{"id":15067,"date":"2020-10-12T08:31:36","date_gmt":"2020-10-12T08:31:36","guid":{"rendered":"http:\/\/localhost:8080\/?p=15067"},"modified":"2020-10-12T08:31:36","modified_gmt":"2020-10-12T08:31:36","slug":"resultats-financiers-du-1er-semestre-2020-les-effets-covid-19","status":"publish","type":"post","link":"https:\/\/dev.cfecgc-orange.app\/index.php\/2020\/10\/12\/resultats-financiers-du-1er-semestre-2020-les-effets-covid-19\/","title":{"rendered":"R\u00e9sultats financiers du 1er semestre 2020: les effets Covid-19…"},"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 octobre 2020 organis\u00e9 \u00e0 distance, la Direction du Groupe a inscrit un point \u00e0 l’ordre du jour relatif aux r\u00e9sultats financiers du S1 2020, pr\u00e9sent\u00e9 par Pascal Marchand, Directeur du Contr\u00f4le de Gestion Central Groupe.<\/p>\n

Pascal Marchand nous a, comme il l\u2019a fait depuis 5 ans \u00e0 l\u2019occasion de chaque s\u00e9ance pl\u00e9ni\u00e8re du CGE, pr\u00e9sent\u00e9 les r\u00e9sultats financiers dans le d\u00e9tail, pour chaque g\u00e9ographie repr\u00e9sent\u00e9e dans l\u2019instance. C\u2019est donc avec regret que les membres ont appris son d\u00e9part pour la Direction financi\u00e8re de la filiale polonaise du Groupe.<\/p>\n

Il est int\u00e9ressant de rapprocher les r\u00e9sultats du S1 des objectifs de l\u2019ann\u00e9e 2020 tels qu\u2019ils avaient \u00e9t\u00e9 annonc\u00e9s dans un contexte pr\u00e9-crise. Ils ne pr\u00e9sentent pas l\u2019\u00e9cart qu\u2019aurait pu nous faire redouter la gravit\u00e9 des circonstances : un chiffre d\u2019affaires l\u00e9g\u00e8rement positif sur le semestre, un EBITDAaL \u00e0 -0,8% alors qu\u2019il \u00e9tait attendu en l\u00e9g\u00e8re croissance, un eCAPEX en forte baisse de 10% (y.to y.) apr\u00e8s le pic des ann\u00e9es 2018\/2019, une dette nette \u00e0 X2,04, l\u2019EBITDAaL conforme \u00e0 l\u2019objectif, et le versement d\u2019un dividende de 50 cts au lieu des 70 cts annonc\u00e9s Le r\u00e9sultat net est toutefois en baisse de plus de 10%. Les objectifs pour 2020 sont confirm\u00e9s ainsi que la trajectoire de 2021 \u00e0 2023.<\/p>\n

Ces chiffres, qui montrent une bonne r\u00e9silience du chiffre d’affaires et de l\u2019EBITDAaL malgr\u00e9 la crise, ont d\u2019ores et d\u00e9j\u00e0 \u00e9t\u00e9 comment\u00e9s puisque, publi\u00e9s fin juillet et pr\u00e9sent\u00e9s notamment en CSE central, ils sont connus depuis plusieurs mois.<\/p>\n

Le d\u00e9tail des r\u00e9sultats sur quelques g\u00e9ographies en Europe a cependant retenu notre attention. Ceux de l\u2019Espagne se sont fortement d\u00e9grad\u00e9s et suscitent une inqui\u00e9tude certaine, bien que la Direction nous ait assur\u00e9s d\u2019une inflexion de la strat\u00e9gie qui porte d\u2019ores et d\u00e9j\u00e0 ses fruits. La Pologne en revanche confirme avec une hausse de 1,7 % du chiffre d’affaires une bonne dynamique depuis six trimestres, Le THD fibre y est en hausse significative ainsi que le nombre de clients convergents.<\/p>\n

