-use assets — — — — — — — (24) (24) Interests on debts related to financed assets (2) — — — 0 — — 0 0 n/a Interests on lease liabilities (2) (2) (6) - (60) - - (60) 60 n/a EBITDAaL 565 (174) — 6,035 (78) 1 5,958 (68) n/a Significant litigations — (65) — (65) — — (65) 65 n/a Specific labour expenses (1) (14) — (46) — — (46) 46 n/a Fixed assets, investments and businesses portfolio review — 52 — 68 — — 68 (68) n/a Restructuring programs costs (10) (28) — (75) — — (75) 75 n/a Acquisition and integration costs (4) (5) — (10) — — (10) 10 n/a Depreciation and amortization of fixed assets (195) (159) — (3,490) (10) — (3,500) — (3,500) Reclassification of translation adjustment from liquidated entities — — — 2 — — 2 — 2 Impairment of fixed assets 1 — — 0 — — 0 — 0 Share of profits (losses) of associates and joint ventures 2 (6) — (4) — — (4) — (4) Elimination of interests on debts related to financed assets (2) — — — 0 — — 0 0 n/a Elimination of interests on lease liabilities (2) 2 6 — 60 — — 60 (60) n/a Operating income 360 (393) — 2,475 (88) 1 2,388 — 2,388 Cost of gross financial debt except financed assets — — — — — — — — (575) Interests on debts related to financed assets (2) — — — — — — — — 0 Gains (losses) on assets contributing to net financial debt — — — — — — — — 4 Foreign exchange gain (loss) — — — — — — — — (2) Interests on lease liabilities(2) — — — — — — — — (60) Other net financial expenses — — — — — — — — 14 Effects resulting from BT sale — — — — — — — — (119) Finance costs, net — — — — — — — — (738) Income Tax — — — — — — — — (513) Consolidated net income — — — — — — — — 1,137 1.4 Segment investments (in millions of euros) France Spain Europe June 30, 2020 eCapex 1,635 392 369 Elimination of proceeds from sales of property, plant and equipment and intangible assets 95 75 7 Telecommunications licenses — 3 30 Financed assets 117 — — Total investments (3) 1,847 470 405 June 30, 2019 eCapex 1,862 529 407 Elimination of proceeds from sales of property, plant and equipment and intangible assets 47 — 17 Telecommunications licenses — 297 — Financed assets 66 — — Total investments (4) 1,975 826 424 (1) Including investments in tangible and intangible assets in France for 110 million euros in 2020 and 132 million euros in 2019. (2) Including investments in tangible and intangible assets in France for 126 million euros in 2020 and 138 million euros in 2019. (3) Including 944 million euros for other intangible assets and 2,569 million euros for tangible assets. (4) Including 1,338 milliion euros for other intangible assets and 2,878 million euros for tangible assets. (in millions of euros) Africa & Enterprise (1) International Total Orange Orange Middle-East Carriers telecom Bank consolidated & Shared activities financial Services (2) statements June 30, 2020 eCapex 449 174 123 3,142 14 3,156 Elimination of proceeds from sales of property, plant and equipment and intangible assets 2 13 6 197 — 197 Telecommunications licenses 9 — — 42 — 42 Financed assets — — — 117 — 117 Total investments (3) 460 187 129 3,499 14 3,513 June 30, 2019 eCapex 418 197 80 3,493 16 3,509 Elimination of proceeds from sales of property, plant and equipment and intangible assets 7 1 59 131 — 131 Telecommunications licenses 213 — — 510 — 510 Financed assets — — — 66 — 66 Total investments (4) 638 198 139 4,200 16 4,216 1.5 Segment assets (in millions of euros) France Spain Europe June 30, 2020 Goodwill 14,364 6,872 2,645 Other intangible assets 3,999 1,897 1,837 Property, plant and equipment 15,454 3,667 3,938 Right-of-use assets 1,364 1,027 916 Interests in associates and joint ventures 4 — 5 Non-current assets included in the calculation of net financial debt — — — Other 9 17 27 Total non-current assets 35,193 13,479 9,368 Inventories 413 60 148 Trade receivables 2,189 617 1,075 Other customer contract assets 366 135 350 Prepaid expenses 57 349 63 Current assets included in the calculation of net financial debt — — — Other 706 39 88 Total current assets 3,731 1,201 1,724 Total assets 38,924 14,680 11,093 December 31, 2019 Goodwill 14,364 6,872 2,665 Other intangible assets 3,968 1,961 1,941 Property, plant and equipment 15,308 3,673 4,109 Right-of-use assets 1,174 1,123 930 Interests in associates and joint ventures 3 — 5 Non-current assets included in the calculation of net financial debt — — — Other 10 17 22 Total non-current assets 34,827 13,645 9,673 Inventories 463 61 149 Trade receivables 1,477 667 1,210 Other customer contract assets 432 150 380 Prepaid expenses 41 401 43 Current assets included in the calculation of net financial debt — — — Other 699 62 74 Total current assets 3,113 1,341 1,855 Total assets 37,940 14,986 11,529 (1) Including tangible and intangible assets for 586 million euros in France in 2020 and 642 million euros in 2019. (2) Including tangible and intangible assets for 1,751 million euros in France in 2020 and 1,736 million euros in 2019. Intangible assets also include the Orange brand for 3,133 million euros. (3) Including 1,380 million euros of non-current financial assets related to Orange Bank activities in 2020 and 1,259 million euros in 2019 (see Note 11.1.1). (4) Including 1,981 million euros of current financial assets related to Orange Bank activities in 2020 and 3,098 million euros in 2019 (see Note 11.1.1). (in millions of euros) Africa & Enterprise (1) International Eliminations Total Orange Eliminations Orange Middle-East Carriers telecom telecom Bank telecom consolidated & Shared activities activities activities / financial Services (2) and bank statements unallocated items June 30, 2020 Goodwill 1,474 2,217 18 — 27,589 — — 27,589 Other intangible assets 2,167 669 3,775 — 14,344 89 — 14,434 Property, plant and equipment 3,697 500 1,138 — 28,393 4 — 28,398 Right-of-use assets 870 326 1,663 — 6,165 32 — 6,197 Interests in associates and joint ventures 74 1 18 0 103 — — 103 Non-current assets included in the calculation of net financial debt — — — 1,027 1,027 — — 1,027 Other 23 30 20 2,014 2,140 1,390 (3) (27) 3,502 Total non-current assets 8,304 3,743 6,632 3,042 79,761 1,516 (27) 81,250 Inventories 81 58 107 — 866 — — 866 Trade receivables 783 1,092 1,064 (888) 5,933 7 (40) 5,899 Other customer contract assets 9 327 0 — 1,189 — — 1,189 Prepaid expenses 211 98 118 (16) 880 7 0 887 Current assets included in the calculation of net financial debt — — — 10,409 10,409 — — 10,409 Other 1,025 197 416 86 2,557 2,389 (4) (18) 4,929 Total current assets 2,109 1,772 1,706 9,590 21,834 2,403 (58) 24,178 Total assets 10,413 5,515 8,338 12,632 101,595 3,919 (86) 105,428 December 31, 2019 Goodwill 1,481 2,245 18 — 27,644 — — 27,644 Other intangible assets 2,318 695 3,766 — 14,649 88 — 14,737 Property, plant and equipment 3,674 526 1,128 — 28,418 5 — 28,423 Right-of-use assets 881 314 1,815 — 6,237 26 — 6,263 Interests in associates and joint ventures 84 1 10 0 103 — — 103 Non-current assets included in the calculation of net financial debt — — — 685 685 — — 685 Other 22 25 19 2,104 2,219 1,268 (3) (27) 3,460 Total non-current assets 8,461 3,805 6,757 2,789 79,956 1,387 (27) 81,316 Inventories 76 60 96 — 906 — — 906 Trade receivables 720 1,067 974 (771) 5,343 1 (24) 5,320 Other customer contract assets 11 237 — — 1,209 — — 1,209 Prepaid expenses 87 143 26 (16) 725 5 0 730 Current assets included in the calculation of net financial debt — — — 10,820 10,820 — — 10,820 Other 968 216 330 145 2,494 3,511 (4) (3) 6,002 Total current assets 1,862 1,723 1,426 10,178 21,498 3,517 (28) 24,987 Total assets 10,323 5,527 8,182 12,967 101,454 4,904 (55) 106,303 1.6 Segment equity and liabilities (in millions of euros) France Spain Europe June 30, 2020 Equity — — — Non-current lease liabilities 1,106 890 819 Fixed assets payables 44 345 247 Non-current employee benefits 1,297 8 18 Non-current liabilities included in the calculation of net financial debt — — — Other 552 78 298 Total non-current liabilities 2,999 1,321 1,381 Current lease liabilities 203 274 124 Fixed assets payables 1,070 491 290 Trade payables 2,608 844 840 Customer contracts liabilities 963 91 316 Current employee benefits 1,108 31 133 Deferred income 2 — 4 Current liabilities included in the calculation of net financial debt — — — Other 1,273 168 277 Total current liabilities 7,228 1,899 1,983 Total equity and liabilities 10,227 3,219 3,365 December 31, 2019 Equity — — — Non-current lease liabilities 961 945 788 Fixed assets payables 35 366 251 Non-current employee benefits 1,461 17 34 Non-current liabilities included in the calculation of net financial debt — — — Other 574 80 301 Total non-current liabilities 3,030 1,409 1,373 Current lease liabilities 170 284 166 Fixed assets payables 1,144 563 407 Trade payables 2,682 1,051 935 Customer contracts liabilities 1,015 98 335 Current employee benefits 1,224 33 110 Deferred income 2 — 6 Current liabilities included in the calculation of net financial debt — — — Other 781 178 268 Total current liabilities 7,017 2,207 2,226 Total equity and liabilities 10,047 3,616 3,599 (1) Including in 2020, 105 million euros of non-current liabilities and 101 million euros in 2019 (see Note 11.1). (2) Including in 2020, 3,235 million euros of current liabilities related to Orange Bank activities and 4,280 million euros in 2019 (see Note 11.1). (in millions of euros) Africa & Enterprise International Eliminations Total Orange Eliminations Orange Middle-East Carriers telecom telecom Bank telecom consolidated & Shared activities activities activities / financial Services and bank statements unallocated items June 30, 2020 Equity — — — 34,764 34,764 (104) — 34,660 Non-current lease liabilities 820 259 1,358 — 5,252 38 — 5,290 Fixed assets payables 162 — — — 798 — — 798 Non-current employee benefits 71 290 705 — 2,388 9 — 2,398 Non-current liabilities included in the calculation of net financial debt — — — 33,339 33,339 — — 33,339 Other 57 43 57 923 2,007 114 (1) (27) 2,094 Total non-current liabilities 1,110 592 2,119 34,261 43,784 162 (27) 43,918 Current lease liabilities 90 77 467 — 1,233 — — 1,233 Fixed assets payables 464 73 85 (1) 2,472 — — 2,472 Trade payables 1,258 735 882 (888) 6,279 159 (40) 6,397 Customer contracts liabilities 130 426 117 (16) 2,027 — 0 2,026 Current employee benefits 80 385 372 — 2,109 6 — 2,115 Deferred income 36 1 7 0 50 — — 50 Current liabilities included in the calculation of net financial debt — — — 4,547 4,547 — (4) 4,543 Other 1,276 225 907 204 4,331 3,697 (2) (14) 8,013 Total current liabilities 3,334 1,922 2,837 3,846 23,047 3,861 (58) 26,850 Total equity and liabilities 4,444 2,514 4,956 72,871 101,595 3,919 (86) 105,428 December 31, 2019 Equity — — — 34,432 34,432 (16) — 34,416 Non-current lease liabilities 785 227 1,490 — 5,196 29 — 5,225 Fixed assets payables 166 — — — 817 — — 817 Non-current employee benefits 68 264 702 — 2,544 9 — 2,554 Non-current liabilities included in the calculation of net financial debt — — — 33,562 33,562 — — 33,562 Other 55 39 55 849 1,954 109 (1) (27) 2,035 Total non-current liabilities 1,074 530 2,247 34,411 44,073 147 (27) 44,192 Current lease liabilities 124 97 422 — 1,263 4 — 1,267 Fixed assets payables 529 72 135 (1) 2,848 — — 2,848 Trade payables 1,136 784 763 (771) 6,581 125 (24) 6,682 Customer contracts liabilities 123 412 126 (15) 2,094 — 0 2,093 Current employee benefits 71 407 411 — 2,254 6 — 2,261 Deferred income 36 1 7 0 51 — — 51 Current liabilities included in the calculation of net financial debt — — — 3,950 3,950 — (3) 3,947 Other 1,211 283 846 341 3,908 4,638 (2) 0 8,545 Total current liabilities 3,231 2,055 2,710 3,503 22,950 4,773 (28) 27,695 Total equity and liabilities 4,305 2,586 4,957 72,346 101,454 4,904 (55) 106,303 1.7 Simplified statement of cash flows on telecommunication and banking activities (in millions of euros) June 30, 2020 Telecom Orange Bank Eliminations Orange activities telecom consoli- activities / dated financial Orange Bank statement Operating activities Consolidated net income 1,103 (87) — 1,016 Non-monetary items and reclassified items for presentation 6,309 33 1 6,343 Changes in working capital and operating banking activities Decrease (increase) in inventories, gross 24 — — 24 Decrease (increase) in trade receivables, gross (704) (4) 9 (699) Increase (decrease) in trade payables (267) 28 (9) (248) Changes in other customer contract assets and liabilities 41 — — 41 Changes in other assets and liabilities (111) (20) — (131) Other net cash out Operating taxes and levies paid (873) 2 — (871) Dividends received 3 — — 3 Interest paid and interest rates effects on derivatives, net (623) (1) 1 (1) (624) Income tax paid (527) 0 — (527) Net cash provided by operating activities (a) 4,375 (2) (49) — 4,326 Investing activities Purchases and sales of property, plant and equipment and intangible assets (3) Purchases of property, plant and equipment and intangible assets (3,382) (14) — (3,395) Increase (decrease) in fixed assets payables (441) — — (441) Investing donations received in advance 7 — — 7 Sales of property, plant and equipment and intangible assets 201 — — 201 Cash paid for investment securities, net of cash acquired 0 — — 0 Investments in associates and joint ventures (2) — — (2) Purchases of equity securities measured at fair value (29) — — (29) Proceeds from sales of investment securities, net of cash transferred 15 — — 15 Decrease (increase) in securities and other financial assets 351 (49) 0 301 Net cash used in investing activities (b) (3,280) (63) 0 (3,344) Financing activities Cash flows from financing activities Medium and long-term debt issuances 2,028 — — 2,028 Medium and long-term debt redemptions and repayments (1,575) (4) — — (1,575) Increase (decrease) of bank overdrafts and short-term borrowings (211) (5) (8) 0 (219) Decrease (increase) of cash collateral deposits 133 (1) — 132 Exchange rates effects on derivatives, net 72 — — 72 Other cash flows Lease liabilities repayments (633) (2) — (634) Coupon on subordinated notes (186) — — (186) Proceeds (purchases) from treasury shares 0 — — 0 Capital increase (decrease) - non-controlling interests (6) (88) 89 — 1 Changes in ownership interests with no gain / loss of control (2) — — (2) Dividends paid to owners of the parent company (532) — — (532) Dividends paid to non-controlling interests (164) — — (164) Net cash used in financing activities (c) (1,158) 78 0 (1,080) Cash and cash equivalents in the opening balance 6,112 369 — 6,481 Cash change in cash and cash equivalents (a) + (b) + (c) (62) (35) — (98) Non-cash change in cash and cash equivalents (19) — — (19) Cash and cash equivalents in the closing balance 6,031 333 — 6,364 (in millions of euros) June 30, 2019 Telecom Orange Bank Eliminations Orange activities telecom consoli- activities / dated financial Orange Bank statement Operating activities Consolidated net income 1,224 (87) — 1,137 Non-monetary items and reclassified items for presentation 6,267 41 — 6,308 Changes in working capital and operating banking activities Decrease (increase) in inventories, gross 18 — — 18 Decrease (increase) in trade receivables, gross (210) (2) (7) (219) Increase (decrease) in trade payables (226) (20) 7 (239) Changes in other customer contract assets and liabilities (22) — — (22) Changes in other assets and liabilities (134) (334) — (468) Other net cash out Operating taxes and levies paid (986) — — (986) Dividends received 14 — — 14 Interest paid and interest rates effects on derivatives, net (764) (1) — — (764) Income tax paid (640) — — (640) Net cash provided by operating activities (a) 4,541 (2) (402) — 4,139 Investing activities Purchases and sales of property, plant and equipment and intangible assets (3) Purchases of property, plant and equipment and intangible assets (4,134) (16) — (4,150) Increase (decrease) in fixed assets payables 7 — — 7 Investing donations received in advance — — — — Sales of property, plant and equipment and intangible assets 151 — — 151 Cash paid for investment securities, net of cash acquired (126) — — (126) Purchases of equity securities measured at fair value (25) — — (25) Proceeds from sales of investment securities, net of cash transferred 2 — — 2 Decrease (increase) in securities and other financial assets (28) 9 2 (17) Net cash used in investing activities (b) (4,153) (7) 2 (4,158) Financing activities Cash flows from financing activities Medium and long-term debt issuances 4,884 — — 4,884 Medium and long-term debt redemptions and repayments (1,520) — — (1,520) Lease liabilities repayments (676) (2) — (678) Increase (decrease) of bank overdrafts and short-term borrowings (730) 9 (2) (723) Decrease (increase) of cash collateral deposits (125) (25) — (150) Exchange rates effects on derivatives, net 64 — — 64 Other cash flows Coupon and other fees on subordinated notes issuance (267) — — (267) Proceeds (purchases) from treasury shares (1) — — (1) Capital increase (decrease) - non-controlling interests (6) (59) 100 — 41 Changes in ownership interests with no gain / loss of control (3) — — (3) Dividends paid to owners of the parent company (1,061) — — (1,061) Dividends paid to non-controlling interests (243) — — (243) Net cash used in financing activities (c) 263 82 (2) 343 Cash and cash equivalents in the opening balance 5,081 553 — 5,634 Cash change in cash and cash equivalents (a) + (b) + (c) 651 (327) — 324 Non-cash change in cash and cash equivalents 2 — — 2 Cash and cash equivalents in the closing balance 5,734 226 — 5,960 (1) Including (62) million euros as of June 30, 2020 an |
Basis of preparation of the con
Basis of preparation of the consolidated financial statements | 6 Months Ended |
Jun. 30, 2020 | |
Description of business and basis of preparation of consolidated financial statements [abstract] | |
Description of business and basis of preparation of the consolidated financial statements | Note 2 Basis of preparation of the consolidated financial statements This note describes the changes in accounting policies since the publication of the 2019 consolidated financial statements and applied by Orange ("the Group") in the preparation of its interim financial statements for the half-year ended June 30, 2020. 2.1 Basis of preparation of the financial statements The condensed consolidated financial statements and notes for the first half of 2020 were prepared under the responsibility of the Board of Directors on July 29, 2020. In accordance with European Regulation no. 1606/2002 dated July 19, 2002, the interim financial statements were prepared in accordance with IAS 34 "Interim Financial Reporting", as endorsed by the European Union (EU) and published by the IASB. The interim financial statements were prepared using the same accounting policies as the financial statements for the year ended December 31, 2019, with the exception of the specific requirements of IAS 34 and effects of new standards as described in Note 2.3. The Group’s consolidated financial statements are presented in millions of euros, rounded to the nearest million. This may in certain circumstances lead to non-material differences between the sum of the figures and the subtotals that appear in the tables. For the reported periods, the accounting standards and interpretations endorsed by the EU are similar to the compulsory standards and interpretations published by the IASB, with the exception of standards and interpretations currently being endorsed, a study of the impacts and practical consequences of applying these amendments is under way. When a specific transaction is not dealt with in any standard or interpretation, Group management uses its judgment to define and apply an accounting policy that will result in relevant and reliable information, such that the financial statements: − − − − − 2.2 Use of estimates and judgement Orange’s management uses its judgment to define the appropriate accounting treatment of certain transactions and makes estimates insofar as many items included in the financial statements cannot be measured with precision or current IFRS standards and interpretations do not specifically deal with the related accounting issues. Management revises these estimates if the underlying circumstances evolve or if there is new information or additional experience. In the current context of the health crisis, estimates used as of June 30, 2020 could be modified within the preparation of next closings (see Note 3). 2.3 New standards and interpretations applied from January 1, 2020 2.3.1 Interpretation and amendment of IFRS 16 "Leases" The Group has applied IFRS 16 "Leases” since January 1, 2019. The IFRS IC committee published a decision in November 2019 which specifies that it is not possible to use only the legal approach to determine the enforceable period of a contract, if duration cannot be determined at the origin of the contract. The committee considers that a lease arrangement remains enforceable as long as lessee, or lessor, would have to support a loss or a more than insignificant penalty in the event of termination of the contract. To determine the enforceable period of the lease arrangement, all economic aspects of the contract must be taken into account and not just contractual termination indemnities. On the date of preparation of the 2019 annual consolidated financial statements, the Group had adopted, depending on the accounting positions and the implementation methods concerning assessment of duration of contracts, a legal approach in a certain number of non-fixed-term contracts with a notice period of less than 12 months for which the Group has applied the short-term exemption, in particular for leases of certain mobile sites. The IFRS IC decision on the enforceable period of contracts will be implemented as of December 31, 2020 on all leases falling within the scope of the final decision of the Interpretation Committee. The impact of this implementation appears limited to contracts of indefinite duration with short notice and to contracts for which the initial lease term has been exceeded and which would have been in a tacit renewal situation. In the current context of the health crisis, at the date of preparation of the condensed consolidated financial statements by the Board of Directors, analysis is still in progress and the Group estimates that the impact on the opening balance sheet as of January 1, 2019 could result in an effect on rights of use lease liabilities 2.3.2 IFRS 3 amendment “Definition of a business” The definition of a business has been clarified by this amendment and is intended to assist preparers in determining whether an acquisition should be accounted for as a business combination or as an acquisition of a group of assets. This amendment applies to all acquisitions made from January 1, 2020. These changes relate to the definition of a business: − − This amendment had no impact on the Group's consolidated financial statements as of June 30, 2020 and the Group will take these new provisions into account in its next acquisitions. 2.3.3 Amendments to IAS 1 and IAS 8 “Definition of Material” Amendments to IAS 1 and IAS 8, applicable since January 1, 2020, improve the definition of materiality in order to determine whether information should be provided in the financial statements, or whether the way in which it is communicated has the same effect as if it had not been communicated. The Group considers that judgment applied in the choice of information provided in its consolidated financial statements meets the provisions of amendments published by the IASB. |
Impacts of the health crisis re
Impacts of the health crisis related to the Covid-19 pandemic | 6 Months Ended |
Jun. 30, 2020 | |
Impacts of health crisis related to Covid-19 pandemic [abstract] | |
Impacts of the health crisis related to the Covid-19 pandemic | Note 3 Impacts of the health crisis related to the Covid-19 pandemic The objective of this note is to summarize the impacts of the health crisis on the Group's business and performance, the judgments and assumptions made as well as the main effects of the crisis on the Group's consolidated financial statements. 3.1 Effects of the Covid-19 pandemic on Orange's business and financial situation The impact of Covid-19 on human health led the Group to quickly implement actions to protect its employees and Orange’s suppliers and customers. The deployment of these actions and the decisions taken by the governments of the countries in which the Group operates have affected Orange's business and financial situation. These consequences are not easily quantifiable, as they are difficult to isolate from other developments during the period. In the first half of 2020, the main effects of the Covid-19 pandemic on the Group's revenue are as follows: − − − − − In regard to the Group's operating expenses, the main impacts of the Covid-19 pandemic are as follows: − − − − As regards the Group's capital expenditure, the main effects were a decrease in investments due to the postponement of a certain number of projects. 3.2 Main effects on the interim consolidated financial statements The main estimates of the crisis at June 30, 2020 during the preparation of the Orange Group's interim financial statements concerned: − − − − The use of estimates and judgements as well as the main assumptions made are detailed in each of the consolidated financial statements’ notes. At June 30, 2020, the main specific excess costs on the operating income arising from the management of the health crisis are described below. In external purchases, the main incremental costs are as follows: − − − Labor expenses include the payment to certain employees of specific bonuses related to the health crisis for (10) million euros. Other operating expenses also include the increases of trade receivables depreciation in accordance with IFRS 9 for (72) million euros of which (67) million euros related to telecom activities and (5) million euros related to Orange Bank activities. |
Gains and losses on disposal an
