Cash flow Orange

Equities

ORA

FR0000133308

Integrated Telecommunications Services

Real-time Euronext Paris Other stock markets 07:00:04 05/12/2024 pm IST			5-day change	1st Jan Change
9.628 ^EUR	+2.27%		-4.74%	-6.58%

12:36pm	ORANGE : An opportunity to buy the second-best European telco over 2022-23
04/12	Morgan Stanley Downgrades Orange to Equalweight, Reduces PT	MT

5c38d4bf8ad.Smd9TyAuXtufrDy9pfpQOesKBFzXNXY7qVR648pn7HQ.PF4xOxhJLuL932bYnM02bIBkUD-tTEZX3SA1rP9KszMfJUwfEFpmt9TZBA

Published financial data: ORANGE

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	4.22TCr	4.23TCr	4.25TCr	4.35TCr	4.41TCr
Total Revenues	4.22TCr	4.23TCr	4.25TCr	4.35TCr	4.41TCr
Cost of Goods Sold, Total	2.53TCr	2.53TCr	2.7TCr	2.67TCr	2.74TCr
Gross Profit	1.69TCr	1.7TCr	1.56TCr	1.68TCr	1.67TCr
Selling General & Admin Expenses, Total	109.3Cr	89Cr	93Cr	94Cr	90Cr
Depreciation & Amortization - (IS)	834.9Cr	851.8Cr	855.5Cr	854.2Cr	883.4Cr
Other Operating Expenses	188.1Cr	187.2Cr	159.1Cr	143.5Cr	126.5Cr
Other Operating Expenses, Total	1.13TCr	1.13TCr	1.11TCr	1.09TCr	1.1TCr
Operating Income	561.7Cr	569.9Cr	448.6Cr	584.2Cr	568.3Cr
Interest Expense, Total	-137.8Cr	-127.3Cr	-113.9Cr	-117.1Cr	-142.4Cr
Net Interest Expenses	-137.8Cr	-127.3Cr	-113.9Cr	-117.1Cr	-142.4Cr
Income (Loss) On Equity Invest.	80L	-20L	30L	-20L	-2.9Cr
Currency Exchange Gains (Loss)	7.2Cr	-8.4Cr	4.5Cr	-12Cr	-5Cr
Other Non Operating Income (Expenses)	16Cr	6.2Cr	30Cr	35Cr	25Cr
EBT, Excl. Unusual Items	448.4Cr	440.2Cr	369Cr	489.8Cr	443.1Cr
Restructuring Charges	-13Cr	-2.5Cr	-33Cr	-12Cr	-46Cr
Merger & Related Restructuring Charges	-1.7Cr	-1.8Cr	-1.4Cr	-4Cr	-2.8Cr
Impairment of Goodwill	-5.4Cr	-	-370.2Cr	-82Cr	-
Gain (Loss) On Sale Of Investments	-13Cr	-5.5Cr	-8.4Cr	-11Cr	-13Cr
Gain (Loss) On Sale Of Assets	59Cr	23Cr	250.7Cr	23Cr	9Cr
Asset Writedown	4Cr	-8.7Cr	-11Cr	-11Cr	-12Cr
Legal Settlements	-11Cr	-24Cr	-22Cr	-5Cr	-4.1Cr
Other Unusual Items	-	-	-	-	1.1Cr
EBT, Incl. Unusual Items	467.3Cr	420.7Cr	174Cr	388.2Cr	376.2Cr
Income Tax Expense	144.7Cr	-85Cr	96Cr	126.5Cr	87Cr
