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Orange S.A. (ORA.PA)

Paris - Paris Prix différé. Devise en EUR
Ajouter à la liste dynamique
9,77-0,02 (-0,22 %)
À la clôture : 5:37PM CET
Plein écran
Clôture précédente9,79
Ouverture9,76
Offre0,00 x 0
Vente0,00 x 0
Var. jour9,69 - 9,85
Sur 52 semaines8,63 - 12,98
Volume6 416 822
Volume moyen8 025 812
Cap. boursière25,97B
Bêta (mensuel sur 5 ans)0,22
Rapport P/E (sur 12 mois)5,73
BPA (sur 12 mois)1,71
Date de bénéfices22 avr. 2021
Dividende et rendement à terme0,60 (6,13 %)
Date ex-dividende07 déc. 2020
Objectif sur 1 an17,10
  • Globe Newswire

    Orange franchit une nouvelle étape majeure avec la création de sa TowerCo européenne TOTEM

    Communiqué de presseParis, le 18 février 2021 Orange franchit une nouvelle étape majeure avec la création de sa TowerCo européenne TOTEM Dans le cadre de son plan Engage 2025, Orange réinvente son métier d'opérateur et crée une TowerCo européenne destinée à devenir une entité créatrice de valeur : en exploitant des actifs d'infrastructure passive mobile de premier ordre, en se concentrant sur la croissance des revenus et l’optimisation de l'efficacité opérationnelleen favorisant la croissance tant organique qu’inorganique. La TowerCo TOTEM, sera animée par une équipe de direction totalement indépendante et dédiée. Cette dernière sera désignée au cours du premier semestre en vue de l’entrée en phase opérationnelle de la TowerCo d'ici la fin de l'année. Des actifs d’excellenceTOTEM disposera d’un parc d’actifs à l’excellence opérationnelle démontrée. Elle sera dotée de l’ensemble des compétences et fonctions nécessaires à la création d’une valeur durable pour hisser cette TowerCo en tant que leader sur le marché européen des tours de télécommunication en pleine croissance. Elle exploitera, dans un premier temps, un portefeuille de tours premium composé d’environ 25,5 mille sites en France et en Espagne, les deux plus grands pays où Orange est présent. Après la France et l'Espagne, le Groupe étudiera la possibilité d’intégrer d'autres actifs d'infrastructure passive mobile européens d'Orange susceptibles de créer de la valeur pour la TowerCo. En France, TOTEM gérera d’environ 17 mille macro-sites avec un mix attractif composé d’environ 55 % de tours et 45 % de toits-terrasses. Compte tenu de la forte demande en colocation, constante depuis plusieurs années, et de la proportion importante de tours, le taux de colocation a un vrai potentiel d’augmentation. En Espagne, la TowerCo gérera d’environ 8 mille macro-sites, répartis à parts égales entre tours et toits-terrasses. Les opérations en Espagne sont favorisées par l’accord de partage de réseau conclu entre Orange et Vodafone, qui garantit la stabilité future des activités d’hébergement. Sur la base du périmètre de sites et des termes d’un Accord-Cadre de Service (MSA), la TowerCo aurait généré en 2020 un chiffre d’affaires supérieur à 500 millions d’euros et un EBITDAaL de près de 300 millions d’euros, dont deux tiers environ issus des actifs en France. Cela représente une marge d’environ 57 %, qui comprend également les coûts de maintenance d’environ 5 % du chiffre d’affaires de la TowerCo. L’accord cadre prévoit un contrat initial d’une durée de 15 ans conclu avec Orange, avec un renouvellement tacite de 2 x 10 ans, garantissant une visibilité à long terme des revenus de TOTEM avec son client principal Orange. Le renouvellement du contrat porterait nécessairement sur l’intégralité du parc de sites. Les loyers applicables à Orange seront conformes à la pratique de marché indexés en lien avec l’inflation, soumis à aucun plafond et à un seuil plancher de 0 %. Enfin, le nombre de sites stratégiques sera limité et portera sur moins de 5 % du portefeuille existant de sites français. Une gestion autonomeL’indépendance de la TowerCo repose sur une structure juridique distincte détenue directement par le groupe Orange (Orange SA). La gestion sera totalement indépendante des opérations de détail et aucun administrateur de la gouvernance de la TowerCo ne sera issu des opérations de services de détail ; deux administrateurs indépendants seront désignés pour impulser l’excellence opérationnelle. Son autonomie opérationnelle est permise par le transfert à la TowerCo de l’ensemble des actifs clés de l’infrastructure mobile passive (sites, terrains, baux et contrats de location avec des tiers). La TowerCo disposera en outre des capacités internes nécessaires à l’exploitation des opérations à destination des locataires initiaux et tiers, ce qui inclut les activités de déploiement (programmes de construction sur mesure, gestion clé en main des déploiements) et de maintenance. Un fort potentiel de croissanceLa croissance organique sera au cœur de l’action de la TowerCo. TOTEM bénéficiera d’opportunités significatives pour développer ses activités d’hébergement sur l’ensemble de son portefeuille. Ainsi, le taux de colocation de l’ensemble combiné en France et en Espagne devrait augmenter de 1,3 x en 2020 à 1,5 x d’ici 2026 et jusqu’à 3 000 sites devraient être construits sur une période de huit ans, à la demande d’Orange. TOTEM hébergera et déploiera de nouveaux sites pour Orange comme pour les autres opérateurs de réseau. Aussi, à l’appui de l’accélération de la digitalisation au sein des écosystèmes de l’industrie, plus particulièrement dans des secteurs tels que la 5G, l’IoT industriel et les smart cities, TOTEM devrait bénéficier d’une demande complémentaire. Face à cette tendance, la TowerCo sera bien positionnée pour commercialiser de nouveaux services. La TowerCo entend par ailleurs saisir les opportunités de croissance inorganique en Europe. Pour soutenir cette ambition de développement, Orange pourra utiliser la flexibilité de l’ensemble de la structure de capital de la nouvelle société, qu’il s’agisse d’émissions d’actions nouvelles ou de financements par endettement. Orange souhaite garder le contrôle de TOTEM pour bénéficier de la source importante de création de valeur durable qu’elle procure au Groupe. À la suite de cette annonce, Stéphane Richard, Président-Directeur général du groupe Orange, a déclaré :« L’infrastructure passive mobile est un atout essentiel pour Orange, qui bénéficie d’une expertise opérationnelle exceptionnelle dans le domaine du déploiement, de l’hébergement et de la maintenance. Nous sommes déterminés à conserver ces actifs stratégiques dans le périmètre du Groupe. Ils représentent en effet une perspective industrielle à long terme et un atout essentiel pour garantir l’indépendance d’Orange autant que sa capacité à favoriser des performances économiques durables. Orange s’engage à soutenir sa TowerCo qui portera le nom de TOTEM, tant sur le plan stratégique que financier, afin d’en faire un leader incontestable sur le marché européen ». À propos d’Orange Orange est l’un des principaux opérateurs de télécommunication dans le monde, avec un chiffre d’affaires de 42 milliards d’euros