France Télécom SA (FTE) Q2 2012 Earnings Call July 26, 2011 4:30 AM ET Executives Gervais Pellissier – CEO Delegate, Finance, Information Systems, United Kingdom JV Stéphane Richard – Chairman and CEO Delphine Ernotte-Cunci – Deputy CEO, Orange France Analysts 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 PresentationOperator
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. Gervais Pellissier 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.