6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

December 9, 2020

Commission File Number 1-14712

ORANGE

(Translation of registrant’s name into English)

78, rue Olivier de Serres

75015 Paris, France

(Address of principal executive offices)

Indicate by check mark whether the Registrant files or will file
annual reports under cover Form 20-F or Form 40-F

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the Registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

☐

Indicate by check mark if the Registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

☐

THIS REPORT ON FORM 6-K SHALL BE DEEMED TO BE INCORPORATED BY REFERENCE IN THE REGISTRATION STATEMENT ON FORM F-3 OF ORANGE FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON THE DATE HEREOF AND TO BE PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED BY ORANGE.

Exhibit List

Exhibit No.	Description
Exhibit 99.1	Operating and Financial Review and Prospects for the Six Months Ended June 30, 2019 and 2020 and Unaudited Condensed Consolidated Financial Statements for the Six Months Ended June 30, 2019 and 2020
Exhibit 99.2	Capitalization
Exhibit 99.3	Recent Developments Since June 30, 2020

PRESENTATION OF INFORMATION

The financial information presented in this Report on Form 6-K, including the Exhibits attached hereto, is unaudited, unless otherwise noted. In particular, the financial information (i) drawn from the unaudited condensed consolidated financial statements for the six months ended June 30, 2019 and 2020, (ii) with respect to the three month and nine month periods ended September 30, 2019 and 2020, and (iii) for any dates subsequent to September 30, 2020 is unaudited.

CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS

As used herein, the terms “Orange,” “Orange Group,” the “Group,” “we,” “our,” “ours” and “us,” unless the context otherwise requires, refer to Orange together with its consolidated subsidiaries, and the “Company” and “Orange S.A.” refer to the parent company, a French société anonyme (corporation), without its subsidiaries.

This Report on Form 6-K, including the Exhibits attached hereto, contains forward-looking statements (within the meaning of Section 27A of the U.S. Securities Act of 1933 (the “Securities Act”) or Section 21E of the U.S. Securities Exchange Act of 1934 (the “Exchange Act”)), including, without limitation, certain statements made in Exhibit 99.1 and Exhibit 99.3 attached hereto. Forward-looking statements can be identified by the use of forward-looking terminology such as “should”, “could”, “would”, “will”, “expect”, “consider”, “confirm”, “believe”, “anticipate”, “suggest”, “pursue”, “foresee”, “plan”, “predict”, “benefit”, “carry out”, “meet”, “increase”, “exceed”, “preserve”, “optimize”, “control”, “intend”, “continue”, “maintain”, “invest”, “be aimed at”, “strategy”, “objective”, “prospects”, “outlook”, “trends”, “aim”, “change”, “intention”, “ambition”, “risk”, “potential”, “implementation”, “roll-out”, “commitment” or “progression” or similar expressions or the negative thereof or other variations thereof or comparable terminology, or by the forward-looking nature of discussions of strategy, plans or intentions. Although Orange believes these statements are based on reasonable assumptions, these forward-looking statements are subject to numerous risks and uncertainties, including matters not yet known to Orange or not currently considered material by Orange, and there can be no assurance that anticipated events will occur or that the objectives set out will actually be achieved.

Important factors that could cause actual results to differ materially from the results anticipated in the forward-looking statements include, among others:

● A significant portion of Orange’s revenues is generated in highly competitive markets where pricing pressure is strong and regulatory decisions are a determining factor.

● High concentration among Orange’s critical suppliers creates a risk for the Group’s business.

● Orange’s large geographic footprint and the scope of its activities expose it to diverse geopolitical, macroeconomic, societal and regulatory risks. In particular, the impact that the coronavirus (COVID-19) pandemic may continue to have on Orange’s business and results of operations is highly uncertain and could vary among Orange’s different markets. COVID-19 could have a material impact on the Group’s results of operations and may exacerbate many of the known risks described elsewhere in this document, its Exhibits and in the Annual Report on Form 20-F for the year ended December 31, 2019 (the “2019 Annual Report on Form 20-F”).

● Orange operates in highly regulated markets and its business activities and results could be materially affected by legislative or regulatory changes, including those with extraterritorial scope, or by changes in government policy in various jurisdictions.

● In particular in the event of a cyber-attack, Orange is exposed to risks of disclosure, misappropriation or inappropriate modification of personal data, in particular customer data and stakeholder data. These risks have increased due to the Group’s diversification into mobile financial services.

● Orange is faced with increasing demand for connectivity and must therefore accelerate the deployment of networks while improving the quality of service, but such investments are constrained by the availability of resources.

● The development of mobile financial services exposes Orange to risks inherent to this sector.

● Orange is exposed to the risk of an interruption of its services.

● Orange’s strategy for developing its new sources of growth may not produce the expected results.

● The shift of Orange’s ecosystem towards a more open and fragmented model enables global players to have a greater stake in the value chain of services and networks.

● The Group’s brand policy, combined with a strategy of geographic expansion and diversification into new businesses, represents an image risk for the Orange brand.

● Orange is regularly involved in litigation and regulatory proceedings, the outcome of which could have a material adverse effect on its profits, financial position or reputation.

● Orange’s results and outlook could be affected if access to the capital markets become difficult or the terms thereof become more onerous.

● Changes affecting the economic, political or regulatory environment may result in asset impairment, particularly of goodwill.

● A downgrade or negative change in the outlook of Orange’s credit ratings could increase its borrowing costs and, in certain circumstances, Orange’s access to the capital it needs could be limited.

● Orange is exposed to risks of corruption, behavior by individuals or groups that does not comply with its code of ethics or policies, or fraudulent behavior.

● Orange faces a variety of internal and external risks relating to human health and safety.

● The scope of Orange’s business activities, its numerous locations around the world, and its business dealings with a variety of partners may expose the Group to a risk of breaching human rights and fundamental freedoms.

● Orange and some of its stakeholders are exposed to physical and transitional risks related to climate change.

● In the future, Orange may find it difficult to obtain and retain the skills needed for its business due to numerous employee departures and ever faster changes in its activities.

● The scope of Orange’s business and the interconnection of the networks mean that Orange is exposed to a variety of acts of technical fraud specific to the telecommunications and mobile financial services sectors.

● Orange’s technical infrastructure is vulnerable to damage caused by intentional or accidental damage, or natural disasters, the increasing frequency of which is caused by climate change.

● Exposure to electromagnetic fields of telecommunications equipment, as well as the excessive or inappropriate use of telecommunication services and equipment, may be potentially harmful to people’s health.

● The rapid development of new uses and technologies may jeopardize the commitments made by Orange with regard to reducing the effect of its operations on the environment.

● Other risks and uncertainties discussed in “Item 3. Key Information—3.D Risk factors” of the 2019 Annual Report on Form 20-F and “Section 1.1.4 Information on trends and the main risks and uncertainties” in Exhibit 99.1 attached hereto.

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 these statements in light of new information or future developments. Orange urges you to carefully review and consider the various disclosures it makes in this document, including the Exhibits hereto, concerning the factors that may affect its business, including the disclosures made in “Item 3. Key information—3.D. Risk factors,” “Item 5. Operating and financial review and prospects,” and “Item 11. Quantitative and qualitative disclosures about market risk” in our 2019 Annual Report on Form 20-F and “Section 1.1.4 Information on trends and the main risks and uncertainties” in Exhibit 99.1 attached hereto.

		ORANGE
Date: December 9, 2020	By:	/s/ Patrice Lambert - de Diesbach
	Name:	Patrice Lambert - de Diesbach
	Title:	Senior VP, Head of Investor Relations

EX-99.1

Exhibit 99.1

Operating and Financial Review and Prospects

and

First Half Unaudited Condensed Consolidated Financial Statements

for the six months ended June 30, 2019 and 2020

1.	Operating and Financial Review and Prospects for the Six Months Ended June 30, 2019 and 2020	3
	1.1     Overview	4
	1.2     Analysis of the Group’s results and capital expenditures	9
	1.3     Analysis by operating segment	12
	1.4     Cash flow and financial debt	24
	1.5     Financial indicators not defined by IFRS	25
	1.6     Additional information	27
2.	Unaudited Condensed Consolidated Financial Statements for the Six Months Ended June 30, 2019 and 2020	F-1
	Consolidated income statement	F-2
	Consolidated statement of comprehensive income	F-3
	Consolidated statement of financial position	F-4
	Consolidated statement of changes in shareholders’ equity	F-5
	Analysis of changes in shareholders’ equity related to components of the other comprehensive income	F-6
	Consolidated statement of cash flows	F-7
	Notes to the consolidated financial statements	F-9

1.   Operating and Financial Review and Prospects for the Six Months Ended June 30, 2019 and 2020

1.1	Overview	4
	1.1.1     Financial data and workforce information	4
	1.1.2     Summary of results for the first half of 2020	5
	1.1.3     Significant events	5
	1.1.4     Information on trends and the main risks and uncertainties	8
1.2	Analysis of the Group’s results and capital expenditures	9
	1.2.1     Group revenue	9
	1.2.1.1     Revenues	9
	1.2.1.2     Number of customers	10
	1.2.2     Group operating income	11
	1.2.3     Group net income	11
	1.2.4     Group comprehensive income	11
	1.2.5     Group capital expenditures	11
	1.2.5.1     Economic CAPEX	12
	1.2.5.2     Telecommunication licenses	12
1.3	Analysis by operating segment	12
	1.3.1     France	13
	1.3.1.1     Revenue – France	14
	1.3.1.2     EBITDAaL – France	14
	1.3.1.3     Operating income – France	15
	1.3.1.4     Economic CAPEX – France	15
	1.3.1.5     Additional information – France	15
	1.3.2     Spain	15
	1.3.2.1     Revenue – Spain	16
	1.3.2.2     EBITDAaL – Spain	16
	1.3.2.3     Operating income – Spain	16
	1.3.2.4     Economic CAPEX – Spain	16
	1.3.2.5     Additional information – Spain	17
	1.3.3     Europe	17
	1.3.3.1     Revenue – Europe	17
	1.3.3.2     EBITDAaL – Europe	18
	1.3.3.3     Operating income – Europe	18
	1.3.3.4     Economic CAPEX – Europe	18
	1.3.3.5     Additional information – Europe	19
	1.3.4     Africa & Middle East	19
	1.3.4.1     Revenue – Africa & Middle East	19
	1.3.4.2     EBITDAaL – Africa & Middle-East	20
	1.3.4.3     Operating income – Africa & Middle-East	20
	1.3.4.4     Economic CAPEX – Africa and Middle-East	20
	1.3.4.5     Additional information – Africa & Middle East	20
	1.3.5     Enterprise	21
	1.3.5.1     Revenue – Enterprise	21
	1.3.5.2     EBITDAaL – Enterprise	21
	1.3.5.3     Operating income – Enterprise	21
	1.3.5.4     Economic CAPEX – Enterprise	22
	1.3.5.5     Additional information – Enterprise	22
	1.3.6     International Carriers & Shared Services	22
	1.3.6.1     Revenue – International Carriers & Shared Services	22
	1.3.6.2     EBITDAaL – International Carriers & Shared Services	22
	1.3.6.3     Operating income – International Carriers & Shared Services	23
	1.3.6.4     Economic CAPEX – International Carriers & Shared Services	23
	1.3.7     Orange Bank	23
	1.3.7.1     Operating activities	23
	1.3.7.2     Assets, liabilities and cash flows	23
1.4	Cash flow and financial debt	24
	1.4.1     Liquidity and cash flows of telecoms activities	24
	1.4.2     Net financial debt of telecoms activities	25
1.5	Financial indicators not defined by IFRS	25
	1.5.1     Data on a comparable basis	25
	1.5.2     EBITDAaL	26
	1.5.3     eCAPEX	27
	1.5.4     Net financial debt	27
1.6	Additional information	27
	1.6.1     Litigation and unrecognized contractual commitments	27
	1.6.2     Related party transactions	27
	1.6.3     Subsequent events	27
	1.6.4     Financial glossary	27

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This document contains forward-looking statements about Orange. These forward-looking statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from the results anticipated in the forward-looking statements. The most significant risks are described in Item 3.D Risk factors of the Annual Report of Orange on Form 20-F for the year ended December 31, 2019, (the “2019 Annual Report on Form 20-F”), as well as in Section ‎1.1.4 Information on trends and the main risks and uncertainties in this document concerning the risks linked to the Covid-19 pandemic.

The following discussionis based on the unaudited condensed consolidated financial statements for the six months ended June 30, 2019 and 2020 (the “Interim Financial Statements”) prepared in accordance with International Financial Reporting Standards, (“IFRS”) (see Note 2 to the interim Financial Statements) included elsewhere in this document.

Data on a comparable basis, EBITDA after Leases (referred to as "EBITDAaL"), economic CAPEX (referred to as "eCAPEX" or "economic CAPEX" , and net financial debt are financial indicators not defined by IFRS. For further information on the calculation of these indicators and the reasons why the Orange group uses them and considers them useful, see Section ‎1.5 Financial indicators not defined by IFRS and Section ‎1.6.4 Financial glossary. The unaudited non-IFRS financial information is not intended to be a substitute for, and should be read in conjunction with, the Interim Financial Statements, including the Notes thereto, included elsewhere in this document.

Data on a historical basis (see Section ‎1.6.4 Financial glossary) relates to data for past periods as reported in the Interim Financial Statements for the current period. The transition from data on a historical basis to data on a comparable basis for the first half of 2019 is set out in Section ‎1.5.1 Data on a comparable basis.

The segment information (see Note 1 to the Interim Financial Statements) that is presented in the following sections is understood, unless stated otherwise, to be before eliminations for transactions with other segments.

The references to websites contained in this report are provided for reference only; the information contained on the referenced websites is not incorporated by reference in this document.

As used in this report, the terms “Orange”, “Orange group” and the “Group”, unless the context otherwise requires, refer to Orange together with its consolidated subsidiaries, and “Orange SA” and the “Company” refer only to the parent company, a French société anonyme (corporation), without its subsidiaries.

Unless stated otherwise, data in the tables is presented in millions of euros, without a decimal point. This presentation may, in some cases, lead to negligible differences in the totals and sub-totals in the tables. Furthermore, the changes presented are calculated based on data in thousands of euros.

1.1   Overview

1.1.1     Financial data and workforce information

Operating data

	2020		2019		2019		Change (%)		Change (%)
			data on a		data on a		data on a		data on a
			comparable		historical basis		comparable		historical basis
(at June 30, in millions of euros)			basis (1)				basis (1)
Revenue (2)	20,769		20,703		20,573		0.3	%	1.0	%
Operating income	2,249				2,388				(5.8)	%
Telecoms activities	2,336				2,475				(5.6)	%
Orange Bank activities	(87)				(88)				0.9	%
eCAPEX (1)	3,156		3,502		3,509		(9.9)	%	(10.1)	%
Telecoms activities	3,142		3,486		3,493		(9.9)	%	(10.1)	%
eCAPEX/Revenue from telecoms activities	15.1	%	16.8	%	17.0	%
Orange Bank activities	14		16		16		(14.5)	%	(14.5)	%
Telecommunication licenses	42		507		510		(91.6)	%	(91.7)	%
Average number of employees (full-time equivalents) (3)	134,085		136,391		135,804		(1.7)	%	(1.3)	%
Number of employees (active employees at end of period) (3)	142,969		148,342		147,818		(3.6)	%	(3.3)	%

(1)   See Section 1.5 Financial indicators not defined by IFRS and Section 1.6.4 Financial glossary.

(2)   Revenue from telecoms activities. The Net Banking Income (NBI) of Orange Bank is recognized in other operating income (see Notes 1.2 and 1.3 to the Interim Financial Statements).

(3)   See Section 1.6.4 Financial glossary.

Consolidated net income

	2020	2019
		data on a
(at June 30, in millions of euros)		historical basis
Operating income	2,249	2,388
Finance costs, net	(742)	(738)
Income tax	(491)	(513)
Consolidated net income	1,016	1,137
Net income attributable to owners of the parent company	927	1,039
Non-controlling interests	88	98

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Net financial debt

	June 30,	December 31,
	2020	2019
		data on a
(in millions of euros)		historical basis
Net financial debt (1)	26,420	25,466

(1)   See Section 1.5 Financial indicators not defined by IFRS, Section 1.6.4 Financial glossary, and Note 9.4 to the Interim Financial Statements.

For further information on the risks relating to the Orange group’s financial debt, see Item 3.D Risk factors - Financial risks of the 2019 Annual Report on Form 20-F.

1.1.2     Summary of results for the first half of 2020

Orange was very resilient in the first half of 2020 despite the effects of the Covid-19 pandemic (see Section ‎1.1.3 Significant events). Revenues declined in the second quarter, negatively impacted by the effects of the health crisis; however, in the first half overall, revenues continued to grow compared with the comparable period in 2019. In addition, the Group delivered good commercial performance in the first six months of the year.

Revenues totaled 20,769 million euros in the first half of 2020, up 1.0% on a historical basis and 0.3% on a comparable basis compared with the first half of 2019. On a comparable basis, this growth was driven by operations in France and countries in Africa & Middle East. The Covid-19 health crisis heavily impacted equipment sales in European countries due to the closure of stores and points of sale, and resulted in a generalized decline in international roaming revenues in all countries (see Section ‎1.1.3 Significant events).

Commercial activity held up well despite a very competitive environment and the effects of the Covid-19 pandemic. These resilient results stem from the Group's strategy focused on greater connectivity and new growth areas. On a comparable basis, mobile accesses grew 1.9% year-on-year. Thus, in Africa & Middle East, the continued roll-out of 4G allowed Orange to reach more than 27.9 million customers at June 30, 2020, up 40.4% year-on-year, and Orange Money's customer base totaled 19.6 million at June 30, 2020 (18.9% year-on-year growth). Convergent offers totaled 10.8 million customers at June 30, 2020, up by 2.1% over one year previously, allowing Orange to strengthen its position as the leading convergent operator in Europe. In fiber, Orange recorded 8.1 million fiber accesses at June 30, 2020. Despite the lockdown, the Group posted a 19.4% year-on-year increase in its access base, mainly in France, Poland and countries in Africa & Middle East. Lastly, as of June 30, 2020, Orange Bank had a total of 1 million customers, following the integration of Orange Courtage and the expansion of its offers in Spain. In becoming an insurance broker, the bank took a further step its cross-selling policy with Orange France.

Operating income totaled 2,249 million euros in the first half of 2020, versus 2,388 million euros in the first half of 2019 on a historical basis, a 5.8% decrease.

Consolidated net income stood at 1,016 million euros in the first half of 2020, versus 1,137 million euros in the first half of 2019. This change mainly reflects the decline in operating income.

Economic CAPEX, or eCAPEX, amounted to 3,156 million euros in the first half of 2020, down 10.1% on a historical basis and 9.9% on a comparable basis compared with the first half of 2019. This decrease is mostly explained by (i) the increase in external financing between the two periods, in particular co-financing received from other operators, notably in France, (ii) the slowdown in investments in the first half of 2020 due to the Covid-19 health crisis (see Section ‎1.1.3 Significant events), and (iii) the increase in disposals of fixed assets in Spain, with the disposal of non-strategic towers, and in France, notably with the disposal of FTTH connections to SFR in the first half of 2020, following the signing of an agreement in May 2018 between Orange and SFR.

Net financial debt stood at 26,420 million euros at June 30, 2020. The change in net financial debt in the first half of 2020 compared with the end of 2019 was related in particular to the seasonality of the business.

1.1.3     Significant events

Impacts of the Covid-19 pandemic on the Group's activities and financial situation

The Covid-19 pandemic in France and the world during the first half of 2020 affected the Group's activities and financial situation but also employees, suppliers, subcontractors and customers, and in addition, all of its stakeholders. In these circumstances, the priorities of Orange were and remain to ensure the safety of its employees and to support its customers by supplying telecommunications services that are more essential than ever. At the beginning of the pandemic, the Group rapidly put in place a number of actions to adapt to the crisis situation, provide for business continuity and reduce the risks presented by the pandemic. In particular, Orange focused its actions on:

−   business continuity. In countries that have been severely affected by the pandemic, Orange must, as a provider of essential services, ensure the continuity of its electronic communications services, and in particular its critical activities. In accordance with government requirements, Orange implemented, in particular in France, a business continuity plan and then a business resumption plan, which essentially cover network and information system supervision and operation teams, security teams, technical support, data center employees and field-work teams. As part of the health crisis, Orange S.A. and its wholly owned entities in France as well as most of the Group's subsidiaries in Europe and in the Africa & Middle East countries did not implement exceptional systems of part-time working.

Moreover, the Group enhanced the capacity of its networks and put in place supervision and security actions to face both the burden brought on by the increase in traffic linked to the crisis and the potential increase in cyber security attacks. The quality and the resiliency of the Orange networks absorbed the major growth in traffic and uses. The combination of Fiber Optic, 4G and fixed service-based Wifi networks demonstrated its effectiveness by allowing the Group's customers to benefit from reliable and high performance services, thus demonstrating the relevance of Orange's strategy concerning massive investments in high quality broadband services.

−   health and human safety. Orange makes the health and safety of its employees a top priority. A coordinator reporting directly to the Chairman and CEO on the evolution of the world situation has been appointed, as well as correspondents in the various geographical regions of the Group. Orange's activity in the various countries has been adapted to comply with the health recommendations given by each national authority, while providing the conditions for business continuity. The Group has implemented preventive measures by using teleworking for its employees,

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whenever the activity can be carried out remotely and the necessary equipment is available. In the other cases, Orange has also promoted barrier actions as soon as possible in its instructions to employees and provided personal protection equipment and suitable hygiene systems.

−   the implementation of specific solidarity actions with respect to customers, the health world, education and public authorities, and the strengthening of internal and external communication.

The consequences of the Covid-19 pandemic on the Group’s business and financial situation are not easily quantifiable, as these effects are difficult to separate from the other factors of evolution (see Note 3 to the Interim Financial Statements). However, in the first half of 2020, the main effects of the Covid-19 pandemic are the following:

−   On the Group's revenue:

-     a drop in equipment sales (retail and business customers) in Europe, due to the closing of Orange stores. At the height of the health crisis, all stores in France and three quarters of the sales points in Europe were closed, and those that remained open recorded significantly lower customer traffic;

-     lower than anticipated growth in revenue of fixed services to carriers, due to a slowdown in the construction of Public Initiative Networks (PIN) commercialized, deployed and operated by Orange in France;

-     a general decline in revenue from international roaming (of customers and visitors), in nearly all countries and markedly for the B2B services, due to the restriction of travel and the closing of borders;

-    a slowdown in B2B services activities, with a particular decline in revenue from integration services and information technologies in the second quarter of 2020 and, on an ancillary basis, of some data services (satellite TV broadcasting) not offset by the growth of some voice services (audioconferences);

-     and a general decline in sales activity, with the closing of Orange stores, and depending on the country, restriction of portability, the prohibition of aggressive sales campaigns, partially offset by overall weaker desubscription rates.