en 2019 et 143 000 salariés au 30 septembre 2020, dont 83 000 en France. Le Groupe servait 257 millions de clients au 30 septembre 2020, dont 212 millions de clients mobile et 21 millions de clients haut débit fixe. Le Groupe est présent dans 26 pays. Orange est également l’un des leaders mondiaux des services de télécommunication aux entreprises multinationales sous la marque Orange Business Services. En décembre 2019, le Groupe a présenté son nouveau plan stratégique « Engage 2025 » qui, guidé par l’exemplarité sociale et environnementale, a pour but de réinventer son métier d’opérateur. Tout en accélérant sur les territoires et domaines porteurs de croissance et en plaçant la data et l’IA au cœur de son modèle d’innovation, le Groupe entend être un employeur attractif et responsable, adapté aux métiers émergents. Orange est côté sur Euronext Paris (symbole ORA) et sur le New York Stock Exchange (symbole ORAN).Pour plus d’informations (sur le web et votre mobile) : www.orange.com, www.orange-business.com ou pour nous suivre sur Twitter : @orangegrouppr.Orange et tout autre produit ou service d’Orange cités dans ce communiqué sont des marques détenues par Orange ou Orange Brand Services Limited. Contacts presse : +33 1 44 44 93 93Sylvain Bruno ; sylvain.bruno@orange.comTom Wright ; tom.wright@orange.com ; +33 6 78 91 35 11Olivier Emberger ; olivier.emberger@orange.com Pièce jointe CP_Orange_TowerCo_FR_180221

  • Globe Newswire

    Orange takes a major step forward with the creation of TOTEM, its European TowerCo

    Press releaseParis, 18 February 2021 Orange takes a major step forward with the creation of TOTEM, its European TowerCo In the context of its Engage 2025 plan, Orange is reinventing its operator model and is creating a European TowerCo destined to become a value-creating entity by: capitalizing on its industry-leading passive mobile infrastructure assets, focusing on revenue growth and optimising operational efficiency; anddelivering both organic and inorganic growth. The TowerCo, which has been named TOTEM, will be run by a fully independent and dedicated management team that will be appointed in the first half of this year with a view to launching operations by the end of the year. First-class assetsTOTEM will bring together assets with proven operational excellence. It will be equipped with all the skills and functions necessary to create sustainable value, positioning the TowerCo as a leader in the growing European telecommunications tower market. At the outset the portfolio of premium towers will consist of around 25.5 thousand sites in France and Spain, the two largest countries where Orange is present. Beyond France and Spain, the Group will explore the possibility of integrating other passive mobile infrastructure assets from within Orange’s European footprint that could create value for the TowerCo. In France, TOTEM will operate around 17 thousand macro sites with an attractive mix of approximately 55% towers and 45% rooftops. Given the strong co-location demand, which has been constant for several years, and the high proportion of towers in the portfolio, there is clear potential to increase co-location rates. In Spain, the TowerCo will operate around 8 thousand macro sites, split equally between towers and rooftops. The Spanish operations will benefit from the network-sharing agreement between Orange and Vodafone, guaranteeing the future stability of the hosting activity. Based on the scope of sites and the terms of the Master Service Agreement (MSA), in 2020 the TowerCo’s revenues would have exceeded 500 million euros with EBITDAaL of close to 300 million euros, approximately two thirds of which would have been generated in France. This represents a margin of about 57%, including maintenance costs of about 5% of the TowerCo’s revenues. The framework agreement provides for an initial 15-year contract with Orange with a tacit renewal of 2 x 10 years providing long-term revenue visibility for TOTEM with its main customer, Orange. The renewal would necessarily cover the entire portfolio of sites. Rent applicable to Orange would conform to market practice, indexed to inflation with no cap and a floor of 0%. Finally, the number of strategic sites will be limited and will be less than 5% of the existing French portfolio of sites. Independent governanceTOTEM’s independence is underpinned by a separate legal structure owned directly by the Orange Group (Orange SA). Management will be completely independent from the retail operations and no Board member will be drawn from the retail operations; two independent Board members will be appointed to drive operational excellence. Full operational autonomy is enabled by transferring all key passive mobile infrastructure assets (sites, land, leases and third-party tenancy contracts) to the TowerCo. TOTEM will also have the necessary in-house capabilities to run operations for anchor and third-party tenants. These include deployment activities (build-to-suit construction programs, turnkey roll outs) and maintenance. Strong growth potentialOrganic growth will be the core focus of the TowerCo’s management. TOTEM will benefit from significant opportunities to develop its hosting activity across its entire portfolio. Thus, the co-location rate for the combined assets in France and Spain should increase from 1.3x in 2020 to 1.5x by 2026 and up to 3,000 sites should be constructed over an eight-year period based on demand from Orange. TOTEM will host and deploy new sites for Orange as well as for other network operators. With digitalisation accelerating across industry eco-systems, particularly in areas such as 5G, Industrial IoT and smart cities, TOTEM should benefit from additional demand. Given this trend, the TowerCo will be well positioned to commercialize new services. TOTEM also intends to seize inorganic growth opportunities in Europe. To support this growth ambition, Orange will be able to use the flexibility of the new entity’s entire capital structure, whether for issuing new shares or debt financing. Orange wishes to retain control of TOTEM to benefit from the important source of sustainable value creation it provides for the Group. Following this announcement, Stéphane Richard, Chairman and CEO of the Orange Group, said:“Passive mobile infrastructure is a core asset for Orange, benefitting from exceptional operational expertise in the areas of deployment, hosting and maintenance. We are determined to keep these strategic assets within the scope of the Group. They represent a long-term industrial view and are an essential asset in guaranteeing Orange’s independence as well as its ability to foster sustainable economic performance. Orange is committed to supporting its TowerCo, which will be named TOTEM, both strategically and financially in order to make it a clear leader in the European market.” About Orange Orange is one of the world’s leading telecommunications