Quelques donn\u00e9es compar\u00e9es avec les autres grands op\u00e9rateurs europ\u00e9ens permettent d\u2019appr\u00e9cier la position du Groupe. Ainsi, tous les op\u00e9rateurs europ\u00e9ens affichent une d\u00e9c\u00e9l\u00e9ration sur le premier trimestre. Deutsche Telekom conserve le leadership de la croissance en Europe, Orange y figurant en troisi\u00e8me position. Vodafone poss\u00e8de la plus grosse base clients. Orange figure en deuxi\u00e8me position pour le wholesale et affiche sur ce segment la meilleure progression. Sur la zone AMEA notre taux de croissance, certes positif en y.to y., est peu flatteur par rapport \u00e0 celui de nos concurrents. <\/p>\n

Orange Business Services qui op\u00e8re dans tous les pays repr\u00e9sent\u00e9s au Comit\u00e9 de Groupe Europ\u00e9en affiche une d\u00e9croissance pr\u00e9occupante de son chiffre d’affaires \u00e0  -3,3% apr\u00e8s 6 trimestres de hausse. L\u2019IT poursuit cependant sa croissance, notamment les segments de la cyber d\u00e9fense et le cloud.<\/p>\n

Pour le ratio de profitabilit\u00e9, nous sommes en bas du classement par rapport \u00e0 nos pairs en raison de co\u00fbts op\u00e9rationnels plus \u00e9lev\u00e9s. Les co\u00fbts directement li\u00e9s au Covid se montent \u00e0 160M\u20ac constitu\u00e9s d\u2019une part des achats d\u2019\u00e9quipements de protection et de provisions pour cr\u00e9ances douteuses, auxquels s\u2019ajoutent d’autre part 30 millions de surco\u00fbt pour venir en aide \u00e0 nos sous-traitants. Le programme d\u2019\u00e9conomie de 1Mds d\u2019euros en 2023 par rapport \u00e0 2019 gr\u00e2ce \u00e0 la digitalisation, des opportunit\u00e9s sur l\u2019immobilier (qui n\u2019est pas sans rapport avec le d\u00e9veloppement du t\u00e9l\u00e9travail) est plus que jamais \u00e0 l\u2019ordre du jour. <\/p>\n

Les \u00e9lus se sont \u00e9mus du cours de bourse et de la sortie d\u2019Orange de l\u2019Euronext 50 . Gervais Pellissier a tenu \u00e0 expliquer la pression sur le cours en rappellant que T\u00e9l\u00e9fonica subissait la m\u00eame pression en raison de la situation concurrentielle exacerb\u00e9e en Espagne avec 5 acteurs. Le taux de churn y est particuli\u00e8rement \u00e9lev\u00e9. En France \u00e9galement et dans nos principaux pays europ\u00e9ens, Orange subit une pression sur les prix qui impacte le cours. La chute du cours de bourse s\u2019explique \u00e9galement de son point de vue par la baisse du dividende d\u00e9cid\u00e9 pour r\u00e9pondre \u00e0 la demande de mod\u00e9ration de l\u2019Etat fran\u00e7ais en mati\u00e8re de dividendes. Les autres Etats europ\u00e9ens n\u2019ont pas formul\u00e9 une telle injonction et cette pression n\u2019a pas pes\u00e9 sur nos concurrents. St\u00e9phane Richard a d\u00e9clar\u00e9 r\u00e9cemment vouloir revenir \u00e0 un dividende de 70 cts, ce qui n\u2019a pas suffi \u00e0 rassurer les march\u00e9s. <\/strong><\/p>\n

Gervais Pellissier estime que nos investissements tr\u00e8s importants (Orange est leader en Europe en termes de CAPEX) p\u00e8sent sur le cours.<\/strong><\/p>\n

Il a enfin insist\u00e9 sur la n\u00e9cessit\u00e9 de tenir notre objectif de r\u00e9duction des co\u00fbts.<\/strong><\/p>\n

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

As part of the Orange European Works Council meeting in ordinary session on October 5th<\/sup> , 6th<\/sup> and 7th<\/sup>  2020, organized remotely, the Group Management included an item on the agenda  to H1 2020 financial results, presented by Pascal Marchand, Director of Group Central Management Control. <\/p>\n