−   On operating expenses:

-     an overall increase in the Group's interconnection charges, mainly in France, Spain and Poland, but with quite variable effects according to the country depending on the changes in traffic volumes;

-    an increase in external purchases (essentially other external purchases), mainly linked to (i)  purchases related to sanitation and the safety of employees for 50 million euros, (ii) excess costs related to supportive measures for a number of network service providers in France (in order to maintain the activity and offset a portion of their fixed costs) for 20 million euros (see also below the effects of the Covid-19 pandemic on investments), and (iii) donations and sponsorships for 9 million euros;

-     a 72 million euros increase in depreciation and losses on trade receivables (see Notes 5.1 and 6.1 to the Interim Financial Statements), including 67 million euros linked to telecoms activities (mainly in France and Spain and for Enterprise services) and 5 million euros linked to Orange Bank activities;

-     on an ancillary basis, a 10 million euro increase in employee expenses related to the payment, to certain employees, of specific bonuses in connection with the health crisis, in particular bonuses paid to employees who continued their on-site activity (internal or external to Orange);

-    and, inversely (i) a significant decline in commercial expenses and equipment costs, with the decrease in handset purchases and other products sold, a decline in advertising and promotion expenses, and reduced distribution commissions, and (ii) a decline in overheads, based on travel-related savings and the cancellation of various events;

During the first half of 2020, 160 million euros were recognized in relation to the main specific excess costs incurred in managing the health crisis (see Note 3 to the Interim Financial Statements).

−   On the Group's investments:

-     a significant decline in investing due to the slowdown in network deployment, both fixed (FTTH) and mobile, during confinement periods and after these periods due to measures and restrictions imposed by the health crisis, and the termination of several economic segments;

-     a delay in some of the Group's major projects, such as Orange Concessions, that aims (i) to regroup the fixed (FTTH) connections of the Public Initiative Networks (PIN) that belong to local authorities in France and for which Orange is the concession holder, and (ii) to seize potential opportunities for growth or consolidation on this market;

-    on an ancillary basis, the recognition of excess costs related to supportive measures for a number of network service providers in France for 23 million euros (see also above the effects of the Covid-19 pandemic on external purchases);

-     and the recognition of modifications or temporary delays in the process of awarding 5G licenses, in particular in France, Spain, and Poland.

−   On the value of the Group's long-term assets:

On June 30, 2020, the group reviewed the impairment loss indexes of its geographic areas and activities. Taking into account the epidemic outbreaks and the uncertainties of the current environment, key assumptions such as the discount and growth rates, as well as the cash flow sensitivity analyses generated by certain activities, were revised.  These elements did not lead to the recognition of asset impairments at June 30, 2020 (see Note 7 to the Interim Financial Statements).

−   On cash and management of financial debt:

In the first half of 2020, the Covid-19 crisis did not impact the management of risks relating to financial instruments. The Group therefore continued to put in place and to manage hedging instruments in order to limit its exposure to operational and financial interest rate and foreign exchange risks. The cash flow hedges in place, in particular, have not been affected in spite of the crisis. Moreover, the Group maintained a policy of diversified financing. Financing during the first half of 2020 was therefore part of the Orange group's active and opportunistic refinancing policy that is to preserve prudent and anticipated management of its liquidity by optimizing the cost of its resources in maintaining a high level of cash. At June 30, 2020, the liquidity position of telecoms activities thus stood at 16,523 million euros (see Note 10.1 to the Interim Financial Statements).

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In the first half of 2020, cash flow from telecoms activities was impacted (i) positively by the decline of economic CAPEX, linked to the slowdown in the deployment of fixed and mobile networks during the Covid-19 health crisis (see above), and (ii) negatively by the increase in working capital requirements. Early on, Orange realized the extent of the emerging crisis and decided in March to prepay suppliers in France, in particular by accelerating and systematizing the cash payment of invoices for less than 50,000 euros from small and medium-size partner companies, in order to assist the most impacted economic segments. In addition, Orange decided to support its network service providers in France by granting them financial advances (see Notes 5.1 and 6.3 to the Interim Financial Statements).

−   And on the Orange dividend:

Due to the uncertainties generated by this exceptional crisis, the Orange Shareholders' Meeting held on May 19, 2020 approved, upon proposal of the Board of Directors, the distribution of a dividend of 0.50 euro per share for the 2019 fiscal year instead of a previously announced dividend of 0.70 euro per share. In view of the payment of an interim dividend of 0.30 euros in December, 2019 the balance of the cash dividend paid on June 4, 2020 was 0.20 euros per share (see Note 12.3 to the Interim Financial Statements).

Apart from the health crisis, the Group launched a plan to prioritize digital inclusion, aiming at the ongoing improvement of networks and accelerating digitalization. The fixed and mobile networks, network access sharing agreements, and optimized network management, that were already at the core of the Orange strategy, are and remain major priorities for the Group. Moreover, Orange wishes in particular to assist the acceleration of its customers’ digitalization and focus on the house/home with even more relevant strategic choices. In addition, the Group's objective is to prioritize its future commercial activities, to secure its supply chains and as much as possible, catch up with the delivery and production delays.

Reorganization of the Group's Executive Committee

In June 2020, Stéphane Richard, Chairman and CEO of Orange, announced the reorganization of the Group's Executive Committee in order to accelerate the implementation of the Group's new strategic plan, Engage 2025. The changes took effect starting September 1, 2020.

Following this change in the organization of the Executive Committee, the presentation of segment information has been modified in the second half of 2020.

Capitalization on the Group's lead in networks

Fixed access networks

During the first half of 2020, the Covid-19 health crisis marked a significant decline in the roll-out of FTTH networks. Nevertheless, the Group continued the roll-out of its very high-speed fixed broadband networks with 8.0 million additional households connectable year-on-year. At June 30, 2020, Orange had 43.5 million very high-speed broadband connectable households throughout the world (up 22.7% year-on-year), including 19.3 million in France, 15.1 million in Spain and 7.9 million in the rest of Europe.

Whether through its own infrastructure or the use of third-party networks, in late 2019 Orange announced its aim to be able to offer its FTTH packages to more than 65 million households in Europe by 2023, in order to assert its leadership position in Europe in fiber. In Spain, concerning fixed access networks for very high-speed broadband Internet access (fiber optic and other very high-speed broadband technologies), Orange intends to accelerate its roll-outs and has now set itself the objective of connecting 18 million households with very high-speed broadband by 2023 (through several channels, including its own roll-outs), compared with 15 million households announced at end-2019. To that end, the Group put financing in place through a financial lease program with its partner Banco Santander.

Mobile access networks

In January 2020, after several months of testing, Orange France selected Nokia and Ericsson as 5G equipment supplier. This partnership concerns a number of products and services enabling the roll-out of the 5G network throughout mainland France. Already industrial partners for many years, these two companies demonstrated the quality of their products on 2G/3G/4G networks and share the same values as Orange, i.e., customer support and high quality customer experience. The roll-out of 5G is one of the major pillars of the Engage 2025 strategic plan.

In February 2020, Orange and Free Mobile signed an amendment to their existing agreement, extending the termination period for Free Mobile’s national roaming on Orange’s 2G and 3G networks to December 31, 2022. On April 3, 2020, Arcep (French Postal, Electronic Communications and Media Distribution Regulatory Authority) informed the market players that it is reviewing this amendment.

Transmission networks

In February 2020, Orange announced its partnership with Telxius (a subsidiary of Telefónica) to collaborate on backhaul extensions for the Google "Dunant" transatlantic cable. Orange and Telxius will offer and operate co-location services in their respective cable landing stations located on either side of the Atlantic Ocean. This agreement will strengthen the Group's connectivity capacities for its international customers in Europe and America and its international leadership in the wholesale market. The commissioning of the 6,600 kilometer Dunant cable is expected before the end of 2020 and will be used to meet the growing need for data exchanged between the two continents.

In May 2020, Orange also announced its participation in the 2Africa project. This project, supported by an international consortium, will enable the creation of a 37,000 kilometer submarine cable around Africa to improve Internet access to this continent and to the Middle-East. The commissioning of the cable is expected in 2023 or 2024.

In addition, in April 2020, Orange Marine and its Italian subsidiary Elettra commissioned a new ship named the "Urbano Monti". This ship will enable surveys of marine routes, a key step in choosing the right cable routes. Orange thus continues to strengthen its expertise in marine activities related to submarine cables with this new activity which comes in addition to the traditional missions of cable installation and maintenance.

Satellite capacity purchasing

In July 2020, Orange announced that it had purchased all available capacity of the Eutelsat Konnect satellite from Eutelsat Communications, to cover the whole of France. Using satellite technology, all Orange retail accounts that so wish, including those in the most isolated areas, will be able to benefit from very high-speed fixed broadband services starting January 2021. This agreement is directly in line with the Broadband/Very High-Speed Broadband France Plan adopted by the government with the aim of rolling out broadband services of at least 30 megabytes/second over the whole of France by 2022. The service will be distributed by Orange's Nordnet subsidiary, the leading French distributor of satellite Internet services since 2008.

7

Acceleration in growth areas

Africa & Middle East

In early January 2020, Orange inaugurated the new headquarters of its subsidiary Orange Middle East and Africa in Casablanca, Morocco. A major player in the Africa region for more than 20 years, Orange hopes to become the preferred multiservice operator for people in the region. To be successful, Orange must develop its new services in Africa thus getting closer to its customers and adapting to local specificities to best meet their needs.

As such, in February 2020, Orange announced that it had invested, through its subsidiary Orange Digital Ventures, in the pan-African marketplace Gebeya, specialized in the training and placing of future talents in African Tech. Likewise, in March 2020, Orange Digital Ventures invested in Youverify, a start-up company specializing in identity and address verification.

Mobile financial services (Orange Money – Orange Bank)

In March 2020, Orange Bank expanded its services and took a further step in its cross-selling policy with Orange by integrating Orange Courtage, a subsidiary which offers in particular insurance for mobile handsets to 450,000 individual customers and 150,000 business customers. This integration allows Orange Bank to become an insurance broker and eventually offer new insurance products. Orange Bank now has one million customers with accounts, loans or insurance.

In Africa, Orange’s strategy in mobile financial services aims to offer solutions accessible to the greatest number regardless of their income level or place of residence.

In March 2020, Orange thus announced the launch of Orange Money in Morocco. This service enables Moroccans to use their telephones to make payments and transfer money, thereby facilitating exchanges. Today, the Orange Money service is now available in all countries in Africa & Middle East. Moreover, since May 2020, Orange Money customers can transfer money from France to Morocco or Burkina Faso, in real-time and securely, directly through an Orange Money account. As of June 30, 2020, Orange Money had 54 million customers, including 19.6 million active customers using the service each month, in 16 countries (excluding associates and joint ventures).

Moreover, in July 2020, Orange and NSIA, a leader in bancassurance, announced the launch of Orange Bank Africa's commercial activities in Abidjan, Côte d’Ivoire. Orange Bank Africa via its Orange Money service will offer a range of savings and micro credit services allowing customers to borrow as little as 5,000 CFA francs using their mobile phone. Orange Bank Africa plans to expand to Senegal, Mali and Burkina Faso. The goal of Orange Bank Africa is to become the benchmark player for financial inclusion in West Africa.

Wholesale

In July 2020, Orange Wholesale France became the first wholesale operator to offer e-SIMs (embedded SIM cards) for light mobile virtual network operators (MVNOs). Through its partnership with Orange, Prixtel will become the first MVNO on the French market to offer the e-SIM to its retail customers from summer 2020. Through this process, Orange Wholesale France hopes to become the preferred partner of operators in France, by assisting them in the digitalization of the customer journey.

Orange, a people-oriented and digital employer

In February 2020, Orange announced that it planned to invest more than 1.5 billion euros in a skills development and professional retraining program. The Group decided to place the skills challenge at the heart of the Engage 2025 plan and address this challenge, defined in three major priorities: strengthen its technical expertise, develop data practices and applications, and offer each employee the chance to develop their soft skills.

Changes in asset portfolio

As announced in February 2020, on May 28, 2020, Orange Business Services launched a mandatory public buyout offer for all the shares of Business & Decision not yet held by the Group, representing 6.38% of the capital. At the close of the offer, on July 8, Orange held 95.75% of the capital and 97.22% of the voting rights of Business & Decision. The offer was followed by the delisting of the shares of Business & Decision on July 13, 2020 (see Note 4.2 to the Interim Financial Statements).

1.1.4     Information on trends and the main risks and uncertainties

The Covid-19 pandemic could aggravate all types of risks faced by the Group as described in Item 3.D Risk factors of the 2019 Annual Report on Form 20-F, and in particular:

−   Operational risks:

-     increase the pricing pressure exerted by certain Orange competitors;

-     harden the position of industry regulators;

-     contribute to the implementation of economic sanctions targeting certain critical Orange suppliers and thereby increase the risks linked to the high concentration among these suppliers;

-     aggravate the exposure of Orange to geopolitical or macroeconomic risks;

-     lead to a deterioration in the quality of service on the Orange networks due to the significant increase in traffic;

-     and contribute to changing the strategic positioning of world players in the technology sphere.

−   Legal risks:

-     cause legislative or regulatory changes notably concerning increased taxes or the granting of licenses;

-     and contribute to the increase in litigation involving Orange.

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−   Financial risks:

-     increase the cost of the Group's access to capital markets;

-     and lead to a decline in the value of goodwill or fixed assets.

−   And non-financial risks:

-     lead to an increase in cyber security attacks;

-     and have psychological impacts on Orange employees due to isolation and remote working due to the lockdown measures taken by the public authorities and passed on by the Group.

1.2     Analysis of the Group’s results and capital expenditures

1.2.1     Group revenue

1.2.1.1  Revenues

Revenue by segment (2)	2020	2019	2019	Change (%)		Change (%)
		data on a	data on a	data on a		data on a
		comparable	historical basis	comparable		historical basis
(at June 30, in millions of euros)		basis (1)		basis (1)
France	9,024	8,880	8,874	1.6	%	1.7	%
Spain	2,503	2,624	2,624	(4.6)	%	(4.6)	%
Europe	2,729	2,774	2,789	(1.6)	%	(2.1)	%
Africa & Middle East	2,845	2,742	2,737	3.8	%	3.9	%
Enterprise	3,859	3,908	3,770	(1.3)	%	2.3	%
International Carriers & Shared Services	728	746	747	(2.4)	%	(2.4)	%
Eliminations	(920)	(971)	(968)
Group total	20,769	20,703	20,573	0.3	%	1.0	%

(1)   See Section 1.5.1 Data on a comparable basis.

(2)   Revenue from telecoms activities (see Note 1.1 to the Interim Financial Statements). The Net Banking Income (NBI) of Orange Bank is recognized in other operating income (see Notes 1.2 and 1.3 to the Interim Financial Statements).

Revenue per offering (2)	2020	2019	2019	Change (%)		Change (%)
		data on a	data on a	data on a		data on a
		comparable	historical basis	comparable		historical basis
(at June 30, in millions of euros)		basis (1)		basis (1)
Convergent services	3,645	3,502	3,495	4.1	%	4.3	%
Mobile services only	5,122	5,182	5,204	(1.2)	%	(1.6)	%
Fixed services only	4,673	4,767	4,764	(2.0)	%	(1.9)	%
IT & integration services	1,555	1,479	1,334	5.1	%	16.5	%
Wholesale	4,062	3,861	3,863	5.2	%	5.2	%
Equipment sales	1,184	1,424	1,428	(16.9)	%	(17.1)	%
Other revenues	529	487	485	8.6	%	8.9	%
Group total	20,769	20,703	20,573	0.3	%	1.0	%

(1)See Section 1.5.1 Data on a comparable basis.

(2) Revenue from telecoms activities (see Note 1.1 to the Interim Financial Statements). The Net Banking Income (NBI) of Orange Bank is recognized in other operating income (see Notes 1.2 and 1.3 to the Interim Financial Statements).

The revenue of the Orange group totaled 20,769 million euros in the first half of 2020, up 1.0% on a historical basis and 0.3% on a comparable basis, compared with the first half of 2019.

On a historical basis, the 1.0%, or 196 million euro, increase in Group revenue between the first half of 2019 and the first half of 2020 reflected:

−   the favorable effect of changes in the scope of consolidation and other changes, which totals 112 million euros, and which mainly includes (i) the effect of acquisitions in July 2019 of SecureLink for 122 million euros and, to a lesser extent, BKM for 19 million euros, partially offset by the effect of the sale of Orange Niger in November 2019 for 34 million euros;

−   the positive effect of foreign exchange fluctuations, which represents 18 million euros, taking in account mainly the change in the Egyptian pound and the US dollar against the euro, partially offset by the change in the Polish zloty against the euro;

−   and organic change on a comparable basis, representing a 66 million euro increase in revenue.

On a comparable basis, the 0.3% or 66 million euro increase in Group revenue between the first half of 2019 and the first half of 2020 was attributable primarily to:

−   the 144 million euro increase in revenue in France (i.e., an increase of 1.6%). This change is mainly attributable to:

-     the increase in fixed wholesale services, principally related to the construction, operation, and commercialization of fiber optic networks (with the growth in leasing of lines to third-party operators, joint financing, and the construction of Public Initiative Networks (PIN), despite delays in the construction of PIN due to the Covid-19 health crisis,

-     growth in convergent services (driven both by the growth of the customer base and the increase in the convergent ARPO over six months, see Section 1.6.4 Financial glossary),

-     growth in other revenues (start of roll-outs of build-to-suit mobile sites) and, to a lesser extent, the increase in fixed broadband services only,

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-     partially offset by (i) the major decrease in equipment sales linked to the Covid-19 health crisis, with the closing of stores in France during the lockdown, (ii) the downward trend in fixed narrowband services only (traditional telephony), (iii) the decrease in mobile wholesale services (national roaming) and (iv) the decline in mobile services only (migration of contract offers toward convergent offers and structural decline of prepaid offers);

−   and the 103 million euro growth in revenue in Africa & Middle-East countries (up by 3.8%), driven mostly by the growth of data services and, to a lesser extent, Orange Money, despite the revenue losses recorded in this area due to the Covid-19 health crisis. The growth in the area is driven mainly by the good performances of the Côte d’Ivoire subgroup (all countries), Egypt, and the Sonatel subgroup (mainly Guinea).

These positive items were partially offset by:

−   the 121 million euro decrease in revenue in Spain (a 4.6% decline), against a backdrop of intense advertising activity and strong competition in entry-level mobile and fixed broadband. This decline mainly reflects (i) the decrease in mobile services only and, to a lesser extent, the decline in convergent services, due to the polarization of offers and the general market trend toward low-cost offers, and (ii) a major decline in equipment sales, due to the significant decrease in volumes linked to the Covid-19 health crisis (closure of stores) and a trading down on terminals sold, (iii) partially offset by the increase in wholesale, driven largely by growth in international traffic;

−   the 49 million euro decrease in revenue from Enterprise services (down 1.3%), mainly due to (i) the decline in mobile services and equipment, impacted by the Covid-19 crisis, (ii) the downward trend in voice services, and (iii) secondarily, the decrease in data services (mainly satellite TV broadcasting services), (iv) partially offset by the growth in IT & integration services (mainly Cloud and security services);

−   the 44 million euro decrease in revenue in Europe (down 1.6%), mainly due to:

-     (i) the significant decrease in sales of equipment in all countries except Moldova, resulting from the Covid-19 health crisis (closure of stores, travel restrictions, etc.), (ii) the decline in mobile services only, mainly in Belgium, Romania and Slovakia, in connection with the migration of customers toward convergent offers, (iii) the fall in other revenues in Poland (energy sales), Romania and Belgium (decrease in activity due to the Covid-19 health crisis) and, to a lesser extent, (iv) the decrease in wholesale mobile (especially in Belgium and Romania, in connection with the Covid-19 health crisis) and (v) the downward trend in fixed narrowband services only in Poland (decline in traditional telephony),

-     partially offset by (i) the significant growth in convergent services in all countries, driven in particular by the customer base and (ii) the increase in IT & integration services, mainly in Poland and, to a lesser extent, in Romania;

−   and the 18 million euro decline in revenue from services to International Carriers & Shared Services (down 2.4%), under the effect mainly of the Covid-19 health crisis (restrictions on international travel) reduction in the flows on voice corridors) and the decline in international carrier business.

Concerning the effect of the Covid-19 pandemic on the activities and the financial position of the Group, see Section 1.1.3 Significant events.

1.2.1.2   Number of customers

Number of customers	2020	2019	2019	Change (%)		Change (%)
		data on a	data on a	data on a		data on a
		comparable	historical basis	comparable		historical basis
(at June 30, in thousands, at the end of the period)		basis (1)		basis (1)
Convergent services
Number of convergent customers	10,814	10,588	10,588	2.1	%	2.1	%
Mobile services
Number of mobile accesses (2)	207,956	204,155	206,874	1.9	%	0.5	%
Incl. Mobile accesses of convergent customers	19,233	18,654	18,654	3.1	%	3.1	%
Mobile accesses only	188,722	185,501	188,219	1.7	%	0.3	%
Incl. Contract customers	75,094	72,730	72,790	3.3	%	3.2	%
Prepaid customers	132,862	131,425	134,083	1.1	%	(0.9)	%
Fixed services
Number of fixed accesses	45,120	46,025	46,026	(2.0)	%	(2.0)	%
Number of fixed retail accesses	29,322	29,892	29,894	(1.9)	%	(1.9)	%
Incl. Number of fixed broadband accesses	20,971	20,353	20,355	3.0	%	3.0	%
Incl. Accesses with very high-speed broadband	8,421	7,028	7,030	19.8	%	19.8	%
Incl. Accesses of convergent customers	10,814	10,588	10,588	2.1	%	2.1	%
Fixed accesses only	10,158	9,765	9,766	4.0	%	4.0	%
Number of fixed narrowband accesses	8,351	9,539	9,539	(12.5)	%	(12.5)	%
Number of fixed wholesale accesses	15,797	16,132	16,132	(2.1)	%	(2.1)	%
Group total (3)	253,076	250,180	252,900	1.2	%	0.1	%

(1)   See Section 1.5.1 Data on a comparable basis.

(2)   Excluding customers of Mobile Virtual Network Operators (MVNOs).

(3)   Number of mobile services and fixed services customers

During the first quarter of 2020, the Group revised its method of counting accesses. This change mainly results from a difference in the methodology used for aggregating bases (and not the bases themselves) and, secondarily, from a harmonization between countries and the integration of Wholesale FTTH access bases.