operators with sales of 42 billion euros in 2019 and 143,000 employees worldwide at 30 September 2020, including 83,000 employees in France. The Group has a total customer base of 257 million customers worldwide at 30 September 2020, including 212 million mobile customers and 21million fixed broadband customers. The Group is present in 26 countries. Orange is also a leading provider of global IT and telecommunication services to multinational companies, under the brand Orange Business Services. In December 2019, the Group presented its new "Engage 2025" strategic plan, which, guided by social and environmental accountability, aims to reinvent its operator model. While accelerating in growth areas and placing data and AI at the heart of its innovation model, the Group will be an attractive and responsible employer, adapted to emerging professions. Orange is listed on Euronext Paris (symbol ORA) and on the New York Stock Exchange (symbol ORAN).For more information on the internet and on your mobile: www.orange.com, www.orange-business.com or to follow us on Twitter: @orangegrouppr.Orange and any other Orange product or service names included in this material are trademarks of Orange or Orange Brand Services Limited. Press contacts: +33 1 44 44 93 93Sylvain Bruno ; sylvain.bruno@orange.comTom Wright ; tom.wright@orange.com ; +33 6 78 91 35 11Olivier Emberger ; olivier.emberger@orange.com Attachment PR_Orange_TowerCo_EN_180221

  • Globe Newswire

    Orange: Financial information at December 31, 2020

    Press releaseParis, 18 February 2021 Financial information at December 31, 2020 Solid financials and excellent commercial results Orange accelerates the rollout of its broadband networks, despite the health crisis Organic cash flow of €2.5 billion from telecoms activities, comfortably reaching the objective announced for 2020 In millions of euros 4Q 2020changecomparablebasischangehistoricalbasis 12M 2020changecomparablebasischangehistoricalbasisRevenues 10,917(0.2)%(1.5)% 42,2700.3 %0.1 %EBITDAaL 3,182(2.3)%(3.2)% 12,680(1.0)%(1.4)%Operating Income 5,521 (6.9)%Consolidated net income 5,055 56.9 %eCAPEX (excluding licenses) 2,24710.1 %9.1 % 7,132(1.7)%(2.2)%EBITDAaL - eCAPEX 936(23.1)%(23.8)% 5,548(0.1)%(0.3)%Organic cash-flow (telecom activities) 2,494 6.4 % The Group achieved its financial targets for 2020 as revised in July: Moderate revenue growth despite a slight dip in the fourth quarter. For the year, the excellent performance of Africa & Middle East (up 5.2%)1 and the solid results of France (up 1.6%) offset the decline in Europe (down 3.5%) and Enterprise (down 1.4%).EBITDAaL was down slightly, heavily impacted by the decline in roaming and additional costs resulting from the health crisis (€545 million), by Spain (down 13.0%), and by the Enterprise segment (down 14.9%). These were mitigated by the remarkable performance of Africa & Middle East (up 10.0%), good results in Europe (up 2.3% excluding Spain), and the resilience of France (up 0.2%).eCAPEX fell by €124 million, absorbing the decline in EBITDAaL, despite the accelerated rollout of fixed and mobile broadband networks, thanks to the contributions from co-financing and the discipline shown by the Group, particularly in Europe.Organic cash flow from telecoms activities saw a return to growth at €2.5 billion (up €149 million compared to 2019), against a target of more than €2.3 billion. Orange will propose a 2020 dividend of €0.70 per share plus €0.20 linked to the French Council of State’s favorable decision with respect to a long-standing tax dispute. Commenting on the publication of these results, Stéphane Richard, Chairman and Chief Executive Officer of the Orange group, said: “2020 was an extraordinary year, marked by a crisis of unprecedented scale and violence. In this challenging context, with networks showing just how vital they are to society, Orange proved able to adapt and meet the challenges, to continue to offer the very best of our services to our customers. Firstly, in fixed, we continued to connect our clients to fiber. In France, 6.5 million more households were made connectable during 2020. This was an unprecedented performance and a tremendous feat given the context! Worldwide, we now have over 47 million connectable households. In numerous countries, the transition to fiber is accelerating and this is a trend that the health crisis has only increased. Our record commercial performance, for example in France and in Poland, are proof in point. In very high speed mobile broadband, we launched 5G in five countries and will continue the deployment of this disruptive technology in 2021. In France, we have also been named the “best mobile network” for the 10th year in succession and 99% of the population now has access to 4G coverage. Orange succeeded in stabilizing its revenues for the year thanks to the quality of its networks. In Africa & Middle East, growth was very strong at more than 5%, still driven mainly by 4G and Orange money. Finally, our actions are paying off as we continue to progress towards the ambitious objectives we set out in our Engage 2025 strategic plan. With respect to the environment, we have reduced our CO2 emissions by 12%. We also opened our first three Orange Digital Centers to promote greater digital inclusivity. Thanks to these solid results, to our carefully managed investments and to greater operational efficiency, we are confirming our objective to generate between €3.5 and €4 billion in Organic Cash Flow in 2023.” Analysis of Group key figures Revenues The Orange group posted 2020 revenues of €42.3 billion, up 0.3% year-on-year on a comparable basis. This growth was driven by the strong trend in wholesale services thanks to the co-financing of the fiber network in France and to convergent services, which posted respective growth rates of 4.4% and 2.1%. Roaming (customers and visitors) was hit by travel restrictions, while equipment sales fell 9.5% due to store closures. France and Africa & Middle-East made a positive contribution, posting respective growth rates of 1.6% and 5.2% in 2020. Europe (including Spain) remained under pressure, as did Enterprise, although the latter showed some improvement in the fourth quarter. Customer base growth There were 11.06 million convergent customers Group-wide at December 31, 2020, up 2.7% year-on-year driven by continuing strong growth in Europe. Mobile services numbered 214.1 million access lines at December 31, 2020, up 3.3% year-on-year, including 77.4 million contracts, up 4.3%. Fixed services numbered a total of 45.1 million access lines at December 31, 2020, down 0.7% year-on-year. This was primarily due to the sharp 12.4% fall in fixed narrowband access lines, despite continuing strong growth (23.7%) in very high-speed fixed broadband access lines. EBITDAaL Group EBITDAaL amounted to €12.68 billion in 2020, down 1.0% year on year (a decline of 2.3% in the fourth quarter). This was