{"id":12829,"date":"2019-11-15T12:45:34","date_gmt":"2019-11-15T12:45:34","guid":{"rendered":"http:\/\/localhost:8080\/?p=12829"},"modified":"2019-11-15T12:45:34","modified_gmt":"2019-11-15T12:45:34","slug":"resultats-financiers-du-groupe-orange-3eme-trimestre-2019","status":"publish","type":"post","link":"https:\/\/dev.cfecgc-orange.app\/index.php\/2019\/11\/15\/resultats-financiers-du-groupe-orange-3eme-trimestre-2019\/","title":{"rendered":"R\u00e9sultats financiers du Groupe Orange – 3\u00e8me trimestre 2019"},"content":{"rendered":"

[French version here\/English version below<\/em>]<\/p>\n

Dans le cadre du Comit\u00e9 de Groupe Europ\u00e9en d’Orange des 5, 6 et 7 novembre 2019 \u00e0 Bordeaux, la Direction du Groupe a inscrit un point \u00e0 l’ordre du jour relatif aux r\u00e9sultats financiers du 3\u00e8me trimestre 2019, pr\u00e9sent\u00e9 par Pascal Marchand, Directeur du Contr\u00f4le de Gestion Central du Groupe.<\/p>\n

Il n\u2019est pas inutile de rapprocher les r\u00e9sultats des objectifs de l\u2019ann\u00e9e 2019 tels que Pascal Marchand nous les avait pr\u00e9sent\u00e9s au Comit\u00e9 de Groupe Europ\u00e9en du mois de f\u00e9vrier, \u00e0 savoir : un EBITDAaL en l\u00e9g\u00e8re croissance, un eCAPEX en l\u00e9g\u00e8re d\u00e9croissance par rapport au pic de 2018, un cash-flow op\u00e9rationnel en l\u00e9g\u00e8re croissance, une dette nette autour de X2 l\u2019EBITDAaL et un dividende \u00e0 70 cts d’euro minimum.<\/p>\n

A l\u2019aune de ces objectifs qui ont \u00e9t\u00e9 maintenus, les r\u00e9sultats du 3\u00e8me trimestre pr\u00e9sentent une tendance positive avec une croissance du chiffre d’affaires qui s\u2019est acc\u00e9l\u00e9r\u00e9e ce trimestre \u00e0 +0,8%, apr\u00e8s +0,5% au T2, port\u00e9e par les r\u00e9sultats des pays de la zone Afrique & Moyen-Orient, de la zone Europe et d\u2019Orange Business Services. La France et l\u2019Espagne sont en revanche en retrait.<\/p>\n

En juin dernier, suite aux r\u00e9sultats du 1er trimestre, nous avions d\u00e9j\u00e0 not\u00e9 qu\u2019Orange Espagne, gros moteur de la croissance en Europe, commen\u00e7ait \u00e0 ralentir avec seulement +0,4 % de croissance du chiffre d’affaires. La tendance s\u2019est fortement accentu\u00e9e avec -2,5% ce trimestre. Ce r\u00e9sultat s\u2019explique par le report des consommateurs espagnols sur des offres low cost qui favorisent Vodafone. Le march\u00e9 premium sur lequel se positionne Orange avec ses droits sur le foot-ball s\u2019est quant \u00e0 lui r\u00e9duit.<\/p>\n

En Pologne au contraire, la tendance continue \u00e0 s\u2019am\u00e9liorer. Le chiffre d’affaires cro\u00eet pour le 3\u00e8me trimestre cons\u00e9cutif, signe d\u2019une durabilit\u00e9 du retournement de la situation dans ce pays.<\/p>\n

La zone Afrique & Moyen-Orient a contribu\u00e9 fortement \u00e0 la croissance avec une augmentation de 7,6% du chiffre d’affaires, et huit pays dont la croissance est sup\u00e9rieure \u00e0 10%.<\/p>\n