Earnings From Continuing Operations	322.6Cr	505.5Cr	78Cr	261.7Cr	289.1Cr
Earnings Of Discontinued Operations	-	-	-	-	-
Net Income to Company	322.6Cr	505.5Cr	78Cr	261.7Cr	289.1Cr
Minority Interest	-22Cr	-23Cr	-54Cr	-47Cr	-45Cr
Net Income - (IS)	300.6Cr	482.2Cr	23Cr	214.6Cr	244Cr
Preferred Dividend and Other Adjustments	27Cr	26Cr	22Cr	20Cr	18Cr
Net Income to Common Incl Extra Items	273.8Cr	456.7Cr	80L	194.6Cr	226.5Cr
Net Income to Common Excl. Extra Items	273.8Cr	456.7Cr	80L	194.6Cr	226.5Cr
Per Share Items
Net EPS - Basic	1.03	1.72	0	0.73	0.85
Basic EPS - Continuing Operations	1.03	1.72	0	0.73	0.85
Basic Weighted Average Shares Outstanding	265.25Cr	265.61Cr	265.7Cr	265.83Cr	265.92Cr
Net EPS - Diluted	1.02	1.71	0	0.73	0.85
Diluted EPS - Continuing Operations	1.02	1.71	0	0.73	0.85
Diluted Weighted Average Shares Outstanding	268.8Cr	268.38Cr	265.78Cr	268.68Cr	266.05Cr
Normalized Basic EPS	0.97	0.95	0.66	0.97	0.87
Normalized Diluted EPS	0.96	0.94	0.66	0.96	0.87
Dividend Per Share	0.7	0.7	0.7	0.7	0.72
Payout Ratio	73.65	38.88	1.02T	96.64	83.57
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	1.27TCr	1.29TCr	1.16TCr	1.3TCr	1.31TCr
EBITA	790.3Cr	800.8Cr	684.9Cr	826Cr	801.5Cr
EBIT	561.7Cr	569.9Cr	448.6Cr	584.2Cr	568.3Cr
EBITDAR	1.3TCr	1.3TCr	1.18TCr	1.31TCr	1.32TCr
Effective Tax Rate - (Ratio)	30.97	-20.16	55.29	32.59	23.15
Total Current Taxes	109.3Cr	-124.5Cr	75Cr	116.8Cr	98Cr
Total Deferred Taxes	35Cr	40Cr	21Cr	9.7Cr	-10Cr
Normalized Net Income	258.25Cr	251.82Cr	176.12Cr	259.02Cr	231.84Cr
Interest on Long-Term Debt	12Cr	12Cr	12Cr	14Cr	26Cr
Non-Cash Pension Expense	-3Cr	-4.6Cr	-2.3Cr	31Cr	40Cr
Supplemental Operating Expense Items
Marketing Expenses	82Cr	74Cr	78Cr	80Cr	78Cr
Selling and Marketing Expenses	82Cr	74Cr	78Cr	80Cr	78Cr
Net Rental Expense, Total	27Cr	15Cr	15Cr	13Cr	11Cr
Imputed Operating Lease Interest Expense	7.54Cr	3.49Cr	3.07Cr	2.81Cr	2.8Cr
Imputed Operating Lease Depreciation	19Cr	12Cr	12Cr	11Cr	8.3Cr
Stock-Based Comp., COGS (Total)	7.3Cr	1.8Cr	18Cr	1.6Cr	2.1Cr
Stock-Based Comp., Other (Total)	-	50L	-	-	-
Total Stock-Based Compensation	7.3Cr	2.3Cr	18Cr	1.6Cr	2.1Cr