Previously, the Group distinguished between (i) mobile service customers, (ii) fixed broadband service customers and (iii) fixed-line telephony customers. Since January 1, 2020, the Group has made a distinction between (i) mobile accesses (bases unchanged) and (ii) fixed accesses, which include fixed broadband accesses (bases unchanged) and fixed narrowband accesses. In addition, fixed accesses now include Wholesale FTTH accesses in France and Spain (co-financed lines and leased lines).

This change leads to a net decrease of 13.4 million in the Group's total accesses as of June 30, 2019, through (i) eliminating double counting (mainly fixed broadband customers without Switched Telephone Network (PSTN) access who were counted in the fixed broadband customer base and in the fixed-line telephony customer base), (ii) for the PSTN customer base, measured by number of accesses (and no longer by number of lines), (iii) aligning methodology between countries, and (iv) the integration of Wholesale FTTH access bases.

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Data for previous periods were adjusted on this basis.

1.2.2     Group operating income

In the first half of 2020, Orange group operating income amounted to 2,249 million euros (breaking down into income of 2,336 million euros for the telecoms activities and a loss of 87 million euros for the Orange Bank activities) compared with 2,388 million euros in the first half of 2019 on a historical basis, a decrease of 5.8% or 139 million euros. On a historical basis, this decrease was largely attributable to:

−   the 104 million euro increase in the net expense for significant litigation, corresponding to the reassessment of risk on various disputes;

−   the 49 million euro increase in the depreciation and amortization of fixed assets, mainly in Africa & the Middle East (mainly due to the roll-out of mobile and fixed networks and the change in the Egyptian pound/euro exchange rate between the two half years), in Poland (in line with the roll-out of mobile and fixed networks) and for Enterprise services (in particular due to the SecureLink and SecureData acquisitions in 2019);

−   partially offset by the 56 million decrease in restructuring program costs, mainly for shared services (optimization of the real estate portfolio) and in France.

1.2.3     Group net income

	2020	2019
		data on a
(at June 30, in millions of euros)		historical basis
Operating income	2,249	2,388
Cost of gross financial debt except financed assets	(569)	(575)
Interests on debts related to financed assets (1)	(1)	—
Gains (losses) on assets contributing to net financial debt	1	4
Foreign exchange gain (loss)	(115)	(2)
Interests on lease liabilities (1)	(56)	(60)
Other net financial expenses	(3)	14
Effects resulting from BT stake	0	(119)
Finance costs, net	(742)	(738)
Income Tax	(491)	(513)
Consolidated net income	1,016	1,137
Net income attributable to owners of the parent company	927	1,039
Non-controlling interests	88	98

(1)   Interest on debts related to financed assets and on lease liabilities are included in segment EBITDAaL. They are excluded from segment operating income and included in net finance costs presented in the consolidated financial statement.

Consolidated net income of the Orange group amounted to 1,016 million euros in the first half of 2020, compared with 1,137 million euros in the first half of 2019, a decrease of 121 million euros. This fall is due (i) mainly to the 139 million euro decline in operating income, and (ii) secondarily, to the slight decline of 4 million euros in financial income, (iii) partially offset by the 22 million euro decrease in current tax expense (see Note 8 to the Interim Financial Statements).

The change in financial income between the two periods mainly includes (i) the counter-effect of the recognition, in the first half of 2019, of a 119 million euro expense relating to the stake in BT Group until 2019, (ii) largely offset by the recognition, in the first half of 2020, of a 115 million exchange rate loss mainly due to the effect of the revaluation of the trading derivatives held as an economic hedge of the nominal value of the subordinated notes denominated in pounds sterling and recorded in equity at their historic cost (see Notes 9.2 and 12.6 to the Interim Financial Statements).

After taking into account non-controlling interests (see Note 12.4 to the Interim Financial Statements), net income attributable to owners of the parent company totaled 927 million euros in the first half of 2020, compared with 1,039 million euros in the first half of 2019, a decrease of 112 million euros.

1.2.4     Group comprehensive income

The reconciliation of consolidated net income to consolidated comprehensive income is described in the consolidated statement of comprehensive income in the Interim Financial Statements.

1.2.5     Group capital expenditures

Investments in property, plant and equipment and intangible assets (2)	2020	2019	2019	Change (%)		Change (%)
		data on a	data on a	data on a		data on a
		comparable	historical basis	comparable		historical basis
(at June 30, in millions of euros)		basis (1)		basis (1)
eCAPEX	3,156	3,502	3,509	(9.9)	%	(10.1)	%
Elimination of proceeds from sales of property, plant and equipment and intangible assets (3)	197	131	131	50.6	%	50.2	%
Telecommunications licenses	42	507	510	(91.6)	%	(91.7)	%
Financed assets (4)	117	66	66	78.1	%	78.1	%
Group total	3,513	4,205	4,216	(16.5)	%	(16.7)	%

(1)   See Section 1.5.1 Data on a comparable basis.

(2)   See Note 1.4 to the Interim Financial Statements.

(3)   Elimination of proceeds from sales of property, plant and equipment included in Economic CAPEX (eCAPEX).

(4)   Financed assets include set-up boxes in France which are financed by an intermediary bank and meet the standard criterion of a tangible asset according to IAS 16.

Between the first half of 2019 and the first half of 2020, the drop in investments in Group property, plant and equipment and intangible assets resulted from both the fall in expenses related to telecommunication licenses and the decrease in investments in property, plant and equipment and intangible

11

assets excluding telecommunication licenses. Concerning the effect of the Covid-19 pandemic on the activities and the financial position of the Group, see Section 1.1.3 Significant events.

Financial investments (see Section 1.6.4 Financial glossary) of the Group totaled 33 million euros in the first half of 2020, compared with 154 million euros in the first half of 2019 (see the Consolidated statement of cash flows and Section 1.4.1 Liquidity and cash flows of telecoms activities).

1.2.5.1  Economic CAPEX

In the first half of 2020, the economic CAPEX of the Orange group amounted to 3,156 million euros (including 3,142 million euros for telecoms activities and 14 million euros from Orange Bank activities), down 10.1% on a historical basis and 9.9% on a comparable basis compared to the first half of 2019. The economic CAPEX to revenue ratio for telecoms activities was 15.1% in the first half of 2020, down 1.9 points on a historical basis and 1.7 points on comparable basis compared to the first half of 2019.

On a historical basis, the 10.1% drop in economic CAPEX of the Group between the first half of 2019 and the first half of 2020, i.e., a 353 million euro decline, is due to (i) the unfavorable effect of changes in the scope of consolidation and other changes for 7 million euros, and (ii) the organic change on a comparable basis, i.e., a decline of 346 million euros in economic CAPEX.

On a comparable basis, the 346 million euro decline in economic CAPEX of the Group between the first half of 2019 and the first half of 2020, i.e., a 9.9% drop, is mainly due to:

−   the increase in external financings between the two periods. Group investments benefitted from co-financing received from other operators and subsidies, particularly in France, Spain and Poland;

−   the significant change in investments over the first half of 2020, due to the Covid-19 health crisis, which led in particular to:

-     significant delays in very high-speed fixed and mobile broadband network deployments (fiber optic and 4G/5G, see Section 1.1.3 Significant events), in particular in France and Spain, and to a lesser extent, in Europe (mainly Poland). In France, the growth in gross investments realized as part of the roll-out of FTTH networks between the two periods was particularly slowed by the Covid-19 health crisis,

-     and more generally, (i) delays in the roll-out of other fixed and mobile networks, and (ii) postponements in IT-related investment projects and equipment projects installed at customers' premises;

−   the growth in disposals of fixed assets:

-     in Spain, as part of the disposal of 1,500 non-strategic mobile sites to Cellnex for 260 million euros (including 75 million euros in the first half of 2020), announced in December 2019,

-     in France, with in particular the disposal of FTTH connections to SFR in the first half of 2020, following the agreement reached in May 2018 between Orange and SFR (agreement that led to Orange withdrawing from 236 municipalities within its AMII zone, to SFR's benefit),

-     partially offset by the decrease in disposals carried out as part of the optimization of the real estate portfolio, mainly for shared services (and linked to the counter-effect of the significant disposals carried out in the first half of 2019 and delays in real estate restructuring projects due to the Covid-19 health crisis);

−   and the decrease in economic CAPEX related to rented handsets, Livebox and equipment installed at customers' premises, mainly in France, and to a lesser extent, for Enterprise services;

−   partially offset by the growth in investments in Africa & Middle East networks (Egypt, Botswana, Morocco, Burkina Faso, etc.) and mainly related to fixed and mobile very high-speed broadband networks (4G and fiber optic).

As of June 30, 2020, 43.5 million households had connectivity to very high-speed broadband (an increase of 22.7% year-on-year), including 19.3 million in France, 15.1 million in Spain, 4.6 million in Poland, and 2.5 million in Romania (following the mutual network sharing agreement with Telekom Romania);

1.2.5.2  Telecommunication licenses

In the first half of 2020, costs related to telecommunication licenses stood at 42 million euros and mainly involved (i) Romania for 30 million euros (with the renewal of the 3G license in the 2,100 MHz frequency band), and (ii) Morocco for 9 million euros (reallocation of 4G frequencies in the 800 MHz frequency band).

In the first half of 2019, costs related to telecommunication licenses amounted to 510 million euros on a historical basis, mostly related to (i) Spain for 297 million euros, (ii) Burkina Faso for 119 million euros, with the acquisition of a technologically-neutral 2G/3G/4G license, and (ii) Guinea for 82 million euros, including both the renewal of the current license with additional spectral resources and the acquisition of a 4G license, and the acquisition of a new technologically-neutral 2G/3G/4G license.

In addition, telecommunication licenses may give rise, under certain circumstances, to annual fees recognized under operating taxes and levies in the consolidated income statement.

1.3      Analysis by operating segment

The table below shows the main operating data (financial data and workforce) for the Orange group under each operating segment in the first halves of 2020, 2019 on a comparable basis and 2019 on a historical basis.

12

For more details on segment information, see Note 1 to the Interim Financial Statements.

Half-years ended June 30	France	Spain	Europe	Africa & Middle
(in millions of euros)				East
June 30, 2020
Revenue	9,024	2,503	2,729	2,845
EBITDAaL	3,301	728	730	935
Operating income	1,557	228	173	456
eCAPEX	1,635	392	369	449
Telecommunication licenses	0	3	30	9
Average number of employees	51,909	7,017	20,089	14,440
June 30, 2019 – Data on a comparable basis (1)
Revenue	8,880	2,624	2,774	2,742
EBITDAaL	3,284	787	699	872
eCAPEX	1,862	529	401	420
Telecommunication licenses	0	297	0	209
Average number of employees	54,117	6,884	21,267	14,463
June 30, 2019 – Data on a historical basis
Revenue	8,874	2,624	2,789	2,737
EBITDAaL	3,281	787	708	868
Operating income	1,649	254	170	435
eCAPEX	1,862	529	407	418
Telecommunication licenses	—	297	—	213
Average number of employees	54,133	6,884	21,072	14,912

(1)   See Section 1.5.1 Data on a comparable basis.

Half-years ended June 30	Enterprise	International	Telecoms	Telecoms	Orange Bank	Group
(in millions of euros)		Carriers &	activities	activities total		eliminations
		Shared Services	eliminations
June 30, 2020
Revenue	3,859	728	(918)	20,771	—	(1)
EBITDAaL	471	(179)	—	5,986	(72)	1
Operating income	267	(345)	—	2,336	(87)	1
eCAPEX	174	123	—	3,142	14	—
Telecommunication licenses	0	0	—	42	—	—
Average number of employees	27,116	12,682	—	133,254	831	—
June 30, 2019 – Data on a comparable basis (1)
Revenue	3,908	746	(969)	20,705	—	(2)
EBITDAaL	578	(183)	—	6,037	(78)	1
eCAPEX	200	73	—	3,486	16	—
Telecommunication licenses	—	0	—	507	—	—
Average number of employees	26,235	12,592	—	135,557	835	—
June 30, 2019 – Data on a historical basis
Revenue	3,770	747	(966)	20,575	—	(2)
EBITDAaL	565	(174)	—	6,035	(78)	1
Operating income	360	(393)	—	2,475	(88)	1
eCAPEX	197	80	—	3,493	16	—
Telecommunication licenses	—	—	—	510	—	—
Average number of employees	25,420	12,549	—	134,970	834	—

1.3.1     France

France	2020		2019		2019		Change (%)		Change (%)
			data on a		data on a		data on a		data on a
			comparable		historical basis		comparable		historical basis
(at June 30, in millions of euros)			basis (1)				basis (1)
Revenue	9,024		8,880		8,874		1.6	%	1.7	%
EBITDAaL	3,301		3,284		3,281		0.5	%	0.6	%
EBITDAaL/Revenue	36.6	%	37.0	%	37.0	%
Operating income	1,557				1,649				(5.6)	%
eCAPEX	1,635		1,862		1,862		(12.2)	%	(12.2)	%
eCAPEX/Revenue	18.1	%	21.0	%	21.0	%
Telecommunication licenses (2)	0		0		—		94.9	%	94.9	%
Average number of employees	51,909		54,117		54,133		(4.1)	%	(4.1)	%

(1)   See Section 1.5.1 Data on a comparable basis.

(2)   See Section 1.2.5.2 Telecommunication licenses.

13

1.3.1.1  Revenue – France

France	2020	2019	2019	Change (%)		Change (%)
		data on a	data on a	data on a		data on a
		comparable	historical basis	comparable		historical basis
(at June 30, in millions of euros)		basis (1)		basis (1)
Revenue	9,024	8,880	8,874	1.6	%	1.7	%
Retail services (2)	5,377	5,376	5,375	0.0	%	0.0	%
Convergent services	2,268	2,165	2,153	4.7	%	5.3	%
Mobile services only	1,124	1,157	1,168	(2.9)	%	(3.8)	%
Fixed services only	1,986	2,054	2,054	(3.3)	%	(3.3)	%
Fixed only broadband services	1,363	1,337	1,337	1.9	%	1.9	%
Fixed only narrowband services	623	717	717	(13.2)	%	(13.2)	%
Wholesale	2,871	2,678	2,672	7.2	%	7.5	%
Equipment sales	458	578	578	(20.8)	%	(20.8)	%
Other revenue	318	248	249	28.1	%	27.6	%

(1)   See Section 1.5.1 Data on a comparable basis.

(2)   See Section 1.6.4 Financial glossary.

On a historical basis, the 150 million euro increase in revenues in France between the first half of 2019 and the first half of 2020 is explained by (i) the favorable effect of changes in the scope of consolidation and other changes for 6 million euros and (ii) organic growth on a comparable basis, i.e., a 144 million euro increase.

On a comparable basis, the 144 million euro increase in revenues in France between the first half of 2019 and the first half of 2020 was mainly due to strong growth in Wholesale, the increase in convergent services and the rise in other revenues. This increase is partially offset by (i) the effects of the Covid-19 health crisis resulting mainly in the fall in equipment sales and, to a lesser extent, revenue related to roaming, and (ii) the decline in traditional telephony services (narrowband).

On a comparable basis, the 144 million euro increase in revenue in France between the two periods, i.e., a 1.6% increase, is mainly attributable to:

− the 194 million euro increase in Wholesale, driven by the development of fiber optic offers, mainly related to the growth in joint financings, and the growth in leasing of lines to third party operators, but also the construction of Public Initiative Networks (although at a slower pace due to the Covid-19 health crisis), largely offsetting the effects of the fall in unbundling and national roaming;

−   the 103 million euro increase in Convergent services which continue to grow, with year-on-year growth of 1.1% in the convergent customer base, boosted by the success of the Open offers and supported by growth in value. In this respect, convergent half-year ARPO (see Section 1.6.4 Financial glossary) increased 2.3% between June 30, 2019 and June 30, 2020, to reach 68.8 euros per month and per offer in the first half of 2020. Furthermore, the number of mobile telephones in households continues to grow, with 9.7 million convergent mobile customers at June 30, 2020 (growth of 2.4% year-on-year) equivalent to 1.67 mobile accesses per convergent customer;

−   and to a lesser extent, the 70 million euro growth in Other revenues, driven mainly by the launch of the build-to-suit mobile site roll-outs, enabling Orange to accelerate the roll-out of its mobile network and strengthen its coverage in less dense areas and along transport routes, while limiting investments.

This increase is partially offset:

−   by the 120 million euro decrease in Equipment sales revenues, sharply impacted by the Covid-19 health crisis, due to the closure of stores in France during the lockdown;

−   by the drop in revenue from Fixed services only, down 68 million euros, due to the downward trend in conventional telephony (down 13.2%, i.e., 94 million euros) and the migration of customers towards convergent offers. Revenue from fixed only broadband services increased 1.9% year-on-year due to the 2.6% growth in the fixed only broadband access base year-on-year, the half-year fixed only broadband ARPO (see Section 1.6.4 Financial glossary) being relatively stable year-on-year (a slight decline of 0.1%);

−   and by the drop in revenues from Mobile services only (a decline of 33 million euros year-on-year) mainly due to (i) the 3.7% decline year-on-year in the mobile only access base, connected to the competitive pressure and structural decline of prepaid offers, (ii) and the 0.9% drop in half-year mobile only ARPO (see Section 1.6.4 Financial glossary), impacted by the drop in non-contract roaming related directly to the Covid-19 health crisis.

1.3.1.2  EBITDAaL – France

On a historical basis, the 20 million euro increase in EBITDAaL in France between the first half of 2019 and the first half of 2020 reflects (i) the favorable effect of changes in the scope of consolidation and other changes for 3 million euros, partially offset by the unfavorable effect of foreign exchange fluctuations for 1 million euros, and (ii) organic change on a comparable basis, i.e., an increase of 17 million euros in EBITDAaL.

On a comparable basis, the 17 million euro increase in EBITDAaL in France between the first half of 2019 and the first half of 2020 can essentially be attributed to:

−   (i) the decrease in commercial expenses and equipment costs, mainly costs of handsets and other equipment sold in line with the drop in equipment sales prompted by the Covid-19 health crisis and (ii) the 144 million euro increase in revenues;

−   partially offset by (i) the increase in other external purchases, in particular purchases for resale related to the construction of Public Initiative Networks (PIN) as well as purchases related to the health and safety of employees in the context of the Covid-19 health crisis, (ii) the decline in other operating income (net of other operating expenses), related in particular to the increase in impairments and losses on trade receivables related to the Copvid-19 health crisis, (iii) the increase in interconnection costs, (iv) the increase in taxes and operating payables, relating among other things to the increase in the flat-rate tax on network enterprises (IFER, linked to the roll-out of fiber and the increase in the line unit tariffs from January 1, 2020), and (v) by the increase in depreciation of right-of-use assets and financed assets.

14

1.3.1.3  Operating income – France

On a historical basis, the 92 million euro decrease in operating income in France between the first half of 2019 and the first half of 2020 was mainly due to:

−   recognition of a net expense on significant litigations of 167 million euros in the first half of 2020, relating to the reassessment of risk on various disputes;

−   partially offset by (i) the 23 million euro increase in the gain on disposal of fixed assets, (ii) the 21 million euro reduction in restructuring program costs, and (iii) the 20 million euro increase in EBITDAaL.

1.3.1.4  Economic CAPEX – France

On both a historical basis and a comparable basis, the 227 million euro decrease in economic CAPEX in France between the first half of 2019 and the first half of 2020 can essentially be attributed to:

−   (i) the increase in co-financing received from other operators as part of fiber optic network roll-outs, and (ii) by the increase in disposals of fixed assets, with in particular the disposal of FTTH connection points to SFR during the first half of 2020, following the agreement reached in May 2018 between Orange and SFR (agreement that led to Orange withdrawing from 236 municipalities within its AMII zone, to SFR's benefit);

−   partially offset by the growth in gross investments realized as part of the roll-out of FTTH networks between the two periods (growth that was nonetheless slowed by the Covid-19 health crisis).

1.3.1.5  Additional information – France

France	2020	2019	2019	Change (%)		Change (%)
		data on a	data on a	data on a		data on a
		comparable	historical basis	comparable		historical basis
(at June 30, in thousands, at the end of the period)		basis (1)		basis (1)
Convergent services
Number of convergent customers	5,796	5,734	5,734	1.1	%	1.1	%
Convergent ARPO (half-year, in euros) (3)	68.8	67.3	66.9	2.3	%	2.8	%
Mobile services
Number of mobile accesses (2)	21,467	21,697	21,697	(1.1)	%	(1.1)	%
Incl.    Mobile accesses of convergent customers	9,692	9,468	9,468	2.4	%	2.4	%
Mobile only accesses	11,775	12,228	12,228	(3.7)	%	(3.7)	%
Incl.    Contract customers	19,417	19,308	19,308	0.6	%	0.6	%
Prepaid customers	2,050	2,389	2,389	(14.2)	%	(14.2)	%
Mobile only ARPO (half-year, in euros) (3)	16.6	16.8	16.9	(0.9)	%	(1.8)	%
Fixed services
Number of fixed accesses (4)	30,674	31,441	31,441	(2.4)	%	(2.4)	%
Number of fixed retail accesses	16,044	16,512	16,512	(2.8)	%	(2.8)	%
Incl.    Number of fixed broadband accesses	11,755	11,543	11,543	1.8	%	1.8	%
Incl.    Accesses with very high-speed broadband	3,766	2,920	2,920	29.0	%	29.0	%
Incl.    Accesses of convergent customers	5,796	5,734	5,734	1.1	%	1.1	%
Fixed only accesses	5,959	5,809	5,809	2.6	%	2.6	%
Fixed only broadband ARPO (half-year, in euros) (3)	36.4	36.5	36.5	(0.1)	%	(0.1)	%
Incl.    Number of fixed narrowband accesses	4,289	4,969	4,969	(13.7)	%	(13.7)	%
Incl.    STN accesses	4,253	4,934	4,934	(13.8)	%	(13.8)	%
Other fixed accesses	36	35	35	2.0	%	2.0	%
Number of fixed wholesale accesses	14,630	14,929	14,929	(2.0)	%	(2.0)	%
Incl.    FTTH accesses	3,005	1,934	1,934	55.4	%	55.4	%
Copper accesses	11,624	12,995	12,995	(10.5)	%	(10.5)	%

(1)   See Section 1.5.1 Data on a comparable basis.

(2)   Excluding customers of Mobile Virtual Network Operators (MVNOs).

(3)   See Section 1.6.4 Financial glossary.

(4)   Change in the recognition method of fixed accesses on January 1, 2020. See Section 1.2.1.2 Number of customers.

