France Telecom has seen its first quarter revenues decline by 2.7% to EUR10.96 billion, which the company put down largely to regulatory issues. Excluding the impact of regulatory measures, the decrease was limited to 0.3%.
EBITDA was EUR3.76 billion, a margin of 34.3%, down 1 point on a comparable basis. Excluding the impact of regulation and new taxes, the EBITDA margin was down by 0.7 points compared with the first quarter of 2009. CAPEX was EUR874 million: the CAPEX rate to revenues was 8.0%, compared with 9.9% in the first quarter of 2009 on a comparable basis.
The company does not offer quarterly net profit figures.
Commenting on the results for the first quarter of 2010, Stéphane Richard, Chief Executive Officer of France Telecom, stated: "The Group again proved its ability to maintain its performance in terms of revenues and profitability against the backdrop of an economic and regulatory environment that remains difficult. France saw a slight improvement in revenues and the resumption of the fiber optic network deployment in more than 20 cities and towns. In the Africa and the Middle East region, the 7% growth stemmed from the stronger performance of our operations including those is the Ivory Coast, Kenya, Senegal and Uganda. On May 5, we will launch Orange in Tunisia."
"With the explosion of data services, the Group continues to invest almost 12% of its revenues annually in areas such as its 3G/3G+ mobile networks, the restarting of the fiber rollout and the deployment of new networks in emerging markets."
The group confirmed its objective for organic cash flow generation of around 8 billion euros in 2010 (before potential acquisitions of new frequencies for mobile services and excluding the impact of the payment linked to the special business tax in France prior to 2003 of 1.016 billion euros, including interest); and confirmed its ambition of generating 8 billion euros in organic cash flow generation for 2011.
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