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	648.1Cr	814.5Cr	862.1Cr	600.4Cr	561.8Cr
Short Term Investments	5.8Cr	4.7Cr	240.5Cr	725.5Cr	319.5Cr
Trading Asset Securities, Total	478.7Cr	336.8Cr	227.3Cr	11Cr	271.4Cr
Total Cash And Short Term Investments	1.13TCr	1.16TCr	1.33TCr	1.34TCr	1.15TCr
Accounts Receivable, Total	846.6Cr	885.6Cr	748.9Cr	787.5Cr	780.8Cr
Other Receivables	122.8Cr	124.3Cr	136.7Cr	144.2Cr	149.8Cr
Notes Receivable	107.3Cr	7Cr	-	-	-
Total Receivables	1.08TCr	1.02TCr	885.6Cr	931.7Cr	930.6Cr
Inventory	91Cr	81Cr	95Cr	104.8Cr	115.2Cr
Prepaid Expenses	5.2Cr	20Cr	24Cr	7.1Cr	6.8Cr
Other Current Assets, Total	193.6Cr	235.2Cr	248.7Cr	299.6Cr	318.8Cr
Total Current Assets	2.5TCr	2.51TCr	2.58TCr	2.68TCr	2.52TCr
Gross Property Plant And Equipment	11TCr	11TCr	12TCr	12TCr	13TCr
Accumulated Depreciation	-7.45TCr	-7.72TCr	-8.35TCr	-8.54TCr	-8.99TCr
Net Property Plant And Equipment	3.47TCr	3.61TCr	3.82TCr	3.96TCr	4.14TCr
Long-term Investments	305.6Cr	288.2Cr	391.4Cr	453.5Cr	368.2Cr
Goodwill	2.76TCr	2.76TCr	2.42TCr	2.31TCr	2.38TCr
Other Intangibles, Total	1.47TCr	1.51TCr	1.49TCr	1.49TCr	1.51TCr
Loans Receivable Long-Term	-	-	-	-	-
Deferred Tax Assets Long-Term	99Cr	73Cr	69Cr	42Cr	60Cr
Other Long-Term Assets, Total	20Cr	21Cr	31Cr	26Cr	29Cr
Total Assets	11TCr	11TCr	11TCr	11TCr	11TCr
Liabilities
Accounts Payable, Total	668.2Cr	647.5Cr	673.8Cr	706.7Cr	704.2Cr
Accrued Expenses, Total	354.8Cr	347.1Cr	375.2Cr	382.3Cr	411.5Cr
Short-term Borrowings	36Cr	71Cr	179.9Cr	125.4Cr	148.1Cr
Current Portion of Long-Term Debt	358.6Cr	449.6Cr	174.6Cr	349.9Cr	401Cr
Current Portion of Leases	126.7Cr	149.6Cr	136.9Cr	150.9Cr	146.9Cr
Current Income Taxes Payable	75Cr	67Cr	42Cr	54Cr	46Cr
Unearned Revenue Current, Total	214.4Cr	214.9Cr	269.2Cr	272.8Cr	285.2Cr
Other Current Liabilities	935.9Cr	882.5Cr	875.5Cr	880.5Cr	909.7Cr
Total Current Liabilities	2.77TCr	2.83TCr	2.73TCr	2.92TCr	3.05TCr
Long-Term Debt	3.36TCr	3.09TCr	3.21TCr	3.23TCr	3.08TCr
Long-Term Leases	522.5Cr	587.5Cr	669.6Cr	690.1Cr	709.9Cr
Pension & Other Post Retirement Benefits	255.4Cr	220.2Cr	279.8Cr	256.7Cr	255.1Cr
Deferred Tax Liability Non Current	70Cr	86Cr	118.5Cr	112.4Cr	114.3Cr
Other Non Current Liabilities	207.6Cr	253.6Cr	261.3Cr	255.2Cr	287.4Cr
Total Liabilities	7.19TCr	7.07TCr	7.27TCr	7.47TCr	7.5TCr
Common Stock, Total	1.06TCr	1.06TCr	1.06TCr	1.06TCr	1.06TCr
Additional Paid In Capital	1.69TCr	1.69TCr	1.69TCr	1.69TCr	1.69TCr
Retained Earnings	-107.3Cr	185.2Cr	-40Cr	-31Cr	6.1Cr
Comprehensive Income and Other	530.1Cr	504.4Cr	524.1Cr	459.8Cr	426.5Cr
Total Common Equity	3.17TCr	3.44TCr	3.23TCr	3.18TCr	3.18TCr
Minority Interest	268.8Cr	264.3Cr	302Cr	317.2Cr	327.4Cr
Total Equity	3.44TCr	3.7TCr	3.54TCr	3.5TCr	3.51TCr
Total Liabilities And Equity	11TCr	11TCr	11TCr	11TCr	11TCr
Supplemental Items
ECS Total Shares Outstanding on Filing Date	265.03Cr	265.88Cr	265.8Cr	265.81Cr	265.76Cr
ECS Total Common Shares Outstanding	265.03Cr	265.88Cr	265.8Cr	265.81Cr	265.76Cr
Book Value / Share	11.97	12.94	12.17	11.96	11.97
Tangible Book Value	-1.07TCr	-833.6Cr	-679.1Cr	-627.5Cr	-704.8Cr
Tangible Book Value Per Share	-4.02	-3.14	-2.55	-2.36	-2.65
Total Debt	4.41TCr	4.35TCr	4.38TCr	4.55TCr	4.48TCr
Net Debt	3.27TCr	3.19TCr	3.05TCr	3.21TCr	3.33TCr
Debt Equivalent of Unfunded Proj. Benefit Obligation	295.5Cr	253.8Cr	318.3Cr	309.5Cr	322.3Cr
Debt Equivalent Oper. Leases	216Cr	120.8Cr	117.6Cr	107.2Cr	89Cr
Minority Interest, Total (Incl. Fin. Div)	268.8Cr	264.3Cr	302Cr	317.2Cr	327.4Cr
Equity Method Investments, Total	10Cr	9.8Cr	144Cr	148.6Cr	149.1Cr
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Finished Goods, Total	70Cr	65Cr	77Cr	86Cr	96Cr
Inventories - Others	27Cr	22Cr	24Cr	26Cr	26Cr
Land - (BS)	696.9Cr	708.5Cr	758.7Cr	792.3Cr	807.2Cr
Machinery, Total	393.1Cr	394.2Cr	396.2Cr	394.2Cr	376.5Cr
Full Time Employees	1L	1L	1L	1L	1L
Accumulated Allowance for Doubtful Accounts (Supple)	89Cr	98Cr	101.2Cr	100Cr	105.8Cr