adversely impacted particularly by the decline in roaming (down €292 million) and costs of €253 million euros directly relating to the health crisis (including provisions for bad debts). EBITDAaL from telecoms activities amounted to €12.84 billion in 2020, down 1.0%. Operating income Group operating income totaled €5,521 million for 2020, down €409 million (-6.9%) on an historical basis. This decrease is mainly due to the €176 million decline in EBITDAaL on an historical basis and the €162 million increase in net expenses relating to significant litigation following a reassessment of the risk related to various disputes. Net income The Orange group posted consolidated net income of €5,055 million in 2020, an increase of €1,833 million compared to the €3,222 million achieved in 2019. This increase results mainly from a tax refund of €2,246 million recognized at the 2020 year-end following the French Council of State’s finding in the Group’s favor in the matter of a long-running tax dispute. eCAPEX Group eCAPEX declined by 1.7% in 2020, largely as a result of co-financings received and despite the accelerated rollout of the fixed and mobile broadband networks. Despite the health crisis, the Group succeeded in rolling out more fiber optic connections in 2020 than in 2019, providing an additional 9.0 million households with FTTH connectivity year-on-year (compared to 7.2 million in the previous year). At December 31, 2020, Orange thus had 47.2 million households with FTTH connectivity worldwide (up 23.4% year-on-year). At 2020 year-end, nearly 100% of Orange mobile sites in France offered 4G coverage. Organic cash flow Organic cash flow from telecoms activities reached €2.5 billion, up €149 million year-on-year despite the decline in EBITDAaL. This increase is mainly explained by reduced eCAPEX outflows and the French “Part-Time for Seniors” program (TPS). Net financial debt The Orange group’s net financial debt amounted to €23.5 billion at December 31, 2020, down €2.0 billion compared to December 31, 2019. This was mainly due to the tax refund of €2.2 billion, following the French Council of State’s finding in favor of the Group in the matter of a long-running tax dispute. The net debt to EBITDAaL ratio stood at 1.83x at December 31, 2020. Excluding the impact of the €2.2 billion tax refund, the ratio would have been 2.00x, in line with the medium-term objective of around 2x. Infrastructure optimization, development and enhancement Orange has moved forward in its plans to share future fiber network deployments with its partners via specific structures (FiberCos). In January 2021, Orange announced the signing of an exclusive agreement with a consortium of long-term investors for the sale of a 50% stake in and joint control of Orange Concessions, an entity dedicated to fiber development in rural areas of France. With 23 public initiative networks representing approximately 4.5 million existing or planned FTTH connections, Orange Concessions will be France’s leading operator of FTTH networks deployed and managed on behalf of local authorities. The transaction values Orange Concessions at €2.675 billion and should be finalized by the end of 2021. In Poland, the Group plans to sign an agreement in the first half of 2021 to establish a special purpose entity due to be operational in 2021. Regarding plans for enhancement of the European mobile network, Orange has just announced the creation TOTEM, its European TowerCo. “Scale Up” operational efficiency program To ensure achievement of its objectives, in 2020 Orange launched the “Scale Up” operational efficiency program, thereby confirming its commitment to generating €1 billion in net savings within the defined scope of indirect costs2. By 2020 year-end, net savings of around €100 million have been generated in this regard. The savings will be progressively increased between now and 2023 and will cover labor expenses, overheads, other network expenses, IT expenses, real estate, advertising, marketing and customer service costs, operating taxes and levies. Changes in asset portfolio There were no significant changes in the asset portfolio in Q4 2020. In November 2020, Orange announced the signing of an agreement to acquire a 54% majority stake in Romanian carrier Telekom Romania Communications (TKR) and its convergent subscriber base. The transaction is expected to close in the second half of 2021. On December 2, 2020, Orange SA announced plans to launch a conditional voluntary public tender offer for a 47.09% stake in Orange Belgium. The offer has been submitted to the Belgian Financial Services and Markets Authority (FSMA). Outlook for 2021 The Group’s financial objectives take into account the allocation of the €2.2 billion tax refund received at 2020 year-end after the French Council of State found in the Group’s favor in a long-running tax dispute. This balanced allocation of funds for the benefit of the company’s development, its employees and its shareholders, with a reinforced commitment to society, is intended to generate added value for the Group in the long term. It will nevertheless have an impact on short-term objectives. For 2021, therefore, the Group forecasts: stable but negative EBITDAaL (approximately +1% before the allocation of the tax refund),eCAPEX of €7.6-€7.7 billion (approximately €7.3 billion before the allocation of the tax refund),organic cash flow from telecoms activities of over €2.2 billion (over €2.6 billion before the allocation of the tax refund),net debt/EBITDAaL ratio for telecoms activities remaining at around 2x in the medium term. The Group confirms its objective to generate between €3.5 and €4 billion in Organic Cash Flow in 2023. Dividend In respect of 2020, the May 18, 2021 Shareholders’ Meeting will vote on a dividend payout of €0.70 per share plus €0.20 per share linked to the French Council of State’s favorable decision in the matter of a long-running tax dispute. Taking into account the €0.40 interim dividend paid on December 9, 2020, the balance of the dividend to be proposed to the Shareholders’ Meeting will be €0.50 per share, to be paid in cash on June 17, 2021. The ex-dividend date will be June 15, 2021. In respect of the 2021 financial year, a dividend of €0.70 per share will be proposed to the 2022 Shareholders’ Meeting. An interim dividend of €0.30 per share will be paid in December 2021. The Board of Directors of Orange SA met on February 18, 2021 to review the consolidated financial statements for the year ended December 31, 2020. In accordance with auditing standards, the Group’s statutory auditors performed their audit procedures on those financial statements and the audit reports relating to their certification are in the process of being issued. More detailed information on the Group’s financial statements and performance indicators is available on the Orange website https://www.orange.com/en/consolidated-results. Review by operating