Enfin, les r\u00e9sultats d\u2019Orange sur le march\u00e9 entreprises sont  positifs gr\u00e2ce \u00e0 une r\u00e9silience des services data, d\u2019une part, et la bonne sant\u00e9 de l\u2019IT et des services d\u2019int\u00e9gration d’autre part. Ils sont tir\u00e9s par le cloud et la cyber s\u00e9curit\u00e9, domaines privil\u00e9gi\u00e9s des derni\u00e8res acquisitions. Pascal Marchand a soulign\u00e9 la bonne performance d\u2019Orange Business Services qui b\u00e9n\u00e9ficie d\u2019une croissance stable en \u00e9voluant plut\u00f4t mieux que ses pairs. Elle compense la baisse des revenus sur les services \u00ab legacy Telco \u00bb par une croissance dans les domaines de l\u2019IT et de l\u2019int\u00e9gration, gr\u00e2ce en particulier \u00e0 la contribution de ses nouvelles acquisitions.<\/p>\n

Les efforts d\u2019investissements ont progress\u00e9 sur les derniers mois de 0,5%. Ils se sont en particulier traduits par une progression de 53% des foyers raccordables \u00e0 la fibre. Notre eCAPEX est \u00e0 17,1% alors qu\u2019il est \u00e0 11% en Europe pour le 1er semestre. Tous les op\u00e9rateurs ont des eCAPEX inf\u00e9rieurs. <\/p>\n

En termes de profitabilit\u00e9, Orange n\u2019est pas bien plac\u00e9e par rapport \u00e0 ses pairs sur le 1er semestre avec la plus faible marge d\u2019EBITDAaL \u00e0 29%. En r\u00e9sultent les programmes de r\u00e9duction des co\u00fbts (EXPLORE 2020\/ LEAN CAPEX). Il est indispensable de d\u00e9gager de l\u2019EBITDAaL pour couvrir nos investissements\u2026 et payer les dividendes.<\/p>\n

Les membres du Comit\u00e9 de Groupe Europ\u00e9en ont interrog\u00e9 Pascal Marchand sur l\u2019objectif de cash-flow op\u00e9rationnel. Il s\u2019est montr\u00e9 rassurant sur l\u2019atteinte de l\u2019objectif de croissance. Le frein sur les frais g\u00e9n\u00e9raux, d\u00e9placements et formations en France et dans les filiales europ\u00e9ennes en est la cons\u00e9quence actuelle. <\/strong><\/p>\n

Est exclue a priori une augmentation du dividende pourtant attendue par les analystes. <\/strong><\/p>\n

Sur la question du montant des investissements, Pascal Marchand confirme qu\u2019ils sont encore tr\u00e8s \u00e9lev\u00e9s et qu\u2019il est n\u00e9cessaire d\u2019optimiser les co\u00fbts. Orange vise un montant annuel l\u00e9g\u00e8rement inf\u00e9rieur (voire \u00e9gal) au montant de 2018 pour tenir l\u2019engagement de l\u00e9g\u00e8re d\u00e9croissance par rapport au pic de 2018.<\/strong><\/p>\n

[English version<\/em>]<\/p>\n

As part of the Orange European Works Council held in Bordeaux on November 5th, 6th, and 7th 2019, the Group\u2019s Management has included an item on the agenda relating Q3 financial results presented by Pascal Marchand, Director of Central Group Management Control.<\/p>\n

It is not useless to compare the results with the objectives for the year 2019, as Pascal Marchand presented them to the European Worls Council on February 21st<\/sup> : a slight increase in EBITDAaL, a slight decrease in eCAPEX compared to the previous year peak of 2018, a slight increase in operating cash flow, a net debt around X2 EBITDAaL and a dividend of 70 cts of euro.<\/p>\n

In line with these objectives, which have been maintained, the third quarter results show a positive trend, with sales growth accelerating this quarter to + 0.8% after + 0.5% in Q2. This is thanks to the results of the countries of the Middle-East & Africa zone, the Europe zone, and Orange Business Services. France and Spain results, on the other hand, are decreasing.<\/p>\n