Gains and losses on disposal and main changes in scope of consolidation | 6 Months Ended |
Jun. 30, 2020 | |
Gains and losses on disposal and main changes in scope of consolidation [abstract] | |
Gains and losses on disposal and main changes in scope of consolidation | Note 4 Gains and losses on disposal and main changes in scope of consolidation 4.1 Gains (losses) on disposal of fixed assets, investments and activities (in millions of euros) June 30, 2020 June 30, 2019 Gains (losses) on disposal of fixed assets (1) 59 68 Gains (losses) on disposal of investments and activities 0 0 Gain (losses) on disposal of fixed assets, investments and activities 59 68 (1) Including in 2020, 197 MEUR of transfer price and (139) MEUR of net book value of assets sold. Including in 2019, 131 MEUR of transfer price and (63) MEUR of net book value of assets sold. 4.2 Main changes in scope of consolidation Squeeze-out offer on Business & Decision shares On May 28, 2020, Orange Business Services launched a mandatory public buyout offer for all the shares of Business & Decision not yet held by the Group, representing 6.38% of the capital. . This offer closed on July 8 and was followed by the effective delisting of Business & Decision shares on July 13, 2020. At June 30, 2020, Orange holds 95.08 % of the capital following the purchase of the Business & Decision shares tendered as part of the public buyout offer on that date. A financial debt of 3 million euros was recognized in the financial statements as of June 30, 2020 reflecting the commitment to purchase the remaining shares to be transferred to the Group following Business & Decision delisting procedure. |
Sales
Sales | 6 Months Ended |
Jun. 30, 2020 | |
Revenue [abstract] | |
Trade receivables | 5.1 Trade receivables (in millions of euros) June 30, 2020 December 31, 2019 Net book value of trade receivables - in the opening balance 5,320 5,295 Business related variations 615 1 Changes in the scope of consolidation — 50 Translation adjustment (42) 28 Reclassifications and other items 6 (53) Net book value of trade receivables - in the closing balance 5,899 5,320 (in millions of euros) June 30, 2020 December 31, 2019 Net trade receivables depreciated according to their age 1,036 1,233 Net trade receivables depreciated according to other criteria 455 579 Net trade receivables past due 1,491 1,812 Not past due (1) 4,408 3,508 Net trade receivables 5,899 5,320 o/w short-term trade receivables 5,656 5,044 o/w long-term trade receivables (2) 243 276 o/w net trade receivables from telecom activities 5,899 5,320 o/w net trade receivables from Orange Bank — — (1) Not due receivables are presented net of the balance of the IFRS 9 provision which amounts to (33) million euros as of June 30, 2020 and (23) million euros as of December 31, 2019. (2) Includes receivables from sales of handset with payment on instalments that are payable in more than 12 months and receivables from financial lease offers for companies equipment. The Group assessed the risk of non-recovery of trade receivables as of June 30, 2020 and recognized an impairment of trade receivables for an amount of (225) million euros over the period in the income statement, of which (67) million euros for telecom activities in connection with the effects of the health crisis, mainly reflecting an increase in risk in the France segment of (27) million euros. In an unchanged manner compared to December 31, 2019, Orange considers that the concentration of counterparty risk related to customer accounts is limited due to the large number of customers, their diversity (residential, professional and large companies) and according to their various sectors of the economy and their geographical dispersion in France and abroad. Due to the health crisis linked to the Covid-19 pandemic, economic support measures for businesses and individuals have been taken by a number of states and have helped to partially contain the risk of non-recovery trade receivables as of June 30, 2020, thus reducing the visibility of the extent of the expected deterioration of the economic environment (in particular on the risk of business failures). For its part, Orange has applied a series of general measures in favor of its customers (all customer segments combined), including the temporary suspension of coercive measures and collection procedures, and has granted payment schedules to certain customers. In this specific context, the Group has stepped up its monitoring of trade receivables recovery over the period in order to manage and adapt the recovery measures, which have gradually resumed from June on all customer segments. In view of the persistent uncertainty surrounding the economic environment, the Group will pay specific attention to the development of the risk of non-recovery of trade receivables in the second half of the year. For Orange Bank, the effects of the health crisis on bank credit risk are described in Note 6.1. The table below provides an analysis of the change in impairment of telecom activities trade receivables in the statement of financial position: (in millions of euros) June 30, 2020 December 31, 2019 Allowances on trade receivables - in the opening balance (888) (816) Net addition with impact on income statement (225) (332) Losses on trade receivables 141 271 Changes in the scope of consolidation — (1) Translation adjustment 6 (5) Reclassifications and other items 0 (5) Allowances on trade receivables - in the closing balance (966) (888) |
Customer contract net assets and liabilities | 5.2 Customer contract net assets and liabilities Group analysis performed on contract assets impairment has not highlighted any significant effect as of June 30, 2020. |
Other expenses
Other expenses | 6 Months Ended |
Jun. 30, 2020 | |
Purchases and other expenses [abstract] | |
Other operating expenses | 6.1 Other operating expenses (in millions of euros) June 30, 2020 June 30, 2019 Allowances and losses on trade receivables - telecom activities (225) (1) (149) Litigation (169) 19 Operating foreign exchange gains (losses) 8 (5) Cost of bank credit risk (11) (4) Integration costs (5) (7) Other expenses (46) (55) Total (448) (201) (1) see Note 5.1. The cost of credit risk exclusively applies to Orange Bank and includes impairment charges and reversals on fixed-income securities, loans and receivables to customers as well as impairment charges and reversals relating to guarantee commitments given, losses on receivables and recovery of amortized debts. In the context of the health crisis, parameters used for the assessment of the credit risk have been updated (see Note 11.2). A provision of 5 million euros was recognized as of June 30, 2020, including 3 million euros on consumer loans and 2 million euros on sectors considered sensitive (hotel industry, commercial property, agriculture and patrimonial activity) inherited from Groupama Banque. |
Restructuring costs | 6.2 Restructuring costs (in millions of euros) June 30, 2020 June 30, 2019 Departure plans (7) (13) Lease property restructuring 2 (2) Distribution channels (1) (9) Other (7) (28) Total restructuring costs (13) (52) |
Trade payables | 6.3 Working capital management – payables Advances and advance payments of supplier invoices in the context of the health crisis In order to support small and medium-sized businesses in the context of the health crisis, Orange set up a system of financial advances and accelerated payments of a certain number of invoices. Extension of supplier payment deadlines Supplier payment terms are mutually agreed between the suppliers and Orange in accordance with the rules in force. For several years, some key suppliers and Orange have agreed to a flexible payment schedule which, for certain invoices, can be extended up to six months. Trade payables and fixed assets payables that were subject to an extension of payment, and had an impact on the change in working capital at the end of the period, amount to approximately 400 million euros as of June 30, 2020. |
Impairment of goodwill
Impairment of goodwill | 6 Months Ended |
Jun. 30, 2020 | |
Goodwill [abstract] | |
Impairment of goodwill | Note 7 Impairment of goodwill Impairment tests are carried out annually and when there is an indication that assets may be impaired. Changes in the economic and financial climate, appreciation of the telecommunications operators’ resilience to deteriorating local economic conditions, change in the market capitalization of telecommunications companies and changes in business performance serve as indicators of potential impairment. Compared to the elements described as of December 31, 2019, the Group has taken into account the Covid-19 pandemic impacts in the review of impairment indicators and particularly in: − − As the preparation of multi-year plans will be performed during the second half of 2020, the half-year reassessments resulting from the identification of impairment indications are based on a preliminary review of projected cash flows retained at the end of the previous year. As of June 30, 2020, due to the health crisis context, the review of impairment indicators has been affected by the following trends: − − − June 30, 2020 The review of potential impairment indicators has led to revise the value in use of Spain CGU: based on the best estimate of the management in the current context, the estimated value in use significantly decreases compared to December 31, 2019, due to the impacts of the local economic context, competition on customers offers and to a lesser extent the health crisis. The financial parameters (discount and perpetual growth rates) used to update the value in use have not changed since December 31, 2019. However, this review of projected cash flows has not led the Group to recognize any impairment as of June 30, 2020. The limited headroom resulting from this new valorization will be monitored during the second semester taking into account the changes in local governance and the update of value key assumptions. The sensibility analysis conducted on Spain new valorization shows an effect on the recoverable amount of approximately 1.1 billion euros in case of a variation of: − − − The review of impairment indicators and sensibility analysis carried out on other CGU have not revealed any new significant risk of impairment as of June 30, 2020. June 30, 2019 As of June 30, 2019, the review of impairment indicators had not led the Group to recognize any impairment. |
Income tax
Income tax | 6 Months Ended |
Jun. 30, 2020 | |
Major components of tax expense (income) [abstract] | |
Income tax | Note 8 Income tax (in millions of euros) June 30, 2020 June 30, 2019 Total Income tax (491) (513) Current tax (474) (525) Deferred tax (18) 12 As of June 30, 2020, the estimated deferred income tax charge includes a (63) million euros increase of deferred tax liabilities recognized on Orange brand in the United Kingdom. The UK government has reversed the planned reduction in the rate of corporation tax to 17% to maintain the rate at 19%. The deferred tax liabilities on Orange brand are now recorded at a 19% tax rate. At each period end, the Group reviews the recoverable amount of the deferred tax assets. The recoverability of the deferred tax assets is assessed in the light of business plans used for impairment testing. As of June 30, 2020, in relation with the revised projections of future cash flows in Spain (see Note 7), a (50) million euros deferred tax charge has been recognized to reflect on the recoverable value of deferred tax assets, the negative impact of the local economic context, the competition on customers offers and to a lesser extent the effects of the health crisis. |
Financial assets, liabilities a
Financial assets, liabilities and financial results (excluding Orange Bank) | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial assets, liabilities and financial results (excluding Orange Bank) | Note 9 Financial assets, liabilities and financial results (excluding Orange Bank) 9.1 Financial assets and liabilities of telecom activities In order to improve the readability of financial statements and to be able to distinguish the performance of telecom activities from the performance of Orange Bank, the notes related to financial assets and liabilities as well as the financial income or expenses are split to respect these two business areas. Thus, Note 9 details the financial assets, liabilities and related gains and losses specific to telecom activities and Note 11 concerns the activities of Orange Bank. The following table reconciles the contributive balances of assets and liabilities for each of these two areas to the consolidated balance sheet (intra-group transactions between telecom activities and Orange Bank are not eliminated) with the consolidated statement of financial position as of June 30, 2020. (in millions of euros) Orange O/w Note O/w Note O/w consolidated telecom Orange eliminations financial activities Bank telecom statements activities / bank Non-current financial assets related to Orange Bank activities 1,380 — 1,380 11.1.1 — Non-current financial assets 1,274 1,301 9.6 — (27) (1) Non-current derivatives assets 881 881 9.4 — — Current financial assets related to Orange Bank activities 1,977 — 1,981 11.1.1 (4) Current financial assets 4,375 4,376 9.6 — (1) Current derivatives assets 41 41 9.4 — — Cash and cash equivalents 6,364 6,031 9.4 333 — Non-current financial liabilities related to Orange Bank activities — — 27 11.1.2 (27) (1) Non-current financial liabilities 32,744 32,744 9.4 — — Non-current derivatives liabilities 672 594 9.4 78 — Current financial liabilities related to Orange Bank liabilities 3,234 — 3,235 11.1.2 (1) Current financial liabilities 4,489 4,493 9.4 — (4) Current derivatives liabilities 54 54 9.4 — — (1) Loan granted by Orange SA to Orange Bank. 9.2 Financial foreign exchange gains and losses The net foreign exchange financial loss mostly reflects the effect of revaluation of the economic hedges of foreign exchange risk on notional amounts of subordinated notes denominated in pounds sterling and recognized in equity at their historical value (see Note 12.6). 9.3 Change of cash flow hedges in the consolidated statement of comprehensive income As of June 30, 2020, the consolidated statement of comprehensive income indicates a gain in cash flow hedge of 554 million euros against a loss of (184) million euros in the first semester of 2019. These effects mainly reflect the hedges, via cross currency swaps, of future coupons on Group debts denominated in foreign currencies. The gain on the first half of 2020 is mainly due to the decrease of the euro-US dollar rate spread. The loss on the first half of 2019 was mainly due to the set up of new instruments in order to hedge the bond issued in sterling pounds (cash flow hedge) in January 2019 and also to the increase of the euro-sterling pound rate spread. 9.4 Net financial debt Net financial debt as defined and used by Orange does not include Orange Bank activities for which the concept is not relevant and is described in the following chart: (in millions of euros) June 30, December 31, 2020 2019 TDIRA 641 822 Bonds 30,807 30,893 Bank loans and from development organizations and multilateral lending institutions 4,467 4,013 Debt relating to financed assets 216 125 Cash collateral received 417 261 NEU Commercial Papers (1) 391 158 Bank overdrafts 182 203 Other financial liabilities (2) 118 602 Current and non-current financial liabilities (excluding derivatives) included in the calculation of net financial debt 37,237 37,076 Current and non-current derivatives (liabilities) (3) 648 436 Current and non-current derivatives (assets) (3) (922) (573) Other comprehensive income components related to unmatured hedging instruments (28) (542) Gross financial debt after derivatives (a) 36,935 36,397 Cash collateral paid (4) (147) (123) Investments at fair value (5) (4,337) (4,696) Cash equivalents (3,247) (3,651) Cash (2,784) (2,462) Assets included in the calculation of net financial debt (b) (10,514) (10,931) Net financial debt (a) + (b) 26,420 25,466 (1) Negotiable European Commercial Papers (formerly called "commercial papers"). (2) Include 500 million euros of subordinated notes reclassified as a short term financial liability in 2019 and redeemed on February 7, 2020 (first call option date). (3) As of June 30, 2020, the foreign exchange effect of the cross currency swaps hedging foreign exchange risk on gross debt notional is an unrealized gain of 578 million euros. (4) Only cash collateral paid, included in non-current financial assets of the consolidated statement of financial position, are deducted from gross financial debt. (5) Only investments, included in current financial assets of the consolidated statement of financial position, are deducted from gross financial debt. On January 28, 2020, Orange SA bought 12,749 perpetual bonds redeemable for shares ("TDIRA") for a notional amount of 180 million euros. Taking into account this purchase, 45,232 TDIRA remain outstanding for a total notional amount of 638 million euros. 9.5 Main redemptions and bond issues During the first semester of 2020, Orange SA redeemed three bonds at maturity for 1,050 million euros. During the same period, Orange SA negotiated a loan of 350 million euros with the European Investment bank maturing 2027 and also issued 2 bonds: − − On February 6, 2020, the Group made early repayment of the 150 million euro loan issued in 2018 by SecureLink, bearing interest at the 3-month Euribor plus 5.5% and originally maturing February 6, 2023. 9.6 Financial assets June 30, 2020 December 31, 2019 (in millions of euros) Non-current Current Total Total Financial assets at fair value through other comprehensive income that will not be reclassified to profit or loss 298 — 298 277 Investments securities 298 — 298 277 Financial assets at fair value through profit or loss 277 4,337 4,613 4,953 Investments at fair value (1) — 4,337 4,337 4,696 Investments securities 130 — 130 133 Cash collateral paid 147 — 147 123 Financial assets at amortized cost 727 39 766 772 Receivables related to investments (2) 48 13 61 70 Other (3) 679 26 705 702 Total financial assets 1,301 4,376 5,677 6,001 (1) NEU Commercial papers and bond securities only. (2) Including loan granted by Orange SA to Orange Bank ( 27 million euros). (3) Including the escrowed amount of 347 million euros related to the Digicel litigation. |
Information on market risk and
Information on market risk and fair value of financial assets and liabilities (excluding Orange Bank) | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure of detailed information about financial instruments [abstract] | |
Information on market risk and fair value of financial assets and liabilities (excluding Orange Bank) | Note 10 Information on market risk and fair value of financial assets and liabilities (excluding Orange Bank) 10.1 Risk management policy During the first semester of 2020, the risk management Group policy related to the financial instruments has not been challenged by the health crisis. The Group has kept its hedging policy to minimize the Group exposure to interest rate and operating and financial foreign exchange risks. Cash flow hedge relationships have not been challenged by the crisis. Furthermore, Orange has continued to diversify its sources of funding (see Note 9.5) that allow the Group to present the following liquidity position as of June 30, 2020: Liquidity position (in millions euros) Available undrawn amount of credit facilities Investments at fair value Cash Cash equivalents On the specific management of counterparty risk related to customer accounts, see Note 5.1. 10.2 Orange's credit ratings Orange's credit ratings have not changed since December 31, 2019. As of June 30, 2020, Orange's debt ratings are set forth below: Standard & Poor's Moody's Fitch Ratings Japan Credit Rating Long-term debt BBB+ Baa1 BBB+ A Outlook Stable Stable Stable Stable Short-term debt A2 P2 F2 Not applicable 10.3 Financial ratios The covenants with regards to financial ratios described as of December 31, 2019 remain met. 10.4 Fair value levels of financial assets and liabilities During the first half of 2020, no significant event has occurred regarding the fair value of financial assets and liabilities. |
Activities of Orange Bank
Activities of Orange Bank | 6 Months Ended |
Jun. 30, 2020 | |
Banking activities [abstract] | |
Activities of Orange Bank | Note 11 Activities of Orange Bank 11.1 Financial assets and liabilities of Orange Bank The financial statements of Orange Bank were put into the format of Orange group's consolidated financial statements and therefore differ from a presentation that complies with the banking format. In order to improve the readability of financial statements and to be able to distinguish the performance of telecom activities from the performance of Orange Bank, the notes related to financial assets and liabilities as well as the financial income or expenses are split to respect these two business areas. Thus, Note 9 details the financial assets, liabilities and related gains and losses specific to telecom activities and Note 11 concerns the activities of Orange Bank. The following table reconciles the contributive balances of assets and liabilities for each of these two areas to the consolidated balance sheet (intra-group transactions between telecom activities and Orange Bank are not eliminated) with the consolidated statement of financial position as of June 30, 2020. (in millions of euros) Orange O/w telecom Note O/w Orange Note O/w eliminations consolidated activities Bank telecom financial activities / bank statements Non-current financial assets related to Orange Bank activities 1,380 — 1,380 11.1.1 — Non-current financial assets 1,274 1,301 9.6 — (27) (1) Non-current derivatives assets 881 881 9.4 — — Current financial assets related to Orange Bank activities 1,977 — 1,981 11.1.1 (4) Current financial assets 4,375 4,376 9.6 — (1) Current derivatives assets 41 41 9.4 — — Cash and cash equivalents 6,364 6,031 9.4 333 — Non-current financial liabilities related to Orange Bank activities — — 27 11.1.2 (27) (1) Non-current financial liabilities 32,744 32,744 9.4 — — Non-current derivatives liabilities 672 594 9.4 78 — Current financial liabilities related to Orange Bank liabilities 3,234 — 3,235 11.1.2 (1) Current financial liabilities 4,489 4,493 9.4 — (4) Current derivatives liabilities 54 54 9.4 — — (1) Loan granted by Orange SA to Orange Bank. 11.1.1 Financial assets related to Orange Bank activities (in millions of euros) June 30, 2020 December 31, 2019 Non-current Current Total Total Financial assets at fair value through other comprehensive income that will not be reclassified to profit or loss 2 — 2 2 Investments securities 2 — 2 2 Financial assets at fair value through other comprehensive income that may be reclassified to profit or loss 645 5 650 656 Debt securities 645 5 650 656 Financial assets at fair value through profit or loss 99 — 99 179 Investments at fair value — — — 79 Cash collateral paid 76 — 76 76 Others 22 — 22 25 Financial assets at amortized cost 635 1,976 2,611 3,519 Fixed-income securities 635 6 641 506 Loans and receivables to customers — 1,857 1,857 1,937 Loans and receivables to credit institutions — 109 109 1,073 Others — 4 4 3 Total financial assets related to Orange Bank activities 1,380 1,981 3,361 4,357 Debt securities measured at fair value through other comprehensive income that may be reclassified to profit or loss (in millions of euros) June 30, 2020 December 31, 2019 Debt securities measured at fair value through other comprehensive income that may be reclassified to profit or loss - in the opening balance 656 925 Acquisitions 110 165 Repayments and disposals (114) (442) Changes in fair value (2) 9 Other items (1) (1) Debt securities measured at fair value through other comprehensive income that may be reclassified to profit or loss - in the closing balance 650 656 Loans and receivables related to Orange Bank In the context of adapting Orange Bank's accounts into the Group's financial statements, clearing accounts and other amounts due, as well as amounts related to securities transactions on behalf of customers have been considered as loans and receivables from customers. As of June 30, 2020, loans and receivables of Orange Bank to customers are mainly composed of overdrafts (for 849 million euros) and housing loans (for 858 million euros). Orange Bank's loans and receivables from credit institutions are mainly composed of current assets corresponding to overnight deposits and loans. 11.1.2 Financial debts related to Orange Bank operations Debts related to Orange Bank operations are composed of payables and debts with customers for 2,150 million euros, with financial institutions for 617 million euros as well as by certificates of deposits for 467 million euros. As of June 30, 2020, debts related to Orange Bank operations with customers are mainly composed of current accounts for 1,273 million euros and passbooks and special savings accounts for 876 million euros. Debts related to Orange Bank operations with financial institutions are mainly composed of term borrowings and advances. 11.2 Information on credit risk management As of June 30, 2020, the health crisis constitutes a new risk factor that we have taken into account in the management and assessment of credit risk. The parameters used for the assessment of credit risk have been updated on the basis of forward-looking information required by IFRS 9 (forecasts of French GDP for the years 2020 and 2021). The impacts recognized in the income statement are presented in Note 6.1. |
Shareholders' equity
Shareholders' equity | 6 Months Ended |
Jun. 30, 2020 | |
Shareholders' equity [abstract] | |