1.3.2     Spain

Spain	2020		2019		2019		Change (%)		Change (%)
			data on a		data on a		data on a		data on a
			comparable		historical basis		comparable		historical basis
(at June 30, in millions of euros)			basis (1)				basis (1)
Revenue	2,503		2,624		2,624		(4.6)	%	(4.6)	%
EBITDAaL	728		787		787		(7.5)	%	(7.5)	%
EBITDAaL/Revenue	29.1	%	30.0	%	30.0	%
Operating income	228				254				(10.3)	%
eCAPEX	392		529		529		(25.9)	%	(25.9)	%
eCAPEX/Revenue	15.7	%	20.2	%	20.2	%
Telecommunication licenses (2)	3		297		297		(99.1)	%	(99.1)	%
Average number of employees	7,017		6,884		6,884		1.9	%	1.9	%

(1)   See Section 1.5.1 Data on a comparable basis.

(2)   See Section 1.2.5.2 Telecommunication licenses.

15

1.3.2.1  Revenue – Spain

Spain	2020	2019	2019	Change (%)		Change (%)
		data on a	data on a	data on a		data on a
		comparable	historical basis	comparable		historical basis
(at June 30, in millions of euros)		basis (1)		basis (1)
Revenue	2,503	2,624	2,624	(4.6)	%	(4.6)	%
Retail services	1,779	1,889	1,890	(5.8)	%	(5.8)	%
Convergent services	1,020	1,049	1,049	(2.8)	%	(2.8)	%
Mobile services only	517	584	584	(11.5)	%	(11.5)	%
Fixed services only	238	254	254	(6.1)	%	(6.1)	%
IT & integration services	4	3	3	56.3	%	56.3	%
Wholesale	449	418	418	7.6	%	7.6	%
Equipment sales	263	317	316	(17.0)	%	(17.0)	%
Other revenue	12	0	—	—		—

(1)   See Section 1.5.1 Data on a comparable basis.

On both a historical basis and a comparable basis, the 121 million euro decrease in revenue in Spain between the first half of 2019 and the first half of 2020 is mainly attributable to (i) the decrease in mobile services only, and to a lesser extent, the drop in convergent services, due to the polarization of offers and the overall shift in the market to low-cost offers, (ii) the decline in equipment sales, due in particular to the Covid-19 health crisis, (iii) partially offset by the growth in Wholesale, driven in large part by the growth in international traffic.

In the first half of 2020, revenue in Spain was negatively impacted by the Covid-19 health crisis, particularly during the lockdown, due to the closure of stores but also because of the bans on fixed portability and on aggressive marketing campaigns.

On both a historical and a comparable basis, the 121 million euro decrease in revenues in Spain between the two periods, i.e., a drop of 4.6% is mainly attributable to:

−   the 67 million euro decline in revenues from Mobile services only mainly due to the migration of the market towards low cost offers, resulting in (i) a drop of 6.6% in the half-year mobile only ARPO year-on-year, and (ii) a decline of 4.3% in the mobile only access base year-on-year;

−   the 54 million euro drop in Equipment sales, due to the significant drop in volumes related to the Covid-19 health crisis (closure of stores) and a move away from the higher-end in handsets sold;

−   the 29 million euro decrease in revenues from Convergent services, mainly due in particular to (i) a still challenging competitive environment, resulting in a 3.7% drop in the convergent customer base year-on-year, while the half-year convergent ARPO remained stable (slightly up by 0.1% year-on-year), and (ii) the effects of the Covid-19 health crisis, particularly on soccer content offers following the halt to the sports season;

−   and to a lesser extent, the 16 million euro drop in revenues from Fixed services only, impacted by a very competitive environment and the Covid-19 health crisis, resulting in a 2.6% decline in the fixed only broadband access base, the half-year fixed only ARPO also dropping by 3.4% year-on-year;

−   partially offset by the 32 million euro growth in Wholesale revenues, driven mainly by the growth in international traffic, and despite the drop in international roaming due to restrictions on travel and the closure of borders related to the Covid-19 health crisis.

1.3.2.2  EBITDAaL – Spain

On both a historical basis and a comparable basis, the 59 million euro decrease in EBITDAaL in Spain between the first half of 2019 and the first half of 2020 can essentially be attributed to:

−   (i) the 121 million euro drop in revenues, (ii) the growth in interconnection expenses, connected with the growth in Wholesale activity, (iii) the rise in content costs, due mainly to the increase in soccer rights, and (iv) the decrease in other operating income;

−   partially offset (i) by the decrease in commercial expenses and equipment costs, related to the Covid-19 health crisis (with the decline in costs of terminals and other products sold, and lower distribution commissions), and to a lesser extent, (ii) by the drop in taxes and operating levies, and (iii) by the decline in depreciation of right-of-use assets, due to lower use of lease network access due to the development of the FTTH network and the increase in connection of customers to owned assets.

1.3.2.3  Operating income – Spain

On a historical basis, the 26 million euro decrease in operating income in Spain between the first half of 2019 and the first half of 2020 mainly resulted from the 59 million euro decrease in EBITDAaL, partially offset (i) by the 22 million euro increase in gains (losses) on disposal of fixed assets and, to a lesser extent, (ii) the 6 million euro decrease in depreciation and amortization of fixed assets and (iii) the 6 million euro drop in restructuring program costs.

1.3.2.4  Economic CAPEX – Spain

On both a historical basis and a comparable basis, the 137 million euro decrease in economic CAPEX in Spain between the first half of 2019 and the first half of 2020 resulted from (i) the increase in disposals of fixed assets, mainly as part of the disposal of 1,500 non-strategic mobile sites to Cellnex for 260 million euros (of which 75 million euros in the first half of 2020), and (ii) lower investment in the fixed and mobile networks due to roll-out delays related to the Covid-19 health crisis.

16

1.3.2.5  Additional information – Spain

Spain	2020	2019	2019	Change (%)		Change (%)
		data on a	data on a	data on a		data on a
		comparable	historical basis	comparable		historical basis
(at June 30, in thousands, at the end of the period)		basis (1)		basis (1)
Convergent services
Number of convergent customers	2,949	3,062	3,062	(3.7)	%	(3.7)	%
Convergent ARPO (half-year, in euros) (3)	57.9	57.8	57.8	0.1	%	0.1	%
Mobile services
Number of mobile accesses (2)	15,863	16,386	16,386	(3.2)	%	(3.2)	%
Incl.    Mobile accesses of convergent customers	5,787	5,857	5,857	(1.2)	%	(1.2)	%
Mobile only accesses	10,076	10,529	10,529	(4.3)	%	(4.3)	%
Incl.    Contract customers	13,651	13,635	13,635	0.1	%	0.1	%
Prepaid customers	2,212	2,751	2,751	(19.6)	%	(19.6)	%
Mobile only ARPO (half-year, in euros) (3)	11.3	12.1	12.1	(6.6)	%	(6.6)	%
Fixed services
Number of fixed accesses (4)	4,648	4,727	4,727	(1.7)	%	(1.7)	%
Number of fixed retail accesses	3,966	4,106	4,106	(3.4)	%	(3.4)	%
Incl.    Number of fixed broadband accesses	3,966	4,106	4,106	(3.4)	%	(3.4)	%
Incl.    Accesses with very high-speed broadband	3,192	3,068	3,068	4.0	%	4.0	%
Incl.    Accesses of convergent customers	2,949	3,062	3,062	(3.7)	%	(3.7)	%
Fixed only accesses	1,017	1,044	1,044	(2.6)	%	(2.6)	%
Fixed only broadband ARPO (half-year, in euros) (3)	30.1	31.2	31.2	(3.4)	%	(3.4)	%
Number of fixed wholesale accesses	683	622	622	9.8	%	9.8	%

(1)   See Section 1.5.1 Data on a comparable basis.

(2)   Excluding customers of Mobile Virtual Network Operators (MVNOs).

(3)   See section 1.6.4 Financial glossary.

(4)   Change in the recognition method of fixed accesses on January 1, 2020 (see Section 1.2.1.2 Number of customers).

1.3.3     Europe

Europe	2020		2019		2019		Change (%)		Change (%)
			data on a		data on a		data on a		data on a
			comparable		historical basis		comparable		historical basis
(at June 30, in millions of euros)			basis (1)				basis (1)
Revenue	2,729		2,774		2,789		(1.6)	%	(2.1)	%
EBITDAaL	730		699		708		4.3	%	3.0	%
EBITDAaL/Revenue	26.7	%	25.2	%	25.4	%
Operating income	173				170				1.9	%
eCAPEX	369		401		407		(8.2)	%	(9.5)	%
eCAPEX/Revenue	13.5	%	14.5	%	14.6	%
Telecommunication licenses (2)	30		0		—		ns		ns
Average number of employees	20,089		21,267		21,072		(5.5)	%	(4.7)	%

(1)   See Section 1.5.1 Data on a comparable basis.

(2)   See Section 1.2.5.2 Telecommunication licenses.

1.3.3.1  Revenue – Europe

Europe	2020	2019	2019	Change (%)		Change (%)
		data on a	data on a	data on a		data on a
		comparable	historical basis	comparable		historical basis
(at June 30, in millions of euros)		basis (1)		basis (1)
Revenue	2,729	2,774	2,789	(1.6)	%	(2.1)	%
Retail services	1,817	1,766	1,768	2.9	%	2.7	%
Convergent services	357	288	293	23.9	%	21.8	%
Mobile services only	1,008	1,058	1,065	(4.7)	%	(5.3)	%
Fixed services only	308	321	326	(3.9)	%	(5.6)	%
IT & integration services	143	99	84	45.0	%	71.4	%
Wholesale	506	523	530	(3.2)	%	(4.5)	%
Equipment sales	348	397	401	(12.3)	%	(13.3)	%
Other revenue	58	89	90	(34.2)	%	(34.7)	%

(1)   See Section 1.5.1 Data on a comparable basis.

On a historical basis, the 60 million euro decrease in revenues in Europe between the first half of 2019 and the first half of 2020 includes (i) the negative effect of foreign exchange fluctuations for 35 million euros (mainly due to the change in the Polish zloty/euro exchange rate), partially offset by the favorable effects of changes in the scope of consolidation and other changes for 19 million euros (resulting chiefly from the acquisition of BKM in Belgium on July 30, 2019), and (iii) organic change on a comparable basis, i.e., a decrease of 44 million euros in revenue.

On a comparable basis, the 44 million euro decrease in revenue in Europe between the two periods, i.e., a 1.6% drop, is mainly attributable to the following:

−   (i) the fall in equipment sales in almost all countries, (ii) the decrease in mobile services only, mainly in Belgium, Romania and Slovakia, (iii) the decline in other revenues in Poland, to a lesser extent, (iv) the decrease in Wholesale and (v) the downward trend in fixed only narrowband services in Poland;

17

−   partially offset by the growth in convergent services, in all countries, and to a lesser extent, by the increase in IT & integration services.

On a comparable basis, this 44 million euro decrease in revenues between the two periods resulted mainly from the drop in revenues from Romania, Belgium, and to a lesser extent, Slovakia, partially offset by the increase in revenues in Poland.

In the first half of 2020, revenues in Europe were impacted by the Covid-19 health crisis, in particular Equipment sales, down 49 million euros between the two periods, in almost all countries (except for Moldova), mainly due to the closure of stores during lockdown. The pandemic also impacted international roaming, down due to the closure of borders and restrictions on travel in certain countries.

The drop in revenues in Europe between the two periods is mainly due to:

−   the 49 million euro drop in revenues from Mobile services only, related to the slight decline of 0.5% year-on-year in the mobile only access base (in particular in the central European countries) under the combined effects of fewer prepaid access sales and customer migration to convergent services. In addition, the half-year mobile only ARPO has fallen in almost all countries, partly due to lower revenue from international roaming;

−   a 30 million euro decrease in Other revenues, mainly relating to (i) Belgium and Romania, linked to the lower activity as a result of the Covid-19 health crisis, and (ii) Poland, due to lower energy sales;

−   to a lesser extent, (i) the 17 million euro decrease in Wholesale revenues, particularly due to the decline in wholesale mobile related to the Covid-19 health crisis, in almost all countries, resulting mainly from lower SMS volumes and roaming in Belgium, as well as the lower call termination rates (mainly in Romania), and (ii) the 12 million euro decrease in Fixed services only, chiefly related to the downward trend in traditional telephony  in Poland, and the migration of customers to convergent offers.

This decline was partially offset by:

−   the 69 million euro increase in revenues of Convergent services, up in all countries, with a 15.4% year-on-year increase in the convergent customer base (mainly in Poland and Belgium, with good performance from Love offers), related to the migration of customers to convergent services. This volume growth also supported growth of 3.4% in half-year convergent ARPO in Poland;

−   and the 44 million euro increase in revenue from IT & integration services, in particular in Poland, and to a lesser extent in Romania, due to the extension of IT services and videoconference services in this country.

1.3.3.2  EBITDAaL – Europe

On a historical basis, the 22 million euro increase in EBITDAaL in Europe between the first half of 2019 and the first half of 2020 included (i) the unfavorable effect of foreign exchange fluctuations for 8 million euros, (ii) the negative effect of changes in the scope of consolidation and other changes for 1 million euros, (iii) more than offset by the organic change on a comparable basis, i.e., an increase of 30 million euros in EBITDAaL.

On a comparable basis, the 30 million euro increase in EBITDAaL in Europe between the first half of 2019 and the first half of 2020 can essentially be attributed to:

−   the drop in commercial expenses, equipment and content costs, mainly due to the decline in the cost of handsets and other equipment sold prompted by the Covid-19 health crisis;

−   the decrease in labor expenses, (i) mainly in Poland, with, on the one hand, the effect of the drop in the average number of employees (full-time equivalents), and on the other, the effect of a 14 million euro reversal of pension provisions with respect to the amendment of the Seniority awards plan, and (ii) to a lesser extent, in Belgium;

−   partially offset by the 44 million euro decrease in revenues.

1.3.3.3  Operating income – Europe

On a historical basis, the 3 million euro increase in operating income in Europe between the first half of 2019 and the first half of 2020 was mainly due to the 22 million euro growth in EBITDAaL, partially offset by (i) the 13 million euro increase in depreciation and amortization of fixed assets, mainly in Poland, and the 8 million euro decline in gains (losses) from disposals of fixed assets.

1.3.3.4  Economic CAPEX – Europe

On a historical basis, the 39 million euro drop in economic CAPEX in Europe between the first half of 2019 and the first half of 2020 is due to (i) the adverse effect of foreign exchange fluctuations, i.e., 6 million euros, and (ii) the organic change on a comparable basis, i.e., a decline of 33 million euros in economic CAPEX.

On a comparable basis, the 33 million euro drop in economic CAPEX in Europe between the first half of 2019 and the first half of 2020 resulted mainly from the effects of the Covid-19 health crisis, having led to delays (i) in investments relating to fixed broadband networks and IT projects, mainly in Poland, and (ii) in investments linked to mobile networks, particularly impacted by travel restrictions.

18

1.3.3.5  Additional information – Europe

Europe	2020	2019	2019	Change (%)		Change (%)
		data on a	data on a	data on a		data on a
		comparable	historical basis	comparable		historical basis
(at June 30, in thousands, at the end of the period)		basis (1)		basis (1)
Convergent services
Number of convergent customers	2,068	1,792	1,792	15.4	%	15.4	%
Mobile services
Number of mobile accesses (2)	34,235	33,955	33,955	0.8	%	0.8	%
Incl.    Mobile accesses of convergent customers	3,754	3,329	3,329	12.8	%	12.8	%
Mobile only accesses	30,481	30,625	30,625	(0.5)	%	(0.5)	%
Incl.    Contract customers	23,358	22,562	22,562	3.5	%	3.5	%
Prepaid customers	10,877	11,393	11,393	(4.5)	%	(4.5)	%
Fixed services
Number of fixed accesses (3)	6,054	6,305	6,305	(4.0)	%	(4.0)	%
Number of fixed retail accesses	5,569	5,723	5,723	(2.7)	%	(2.7)	%
Incl.    Number of fixed broadband accesses	3,563	3,355	3,355	6.2	%	6.2	%
Incl.    Accesses with very high-speed broadband	1,203	914	914	31.6	%	31.6	%
Incl.    Accesses of convergent customers	2,068	1,792	1,792	15.4	%	15.4	%
Fixed only accesses	1,495	1,563	1,563	(4.3)	%	(4.3)	%
Incl.    Number of fixed narrowband accesses	2,005	2,368	2,368	(15.3)	%	(15.3)	%
Number of fixed wholesale accesses	485	582	582	(16.6)	%	(16.6)	%

(1)   See Section 1.5.1 Data on a comparable basis.

(2)   Excluding customers of Mobile Virtual Network Operators (MVNOs).

(3)   Change in the recognition method of fixed accesses on January 1, 2020 (see Section 1.2.1.2 Number of customers).

1.3.4     Africa & Middle East

Africa & Middle East	2020		2019		2019		Change (%)		Change (%)
			data on a		data on a		data on a		data on a
			comparable		historical basis		comparable		historical basis
(at June 30, in millions of euros)			basis (1)				basis (1)
Revenue	2,845		2,742		2,737		3.8	%	3.9	%
EBITDAaL	935		872		868		7.2	%	7.7	%
EBITDAaL/Revenue	32.9	%	31.8	%	31.7	%
Operating income	456				435				4.7	%
eCAPEX	449		420		418		6.8	%	7.4	%
eCAPEX/Revenue	15.8	%	15.3	%	15.3	%
Telecommunication licenses (2)	9		209		213		(95.5)	%	(95.6)	%
Average number of employees	14,440		14,463		14,912		(0.2)	%	(3.2)	%

(1)   See Section 1.5.1 Data on a comparable basis.

(2)   See Section 1.2.5.2 Telecommunication licenses.

Africa & Middle East continue to suffer political or economic instability and sometimes tax or regulatory pressures that could affect the business and results of Group subsidiaries and holdings, and may continue to affect them in the future. In some cases, these situations may lead the Group to recognize impairments on its assets (see Note 7 to the Interim Financial Statements). For further information on the related risk factors, see Item 3.D Risk factors of the 2019 Annual Report on Form 20-F.

1.3.4.1  Revenue – Africa & Middle East

Africa & Middle East	2020	2019	2019	Change (%)		Change (%)
		data on a	data on a	data on a		data on a
		comparable	historical basis	comparable		historical basis
(at June 30, in millions of euros)		basis (1)		basis (1)
Revenue	2,845	2,742	2,737	3.8	%	3.9	%
Retail services	2,444	2,287	2,288	6.8	%	6.8	%
Mobile services only	2,164	2,039	2,042	6.1	%	5.9	%
Fixed services only	270	242	240	11.4	%	12.2	%
IT & integration services	11	6	6	73.3	%	73.1	%
Wholesale	342	392	391	(12.7)	%	(12.5)	%
Equipment sales	40	46	45	(13.1)	%	(11.0)	%
Other revenue	19	17	13	13.5	%	52.6	%

(1)   See Section 1.5.1 Data on a comparable basis.

On a historical basis, the 108 million euro increase in Africa & Middle East revenues between the first half of 2019 and the first half of 2020 reflects:

−   (i) by the positive effects of foreign exchange fluctuations of 43 million euros, mainly due to fluctuations in the Egyptian pound, the Jordanian dinar, and the Moroccan dirham, against the euro, (ii) partially offset by the negative effect of changes in the scope of consolidation and other changes for 38 million euros, mainly relating to the disposal of Orange Niger on November 22, 2019;

−   and organic change on a comparable basis i.e., a 103 million euro increase in revenue.

19

On a comparable basis, the 103 million euro increase in Africa & Middle-East revenues between the first half of 2019 and the first half of 2020 is mainly explained by growth in the business (i) of the Côte d'Ivoire sub-group (primarily driven by Côte d'Ivoire and Burkina Faso), (ii) of Egypt, and (iii) of the Sonatel sub-group (primarily driven by Guinea).

The growth in revenues between the two periods was mainly driven by the 125 million euro increase in Mobile services only, linked to the growth drivers of data services, up 26.7% year-on-year, and Orange Money, up 17.2% year-on-year, despite the Covid-19 health crisis having resulted in regulatory restrictions put in place by central banks for mobile payment services. Furthermore, the mobile access base continues to grow and posted an increase of 3.0% year-on-year.

To a lesser extent, the revenues from Fixed services only grew 28 million euros between the two periods, driven by the growth in broadband services, which increased 36 million euros (i.e., up 27.8% year-on-year), with a base of 1.4 million accesses as of June 30, 2020 (growth of 31.6% year-on-year).

These positive changes were partially offset by the effects of the Covid-19 health crisis in the first half of 2020, regarding (i) mainly Wholesale revenues, which fell by 50 million euros between the two periods, reflecting in particular the drop in incoming international traffic volumes, and (ii) to a lesser extent, Equipment sales, down due to the closure of distribution points during the lockdowns.

1.3.4.2  EBITDAaL – Africa & Middle-East

On a historical basis, the 67 million euro increase in EBITDAaL in Africa & Middle East between the first half of 2019 and the first half of 2020 included (i) the negative effect of changes in the scope of consolidation and other changes for 9 million euros, reflecting the disposal of Orange Niger on November 22, 2019, more than offset by (ii) the unfavorable effect of foreign exchange fluctuations for 13 million euros, and (iii) organic change on a comparable basis, i.e., an increase of 63 million euros in EBITDAaL.

On a comparable basis, the 63 million euro increase in EBITDAaL in Africa & Middle East between the first half of 2019 and the first half of 2020 is primarily explained by:

−   the 103 million euro growth in revenues and, to a lesser extent, the drop in interconnection costs;

−   partially offset by (i) the growth in other network expenses and IT expenses, due to the continued network roll-outs in all countries, (ii) the increase in commercial expenses, related to the growth in activity (in particular Orange Money), despite the closure of distribution points and the cancellation of trigger campaigns due to the Covid-19 health crisis, and (iii) the rise in other operating expenses.

1.3.4.3  Operating income – Africa & Middle-East

On a historical basis, the 20 million euro increase in operating income in Africa & Middle East between the first half of 2019 and the first half of 2020 mainly resulted from (i) the 67 million euro increase in EBITDAaL, partially offset by (ii) the 38 million euro increase in depreciation and amortization of fixed assets, due in particular to the roll-out of mobile and fixed networks and the change between the two half-year periods in the Egyptian pound/euro exchange rate.

1.3.4.4  Economic CAPEX – Africa and Middle-East

On a historical basis, the 31 million euro increase in economic CAPEX in Africa & Middle East reflects (i) the positive effect of foreign exchange fluctuations, i.e., 5 million euros, partially offset by unfavorable effects of changes in the scope of consolidation and other changes for 2 million euros, and (ii) organic change on a comparable basis representing a 29 million euro increase in economic CAPEX.

