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July 26, 2011 4:30 AM ET
Gervais Pellissier – CEO Delegate, Finance, Information Systems, United Kingdom JV
Stéphane Richard – Chairman and CEO
Delphine Ernotte-Cunci – Deputy CEO, Orange France
Nicolas Cote-Colisson – HSBC
Jakob Bluestone – Credit Suisse
Hannes Wittig – JP Morgan
Dimitri Kallianiotis – Citi
Vincent Maulay – Oddo
Antoine Pradayrol – Exane
Nick Delfas – Morgan Stanley
Stéphane Beyazian – Raymond James
Frederic Boulan – Nomura
Jonathan Dann – Barclays
Jerry Dellis – Jefferies
Good morning, ladies and gentlemen, and welcome to France Télécom Orange 2012 First Half Results Conference Call. The call will be hosted by Stephane Richard, Chairman and Chief Executive Officer and Gervais Pellissier, Deputy CEO and CFO, with members of FT’s executive committee for the Q&A session that will start after the presentation.
Thank you and let me hand over to Stephane Richard.
Yes. Thank you very much. Good morning to everybody. I will start with the presentation of our figures and Stephane will be – will conclude our session of today. So we have decided to have this conference quite early to leave space to our colleagues because we know that this end of July a lot of people will publish their results especially some of our peers in this sector, Telefónica, just afterwards.
Just a few comments first and I would like to start with page 10 of the presentation just to come back on the main figures we have. This is revenue minus 1.9% decrease, mainly the consequence of regulation. Excluding this effect, the revenues are almost stable at minus 0.1%, and I think we can observe that there are countries where revenues are under pressure. But at the same time in our footprint we are quite happy that regions or countries are still growing, especially Spain, emerging markets, and the international carriers activities.