Shareholders' equity | Note 12 Shareholders’ equity At June 30, 2020, Orange SA's share capital amounted to 10,640,226,396 euros, and comprised 2,660,056,599 ordinary shares with a par value of 4 euros each. The shares held in registered form for at least two years by the same shareholder are granted with a double voting right. As of June 30, 2020, the public sector owns 22.95% of Orange SA's share capital and 29.44% of the voting rights, and the employees of the Group own either within the employee shareholding plan or in registered form 5.53% of Orange SA's share capital and 8.85% of the voting rights. 12.1 Changes in share capital No new shares were issued during the first half of 2020. During the six months ended June 30, 2020, the weighted average number of ordinary shares outstanding is 2,654,514,167 and the weighted average number of shares outstanding and dilutive is 2,682,021,278. 12.2 Treasury shares As authorized by the Shareholders' Meeting of May 19, 2020, the Board of Directors implemented a new share Buyback Program (the 2020 Buyback Program) and canceled the 2019 Buyback Program, with immediate effect. This authorization is valid for a period of 18 months from the aforementioned Shareholders' Meeting. The 2020 Buyback Program is described in the Orange Universal Registration Document filed with the French Financial Markets Authority on April 20, 2020. The share buybacks carried out during the period by Orange primarily related to the Long Term Incentive Plan (LTIP) 2019-2021. At June 30, 2020, Orange held 1,788,037 of its own shares (of which 992,500 shares in connection with the liquidity contract and 795,537 shares in connection with the LTIP 2018-2020 and LTIP 2019-2021 plans). At December 31, 2019, the company held 9,742,968 treasury shares (of which 853,500 in connection with the liquidity contract and 8,889,468 in connection with the Orange Vision 2020, LTIP 2018-2020 and LTIP 2019-2021 free share award plans). 12.3 Dividends The Shareholders' Meeting held on May 19, 2020 approved the payment of a dividend of 0.50 euro per share in respect of the 2019 fiscal year instead of a dividend of 0.70 euro per share as announced during the consolidated financial results 2019 presentation in February 2020. After payment of the interim dividend of 0.30 euro per share on December 4, 2019 for a total amount of 796 million euros, the balance of the dividend amounting to 0.20 euro per share was paid on June 4, 2020 for an amount of 532 million euros. 12.4 Non-controlling interests (in millions of euros) June 30, December 31, 2020 2019 Credit part of equity attributable to non-controlling interests (a) 2,566 2,701 o/ w Orange Polska group 959 987 o/ w Sonatel group 653 736 o/ w Orange Belgium group 270 275 o/ w Jordan Telecom group 170 166 o/ w Médi Telecom 124 148 Debit part of equity attributable to non-controlling interests (b) (12) (13) Total equity attributable to non-controlling interests (a) + (b) 2,553 2,688 (in millions of euros) June 30, 2020 June 30, 2019 Dividends paid to minority shareholders 206 243 o/ w Sonatel group 166 192 o/ w Médi Telecom 24 22 o/ w Orange Belgium group 14 14 o/ w Jordan Telecom group — 13 12.5 Cumulative translation adjustment (in millions of euros) June 30, 2020 June 30, 2019 Gain (loss) recognized in other comprehensive income during the period (184) 52 Reclassification to net income for the period 0 (2) Total transaction adjustments for continuing operations (184) 50 The change in translation differences recognized in other comprehensive income mainly includes: − − 12.6 Subordinated notes At June 30, 2020, the amount of subordinated notes presented on the consolidated statements of changes in shareholders' equity does not change due to these operations and corresponds to a nominal of 5,803 million euros booked at historical value (the tranches denominated in pounds sterling have not been revaluated since their issue in 2014). The costs and share premiums of (88) million euros have been allocated in the reserves. In the first half of 2020, Orange paid the following coupons: − − st − − The tax effect relating to the payment of the coupons is accounted for as net income. The tax effect of the conversion of subordinated notes whose face value is denominated in pounds sterling was (32) million euros for the period. This effect is shown at “Other movements” in the consolidated statements changes in shareholders’ equity. |
Litigations and unrecognized co
Litigations and unrecognized contractual commitments | 6 Months Ended |
Jun. 30, 2020 | |
Litigations and unrecognized contractual commitments [abstract] | |
Litigations and unrecognized contractual commitments | Note 13 Litigations and unrecognized contractual commitments 13.1 Litigations As of June 30, 2020, the provisions for risks recorded by the Group for all disputes in which the Group is involved (with the exception of liabilities relating to disputes between Orange and the tax or social administrations in relation to operational or income taxes or social contributions, which are recognized in the corresponding items of the balance sheet) amounted to 569 million euros compared with 643 million euros as of December 31, 2019. Orange believes that the disclosure of provisions that may be recorded on a case-by-case basis could seriously harm its position. This note describes the new proceedings and developments in existing litigations having occurred since the publication of the consolidated financial statements for the year ended December 31, 2019. − − − − − Apart from the proceedings mentioned above, there are no other administrative, legal or arbitration proceedings (whether pending, suspended or threatened) of which Orange is aware, either new or having evolved since the publication of the consolidated financial statements for the year ended December 31, 2019, which have had over the period, or which may have, a material impact on the Group’s financial position or profitability. 13.2 Unrecognized contractual commitments During the first half of 2020, no other major event has impacted the unrecognized contractual commitments described in the 2019 consolidated financial statements. |
Related party transaction
Related party transaction | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure of transactions between related parties [abstract] | |
Related party transaction | Note 14 Related party transaction During the first half of 2020, no transaction with related parties took place which materially affected the 2019 Group's financial position. |
Subsequent events
Subsequent events | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Subsequent events | Note 15 Subsequent events Orange SA: distribution of an interim dividend At its meeting held on July 29, 2020, the Board of Directors resolved to distribute an interim dividend of 0.30 euro per share in respect of 2020. This interim dividend will be paid in cash on December 9, 2020. The estimated payment amounts to 798 million euros based on the number of ordinary shares outstanding as of June 30, 2020. |
Basis of preparation of the c_2
Basis of preparation of the consolidated financial statements (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Document Information [Line Items] | |
Basis of preparation of the financial statements (2.1) | 2.1 Basis of preparation of the financial statements The condensed consolidated financial statements and notes for the first half of 2020 were prepared under the responsibility of the Board of Directors on July 29, 2020. In accordance with European Regulation no. 1606/2002 dated July 19, 2002, the interim financial statements were prepared in accordance with IAS 34 "Interim Financial Reporting", as endorsed by the European Union (EU) and published by the IASB. The interim financial statements were prepared using the same accounting policies as the financial statements for the year ended December 31, 2019, with the exception of the specific requirements of IAS 34 and effects of new standards as described in Note 2.3. The Group’s consolidated financial statements are presented in millions of euros, rounded to the nearest million. This may in certain circumstances lead to non-material differences between the sum of the figures and the subtotals that appear in the tables. For the reported periods, the accounting standards and interpretations endorsed by the EU are similar to the compulsory standards and interpretations published by the IASB, with the exception of standards and interpretations currently being endorsed, a study of the impacts and practical consequences of applying these amendments is under way. When a specific transaction is not dealt with in any standard or interpretation, Group management uses its judgment to define and apply an accounting policy that will result in relevant and reliable information, such that the financial statements: − − − − − |
Use of estimates and judgment (2.2) | 2.2 Use of estimates and judgement Orange’s management uses its judgment to define the appropriate accounting treatment of certain transactions and makes estimates insofar as many items included in the financial statements cannot be measured with precision or current IFRS standards and interpretations do not specifically deal with the related accounting issues. Management revises these estimates if the underlying circumstances evolve or if there is new information or additional experience. In the current context of the health crisis, estimates used as of June 30, 2020 could be modified within the preparation of next closings (see Note 3). |
New standards and interpretations applied from January 1, 2020 (2.3) | 2.3 New standards and interpretations applied from January 1, 2020 2.3.1 Interpretation and amendment of IFRS 16 "Leases" The Group has applied IFRS 16 "Leases” since January 1, 2019. The IFRS IC committee published a decision in November 2019 which specifies that it is not possible to use only the legal approach to determine the enforceable period of a contract, if duration cannot be determined at the origin of the contract. The committee considers that a lease arrangement remains enforceable as long as lessee, or lessor, would have to support a loss or a more than insignificant penalty in the event of termination of the contract. To determine the enforceable period of the lease arrangement, all economic aspects of the contract must be taken into account and not just contractual termination indemnities. On the date of preparation of the 2019 annual consolidated financial statements, the Group had adopted, depending on the accounting positions and the implementation methods concerning assessment of duration of contracts, a legal approach in a certain number of non-fixed-term contracts with a notice period of less than 12 months for which the Group has applied the short-term exemption, in particular for leases of certain mobile sites. The IFRS IC decision on the enforceable period of contracts will be implemented as of December 31, 2020 on all leases falling within the scope of the final decision of the Interpretation Committee. The impact of this implementation appears limited to contracts of indefinite duration with short notice and to contracts for which the initial lease term has been exceeded and which would have been in a tacit renewal situation. In the current context of the health crisis, at the date of preparation of the condensed consolidated financial statements by the Board of Directors, analysis is still in progress and the Group estimates that the impact on the opening balance sheet as of January 1, 2019 could result in an effect on rights of use lease liabilities 2.3.2 IFRS 3 amendment “Definition of a business” The definition of a business has been clarified by this amendment and is intended to assist preparers in determining whether an acquisition should be accounted for as a business combination or as an acquisition of a group of assets. This amendment applies to all acquisitions made from January 1, 2020. These changes relate to the definition of a business: − − This amendment had no impact on the Group's consolidated financial statements as of June 30, 2020 and the Group will take these new provisions into account in its next acquisitions. 2.3.3 Amendments to IAS 1 and IAS 8 “Definition of Material” Amendments to IAS 1 and IAS 8, applicable since January 1, 2020, improve the definition of materiality in order to determine whether information should be provided in the financial statements, or whether the way in which it is communicated has the same effect as if it had not been communicated. The Group considers that judgment applied in the choice of information provided in its consolidated financial statements meets the provisions of amendments published by the IASB. |
Segment information (Tables)
Segment information (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure of operating segments [abstract] | |
Schedule of segment information | 1.1 Segment revenue (in millions of euros) France Spain Europe June 30, 2020 Revenue 9,024 2,503 2,729 Convergence services 2,268 1,020 357 Mobile services only 1,124 517 1,008 Fixed services only 1,986 238 308 IT & integration services — 4 143 Wholesale 2,871 449 506 Equipment sales 458 263 348 Other revenue 318 12 58 External 8,694 2,486 2,693 Inter-operating segments 330 17 37 June 30, 2019 Revenue 8,874 2,624 2,789 Convergence services 2,153 1,049 293 Mobile services only 1,168 584 1,065 Fixed services only 2,054 254 326 IT & integration services — 3 84 Wholesale 2,672 418 530 Equipment sales 578 316 401 Other revenue 249 — 90 External 8,543 2,602 2,748 Inter-operating segments 331 22 41 (1) Including, in 2020, revenue of 2,511 million euros in France, 6 million euros in Spain, 820 million euros in other European countries and 523 million euros in other countries. Including, in 2019, revenue of 2,593 million euros in France, 5 million euros in Spain, 638 million euros in other European countries and 534 million euros in other countries. (2) Including revenue of 660 million euros in France in 2020 and 687 million euros in 2019. (in millions of euros) Africa & Enterprise (1) International Eliminations Total telecom Orange Bank Eliminations Orange Middle-East Carriers activities telecom consolidated & Shared activities / financial Services (2) bank statements June 30, 2020 Revenue 2,845 3,859 728 (918) 20,771 — (1) 20,769 Convergence services — — — — 3,645 — — 3,645 Mobile services only 2,164 327 — (18) 5,122 — 0 5,122 Fixed services only 270 1,958 — (86) 4,673 — 0 4,673 IT & integration services 11 1,475 — (78) 1,556 — (1) 1,555 Wholesale 342 21 530 (657) 4,062 — — 4,062 Equipment sales 40 77 — (2) 1,184 — 0 1,184 Other revenue 19 — 199 (77) 529 — 0 529 External 2,756 3,667 474 — 20,769 — — 20,769 Inter-operating segments 89 192 255 (918) 1 — (1) — June 30, 2019 Revenue 2,737 3,770 747 (966) 20,575 — (2) 20,573 Convergence services — — — — 3,495 — — 3,495 Mobile services only 2,042 367 — (22) 5,204 — — 5,204 Fixed services only 240 1,978 — (88) 4,764 — — 4,764 IT & integration services 6 1,318 — (75) 1,336 — (2) 1,334 Wholesale 391 18 542 (708) 3,863 — — 3,863 Equipment sales 45 89 — (1) 1,428 — — 1,428 Other revenue 13 — 205 (72) 485 — — 485 External 2,624 3,583 473 — 20,573 — — 20,573 Inter-operating segments 113 187 274 (966) 2 — (2) — 1.2 Segment revenue to consolidated net income as of June 30, 2020 (in millions of euros) France Spain Europe Africa & Middle-East Revenue 9,024 2,503 2,729 2,845 External purchases (3,313) (1,395) (1,531) (1,219) Other operating income 641 63 72 24 Other operating expenses (288) (103) (85) (104) Labor expenses (1,900) (141) (315) (252) Operating taxes and levies (735) (63) (53) (264) Gains (losses) on disposal of fixed assets, investments and activities — — — — Restructuring costs — — — — Depreciation and amortization of financed assets (22) — — — Depreciation and amortization of right-of-use assets (102) (131) (79) (64) Impairment of right-of-use assets — — — — Interests on debts related to financed assets (2) (1) — — — Interests on lease liabilities (2) (4) (6) (8) (32) EBITDAaL 3,301 728 730 935 Significant litigations (167) — — — Specific labour expenses (26) — 0 — Fixed assets, investments and businesses portfolio review 23 22 4 0 Restructuring programs costs (4) 0 (3) (2) Acquisition and integration costs — — (2) — Depreciation and amortization of fixed assets (1,575) (528) (563) (508) Reclassification of translation adjustment from liquidated entities — — — — Impairment of fixed assets 0 0 1 0 Share of profits (losses) of associates and joint ventures 0 — 0 (1) Elimination of interests on debts related to financed assets (2) 1 — — — Elimination of interests on lease liabilities (2) 4 6 8 32 Operating Income 1,557 228 173 456 Cost of gross financial debt except financed assets — — — — Interests on debts related to financed assets (2) — — — — Gains (losses) on assets contributing to net financial debt — — — — Foreign exchange gain (loss) — — — — Interests on lease liabilities (2) — — — — Other net financial expenses — — — — Finance costs, net — — — — Income Tax — — — — Consolidated net income — — — — (1) Orange Bank's net banking income is recognized in other operating income and amounts to 34 million euros as of June 30, 2020. The cost of risk is included in other operating expenses and amounts to (11) million euros as of June 30, 2020. (2) Presentation adjustments allow the reallocation of the lines of specific items identified in the segment information to the operating revenue and expense lines presented in the consolidated income statement. Interest expenses on liabilities related to financed assets and interests expenses on lease liabilities are included in segment EBITDAaL. They are excluded from segment operating income and included in net finance costs presented in the consolided income statement. (in millions of euros) Enterprise International Elimination Total Orange Eliminations Total Presentation Orange Carriers & telecom telecom Bank (1) telecom adjust- consoli- Shared activities activities activites / ments (2) dated financial Services bank statements Revenue 3,859 728 (918) 20,771 — (1) 20,769 — 20,769 External purchases (1,977) (970) 1,901 (8,504) (54) 1 (8,557) — (8,557) Other operating income 76 1,006 (1,644) 239 37 (5) 271 — 271 Other operating expenses (328) (17) 661 (265) (15) 6 (274) (174) (448) Labor expenses (1,035) (662) — (4,305) (38) — (4,342) (33) (4,376) Operating taxes and levies (58) (58) — (1,231) (1) — (1,232) — (1,232) Gains (losses) on disposal of fixed assets, investments and activities — — — — — — — 59 59 Restructuring costs — — — — — — — (13) (13) Depreciation and amortization of financed assets — — — (22) — — (22) — (22) Depreciation and amortization of right-of-use assets (63) (202) — (640) (1) — (642) — (642) Impairment of right-of-use assets — — — — — — — (6) (6) Interests on debts related to financed assets (2) — — — (1) — — (1) 1 n/a Interests on lease liabilities (2) (2) (4) — (56) 0 — (56) 56 n/a EBITDAaL 471 (179) — 5,986 (72) 1 5,914 (111) n/a Significant litigations — (2) — (169) — — (169) 169 n/a Specific labour expenses (2) 1 — (28) 0 — (28) 28 n/a Fixed assets, investments and businesses portfolio review 7 4 — 59 — — 59 (59) n/a Restructuring programs costs (3) (6) — (17) (2) — (19) 19 n/a Acquisition and integration costs (4) (4) — (10) — — (10) 10 n/a Depreciation and amortization of fixed assets (205) (157) — (3,536) (13) — (3,549) — (3,549) Reclassification of translation adjustment from liquidated entities — — — — — — — — — Impairment of fixed assets — — — 1 — — 1 — 1 Share of profits (losses) of associates and joint ventures 1 (6) — (6) — — (6) — (6) Elimination of interests on debts related to financed assets (2) — — — 1 — — 1 (1) n/a Elimination of interests on lease liabilities (2) 2 4 — 56 0 — 56 (56) n/a Operating Income 267 (345) — 2,336 (87) 1 2,249 — 2,249 Cost of gross financial debt except financed assets — — — — — — — — (569) Interests on debts related to financed assets (2) — — — — — — — — (1) Gains (losses) on assets contributing to net financial debt — — — — — — — — 1 Foreign exchange gain (loss) — — — — — — — — (115) Interests on lease liabilities (2) — — — — — — — — (56) Other net financial expenses — — — — — — — — (3) Finance costs, net — — — — — — — — (742) Income Tax — — — — — — — — (491) Consolidated net income — — — — — — — — 1,016 1.3 Segment revenue to consolidated net income as of June 30, 2019 (in millions of euros) France Spain Europe Africa & Middle-East Revenue 8,874 2,624 2,789 2,737 External purchases (3,309) (1,448) (1,581) (1,199) Other operating income 686 99 70 23 Other operating expenses (264) (107) (89) (93) Labor expenses (1,930) (135) (344) (249) Operating taxes and levies (684) (86) (59) (253) Gains (losses) on disposal of fixed assets, investments and activities — — — — Restructuring costs — — — — Depreciation and amortization of financed assets (3) — — — Depreciation and amortization of right-of-use assets (84) (154) (71) (64) Impairment of right-of-use assets — — — — Interests on debts related to financed assets (2) 0 — — — Interests on lease liabilities (2) (5) (6) (7) (34) EBITDAaL 3,281 787 708 868 Significant litigations — — — — Specific labour expenses (31) — — — Fixed assets, investments and businesses portfolio review — — 11 5 Restructuring programs costs (24) (6) (5) (2) Acquisition and integration costs — — (1) — Depreciation and amortization of fixed assets (1,582) (533) (550) (471) Reclassification of translation adjustment from liquidated entities — — — 2 Impairment of fixed assets — — — (1) Share of profits (losses) of associates and joint ventures — — — — Elimination of interests on debts related to financed assets (2) 0 — — — Elimination of interests on lease liabilities (2) 5 6 7 34 Operating Income 1,649 254 170 435 Cost of gross financial debt except financed assets — — — — Interests on debts related to financed assets (2) — — — — Gains (losses) on assets contributing to net financial debt — — — — Foreign exchange gain (loss) — — — — Interests on lease liabilities (2) — — — — Other net financial expenses — — — — Effects resulting from BT sale — — — — Finance costs, net — — — — Income Tax — — — — Consolidated net income — — — — (1) Orange Bank's net banking income is recognized in other operating income and amounts to 15 million euros as of June 30, 2019. The cost of risk is included in other operating expenses and amounts to (4) million euros as of June 30, 2019. (2) Presentation adjustments allow the reallocation of the lines of specific items identified in the segment information to the operating revenue and expense lines presented in the consolidated income statement. Interest expenses on liabilities related to financed assets and interests expenses on lease liabilities are included in segment EBITDAaL. They are excluded from segment operating income and included in net finance costs presented in the consolided income statement. (in millions of euros) Enterprise International Elimination Total Orange Eliminations Total Presentation Orange Carriers & telecom telecom Bank (1) telecom adjust- consolidated Shared activities activities activities / ments (2) financial Services bank statements Revenue 3,770 747 (966) 20,575 — (2) 20,573 — 20,573 External purchases (1,896) (1,043) 1,958 (8,518) (47) 3 (8,562) — (8,562) Other operating income 78 1,034 (1,659) 331 17 (7) 341 — 341 Other operating expenses (311) 5 667 (192) (10) 7 (195) (6) (201) Labor expenses (964) (662) — (4,284) (36) — (4,320) (114) (4,434) Operating taxes and levies (63) (62) — (1,207) — — (1,207) — (1,207) Gains (losses) on disposal of fixed assets, investments and activities — — — — — — — 68 68 Restructuring costs — — — — — — — (52) (52) Depreciation and amortization of financed assets — — — (3) — — (3) — (3) Depreciation and amortization of right-of-use assets (47) (187) — (607) (2) — (609) — (609) Impairment of right-of-use assets — — — — — — — (24) (24) Interests on debts related to financed assets (2) — — — 0 — — 0 0 n/a Interests on lease liabilities (2) (2) (6) - (60) - - (60) 60 n/a EBITDAaL 565 (174) — 6,035 (78) 1 5,958 (68) n/a Significant litigations — (65) — (65) — — (65) 65 n/a Specific labour expenses (1) (14) — (46) — — (46) 46 n/a Fixed assets, investments and businesses portfolio review — 52 — 68 — — 68 (68) n/a Restructuring programs costs (10) (28) — (75) — — (75) 75 n/a Acquisition and integration costs (4) (5) — (10) — — (10) 10 n/a Depreciation and amortization of fixed assets (195) (159) — (3,490) (10) — (3,500) — (3,500) Reclassification of translation adjustment from liquidated entities — — — 2 — — 2 — 2 Impairment of fixed assets 1 — — 0 — — 0 — 0 Share of profits (losses) of associates and joint ventures 2 (6) — (4) — — (4) — (4) Elimination of interests on debts related to financed assets (2) — — — 0 — — 0 0 n/a Elimination of interests on lease liabilities (2) 2 6 — 60 — — 60 (60) n/a Operating income 360 (393) — 2,475 (88) 1 2,388 — 2,388 Cost of gross financial debt except financed assets — — — — — — — — (575) Interests on debts related to financed assets (2) — — — — — — — — 0 Gains (losses) on assets contributing to net financial debt — — — — — — — — 4 Foreign exchange gain (loss) — — — — — — — — (2) Interests on lease liabilities(2) — — — — — — — — (60) Other net financial expenses — — — — — — — — 14 Effects resulting from BT sale — — — — — — — — (119) Finance costs, net — — — — — — — — (738) Income Tax — — — — — — — — (513) Consolidated net income — — — — — — — — 1,137 1.4 Segment investments (in millions of euros) France Spain Europe June 30, 2020 eCapex 1,635 392 369 Elimination of proceeds from sales of property, plant and equipment and intangible assets 95 75 7 Telecommunications licenses — 3 30 Financed assets 117 — — Total investments (3) 1,847 470 405 June 30, 2019 eCapex 1,862 529 407 Elimination of proceeds from sales of property, plant and equipment and intangible assets 47 — 17 