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	300.6Cr	482.2Cr	23Cr	214.6Cr	244Cr
Depreciation & Amortization - CF	607.7Cr	626.4Cr	627.6Cr	623.1Cr	663.1Cr
Amortization of Goodwill and Intangible Assets - (CF)	228.6Cr	230.9Cr	236.3Cr	241.8Cr	233.2Cr
Depreciation & Amortization, Total	836.3Cr	857.3Cr	863.9Cr	864.9Cr	896.3Cr
(Gain) Loss From Sale Of Asset	-31Cr	-24Cr	-8Cr	-18Cr	-14Cr
(Gain) Loss on Sale of Investments - (CF)	2.6Cr	-70L	-245.5Cr	-7.4Cr	10L
Asset Writedown & Restructuring Costs	11Cr	8.2Cr	407Cr	100Cr	48Cr
(Income) Loss On Equity Investments - (CF)	-80L	20L	-30L	20L	2.9Cr
Stock-Based Compensation (CF)	5.5Cr	2.3Cr	18Cr	1.4Cr	1.6Cr
Provision and Write-off of Bad Debts	33Cr	-28Cr	-28Cr	-1Cr	50Cr
Net Cash From Discontinued Operations	-	-	-	-	-
Other Operating Activities, Total	-48Cr	36Cr	111.4Cr	48Cr	-23Cr
Change In Accounts Receivable	-10Cr	-53Cr	20Cr	-32Cr	34Cr
Change In Inventories	6.9Cr	7.2Cr	-13Cr	-11Cr	-8.4Cr
Change In Accounts Payable	-8.5Cr	-12Cr	3.6Cr	30Cr	-10Cr
Change in Other Net Operating Assets	-81Cr	-6.2Cr	-29Cr	-67Cr	-16Cr
Cash from Operations	1.02TCr	1.27TCr	1.12TCr	1.12TCr	1.21TCr
Capital Expenditure	-842.2Cr	-854.6Cr	-874.9Cr	-877.7Cr	-782.9Cr
Sale of Property, Plant, and Equipment	63Cr	37Cr	22Cr	32Cr	32Cr
Cash Acquisitions	-47Cr	-	-21Cr	-5.7Cr	-141.6Cr
Divestitures	54Cr	-	89Cr	-	-
Sale (Purchase) of Intangible assets	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	-186.4Cr	161.2Cr	192.5Cr	-210.8Cr	178.4Cr
Other Investing Activities, Total	21Cr	100Cr	-4.8Cr	17Cr	14Cr
Cash from Investing	-937Cr	-556.4Cr	-597.6Cr	-1.04TCr	-700.8Cr
Short Term Debt Issued, Total	-	-	114.3Cr	-	5.6Cr
Long-Term Debt Issued, Total	835.1Cr	269.4Cr	252.3Cr	180.9Cr	144.2Cr
Total Debt Issued	835.1Cr	269.4Cr	366.6Cr	180.9Cr	149.8Cr
Short Term Debt Repaid, Total	-94Cr	-41Cr	-	-40Cr	-
Long-Term Debt Repaid, Total	-604.8Cr	-487.4Cr	-650.8Cr	-305.8Cr	-425.2Cr
Total Debt Repaid	-699.3Cr	-528.7Cr	-650.8Cr	-345.8Cr	-425.2Cr
Issuance of Common Stock	50Cr	70L	-	1.4Cr	18Cr
Repurchase of Common Stock	-3.4Cr	-1.2Cr	-20Cr	-	-1.5Cr
Common Dividends Paid	-221.4Cr	-187.5Cr	-236.5Cr	-207.4Cr	-203.9Cr
Common & Preferred Stock Dividends Paid	-221.4Cr	-187.5Cr	-236.5Cr	-207.4Cr	-203.9Cr
Other Financing Activities, Total	44Cr	-94Cr	57Cr	37Cr	-83Cr
Cash from Financing	5.5Cr	-541Cr	-483.4Cr	-334.3Cr	-546.5Cr
Foreign Exchange Rate Adjustments	30L	-5.9Cr	5Cr	-6.1Cr	3.2Cr
Miscellaneous Cash Flow Adjustments	-	10L	10L	-	10L
Net Change in Cash	85Cr	166.5Cr	48Cr	-261.7Cr	-39Cr
Supplemental Items
Cash Interest Paid	-	-	-	-	-
Cash Income Tax Paid (Refund)	107.9Cr	-116Cr	95Cr	103.3Cr	112.9Cr
Levered Free Cash Flow	-111.46Cr	-97Cr	185.39Cr	248.64Cr	411.19Cr
Unlevered Free Cash Flow	-25Cr	-18Cr	256.58Cr	321.82Cr	500.19Cr
Change In Net Working Capital	377.8Cr	378.9Cr	31Cr	32Cr	-30Cr
Net Debt Issued / Repaid	135.8Cr	-259.3Cr	-284.2Cr	-164.9Cr	-275.4Cr