Pascal Marchand told us, as he has done for 5 years at each plenary meeting of the European Works Council, presented the Group’s financial results detailing them as precisely and clearly as possible for each european geography. It is therefore with regret that the members learned of his departure for the Finance Department of the Polish subsidiary of the Group.<\/p>\n

It seems interesting to us to bring the H1 results closer to the objectives for the year 2020 as they had been announced in a pre-crisis context despite the seriousness of the circumstances: positive turnover for the half-year, EBITDAaL at -0.8% whereas it was expected to grow slightly, eCAPEX down sharply by 10% (y.to y.), a net debt of X2.04 EBITDAaL in line with the objective and the payment of a dividend of 50 cts instead of the 70 cts announced but nevertheless a net profit down by more than 10%. The objectives for 2020 have been confirmed.<\/p>\n

These figures, that show good resilience of turnover and EBITDAaL despite the crisis, have already been commented on since, published at the end of July and presented in particular in the CSEC, they have been known to us for several months.  <\/p>\n

However, the details of the results for a few geographies in Europe caught our attention. : Those of Spain have deteriorated sharply and cause some concern, although management has assured us of a change in strategy which is already bearing fruit. Poland, on the other hand, confirms with + 1.7% of turnover a good dynamic for six quarters, fiber is up significantly there and had the number of converging customers is in progress.<\/p>\n

Comparisons with other major European operators allow us to assess the Group’s position. All European operators posted a deceleration in the first quarter. Deutsche Telekom retains the leadership of growth in Europe, Orange being in third place. Vodafone has the largest customer base there. Orange is in second place for wholesale and shows the best growth in this segment. In the AMEA zone, our growth rate is certainly positive in y.to y. but is unflattering compared to that of our competitors. <\/p>\n

OBS shows a worrying decline in its turnover to -3.3% after 6 quarters of increase. However, IT continues to grow, particularly Orange cyber defense and the cloud.<\/p>\n

For the profitability ratio we are at the bottom of the ranking compared to our competitors due to higher operational costs. The costs directly related to Covid amount to \u20ac 160 million, made up on the one hand of the purchase of equipment and provisions for bad debts, to which are added 30 million additional costs to help our subcontractors. The program to save 1 billion euros in 2023 compared to 2019 thanks in particular thanks to digitization and opportunities in real estate (which is not unrelated to the development of teleworking) is more than ever confirmed.<\/p>\n

Elected members were moved by the stock market price and the exit from Euronext 50, also out of the European index. Gervais Pellissier wanted to explain himself the pressure on the company share. He argued that Telefonica was under the same pressure due to the exacerbated competitive situation in Spain with 5 players inducing a high churn rate. In France but also in our main European countries, Orange is under pressure on. It is also explained from his point of view by the lower dividend demanded by the French state. The other European competitors did not have such an injunction and this pressure did not weigh on them. The President declared that he wanted to return to a dividend of 70 cts, which was not enough to reassure the markets.<\/strong><\/p>\n

Gervais Pellissier believes that our very significant investments (Orange is the leader in Europe in terms of CAPEX) weigh on the share price.<\/strong><\/p>\n

He insisted on the need to meet our cost reduction target.<\/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 octobre 2020 organis\u00e9 \u00e0 distance, la Direction du Groupe a inscrit […]<\/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":[57],"tags":[],"class_list":["post-15067","post","type-post","status-publish","format-standard","hentry","category-europe-et-international"],"blog_post_layout_featured_media_urls":{"thumbnail":"","full":""},"categories_names":{"57":{"name":"Europe et International","link":"https:\/\/dev.cfecgc-orange.app\/index.php\/category\/cit\/entreprise\/europe-et-international\/"}},"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\/15067","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=15067"}],"version-history":[{"count":0,"href":"https:\/\/dev.cfecgc-orange.app\/index.php\/wp-json\/wp\/v2\/posts\/15067\/revisions"}],"wp:attachment":[{"href":"https:\/\/dev.cfecgc-orange.app\/index.php\/wp-json\/wp\/v2\/media?parent=15067"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dev.cfecgc-orange.app\/index.php\/wp-json\/wp\/v2\/categories?post=15067"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dev.cfecgc-orange.app\/index.php\/wp-json\/wp\/v2\/tags?post=15067"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}