Telecommunications licenses — 297 — Financed assets 66 — — Total investments (4) 1,975 826 424 (1) Including investments in tangible and intangible assets in France for 110 million euros in 2020 and 132 million euros in 2019. (2) Including investments in tangible and intangible assets in France for 126 million euros in 2020 and 138 million euros in 2019. (3) Including 944 million euros for other intangible assets and 2,569 million euros for tangible assets. (4) Including 1,338 milliion euros for other intangible assets and 2,878 million euros for tangible assets. (in millions of euros) Africa & Enterprise (1) International Total Orange Orange Middle-East Carriers telecom Bank consolidated & Shared activities financial Services (2) statements June 30, 2020 eCapex 449 174 123 3,142 14 3,156 Elimination of proceeds from sales of property, plant and equipment and intangible assets 2 13 6 197 — 197 Telecommunications licenses 9 — — 42 — 42 Financed assets — — — 117 — 117 Total investments (3) 460 187 129 3,499 14 3,513 June 30, 2019 eCapex 418 197 80 3,493 16 3,509 Elimination of proceeds from sales of property, plant and equipment and intangible assets 7 1 59 131 — 131 Telecommunications licenses 213 — — 510 — 510 Financed assets — — — 66 — 66 Total investments (4) 638 198 139 4,200 16 4,216 1.5 Segment assets (in millions of euros) France Spain Europe June 30, 2020 Goodwill 14,364 6,872 2,645 Other intangible assets 3,999 1,897 1,837 Property, plant and equipment 15,454 3,667 3,938 Right-of-use assets 1,364 1,027 916 Interests in associates and joint ventures 4 — 5 Non-current assets included in the calculation of net financial debt — — — Other 9 17 27 Total non-current assets 35,193 13,479 9,368 Inventories 413 60 148 Trade receivables 2,189 617 1,075 Other customer contract assets 366 135 350 Prepaid expenses 57 349 63 Current assets included in the calculation of net financial debt — — — Other 706 39 88 Total current assets 3,731 1,201 1,724 Total assets 38,924 14,680 11,093 December 31, 2019 Goodwill 14,364 6,872 2,665 Other intangible assets 3,968 1,961 1,941 Property, plant and equipment 15,308 3,673 4,109 Right-of-use assets 1,174 1,123 930 Interests in associates and joint ventures 3 — 5 Non-current assets included in the calculation of net financial debt — — — Other 10 17 22 Total non-current assets 34,827 13,645 9,673 Inventories 463 61 149 Trade receivables 1,477 667 1,210 Other customer contract assets 432 150 380 Prepaid expenses 41 401 43 Current assets included in the calculation of net financial debt — — — Other 699 62 74 Total current assets 3,113 1,341 1,855 Total assets 37,940 14,986 11,529 (1) Including tangible and intangible assets for 586 million euros in France in 2020 and 642 million euros in 2019. (2) Including tangible and intangible assets for 1,751 million euros in France in 2020 and 1,736 million euros in 2019. Intangible assets also include the Orange brand for 3,133 million euros. (3) Including 1,380 million euros of non-current financial assets related to Orange Bank activities in 2020 and 1,259 million euros in 2019 (see Note 11.1.1). (4) Including 1,981 million euros of current financial assets related to Orange Bank activities in 2020 and 3,098 million euros in 2019 (see Note 11.1.1). (in millions of euros) Africa & Enterprise (1) International Eliminations Total Orange Eliminations Orange Middle-East Carriers telecom telecom Bank telecom consolidated & Shared activities activities activities / financial Services (2) and bank statements unallocated items June 30, 2020 Goodwill 1,474 2,217 18 — 27,589 — — 27,589 Other intangible assets 2,167 669 3,775 — 14,344 89 — 14,434 Property, plant and equipment 3,697 500 1,138 — 28,393 4 — 28,398 Right-of-use assets 870 326 1,663 — 6,165 32 — 6,197 Interests in associates and joint ventures 74 1 18 0 103 — — 103 Non-current assets included in the calculation of net financial debt — — — 1,027 1,027 — — 1,027 Other 23 30 20 2,014 2,140 1,390 (3) (27) 3,502 Total non-current assets 8,304 3,743 6,632 3,042 79,761 1,516 (27) 81,250 Inventories 81 58 107 — 866 — — 866 Trade receivables 783 1,092 1,064 (888) 5,933 7 (40) 5,899 Other customer contract assets 9 327 0 — 1,189 — — 1,189 Prepaid expenses 211 98 118 (16) 880 7 0 887 Current assets included in the calculation of net financial debt — — — 10,409 10,409 — — 10,409 Other 1,025 197 416 86 2,557 2,389 (4) (18) 4,929 Total current assets 2,109 1,772 1,706 9,590 21,834 2,403 (58) 24,178 Total assets 10,413 5,515 8,338 12,632 101,595 3,919 (86) 105,428 December 31, 2019 Goodwill 1,481 2,245 18 — 27,644 — — 27,644 Other intangible assets 2,318 695 3,766 — 14,649 88 — 14,737 Property, plant and equipment 3,674 526 1,128 — 28,418 5 — 28,423 Right-of-use assets 881 314 1,815 — 6,237 26 — 6,263 Interests in associates and joint ventures 84 1 10 0 103 — — 103 Non-current assets included in the calculation of net financial debt — — — 685 685 — — 685 Other 22 25 19 2,104 2,219 1,268 (3) (27) 3,460 Total non-current assets 8,461 3,805 6,757 2,789 79,956 1,387 (27) 81,316 Inventories 76 60 96 — 906 — — 906 Trade receivables 720 1,067 974 (771) 5,343 1 (24) 5,320 Other customer contract assets 11 237 — — 1,209 — — 1,209 Prepaid expenses 87 143 26 (16) 725 5 0 730 Current assets included in the calculation of net financial debt — — — 10,820 10,820 — — 10,820 Other 968 216 330 145 2,494 3,511 (4) (3) 6,002 Total current assets 1,862 1,723 1,426 10,178 21,498 3,517 (28) 24,987 Total assets 10,323 5,527 8,182 12,967 101,454 4,904 (55) 106,303 1.6 Segment equity and liabilities (in millions of euros) France Spain Europe June 30, 2020 Equity — — — Non-current lease liabilities 1,106 890 819 Fixed assets payables 44 345 247 Non-current employee benefits 1,297 8 18 Non-current liabilities included in the calculation of net financial debt — — — Other 552 78 298 Total non-current liabilities 2,999 1,321 1,381 Current lease liabilities 203 274 124 Fixed assets payables 1,070 491 290 Trade payables 2,608 844 840 Customer contracts liabilities 963 91 316 Current employee benefits 1,108 31 133 Deferred income 2 — 4 Current liabilities included in the calculation of net financial debt — — — Other 1,273 168 277 Total current liabilities 7,228 1,899 1,983 Total equity and liabilities 10,227 3,219 3,365 December 31, 2019 Equity — — — Non-current lease liabilities 961 945 788 Fixed assets payables 35 366 251 Non-current employee benefits 1,461 17 34 Non-current liabilities included in the calculation of net financial debt — — — Other 574 80 301 Total non-current liabilities 3,030 1,409 1,373 Current lease liabilities 170 284 166 Fixed assets payables 1,144 563 407 Trade payables 2,682 1,051 935 Customer contracts liabilities 1,015 98 335 Current employee benefits 1,224 33 110 Deferred income 2 — 6 Current liabilities included in the calculation of net financial debt — — — Other 781 178 268 Total current liabilities 7,017 2,207 2,226 Total equity and liabilities 10,047 3,616 3,599 (1) Including in 2020, 105 million euros of non-current liabilities and 101 million euros in 2019 (see Note 11.1). (2) Including in 2020, 3,235 million euros of current liabilities related to Orange Bank activities and 4,280 million euros in 2019 (see Note 11.1). (in millions of euros) Africa & Enterprise International Eliminations Total Orange Eliminations Orange Middle-East Carriers telecom telecom Bank telecom consolidated & Shared activities activities activities / financial Services and bank statements unallocated items June 30, 2020 Equity — — — 34,764 34,764 (104) — 34,660 Non-current lease liabilities 820 259 1,358 — 5,252 38 — 5,290 Fixed assets payables 162 — — — 798 — — 798 Non-current employee benefits 71 290 705 — 2,388 9 — 2,398 Non-current liabilities included in the calculation of net financial debt — — — 33,339 33,339 — — 33,339 Other 57 43 57 923 2,007 114 (1) (27) 2,094 Total non-current liabilities 1,110 592 2,119 34,261 43,784 162 (27) 43,918 Current lease liabilities 90 77 467 — 1,233 — — 1,233 Fixed assets payables 464 73 85 (1) 2,472 — — 2,472 Trade payables 1,258 735 882 (888) 6,279 159 (40) 6,397 Customer contracts liabilities 130 426 117 (16) 2,027 — 0 2,026 Current employee benefits 80 385 372 — 2,109 6 — 2,115 Deferred income 36 1 7 0 50 — — 50 Current liabilities included in the calculation of net financial debt — — — 4,547 4,547 — (4) 4,543 Other 1,276 225 907 204 4,331 3,697 (2) (14) 8,013 Total current liabilities 3,334 1,922 2,837 3,846 23,047 3,861 (58) 26,850 Total equity and liabilities 4,444 2,514 4,956 72,871 101,595 3,919 (86) 105,428 December 31, 2019 Equity — — — 34,432 34,432 (16) — 34,416 Non-current lease liabilities 785 227 1,490 — 5,196 29 — 5,225 Fixed assets payables 166 — — — 817 — — 817 Non-current employee benefits 68 264 702 — 2,544 9 — 2,554 Non-current liabilities included in the calculation of net financial debt — — — 33,562 33,562 — — 33,562 Other 55 39 55 849 1,954 109 (1) (27) 2,035 Total non-current liabilities 1,074 530 2,247 34,411 44,073 147 (27) 44,192 Current lease liabilities 124 97 422 — 1,263 4 — 1,267 Fixed assets payables 529 72 135 (1) 2,848 — — 2,848 Trade payables 1,136 784 763 (771) 6,581 125 (24) 6,682 Customer contracts liabilities 123 412 126 (15) 2,094 — 0 2,093 Current employee benefits 71 407 411 — 2,254 6 — 2,261 Deferred income 36 1 7 0 51 — — 51 Current liabilities included in the calculation of net financial debt — — — 3,950 3,950 — (3) 3,947 Other 1,211 283 846 341 3,908 4,638 (2) 0 8,545 Total current liabilities 3,231 2,055 2,710 3,503 22,950 4,773 (28) 27,695 Total equity and liabilities 4,305 2,586 4,957 72,346 101,454 4,904 (55) 106,303 1.7 Simplified statement of cash flows on telecommunication and banking activities (in millions of euros) June 30, 2020 Telecom Orange Bank Eliminations Orange activities telecom consoli- activities / dated financial Orange Bank statement Operating activities Consolidated net income 1,103 (87) — 1,016 Non-monetary items and reclassified items for presentation 6,309 33 1 6,343 Changes in working capital and operating banking activities Decrease (increase) in inventories, gross 24 — — 24 Decrease (increase) in trade receivables, gross (704) (4) 9 (699) Increase (decrease) in trade payables (267) 28 (9) (248) Changes in other customer contract assets and liabilities 41 — — 41 Changes in other assets and liabilities (111) (20) — (131) Other net cash out Operating taxes and levies paid (873) 2 — (871) Dividends received 3 — — 3 Interest paid and interest rates effects on derivatives, net (623) (1) 1 (1) (624) Income tax paid (527) 0 — (527) Net cash provided by operating activities (a) 4,375 (2) (49) — 4,326 Investing activities Purchases and sales of property, plant and equipment and intangible assets (3) Purchases of property, plant and equipment and intangible assets (3,382) (14) — (3,395) Increase (decrease) in fixed assets payables (441) — — (441) Investing donations received in advance 7 — — 7 Sales of property, plant and equipment and intangible assets 201 — — 201 Cash paid for investment securities, net of cash acquired 0 — — 0 Investments in associates and joint ventures (2) — — (2) Purchases of equity securities measured at fair value (29) — — (29) Proceeds from sales of investment securities, net of cash transferred 15 — — 15 Decrease (increase) in securities and other financial assets 351 (49) 0 301 Net cash used in investing activities (b) (3,280) (63) 0 (3,344) Financing activities Cash flows from financing activities Medium and long-term debt issuances 2,028 — — 2,028 Medium and long-term debt redemptions and repayments (1,575) (4) — — (1,575) Increase (decrease) of bank overdrafts and short-term borrowings (211) (5) (8) 0 (219) Decrease (increase) of cash collateral deposits 133 (1) — 132 Exchange rates effects on derivatives, net 72 — — 72 Other cash flows Lease liabilities repayments (633) (2) — (634) Coupon on subordinated notes (186) — — (186) Proceeds (purchases) from treasury shares 0 — — 0 Capital increase (decrease) - non-controlling interests (6) (88) 89 — 1 Changes in ownership interests with no gain / loss of control (2) — — (2) Dividends paid to owners of the parent company (532) — — (532) Dividends paid to non-controlling interests (164) — — (164) Net cash used in financing activities (c) (1,158) 78 0 (1,080) Cash and cash equivalents in the opening balance 6,112 369 — 6,481 Cash change in cash and cash equivalents (a) + (b) + (c) (62) (35) — (98) Non-cash change in cash and cash equivalents (19) — — (19) Cash and cash equivalents in the closing balance 6,031 333 — 6,364 (in millions of euros) June 30, 2019 Telecom Orange Bank Eliminations Orange activities telecom consoli- activities / dated financial Orange Bank statement Operating activities Consolidated net income 1,224 (87) — 1,137 Non-monetary items and reclassified items for presentation 6,267 41 — 6,308 Changes in working capital and operating banking activities Decrease (increase) in inventories, gross 18 — — 18 Decrease (increase) in trade receivables, gross (210) (2) (7) (219) Increase (decrease) in trade payables (226) (20) 7 (239) Changes in other customer contract assets and liabilities (22) — — (22) Changes in other assets and liabilities (134) (334) — (468) Other net cash out Operating taxes and levies paid (986) — — (986) Dividends received 14 — — 14 Interest paid and interest rates effects on derivatives, net (764) (1) — — (764) Income tax paid (640) — — (640) Net cash provided by operating activities (a) 4,541 (2) (402) — 4,139 Investing activities Purchases and sales of property, plant and equipment and intangible assets (3) Purchases of property, plant and equipment and intangible assets (4,134) (16) — (4,150) Increase (decrease) in fixed assets payables 7 — — 7 Investing donations received in advance — — — — Sales of property, plant and equipment and intangible assets 151 — — 151 Cash paid for investment securities, net of cash acquired (126) — — (126) Purchases of equity securities measured at fair value (25) — — (25) Proceeds from sales of investment securities, net of cash transferred 2 — — 2 Decrease (increase) in securities and other financial assets (28) 9 2 (17) Net cash used in investing activities (b) (4,153) (7) 2 (4,158) Financing activities Cash flows from financing activities Medium and long-term debt issuances 4,884 — — 4,884 Medium and long-term debt redemptions and repayments (1,520) — — (1,520) Lease liabilities repayments (676) (2) — (678) Increase (decrease) of bank overdrafts and short-term borrowings (730) 9 (2) (723) Decrease (increase) of cash collateral deposits (125) (25) — (150) Exchange rates effects on derivatives, net 64 — — 64 Other cash flows Coupon and other fees on subordinated notes issuance (267) — — (267) Proceeds (purchases) from treasury shares (1) — — (1) Capital increase (decrease) - non-controlling interests (6) (59) 100 — 41 Changes in ownership interests with no gain / loss of control (3) — — (3) Dividends paid to owners of the parent company (1,061) — — (1,061) Dividends paid to non-controlling interests (243) — — (243) Net cash used in financing activities (c) 263 82 (2) 343 Cash and cash equivalents in the opening balance 5,081 553 — 5,634 Cash change in cash and cash equivalents (a) + (b) + (c) 651 (327) — 324 Non-cash change in cash and cash equivalents 2 — — 2 Cash and cash equivalents in the closing balance 5,734 226 — 5,960 (1) Including (62) million euros as of June 30, 2020 and (46) million euros as of |
Gains and losses on disposal _2
Gains and losses on disposal and main changes in scope of consolidation (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure of detailed information about business combination [line items] | |
Schedule of gains (losses) on disposal of fixed assets, investments and activities | (in millions of euros) June 30, 2020 June 30, 2019 Gains (losses) on disposal of fixed assets (1) 59 68 Gains (losses) on disposal of investments and activities 0 0 Gain (losses) on disposal of fixed assets, investments and activities 59 68 (1) Including in 2020, 197 MEUR of transfer price and (139) MEUR of net book value of assets sold. Including in 2019, 131 MEUR of transfer price and (63) MEUR of net book value of assets sold. |
Sales (Tables)
Sales (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Revenue [abstract] | |
Schedule of trade receivables | (in millions of euros) June 30, 2020 December 31, 2019 Net book value of trade receivables - in the opening balance 5,320 5,295 Business related variations 615 1 Changes in the scope of consolidation — 50 Translation adjustment (42) 28 Reclassifications and other items 6 (53) Net book value of trade receivables - in the closing balance 5,899 5,320 |
Schedule of categories of trade receivables | |
Schedule of allowances on trade receivables | (in millions of euros) June 30, 2020 December 31, 2019 Allowances on trade receivables - in the opening balance (888) (816) Net addition with impact on income statement (225) (332) Losses on trade receivables 141 271 Changes in the scope of consolidation — (1) Translation adjustment 6 (5) Reclassifications and other items 0 (5) Allowances on trade receivables - in the closing balance (966) (888) |
Other expenses (Tables)
Other expenses (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Purchases and other expenses [abstract] | |
Schedule of other operating expenses | (in millions of euros) June 30, 2020 June 30, 2019 Allowances and losses on trade receivables - telecom activities (225) (1) (149) Litigation (169) 19 Operating foreign exchange gains (losses) 8 (5) Cost of bank credit risk (11) (4) Integration costs (5) (7) Other expenses (46) (55) Total (448) (201) |
Schedule of restructuring costs | (in millions of euros) June 30, 2020 June 30, 2019 Departure plans (7) (13) Lease property restructuring 2 (2) Distribution channels (1) (9) Other (7) (28) Total restructuring costs (13) (52) |
Income tax (Tables)
Income tax (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Major components of tax expense (income) [abstract] | |
Income tax in profit and loss | (in millions of euros) June 30, 2020 June 30, 2019 Total Income tax (491) (513) Current tax (474) (525) Deferred tax (18) 12 |
Financial assets, liabilities_2
Financial assets, liabilities and financial result (excluding Orange Bank) (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure of detailed information about financial instruments [line items] | |
Schedule of financial assets and liabilities | (in millions of euros) Orange O/w Note O/w Note O/w consolidated telecom Orange eliminations financial activities Bank telecom statements activities / bank Non-current financial assets related to Orange Bank activities 1,380 — 1,380 11.1.1 — Non-current financial assets 1,274 1,301 9.6 — (27) (1) Non-current derivatives assets 881 881 9.4 — — Current financial assets related to Orange Bank activities 1,977 — 1,981 11.1.1 (4) Current financial assets 4,375 4,376 9.6 — (1) Current derivatives assets 41 41 9.4 — — Cash and cash equivalents 6,364 6,031 9.4 333 — Non-current financial liabilities related to Orange Bank activities — — 27 11.1.2 (27) (1) Non-current financial liabilities 32,744 32,744 9.4 — — Non-current derivatives liabilities 672 594 9.4 78 — Current financial liabilities related to Orange Bank liabilities 3,234 — 3,235 11.1.2 (1) Current financial liabilities 4,489 4,493 9.4 — (4) Current derivatives liabilities 54 54 9.4 — — (1) Loan granted by Orange SA to Orange Bank. |
Schedule of financial assets | June 30, 2020 December 31, 2019 (in millions of euros) Non-current Current Total Total Financial assets at fair value through other comprehensive income that will not be reclassified to profit or loss 298 — 298 277 Investments securities 298 — 298 277 Financial assets at fair value through profit or loss 277 4,337 4,613 4,953 Investments at fair value (1) — 4,337 4,337 4,696 Investments securities 130 — 130 133 Cash collateral paid 147 — 147 123 Financial assets at amortized cost 727 39 766 772 Receivables related to investments (2) 48 13 61 70 Other (3) 679 26 705 702 Total financial assets 1,301 4,376 5,677 6,001 (1) NEU Commercial papers and bond securities only. (2) Including loan granted by Orange SA to Orange Bank ( 27 million euros). (3) Including the escrowed amount of 347 million euros related to the Digicel litigation. |
Telecom activities, operating segment [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Schedule of net financial debt | (in millions of euros) June 30, December 31, 2020 2019 TDIRA 641 822 Bonds 30,807 30,893 Bank loans and from development organizations and multilateral lending institutions 4,467 4,013 Debt relating to financed assets 216 125 Cash collateral received 417 261 NEU Commercial Papers (1) 391 158 Bank overdrafts 182 203 Other financial liabilities (2) 118 602 Current and non-current financial liabilities (excluding derivatives) included in the calculation of net financial debt 37,237 37,076 Current and non-current derivatives (liabilities) (3) 648 436 Current and non-current derivatives (assets) (3) (922) (573) Other comprehensive income components related to unmatured hedging instruments (28) (542) Gross financial debt after derivatives (a) 36,935 36,397 Cash collateral paid (4) (147) (123) Investments at fair value (5) (4,337) (4,696) Cash equivalents (3,247) (3,651) Cash (2,784) (2,462) Assets included in the calculation of net financial debt (b) (10,514) (10,931) Net financial debt (a) + (b) 26,420 25,466 (1) Negotiable European Commercial Papers (formerly called "commercial papers"). (2) Include 500 million euros of subordinated notes reclassified as a short term financial liability in 2019 and redeemed on February 7, 2020 (first call option date). (3) As of June 30, 2020, the foreign exchange effect of the cross currency swaps hedging foreign exchange risk on gross debt notional is an unrealized gain of 578 million euros. (4) Only cash collateral paid, included in non-current financial assets of the consolidated statement of financial position, are deducted from gross financial debt. (5) Only investments, included in current financial assets of the consolidated statement of financial position, are deducted from gross financial debt. |
Information on market risk an_2
Information on market risk and fair value of financial assets and liabilities (excluding Orange Bank) (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure of detailed information about financial instruments [abstract] | |
Schedule of debt rating | Standard & Poor's Moody's Fitch Ratings Japan Credit Rating Long-term debt BBB+ Baa1 BBB+ A Outlook Stable Stable Stable Stable Short-term debt A2 P2 F2 Not applicable |
Activities of Orange Bank (Tabl
Activities of Orange Bank (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure of detailed information about financial instruments [line items] | |
Schedule of financial assets and liabilities | (in millions of euros) Orange O/w telecom Note O/w Orange Note O/w eliminations consolidated activities Bank telecom financial activities / bank statements Non-current financial assets related to Orange Bank activities 1,380 — 1,380 11.1.1 — Non-current financial assets 1,274 1,301 9.6 — (27) (1) Non-current derivatives assets 881 881 9.4 — — Current financial assets related to Orange Bank activities 1,977 — 1,981 11.1.1 (4) Current financial assets 4,375 4,376 9.6 — (1) Current derivatives assets 41 41 9.4 — — Cash and cash equivalents 6,364 6,031 9.4 333 — Non-current financial liabilities related to Orange Bank activities — — 27 11.1.2 (27) (1) Non-current financial liabilities 32,744 32,744 9.4 — — Non-current derivatives liabilities 672 594 9.4 78 — Current financial liabilities related to Orange Bank liabilities 3,234 — 3,235 11.1.2 (1) Current financial liabilities 4,489 4,493 9.4 — (4) Current derivatives liabilities 54 54 9.4 — — (1) Loan granted by Orange SA to Orange Bank. |
Schedule of financial assets related to banking activities | (in millions of euros) June 30, 2020 December 31, 2019 Non-current Current Total Total Financial assets at fair value through other comprehensive income that will not be reclassified to profit or loss 2 — 2 2 Investments securities 2 — 2 2 Financial assets at fair value through other comprehensive income that may be reclassified to profit or loss 645 5 650 656 Debt securities 645 5 650 656 Financial assets at fair value through profit or loss 99 — 99 179 Investments at fair value — — — 79 Cash collateral paid 76 — 76 76 Others 22 — 22 25 Financial assets at amortized cost 635 1,976 2,611 3,519 Fixed-income securities 635 6 641 506 Loans and receivables to customers — 1,857 1,857 1,937 Loans and receivables to credit institutions — 109 109 1,073 Others — 4 4 3 Total financial assets related to Orange Bank activities 1,380 1,981 3,361 4,357 |
Orange Bank, operating segment [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Schedule of debt securities measured at fair value through other comprehensive income that may be reclassified to profit or loss | (in millions of euros) June 30, 2020 December 31, 2019 Debt securities measured at fair value through other comprehensive income that may be reclassified to profit or loss - in the opening balance 656 925 Acquisitions 110 165 Repayments and disposals (114) (442) Changes in fair value (2) 9 Other items (1) (1) Debt securities measured at fair value through other comprehensive income that may be reclassified to profit or loss - in the closing balance 650 656 |
Shareholders' equity (Tables)
Shareholders' equity (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Shareholders' equity [abstract] | |