Fiscal Period: December	2017	2019	2020	2021	2022	2023
Profitability
Return on Assets		3.46	3.32	2.6	3.35	3.23
Return on Total Capital		4.79	4.47	3.51	4.58	4.43
Return On Equity %		9.54	14.15	2.14	7.44	8.25
Return on Common Equity		8.78	13.81	0.02	6.07	7.12
Margin Analysis
Gross Profit Margin %		40.11	40.16	36.6	38.55	37.8
SG&A Margin		2.59	2.1	2.19	2.16	2.03
EBITDA Margin %		30.16	30.49	27.38	29.87	29.74
EBITA Margin %		18.71	18.94	16.11	19	18.17
EBIT Margin %		13.3	13.48	10.55	13.44	12.88
Income From Continuing Operations Margin %		7.64	11.96	1.83	6.02	6.55
Net Income Margin %		7.12	11.41	0.55	4.94	5.53
Net Avail. For Common Margin %		6.48	10.8	0.02	4.48	5.13
Normalized Net Income Margin		6.11	5.96	4.14	5.96	5.25
Levered Free Cash Flow Margin		-2.64	-2.3	4.36	5.72	9.32
Unlevered Free Cash Flow Margin		-0.6	-0.42	6.03	7.4	11.34
Asset Turnover
Asset Turnover		0.42	0.39	0.39	0.4	0.4
Fixed Assets Turnover		1.35	1.19	1.15	1.12	1.09
Receivables Turnover (Average Receivables)		5.66	5.49	5.93	5.66	5.63
Inventory Turnover (Average Inventory)		27.04	29.41	30.53	26.71	24.95
Short Term Liquidity
Current Ratio		0.9	0.89	0.95	0.92	0.83
Quick Ratio		0.76	0.77	0.81	0.78	0.68
Operating Cash Flow to Current Liabilities		0.37	0.45	0.41	0.38	0.39
Days Sales Outstanding (Average Receivables)		64.5	66.61	61.57	64.5	64.87
Days Outstanding Inventory (Average Inventory)		13.5	12.44	11.95	13.66	14.63
Average Days Payable Outstanding	<