On a comparable basis, the 29 million euro increase in economic CAPEX for Africa & Middle-East between the first half of 2019 and the first half of 2020 was mainly attributable to increased investments in very high-speed mobile and fixed broadband networks (4G and FTTH). There were 27.9 million 4G customers at June 30, 2020, an increase of 40.4% year-on-year. The number of very high-speed broadband connectable households also grew 79.1% year-on-year and totaled 1.2 million as of June 30, 2020.

1.3.4.5  Additional information – Africa & Middle East

Africa & Middle East	2020	2019	2019	Change (%)		Change (%)
		data on a	data on a	data on a		data on a
		comparable	historical basis	comparable		historical basis
(at June 30, in thousands, at the end of the period)		basis (1)		basis (1)
Mobile services
Number of mobile accesses (2)	123,516	119,884	122,603	3.0	%	0.7	%
Incl.    Contract customers	5,793	4,992	5,052	16.0	%	14.7	%
Prepaid customers	117,723	114,892	117,551	2.5	%	0.1	%
Fixed services
Number of fixed accesses (3)	2,277	1,961	1,963	16.1	%	16.0	%
Number of fixed retail accesses	2,277	1,961	1,963	16.1	%	16.0	%
Incl.    Number of broadband accesses	1,441	1,094	1,096	31.6	%	31.5	%
Number of fixed narrowband accesses	836	867	867	(3.5)	%	(3.5)	%

(1)   See Section 1.5.1 Data on a comparable basis.

(2)   Excluding customers of Mobile Virtual Network Operators (MVNOs).

(3)   Change in the recognition method of fixed accesses on January 1, 2020 (see Section 1.2.1.2 Number of customers).

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1.3.5     Enterprise

Enterprise	2020		2019		2019		Change (%)		Change (%)
			data on a		data on a		data on a		data on a
			comparable		historical basis		comparable		historical basis
(at June 30, in millions of euros)			basis (1)				basis (1)
Revenue	3,859		3,908		3,770		(1.3)	%	2.3	%
EBITDAaL	471		578		565		(18.5)	%	(16.7)	%
EBITDAaL / Revenue	12.2	%	14.8	%	15.0	%
Operating income	267				360				(25.8)	%
eCAPEX	174		200		197		(13.0)	%	(11.9)	%
eCAPEX/Revenue	4.5	%	5.1	%	5.2	%
Average number of employees	27,116		26,235		25,420		3.4	%	6.7	%

(1)   See Section 1.5.1 Data on a comparable basis.

1.3.5.1  Revenue – Enterprise

Enterprise	2020	2019	2019	Change (%)		Change (%)
		data on a	data on a	data on a		data on a
		comparable	historical basis	comparable		historical basis
(at June 30, in millions of euros)		basis (1)		basis (1)
Revenue	3,859	3,908	3,770	(1.3)	%	2.3	%
Fixed services only	1,958	1,986	1,978	(1.4)	%	(1.0)	%
Voice services (2)	632	650	649	(2.8)	%	(2.6)	%
Data services (3)	1,326	1,335	1,329	(0.7)	%	(0.3)	%
IT & integration services	1,475	1,448	1,318	1.9	%	12.0	%
Services and mobile equipment (4)	426	475	474	(10.3)	%	(10.3)	%
Mobile services only	327	368	367	(11.0)	%	(11.0)	%
Wholesale	21	18	18	20.1	%	20.1	%
Equipment sales	77	89	89	(13.3)	%	(13.3)	%

(1)   See Section 1.5.1 Data on a comparable basis.

(2)   Voice services include (i) legacy voice offerings (PSTN access), (ii) Voice over Internet Protocol (VoIP) products, (iii) audio conference services, and (iv) incoming traffic for call centers.

(3)   Data services include (i) legacy data solutions still offered by Orange Business Services (Frame Relay, Transrel, leased lines, narrowband), (ii) services having reached a certain maturity such as IP-VPN, and broadband infrastructure products such as satellite or fiber optic access, (iii) satellite TV broadcast services and (iv) Business Everywhere roaming offers.

(4)   Services and mobile equipment include (i) Mobile services only, wholesale, corresponding to incoming enterprise mobile traffic invoiced to other carriers, and (ii) mobile equipment sales invoiced to enterprises.

On a historical basis, the 88 million euro increase in Enterprise revenue between the first half of 2019 and the first half of 2020 resulted from (i) the positive effects of changes in the scope of consolidation and other changes for 128 million euros, mainly the result of the SecureLink acquisition on July 8, 2019, and (ii) the positive effect of foreign exchange fluctuations for 10 million euros, (iii) partially offset by organic change on a comparable basis, namely, a 49 million euro decline in revenue.

On a comparable basis, the 49 million euro drop in Enterprise revenue between the first half of 2019 and the first half of 2020 resulted mainly from (i) the decline in Services and mobile equipment, impacted by the Covid-19 health crisis, (ii) the fall in voice services and, (iii) to a lesser extent, the decline in data services, (iv) partially offset by the rise in IT & integration services.

Between the two periods, Services and mobile equipment suffered the effects of the Covid-19 health crisis, falling by 49 million euros, mainly related to revenues from mobile services only (roaming), and, to a lesser degree, mobile equipment sales. The 18 million euro decrease in Voice services revenue reflects the underlying decline of voice services, particularly traditional fixed-line telephony (down 10.3% year-on-year), despite the 81.0% growth in audioconference services, the use of which has expanded during the Covid-19 health crisis. To a lesser extent, the 10 million euro drop in Data services revenue between the two periods stemmed mainly from the 10.6% decline in revenue from satellite television broadcasting services (Globecast) because of postponements and cancellations of sporting and cultural events due to Covid-19.

This change was partly offset by the 28 million euro increase in IT & integration services revenue between the two periods due in large part to the growth in Cloud (an 8.0% increase year-on-year) and security services (11.4% growth year-on-year).

1.3.5.2  EBITDAaL – Enterprise

On a historical basis, the 94 million euro decrease in Enterprise EBITDAaL between the first half of 2019 and the first half of 2020 included (i) the favorable effect of changes in the scope of consolidation and other changes for 6 million euros, and (ii) the favorable effect of foreign exchange fluctuations for 7 million euros, (iii) more than offset by organic change on a comparable basis, i.e., a 107 million euro decline in EBITDAaL.

On a comparable basis, the 107 million euro decrease in Enterprise EBITDAaL between the first half of 2019 and the first half of 2020 can essentially be attributed to:

−   (i) the 49 million euro decline in revenue, (ii) the increase in labor expenses, due largely to the increase in the average number of full-time equivalent employees, linked to growth in IT & integration services, (iii) the increase in other network expenses and IT expenses corresponding to a rise in infrastructure operating and maintenance costs and IT applications, and (iv) the increase in impairment and losses on trade receivables related to the Covid-19 health crisis;

−   partly offset by (i) the decline in commercial expenses related to reduced business and (ii) the decline in other external purchases, related in part to the Covid-19 health crisis.

1.3.5.3  Operating income – Enterprise

On a historical basis, the 93 million euro decrease in Enterprise operating income between the first half of 2019 and the first half of 2020 was mainly due to the 94 million euro decline in Enterprise EBITDAaL.

21

1.3.5.4  Economic CAPEX – Enterprise

On a historical basis, the 23 million euro decrease in Enterprise economic CAPEX between the first half of 2019 and the first half of 2020 included (i) the favorable effect of foreign exchange fluctuations for 2 million euros, and (ii) the favorable effect of changes in the scope of consolidation and other changes for 1 million euros, (iii) more than offset by organic change on a comparable basis, for a 26 million euro decline in economic CAPEX.

On a comparable basis, the 26 million euro decrease in Enterprise economic CAPEX between the first half of 2019 and the first half of 2020 may be attributed chiefly to (i) postponements of projects (real estate and customer projects), due partly to the Covid-19 health crisis, and (ii) to the discontinuation of a major customer project with the resale of the assets to the customer.

1.3.5.5  Additional information – Enterprise

Enterprise	2020	2019	2019	Change (%)		Change (%)
		data on a	data on a	data on a		data on a
		comparable	historical basis	comparable		historical basis
(at June 30, in thousands, at the end of the period)		basis (1)		basis (1)
Mobile services
Number of mobile accesses in France (2)	12,875	12,233	12,233	5.2	%	5.2	%
Fixed services
Number of fixed accesses in France (3)	1,467	1,591	1,591	(7.8)	%	(7.8)	%
Number of fixed retail accesses	1,467	1,591	1,591	(7.8)	%	(7.8)	%
Incl.     Number of fixed broadband accesses	246	255	255	(3.4)	%	(3.4)	%
Number of fixed narrowband accesses	1,220	1,336	1,336	(8.6)	%	(8.6)	%
Number of IP-VPN accesses worldwide (4)	360	359	359	0.5	%	0.5	%
Incl.     Number of IP-VPN accesses in France (4)	305	301	301	1.3	%	1.3	%

(1)   See Section 1.5.1 Data on a comparable basis.

(2)   Contract customers. Excluding customers of Mobile Virtual Network Operators (MVNOs).

(3)   Change in the recognition method of fixed accesses on ^January 1, 2020 (see Section 1.2.1.2 Number of customers).

(4)   Access of customers outside the Orange group, not including operators’ market.

1.3.6     International Carriers & Shared Services

International Carriers & Shared Services	2020		2019		2019		Change (%)		Change (%)
			data on a		data on a		data on a		data on a
			comparable		historical basis		comparable		historical basis
(at June 30, in millions of euros)			basis (1)				basis (1)
Revenue	728		746		747		(2.4)	%	(2.4)	%
EBITDAaL	(179)		(183)		(174)		1.9	%	(2.9)	%
EBITDAaL / Revenue	(24.6)	%	(24.5)	%	(23.3)	%
Operating income	(345)				(393)				12.3	%
eCAPEX	123		73		80		68.9	%	55.7	%
eCAPEX/Revenue	16.9	%	9.8	%	10.6	%
Average number of employees	12,682		12,592		12,549		0.7	%	1.1	%

(1)   See Section 1.5.1 Data on a comparable basis.

1.3.6.1  Revenue – International Carriers & Shared Services

International Carriers & Shared Services	2020	2019	2019	Change (%)		Change (%)
		data on a	data on a	data on a		data on a
		comparable	historical basis	comparable		historical basis
(at June 30, in millions of euros)		basis (1)		basis (1)
Revenue	728	746	747	(2.4)	%	(2.4)	%
Wholesale	530	543	542	(2.4)	%	(2.3)	%
Other revenue	199	203	205	(2.4)	%	(2.9)	%

(1)   See Section 1.5.1 Data on a comparable basis.

On both a historical basis and a comparable basis, the 18 million euro decrease in International Carriers & Shared Services revenue between the first half of 2019 and the first half of 2020 was attributable to:

−   the 13 million euro decline in Wholesale, particularly services to international carriers (roaming), which were hit hard by the Covid-19 health crisis, with the curtailment of international travel and reduced flow on voice corridors.

−   and by the 5 million euro drop in Other revenues, due in particular (i) to the fall in cinema revenues (Orange Studio), impacted by the closure of cinemas during the lockdown and restrictions related to the Covid-19 health crisis, and (ii) to the decline in Orange Marine's installation activities, which were also restricted by the Covid-19 health crisis.

1.3.6.2  EBITDAaL – International Carriers & Shared Services

On a historical basis, the 5 million euro decrease in International Carriers & Shared Services EBITDAaL between the first half of 2019 and the first half of 2020 is attributable to (i) the unfavorable effect of changes in the scope of consolidation and other changes for 8 million euros, (ii) partly offset by organic change on a comparable basis, for a 4 million euro increase in EBITDAaL.

22

On a comparable basis, the 4 million euro increase in International Carriers & Shared Services EBITDAaL between the first half of 2019 and the first half of 2020 stemmed mainly from:

− the decline in other external purchases, mainly related to the drop in general expenses of shared services due to the Covid-19 health crisis (savings on travel, cancellation of various events, decrease in activity, etc.) and the fall in labor expenses;

− partially offset by (i) the decrease in other operating income (net of other operating expenses), with in particular the effect and counter-effect of various litigations between the two periods, and (ii) the 18 million euro fall in revenue.

1.3.6.3  Operating income – International Carriers & Shared Services

On a historical basis, the 48 million euro growth in the operating income for International Carriers & Shared Services between the first half of 2019 and the first half of 2020 is mainly attributable to (i) the counter-effect of the recognition, in the first half of 2019, of a 65 million euro expense on significant litigation, (ii) the 23 million euro decline in restructuring program costs, mainly due to the optimization of the real estate portfolio, and (iii) the 14 million euro decrease in specific labor expenses relating to the French "Part-Time for Seniors" program (TPS, pursuant to agreements on the employment of seniors in France), (iv) partially offset by the drop in gains (losses) from disposals on fixed assets between the two periods (counter-effect of the significant disposals carried out in the first half of 2019 as part of the optimization of the real estate portfolio).

1.3.6.4  Economic CAPEX – International Carriers & Shared Services

On a historical basis, the 44 million euro increase in the economic CAPEX of International Carriers & Shared Services between the first half of 2019 and the first half of 2020 included (i) the unfavorable effect of changes in the scope of consolidation and other changes for 6 million euros, (ii) more than offset by organic change on a comparable basis, for a 50 million euro increase in economic CAPEX.

On a comparable basis, the 50 million euro increase in economic CAPEX of International Carriers & Shared Services between the first half of 2019 and the first half of 2020 resulted mainly from the fall in disposals of fixed assets carried out between the two periods (counter-effect of the significant disposals carried out in the first half of 2019 as part of the optimization of the real estate portfolio, and secondarily, delays in real estate restructuring projects due to the Covid-19 health crisis in the first half of 2020).

1.3.7     Orange Bank

Orange Bank	2020	2019	2019	Change (%)		Change (%)
		data on a	data on a	data on a		data on a
		comparable	historical basis	comparable		historical basis
(at June 30, in millions of euros)		basis (1)		basis (1)
Net banking income (NBI) (2)	34	15	15	119.0	%	119.0	%
Cost of bank credit risk (3)	(11)	(4)	(4)	180.5	%	180.5	%
Operating income	(87)		(88)			0.9	%
eCAPEX	14	16	16	(14.5)	%	(14.5)	%
Average number of employees	831	835	834	(0.5)	%	(0.5)	%

(1)   See Section 1.5.1 Data on a comparable basis.

(2)   Net Banking Income (NBI) recognized as other operating income (see Notes 1.2 and 1.3 to the Interim Financial Statements).

(3)   Cost of bank credit risk recognized in other operating expenses (see Notes 1.2 and 1.3 to the Interim Financial Statements).

Orange Bank continued its roll-out (i) in France, with the expansion of its mobile financial services and the consolidation of Orange Courtage, a broker of insurance programs that align with Orange and, (ii) in Spain, with the roll-out of its everyday banking service in Orange stores and the launch of a new personal loan product (see Section 1.1.3 Significant events).

As of June 30, 2020, Orange Bank had 1 million customers who were acquired through Orange stores, Groupama branches and digital channels.

1.3.7.1  Operating activities

Segment information for Orange Bank (operating income, investments in property, plant and equipment and intangible assets) is presented in Notes 1.2 and 1.3 to the Interim Financial Statements.

On a historical basis, Orange Bank's operating income was a negative 87 million euros in the first half of 2020, and was stable overall compared to the first half of 2019. This change was chiefly attributable to:

−   the 18 million euro increase in Net Banking Income (NBI), due particularly to (i) the growth of NBI from the new Orange Bank service, and (ii) a decline in acquisition costs;

−   partially offset by (i) the increase in external purchases related in particular to the expansion of Orange Bank's services in Spain, and (ii) an increase in the cost of risk of bank credit caused by the deterioration of the economic and business environment resulting from the Covid-19 health crisis (shutdown of Orange stores and Groupama branches during the lockdown period), the consequence of which was a production of loans and borrowings focused on the digital channels.

On both a historical basis and a comparable basis, the economic CAPEX of Orange Bank declined by 2 million euros between the first half of 2019 and the first half of 2020 due to a fall in investment in France.

1.3.7.2  Assets, liabilities and cash flows

The segment information for Orange Bank (operating income, investments in property, plant and equipment and intangible assets, assets, liabilities and cash flows) is presented in Note 1 to the Interim Financial Statements, and the activities of Orange Bank (financial assets and liabilities) are described in Note 11 to the Interim Financial Statements.

For further information on the risks relating to Orange Bank activities, see Item 3.D Risk factors - Financial risks, of the 2019 Annual Report on Form 20-F.

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1.4      Cash flow and financial debt

Simplified statement of cash flows (1)	2020	2019
(at June 30, in millions of euros)		data on a
		historical basis
Net cash provided by operating activities	4,326	4,139
Net cash used in investing activities	(3,344)	(4,158)
Net cash used in financing activities	(1,080)	343
Cash change in cash and cash equivalents	(98)	324
Cash and cash equivalents in the opening balance	6,481	5,634
Cash change in cash and cash equivalents	(98)	324
Non-cash change in cash and cash equivalents	(19)	2
Cash and cash equivalents in the closing balance	6,364	5,960

(1)   See Consolidated statement of cash flows in the Interim Financial Statements.

To ensure the transparency of the financial statements and separate out the performances of the telecoms activities and the Orange Bank activities, financial analyses and comments are split to reflect these two scopes of operation (see Note 1 to the Interim Financial Statements). Therefore, Sections ‎1.4.1 Liquidity and cash flows of telecoms activities and ‎1.4.2 Net financial debt of telecoms activities cover telecoms activities only, and Section ‎1.3.7 Orange Bank is dedicated to Orange Bank's liquidity and capital resources. Concerning the effect of the Covid-19 pandemic on the activities and the financial position of the Group, see Section ‎1.1.3 Significant events.

1.4.1     Liquidity and cash flows of telecoms activities

Cash flows of telecoms activities are presented in Note 1.7 to the Interim Financial Statements.

Simplified statement of cash flows of telecoms activities (1)	2020	2019
		data on a
(at June 30, in millions of euros)		historical basis
Net cash provided by operating activities	4,375	4,541
Net cash used in investing activities	(3,280)	(4,153)
Net cash used in financing activities	(1,158)	263
Cash change in cash and cash equivalents	(62)	651
Cash and cash equivalents in the opening balance	6,112	5,081
Cash change in cash and cash equivalents	(62)	651
Non-cash change in cash and cash equivalents	(19)	2
Cash and cash equivalents in the closing balance	6,031	5,734

(1)   See Note 1.7 to the Interim Financial Statements.

Net operating cash flow from telecoms activities

Between the first half of 2019 and the first half of 2020, the 166 million euro decrease in net operating cash flow from telecoms activities was mainly attributable to:

−   (i) the 443 million euro change in working capital between the two periods (see above), and (ii) to a lesser extent, the 139 million euro decline in operating income;

−   partially offset by the combined decrease of (i) 129 million euros in net interest paid and rate effect of net derivatives (net of dividends paid), (ii) 113 million euros in operating taxes and levies paid, and (iii) 113 million euros in income tax paid (see Note 1.7 to the Interim Financial Statements).

Net investing cash flow from telecoms activities

Between the first half of 2019 and the first half of 2020, the 873 million euro decrease in net investing cash flow from telecoms activities resulted primarily from:

−   the 379 million euro reduction in investments and other financial assets, related mainly to the counter-effect of the increase in cash received in the first half of 2019 and corresponding to bond issues completed during the half-year;

−   the 361 million euro decrease in acquisitions and disposals of property, plant and equipment and intangible assets (net of change in fixed asset payables), related mainly to (i) the overall decline in economic CAPEX in the first half of 2020 due to the Covid-19 health crisis, particularly with the slowdown in the roll-out of fixed and mobile networks, and (ii) the drop in telecommunication licenses paid during the two periods (see Section 1.2.5 Group capital expenditures);

−   and the counter-effect of the acquisitions of investment securities (net of cash acquired) completed in the first half of 2019 for 151 million euros (mainly SecureData and BlueSoft).

Net financing cash flow from telecoms activities

Between the first half of 2019 and the first half of 2020, the 1,421 million euro decline in net financing cash flow from  telecoms activities resulted mainly from the 2,856 million euro reduction in medium- and long-term debt issues (see Note 9.5 to the Interim Financial Statements), partially offset by:

−   the 529 million euro reduction in dividends paid by Orange SA, following the reduction in the dividend for fiscal year 2019 on account of the Covid-19 health crisis (see Section 1.1.3 Significant events and Note 12.3 to the Interim Financial Statements);

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−   the change in bank overdrafts and short-term borrowings of 519 million euros, due to the 500 million euro purchase in February 2020 of subordinated notes that had been reclassified as short-term borrowings at December 31, 2019 (see Note 1.7 to the Interim Financial Statements);

−   and the net change in cash collateral of 258 million euros.

1.4.2     Net financial debt of telecoms activities

Net financial debt (see Note 9.4 to the Interim Financial Statements) is a financial indicator that is not defined by IFRS. For further information on the calculation of these indicators and the reasons why the Orange group uses them, see Section ‎1.5 Financial indicators not defined by IFRS and Section ‎1.6.4 Financial glossary. Net financial debt as defined and used by Orange does not include Orange Bank activities, for which this concept is not relevant.

For further information on the risks relating to the Orange group’s financial debt, see Item 3.D Risk factors - Financial risks of the 2019 Annual Report on Form 20-F.

	June 30,	December 31,
	2020	2019
		data on a
(in millions of euros)		historical basis
Net financial debt (1)	26,420	25,466

(1)   See Section 1.5 Financial indicators not defined by IFRS.

At June 30, 2020, the liquidity position of the telecoms activities was 16,523 million euros (see Note 10.1 to the Interim Financial Statements). The changes in financial assets, liabilities and financial result excluding Orange Bank activities are detailed in Note 9 to the Interim Financial Statements.

1.5     Financial indicators not defined by IFRS

In this document, in addition to the financial indicators reported in accordance with the IFRS (International Financial Reporting Standards), Orange publishes financial indicators that are not defined by IFRS. As described below, these figures are presented as additional information and are not meant to be substitutes for or to be confused with financial indicators as defined by IFRS.

1.5.1     Data on a comparable basis

In order to allow investors to track the annual changes in the Group’s operations, data on a comparable basis are presented for the previous period. The transition from data on a historical basis to data on a comparable basis consists of keeping the results for the year ended and restating the previous year in order to present financial data with comparable methods, scope of consolidation and exchange rates over comparable periods. Orange provides the details of the effect of changes in method, scope of consolidation and exchange rates on its key operating indicators in order to isolate the intrinsic business effect. The method used is to apply to the data of the corresponding period of the preceding year the methods and the scope of consolidation for the period ended, as well as the average exchange rates used for the Consolidated income statement for the period ended.