segment The new organization of the Orange Group’s Executive Committee implemented since September 1, 2020, led the Group to review the presentation of its 3rd quarter 2020 segment information, without however changing the definition of its operating segments. The segment information now regroups, within Europe, Spain and the other European countries, comprising Poland, Belgium, Luxembourg and each of the Central European countries (Moldova, Romania and Slovakia). In addition, the Orange Bank segment was renamed Mobile Financial Services to take into account the gradual integration of new activities within this segment. Historical data, comparable basis data and customer base data for the financial years 2019 and 2020 were restated to reflect this change. France In millions of euros 4Q 2020changecomparablebasischangehistoricalbasis 12M 2020changecomparablebasischangehistoricalbasisRevenues 4,7440.2 %0.3 % 18,4611.6 %1.7 %Retail services 2,696(1.3)%(1.2)% 10,764(0.4)%(0.4)%Convergence 1,1550.5 %1.1 % 4,5593.1 %3.7 %Mobile Only 558(1.2)%(2.2)% 2,245(2.4)%(3.4)%Fixed Only 983(3.3)%(3.3)% 3,959(3.1)%(3.1)%Wholesale 1,4521.9 %2.1 % 5,8666.7 %6.9 %Equipment sales 427(2.6)%(2.6)% 1,187(12.2)%(12.2)%Other revenues 16921.0 %20.2 % 64427.3 %26.6 %EBITDAaL 7,1630.2 %0.4 %EBITDAaL / Revenues 38.8 %(0.5 pt)(0.5 pt)Operating Income 3,809-(2.1)%eCAPEX 3,748(7.5)%(7.5)%eCAPEX / Revenues 20.3 %(2.0 pt)(2.0 pt) Revenues buoyed by wholesale services and resilience in retail services, despite the structural decline of narrowband and the adverse impact of the crisis, particularly on roaming revenue Retail services revenues fell due to the impact of promotional offers on digital content. Adjusted for this effect, retail services revenues rose 0.6% in the fourth quarter and even offset the structural decline in PSTN, despite the significant impact of the health crisis on customer roaming. Excluding digital content offers and PSTN, retail services revenues produced the strongest increase of the year rising 2.4%. Wholesale services revenues continued to grow this quarter, despite the decline in national roaming. This was due to continued co-financing of the fiber network by third parties and the construction of Public Initiative Networks. From a commercial standpoint, convergent ARPO rose €1 to €69, excluding digital content offers. Mobile contract net additions (excluding M2M) reached 87,000. Fiber set a new record of 388,000 net additions (versus 360,000 in Q3 2020). Year on year, the increase was 35.3%. Once again this quarter, over half of new fiber customers were new customers for the Group. In 2020, EBITDAaL increased despite the negative impact of the crisis and the effect of digital content offers. This trend shows that we are benefitting from our fiber investments whether in our activities with retail customers or operators. Our profitability has also been helped by the success of our convergent offers and our “more for more” approach aimed at simplifying the market. The sharp decline in eCapex is mainly due to the co-financing received from third parties even as we accelerated the rollout of our network which now comprises nearly 23 million connectable households, representing a more than 40% increase on 2019. Europe In millions of euros 4Q 2020changecomparablebasischangehistoricalbasis 12M 2020changecomparablebasischangehistoricalbasisRevenues 2,715(4.3)%(6.1)% 10,580(3.5)%(4.3)%Retail services 1,781(4.2)%(5.3)%-7,147(3.0)%(3.4)%Convergence 667(3.4)%(4.0)%-2,7170.5 %0.1 %Mobile Only 747(7.4)%(8.4)%-3,038(7.5)%(8.0)%Fixed Only 267(4.1)%(6.2)%-1,083(4.1)%(5.4)%IT & Integration services 10121.3 %17.5 %-31022.7 %29.8 %Wholesale 492(1.6)%(2.9)%-1,924(0.9)%(1.8)%Equipment sales 409(6.2)%(10.9)%-1,375(7.6)%(9.4)%Other revenues 33(24.6)%(26.5)%-134(21.5)%(22.6)%EBITDAaL 2,932(5.8)%(6.5)%EBITDAaL / Revenues 27.7 %(0.7 pt)(0.7 pt)Operating Income 796-(21.0)%eCAPEX 1,84710.7 %9.8 %eCAPEX / Revenues 17.5 %2.2 pt2.2 pt Significant improvement in commercial performance despite continued pressure on revenues Europe revenues (now including Spain, Belgium, Luxembourg, Moldova, Poland, Romania and Slovakia) were still under pressure in the fourth quarter, down slightly compared to the third quarter. Despite the improved sales performance, retail services remained under pressure due to strong competition impacting ARPOs and the negative effect of the crisis on roaming revenues from customers and visitors. Equipment sales fell sharply due to the resurgence of the pandemic. While the health crisis continued to weigh on the free movement of people, the commercial performance of the seven-country Europe region continued the positive trend of the third quarter across all product lines with 317,000 mobile contract net additions excluding M2M (versus 221,000 in the third quarter) including 135,000 tablets in Romania, and 147,000 net additions in fixed broadband (versus 96,000 in the third quarter) including 175,000 FTTH connections. 2020 full-year EBITDAaL was down 5.8%, with the decline in roaming accounting for half of this decrease. At a geographic level, the contraction is largely due to the negative contribution of Spain (down 13.0%), partly offset by solid results in Poland (up 3.4%) and Belgium (up 8.1%). In Spain, revenues continued to deteriorate in the fourth quarter, still impacted by the negative effect of the health crisis on roaming revenues as well as previous volume losses, and due to the dilution of ARPO caused by our repositioning in the low-cost segment in the second half. The new commercial strategy is already proving effective, with an acceleration in net additions versus the third quarter in both mobile and fixed telephony. This renewed commercial momentum is the first step needed towards improving EBITDAaL, which deteriorated sharply in the second half due to the drop in revenues. Our priority in Spain is to restore margins, as reflected in the various action plans launched which include measures to cut costs, simplify our offers, digitalize and accelerate our B2B business. Africa & Middle East In millions of euros 4Q 2020changecomparablebasischangehistoricalbasis 12M 2020changecomparablebasischangehistoricalbasisRevenues 1,5158.3 %3.6 % 5,8345.2 %3.3 %Retail services 1,30110.5 %5.8 % 5,0077.8 %5.7 %Mobile Only 1,1408.5 %3.8 % 4,4206.7 %4.5 %Fixed Only 15223.7 %19.4 % 56215.5 %13.9 %IT & Integration services 9123.0 %119.4 % 2575.4 %74.0 %Wholesale 177(1.5)%(7.7)% 695(9.0)%(11.0)%Equipment sales 27(3.8)%(7.3)% 89(6.8)%(7.5)%Other revenues 10(29.4)%(13.1)% 436.0 %36.6 %EBITDAaL 1,96410.0 %8.3 %EBITDAaL / Revenues 33.7 %1.5 pt1.5 ptOperating Income 1,027-9.3 %eCAPEX 1,0366.0 %5.0 %eCAPEX / Revenues 17.8 %0.1 pt0.3 pt Excellent commercial performance in Africa & Middle East Revenues for Africa & Middle East continued to show strong growth in the fourth quarter driven by mobile data, Orange Money, fixed broadband and B2B. The 4G customer base reached 33 