Schedule of non-controlling interests | (in millions of euros) June 30, December 31, 2020 2019 Credit part of equity attributable to non-controlling interests (a) 2,566 2,701 o/ w Orange Polska group 959 987 o/ w Sonatel group 653 736 o/ w Orange Belgium group 270 275 o/ w Jordan Telecom group 170 166 o/ w Médi Telecom 124 148 Debit part of equity attributable to non-controlling interests (b) (12) (13) Total equity attributable to non-controlling interests (a) + (b) 2,553 2,688 (in millions of euros) June 30, 2020 June 30, 2019 Dividends paid to minority shareholders 206 243 o/ w Sonatel group 166 192 o/ w Médi Telecom 24 22 o/ w Orange Belgium group 14 14 o/ w Jordan Telecom group — 13 |
Schedule of translation adjustment | (in millions of euros) June 30, 2020 June 30, 2019 Gain (loss) recognized in other comprehensive income during the period (184) 52 Reclassification to net income for the period 0 (2) Total transaction adjustments for continuing operations (184) 50 |
Segment information - Segment r
Segment information - Segment revenues - Tabular disclosure (Details) - EUR (€) € in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | € 20,769 | € 20,573 |
Operating segments [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 20,769 | 20,573 |
Operating segments [member] | External [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 20,769 | 20,573 |
Operating segments [member] | Convergence services [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 3,645 | 3,495 |
Operating segments [member] | Mobile services only [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 5,122 | 5,204 |
Operating segments [member] | Fixed services only [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 4,673 | 4,764 |
Operating segments [member] | IT & integration services [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 1,555 | 1,334 |
Operating segments [member] | Wholesale [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 4,062 | 3,863 |
Operating segments [member] | Equipment sales [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 1,184 | 1,428 |
Operating segments [member] | Other revenues [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 529 | 485 |
Elimination of intersegment amounts [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | (918) | (966) |
Elimination of intersegment amounts [member] | Mobile services only [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | (18) | (22) |
Elimination of intersegment amounts [member] | Fixed services only [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | (86) | (88) |
Elimination of intersegment amounts [member] | IT & integration services [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | (78) | (75) |
Elimination of intersegment amounts [member] | Wholesale [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | (657) | (708) |
Elimination of intersegment amounts [member] | Equipment sales [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | (2) | (1) |
Elimination of intersegment amounts [member] | Other revenues [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | (77) | (72) |
Total Telecom activities and Orange Bank [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 20,573 | |
Total Telecom activities and Orange Bank [member] | Elimination of intersegment amounts [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | (1) | (2) |
Inter-operating segments | (1) | (2) |
Total Telecom activities and Orange Bank [member] | Elimination of intersegment amounts [member] | Mobile services only [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 0 | |
Total Telecom activities and Orange Bank [member] | Elimination of intersegment amounts [member] | Fixed services only [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 0 | |
Total Telecom activities and Orange Bank [member] | Elimination of intersegment amounts [member] | IT & integration services [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | (1) | (2) |
Total Telecom activities and Orange Bank [member] | Elimination of intersegment amounts [member] | Equipment sales [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 0 | |
Total Telecom activities and Orange Bank [member] | Elimination of intersegment amounts [member] | Other revenues [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 0 | |
Telecom activities, operating segment [member] | Operating segments [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 20,771 | 20,575 |
Inter-operating segments | 1 | 2 |
Telecom activities, operating segment [member] | Operating segments [member] | External [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 20,769 | 20,573 |
Telecom activities, operating segment [member] | Operating segments [member] | Convergence services [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 3,645 | 3,495 |
Telecom activities, operating segment [member] | Operating segments [member] | Mobile services only [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 5,122 | 5,204 |
Telecom activities, operating segment [member] | Operating segments [member] | Fixed services only [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 4,673 | 4,764 |
Telecom activities, operating segment [member] | Operating segments [member] | IT & integration services [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 1,556 | 1,336 |
Telecom activities, operating segment [member] | Operating segments [member] | Wholesale [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 4,062 | 3,863 |
Telecom activities, operating segment [member] | Operating segments [member] | Equipment sales [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 1,184 | 1,428 |
Telecom activities, operating segment [member] | Operating segments [member] | Other revenues [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 529 | 485 |
France, operating segment [member] | Operating segments [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 9,024 | 8,874 |
Inter-operating segments | 330 | 331 |
France, operating segment [member] | Operating segments [member] | External [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 8,694 | 8,543 |
France, operating segment [member] | Operating segments [member] | Convergence services [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 2,268 | 2,153 |
France, operating segment [member] | Operating segments [member] | Mobile services only [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 1,124 | 1,168 |
France, operating segment [member] | Operating segments [member] | Fixed services only [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 1,986 | 2,054 |
France, operating segment [member] | Operating segments [member] | Wholesale [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 2,871 | 2,672 |
France, operating segment [member] | Operating segments [member] | Equipment sales [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 458 | 578 |
France, operating segment [member] | Operating segments [member] | Other revenues [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 318 | 249 |
Spain, operating segment [member] | Operating segments [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 2,503 | 2,624 |
Inter-operating segments | 17 | 22 |
Spain, operating segment [member] | Operating segments [member] | External [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 2,486 | 2,602 |
Spain, operating segment [member] | Operating segments [member] | Convergence services [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 1,020 | 1,049 |
Spain, operating segment [member] | Operating segments [member] | Mobile services only [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 517 | 584 |
Spain, operating segment [member] | Operating segments [member] | Fixed services only [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 238 | 254 |
Spain, operating segment [member] | Operating segments [member] | IT & integration services [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 4 | 3 |
Spain, operating segment [member] | Operating segments [member] | Wholesale [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 449 | 418 |
Spain, operating segment [member] | Operating segments [member] | Equipment sales [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 263 | 316 |
Spain, operating segment [member] | Operating segments [member] | Other revenues [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 12 | |
Europe (excluding France and Spain), operating segment [member] | Operating segments [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 2,729 | 2,789 |
Inter-operating segments | 37 | 41 |
Europe (excluding France and Spain), operating segment [member] | Operating segments [member] | External [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 2,693 | 2,748 |
Europe (excluding France and Spain), operating segment [member] | Operating segments [member] | Convergence services [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 357 | 293 |
Europe (excluding France and Spain), operating segment [member] | Operating segments [member] | Mobile services only [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 1,008 | 1,065 |
Europe (excluding France and Spain), operating segment [member] | Operating segments [member] | Fixed services only [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 308 | 326 |
Europe (excluding France and Spain), operating segment [member] | Operating segments [member] | IT & integration services [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 143 | 84 |
Europe (excluding France and Spain), operating segment [member] | Operating segments [member] | Wholesale [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 506 | 530 |
Europe (excluding France and Spain), operating segment [member] | Operating segments [member] | Equipment sales [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 348 | 401 |
Europe (excluding France and Spain), operating segment [member] | Operating segments [member] | Other revenues [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 58 | 90 |
Africa and Middle-East, operating segment [member] | Operating segments [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 2,845 | 2,737 |
Inter-operating segments | 89 | 113 |
Africa and Middle-East, operating segment [member] | Operating segments [member] | External [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 2,756 | 2,624 |
Africa and Middle-East, operating segment [member] | Operating segments [member] | Mobile services only [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 2,164 | 2,042 |
Africa and Middle-East, operating segment [member] | Operating segments [member] | Fixed services only [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 270 | 240 |
Africa and Middle-East, operating segment [member] | Operating segments [member] | IT & integration services [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 11 | 6 |
Africa and Middle-East, operating segment [member] | Operating segments [member] | Wholesale [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 342 | 391 |
Africa and Middle-East, operating segment [member] | Operating segments [member] | Equipment sales [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 40 | 45 |
Africa and Middle-East, operating segment [member] | Operating segments [member] | Other revenues [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 19 | 13 |
Enterprise, operating segment [member] | Operating segments [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 3,859 | 3,770 |
Inter-operating segments | 192 | 187 |
Enterprise, operating segment [member] | Operating segments [member] | External [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 3,667 | 3,583 |
Enterprise, operating segment [member] | Operating segments [member] | Mobile services only [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 327 | 367 |
Enterprise, operating segment [member] | Operating segments [member] | Fixed services only [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 1,958 | 1,978 |
Enterprise, operating segment [member] | Operating segments [member] | IT & integration services [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 1,475 | 1,318 |
Enterprise, operating segment [member] | Operating segments [member] | Wholesale [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 21 | 18 |
Enterprise, operating segment [member] | Operating segments [member] | Equipment sales [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 77 | 89 |
International Carriers and Shared Services, operating segment [member] | Operating segments [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 728 | 747 |
Inter-operating segments | 255 | 274 |
International Carriers and Shared Services, operating segment [member] | Operating segments [member] | External [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 474 | 473 |
International Carriers and Shared Services, operating segment [member] | Operating segments [member] | Wholesale [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 530 | 542 |
International Carriers and Shared Services, operating segment [member] | Operating segments [member] | Other revenues [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | 199 | 205 |
Telecom activities, operating segment, eliminations [member] | Operating segments [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | (918) | 20,575 |
Telecom activities, operating segment, eliminations [member] | Elimination of intersegment amounts [member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenues recognized | (966) | |
Inter-operating segments | € (918) | € (966) |
Segment information - Segment_2
Segment information - Segment revenues - Additional information (Details) - EUR (€) € in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of operating segments [line items] | ||
Revenue | € 20,769 | € 20,573 |
Operating segments [member] | ||
Disclosure of operating segments [line items] | ||
Revenue | 20,769 | 20,573 |
Operating segments [member] | Enterprise, operating segment [member] | ||
Disclosure of operating segments [line items] | ||
Revenue | 3,859 | 3,770 |
Operating segments [member] | Enterprise, operating segment [member] | FRANCE | ||
Disclosure of operating segments [line items] | ||
Revenue | 2,511 | 2,593 |
Operating segments [member] | Enterprise, operating segment [member] | SPAIN | ||
Disclosure of operating segments [line items] | ||
Revenue | 6 | 5 |
Operating segments [member] | Enterprise, operating segment [member] | Europe, excluding France and Spain [member] | ||
Disclosure of operating segments [line items] | ||
Revenue | 820 | 638 |
Operating segments [member] | Enterprise, operating segment [member] | Countries other than Europe [member] | ||
Disclosure of operating segments [line items] | ||
Revenue | 523 | 534 |
Operating segments [member] | International Carriers and Shared Services, operating segment [member] | ||
Disclosure of operating segments [line items] | ||
Revenue | 728 | 747 |
Operating segments [member] | International Carriers and Shared Services, operating segment [member] | FRANCE | ||
Disclosure of operating segments [line items] | ||
Revenue | € 660 | € 687 |
Segment information - Segment_3
Segment information - Segment revenue to consolidated net income - Tabular disclosure (Details) - EUR (€) € in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of operating segments [line items] | ||
Revenue | € 20,769 | € 20,573 |
External purchases | (8,557) | (8,562) |
Other operating income | 271 | 341 |
Other operating expenses | (448) | (201) |
Labor expenses | (4,376) | (4,434) |
Operating taxes and levies | (1,232) | (1,207) |
Gains (losses) on disposal of fixed assets, investments and activities | 59 | 68 |
Restructuring costs | (13) | (52) |
Depreciation and amortization of financed assets | (22) | (3) |
Depreciation and amortization of right-of-use assets | (642) | (609) |
Impairment of right-of-use assets | (6) | (24) |
Depreciation and amortization of fixed assets | (3,549) | (3,500) |
Reclassification of translation adjustment from liquidated entities | 2 | |
Impairment of fixed assets | 1 | 0 |
Share of profits (losses) of associates and joint ventures | (6) | (4) |
Operating income | 2,249 | 2,388 |
Cost of gross financial debt except financed assets | (569) | (575) |
Interests on debts related to financed assets | (1) | 0 |
Gains (losses) on assets contributing to net financial debt | 1 | 4 |
Foreign exchange gain (loss) | (115) | (2) |
Interests on lease liabilities | (56) | (60) |
Other net financial expenses | (3) | 14 |
Effects resulting from BT sale | (119) | |
Finance costs, net | (742) | (738) |
Income tax | (491) | (513) |
Consolidated net income | 1,016 | 1,137 |
Operating segments [member] | ||
Disclosure of operating segments [line items] | ||
Revenue | 20,769 | 20,573 |
External purchases | (8,557) | |
Other operating income | 271 | |
Other operating expenses | (274) | |
Labor expenses | (4,342) | |
Operating taxes and levies | (1,232) | |
Depreciation and amortization of financed assets | (22) | |
Depreciation and amortization of right-of-use assets | (642) | |
Interests on debts related to financed assets | (1) | |
Interests on lease liabilities | (56) | |
EBITDAaL | 5,914 | |
Significant litigations | (169) | |
Specific labour expenses | (28) | |
Fixed assets, investments and businesses portfolio review | 59 | |
Restructuring programs costs | (19) | |
Acquisition and integration costs | (10) | |
Depreciation and amortization of fixed assets | (3,549) | |
Impairment of fixed assets | 1 | |
Share of profits (losses) of associates and joint ventures | (6) | |
Elimination of interests on debts related to financed assets | 1 | |
Elimination of interests on lease liabilities | 56 | |
Operating income | 2,249 | |
Elimination of intersegment amounts [member] | ||
Disclosure of operating segments [line items] | ||
Revenue | (918) | (966) |
Presentation adjustments [member] | ||
Disclosure of operating segments [line items] | ||
Other operating expenses | (174) | (6) |
Labor expenses | (33) | (114) |
Gains (losses) on disposal of fixed assets, investments and activities | 59 | 68 |
Restructuring costs | (13) | (52) |
Impairment of right-of-use assets | (6) | (24) |
Interests on debts related to financed assets | 1 | 0 |
Interests on lease liabilities | 56 | 60 |
EBITDAaL | (111) | (68) |
Significant litigations | 169 | 65 |
Specific labour expenses | 28 | 46 |
Fixed assets, investments and businesses portfolio review | (59) | (68) |
Restructuring programs costs | 19 | 75 |
Acquisition and integration costs | 10 | 10 |
Elimination of interests on debts related to financed assets | (1) | 0 |
Elimination of interests on lease liabilities | (56) | (60) |
Total Telecom activities and Orange Bank [member] | ||
Disclosure of operating segments [line items] | ||
Revenue | 20,573 | |
External purchases | (8,562) | |
Other operating income | 341 | |
Other operating expenses | (195) | |
Labor expenses | (4,320) | |
Operating taxes and levies | (1,207) | |
Depreciation and amortization of financed assets | (3) | |
Depreciation and amortization of right-of-use assets | (609) | |
Interests on debts related to financed assets | 0 | |
Interests on lease liabilities | (60) | |
EBITDAaL | 5,958 | |
Significant litigations | (65) | |
Specific labour expenses | (46) | |
Fixed assets, investments and businesses portfolio review | 68 | |
Restructuring programs costs | (75) | |
Acquisition and integration costs | (10) | |
Depreciation and amortization of fixed assets | (3,500) | |
Reclassification of translation adjustment from liquidated entities | 2 | |
Impairment of fixed assets | 0 | |
Share of profits (losses) of associates and joint ventures | (4) | |
Elimination of interests on debts related to financed assets | 0 | |
Elimination of interests on lease liabilities | 60 | |
Operating income | 2,388 | |
Total Telecom activities and Orange Bank [member] | Elimination of intersegment amounts [member] | ||
Disclosure of operating segments [line items] | ||
Revenue | (1) | (2) |
External purchases | 1 | 3 |
Other operating income | (5) | (7) |
Other operating expenses | 6 | 7 |
EBITDAaL | 1 | 1 |
Operating income | 1 | 1 |
Telecom activities, operating segment [member] | Operating segments [member] | ||
Disclosure of operating segments [line items] | ||
Revenue | 20,771 | 20,575 |
External purchases | (8,504) | |
Other operating income | 239 | |
Other operating expenses | (265) | |
Labor expenses | (4,305) | |
Operating taxes and levies | (1,231) | |
Depreciation and amortization of financed assets | (22) | |
Depreciation and amortization of right-of-use assets | (640) | |
Interests on debts related to financed assets | (1) | |
Interests on lease liabilities | (56) | |
EBITDAaL | 5,986 | |
Significant litigations | (169) | |
Specific labour expenses | (28) | |
Fixed assets, investments and businesses portfolio review | 59 | |
Restructuring programs costs | (17) | |
Acquisition and integration costs | (10) | |
Depreciation and amortization of fixed assets | (3,536) | |
Impairment of fixed assets | 1 | |
Share of profits (losses) of associates and joint ventures | (6) | |
Elimination of interests on debts related to financed assets | 1 | |
Elimination of interests on lease liabilities | 56 | |
Operating income | 2,336 | |
Consolidated net income | 1,103 | 1,224 |
France, operating segment [member] | Operating segments [member] | ||
Disclosure of operating segments [line items] | ||
Revenue | 9,024 | 8,874 |
External purchases | (3,313) | (3,309) |
Other operating income | 641 | 686 |
Other operating expenses | (288) | (264) |
Labor expenses | (1,900) | (1,930) |
Operating taxes and levies | (735) | (684) |
Depreciation and amortization of financed assets | (22) | (3) |
Depreciation and amortization of right-of-use assets | (102) | (84) |
Interests on debts related to financed assets | (1) | 0 |
Interests on lease liabilities | (4) | (5) |
EBITDAaL | 3,301 | 3,281 |
Significant litigations | (167) | |
Specific labour expenses | (26) | (31) |
Fixed assets, investments and businesses portfolio review | 23 | |
Restructuring programs costs | (4) | (24) |
Depreciation and amortization of fixed assets | (1,575) | (1,582) |
Impairment of fixed assets | 0 | |
Share of profits (losses) of associates and joint ventures | 0 | |
Elimination of interests on debts related to financed assets | 1 | 0 |
Elimination of interests on lease liabilities | 4 | 5 |
Operating income | 1,557 | 1,649 |
Spain, operating segment [member] | Operating segments [member] | ||
Disclosure of operating segments [line items] | ||
Revenue | 2,503 | 2,624 |
External purchases | (1,395) | (1,448) |
Other operating income | 63 | 99 |
Other operating expenses | (103) | (107) |
Labor expenses | (141) | (135) |
Operating taxes and levies | (63) | (86) |
Depreciation and amortization of right-of-use assets | (131) | (154) |
Interests on lease liabilities | (6) | (6) |
EBITDAaL | 728 | 787 |
Fixed assets, investments and businesses portfolio review | 22 | |
Restructuring programs costs | 0 | (6) |
Depreciation and amortization of fixed assets | (528) | (533) |
Impairment of fixed assets | 0 | |
Elimination of interests on lease liabilities | 6 | 6 |
Operating income | 228 | 254 |
Europe (excluding France and Spain), operating segment [member] | Operating segments [member] | ||
Disclosure of operating segments [line items] | ||
Revenue | 2,729 | 2,789 |
External purchases | (1,531) | (1,581) |
Other operating income | 72 | 70 |
Other operating expenses | (85) | (89) |
Labor expenses | (315) | (344) |
Operating taxes and levies | (53) | (59) |
Depreciation and amortization of right-of-use assets | (79) | (71) |
Interests on lease liabilities | (8) | (7) |
EBITDAaL | 730 | 708 |
Specific labour expenses | 0 | |
Fixed assets, investments and businesses portfolio review | 4 | 11 |
Restructuring programs costs | (3) | (5) |
Acquisition and integration costs | (2) | (1) |
Depreciation and amortization of fixed assets | (563) | (550) |
Impairment of fixed assets | 1 | |
Share of profits (losses) of associates and joint ventures | 0 | |
Elimination of interests on lease liabilities | 8 | 7 |
Operating income | 173 | 170 |
Africa and Middle-East, operating segment [member] | Operating segments [member] | ||
Disclosure of operating segments [line items] | ||
Revenue | 2,845 | 2,737 |
External purchases | (1,219) | (1,199) |
Other operating income | 24 | 23 |
Other operating expenses | (104) | (93) |
Labor expenses | (252) | (249) |
Operating taxes and levies | (264) | (253) |
Depreciation and amortization of right-of-use assets | (64) | (64) |
Interests on lease liabilities | (32) | (34) |
EBITDAaL | 935 | 868 |
Fixed assets, investments and businesses portfolio review | 0 | 5 |
Restructuring programs costs | (2) | (2) |
Depreciation and amortization of fixed assets | (508) | (471) |
Reclassification of translation adjustment from liquidated entities | 2 | |
Impairment of fixed assets | 0 | (1) |
Share of profits (losses) of associates and joint ventures | (1) | |
Elimination of interests on lease liabilities | 32 | 34 |
Operating income | 456 | 435 |
Enterprise, operating segment [member] | Operating segments [member] | ||
Disclosure of operating segments [line items] | ||
Revenue | 3,859 | 3,770 |
External purchases | (1,977) | (1,896) |
Other operating income | 76 | 78 |
Other operating expenses | (328) | (311) |
Labor expenses | (1,035) | (964) |
Operating taxes and levies | (58) | (63) |
Depreciation and amortization of right-of-use assets | (63) | (47) |
Interests on lease liabilities | (2) | (2) |
EBITDAaL | 471 | 565 |
Specific labour expenses | (2) | (1) |
Fixed assets, investments and businesses portfolio review | 7 | |
Restructuring programs costs | (3) | (10) |
Acquisition and integration costs | (4) | (4) |
Depreciation and amortization of fixed assets | (205) | (195) |
Impairment of fixed assets | 1 | |
Share of profits (losses) of associates and joint ventures | 1 | 2 |
Elimination of interests on lease liabilities | 2 | 2 |
Operating income | 267 | 360 |
International Carriers and Shared Services, operating segment [member] | Operating segments [member] | ||