Orange’s management believes that the presentation of these indicators on a comparable basis is pertinent, as these are indicators used internally by the Group for monitoring its operating activities. Changes in data on a comparable basis better reflect organic business changes.

Data on a comparable basis are not financial indicators defined by IFRS and may not be comparable to similarly-titled indicators used by other companies. It is provided as additional information only and should not be considered as a substitute for an analysis of the Group’s historical data for the past year or previous periods.

Group

The table below presents, for the Orange group, the transition from data on a historical basis to data on a comparable basis for the first half of 2019, for the main operating data.

First half year 2019 / Group	Revenue	eCAPEX	Average
			number of
(at June 30, 2019, in millions of euros)			employees
Data on a historical basis	20,573	3,509	135,804
Foreign exchange fluctuations (1)	18	(0)	—
Egyptian pound (EGP)	43	6	—
US dollar (USD)	20	2	—
Polish zloty (PLN)	(35)	(6)	—
Others	(10)	(2)	—
Changes in the scope of consolidation and other changes	112	(7)	587
Acquisition of SecureLink	122	2	709
Acquisition of BKM	19	—	194
Acquisition of SecureData	5	—	106
Disposal of Orange Niger	(34)	(1)	(410)
Others	0	(8)	(12)
Data on a comparable basis	20,703	3,502	136,391

(1)   Foreign exchange fluctuations between the average exchange rates for the first half of 2019 and the average exchange rates for the first half of 2020.

The changes included in the transition from data on a historical basis to data on a comparable basis for the first half of 2019 primarily include:

−   foreign exchange fluctuations between the average exchange rates for the first half of 2019 and the average exchange rates for the first half of 2020;

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−   and changes in the scope of consolidation and other changes, including, primarily:

-     the acquisition of SecureLink (Enterprise) on July 8, 2019, taking effect on January 1, 2019, on a comparable basis,

-     the acquisition of BKM (Europe) on July 30, 2019, taking effect on January 1, 2019, on a comparable basis,

-     the acquisition of SecureData (Enterprise) on January 31, 2019, taking effect on January 1, 2019, on a comparable basis,

-     and the disposal of Orange Niger (Africa & Middle East) on November 22, 2019, taking effect on January 1, 2019, on a comparable basis.

Segments

The table below presents, for each Orange group operating segment, the transition from data on a historical basis to data on a comparable basis for the first half of 2019, for the main operating data.

First half year 2019 / Segments	Revenue	EBITDAaL	eCAPEX	Average
				number of
(at June 30, 2019, in millions of euros)				employees
France
Data on a historical basis	8,874	3,281	1,862	54,133
Foreign exchange fluctuations (1)	—	(1)	—	—
Changes in the scope of consolidation and other changes (2)	6	3	0	(16)
Data on a comparable basis	8,880	3,284	1,862	54,117
Spain
Data on a historical basis	2,624	787	529	6,884
Foreign exchange fluctuations (1)	—	—	—	—
Changes in the scope of consolidation and other changes (2)	(0)	0	0	(0)
Data on a comparable basis	2,624	787	529	6,884
Europe
Data on a historical basis	2,789	708	407	21,072
Foreign exchange fluctuations (1)	(35)	(8)	(6)	—
Changes in the scope of consolidation and other changes (2)	19	(1)	0	195
Acquisition of BKM	19	(1)	—	194
Other changes (2)	0	0	0	1
Data on a comparable basis	2,774	699	401	21,267
Africa & Middle East
Data on a historical basis	2,737	868	418	14,912
Foreign exchange fluctuations (1)	43	13	5	—
Changes in the scope of consolidation and other changes (2)	(38)	(9)	(3)	(449)
Disposal of Orange Niger	(34)	(9)	(1)	(410)
Other changes (2)	(4)	(0)	(2)	(39)
Data on a comparable basis	2,742	872	420	14,463
Enterprise
Data on a historical basis	3,770	565	197	25,420
Foreign exchange fluctuations (1)	10	7	1	—
Changes in the scope of consolidation and other changes (2)	128	7	2	815
Acquisition of SecureLink	122	8	2	709
Acquisition of SecureData	5	—	—	106
Other changes (2)	1	(1)	0	(0)
Data on a comparable basis	3,908	578	200	26,235
International Carriers & Shared Services
Data on a historical basis	747	(174)	80	12,549
Foreign exchange fluctuations (1)	(1)	(0)	0	—
Changes in the scope of consolidation and other changes (2)	(0)	(9)	(7)	43
Data on a comparable basis	746	(183)	73	12,592
Orange Bank
Data on a historical basis	—	(78)	16	834
Foreign exchange fluctuations (1)	—	—	—	—
Changes in the scope of consolidation and other changes (2)	—	(0)	0	1
Data on a comparable basis	—	(78)	16	835

(1)   Foreign exchange fluctuations between the average exchange rates for the first half of 2019 and the average exchange rates for the first half of 2020.

(2)   Including the effect of internal reorganizations between segments which have no effect at Group level.

1.5.2     EBITDAaL

EBITDAaL (or “EBITDA after leases”) relates to operating income (i) before depreciation and amortization of fixed assets, effects resulting from business combinations, reclassification of translation adjustment from liquidated entities, impairment of goodwill and fixed assets, share of profits (losses) of associates and joint ventures, (ii) after interest on lease liabilities and interest on debts related to financed assets, 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 items that are systematically specified in relation to income and/or expenses (see Note 1 to the Interim Financial Statements.

Orange's management considers that the presentation of the indicator EBITDAaL is relevant because, by including lease expenses in its calculation, this indicator enables a better reflection of the operational performance of the Group’s operating segments, while retaining consistency with the adjusted EBITDA indicator used in segment information through December 31, 2018. This is the operational performance indicator used internally by the Group since January 1, 2019 to (i) manage and assess its operating results and segment results, and (ii) implement its investments and resource allocation strategy. EBITDAaL, or similar management indicators used by Orange’s competitors, are indicators that are often disclosed and widely used by analysts, investors and other players in the telecommunications industry. EBITDAaL is not a financial aggregate as defined by IFRS and is not comparable to similarly titled indicators used by other groups. It is provided as additional information only and should not be considered as a substitute for operating income or cash flow provided by operating activities.

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1.5.3     eCAPEX

eCAPEX (or “economic CAPEX”) relates both to (i) investments in property, plant and equipment and intangible assets, excluding telecommunications licenses and financed assets, less the price of disposal of property, plant and equipment and intangible assets, and (ii) acquisitions of property, plant and equipment and intangible assets excluding telecommunications licenses and change in fixed asset payables, less the price of disposal of property, plant and equipment and intangible assets.

The table below shows the transition from (i) investments in property, plant and equipment and intangible assets as presented in Note 1.4 to the Interim Financial Statements, and (ii) purchases of property, plant and equipment and intangible assets, excluding trade payables, as presented in the Consolidated statement of cash flows in the Interim Financial Statements, to (iii) eCAPEX.

	2020	2019
		data on a
(at June 30, in millions of euros)		historical basis
Investments in property, plant and equipment and intangible assets	3,513	4,216
Financed assets	(117)	(66)
Purchases of property, plant and equipment and intangible assets (1)	3,395	4,150
Proceeds from sales of property, plant and equipment and intangible assets	(197)	(131)
Telecommunications licenses	(42)	(510)
eCAPEX	3,156	3,509

(1)   See Consolidated statement of cash flows in the Interim Financial Statements. Excluded changes in fixed assets trade payables. Investments financed through finance leases have no effect on cash flow upon acquisition.

Orange’s management considers that presenting economic CAPEX is relevant because this indicator (i) does not include investments in telecommunications licenses (the acquisition of these licenses is not part of the daily monitoring of operating investments) and financed assets (no effect on cash flow upon acquisition), and (ii) allows, in a context of asset rotation primarily linked to the fiber-optic economic model, to measure more accurately the actual amount of investments by excluding the proceeds from sales of property, plant and equipment and intangible assets that have been sold. It is the indicator used internally by the Group from January 1, 2019 in allocating resources, in order to measure the operating efficiency of the use of investments for each of its operating segments.

eCAPEX is not a financial indicator defined by IFRS and may not be comparable to similarly-titled indicators used by other companies. It is provided as additional information only and should not be considered as a substitute for purchases of or investments in property, plant and equipment and intangible assets.

1.5.4     Net financial debt

Net financial debt as defined and used by Orange does not include Orange Bank activities, for which this concept is not relevant. It consists of (i) financial liabilities excluding operating payables (translated into euros at the year-end closing rate) including derivative instruments (assets and liabilities), less (ii) cash collateral paid, cash, cash equivalents and financial assets at fair value. Furthermore, financial instruments designated as cash flow hedges included in net financial debt are set up to hedge in particular items that are not included therein, such as future cash flows. Effects of these hedges are carried in other comprehensive income. As a consequence, the portion of these components related to unmatured hedging instruments is added to gross financial debt to offset this temporary difference.

The breakdown of net financial debt is shown in Note 9.4 to the Interim Financial Statements.

Net financial debt is an indicator of financial position used by the Group. Net financial debt is a frequently disclosed indicator. It is widely used by analysts, investors, rating agencies and most Groups in all business sectors in Europe.

Net financial debt is not a financial indicator defined by IFRS and may not be comparable to similarly-titled indicators used by other companies. It is provided as additional information only and should not be considered as a substitute for an analysis of all the Group’s assets and liabilities.

1.6      Additional information

1.6.1     Litigation and unrecognized contractual commitments

The main events that took place in the first half of 2020 affecting litigation and unrecognized contractual commitments are described in Note 13 to the Interim Financial Statements.

1.6.2     Related party transactions

During the first half of 2020, no transaction materially influenced the amounts of related party transactions reported as at December 31, 2019 (see Note 14 to the Interim Financial Statements).

1.6.3     Subsequent events

The main events occurring after June 30, 2020 are described in Note 15 to the Interim Financial Statements.

1.6.4     Financial glossary

Average number of employees (full-time equivalents): average number of active employees over the reporting period, prorated for their work time, including both permanent contracts and fixed-term contracts.

Change in working capital requirements: change in working capital requirements is made up of:

−   the Change in working capital requirements for operations, which is made up of (i) the changes in gross inventories, (ii) the change in gross trade receivables, (iii) the change in trade payables for other goods and services, and (iv) the change in customer contract assets and liabilities;

27

−   Change in working capital requirements excluding operations, which includes the change in other assets and liabilities (excluding receivables and payables related to operating taxes and levies).

Commercial, equipment expenses and content rights: see External purchases.

Convergent ARPO: average revenue per customer from convergent offers (Average Revenue Per Offer, ARPO) for the period are calculated by dividing (i) the revenue from retail convergent offers invoiced to customers (excluding the effect of spreading the equipment subsidy pursuant to IFRS 15) over the period in question, by (ii) the weighted average number of customers of retail convergent offers over the same period. The monthly average is the arithmetic average of the number of customers at the beginning and end of the month. The weighted average number of customers is the average of monthly averages over the period in question. Convergent ARPO is expressed in monthly revenue per convergent offer customer.

Convergent services: see Revenue.

Data on a comparable basis: data with comparable methods, scope of consolidation and exchange rates are presented for the preceding period (see Section 1.5.1 Data on a comparable basis). The transition from data on a historical basis to data on a comparable basis consists of keeping the results for the year ended and restating the previous year in order to present financial data with comparable methods, scope of consolidation and exchange rates over comparable periods. The method used is to apply to the data of the corresponding period of the preceding year the methods and the scope of consolidation for the period ended, as well as the average exchange rates used for the Consolidated 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 indicator defined by IFRS and may not be comparable to similarly-titled indicators used by other companies (see Section 1.5 Financial indicators not defined by IFRS).

Data on a historical basis: data for past periods as reported in the Interim Financial Statements of the current financial period.

EBITDAaL or “EBITDA after leases”: operating income (i) before depreciation and amortization of fixed assets, effects resulting from business combinations, reclassification of translation adjustment from liquidated entities, impairment of goodwill and fixed assets, share of profits (losses) of associates and joint ventures, (ii) after interest on lease liabilities and interest on debts related to financed assets, 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 items that are systematically specified in relation to income and/or expenses (see Note 1 to the Interim Financial Statements). EBITDAaL is not a financial indicator defined by IFRS and may not be comparable to similarly-titled indicators used by other companies (see Section 1.5 Financial indicators not defined by IFRS).

eCAPEX or “economic CAPEX”: acquisitions of property, plant and equipment and intangible assets, excluding telecommunication licenses and financed assets, less the price of disposal of fixed assets (see Note 1.4 to the Interim Financial Statements). e-CAPEX is not a financial indicator defined by IFRS and may not be comparable to similarly-titled indicators used by other companies (see Section 1.5 Financial indicators not defined by IFRS).

Economic CAPEX: see eCAPEX.

Equipment sales: see Revenue.

External purchases: external purchases include the following operating expenses, excluding leases that fall within the scope of application of IFRS 16:

−   Commercial and equipment expenses and content rights: cost of handsets and other equipment sold, retail fees and commissions, advertising, promotional, sponsoring and rebranding expenses, and content costs;

−   Service fees and inter-operator costs: network expenses and interconnection costs;

−   Other network expenses and IT expenses: outsourcing expenses for operations and technical maintenance, IT expenses;

−   and Other external purchases: overheads, real estate fees, purchases of other services and service fees, purchases of equipment and other supplies held in inventory, call center outsourcing expenses and other external services, net of capitalized goods and services produced.

Financial investments: acquisitions of investment securities (net of cash acquired) and changes in ownership interests with no gain of control in subsidiaries.

Fixed only broadband ARPO: average revenue per customer of fixed only offers (Average Revenue Per Offer, ARPO) for the period are calculated by dividing (i) the revenue from fixed only broadband services invoiced to customers (excluding the effect of the spreading of the equipment subsidy pursuant to IFRS 15) over the period in question, by (ii) the weighted average number of customers of fixed only broadband offers over the same period. The monthly average is the arithmetic average of the number of customers at the beginning and end of the month. The weighted average number of customers is the average of monthly averages over the period in question. Fixed only broadband ARPO is expressed in monthly revenue per fixed only customer.

Fixed services only: see Revenue.

Investments in property, plant and equipment and intangible assets: see eCAPEX.

IT & integration services: see Revenue.

Labor expenses: wages and employee benefit expenses (net of capitalized costs), employee profit- sharing expenses, and expenses relating to share- based compensation.

Mobile only ARPO: average revenue per customer of mobile only offers (Average Revenue Per Offer, ARPO) for the period are calculated by dividing (i) the revenue from mobile services only invoiced to customers (excluding machine-to-machine and excluding the effect of spreading the equipment subsidy pursuant to IFRS 15) over the period in question, by (ii) the weighted average number of customers of mobile only offers (excluding machine-to-machine) over the same period. The monthly average is the arithmetic average of the number of customers at the beginning and end of the month. The weighted average number of customers is the average of monthly averages over the period in question. Mobile only ARPO is expressed in monthly revenue per mobile only customer.

Mobile services only: see Revenue.

Net financial debt: net financial debt as defined and used by Orange does not incorporate the Orange Bank activities for which this concept is not relevant. It consists of (i) financial liabilities excluding operating payables (translated into euros at the year-end closing rate) including derivative

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instruments (assets and liabilities), (ii) less cash collateral paid, cash, cash equivalents and financial assets at fair value. Furthermore, financial instruments designated as cash flow hedges included in net financial debt are set up to hedge in particular items that are not included therein, such as future cash flows. Effects of these hedges are carried in other comprehensive income. As a consequence, the portion of these components related to unmatured hedging instruments is added to gross financial debt to offset this temporary difference (see Note 9.4 to the Interim Financial Statements). Net financial debt is not a financial indicator defined by IFRS and may not be comparable to similarly-titled indicators used by other companies (see Section 1.5 Financial indicators not defined by IFRS).

Number of employees (active employees at end of period): number of employees working on the last day of the reporting period, including both permanent contracts and fixed-term contracts.

Operating taxes and levies: taxes and levies including the Territorial Economic Contribution (CET) and the Flat-rate Tax on Network Enterprises (IFER) in France, fees for the use of frequencies and levies on telecommunication services.

Other external purchases: see External purchases.

Other network expenses and IT expenses: see External purchases.

Other operating expenses: see Other operating income and expenses.

Other operating income and expenses: other operating income net of other operating expenses. Other operating income and expenses include:

−   Other operating income: primarily net banking income (NBI, net balance of income and expenses from banking operations), tax credits and subsidies, income from universal service, brand royalties and management fees invoiced to certain unconsolidated entities, income on impaired trade receivables, rebilling of network sharing costs, income relating to line damage;

−   Other operating expenses: mainly impairments and losses on trade receivables of telecoms activities, universal service charges, disputes, operating foreign exchange gains/losses, the cost of bank credit risk, and acquisition costs.

Other revenue: see Revenue.

Retail services: aggregation of Convergent services, Mobile services only, Fixed services only and IT & integration services.

Revenue: revenue (see Note 1.1 to the Interim Financial Statements) includes:

−   Convergent Services: revenue of convergent services includes revenue invoiced to retail customers of convergent offers (excluding equipment sales, see the definition of this term) defined as the combination of at least a fixed broadband access (xDSL, FTTx, cable, 4G fixed) and a mobile contract;

−   Mobile services only: revenue of mobile services only includes revenue invoiced to customers of mobile offers (incoming and outgoing calls: voice, SMS and data), excluding convergent services and equipment sales (see the definitions of these terms);

−   Fixed services only: revenue of fixed services only includes revenue invoiced to customers of fixed services excluding convergent services and equipment sales (see the definitions of these terms). It includes conventional fixed telephony, fixed broadband services, business solutions and networks; (with the exception of France, for which essential business solutions and networks are supported by the Enterprise operating segment);

−   IT & integration services: revenue of IT & integration services include the unified communication and collaboration services (Local Area Network and telephony, consultancy, integration, project management, video-conference offers), hosting and infrastructure services (including Cloud computing), applications services (customer relations management and other applications services), security services, services related to Machine-to-Machine activities (excluding connectivity), as well as sales of equipment related to the above products and services;

−   Wholesale: revenue from other carrier include (i) mobile services to carriers, which groups together in particular incoming mobile traffic, visitor roaming, network sharing, national roaming and virtual mobile network operators (MVNO), and (ii) fixed services to other carriers, which include in particular national interconnection, services to international carriers, high-speed and very high-speed broadband access services (fiber access, unbundling of telephone lines, xDSL access sales), and sales of telephone lines on the wholesale market;

−   Equipment sales: fixed and mobile equipment sales, excluding (i) equipment sales associated to the supply of IT & integration services, and (ii) equipment sales to dealers and brokers;

−   and Other revenues: other revenues includes equipment sales to dealers and brokers, revenue from portals, on-line advertising revenue and corporate transversal business line activities of the Group, and other miscellaneous revenue.

Service fees and inter-operator costs: see External purchases.

Wages and employee benefit expenses: see Labor expenses.

Wholesale: see Revenue.

29

2.   Unaudited Condensed Consolidated Financial Statements for the Six Months Ended June 30, 2019 and 2020

Financial statements
Consolidated income statement		2
Consolidated statement of comprehensive income		3
Consolidated statement of financial position		4
Consolidated statements of changes in shareholders’ equity		5
Analysis of changes in shareholders' equity related to components of the other comprehensive income		6
Consolidated statement of cash flows		7
Notes to the consolidated financial statements
Note 1	Segment information	9
1.1	Segment revenue	9
1.2	Segment revenue to consolidated net income as of June 30, 2020	10
1.3	Segment revenue to consolidated net income as of June 30, 2019	11
1.4	Segment investments	12
1.5	Segment assets	13
1.6	Segment equity and liabilities	14
1.7	Simplified statement of cash flows on telecommunication and banking activities	15
1.8	Definition of operating segments	16
Note 2	Basis of preparation of the consolidated financial statements	17
2.1	Basis of preparation of the financial statements	17
2.2	Use of estimates and judgement	17
2.3	New standards and interpretations applied from January 1, 2020	17
Note 3	Impacts of the health crisis related to the Covid-19 pandemic	18
3.1	Effects of the Covid-19 pandemic on Orange's business and financial situation	18
3.2	Main effects on the interim consolidated financial statements	18
Note 4	Gains and losses on disposal and main changes in scope of consolidation	19
4.1	Gains (losses) on disposal of fixed assets, investments and activities	19
4.2	Main changes in scope of consolidation	19
Note 5	Sales	19
5.1	Trade receivables	19
5.2	Customer contract net assets and liabilities	20
Note 6	Other expenses	20
6.1	Other operating expenses	20
6.2	Restructuring costs	20
6.3	Working capital management – payables	20
Note 7	Impairment of goodwill	20
Note 8	Income tax	21
Note 9	Financial assets, liabilities and financial results (excluding Orange Bank)	21
9.1	Financial assets and liabilities of telecom activities	21
9.2	Financial foreign exchange gains and losses	22
9.3	Change of cash flow hedges in the consolidated statement of comprehensive income	22
9.4	Net financial debt	23
9.5	Main redemptions and bond issues	23
9.6	Financial assets	23
Note 10	Information on market risk and fair value of financial assets and liabilities (excluding Orange Bank)	23
10.1	Risk management policy	23
10.2	Orange's credit ratings	23
10.3	Financial ratios	24
10.4	Fair value levels of financial assets and liabilities	24
Note 11	Activities of Orange Bank	24
11.1	Financial assets and liabilities of Orange Bank	24
11.2	Information on credit risk management	25
Note 12	Shareholders' equity	25
12.1	Changes in share capital	25
12.2	Treasury shares	25
12.3	Dividends	25
12.4	Non-controlling interests	26
12.5	Cumulative translation adjustment	26
12.6	Subordinated notes	26
Note 13	Litigations and unrecognized contractual commitments	26
13.1	Litigations	26
13.2	Unrecognized contractual commitments	27
Note 14	Related party transaction	27
Note 15	Subsequent events	27

The accompanying notes are an integral part of the consolidated financial statements.