million, up 39% over a 12-month period, out of a total of over 128 million mobile customers. Strong growth in revenues from Orange Money continued in the fourth quarter, rising 22.6% and enabling the business to cross the €500 million level for full-year 2020 revenues. The customer base comprised 21.9 million active customers, up 20% year on year. The fixed broadband customer base grew 39% year on year to 1.7 million, while revenues rose 36.5%. B2B revenues grew 13.5% in the fourth quarter, mainly driven by IT services. Wholesale revenues continued to be affected by the decrease in international travel and visitor roaming. In the fourth quarter, 14 countries in the region recorded growth, with eight achieving double-digit increases. Despite the health crisis, EBITDAaL in Africa & Middle East grew strongly rising 10% in 2020 with a 33.7% margin, up 1.5 percentage points, driven by the commercial performance, cost control and continued transformation initiatives. This confirms the process of continuous improvement in the profitability of the region, with EBITDAaL growth of over 18% since 2018. Enterprise In millions of euros 4Q 2020changecomparablebasischangehistoricalbasis 12M 2020changecomparablebasischangehistoricalbasisRevenues 2,050(1.2)%(2.6)% 7,807(1.4)%(0.2)%Fixed Only 942(5.2)%(6.5)% 3,851(2.5)%(2.8)%Voice 302(6.0)%(6.9)% 1,237(3.8)%(4.0)%Data 639(4.8)%(6.3)% 2,614(1.9)%(2.2)%IT & Integration services 8775.6 %3.7 % 3,0862.3 %6.1 %Mobile * 231(7.9)%(8.0)% 870(8.3)%(8.3)%Mobile Only 163(12.3)%(12.3)% 649(10.7)%(10.7)%Wholesale 1363.8 %63.8 % 4533.0 %33.0 %Equipment sales 56(3.8)%(3.8)% 175(6.5)%(6.5)%EBITDAaL 1,023(14.9)%(14.1)%EBITDAaL / Revenues 13.1 %(2.1 pt)(2.1 pt)Operating Income 621-(19.6)%eCAPEX 339(16.0)%(16.2)%eCAPEX / Revenues 4.3 %(0.8 pt)(0.8 pt) Continued improvement in revenue growth due to the strong recovery in IT and integration services After two quarters impacted by the health crisis, IT and integration service revenues returned to growth rising 5.6% in the fourth quarter, finishing the year up 2.3%. The cloud and cybersecurity businesses continued to grow, with increases of 6% and 9% respectively in 2020. Traditional voice services are returning to their pre-crisis level of decline, while the fall in data revenues has gathered pace, impacted by canceled events. Mobile3 revenues continued to be significantly affected by the collapse in roaming revenues (down 63.8%) as a result of the health crisis. EBITDAaL in the Enterprise segment fell 14.9% in 2020. While profitability improved in the second half compared to the first half, it remains heavily impacted by the health crisis. International Carriers & Shared Services In millions of euros 4Q 2020changecomparablebasischangehistoricalbasis 12M 2020changecomparablebasischangehistoricalbasisRevenues 370(1.4)%(1.8)% 1,450(3.0)%(3.2)%Wholesale 259(2.4)%(2.6)% 1,038(3.6)%(3.6)%Other revenues 1110.8 %(0.0)% 412(1.4)%(2.1)%EBITDAaL (244)11.4 %6.3 %EBITDAaL / Revenues (16.9)%1.6 pt0.5 ptOperating Income (538)-(7.9)%eCAPEX 1333.7 %(5.4)%eCAPEX / Revenues 9.2 %0.6 pt(0.2 pt) Revenues from International Carriers and Shared Services fell 1.4% in the fourth quarter, versus a 5.7% decline in the third quarter. International carrier services remain constrained by the health crisis due to international travel restrictions, although with less marked seasonality in the fourth quarter. Other revenues rose slightly after two quarters of decline, due to the resumption of activities at Orange Marine, and despite the continued decline in content revenues, still affected by cinema closures. 2020 full-year EBITDAaL rose 11.4%, largely due to the reduction in shared service overheads linked to the health crisis. Mobile Financial Services In millions of euros 12M 2020changecomparablebasischangehistoricalbasisNet Banking Income (NBI) 6970.6 %70.6 %Cost of bank credit risk (31)207.2 %207.2 %Operating Income (195)-(5.3)%eCAPEX 308.5 %8.5 % At December 31, 2020, Orange Bank’s customer base in France and Spain, including the mobile insurance offer, was almost 1.2 million customers. In France, Orange Bank successfully pursued its value-oriented strategy, with more than 90% of new customers in the fourth quarter taking paid offers (compared to 30% in Q4 2019). The bank is continuing to develop with the acquisition in January 2021 of Anytime, a neobank dedicated to meeting the needs of professionals. Orange Bank Africa, launched at the end of July 2020 in Côte d’Ivoire, already has over 350,000 customers, more than half of whom have taken out loans. The impact of Mobile Financial Services on Group EBITDAaL was a reduction of €160 million in 2020, a similar level to 2019. Launches in Spain (at the end of 2019) and Africa were offset by a reduction of losses in France. Calendar of upcoming events 04/22/2021 - Publication of first quarter 2021 results 07/29/2021 - Publication of first half 2021 results 10/26/2021 - Publication of third quarter 2021 results Contacts Press: +33 1 44 44 93 93 Sylvain Brunosylvain.bruno@orange.com Tom Wrighttom.wright@orange.com Olivier Embergerolivier.emberger@orange.com Financial communication: +33 1 44 44 04 32(analysts and investors) Patrice Lambert-de Diesbachp.lambert@orange.com Samuel Castelosamuel.castelo@orange.com Aurélia Rousselaurelia.roussel@orange.com Andrei Dragoliciandrei.dragolici@orange.com Disclaimer This press release contains forward-looking statements about Orange’s financial situation, results of operations and strategy. Although we believe these statements are based on reasonable assumptions, they are subject to numerous risks and uncertainties, including matters not yet known to us or not currently considered material by us, and there can be no assurance that anticipated events will occur or that the objectives set out will actually be achieved. In particular, the health crisis may exacerbate the risks that the Group is facing. More detailed information on the potential risks that could affect our financial results is included in the Universal Registration Document filed on 20 April 2020 with the French Financial Markets Authority (AMF) and in the annual report (Form 20-F) filed on 21 April 2020 with the U.S. Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made. Other than as required by law, Orange does not undertake any obligation to update them in light of new information or future developments. Appendix 1: Key financial indicators As part of the application of IFRS 16 as of January 1, 2019, the Group implemented the decision of the IFRS IC (IFRS Interpretations Committee) published in December 2019, relating to the enforceable term of leases. The Group decided to apply this decision during the third quarter 2020, with effect from January 1, 2019 (restatement of the 2019 and 2020 periods). Additional right of use and lease liability were therefore recognized retrospectively as of January 1, 2019. For the 2019 financial year, the impact of the application of this decision on the Group's consolidated results is not significant. Historical data and comparable basis data for financial years 2019 and 2020 were restated to reflect these changes. Data at 31 December: In millions of euros 12M 202012M 2019comparablebasis12M 2019historicalbasisvariationcomparablebasischangehistoricalbasisRevenues 42,27042,15142,2380.3 %0.1 %France 18,46118,16518,1541.6 %1.7 %Europe 10,58010,96811,051(3.5)%(4.3)%Africa & Middle-East 5,8345,5435,6465.2 %3.3 %Enterprise 7,8077,9147,820(1.4)%(0.2)%International Carriers & Shared Services 1,4501,4951,498(3.0)%(3.2)%Intra-Group eliminations (1,861)(1,934)(1,930) EBITDAaL (1) 12,68012,81212,856(1.0)%(1.4)%o/w telecom activities 12,83912,97013,015(1.0)%(1.4)%As % of revenues 30.4 %30.8 %30.8 %(0.4 pt)(0.4 pt)France 7,1637,1467,1350.2 %0.4 %Europe 2,9323,1123,136(5.8)%(6.5)%Africa & Middle-East 1,9641,7851,81410.0 %8.3 %Enterprise 1,0231,2021,191(14.9)%(14.1)%International Carriers & Shared Services (244)(276)(261)11.4 %6.3 %o/w Mobile Financial Services (160)(160)(160)(0.1)%(0.1)%Operating Income 5,521 5,930 (6.9)%o/w telecom activities 5,715 6,114 (6.5)%o/w Mobile Financial Services (195) (186) (5.3)%Consolidated net income 5,055 3,222 56.9 %Net income attributable to equity owners of the Group 4,822 3,004 60.5 %eCAPEX 7,1327,2577,293(1.7)%(2.2)%o/w telecom activities 7,1027,2297,265(1.8)%(2.2)%as % of revenues 16.8 %17.1 %17.2 %(0.3 pt)(0.4 pt)o/w Mobile Financial Services 3028288.5 %8.5 %EBITDAaL - eCAPEX 5,5485,5555,564(0.1)%(0.3)%Organic cash-flow (telecom activities) 2,494 2,345 6.4 % (1) EBITDAaL adjustments are described in Appendix 2. In millions of euros December 312020Au 31 déc.2019Net financial debt (1) 23,48925,466Ratio of financial debt / EBITDAaL from telecom activities (2) 1.831.96 (1) Net financial debt as defined and used by Orange does not include Orange Bank activities, for which this concept is not relevant. (2) The ratio of net financial debt to EBITDAaL for telecoms activities is calculated as the ratio of the Group’s net financial debt compared to EBITDAaL for telecoms activities calculated over the previous 12 months. Quarterly data In millions of euros 4Q 20204Q 2019comparablebasis4Q 2019historicalbasisvariationcomparablebasischangehistoricalbasisRevenues 10,91710,94411,088(0.2)%(1.5)%France 4,7444,7344,7310.2 %0.3 %Europe 2,7152,8382,891(4.3)%(6.1)%Africa & Middle-East 1,5151,3991,4618.3 %3.6 %Enterprise 2,0502,0742,104(1.2)%(2.6)%International Carriers & Shared Services 370375377(1.4)%(1.8)%Intra-Group eliminations (477)(477)(477) EBITDAaL (1) 3,1823,2563,287(2.3)%(3.2)%o/w telecom activities 3,2413,3013,331(1.8)%(2.7)%As % of revenues 29.7 %30.2 %30.0 %(0.5 pt)(0.4 pt)o/w Mobile Financial Services (59)(45)(45)(31.6)%(31.6)%eCAPEX 2,2472,0402,05910.1 %9.1 %o/w telecom activities 2,2382,0352,05410.0 %8.9 %as % of revenues 20.5 %18.6 %18.5 %1.9 pt2.0 pto/w Mobile Financial Services 95574.8 %74.8 %EBITDAaL - eCAPEX 9361,2161,227(23.1)%(23.8)% (1) EBITDAaL adjustments are described in Appendix 2. Appendix 2: adjusted data to income statement items Data at 31 December: 12M 2020 12M 2019historical basisIn millions of euros Adjusted data,Presentation adjustments,Income statement, Adjusted data,Presentation adjustments,Income statement,Revenues 42,270-42,270 42,238-42,238External purchases (17,684)(6)(17,691) (17,860)-(17,860)Other operating income 604-604 720-720Other operating expense (560)(229)(789) (527)(72)(599)Labor expenses (8,465)(25)(8,490) (8,470)(24)(8,494)Operating taxes and levies (1,924)-(1,924) (1,827)-(1,827)Gains (losses) on disposal of fixed assets, investments and activities -228228 -277277Restructuring costs -(25)(25) -(132)(132)Depreciation and amortization of financed assets (55)-(55) (14)-(14)Depreciation and amortization of right-of-use assets (1,384)-(1,384) (1,274)-(1,274)Impairment of right-of-use assets -(57)(57) (0)(33)(33)Interests expenses on liabilities related to financed assets (1)1- (1)1-Interests expenses on lease liabilities (120)120- (129)129-EBITDAaL 12,6806- 12,856144-Significant litigation (211)211- (49)49-Specific labor expenses (12)12- (23)23-Fixed assets, investments and business portfolio review 228(228)- 277(277)-Restructuring program costs (83)83- (165)165-Acquisition and integration costs (37)37- (24)24-Interests expenses on liabilities related to financed assets -(1)(1) -(1)(1)Interests expenses on lease liabilities -(120)(120) -(129)(129) Quarterly data 4Q 2020 4Q 2019historical basisIn millions of euros Adjusted data,Presentation adjustments,Income statement, Adjusted data,Presentation adjustments,Income statement,Revenues 10,917-10,917 11,088-11,088External purchases (4,877)(6)(4,883) (4,879)-(4,879)Other operating income 201-201 195-195Other operating expense (174)(47)(221) (249)(65)(313)Labor expenses (2,132)(59)(2,190) (2,203)56(2,147)Operating taxes and levies (340)-(340) (294)-(294)Gains (losses) on disposal of fixed assets, investments and activities -155155 -168168Restructuring costs -(14)(14) -(69)(69)Depreciation and amortization of financed assets (18)-(18) (6)-(6)Depreciation and amortization of right-of-use assets (365)-(365) (332)-(332)Impairment of right-of-use assets -(52)(52) 0(9)(8)Interests expenses on liabilities related to financed assets (0)0- (0)0-Interests expenses on lease liabilities (29)29- (32)32-EBITDAaL 3,1827- 3,287115-Significant litigation (39)39- 6(6)-Specific labor expenses (52)52- (6)6-Fixed assets, investments and business portfolio review 155(155)- 168(168)-Restructuring program costs (66)66- (78)78-Acquisition and integration costs (21)21- (7)7-Interests expenses on liabilities related to financed assets -(0)(0) -(0)(0)Interests expenses on lease liabilities -(29)(29) -(32)(32) Appendix 3: Key performance indicators In thousand, at the end of the period December 312020 December 312019Number of convergent customers 11,056 10,762Number of mobile accesses (excluding MVNOs) (1) 214,094 207,211o/wMobile accesses of convergent customers 19,826 19,154 Mobile only accesses 194,268 188,057o/wContract customers 77,368 74,205 Prepaid customers 136,726 133,006Number of fixed accesses (2) 45,110 45,439 Number of fixed retail accesses 29,442 29,544 Number of fixed broadband accesses 21,680 20,685 o/wAccesses with very high-speed broadband 9,635 7,792 Accesses of convergent customers 11,056 10,762 Fixed only accesses 10,624 9,923 Number of fixed narrowband accesses 7,762 8,859 Number of fixed wholesale accesses 15,667 15,895Group total accesses (1+2) 259,204 252,650 2019 data is presented on a comparable basis. Key indicators by country are presented in the "Orange investors data book Q4 2020", available on www.orange.com, under Finance/Results/2020: https://www.orange.com/en/latestconsolidated-results. Appendix 4: glossary Key figures Data on a comparable basis: data based on comparable accounting principles, scope of consolidation and exchange rates are presented