Disclosure of operating segments [line items] | ||
Revenue | 728 | 747 |
External purchases | (970) | (1,043) |
Other operating income | 1,006 | 1,034 |
Other operating expenses | (17) | 5 |
Labor expenses | (662) | (662) |
Operating taxes and levies | (58) | (62) |
Depreciation and amortization of right-of-use assets | (202) | (187) |
Interests on lease liabilities | (4) | (6) |
EBITDAaL | (179) | (174) |
Significant litigations | (2) | (65) |
Specific labour expenses | 1 | (14) |
Fixed assets, investments and businesses portfolio review | 4 | 52 |
Restructuring programs costs | (6) | (28) |
Acquisition and integration costs | (4) | (5) |
Depreciation and amortization of fixed assets | (157) | (159) |
Share of profits (losses) of associates and joint ventures | (6) | (6) |
Elimination of interests on lease liabilities | 4 | 6 |
Operating income | (345) | (393) |
Telecom activities, operating segment, eliminations [member] | Operating segments [member] | ||
Disclosure of operating segments [line items] | ||
Revenue | (918) | 20,575 |
External purchases | 1,901 | (8,518) |
Other operating income | (1,644) | 331 |
Other operating expenses | 661 | (192) |
Labor expenses | (4,284) | |
Operating taxes and levies | (1,207) | |
Depreciation and amortization of financed assets | (3) | |
Depreciation and amortization of right-of-use assets | (607) | |
Interests on debts related to financed assets | 0 | |
Interests on lease liabilities | (60) | |
EBITDAaL | 6,035 | |
Significant litigations | (65) | |
Specific labour expenses | (46) | |
Fixed assets, investments and businesses portfolio review | 68 | |
Restructuring programs costs | (75) | |
Acquisition and integration costs | (10) | |
Depreciation and amortization of fixed assets | (3,490) | |
Reclassification of translation adjustment from liquidated entities | 2 | |
Impairment of fixed assets | 0 | |
Share of profits (losses) of associates and joint ventures | (4) | |
Elimination of interests on debts related to financed assets | 0 | |
Elimination of interests on lease liabilities | 60 | |
Operating income | 2,475 | |
Telecom activities, operating segment, eliminations [member] | Elimination of intersegment amounts [member] | ||
Disclosure of operating segments [line items] | ||
Revenue | (966) | |
External purchases | 1,958 | |
Other operating income | (1,659) | |
Other operating expenses | 667 | |
Orange Bank, operating segment [member] | Operating segments [member] | ||
Disclosure of operating segments [line items] | ||
External purchases | (54) | (47) |
Other operating income | 37 | 17 |
Other operating expenses | (15) | (10) |
Labor expenses | (38) | (36) |
Operating taxes and levies | (1) | |
Depreciation and amortization of right-of-use assets | (1) | (2) |
Interests on lease liabilities | 0 | |
EBITDAaL | (72) | (78) |
Specific labour expenses | 0 | |
Restructuring programs costs | (2) | |
Depreciation and amortization of fixed assets | (13) | (10) |
Elimination of interests on lease liabilities | 0 | |
Operating income | (87) | (88) |
Consolidated net income | € (87) | € (87) |
Segment information - Segment_4
Segment information - Segment revenue to consolidated net income - Additional information (Details) - Operating segments [member] - Orange Bank, operating segment [member] - EUR (€) € in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of operating segments [line items] | ||
Net banking income included in miscellaneous operating income | € 34 | € 15 |
Cost of risk included in miscellaneous operating expenses | € (11) | € (4) |
Segment information - Segment i
Segment information - Segment investments - Tabular disclosure (Details) - EUR (€) € in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of operating segments [line items] | ||
eCapex | € 3,156 | € 3,509 |
Elimination of proceeds from sales of property, plant and equipment and intangible assets | 197 | 131 |
Telecommunications licenses | 944 | 1,338 |
Financed assets | 2,569 | 2,878 |
Total investments | 3,513 | 4,216 |
Financed assets [member] | ||
Disclosure of operating segments [line items] | ||
Financed assets | 117 | 66 |
Licenses [member] | ||
Disclosure of operating segments [line items] | ||
Telecommunications licenses | 42 | 510 |
France, operating segment [member] | Operating segments [member] | ||
Disclosure of operating segments [line items] | ||
eCapex | 1,635 | 1,862 |
Elimination of proceeds from sales of property, plant and equipment and intangible assets | 95 | 47 |
Financed assets | 117 | 66 |
Total investments | 1,847 | 1,975 |
Spain, operating segment [member] | Operating segments [member] | ||
Disclosure of operating segments [line items] | ||
eCapex | 392 | 529 |
Elimination of proceeds from sales of property, plant and equipment and intangible assets | 75 | |
Telecommunications licenses | 297 | |
Total investments | 470 | 826 |
Spain, operating segment [member] | Operating segments [member] | Licenses [member] | ||
Disclosure of operating segments [line items] | ||
Telecommunications licenses | 3 | |
Europe (excluding France and Spain), operating segment [member] | Operating segments [member] | ||
Disclosure of operating segments [line items] | ||
eCapex | 369 | 407 |
Elimination of proceeds from sales of property, plant and equipment and intangible assets | 7 | 17 |
Total investments | 405 | 424 |
Europe (excluding France and Spain), operating segment [member] | Operating segments [member] | Licenses [member] | ||
Disclosure of operating segments [line items] | ||
Telecommunications licenses | 30 | |
Africa and Middle-East, operating segment [member] | Operating segments [member] | ||
Disclosure of operating segments [line items] | ||
eCapex | 449 | 418 |
Elimination of proceeds from sales of property, plant and equipment and intangible assets | 2 | 7 |
Total investments | 460 | 638 |
Africa and Middle-East, operating segment [member] | Operating segments [member] | Licenses [member] | ||
Disclosure of operating segments [line items] | ||
Telecommunications licenses | 9 | 213 |
Enterprise, operating segment [member] | Operating segments [member] | ||
Disclosure of operating segments [line items] | ||
eCapex | 174 | 197 |
Elimination of proceeds from sales of property, plant and equipment and intangible assets | 13 | 1 |
Total investments | 187 | 198 |
Enterprise, operating segment [member] | Operating segments [member] | FRANCE | ||
Disclosure of operating segments [line items] | ||
Total investments | 110 | 132 |
International Carriers and Shared Services, operating segment [member] | Operating segments [member] | ||
Disclosure of operating segments [line items] | ||
eCapex | 123 | 80 |
Elimination of proceeds from sales of property, plant and equipment and intangible assets | 6 | 59 |
Total investments | 129 | 139 |
International Carriers and Shared Services, operating segment [member] | Operating segments [member] | FRANCE | ||
Disclosure of operating segments [line items] | ||
Total investments | 126 | 138 |
Telecom activities, operating segment, eliminations [member] | Operating segments [member] | ||
Disclosure of operating segments [line items] | ||
eCapex | 3,142 | 3,493 |
Elimination of proceeds from sales of property, plant and equipment and intangible assets | 197 | 131 |
Total investments | 3,499 | 4,200 |
Telecom activities, operating segment, eliminations [member] | Operating segments [member] | Financed assets [member] | ||
Disclosure of operating segments [line items] | ||
Financed assets | 117 | 66 |
Telecom activities, operating segment, eliminations [member] | Operating segments [member] | Licenses [member] | ||
Disclosure of operating segments [line items] | ||
Telecommunications licenses | 42 | 510 |
Orange Bank, operating segment [member] | Operating segments [member] | ||
Disclosure of operating segments [line items] | ||
eCapex | 14 | 16 |
Total investments | € 14 | € 16 |
Segment information - Segment a
Segment information - Segment assets - Tabular disclosure (Details) - EUR (€) € in Millions | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of operating segments [line items] | |||
Goodwill | € 27,589 | € 27,644 | |
Other intangible assets | 14,434 | 14,737 | |
Property, plant and equipment | 28,398 | 28,423 | |
Right-of-use assets | 6,197 | 6,263 | |
Interests in associates and joint ventures | 103 | 103 | |
Non-current assets included in the calculation of net financial debt | 1,027 | 685 | |
Other | 3,502 | 3,460 | |
Total non-current assets | 81,250 | 81,316 | |
Inventories | 866 | 906 | |
Trade receivables | 5,899 | 5,320 | € 5,295 |
Other customer contract assets | 1,189 | 1,209 | |
Prepaid expenses | 887 | 730 | |
Current assets included in the calculation of net financial debt | 10,409 | 10,820 | |
Other | 4,929 | 6,002 | |
Total current assets | 24,178 | 24,987 | |
Total assets | 105,428 | 106,303 | |
Telecom activities, operating segment [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Goodwill | 27,589 | 27,644 | |
Other intangible assets | 14,344 | 14,649 | |
Property, plant and equipment | 28,393 | 28,418 | |
Right-of-use assets | 6,165 | 6,237 | |
Interests in associates and joint ventures | 103 | 103 | |
Non-current assets included in the calculation of net financial debt | 1,027 | 685 | |
Other | 2,140 | 2,219 | |
Total non-current assets | 79,761 | 79,956 | |
Inventories | 866 | 906 | |
Trade receivables | 5,933 | 5,343 | |
Other customer contract assets | 1,189 | 1,209 | |
Prepaid expenses | 880 | 725 | |
Current assets included in the calculation of net financial debt | 10,409 | 10,820 | |
Other | 2,557 | 2,494 | |
Total current assets | 21,834 | 21,498 | |
Total assets | 101,595 | 101,454 | |
Telecom activities, operating segment [member] | Elimination of intersegment amounts [member] | |||
Disclosure of operating segments [line items] | |||
Other | (27) | (27) | |
Total non-current assets | (27) | (27) | |
Trade receivables | (40) | (24) | |
Prepaid expenses | 0 | 0 | |
Other | (18) | (3) | |
Total current assets | (58) | (28) | |
Total assets | (86) | (55) | |
France, operating segment [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Goodwill | 14,364 | 14,364 | |
Other intangible assets | 3,999 | 3,968 | |
Property, plant and equipment | 15,454 | 15,308 | |
Right-of-use assets | 1,364 | ||
Interests in associates and joint ventures | 4 | 1,174 | |
Non-current assets included in the calculation of net financial debt | 3 | ||
Other | 9 | 10 | |
Total non-current assets | 35,193 | 34,827 | |
Inventories | 413 | 463 | |
Trade receivables | 2,189 | 1,477 | |
Other customer contract assets | 366 | 432 | |
Prepaid expenses | 57 | 41 | |
Other | 706 | 699 | |
Total current assets | 3,731 | 3,113 | |
Total assets | 38,924 | 37,940 | |
Spain, operating segment [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Goodwill | 6,872 | 6,872 | |
Other intangible assets | 1,897 | 1,961 | |
Property, plant and equipment | 3,667 | 3,673 | |
Right-of-use assets | 1,027 | ||
Interests in associates and joint ventures | 1,123 | ||
Other | 17 | 17 | |
Total non-current assets | 13,479 | 13,645 | |
Inventories | 60 | 61 | |
Trade receivables | 617 | 667 | |
Other customer contract assets | 135 | 150 | |
Prepaid expenses | 349 | 401 | |
Other | 39 | 62 | |
Total current assets | 1,201 | 1,341 | |
Total assets | 14,680 | 14,986 | |
Europe (excluding France and Spain), operating segment [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Goodwill | 2,645 | 2,665 | |
Other intangible assets | 1,837 | 1,941 | |
Property, plant and equipment | 3,938 | 4,109 | |
Right-of-use assets | 916 | ||
Interests in associates and joint ventures | 5 | 930 | |
Non-current assets included in the calculation of net financial debt | 5 | ||
Other | 27 | 22 | |
Total non-current assets | 9,368 | 9,673 | |
Inventories | 148 | 149 | |
Trade receivables | 1,075 | 1,210 | |
Other customer contract assets | 350 | 380 | |
Prepaid expenses | 63 | 43 | |
Other | 88 | 74 | |
Total current assets | 1,724 | 1,855 | |
Total assets | 11,093 | 11,529 | |
Africa and Middle-East, operating segment [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Goodwill | 1,474 | 1,481 | |
Other intangible assets | 2,167 | 2,318 | |
Property, plant and equipment | 3,697 | 3,674 | |
Right-of-use assets | 870 | 881 | |
Interests in associates and joint ventures | 74 | 84 | |
Other | 23 | 22 | |
Total non-current assets | 8,304 | 8,461 | |
Inventories | 81 | 76 | |
Trade receivables | 783 | 720 | |
Other customer contract assets | 9 | 11 | |
Prepaid expenses | 211 | 87 | |
Other | 1,025 | 968 | |
Total current assets | 2,109 | 1,862 | |
Total assets | 10,413 | 10,323 | |
Enterprise, operating segment [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Goodwill | 2,217 | 2,245 | |
Other intangible assets | 669 | 695 | |
Property, plant and equipment | 500 | 526 | |
Right-of-use assets | 326 | 314 | |
Interests in associates and joint ventures | 1 | 1 | |
Other | 30 | 25 | |
Total non-current assets | 3,743 | 3,805 | |
Inventories | 58 | 60 | |
Trade receivables | 1,092 | 1,067 | |
Other customer contract assets | 327 | 237 | |
Prepaid expenses | 98 | 143 | |
Other | 197 | 216 | |
Total current assets | 1,772 | 1,723 | |
Total assets | 5,515 | 5,527 | |
International Carriers and Shared Services, operating segment [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Goodwill | 18 | 18 | |
Other intangible assets | 3,775 | 3,766 | |
Property, plant and equipment | 1,138 | 1,128 | |
Right-of-use assets | 1,663 | 1,815 | |
Interests in associates and joint ventures | 18 | 10 | |
Other | 20 | 19 | |
Total non-current assets | 6,632 | 6,757 | |
Inventories | 107 | 96 | |
Trade receivables | 1,064 | 974 | |
Other customer contract assets | 0 | ||
Prepaid expenses | 118 | 26 | |
Other | 416 | 330 | |
Total current assets | 1,706 | 1,426 | |
Total assets | 8,338 | 8,182 | |
Elimination of intersegment amounts and unallocated amounts [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Interests in associates and joint ventures | 0 | 0 | |
Non-current assets included in the calculation of net financial debt | 1,027 | 685 | |
Other | 2,014 | 2,104 | |
Total non-current assets | 3,042 | 2,789 | |
Trade receivables | (888) | (771) | |
Prepaid expenses | (16) | (16) | |
Current assets included in the calculation of net financial debt | 10,409 | 10,820 | |
Other | 86 | 145 | |
Total current assets | 9,590 | 10,178 | |
Total assets | 12,632 | 12,967 | |
Orange Bank, operating segment [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Other intangible assets | 89 | 88 | |
Property, plant and equipment | 4 | 5 | |
Right-of-use assets | 32 | 26 | |
Other | 1,390 | 1,268 | |
Total non-current assets | 1,516 | 1,387 | |
Trade receivables | 7 | 1 | |
Prepaid expenses | 7 | 5 | |
Other | 2,389 | 3,511 | |
Total current assets | 2,403 | 3,517 | |
Total assets | € 3,919 | € 4,904 |
Segment information - Segment_5
Segment information - Segment assets - Additional information (Details) - EUR (€) € in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Disclosure of operating segments [line items] | ||
Non-current financial assets related to banking activities | € 1,380 | € 1,259 |
Current assets related to Orange Bank activities | 1,977 | 3,095 |
Telecom activities, operating segment [member] | Operating segments [member] | ||
Disclosure of operating segments [line items] | ||
Financial assets | 5,677 | 6,001 |
Enterprise, operating segment [member] | Operating segments [member] | FRANCE | ||
Disclosure of operating segments [line items] | ||
Tangible and intangible assets | 586 | 642 |
International Carriers and Shared Services, operating segment [member] | Operating segments [member] | Brand names [member] | ||
Disclosure of operating segments [line items] | ||
Intangible assets | 3,133 | |
International Carriers and Shared Services, operating segment [member] | Operating segments [member] | FRANCE | ||
Disclosure of operating segments [line items] | ||
Tangible and intangible assets | 1,751 | 1,736 |
Orange Bank, operating segment [member] | ||
Disclosure of operating segments [line items] | ||
Non-current financial assets related to banking activities | 1,380 | 1,259 |
Current assets related to Orange Bank activities | 1,981 | € 3,098 |
Orange Bank, operating segment [member] | Operating segments [member] | ||
Disclosure of operating segments [line items] | ||
Non-current financial assets related to banking activities | 1,380 | |
Current assets related to Orange Bank activities | € 1,981 |
Segment information - Segment e
Segment information - Segment equity and liabilities - Tabular disclosure (Details) - EUR (€) € in Millions | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Disclosure of operating segments [line items] | ||||
Equity | € 34,660 | € 34,416 | € 32,778 | € 33,249 |
Non-current lease liabilities | 5,290 | 5,225 | ||
Fixed assets payable | 798 | 817 | ||
Non-current employee benefits | 2,398 | 2,554 | ||
Non-current liabilities included in the calculation of net financial debt | 33,339 | 33,562 | ||
Other | 2,094 | 2,035 | ||
Total non-current liabilities | 43,918 | 44,192 | ||
Current lease liabilities | 1,233 | 1,267 | ||
Fixed assets payable | 2,472 | 2,848 | ||
Trade payables | 6,397 | 6,682 | ||
Customer contract liabilities | 2,026 | 2,093 | ||
Current employee benefits | 2,115 | 2,261 | ||
Deferred income | 50 | 51 | ||
Current liabilities included in the calculation of net financial debt | 4,543 | 3,947 | ||
Other | 8,013 | 8,545 | ||
Total current liabilities | 26,850 | 27,695 | ||
Total equity and liabilities | 105,428 | 106,303 | ||
Operating segments [member] | ||||
Disclosure of operating segments [line items] | ||||
Total non-current liabilities | 105 | 101 | ||
Elimination of intersegment amounts [member] | ||||
Disclosure of operating segments [line items] | ||||
Other | (27) | (27) | ||
Total non-current liabilities | (27) | (27) | ||
Trade payables | (40) | (24) | ||
Customer contract liabilities | 0 | 0 | ||
Current liabilities included in the calculation of net financial debt | (4) | (3) | ||
Other | (14) | 0 | ||
Total current liabilities | (58) | (28) | ||
Total equity and liabilities | (86) | (55) | ||
Telecom activities, operating segment [member] | Operating segments [member] | ||||
Disclosure of operating segments [line items] | ||||
Equity | 34,764 | 34,432 | ||
Non-current lease liabilities | 5,252 | 5,196 | ||
Fixed assets payable | 798 | 817 | ||
Non-current employee benefits | 2,388 | 2,544 | ||
Non-current liabilities included in the calculation of net financial debt | 33,339 | 33,562 | ||
Other | 2,007 | 1,954 | ||
Total non-current liabilities | 43,784 | 44,073 | ||
Current lease liabilities | 1,233 | 1,263 | ||
Fixed assets payable | 2,472 | 2,848 | ||
Trade payables | 6,279 | 6,581 | ||
Customer contract liabilities | 2,027 | 2,094 | ||
Current employee benefits | 2,109 | 2,254 | ||
Deferred income | 50 | 51 | ||
Current liabilities included in the calculation of net financial debt | 4,547 | 3,950 | ||
Other | 4,331 | 3,908 | ||
Total current liabilities | 23,047 | 22,950 | ||
Total equity and liabilities | 101,595 | 101,454 | ||
France, operating segment [member] | Operating segments [member] | ||||
Disclosure of operating segments [line items] | ||||
Non-current lease liabilities | 1,106 | 961 | ||
Fixed assets payable | 44 | 35 | ||
Non-current employee benefits | 1,297 | 1,461 | ||
Other | 552 | 574 | ||
Total non-current liabilities | 2,999 | 3,030 | ||
Current lease liabilities | 203 | 170 | ||
Fixed assets payable | 1,070 | 1,144 | ||
Trade payables | 2,608 | 2,682 | ||
Customer contract liabilities | 963 | 1,015 | ||
Current employee benefits | 1,108 | 1,224 | ||
Deferred income | 2 | 2 | ||
Other | 1,273 | 781 | ||
Total current liabilities | 7,228 | 7,017 | ||
Total equity and liabilities | 10,227 | 10,047 | ||
Spain, operating segment [member] | Operating segments [member] | ||||
Disclosure of operating segments [line items] | ||||
Non-current lease liabilities | 890 | 945 | ||
Fixed assets payable | 345 | 366 | ||
Non-current employee benefits | 8 | 17 | ||
Other | 78 | 80 | ||
Total non-current liabilities | 1,321 | 1,409 | ||
Current lease liabilities | 274 | 284 | ||
Fixed assets payable | 491 | 563 | ||
Trade payables | 844 | 1,051 | ||
Customer contract liabilities | 91 | 98 | ||
Current employee benefits | 31 | 33 | ||
Other | 168 | 178 | ||
Total current liabilities | 1,899 | 2,207 | ||
Total equity and liabilities | 3,219 | 3,616 | ||
Europe (excluding France and Spain), operating segment [member] | Operating segments [member] | ||||
Disclosure of operating segments [line items] | ||||
Non-current lease liabilities | 819 | 788 | ||
Fixed assets payable | 247 | 251 | ||
Non-current employee benefits | 18 | 34 | ||
Other | 298 | 301 | ||
Total non-current liabilities | 1,381 | 1,373 | ||
Current lease liabilities | 124 | 166 | ||
Fixed assets payable | 290 | 407 | ||
Trade payables | 840 | 935 | ||
Customer contract liabilities | 316 | 335 | ||
Current employee benefits | 133 | 110 | ||
Deferred income | 4 | 6 | ||
Other | 277 | 268 | ||
Total current liabilities | 1,983 | 2,226 | ||
Total equity and liabilities | 3,365 | 3,599 | ||
Africa and Middle-East, operating segment [member] | Operating segments [member] | ||||
Disclosure of operating segments [line items] | ||||
Non-current lease liabilities | 820 | 785 | ||
Fixed assets payable | 162 | 166 | ||
Non-current employee benefits | 71 | 68 | ||
Other | 57 | 55 | ||
Total non-current liabilities | 1,110 | 1,074 | ||
Current lease liabilities | 90 | 124 | ||
Fixed assets payable | 464 | 529 | ||
Trade payables | 1,258 | 1,136 | ||
Customer contract liabilities | 130 | 123 | ||
Current employee benefits | 80 | 71 | ||
Deferred income | 36 | 36 | ||
Other | 1,276 | 1,211 | ||
Total current liabilities | 3,334 | 3,231 | ||
Total equity and liabilities | 4,444 | 4,305 | ||
Enterprise, operating segment [member] | Operating segments [member] | ||||
Disclosure of operating segments [line items] | ||||
Non-current lease liabilities | 259 | 227 | ||
Non-current employee benefits | 290 | 264 | ||
Other | 43 | 39 | ||
Total non-current liabilities | 592 | 530 | ||
Current lease liabilities | 77 | 97 | ||
Fixed assets payable | 73 | 72 | ||
Trade payables | 735 | 784 | ||
Customer contract liabilities | 426 | 412 | ||
Current employee benefits | 385 | 407 | ||
Deferred income | 1 | 1 | ||
Other | 225 | 283 | ||
Total current liabilities | 1,922 | 2,055 | ||
Total equity and liabilities | 2,514 | 2,586 | ||
International Carriers and Shared Services, operating segment [member] | Operating segments [member] | ||||
Disclosure of operating segments [line items] | ||||
Non-current lease liabilities | 1,358 | 1,490 | ||
Non-current employee benefits | 705 | 702 | ||
Other | 57 | 55 | ||
Total non-current liabilities | 2,119 | 2,247 | ||
Current lease liabilities | 467 | 422 | ||
Fixed assets payable | 85 | 135 | ||
Trade payables | 882 | 763 | ||
Customer contract liabilities | 117 | 126 | ||
Current employee benefits | 372 | 411 | ||
Deferred income | 7 | 7 | ||
Other | 907 | 846 | ||
Total current liabilities | 2,837 | 2,710 | ||
Total equity and liabilities | 4,956 | 4,957 | ||
Elimination of intersegment amounts and unallocated amounts [member] | Elimination of intersegment amounts [member] | ||||
Disclosure of operating segments [line items] | ||||
Equity | 34,764 | 34,432 | ||
Non-current liabilities included in the calculation of net financial debt | 33,339 | 33,562 | ||
Other | 923 | 849 | ||
Total non-current liabilities | 34,261 | 34,411 | ||
Fixed assets payable | (1) | (1) | ||
Trade payables | (888) | (771) | ||
Customer contract liabilities | (16) | (15) | ||
Deferred income | 0 | 0 | ||
Current liabilities included in the calculation of net financial debt | 4,547 | 3,950 | ||
Other | 204 | 341 | ||
Total current liabilities | 3,846 | 3,503 | ||
Total equity and liabilities | 72,871 | 72,346 | ||
Orange Bank, operating segment [member] | ||||
Disclosure of operating segments [line items] | ||||
Total current liabilities | 3,235 | 4,280 | ||
Orange Bank, operating segment [member] | Operating segments [member] | ||||
Disclosure of operating segments [line items] | ||||
Equity | (104) | (16) | ||
Non-current lease liabilities | 38 | 29 | ||
Non-current employee benefits | 9 | 9 | ||
Other | 114 | 109 | ||
Total non-current liabilities | 162 | 147 | ||
Current lease liabilities | 4 | |||
Trade payables | 159 | 125 | ||
Current employee benefits | 6 | 6 | ||
Other | 3,697 | 4,638 | ||
Total current liabilities | 3,861 | 4,773 | ||
Total equity and liabilities | € 3,919 | € 4,904 |
Segment information - Simplifie
Segment information - Simplified statement of cash flows on telecommunication and banking activities - Tabular disclosure (Details) - EUR (€) € in Millions | Mar. 19, 2020 | Jun. 30, 2020 | Jun. 30, 2019 |
Cash flows from (used in) operating activities [abstract] | |||
Consolidated net income | € 1,016 | € 1,137 | |
Non-monetary items and reclassified items for presentation | 6,343 | 6,308 | |
Adjustments to reconcile profit (loss) [abstract] | |||
Decrease (increase) in inventories, gross | 24 | 18 | |
Decrease (increase) in trade receivables, gross | (699) | (219) | |
Increase (decrease) in trade payables | (248) | (239) | |
Changes in other customer contract assets and liabilities | 41 | (22) | |
Changes in other assets and liabilities | (131) | (468) | |
Operating taxes and levies paid | (871) | (986) | |
Dividends received | 3 | 14 | |
Interest paid and interest rates effects on derivatives, net | (624) | (764) | |
Income tax paid | (527) | (640) | |
Net cash provided by operating activities | 4,326 | 4,139 | |
Cash flows from (used in) investing activities [abstract] | |||
Purchases and sales of property, plant and equipment and intangible assets | (3,395) | (4,150) | |
Increase (decrease) in fixed assets payables | (441) | 7 | |
Investing donations received in advance | 7 | ||