F
	F-1

Consolidated income statement

(in millions of euros, except for per share data)	Note	June 30, 2020	June 30, 2019
Revenue		20,769	20,573
External purchases		(8,557)	(8,562)
Other operating income		271	341
Other operating expenses	6.1	(448)	(201)
Labor expenses		(4,376)	(4,434)
Operating taxes and levies		(1,232)	(1,207)
Gains (losses) on disposal of fixed assets, investments and activities	4.1	59	68
Restructuring costs	6.2	(13)	(52)
Depreciation and amortization of fixed assets		(3,549)	(3,500)
Depreciation and amortization of financed assets		(22)	(3)
Depreciation and amortization of right-of-use assets		(642)	(609)
Reclassification of translation adjustment from liquidated entities		—	2
Impairment of fixed assets		1	0
Impairment of right-of-use assets		(6)	(24)
Share of profits (losses) of associates and joint ventures		(6)	(4)
Operating income		2,249	2,388
Cost of gross financial debt excluding financed assets		(569)	(575)
Interests on debts related to financed assets		(1)	0
Gains (losses) on assets contributing to net financial debt		1	4
Foreign exchange gain (loss)	9.2	(115)	(2)
Interests on lease liabilities		(56)	(60)
Other net financial expenses		(3)	14
Effects resulting from BT stake		—	(119)
Finance costs, net		(742)	(738)
Income tax	8	(491)	(513)
Consolidated net income		1,016	1,137
Net income attributable to owners of the parent company		927	1,039
Non-controlling interests		88	98
Earnings per share (in euros) attributable to parent company
Net income
– basic		0.30	0.34
– diluted		0.29	0.33

F
	F-2

Consolidated statement of comprehensive income

(in millions of euros)	Note	June 30, 2020	June 30, 2019
Consolidated net income		1,016	1,137
Remeasurements of the net defined benefit liability		(16)	(89)
Assets at fair value		(33)	34
Income tax relating to items that will not be reclassified		(3)	17
Items that will not be reclassified to profit or loss (a)		(51)	(38)
Assets at fair value		(2)	11
Cash flow hedges	9.3	554	(184)
Translation adjustment gains and losses	12.5	(184)	50
Income tax relating to items that are or may be reclassified		(177)	57
Share of other comprehensive income in associates and joint ventures that are or may be reclassified		—	—
Items that are or may be reclassified subsequently to profit or loss (b)		191	(66)
Other comprehensive income consolidated (a) + (b)		140	(104)
Consolidated comprehensive income		1,155	1,033
Comprehensive income attributable to the owners of the parent company		1,100	922
Comprehensive income attributable to non-controlling interests		55	111

F
	F-3

Consolidated statement of financial position

(in millions of euros)	Note	June 30, 2020	December 31, 2019
Assets
Goodwill		27,589	27,644
Other intangible assets		14,434	14,737
Property, plant and equipment		28,398	28,423
Right-of-use assets		6,197	6,263
Interests in associates and joint ventures		103	103
Non-current financial assets related to Orange Bank activities	11.1	1,380	1,259
Non-current financial assets	9.1	1,274	1,208
Non-current derivatives assets		881	562
Other non-current assets		135	125
Deferred tax assets		859	992
Total non-current assets		81,250	81,316
Inventories		866	906
Trade receivables	5.1	5,899	5,320
Other customer contract assets		1,189	1,209
Current financial assets related to Orange Bank activities	11.1	1,977	3,095
Current financial assets	9.1	4,375	4,766
Current derivatives assets		41	12
Other current assets		1,509	1,258
Operating taxes and levies receivables		955	1,090
Current tax assets		116	120
Prepaid expenses		887	730
Cash and cash equivalents	9.1	6,364	6,481
Total current assets		24,178	24,987
Total assets		105,428	106,303
Equity and liabilities
Share capital		10,640	10,640
Share premiums and statutory reserve		16,859	16,859
Subordinated notes	12.6	5,803	5,803
Retained earnings		(1,196)	(1,575)
Equity attributable to the owners of the parent company		32,106	31,727
Non-controlling interests	12.4	2,553	2,688
Total equity	12	34,660	34,416
Non-current financial liabilities	9.1	32,744	33,148
Non-current derivatives liabilities		672	487
Non-current lease liabilities		5,290	5,225
Non-current fixed assets payables		798	817
Non-current employee benefits		2,398	2,554
Non-current dismantling provision		818	810
Non-current restructuring provision		88	96
Other non-current liabilities		331	353
Deferred tax liabilities		779	703
Total non-current liabilities		43,918	44,192
Current financial liabilities	9.1	4,489	3,925
Current derivatives liabilities		54	22
Current lease liabilities		1,233	1,267
Current fixed assets payables		2,472	2,848
Trade payables		6,397	6,682
Customer contract liabilities		2,026	2,093
Current financial liabilities related to Orange Bank activities	11.1	3,234	4,279
Current employee benefits		2,115	2,261
Current dismantling provision		10	15
Current restructuring provision		67	120
Other current liabilities		2,412	2,095
Operating taxes and levies payables		1,566	1,287
Current tax payables		724	748
Deferred income		50	51
Total current liabilities		26,850	27,695
Total equity and liabilities		105,428	106,303

F
	F-4

Consolidated statements of changes in shareholders’ equity

(in millions of euros)		Attributable to owners of the parent company							Attributable to non-controlling interests			Total
	Note	Number of	Share	Share	Subor-	Reserves	Other	Total	Reserves	Other	Total	equity
		issued	capital	premiums	dinated		compre-			compre-
		shares		and	notes		hensive			hensive
				statutory			income			income
				reserve
Balance as of January 1, 2019		2,660,056,599	10,640	16,859	5,803	(2,062)	(571)	30,669	2,357	223	2,580	33,249
Effect of IFRS 16 application		—	—	—	—	2	—	2	—	—	—	2
Balance as of January 1, 2019 after effect of IFRS 16 application		2,660,056,599	10,640	16,859	5,803	(2,060)	(571)	30,671	2,357	223	2,580	33,251
Consolidated comprehensive income		—	—	—	—	1,039	(117)	922	98	13	111	1,033
Share-based compensation		—	—	—	—	27	—	27	4	—	4	31
Purchase of treasury shares		—	—	—	—	(1)	—	(1)	—	—	—	(1)
Dividends		—	—	—	—	(1,061)	—	(1,061)	(243)	—	(243)	(1,304)
Subordinated notes remuneration		—	—	—	—	(194)	—	(194)	—	—	—	(194)
Changes in ownership interests with no gain/loss of control		—	—	—	—	1	—	1	(4)	—	(4)	(3)
Other movements		—	—	—	—	(54)	—	(54)	19	—	19	(35)
Balance as of June 30, 2019		2,660,056,599	10,640	16,859	5,803	(2,303)	(688)	30,311	2,231	236	2,467	32,778
Consolidated comprehensive income		—	—	—	—	1,967	186	2,153	122	(2)	121	2,274
Share-based compensation		—	—	—	—	25	—	25	—	—	—	25
Purchase of treasury shares		—	—	—	—	(33)	—	(33)	—	—	—	(33)
Dividends		—	—	—	—	(796)	—	(796)	(5)	—	(5)	(801)
Subordinated notes remuneration		—	—	—	—	(103)	—	(103)	—	—	—	(103)
Changes in ownership interests with no gain/loss of control		—	—	—	—	3	—	3	5	—	5	8
Changes in ownership interests with gain/loss of control		—	—	—	—	—	—	—	2	—	2	2
Other movements		—	—	—	—	168	—	168	100	—	100	268
Balance as of December 31, 2019		2,660,056,599	10,640	16,859	5,803	(1,073)	(502)	31,727	2,454	234	2,688	34,416
Consolidated comprehensive income		—	—	—	—	927	173	1,100	88	(33)	55	1,155
Share-based compensation		—	—	—	—	7	—	7	2	—	2	9
Purchase of treasury shares	12.2	—	—	—	—	1	—	1	—	—	—	1
Dividends	12.3	—	—	—	—	(532)	—	(532)	(206)	—	(206)	(738)
Subordinated notes remuneration	12.6	—	—	—	—	(164)	—	(164)	—	—	—	(164)
Changes in ownership interests with no gain/loss of control		—	—	—	—	(6)	—	(6)	2	—	2	(4)
Other movements		—	—	—	—	(27)	—	(27)	11	—	11	(16)
Balance as of June 30, 2020		2,660,056,599	10,640	16,859	5,803	(867)	(330)	32,106	2,352	201	2,553	34,660

F-5

Analysis of changes in shareholders’ equity related to components of the other comprehensive income

(in millions of euros)	Attributable to owners of the parent company							Attributable to non-controlling interests						Total
	Assets at	Hedging	Translation	Actuarial	Deferred	Other	Total	Assets at	Hedging	Translation	Actuarial	Deferred	Total	other
	fair value	instruments	adjustment	gains	tax	compre-		fair value	instruments	adjustment	gains	tax		compre-
				and		hensive					and			hensive
				losses		income					losses			income
						of associates
						and joint
						ventures (1)
Balance as of January 1, 2019	(10)	(264)	15	(504)	232	(40)	(571)	(4)	(3)	237	(8)	1	223	(348)
Effect of IFRS 16 application	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Balance as of January 1, 2019 after effect of IFRS 16 application	(10)	(264)	15	(504)	232	(40)	(571)	(4)	(3)	237	(8)	1	223	(348)
Variation	41	(180)	37	(89)	74	—	(117)	4	(4)	13	—	—	13	(104)
Balance as of June 30, 2019	31	(444)	52	(593)	306	(40)	(688)	0	(7)	250	(8)	1	236	(452)
Variation	(59)	328	27	(18)	(90)	—	186	(2)	1	1	(2)	0	(2)	184
Balance as of December 31, 2019	(28)	(117)	78	(611)	216	(40)	(502)	(2)	(6)	251	(10)	1	234	(268)
Variation	(34)	551	(149)	(15)	(179)	—	173	(1)	3	(35)	0	0	(33)	140
Balance as of June 30, 2020	(61)	434	(71)	(626)	36	(40)	(330)	(3)	(3)	216	(10)	1	201	(128)

(1) Amounts excluding translation adjustment.

F-6

Consolidated statement of cash flows

(in millions of euros)	Note	June 30, 2020	June 30, 2019
Operating activities
Consolidated net income		1,016	1,137
Non-monetary items and reclassified items for presentation
Operating taxes and levies		1,232	1,207
Gains (losses) on disposal of fixed assets, investments and activities	4.1	(59)	(68)
Other gains and losses		(4)	(7)
Depreciation and amortization of fixed assets		3,549	3,500
Depreciation and amortization of financed assets		22	3
Depreciation and amortization of right-of-use assets		642	609
Changes in provisions		(288)	(251)
Reclassification of cumulative translation adjustment from liquidated entities		—	(2)
Impairment of fixed assets		(1)	—
Impairment of right-of-use assets		6	24
Share of profits (losses) of associates and joint ventures		6	4
Operational net foreign exchange and derivatives		(4)	8
Finance costs, net		742	738
Income tax	8	491	513
Share-based compensation		9	30
Changes in working capital and operating banking activities (1)
Decrease (increase) in inventories, gross		24	18
Decrease (increase) in trade receivables, gross		(699)	(219)
Increase (decrease) in trade payables		(248)	(239)
Changes in other customer contract assets and liabilities		41	(22)
Changes in other assets and liabilities (2)		(131)	(468)
Other net cash out
Operating taxes and levies paid		(871)	(986)
Dividends received		3	14
Interest paid and interest rates effects on derivatives, net (3)		(624)	(764)
Income tax paid		(527)	(640)
Net cash provided by operating activities (a)		4,326	4,139
Investing activities
Purchases and sales of property, plant and equipment and intangible assets
Purchases of property, plant and equipment and intangible assets (4)		(3,395)	(4,150)
Increase (decrease) in fixed assets payables		(441)	7
Investing donations received in advance		7	—
Sales of property, plant and equipment and intangible assets		201	151
Cash paid for investment securities, net of cash acquired
SecureData		—	(95)
Others		0	(31)
Investments in associates and joint ventures		(2)	—
Purchases of equity securities measured at fair value		(29)	(25)
Proceeds from sales of investment securities, net of cash transferred		15	2
Decrease (increase) in securities and other financial assets
Investments at fair value, excluding cash equivalents		436	(28)
Other		(135)	11
Net cash used in investing activities (b)		(3,344)	(4,158)

F-7

(in millions of euros)	Note	June 30, 2020	June 30, 2019
Financing activities
Medium and long-term debt issuances	9.5	2,028	4,884
Medium and long-term debt redemptions and repayments	9.5	(1,575)	(1,520)
Repayments of lease liabilities		(634)	(678)
Increase (decrease) of bank overdrafts and short-term borrowings(5)		(219)	(723)
Decrease (increase) of cash collateral deposits		132	(150)
Exchange rates effects on derivatives, net		72	64
Coupon and other fees on subordinated notes issuance	12.6	(186)	(267)
Proceeds (purchases) from treasury shares	12.2	0	(1)
Capital increase (decrease) - non-controlling interests		1	41
Changes in ownership interests with no gain / loss of control		(2)	(3)
Dividends paid to owners of the parent company	12.3	(532)	(1,061)
Dividends paid to non-controlling interests	12.4	(164)	(243)
Net cash used in financing activities (c)		(1,080)	343
Net change in cash and cash equivalents (a) + (b) + (c)		(98)	324
Net change in cash and cash equivalents
Cash and cash equivalents in the opening balance		6,481	5,634
Cash change in cash and cash equivalents		(98)	324
Non-cash change in cash and cash equivalents		(19)	2
Cash and cash equivalents in the closing balance		6,364	5,960

(1) Operating banking activities mainly include transactions with customers and credit institutions. They are presented in changes in other assets and liabilities.

(2) Excluding operating tax receivables and payables.

(3) Including interests paid on lease liabilities in the amount of (62) million euros as of June 30, 2020 and (46) million euros as of June 30, 2019.

(4) Investments in financed assets amounting to 117 million euros as of June 30, 2020 and 66 million euros as of June 30, 2019 have no effect on the statement of cash flows at the time of acquisition.

(5) Including redemption of subordinated notes reclassified as short-term borrowings of (500) million euros as of June 30, 2020.

F-8

Note 1    Segment information

1.1    Segment revenue

(in millions of euros)	France	Spain	Europe
June 30, 2020
Revenue	9,024	2,503	2,729
Convergence services	2,268	1,020	357
Mobile services only	1,124	517	1,008
Fixed services only	1,986	238	308
IT & integration services	—	4	143
Wholesale	2,871	449	506
Equipment sales	458	263	348
Other revenue	318	12	58
External	8,694	2,486	2,693
Inter-operating segments	330	17	37
June 30, 2019
Revenue	8,874	2,624	2,789
Convergence services	2,153	1,049	293
Mobile services only	1,168	584	1,065
Fixed services only	2,054	254	326
IT & integration services	—	3	84
Wholesale	2,672	418	530
Equipment sales	578	316	401
Other revenue	249	—	90
External	8,543	2,602	2,748
Inter-operating segments	331	22	41

(1) Including, in 2020, revenue of 2,511 million euros in France, 6 million euros in Spain, 820 million euros in other European countries and 523 million euros in other countries. Including, in 2019, revenue of 2,593 million euros in France, 5 million euros in Spain, 638 million euros in other European countries and 534 million euros in other countries.

(2) Including revenue of 660 million euros in France in 2020 and 687 million euros in 2019.

(in millions of euros)	Africa &	Enterprise (1)	International	Eliminations	Total telecom	Orange Bank	Eliminations	Orange
	Middle-East		Carriers		activities		telecom	consolidated
			& Shared				activities /	financial
			Services (2)				bank	statements
June 30, 2020
Revenue	2,845	3,859	728	(918)	20,771	—	(1)	20,769
Convergence services	—	—	—	—	3,645	—	—	3,645
Mobile services only	2,164	327	—	(18)	5,122	—	0	5,122
Fixed services only	270	1,958	—	(86)	4,673	—	0	4,673
IT & integration services	11	1,475	—	(78)	1,556	—	(1)	1,555
Wholesale	342	21	530	(657)	4,062	—	—	4,062
Equipment sales	40	77	—	(2)	1,184	—	0	1,184
Other revenue	19	—	199	(77)	529	—	0	529
External	2,756	3,667	474	—	20,769	—	—	20,769
Inter-operating segments	89	192	255	(918)	1	—	(1)	—
June 30, 2019
Revenue	2,737	3,770	747	(966)	20,575	—	(2)	20,573
Convergence services	—	—	—	—	3,495	—	—	3,495
Mobile services only	2,042	367	—	(22)	5,204	—	—	5,204
Fixed services only	240	1,978	—	(88)	4,764	—	—	4,764
IT & integration services	6	1,318	—	(75)	1,336	—	(2)	1,334
Wholesale	391	18	542	(708)	3,863	—	—	3,863
Equipment sales	45	89	—	(1)	1,428	—	—	1,428
Other revenue	13	—	205	(72)	485	—	—	485
External	2,624	3,583	473	—	20,573	—	—	20,573
Inter-operating segments	113	187	274	(966)	2	—	(2)	—

F-9

1.2   Segment revenue to consolidated net income as of June 30, 2020

(in millions of euros)	France	Spain	Europe	Africa &
				Middle-East
Revenue	9,024	2,503	2,729	2,845
External purchases	(3,313)	(1,395)	(1,531)	(1,219)
Other operating income	641	63	72	24
Other operating expenses	(288)	(103)	(85)	(104)
Labor expenses	(1,900)	(141)	(315)	(252)
Operating taxes and levies	(735)	(63)	(53)	(264)
Gains (losses) on disposal of fixed assets, investments and activities	—	—	—	—
Restructuring costs	—	—	—	—
Depreciation and amortization of financed assets	(22)	—	—	—
Depreciation and amortization of right-of-use assets	(102)	(131)	(79)	(64)
Impairment of right-of-use assets	—	—	—	—
Interests on debts related to financed assets(2)	(1)	—	—	—
Interests on lease liabilities(2)	(4)	(6)	(8)	(32)
EBITDAaL	3,301	728	730	935
Significant litigations	(167)	—	—	—
Specific labour expenses	(26)	—	0	—
Fixed assets, investments and businesses portfolio review	23	22	4	0
Restructuring programs costs	(4)	0	(3)	(2)
Acquisition and integration costs	—	—	(2)	—
Depreciation and amortization of fixed assets	(1,575)	(528)	(563)	(508)
Reclassification of translation adjustment from liquidated entities	—	—	—	—
Impairment of fixed assets	0	0	1	0
Share of profits (losses) of associates and joint ventures	0	—	0	(1)
Elimination of interests on debts related to financed assets(2)	1	—	—	—
Elimination of interests on lease liabilities(2)	4	6	8	32
Operating Income	1,557	228	173	456
Cost of gross financial debt except financed assets	—	—	—	—
Interests on debts related to financed assets(2)	—	—	—	—
Gains (losses) on assets contributing to net financial debt	—	—	—	—
Foreign exchange gain (loss)	—	—	—	—
Interests on lease liabilities(2)	—	—	—	—
Other net financial expenses	—	—	—	—
Finance costs, net	—	—	—	—
Income Tax	—	—	—	—
Consolidated net income	—	—	—	—

(1) Orange Bank's net banking income is recognized in other operating income and amounts to 34 million euros as of June 30, 2020. The cost of risk is included in other operating expenses and amounts to (11) million euros as of June 30, 2020.

(2) Presentation adjustments allow the reallocation of the lines of specific items identified in the segment information to the operating revenue and expense lines presented in the consolidated income statement. Interest expenses on liabilities related to financed assets and interests expenses on lease liabilities are included in segment EBITDAaL. They are excluded from segment operating income and included in net finance costs presented in the consolided income statement.

(in millions of euros)	Enterprise	International	Elimination	Total	Orange	Eliminations	Total	Presentation	Orange
		Carriers &	telecom	telecom	Bank (1)	telecom		adjust-	consoli-
		Shared	activities	activities		activites /		ments(2)	dated financial
		Services				bank			statements
Revenue	3,859	728	(918)	20,771	—	(1)	20,769	—	20,769
External purchases	(1,977)	(970)	1,901	(8,504)	(54)	1	(8,557)	—	(8,557)
Other operating income	76	1,006	(1,644)	239	37	(5)	271	—	271
Other operating expenses	(328)	(17)	661	(265)	(15)	6	(274)	(174)	(448)
Labor expenses	(1,035)	(662)	—	(4,305)	(38)	—	(4,342)	(33)	(4,376)
Operating taxes and levies	(58)	(58)	—	(1,231)	(1)	—	(1,232)	—	(1,232)
Gains (losses) on disposal of fixed assets, investments and activities	—	—	—	—	—	—	—	59	59
Restructuring costs	—	—	—	—	—	—	—	(13)	(13)
Depreciation and amortization of financed assets	—	—	—	(22)	—	—	(22)	—	(22)
Depreciation and amortization of right-of-use assets	(63)	(202)	—	(640)	(1)	—	(642)	—	(642)
Impairment of right-of-use assets	—	—	—	—	—	—	—	(6)	(6)
Interests on debts related to financed assets(2)	—	—	—	(1)	—	—	(1)	1	n/a
Interests on lease liabilities(2)	(2)	(4)	—	(56)	0	—	(56)	56	n/a
EBITDAaL	471	(179)	—	5,986	(72)	1	5,914	(111)	n/a
Significant litigations	—	(2)	—	(169)	—	—	(169)	169	n/a
Specific labour expenses	(2)	1	—	(28)	0	—	(28)	28	n/a
Fixed assets, investments and businesses portfolio review	7	4	—	59	—	—	59	(59)	n/a
Restructuring programs costs	(3)	(6)	—	(17)	(2)	—	(19)	19	n/a
Acquisition and integration costs	(4)	(4)	—	(10)	—	—	(10)	10	n/a
Depreciation and amortization of fixed assets	(205)	(157)	—	(3,536)	(13)	—	(3,549)	—	(3,549)
Reclassification of translation adjustment from liquidated entities	—	—	—	—	—	—	—	—	—
Impairment of fixed assets	—	—	—	1	—	—	1	—	1
Share of profits (losses) of associates and joint ventures	1	(6)	—	(6)	—	—	(6)	—	(6)
Elimination of interests on debts related to financed assets(2)	—	—	—	1	—	—	1	(1)	n/a
Elimination of interests on lease liabilities(2)	2	4	—	56	0	—	56	(56)	n/a
Operating Income	267	(345)	—	2,336	(87)	1	2,249	—	2,249
Cost of gross financial debt except financed assets	—	—	—	—	—	—	—	—	(569)
Interests on debts related to financed assets(2)	—	—	—	—	—	—	—	—	(1)
Gains (losses) on assets contributing to net financial debt	—	—	—	—	—	—	—	—	1
Foreign exchange gain (loss)	—	—	—	—	—	—	—	—	(115)
Interests on lease liabilities(2)	—	—	—	—	—	—	—	—	(56)
Other net financial expenses	—	—	—	—	—	—	—	—	(3)
Finance costs, net	—	—	—	—	—	—	—	—	(742)
Income Tax	—	—	—	—	—	—	—	—	(491)
Consolidated net income	—	—	—	—	—	—	—	—	1,016

F-10

1.3    Segment revenue to consolidated net income as of June 30, 2019

(in millions of euros)	France	Spain	Europe	Africa &
				Middle-East
Revenue	8,874	2,624	2,789	2,737
External purchases	(3,309)	(1,448)	(1,581)	(1,199)
Other operating income	686	99	70	23
Other operating expenses	(264)	(107)	(89)	(93)
Labor expenses	(1,930)	(135)	(344)	(249)
Operating taxes and levies	(684)	(86)	(59)	(253)
Gains (losses) on disposal of fixed assets, investments and activities	—	—	—	—
Restructuring costs	—	—	—	—
Depreciation and amortization of financed assets	(3)	—	—	—
Depreciation and amortization of right-of-use assets	(84)	(154)	(71)	(64)
Impairment of right-of-use assets	—	—	—	—
Interests on debts related to financed assets(2)	0	—	—	—
Interests on lease liabilities(2)	(5)	(6)	(7)	(34)
EBITDAaL	3,281	787	708	868
Significant litigations	—	—	—	—
Specific labour expenses	(31)	—	—	—
Fixed assets, investments and businesses portfolio review	—	—	11	5
Restructuring programs costs	(24)	(6)	(5)	(2)
Acquisition and integration costs	—	—	(1)	—
Depreciation and amortization of fixed assets	(1,582)	(533)	(550)	(471)
Reclassification of translation adjustment from liquidated entities	—	—	—	2
Impairment of fixed assets	—	—	—	(1)
Share of profits (losses) of associates and joint ventures	—	—	—	—
Elimination of interests on debts related to financed assets(2)	0	—	—	—
Elimination of interests on lease liabilities(2)	5	6	7	34
Operating Income	1,649	254	170	435
Cost of gross financial debt except financed assets	—	—	—	—
Interests on debts related to financed assets(2)	—	—	—	—
Gains (losses) on assets contributing to net financial debt	—	—	—	—
Foreign exchange gain (loss)	—	—	—	—
Interests on lease liabilities(2)	—	—	—	—
Other net financial expenses	—	—	—	—
Effects resulting from BT sale	—	—	—	—
Finance costs, net	—	—	—	—
Income Tax	—	—	—	—
Consolidated net income	—	—	—	—

(1) Orange Bank's net banking income is recognized in other operating income and amounts to 15 million euros as of June 30, 2019. The cost of risk is included in other operating expenses and amounts to (4) million euros as of June 30, 2019.