for previous periods. The transition from data on an historical basis to data on a comparable basis consists of keeping the results for the period ended and then restating the results for the corresponding period of the preceding year for the purpose of presenting, over comparable periods, financial data with comparable accounting principles, scope of consolidation and exchange rate. The method used is to apply to the data of the corresponding period of the preceding year, the accounting principles and scope of consolidation for the period just ended as well as the average exchange rate used for the income statement for the period ended. Changes in data on a comparable basis reflect organic business changes. Data on a comparable basis is not a financial aggregate as defined by IFRS and may not be comparable to similarly-named indicators used by other companies. EBITDAaL or “EBITDA after Leases”: operating income (i) before depreciation and amortization of fixed assets, effects resulting from business combinations, reclassification of cumulative translation adjustment from liquidated entities, impairment of goodwill and fixed assets, share of profits (losses) of associates and joint ventures, (ii) after interest on debts related to financed assets and on lease liabilities, and (iii) adjusted for significant litigation, specific labor expenses, fixed assets, investments and businesses portfolio review, restructuring programs costs, acquisition and integration costs and, where appropriate, other specific elements. EBITDAaL is not a financial aggregate as defined by IFRS standards and may not be directly comparable to similarly-named indicators in other companies. eCAPEX or “economic CAPEX”: (i) acquisitions of property, plant and equipment and intangible assets, excluding telecommunications licenses and financed assets, (ii) less the price of disposal of property, plant and equipment and intangible assets. eCAPEX is not a financial performance indicator as defined by IFRS standards and may not be directly comparable to indicators referenced by similarly-named indicators in other companies. Organic Cash Flow (telecoms activities): for the perimeter of the telecoms activities, this corresponds to the net cash provided by operating activities, minus (i) lease liabilities repayments and debts related to financed assets repayments, and (ii) purchases and sales of property, plant and equipment and intangible assets, net of the change in the fixed assets payables, (iii) excluding effect of telecommunication licenses paid and significant litigations paid or received. Organic Cash Flow (telecoms activities) is not a financial aggregate defined by IFRS and may not be comparable to similarly-named indicators used by other companies. Convergence The customer base and the revenues invoiced to convergence services customers (excluding equipment sales) was for convergent offers defined as the combination of, at a minimum, a fixed broadband access and a mobile contract subscribed by retail market customers. Convergent ARPO: the average quarterly revenues per convergent offer (ARPO) is calculated by dividing revenues from retail convergent services offers invoiced to customers generated over the past three months (excluding IFRS 15 adjustments) by the weighted average number of retail convergent offers over the same period. ARPO is expressed by monthly revenues per convergent offer. Performance indicators The fixed retail accesses correspond to the number of fixed broadband accesses (xDSL (ADSL and VDSL), FTTx, cable, Fixed-4G (fLTE) and other broadband accesses (satellite, Wimax and others)) and fixed narrowband accesses (mainly PSTN) and payphones. The fixed wholesale accesses correspond to the number of fixed broadband and narrowband wholesale accesses operated by Orange. Mobile Only services Revenues from Mobile Only services consists of revenues invoiced to customers of mobile offers excluding retail convergence and equipment sales. The customer base includes customers with a contract excluding retail convergence, machine-to-machine contracts and prepaid cards. Mobile Only ARPO: the average quarterly revenues from Mobile Only (ARPO) is calculated by dividing the revenue from Mobile Only services (excluding machine-to-machine and IFRS 15 adjustments) generated over the past three months by the weighted average of Mobile Only customers (excluding machine-to-machine) over the same period. The ARPO is expressed as monthly revenues per Mobile Only customer. Fixed Only services Revenues from Fixed Only services include the revenue of fixed services excluding retail convergence and equipment sales: traditional fixed-line telephony, fixed broadband and enterprise solutions and networks4. The customer base consists of fixed-line telephony and fixed broadband customers, excluding retail convergence customers. Fixed Only Broadband ARPO: the average quarterly revenues from Fixed Only Broadband (ARPO) is calculated by dividing the revenue from Fixed Only Broadband services (excluding IFRS 15 adjustments) generated over the past three months by the weighted average of Fixed Only Broadband customers over the same period. ARPO is expressed as monthly revenues per Fixed Only Broadband customer. IT & integration services Revenues from IT and integration services include revenue from unified communication and collaboration services (Local Area Network and telephony, consulting, integration, project management and video conferencing offers), hosting and infrastructure services (including cloud computing), application services (customer relations management and other application services), security services, machine-to-machine services (excluding connectivity), as well as equipment sales for the products and services above. Wholesale Revenues from other carriers consists of (i) mobile services to other carriers including incoming traffic, visitor roaming, network sharing, national roaming and Mobile Virtual Network Operators (MVNOs), and (ii) fixed services to other carriers including national networking, services to international carriers, high-speed and very high-speed broadband access (fibre access, unbundling of telephone lines and xDSL access sales) and the sale of telephone lines on the wholesale market. 1 Unless otherwise stated, all changes presented in this press release are on a comparable basis. 2 €13.8 billion scope at 2019 year-end, corresponding to Group indirect costs excluding (i) Africa & Middle East and Mobile Financial Services, and (ii) labor expenses, other network expenses and IT expenses for Enterprise IT and integration services. 3 Mobile revenues include mobile services and mobile equipment sales invoiced to businesses and incoming mobile traffic from businesses invoiced to other carriers. 4 With the exception of France, where enterprise solutions and networks are listed under the Enterprise business segment. Attachment PR_Orange_FY2020_EN_180221