| In millions of euros |
|
3Q 2021 |
change comparable basis |
change historical basis |
|
9M 2021 |
change comparable basis |
change historical basis |
| Revenues |
|
10,508 |
(0.4)% |
(0.7)% |
|
31,374 |
0.9 % |
0.1 % |
| EBITDAaL |
|
3,550 |
(0.7)% |
(1.0)% |
|
9,387 |
(0.5)% |
(1.2)% |
| eCAPEX (excluding licenses) |
|
1,709 |
(1.0)% |
(1.2)% |
|
5,554 |
14.3 % |
13.7 % |
| EBITDAaL - eCAPEX |
|
1,841 |
(0.4)% |
(0.7)% |
|
3,833 |
(16.2)% |
(16.9)% |
§ Continued good commercial performances:
- 11.3 million convergent customers
- 10.8 million Fiber (FTTH) customers out of 53.8 million connectable households. The FTTH client base rose 25.5% year on year, driven in particular by France and Poland
§ Revenues down slightly (-0.4%)[1] in Q3 2021.
§ They rose 1.3% excluding co-financing:
- strong performance in retail services[2] with an acceleration in revenue growth from convergence (+2.9%), mobile (+5.6%) and fixed broadband (+5.2%)
- France recorded a 4.1% decline, but was virtually stable excluding co-financing thanks to retail services where growth accelerated (+3.7% excluding PSTN)
- Europe excluding Spain rose 2.0% with retail services growth accelerating (+5.7%). Spain was down 4.4% despite a slight pick-up in retail services
- Africa & Middle East: another very strong performance at +12.0%
- Enterprise declined (-1.4%) due to a decrease in fixed services (-5.2%) which was not offset by the growth in IT & Integration services (+2.1%) and mobile services (+3.5%)
- Wholesale International & Shared Services grew 10.8%
§ EBITDAaL decline was limited to 0.7%, impacted by the lower level of co-financing received in France. EBITDAaL grew 4.5% excluding co-financing.
§ eCAPEX was down slightly: -1.0% in Q3 2021 after a strong increase in the first half due to investments in Fiber and in Africa & Middle East, in line with the objectives for 2021.
The Group is maintaining its financial objectives for 2021after allocation of the tax refund[3]:
§ stable but negative EBITDAaL,
§ eCAPEX of 7.6 to 7.7 billion euros,
§ organic cash flow from telecoms activities of over 2.2 billion euros
§ net debt/EBITDAaL ratio for telecom activities remaining at around 2x in the medium term.
[1] Unless otherwise stated, the changes presented in this press release are on a comparable basis.
[2] Includes B2C and B2B services. See the definition in Appendix 5: glossary.
[3] These targets take into account the allocation of the 2.2 billion-euro tax refund received at the end of 2020 after the French Council of State ruled in the Group’s favor in a long-running tax dispute, which is intended to generate long-term added value for the Group but will have an impact on objectives in the short term.