Sales of property, plant and equipment and intangible assets | 201 | 151 | |
Cash paid for investment securities, net of cash acquired | 0 | (126) | |
Investments in associates and joint ventures | (2) | ||
Purchases of equity securities measured at fair value | (29) | (25) | |
Proceeds from sales of investment securities, net of cash transferred | 15 | 2 | |
Decrease (increase) in securities and other financial assets | 301 | (17) | |
Net cash used in investing activities | (3,344) | (4,158) | |
Cash flows from (used in) financing activities [abstract] | |||
Medium and long-term debt issuances | 2,028 | 4,884 | |
Medium and long-term debt redemptions and repayments | (1,575) | (1,520) | |
Increase (decrease) of bank overdrafts and short-term borrowings | (219) | (723) | |
Decrease (increase) of cash collateral deposits | 132 | (150) | |
Exchange rates effects on derivatives, net | 72 | 64 | |
Lease liabilities repayment | (634) | (678) | |
Coupon and other fees on subordinated notes issuance | (186) | (267) | |
Coupon on subordinated notes | € 4 | 186 | 267 |
Proceeds (purchases) from treasury shares | 0 | (1) | |
Capital increase (decrease) - non-controlling interests | 1 | 41 | |
Changes in ownership interests with no gain/loss of control | (2) | (3) | |
Changes in ownership interests with no gain/loss of control | 2 | 3 | |
Dividends paid to owners of the parent company | (532) | (1,061) | |
Dividends paid to non-controlling interests | (164) | (243) | |
Net cash used in financing activities | (1,080) | 343 | |
Effect of exchange rate changes on cash and cash equivalents [abstract] | |||
Cash and cash equivalents in the opening balance | 6,481 | 5,634 | |
Cash change in cash and cash equivalents | (98) | 324 | |
Effect of exchange rates changes on cash and cash equivalents and other non-monetary effects | (19) | 2 | |
Cash and cash equivalents in the closing balance | 6,364 | 5,960 | |
Elimination of intersegment amounts [member] | |||
Cash flows from (used in) operating activities [abstract] | |||
Non-monetary items and reclassified items for presentation | 1 | ||
Adjustments to reconcile profit (loss) [abstract] | |||
Decrease (increase) in trade receivables, gross | 9 | (7) | |
Increase (decrease) in trade payables | (9) | 7 | |
Interest paid and interest rates effects on derivatives, net | (1) | ||
Cash flows from (used in) investing activities [abstract] | |||
Decrease (increase) in securities and other financial assets | 0 | 2 | |
Net cash used in investing activities | 0 | 2 | |
Cash flows from (used in) financing activities [abstract] | |||
Increase (decrease) of bank overdrafts and short-term borrowings | 0 | (2) | |
Net cash used in financing activities | 0 | (2) | |
Telecom activities, operating segment [member] | Operating segments [member] | |||
Cash flows from (used in) operating activities [abstract] | |||
Consolidated net income | 1,103 | 1,224 | |
Non-monetary items and reclassified items for presentation | 6,309 | 6,267 | |
Adjustments to reconcile profit (loss) [abstract] | |||
Decrease (increase) in inventories, gross | 24 | 18 | |
Decrease (increase) in trade receivables, gross | (704) | (210) | |
Increase (decrease) in trade payables | (267) | (226) | |
Changes in other customer contract assets and liabilities | 41 | (22) | |
Changes in other assets and liabilities | (111) | (134) | |
Operating taxes and levies paid | (873) | (986) | |
Dividends received | 3 | 14 | |
Interest paid and interest rates effects on derivatives, net | (623) | (764) | |
Income tax paid | (527) | (640) | |
Net cash provided by operating activities | 4,375 | 4,541 | |
Cash flows from (used in) investing activities [abstract] | |||
Purchases and sales of property, plant and equipment and intangible assets | (3,382) | (4,134) | |
Increase (decrease) in fixed assets payables | (441) | 7 | |
Investing donations received in advance | 7 | ||
Sales of property, plant and equipment and intangible assets | 201 | 151 | |
Cash paid for investment securities, net of cash acquired | 0 | (126) | |
Investments in associates and joint ventures | (2) | ||
Purchases of equity securities measured at fair value | (29) | (25) | |
Proceeds from sales of investment securities, net of cash transferred | 15 | 2 | |
Decrease (increase) in securities and other financial assets | 351 | (28) | |
Net cash used in investing activities | (3,280) | (4,153) | |
Cash flows from (used in) financing activities [abstract] | |||
Medium and long-term debt issuances | 2,028 | 4,884 | |
Medium and long-term debt redemptions and repayments | (1,575) | (1,520) | |
Increase (decrease) of bank overdrafts and short-term borrowings | (211) | (730) | |
Decrease (increase) of cash collateral deposits | 133 | (125) | |
Exchange rates effects on derivatives, net | 72 | 64 | |
Lease liabilities repayment | (633) | (676) | |
Coupon on subordinated notes | 186 | 267 | |
Proceeds (purchases) from treasury shares | 0 | (1) | |
Capital increase (decrease) - non-controlling interests | (88) | (59) | |
Changes in ownership interests with no gain/loss of control | (2) | (3) | |
Dividends paid to owners of the parent company | (532) | (1,061) | |
Dividends paid to non-controlling interests | (164) | (243) | |
Net cash used in financing activities | (1,158) | 263 | |
Effect of exchange rate changes on cash and cash equivalents [abstract] | |||
Cash and cash equivalents in the opening balance | 6,112 | 5,081 | |
Cash change in cash and cash equivalents | (62) | 651 | |
Effect of exchange rates changes on cash and cash equivalents and other non-monetary effects | (19) | 2 | |
Cash and cash equivalents in the closing balance | 6,031 | 5,734 | |
Orange Bank, operating segment [member] | Operating segments [member] | |||
Cash flows from (used in) operating activities [abstract] | |||
Consolidated net income | (87) | (87) | |
Non-monetary items and reclassified items for presentation | 33 | 41 | |
Adjustments to reconcile profit (loss) [abstract] | |||
Decrease (increase) in trade receivables, gross | (4) | (2) | |
Increase (decrease) in trade payables | 28 | (20) | |
Changes in other assets and liabilities | (20) | (334) | |
Operating taxes and levies paid | 2 | ||
Interest paid and interest rates effects on derivatives, net | 1 | ||
Income tax paid | 0 | ||
Net cash provided by operating activities | (49) | (402) | |
Cash flows from (used in) investing activities [abstract] | |||
Purchases and sales of property, plant and equipment and intangible assets | (14) | (16) | |
Decrease (increase) in securities and other financial assets | (49) | 9 | |
Net cash used in investing activities | (63) | (7) | |
Cash flows from (used in) financing activities [abstract] | |||
Increase (decrease) of bank overdrafts and short-term borrowings | (8) | 9 | |
Decrease (increase) of cash collateral deposits | (1) | (25) | |
Lease liabilities repayment | (2) | (2) | |
Capital increase (decrease) - non-controlling interests | 89 | 100 | |
Net cash used in financing activities | 78 | 82 | |
Effect of exchange rate changes on cash and cash equivalents [abstract] | |||
Cash and cash equivalents in the opening balance | 369 | 553 | |
Cash change in cash and cash equivalents | (35) | (327) | |
Cash and cash equivalents in the closing balance | € 333 | € 226 |
Segment information - Simplif_2
Segment information - Simplified statement of cash flows on telecommunication and Orange Bank activities - Additional information (Details) - EUR (€) € in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of operating segments [line items] | ||
Redemption of subordinated notes reclassified as short-term borrowings | € (500) | |
Capital increase (decrease) - non-controlling interests | 1 | € 41 |
Orange Bank [member] | ||
Disclosure of operating segments [line items] | ||
Capital increase (decrease) - non-controlling interests | 89 | 65 |
Telecom activities, operating segment [member] | Operating segments [member] | ||
Disclosure of operating segments [line items] | ||
Interests paid on lease liabilities | (62) | (46) |
Significant litigations paid and received | (18) | 23 |
Telecommunication licenses paid | (134) | (230) |
Repayments of debts relating to financed assets | (24) | (5) |
Capital increase (decrease) - non-controlling interests | € (88) | € (59) |
Segment information - Organic c
Segment information - Organic cash flow from telecom activities (Details) - EUR (€) € in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of operating segments [line items] | ||
Net cash provided by operating activities (telecom activities) | € 4,326 | € 4,139 |
Lease liabilities repayment | (634) | (678) |
Telecom activities, operating segment [member] | Operating segments [member] | ||
Disclosure of operating segments [line items] | ||
Net cash provided by operating activities (telecom activities) | 4,375 | 4,541 |
Purchases and sales of property, plant and equipment and intangible assets | (3,615) | (3,976) |
Lease liabilities repayment | (633) | (676) |
Debts relating to financed assets repayments | (24) | (5) |
Elimination of telecommunication licenses paid | 134 | 230 |
Elimination of significant litigation paid (and received) | 18 | (23) |
Organic cash flow from telecom activities | € 255 | € 92 |
Basis of preparation of the c_3
Basis of preparation of the consolidated financial statements (Details) - EUR (€) € in Millions | Jun. 30, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Disclosure of initial application of standards or interpretations [line items] | |||
Right-of-use assets | € 6,197 | € 6,263 | |
IFRS 16 [member] | Bottom of range [member] | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Right-of-use assets | € 400 | ||
Lease liabilities | 400 | ||
IFRS 16 [member] | Top of range [member] | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Right-of-use assets | 600 | ||
Lease liabilities | € 600 |
Impacts of the health crisis _2
Impacts of the health crisis related to the Covid-19 pandemic (Details) € in Millions | 6 Months Ended |
Jun. 30, 2020EUR (€) | |
Disclosure of operating segments [line items] | |
Purchases of equipment relating to the health and safety of employees | € (50) |
Donations and sponsorships | (9) |
Labor expenses, payment to certain employees of specific bonuses related to the health crisis | (10) |
Increases of trade receivables depreciation | (72) |
FRANCE | |
Disclosure of operating segments [line items] | |
Amount of fixed costs from suppliers partly offset | (20) |
Amount of fixed costs from suppliers recorded in investments | (23) |
Telecom activities, operating segment [member] | Operating segments [member] | |
Disclosure of operating segments [line items] | |
Increases of trade receivables depreciation | (67) |
Orange Bank, operating segment [member] | Operating segments [member] | |
Disclosure of operating segments [line items] | |
Increases of trade receivables depreciation | € (5) |
Gains and losses on disposal _3
Gains and losses on disposal and main changes in scope of consolidation - Gains (losses) on disposal of fixed assets, investments and activities - Tabular disclosure (Details) - EUR (€) € in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Noncurrent assets or disposal groups classified as held for sale [line items] | ||
Gains (losses) on disposal of fixed assets | € 59 | € 68 |
Gains (losses) on disposal of investments and activities | 0 | 0 |
Gains (losses) on disposal of fixed assets, investments and activities | € 59 | € 68 |
Gains and losses on disposal _4
Gains and losses on disposal and main changes in scope of consolidation - Gains (losses) on disposal of fixed assets, investments and activities - Additional information (Details) - EUR (€) € in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of detailed information about business combination [abstract] | ||
Transfer price | € 197 | € 131 |
Net book value of assets sold | € 139 | € 63 |
Gains and losses on disposal _5
Gains and losses on disposal and main changes in scope of consolidation - Squeeze-out offer (Details) - Business and Decision [member] - EUR (€) € in Millions | Jun. 30, 2020 | May 28, 2020 |
Disclosure of detailed information about business combination [line items] | ||
Percentage of ownership interest, mandatory public buyout offer | 6.38% | |
Ownership interest held | 95.08% | |
Commitment to purchase the remaining shares | € 3 |
Sales - Trade receivables - Net
Sales - Trade receivables - Net book value reconciliation (Details) - EUR (€) € in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Revenue [abstract] | ||
Net book value of trade receivables in the opening balance | € 5,320 | € 5,295 |
Business related variations | 615 | 1 |
Changes in the scope of consolidation | 50 | |
Translation adjustment | (42) | 28 |
Reclassifications and other items | 6 | (53) |
Net book value of trade receivables in the closing balance | € 5,899 | € 5,320 |
Sales - Trade receivables - Cat
Sales - Trade receivables - Categories - Tabular disclosure (Details) - EUR (€) € in Millions | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Revenue [abstract] | |||
Net trade receivables depreciated according to their age | € 1,036 | € 1,233 | |
Net trade receivables depreciated according to other criteria | 455 | 579 | |
Net trade receivables past due | 1,491 | 1,812 | |
Not past due | 4,408 | 3,508 | |
Net trade receivables | € 5,899 | € 5,320 | € 5,295 |
Sales - Trade receivables - Sho
Sales - Trade receivables - Short-term and long-term - Tabular disclosure (Details) - EUR (€) € in Millions | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Revenue [abstract] | |||
Net trade receivables | € 5,899 | € 5,320 | € 5,295 |
o/w short-term trade receivables | 5,656 | 5,044 | |
o/w long-term trade receivables | € 243 | € 276 |
Sales - Trade receivables - Seg
Sales - Trade receivables - Segments - Tabular disclosure (Details) - EUR (€) € in Millions | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of operating segments [line items] | |||
Net trade receivables | € 5,899 | € 5,320 | € 5,295 |
Telecom activities, operating segment [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Net trade receivables | 5,933 | 5,343 | |
Orange Bank, operating segment [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Net trade receivables | € 7 | € 1 |
Sales - Trade receivables - Not
Sales - Trade receivables - Not past due - Additional information (Details) - EUR (€) € in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Revenue [abstract] | ||
IFRS 9 provision | € (33) | € (23) |
Sales - Trade receivables - Add
Sales - Trade receivables - Additional information (Details) | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure of operating segments [line items] | |
Installment term | 12 months |
Sales - Trade receivables - Imp
Sales - Trade receivables - Impairment (Details) - EUR (€) € in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Disclosure of operating segments [line items] | ||
Net addition with impact on income statement | € (225) | € (332) |
Increases of trade receivables depreciation | (72) | |
Telecom activities, operating segment [member] | Operating segments [member] | ||
Disclosure of operating segments [line items] | ||
Increases of trade receivables depreciation | (67) | |
France, operating segment [member] | Operating segments [member] | ||
Disclosure of operating segments [line items] | ||
Increases of trade receivables depreciation | € (27) |
Sales - Trade receivables - All
Sales - Trade receivables - Allowances reconciliation - Tabular disclosure (Details) - EUR (€) € in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Disclosure of initial application of standards or interpretations [line items] | ||
Opening balance | € (888) | € (816) |
Net addition with impact on income statement | (225) | (332) |
Losses on trade receivables | 141 | 271 |
Changes in the scope of consolidation | (1) | |
Translation adjustment | 6 | (5) |
Reclassifications and other items | 0 | (5) |
Closing balance | € (966) | € (888) |
Other expenses - Components - T
Other expenses - Components - Tabular disclosure (Details) - EUR (€) € in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Purchases and other expenses [abstract] | ||
Allowances and losses on trade receivables - telecom activities | € (225) | € (149) |
Litigation | (169) | 19 |
Operating foreign exchange gains (losses) | 8 | (5) |
Cost of bank credit risk | (11) | (4) |
Integration costs | (5) | (7) |
Other expenses | (46) | (55) |
Total | € (448) | € (201) |
Other expenses - Health crisis
Other expenses - Health crisis provision (Details) € in Millions | 6 Months Ended |
Jun. 30, 2020EUR (€) | |
Disclosure of operating segments [line items] | |
Increases of trade receivables depreciation | € 72 |
Orange Bank, operating segment [member] | Operating segments [member] | |
Disclosure of operating segments [line items] | |
Increases of trade receivables depreciation | 5 |
Increases of trade receivables depreciation, consumer loans | 3 |
Increases of trade receivables depreciation, sensitive sectors | € 2 |
Other expenses - Restructuring
Other expenses - Restructuring costs (Details) - EUR (€) € in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Purchases and other expenses [abstract] | ||
Departure plans | € (7) | € (13) |
Lease property restructuring | 2 | (2) |
Distribution channels | (1) | (9) |
Other | (7) | (28) |
Restructuring costs | € (13) | € (52) |
Other expenses - Working capita
Other expenses - Working capital management - Payables (Details) € in Millions | 6 Months Ended |
Jun. 30, 2020EUR (€) | |
Purchases and other expenses [abstract] | |
Certain invoices, extended term | 6 months |
Impact on the change in working capital | € 400 |
Impairment of goodwill (Details
Impairment of goodwill (Details) - Spain, operating segment [member] € in Billions | 6 Months Ended |
Jun. 30, 2020EUR (€) | |
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |
Effect on the recoverable amount | € 1.1 |
Terminal value cash flows | 10.00% |
Discount rate after tax | 0.50% |
Perpetual growth rate | 0.50% |
Income tax - Tabular disclosure
Income tax - Tabular disclosure (Details) - EUR (€) € in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of subsidiaries [line items] | ||
Total Income tax | € (491) | € (513) |
Current tax | (474) | (525) |
Deferred tax | € (18) | € 12 |
Income tax - Additional informa
Income tax - Additional information (Details) € in Millions | 6 Months Ended |
Jun. 30, 2020EUR (€) | |
Spain subsidiaries [member] | |
Disclosure of subsidiaries [line items] | |
Decrease in deferred tax asset due to gradual rate reduction | € (50) |
United Kingdom subsidiaries [member] | |
Disclosure of subsidiaries [line items] | |
Corporate tax rate originally planned (as a percent) | 17.00% |
Corporate tax rate (as a percent) | 19.00% |
Increase of deferred tax liabilities | € 63 |
Financial assets, liabilities_3
Financial assets, liabilities and financial result (excluding Orange Bank) - Financial assets and liabilities - General information (Details) | 6 Months Ended |
Jun. 30, 2020segment | |
Disclosure of detailed information about financial instruments [abstract] | |
Number of business areas | 2 |
Financial assets, liabilities_4
Financial assets, liabilities and financial result (excluding Orange Bank) - Financial assets and liabilities - Tabular disclosure - Segments (Details) - EUR (€) € in Millions | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about financial instruments [line items] | ||||
Non-current financial assets related to banking activities | € 1,380 | € 1,259 | ||
Non-current financial assets | 1,274 | 1,208 | ||
Non-current derivatives, assets | 881 | 562 | ||
Current financial assets related to banking activities | 1,977 | 3,095 | ||
Current financial assets | 4,375 | 4,766 | ||
Current derivatives, assets | 41 | 12 | ||
Cash and cash equivalents | 6,364 | 6,481 | € 5,960 | € 5,634 |
Non-current financial liabilities | 32,744 | 33,148 | ||
Non-current derivatives liabilities | 672 | 487 | ||
Current liabilities related to Orange Bank activities | 3,234 | 4,279 | ||
Current financial liabilities | 4,489 | 3,925 | ||
Current derivatives liabilities | 54 | 22 | ||
Orange Bank, operating segment [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Non-current financial assets related to banking activities | 1,380 | 1,259 | ||
Current financial assets related to banking activities | 1,981 | 3,098 | ||
Operating segments [member] | Telecom activities, operating segment [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Non-current financial assets | 1,301 | |||
Non-current derivatives, assets | 881 | |||
Current financial assets | 4,376 | |||
Current derivatives, assets | 41 | |||
Cash and cash equivalents | 6,031 | 6,112 | 5,734 | 5,081 |
Non-current financial liabilities | 32,744 | |||
Non-current derivatives liabilities | 594 | |||
Current financial liabilities | 4,493 | |||
Current derivatives liabilities | 54 | |||
Operating segments [member] | Orange Bank, operating segment [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Non-current financial assets related to banking activities | 1,380 | |||
Current financial assets related to banking activities | 1,981 | |||
Cash and cash equivalents | 333 | € 369 | € 226 | € 553 |
Non-current liabilities related to Orange Bank activities | 27 | |||
Non-current derivatives liabilities | 78 | |||
Current liabilities related to Orange Bank activities | 3,235 | |||
Elimination of intersegment amounts [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Non-current financial assets | (27) | |||
Current financial assets related to banking activities | (4) | |||
Current financial assets | (1) | |||
Non-current liabilities related to Orange Bank activities | (27) | |||
Current liabilities related to Orange Bank activities | (1) | |||
Current financial liabilities | € (4) |
Financial assets, liabilities_5
Financial assets, liabilities and financial result (excluding Orange Bank) - Cash flow hedge reserve (Details) - EUR (€) € in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of detailed information about financial instruments [abstract] | ||
Gain in cash flow hedge | € 554 | € (184) |
Financial assets, liabilities_6
Financial assets, liabilities and financial result (excluding Orange Bank) - Net financial debt - Tabular disclosure (Details) - Operating segments [member] - Telecom activities, operating segment [member] - EUR (€) € in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | € 37,237 | € 37,076 |
Derivatives liabilities current and non-current | 648 | 436 |
Derivative assets current and non-current | (922) | (573) |
Other comprehensive income components related to unmatured hedging instruments | (28) | (542) |
Gross financial debt after derivatives | 36,935 | 36,397 |
Assets included in the calculation of net financial debt | (10,514) | (10,931) |
Net financial debt | 26,420 | 25,466 |
Cash collateral paid [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Assets included in the calculation of net financial debt | (147) | (123) |
Investments at fair value [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Assets included in the calculation of net financial debt | (4,337) | (4,696) |
IFRS Cash Equivalents [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Assets included in the calculation of net financial debt | (3,247) | (3,651) |
IFRS Cash [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Assets included in the calculation of net financial debt | (2,784) | (2,462) |
TDIRA [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 641 | 822 |
Bonds, financial liabilities [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 30,807 | 30,893 |
Bank loans and from development organizations and multilateral lending institutions [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 4,467 | 4,013 |
Debt relating to financed assets [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 216 | 125 |
Cash collateral received [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 417 | 261 |
NEU commercial papers [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 391 | 158 |
IFRS Bank Overdrafts [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 182 | 203 |
Other financial liabilities [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | € 118 | € 602 |
Financial assets, liabilities_7
Financial assets, liabilities and financial result (excluding Orange Bank) - Net financial debt - Additional information (Details) - EUR (€) € in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about financial instruments [line items] | ||
Subordinated notes reclassified as a short term liability | € 500 | |
FRANCE | Digicel, anti-competitive practices action [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Escrow deposits | € 347 | |
Operating segments [member] | Currency swap contract [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Foreign exchange effect | 578 | |
Operating segments [member] | Telecom activities, operating segment [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial debt | € 26,420 | € 25,466 |
Financial assets, liabilities_8
Financial assets, liabilities and financial result (excluding Orange Bank) - Net financial debt - Perpetual bonds (Details) - Perpetual bonds redeemable for shares [member] € in Millions | Jan. 28, 2020EUR (€)instrument |
Disclosure of financial assets [line items] | |
Number of TDIRA purchased | instrument | 12,749 |
Perpetual bonds redeemable for shares, purchases, notional amount | € | € 180 |
Number of TDIRA outstanding | instrument | 45,232 |
Notional amount | € | € 638 |
Financial assets, liabilities_9
Financial assets, liabilities and financial result (excluding Orange Bank) - Main redemptions and bond issues (Details) € in Millions | Feb. 06, 2020EUR (€) | Jun. 30, 2020EUR (€)instrument | Apr. 07, 2020EUR (€) |
Disclosure of detailed information about borrowings [line items] | |||
Number of bonds redeemed | instrument | 3 | ||