Last June, following the results of Q1, we already noted that Orange Spain, which had been the main driver of growth in Europe, started to slow down with only + 0.4% turnover. The trend intensified sharply with -2.5% this quarter. This figure is explained by the report of Spanish consumers on low cost offers which favors Vodafone. The premium market on which Orange is positioned (with its rights on foot-ball) has meanwhile reduced.<\/p>\n

In Poland, on the contrary, the trend continues to improve. Sales are up for the third consecutive quarter, a sign of sustainability of the turnaround in the country.<\/p>\n

The Middle-East & Africa zone contributed strongly to growth with a 7.6% increase in turnover and eight countries with growth of more than 10%.<\/p>\n

Finally, Orange’s results in the BtoB market are positive thanks to the resilience of data services on one hand, and the good health of IT and Integration services, on the other hand. They are driven by the cloud and cyber security, privileged areas of recent acquisitions. Pascal Marchand underlined the good performance of Orange Business Services, which presents stable growth by evolving rather better than its peers. It offsets the decline in legacy Telco revenues by growth in IT and integration thanks in particular to the contribution of its new acquisitions.<\/p>\n

Investment efforts increased in the last months by 0.5%. In particular, they led to a 53% increase in households that could be connected to fiber. Our eCAPEX is 17.1% while it is 11% in Europe for S1. All operators have lower eCAPEX.<\/p>\n

In terms of profitability, Orange is not well positioned compared to its peers in the first semester with the lowest EBITDAaL margin at 29%. This explains the cost reduction programs (EXPLORE 2020 \/ LEAN CAPEX) because it is necessary to generate EBITDAaL to cover our investments … and pay dividends.<\/strong><\/p>\n

The European Works Council members questioned Pascal Marchand on the objective of operational cash flow. He was reassuring about achieving the growth target. The cut on overheads, travel and training costs in France and the European subsidiaries is the current consequence.<\/strong> <\/strong>Is excluded a priori an increase in the dividend yet expected by analysts.<\/strong> <\/strong><\/p>\n

To the question of the amount of investment, Pascal Marchand confirms that they are still very high and that it is necessary to optimize costs. Orange aims for an annual amount slightly lower than or equal to the amount of 2018 to keep the commitment of slight decrease from the peak of 2018.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

[French version here\/English version below] Dans le cadre du Comit\u00e9 de Groupe Europ\u00e9en d’Orange des 5, 6 et 7 novembre 2019 \u00e0 Bordeaux, la Direction du Groupe a inscrit un […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[56],"tags":[],"class_list":["post-12829","post","type-post","status-publish","format-standard","hentry","category-economie-et-reglementation-des-telecoms"],"blog_post_layout_featured_media_urls":{"thumbnail":"","full":""},"categories_names":{"56":{"name":"Economie et R\u00e9glementation des T\u00e9l\u00e9coms","link":"https:\/\/dev.cfecgc-orange.app\/index.php\/category\/cit\/entreprise\/economie-et-reglementation-des-telecoms\/"}},"tags_names":[],"comments_number":"0","wpmagazine_modules_featured_media_urls":{"thumbnail":"","cvmm-medium":"","cvmm-medium-plus":"","cvmm-portrait":"","cvmm-medium-square":"","cvmm-large":"","cvmm-small":"","full":""},"_links":{"self":[{"href":"https:\/\/dev.cfecgc-orange.app\/index.php\/wp-json\/wp\/v2\/posts\/12829","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dev.cfecgc-orange.app\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dev.cfecgc-orange.app\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dev.cfecgc-orange.app\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dev.cfecgc-orange.app\/index.php\/wp-json\/wp\/v2\/comments?post=12829"}],"version-history":[{"count":0,"href":"https:\/\/dev.cfecgc-orange.app\/index.php\/wp-json\/wp\/v2\/posts\/12829\/revisions"}],"wp:attachment":[{"href":"https:\/\/dev.cfecgc-orange.app\/index.php\/wp-json\/wp\/v2\/media?parent=12829"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dev.cfecgc-orange.app\/index.php\/wp-json\/wp\/v2\/categories?post=12829"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dev.cfecgc-orange.app\/index.php\/wp-json\/wp\/v2\/tags?post=12829"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}