Notional amount redeemed | € 1,050 | ||
Number of bonds issued | instrument | 2 | ||
European Investment Bank loan maturing 2027 [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Notional amount | € 350 | ||
Bonds maturing July 7, 2027 [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Notional amount | € 750 | ||
Interest rate (as a percent) | 1.25% | ||
Bonds maturing April 7, 2032 [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Notional amount | € 750 | ||
Interest rate (as a percent) | 1.625% | ||
SecureLink loan maturing February 6, 2023 [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Early repayment of loans | € 150 | ||
Interest rate basis | 3-month Euribor | ||
Adjustment to interest rate | 5.50% |
Financial assets, liabilitie_10
Financial assets, liabilities and financial result (excluding Orange Bank) - Financial assets of telecom activities - Tabular disclosure (Details) - EUR (€) € in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Disclosure of financial assets [line items] | ||
Non-current | € 1,274 | € 1,208 |
Current | 4,375 | 4,766 |
Operating segments [member] | Telecom activities, operating segment [member] | ||
Disclosure of financial assets [line items] | ||
Non-current | 1,301 | |
Current | 4,376 | |
Total financial assets | 5,677 | 6,001 |
Financial assets at fair value through other comprehensive income that will not be reclassified to profit or loss [member] | Operating segments [member] | Telecom activities, operating segment [member] | ||
Disclosure of financial assets [line items] | ||
Non-current | 298 | |
Total financial assets | 298 | 277 |
Financial assets at fair value through other comprehensive income that will not be reclassified to profit or loss [member] | Operating segments [member] | Telecom activities, operating segment [member] | Investments securities [member] | ||
Disclosure of financial assets [line items] | ||
Non-current | 298 | |
Total financial assets | 298 | 277 |
Financial assets at fair value through profit or loss, category [member] | Operating segments [member] | Telecom activities, operating segment [member] | ||
Disclosure of financial assets [line items] | ||
Non-current | 277 | |
Current | 4,337 | |
Total financial assets | 4,613 | 4,953 |
Financial assets at fair value through profit or loss, category [member] | Operating segments [member] | Telecom activities, operating segment [member] | Investments at fair value [member] | ||
Disclosure of financial assets [line items] | ||
Current | 4,337 | |
Total financial assets | 4,337 | 4,696 |
Financial assets at fair value through profit or loss, category [member] | Operating segments [member] | Telecom activities, operating segment [member] | Equity investments [member] | ||
Disclosure of financial assets [line items] | ||
Non-current | 130 | |
Total financial assets | 130 | 133 |
Financial assets at fair value through profit or loss, category [member] | Operating segments [member] | Telecom activities, operating segment [member] | Cash collateral paid [member] | ||
Disclosure of financial assets [line items] | ||
Non-current | 147 | |
Total financial assets | 147 | 123 |
Financial assets at amortised cost, category [member] | Operating segments [member] | Telecom activities, operating segment [member] | ||
Disclosure of financial assets [line items] | ||
Non-current | 727 | |
Current | 39 | |
Total financial assets | 766 | 772 |
Financial assets at amortised cost, category [member] | Operating segments [member] | Telecom activities, operating segment [member] | Receivables related to investments [member] | ||
Disclosure of financial assets [line items] | ||
Non-current | 48 | |
Current | 13 | |
Total financial assets | 61 | 70 |
Financial assets at amortised cost, category [member] | Operating segments [member] | Telecom activities, operating segment [member] | Other financial assets [member] | ||
Disclosure of financial assets [line items] | ||
Non-current | 679 | |
Current | 26 | |
Total financial assets | € 705 | € 702 |
Financial assets, liabilitie_11
Financial assets, liabilities and financial result (excluding Orange Bank) - Financial assets of telecom activities - Additional information (Details) - EUR (€) € in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Disclosure of financial assets [line items] | ||
Non-current | € 1,274 | € 1,208 |
FRANCE | Digicel, anti-competitive practices action [member] | ||
Disclosure of financial assets [line items] | ||
Escrow deposits | 347 | |
Elimination of intersegment amounts [member] | ||
Disclosure of financial assets [line items] | ||
Non-current | € (27) |
Information on market risk an_3
Information on market risk and fair value of financial assets and liabilities (excluding Orange Bank) (Details) € in Millions | Jun. 30, 2020EUR (€) |
Disclosure of detailed information about financial instruments [abstract] | |
Available undrawn amount of credit facilities | € 6,155 |
Investments at fair value | 4,337 |
Cash | 2,784 |
Cash equivalents | 3,247 |
Liquidity position | € 16,523 |
Activities of Orange Bank - Fin
Activities of Orange Bank - Financial assets and liabilities - General information (Details) | 6 Months Ended |
Jun. 30, 2020segment | |
Banking activities [abstract] | |
Number of business areas | 2 |
Activities of Orange Bank - F_2
Activities of Orange Bank - Financial assets and liabilities - Tabular disclosure - Segments (Details) - EUR (€) € in Millions | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about financial instruments [line items] | ||||
Non-current financial assets related to banking activities | € 1,380 | € 1,259 | ||
Non-current financial assets | 1,274 | 1,208 | ||
Non-current derivatives, assets | 881 | 562 | ||
Current financial assets related to banking activities | 1,977 | 3,095 | ||
Current financial assets | 4,375 | 4,766 | ||
Current derivatives, assets | 41 | 12 | ||
Cash and cash equivalents | 6,364 | 6,481 | € 5,960 | € 5,634 |
Non-current financial liabilities | 32,744 | 33,148 | ||
Non-current derivatives liabilities | 672 | 487 | ||
Current liabilities related to Orange Bank activities | 3,234 | 4,279 | ||
Current financial liabilities | 4,489 | 3,925 | ||
Current derivatives liabilities | 54 | 22 | ||
Orange Bank, operating segment [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Non-current financial assets related to banking activities | 1,380 | 1,259 | ||
Current financial assets related to banking activities | 1,981 | 3,098 | ||
Operating segments [member] | Telecom activities, operating segment [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Non-current financial assets | 1,301 | |||
Non-current derivatives, assets | 881 | |||
Current financial assets | 4,376 | |||
Current derivatives, assets | 41 | |||
Cash and cash equivalents | 6,031 | 6,112 | 5,734 | 5,081 |
Non-current financial liabilities | 32,744 | |||
Non-current derivatives liabilities | 594 | |||
Current financial liabilities | 4,493 | |||
Current derivatives liabilities | 54 | |||
Operating segments [member] | Orange Bank, operating segment [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Non-current financial assets related to banking activities | 1,380 | |||
Current financial assets related to banking activities | 1,981 | |||
Cash and cash equivalents | 333 | € 369 | € 226 | € 553 |
Non-current liabilities related to Orange Bank activities | 27 | |||
Non-current derivatives liabilities | 78 | |||
Current liabilities related to Orange Bank activities | 3,235 | |||
Elimination of intersegment amounts [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Non-current financial assets | (27) | |||
Current financial assets related to banking activities | (4) | |||
Current financial assets | (1) | |||
Non-current liabilities related to Orange Bank activities | (27) | |||
Current liabilities related to Orange Bank activities | (1) | |||
Current financial liabilities | € (4) |
Activities of Orange Bank - F_3
Activities of Orange Bank - Financial assets - Tabular disclosure (Details) - EUR (€) € in Millions | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Categories of financial assets [abstract] | |||
Non-current financial assets related to banking activities | € 1,380 | € 1,259 | |
Current financial assets related to banking activities | 1,977 | 3,095 | |
Orange Bank, operating segment [member] | |||
Categories of financial assets [abstract] | |||
Non-current financial assets related to banking activities | 1,380 | 1,259 | |
Current financial assets related to banking activities | 1,981 | 3,098 | |
Orange Bank, operating segment [member] | Operating segments [member] | |||
Categories of financial assets [abstract] | |||
Non-current financial assets related to banking activities | 1,380 | ||
Current financial assets related to banking activities | 1,981 | ||
Total | 3,361 | 4,357 | |
Orange Bank, operating segment [member] | Operating segments [member] | Financial assets at fair value through other comprehensive income that will not be reclassified to profit or loss [member] | |||
Categories of financial assets [abstract] | |||
Non-current financial assets related to banking activities | 2 | ||
Total | 2 | 2 | |
Orange Bank, operating segment [member] | Operating segments [member] | Financial assets at fair value through other comprehensive income that will not be reclassified to profit or loss [member] | Investments securities [member] | |||
Categories of financial assets [abstract] | |||
Non-current financial assets related to banking activities | 2 | ||
Total | 2 | 2 | |
Orange Bank, operating segment [member] | Operating segments [member] | Financial assets at fair value through other comprehensive income that may be reclassified to profit or loss [member] | |||
Categories of financial assets [abstract] | |||
Non-current financial assets related to banking activities | 645 | ||
Current financial assets related to banking activities | 5 | ||
Total | 650 | 656 | |
Orange Bank, operating segment [member] | Operating segments [member] | Financial assets at fair value through other comprehensive income that may be reclassified to profit or loss [member] | Debt securities [member] | |||
Categories of financial assets [abstract] | |||
Non-current financial assets related to banking activities | 645 | ||
Current financial assets related to banking activities | 5 | ||
Total | 650 | 656 | € 925 |
Orange Bank, operating segment [member] | Operating segments [member] | Financial assets at fair value through profit or loss, category [member] | |||
Categories of financial assets [abstract] | |||
Non-current financial assets related to banking activities | 99 | ||
Total | 99 | 179 | |
Orange Bank, operating segment [member] | Operating segments [member] | Financial assets at fair value through profit or loss, category [member] | Investments at fair value [member] | |||
Categories of financial assets [abstract] | |||
Total | 79 | ||
Orange Bank, operating segment [member] | Operating segments [member] | Financial assets at fair value through profit or loss, category [member] | Cash collateral paid [member] | |||
Categories of financial assets [abstract] | |||
Non-current financial assets related to banking activities | 76 | ||
Total | 76 | 76 | |
Orange Bank, operating segment [member] | Operating segments [member] | Financial assets at fair value through profit or loss, category [member] | Other financial assets [member] | |||
Categories of financial assets [abstract] | |||
Non-current financial assets related to banking activities | 22 | ||
Total | 22 | 25 | |
Orange Bank, operating segment [member] | Operating segments [member] | Financial assets at amortised cost, category [member] | |||
Categories of financial assets [abstract] | |||
Non-current financial assets related to banking activities | 635 | ||
Current financial assets related to banking activities | 1,976 | ||
Total | 2,611 | 3,519 | |
Orange Bank, operating segment [member] | Operating segments [member] | Financial assets at amortised cost, category [member] | Loans and receivables to customers [member] | |||
Categories of financial assets [abstract] | |||
Current financial assets related to banking activities | 1,857 | ||
Total | 1,857 | 1,937 | |
Orange Bank, operating segment [member] | Operating segments [member] | Financial assets at amortised cost, category [member] | Loans and receivables to credit institutions [member] | |||
Categories of financial assets [abstract] | |||
Current financial assets related to banking activities | 109 | ||
Total | 109 | 1,073 | |
Orange Bank, operating segment [member] | Operating segments [member] | Financial assets at amortised cost, category [member] | IFRS Fixed Income Securities [Member] | |||
Categories of financial assets [abstract] | |||
Non-current financial assets related to banking activities | 635 | ||
Current financial assets related to banking activities | 6 | ||
Total | 641 | 506 | |
Orange Bank, operating segment [member] | Operating segments [member] | Financial assets at amortised cost, category [member] | Other financial assets [member] | |||
Categories of financial assets [abstract] | |||
Current financial assets related to banking activities | 4 | ||
Total | € 4 | € 3 |
Activities of Orange Bank - Deb
Activities of Orange Bank - Debt securities - At fair value through other comprehensive income (Details) - Operating segments [member] - Orange Bank, operating segment [member] - EUR (€) € in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Categories of financial assets [abstract] | ||
Financial assets at beginning of period | € 4,357 | |
Financial assets at end of period | 3,361 | € 4,357 |
Financial assets at fair value through other comprehensive income that may be reclassified to profit or loss [member] | ||
Categories of financial assets [abstract] | ||
Financial assets at beginning of period | 656 | |
Financial assets at end of period | 650 | 656 |
Financial assets at fair value through other comprehensive income that may be reclassified to profit or loss [member] | Debt securities [member] | ||
Categories of financial assets [abstract] | ||
Financial assets at beginning of period | 656 | 925 |
Acquisitions | 110 | 165 |
Repayments and disposals | (114) | (442) |
Changes in fair value | (2) | 9 |
Other items | (1) | (1) |
Financial assets at end of period | € 650 | € 656 |
Activities of Orange Bank - Loa
Activities of Orange Bank - Loans and receivables components (Details) - Operating segments [member] - Orange Bank, operating segment [member] € in Millions | Jun. 30, 2020EUR (€) |
Overdraft [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Total loans and receivables to customers | € 849 |
Mortgages [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Total loans and receivables to customers | € 858 |
Activities of Orange Bank - F_4
Activities of Orange Bank - Financial debts (Details) - Operating segments [member] - Orange Bank, operating segment [member] € in Millions | Jun. 30, 2020EUR (€) |
Disclosure of detailed information about financial instruments [line items] | |
Customers borrowings and deposits | € 2,150 |
Debts with financial institutions | 617 |
Deposit certificate | 467 |
Balances on current accounts from customers [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Customers borrowings and deposits | 1,273 |
Passbooks and special savings accounts [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Customers borrowings and deposits | € 876 |
Shareholders' equity - General
Shareholders' equity - General information (Details) - EUR (€) | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Disclosure of classes of share capital [line items] | ||||
Equity | € 34,660,000,000 | € 34,416,000,000 | € 32,778,000,000 | € 33,249,000,000 |
Shares issued (in shares) | 2,660,056,599 | 2,660,056,599 | 2,660,056,599 | 2,660,056,599 |
Par value (in euros per share) | € 4 | |||
Issued capital [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Equity | € 10,640,226,396 | € 10,640,000,000 | € 10,640,000,000 | € 10,640,000,000 |
Shareholders' equity - Voting r
Shareholders' equity - Voting rights (Details) | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure of classes of share capital [line items] | |
Double voting right period | 2 years |
French State [member] | |
Disclosure of classes of share capital [line items] | |
Shareholder ownership percentage of share capital (as a percent) | 22.95% |
Shareholder ownership percentage of voting rights (as a percent) | 29.44% |
French State Group employees [member] | |
Disclosure of classes of share capital [line items] | |
Shareholder ownership percentage of share capital (as a percent) | 5.53% |
Shareholder ownership percentage of voting rights (as a percent) | 8.85% |
Shareholders' equity - Changes
Shareholders' equity - Changes in share capital (Details) | 6 Months Ended |
Jun. 30, 2020shares | |
Shareholders' equity [abstract] | |
New shares issued during the period (in shares) | 0 |
Shareholders' equity - Weighted
Shareholders' equity - Weighted average number of shares outstanding (Details) | 6 Months Ended |
Jun. 30, 2020shares | |
Disclosure of classes of share capital [line items] | |
Weighted average number of ordinary shares outstanding - basic (in shares) | 2,654,514,167 |
Weighted average number of shares outstanding - diluted (in shares) | 2,682,021,278 |
Shareholders' equity - Treasury
Shareholders' equity - Treasury shares (Details) - shares | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Disclosure of classes of share capital [line items] | ||
Valid authorization period from Shareholder's meeting for 2019 Buyback Program | 18 months | |
Treasury shares held (in shares) | 1,788,037 | 9,742,968 |
Ordinary shares, liquidity contract [member] | ||
Disclosure of classes of share capital [line items] | ||
Treasury shares held (in shares) | 992,500 | 853,500 |
Ordinary shares, Orange Vision 2020, Long Term Incentive Plan 2018-2020 and LTIP 2019-2021 free share award plan [member] | ||
Disclosure of classes of share capital [line items] | ||
Treasury shares held (in shares) | 795,537 | 8,889,468 |
Shareholders' equity - Dividend
Shareholders' equity - Dividends - Dividends per share (Details) - € / shares | Jun. 04, 2020 | May 19, 2020 | Dec. 04, 2019 | Feb. 29, 2020 |
Shareholders' equity [abstract] | ||||
Dividend declared with respect to fiscal year (in euros per share) | € 0.50 | |||
Interim dividend per share, current year (in euros per share) | € 0.30 | € 0.70 | ||
Dividend per share, balance for prior year (in euros per share) | € 0.20 |
Shareholders' equity - Divide_2
Shareholders' equity - Dividends - Dividends paid (Details) - EUR (€) € in Millions | Jun. 04, 2020 | Dec. 04, 2019 |
Shareholders' equity [abstract] | ||
Interim dividend, current year | € 796 | |
Dividend, balance for prior year | € 532 |
Shareholders' equity - Non-cont
Shareholders' equity - Non-controlling interests - Equity (Details) - EUR (€) € in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Disclosure of classes of share capital [line items] | ||
Credit part of equity attributable to non-controlling interests | € 2,566 | € 2,701 |
Debit part of equity attributable to non-controlling interests | (12) | (13) |
Total equity attributable to non-controlling interests | 2,553 | 2,688 |
Orange Polska and subsidiaries [member] | ||
Disclosure of classes of share capital [line items] | ||
Credit part of equity attributable to non-controlling interests | 959 | 987 |
o/w Sonatel group [member] | ||
Disclosure of classes of share capital [line items] | ||
Credit part of equity attributable to non-controlling interests | 653 | 736 |
Orange Belgium [member] | ||
Disclosure of classes of share capital [line items] | ||
Credit part of equity attributable to non-controlling interests | 270 | 275 |
Jordan Telecom and subsidiaries [member] | ||
Disclosure of classes of share capital [line items] | ||
Credit part of equity attributable to non-controlling interests | 170 | 166 |
o/w Mdi Telecom [member] | ||
Disclosure of classes of share capital [line items] | ||
Credit part of equity attributable to non-controlling interests | € 124 | € 148 |
Shareholders' equity - Non-co_2
Shareholders' equity - Non-controlling interests - Dividends (Details) - EUR (€) € in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of classes of share capital [line items] | ||
Dividends paid to minority shareholders | € 206 | € 243 |
o/w Sonatel group [member] | ||
Disclosure of classes of share capital [line items] | ||
Dividends paid to minority shareholders | 166 | 192 |
o/w Mdi Telecom [member] | ||
Disclosure of classes of share capital [line items] | ||
Dividends paid to minority shareholders | 24 | 22 |
Orange Belgium [member] | ||
Disclosure of classes of share capital [line items] | ||
Dividends paid to minority shareholders | € 14 | 14 |
Jordan Telecom and subsidiaries [member] | ||
Disclosure of classes of share capital [line items] | ||
Dividends paid to minority shareholders | € 13 |
Shareholders' equity - Cumulati
Shareholders' equity - Cumulative translation adjustment - Gains (losses) on exchange differences (Details) - EUR (€) € in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Exchange differences on translation [abstract] | ||
Gain (loss) recognized in other comprehensive income during the period | € (184) | € 52 |
Reclassification to net income for the period | 0 | (2) |
Total transaction adjustments for continuing operations | € (184) | € 50 |
Shareholders' equity - Cumula_2
Shareholders' equity - Cumulative translation adjustment - Additional information (Details) - EUR (€) € in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of classes of share capital [line items] | ||
Gain (loss) recognized in other comprehensive income during the period | € (184) | € 52 |
Egypt, Pounds | ||
Disclosure of classes of share capital [line items] | ||
Gain (loss) recognized in other comprehensive income during the period | € 45 | |
Poland, Zlotych | ||
Disclosure of classes of share capital [line items] | ||
Gain (loss) recognized in other comprehensive income during the period | (94) | |
Norway, Krone | ||
Disclosure of classes of share capital [line items] | ||
Gain (loss) recognized in other comprehensive income during the period | € (30) |
Shareholders' equity - Subordin
Shareholders' equity - Subordinated notes - Statements of changes in shareholders' equity (Details) - EUR (€) € in Millions | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about borrowings [line items] | ||||
Equity | € 34,660 | € 34,416 | € 32,778 | € 33,249 |
Equity attributable to owners of parent [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Equity | 32,106 | 31,727 | 30,311 | 30,669 |
Subordinated notes [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Equity | 5,803 | € 5,803 | € 5,803 | € 5,803 |
Costs and share premiums allocated in reserves | € 88 |
Shareholders' equity - Subord_2
Shareholders' equity - Subordinated notes - Tabular disclosure - Paid coupons (Details) € in Millions, £ in Millions | Apr. 15, 2020EUR (€) | Apr. 01, 2020EUR (€) | Apr. 01, 2020GBP (£) | Mar. 19, 2020EUR (€) | Feb. 08, 2020EUR (€) | Feb. 08, 2020GBP (£) | Jun. 30, 2020EUR (€) | Jun. 30, 2019EUR (€) |
Disclosure of detailed information about borrowings [line items] | ||||||||
Remuneration of subordinated notes | € 4 | € 186 | € 267 | |||||
Subordinated debt, 4.25 percent and 5.25 percent, issued February 2014 [member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Remuneration of subordinated notes | € 53 | |||||||
Subordinated debt, 5.875 percent, issued February 2014 [member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Remuneration of subordinated notes | € 45 | £ 38 | ||||||
Subordinated debt, 5.75 percent, issued October 2014 [member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Remuneration of subordinated notes | € 38 | £ 35 | ||||||
Subordinated debt, issued April 2019 [member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Remuneration of subordinated notes | € 24 |
Shareholders' equity - Subord_3
Shareholders' equity - Subordinated notes - Additional information (Details) € in Millions | 6 Months Ended |
Jun. 30, 2020EUR (€) | |
IFRS Subordinated Debt [Member] | |
Disclosure of detailed information about borrowings [line items] | |
Tax effect of the conversion of subordinated notes whose face value is denominated in pounds sterling | € (32) |
Litigations and unrecognized _2
Litigations and unrecognized contractual commitments - Provisions (Details) - EUR (€) € in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Disclosure of other provisions [line items] | ||
Legal provisions | € 569 | € 643 |
Litigations and unrecognized _3
Litigations and unrecognized contractual commitments - France (Details) - FRANCE € in Millions | Jun. 17, 2020EUR (€) | Jul. 01, 2020item |
Digicel, anti-competitive practices action [member] | ||
Disclosure of contingent liabilities [line items] | ||
Losses on litigation settlements | € | € 180 | |
Damages sought | € | € 224 | |
Evaluation and Compensation Committee, individual requests received from natural persons [member] | ||
Disclosure of contingent liabilities [line items] | ||
Individual requests received | item | 740 | |
Individual requests received, closed subsequent to agreement | item | 220 |
Litigations and unrecognized _4
Litigations and unrecognized contractual commitments - Middle East and Africa (Details) - 6 months ended Jun. 30, 2020 € in Millions, JD in Millions | JOD (JD) | EUR (€) |
JORDAN | Zain, telecom regulator litigation [Member] | ||
Disclosure of contingent liabilities [line items] | ||
Damages awarded | JD 250 | € 314 |
Subsequent events (Details)
Subsequent events (Details) € / shares in Units, € in Millions | Jul. 29, 2020EUR (€)€ / shares |
Disclosure of non-adjusting events after reporting period [abstract] | |
Interim dividend (in euros per share) | € / shares | € 0.30 |
Interim dividend | € | € 798 |