(2) Presentation adjustments allow the reallocation of the lines of specific items identified in the segment information to the operating revenue and expense lines presented in the consolidated income statement. Interest expenses on liabilities related to financed assets and interests expenses on lease liabilities are included in segment EBITDAaL. They are excluded from segment operating income and included in net finance costs presented in the consolided income statement.

(in millions of euros)	Enterprise	International	Elimination	Total	Orange	Eliminations	Total	Presentation	Orange
		Carriers &	telecom	telecom	Bank(1)	telecom		adjust-	consolidated
		Shared	activities	activities		activities /		ments (2)	financial
		Services				bank			statements
Revenue	3,770	747	(966)	20,575	—	(2)	20,573	—	20,573
External purchases	(1,896)	(1,043)	1,958	(8,518)	(47)	3	(8,562)	—	(8,562)
Other operating income	78	1,034	(1,659)	331	17	(7)	341	—	341
Other operating expenses	(311)	5	667	(192)	(10)	7	(195)	(6)	(201)
Labor expenses	(964)	(662)	—	(4,284)	(36)	—	(4,320)	(114)	(4,434)
Operating taxes and levies	(63)	(62)	—	(1,207)	—	—	(1,207)	—	(1,207)
Gains (losses) on disposal of fixed assets, investments and activities	—	—	—	—	—	—	—	68	68
Restructuring costs	—	—	—	—	—	—	—	(52)	(52)
Depreciation and amortization of financed assets	—	—	—	(3)	—	—	(3)	—	(3)
Depreciation and amortization of right-of-use assets	(47)	(187)	—	(607)	(2)	—	(609)	—	(609)
Impairment of right-of-use assets	—	—	—	—	—	—	—	(24)	(24)
Interests on debts related to financed assets(2)	—	—	—	0	—	—	0	0	n/a
Interests on lease liabilities(2)	(2)	(6)	-	(60)	-	-	(60)	60	n/a
EBITDAaL	565	(174)	—	6,035	(78)	1	5,958	(68)	n/a
Significant litigations	—	(65)	—	(65)	—	—	(65)	65	n/a
Specific labour expenses	(1)	(14)	—	(46)	—	—	(46)	46	n/a
Fixed assets, investments and businesses portfolio review	—	52	—	68	—	—	68	(68)	n/a
Restructuring programs costs	(10)	(28)	—	(75)	—	—	(75)	75	n/a
Acquisition and integration costs	(4)	(5)	—	(10)	—	—	(10)	10	n/a
Depreciation and amortization of fixed assets	(195)	(159)	—	(3,490)	(10)	—	(3,500)	—	(3,500)
Reclassification of translation adjustment from liquidated entities	—	—	—	2	—	—	2	—	2
Impairment of fixed assets	1	—	—	0	—	—	0	—	0
Share of profits (losses) of associates and joint ventures	2	(6)	—	(4)	—	—	(4)	—	(4)
Elimination of interests on debts related to financed assets(2)	—	—	—	0	—	—	0	0	n/a
Elimination of interests on lease liabilities(2)	2	6	—	60	—	—	60	(60)	n/a
Operating income	360	(393)	—	2,475	(88)	1	2,388	—	2,388
Cost of gross financial debt except financed assets	—	—	—	—	—	—	—	—	(575)
Interests on debts related to financed assets(2)	—	—	—	—	—	—	—	—	0
Gains (losses) on assets contributing to net financial debt	—	—	—	—	—	—	—	—	4
Foreign exchange gain (loss)	—	—	—	—	—	—	—	—	(2)
Interests on lease liabilities(2)	—	—	—	—	—	—	—	—	(60)
Other net financial expenses	—	—	—	—	—	—	—	—	14
Effects resulting from BT sale	—	—	—	—	—	—	—	—	(119)
Finance costs, net	—	—	—	—	—	—	—	—	(738)
Income Tax	—	—	—	—	—	—	—	—	(513)
Consolidated net income	—	—	—	—	—	—	—	—	1,137

F-11

1.4    Segment investments

(in millions of euros)	France	Spain	Europe
June 30, 2020
eCapex	1,635	392	369
Elimination of proceeds from sales of property, plant and equipment and intangible assets	95	75	7
Telecommunications licenses	—	3	30
Financed assets	117	—	—
Total investments(3)	1,847	470	405
June 30, 2019
eCapex	1,862	529	407
Elimination of proceeds from sales of property, plant and equipment and intangible assets	47	—	17
Telecommunications licenses	—	297	—
Financed assets	66	—	—
Total investments (4)	1,975	826	424

(1) Including investments in tangible and intangible assets in France for 110 million euros in 2020 and 132 million euros in 2019.

(2) Including investments in tangible and intangible assets in France for 126 million euros in 2020 and 138 million euros in 2019.

(3) Including 944 million euros for other intangible assets and 2,569 million euros for tangible assets.

(4) Including 1,338 milliion euros for other intangible assets and 2,878 million euros for tangible assets.

(in millions of euros)	Africa &	Enterprise (1)	International	Total	Orange	Orange
	Middle-East		Carriers	telecom	Bank	consolidated
			& Shared	activities		financial
			Services (2)			statements
June 30, 2020
eCapex	449	174	123	3,142	14	3,156
Elimination of proceeds from sales of property, plant and equipment and intangible assets	2	13	6	197	—	197
Telecommunications licenses	9	—	—	42	—	42
Financed assets	—	—	—	117	—	117
Total investments(3)	460	187	129	3,499	14	3,513
June 30, 2019
eCapex	418	197	80	3,493	16	3,509
Elimination of proceeds from sales of property, plant and equipment and intangible assets	7	1	59	131	—	131
Telecommunications licenses	213	—	—	510	—	510
Financed assets	—	—	—	66	—	66
Total investments (4)	638	198	139	4,200	16	4,216

F-12

1.5    Segment assets

(in millions of euros)	France	Spain	Europe
June 30, 2020
Goodwill	14,364	6,872	2,645
Other intangible assets	3,999	1,897	1,837
Property, plant and equipment	15,454	3,667	3,938
Right-of-use assets	1,364	1,027	916
Interests in associates and joint ventures	4	—	5
Non-current assets included in the calculation of net financial debt	—	—	—
Other	9	17	27
Total non-current assets	35,193	13,479	9,368
Inventories	413	60	148
Trade receivables	2,189	617	1,075
Other customer contract assets	366	135	350
Prepaid expenses	57	349	63
Current assets included in the calculation of net financial debt	—	—	—
Other	706	39	88
Total current assets	3,731	1,201	1,724
Total assets	38,924	14,680	11,093
December 31, 2019
Goodwill	14,364	6,872	2,665
Other intangible assets	3,968	1,961	1,941
Property, plant and equipment	15,308	3,673	4,109
Right-of-use assets	1,174	1,123	930
Interests in associates and joint ventures	3	—	5
Non-current assets included in the calculation of net financial debt	—	—	—
Other	10	17	22
Total non-current assets	34,827	13,645	9,673
Inventories	463	61	149
Trade receivables	1,477	667	1,210
Other customer contract assets	432	150	380
Prepaid expenses	41	401	43
Current assets included in the calculation of net financial debt	—	—	—
Other	699	62	74
Total current assets	3,113	1,341	1,855
Total assets	37,940	14,986	11,529

(1) Including tangible and intangible assets for 586 million euros in France in 2020 and 642 million euros in 2019.

(2) Including tangible and intangible assets for 1,751 million euros in France in 2020 and 1,736 million euros in 2019. Intangible assets also include the Orange brand for 3,133 million euros.

(3) Including 1,380 million euros of non-current financial assets related to Orange Bank activities in 2020 and 1,259 million euros in 2019 (see Note 11.1.1).

(4) Including 1,981 million euros of current financial assets related to Orange Bank activities in 2020 and 3,098 million euros in 2019 (see Note 11.1.1).

(in millions of euros)	Africa &	Enterprise (1)	International	Eliminations	Total	Orange		Eliminations	Orange
	Middle-East		Carriers	telecom	telecom	Bank		telecom	consolidated
			& Shared	activities	activities			activities /	financial
			Services (2)	and				bank	statements
				unallocated
				items
June 30, 2020
Goodwill	1,474	2,217	18	—	27,589	—		—	27,589
Other intangible assets	2,167	669	3,775	—	14,344	89		—	14,434
Property, plant and equipment	3,697	500	1,138	—	28,393	4		—	28,398
Right-of-use assets	870	326	1,663	—	6,165	32		—	6,197
Interests in associates and joint ventures	74	1	18	0	103	—		—	103
Non-current assets included in the calculation of net financial debt	—	—	—	1,027	1,027	—		—	1,027
Other	23	30	20	2,014	2,140	1,390	(3)	(27)	3,502
Total non-current assets	8,304	3,743	6,632	3,042	79,761	1,516		(27)	81,250
Inventories	81	58	107	—	866	—		—	866
Trade receivables	783	1,092	1,064	(888)	5,933	7		(40)	5,899
Other customer contract assets	9	327	0	—	1,189	—		—	1,189
Prepaid expenses	211	98	118	(16)	880	7		0	887
Current assets included in the calculation of net financial debt	—	—	—	10,409	10,409	—		—	10,409
Other	1,025	197	416	86	2,557	2,389	(4)	(18)	4,929
Total current assets	2,109	1,772	1,706	9,590	21,834	2,403		(58)	24,178
Total assets	10,413	5,515	8,338	12,632	101,595	3,919		(86)	105,428
December 31, 2019
Goodwill	1,481	2,245	18	—	27,644	—		—	27,644
Other intangible assets	2,318	695	3,766	—	14,649	88		—	14,737
Property, plant and equipment	3,674	526	1,128	—	28,418	5		—	28,423
Right-of-use assets	881	314	1,815	—	6,237	26		—	6,263
Interests in associates and joint ventures	84	1	10	0	103	—		—	103
Non-current assets included in the calculation of net financial debt	—	—	—	685	685	—		—	685
Other	22	25	19	2,104	2,219	1,268	(3)	(27)	3,460
Total non-current assets	8,461	3,805	6,757	2,789	79,956	1,387		(27)	81,316
Inventories	76	60	96	—	906	—		—	906
Trade receivables	720	1,067	974	(771)	5,343	1		(24)	5,320
Other customer contract assets	11	237	—	—	1,209	—		—	1,209
Prepaid expenses	87	143	26	(16)	725	5		0	730
Current assets included in the calculation of net financial debt	—	—	—	10,820	10,820	—		—	10,820
Other	968	216	330	145	2,494	3,511	(4)	(3)	6,002
Total current assets	1,862	1,723	1,426	10,178	21,498	3,517		(28)	24,987
Total assets	10,323	5,527	8,182	12,967	101,454	4,904		(55)	106,303

F-13

1.6    Segment equity and liabilities

(in millions of euros)	France	Spain	Europe
June 30, 2020
Equity	—	—	—
Non-current lease liabilities	1,106	890	819
Fixed assets payables	44	345	247
Non-current employee benefits	1,297	8	18
Non-current liabilities included in the calculation of net financial debt	—	—	—
Other	552	78	298
Total non-current liabilities	2,999	1,321	1,381
Current lease liabilities	203	274	124
Fixed assets payables	1,070	491	290
Trade payables	2,608	844	840
Customer contracts liabilities	963	91	316
Current employee benefits	1,108	31	133
Deferred income	2	—	4
Current liabilities included in the calculation of net financial debt	—	—	—
Other	1,273	168	277
Total current liabilities	7,228	1,899	1,983
Total equity and liabilities	10,227	3,219	3,365
December 31, 2019
Equity	—	—	—
Non-current lease liabilities	961	945	788
Fixed assets payables	35	366	251
Non-current employee benefits	1,461	17	34
Non-current liabilities included in the calculation of net financial debt	—	—	—
Other	574	80	301
Total non-current liabilities	3,030	1,409	1,373
Current lease liabilities	170	284	166
Fixed assets payables	1,144	563	407
Trade payables	2,682	1,051	935
Customer contracts liabilities	1,015	98	335
Current employee benefits	1,224	33	110
Deferred income	2	—	6
Current liabilities included in the calculation of net financial debt	—	—	—
Other	781	178	268
Total current liabilities	7,017	2,207	2,226
Total equity and liabilities	10,047	3,616	3,599

(1) Including in 2020, 105 million euros of non-current liabilities and 101 million euros in 2019 (see Note 11.1).

(2) Including in 2020, 3,235 million euros of current liabilities related to Orange Bank activities and 4,280 million euros in 2019 (see Note 11.1).

(in millions of euros)	Africa &	Enterprise	International	Eliminations	Total	Orange		Eliminations	Orange
	Middle-East		Carriers	telecom	telecom	Bank		telecom	consolidated
			& Shared	activities	activities			activities /	financial
			Services	and				bank	statements
				unallocated
				items
June 30, 2020
Equity	—	—	—	34,764	34,764	(104)		—	34,660
Non-current lease liabilities	820	259	1,358	—	5,252	38		—	5,290
Fixed assets payables	162	—	—	—	798	—		—	798
Non-current employee benefits	71	290	705	—	2,388	9		—	2,398
Non-current liabilities included in the calculation of net financial debt	—	—	—	33,339	33,339	—		—	33,339
Other	57	43	57	923	2,007	114	(1)	(27)	2,094
Total non-current liabilities	1,110	592	2,119	34,261	43,784	162		(27)	43,918
Current lease liabilities	90	77	467	—	1,233	—		—	1,233
Fixed assets payables	464	73	85	(1)	2,472	—		—	2,472
Trade payables	1,258	735	882	(888)	6,279	159		(40)	6,397
Customer contracts liabilities	130	426	117	(16)	2,027	—		0	2,026
Current employee benefits	80	385	372	—	2,109	6		—	2,115
Deferred income	36	1	7	0	50	—		—	50
Current liabilities included in the calculation of net financial debt	—	—	—	4,547	4,547	—		(4)	4,543
Other	1,276	225	907	204	4,331	3,697	(2)	(14)	8,013
Total current liabilities	3,334	1,922	2,837	3,846	23,047	3,861		(58)	26,850
Total equity and liabilities	4,444	2,514	4,956	72,871	101,595	3,919		(86)	105,428
December 31, 2019
Equity	—	—	—	34,432	34,432	(16)		—	34,416
Non-current lease liabilities	785	227	1,490	—	5,196	29		—	5,225
Fixed assets payables	166	—	—	—	817	—		—	817
Non-current employee benefits	68	264	702	—	2,544	9		—	2,554
Non-current liabilities included in the calculation of net financial debt	—	—	—	33,562	33,562	—		—	33,562
Other	55	39	55	849	1,954	109	(1)	(27)	2,035
Total non-current liabilities	1,074	530	2,247	34,411	44,073	147		(27)	44,192
Current lease liabilities	124	97	422	—	1,263	4		—	1,267
Fixed assets payables	529	72	135	(1)	2,848	—		—	2,848
Trade payables	1,136	784	763	(771)	6,581	125		(24)	6,682
Customer contracts liabilities	123	412	126	(15)	2,094	—		0	2,093
Current employee benefits	71	407	411	—	2,254	6		—	2,261
Deferred income	36	1	7	0	51	—		—	51
Current liabilities included in the calculation of net financial debt	—	—	—	3,950	3,950	—		(3)	3,947
Other	1,211	283	846	341	3,908	4,638	(2)	0	8,545
Total current liabilities	3,231	2,055	2,710	3,503	22,950	4,773		(28)	27,695
Total equity and liabilities	4,305	2,586	4,957	72,346	101,454	4,904		(55)	106,303

F-14

1.7    Simplified statement of cash flows on telecommunication and banking activities

(in millions of euros)	June 30, 2020
	Telecom		Orange Bank	Eliminations	Orange
	activities			telecom	consoli-
				activities /	dated financial
				Orange Bank	statement
Operating activities
Consolidated net income	1,103		(87)	—	1,016
Non-monetary items and reclassified items for presentation	6,309		33	1	6,343
Changes in working capital and operating banking activities
Decrease (increase) in inventories, gross	24		—	—	24
Decrease (increase) in trade receivables, gross	(704)		(4)	9	(699)
Increase (decrease) in trade payables	(267)		28	(9)	(248)
Changes in other customer contract assets and liabilities	41		—	—	41
Changes in other assets and liabilities	(111)		(20)	—	(131)
Other net cash out
Operating taxes and levies paid	(873)		2	—	(871)
Dividends received	3		—	—	3
Interest paid and interest rates effects on derivatives, net	(623)	(1)	1	(1)	(624)
Income tax paid	(527)		0	—	(527)
Net cash provided by operating activities (a)	4,375	(2)	(49)	—	4,326
Investing activities
Purchases and sales of property, plant and equipment and intangible assets(3)
Purchases of property, plant and equipment and intangible assets	(3,382)		(14)	—	(3,395)
Increase (decrease) in fixed assets payables	(441)		—	—	(441)
Investing donations received in advance	7		—	—	7
Sales of property, plant and equipment and intangible assets	201		—	—	201
Cash paid for investment securities, net of cash acquired	0		—	—	0
Investments in associates and joint ventures	(2)		—	—	(2)
Purchases of equity securities measured at fair value	(29)		—	—	(29)
Proceeds from sales of investment securities, net of cash transferred	15		—	—	15
Decrease (increase) in securities and other financial assets	351		(49)	0	301
Net cash used in investing activities (b)	(3,280)		(63)	0	(3,344)
Financing activities
Cash flows from financing activities
Medium and long-term debt issuances	2,028		—	—	2,028
Medium and long-term debt redemptions and repayments	(1,575)	(4)	—	—	(1,575)
Increase (decrease) of bank overdrafts and short-term borrowings	(211)	(5)	(8)	0	(219)
Decrease (increase) of cash collateral deposits	133		(1)	—	132
Exchange rates effects on derivatives, net	72		—	—	72
Other cash flows
Lease liabilities repayments	(633)		(2)	—	(634)
Coupon on subordinated notes	(186)		—	—	(186)
Proceeds (purchases) from treasury shares	0		—	—	0
Capital increase (decrease) - non-controlling interests(6)	(88)		89	—	1
Changes in ownership interests with no gain / loss of control	(2)		—	—	(2)
Dividends paid to owners of the parent company	(532)		—	—	(532)
Dividends paid to non-controlling interests	(164)		—	—	(164)
Net cash used in financing activities (c)	(1,158)		78	0	(1,080)
Cash and cash equivalents in the opening balance	6,112		369	—	6,481
Cash change in cash and cash equivalents (a) + (b) + (c)	(62)		(35)	—	(98)
Non-cash change in cash and cash equivalents	(19)		—	—	(19)
Cash and cash equivalents in the closing balance	6,031		333	—	6,364

F-15

(in millions of euros)	June 30, 2019
	Telecom		Orange Bank	Eliminations	Orange
	activities			telecom	consoli-
				activities /	dated financial
				Orange Bank	statement
Operating activities
Consolidated net income	1,224		(87)	—	1,137
Non-monetary items and reclassified items for presentation	6,267		41	—	6,308
Changes in working capital and operating banking activities
Decrease (increase) in inventories, gross	18		—	—	18
Decrease (increase) in trade receivables, gross	(210)		(2)	(7)	(219)
Increase (decrease) in trade payables	(226)		(20)	7	(239)
Changes in other customer contract assets and liabilities	(22)		—	—	(22)
Changes in other assets and liabilities	(134)		(334)	—	(468)
Other net cash out
Operating taxes and levies paid	(986)		—	—	(986)
Dividends received	14		—	—	14
Interest paid and interest rates effects on derivatives, net	(764)	(1)	—	—	(764)
Income tax paid	(640)		—	—	(640)
Net cash provided by operating activities (a)	4,541	(2)	(402)	—	4,139
Investing activities
Purchases and sales of property, plant and equipment and intangible assets(3)
Purchases of property, plant and equipment and intangible assets	(4,134)		(16)	—	(4,150)
Increase (decrease) in fixed assets payables	7		—	—	7
Investing donations received in advance	—		—	—	—
Sales of property, plant and equipment and intangible assets	151		—	—	151
Cash paid for investment securities, net of cash acquired	(126)		—	—	(126)
Purchases of equity securities measured at fair value	(25)		—	—	(25)
Proceeds from sales of investment securities, net of cash transferred	2		—	—	2
Decrease (increase) in securities and other financial assets	(28)		9	2	(17)
Net cash used in investing activities (b)	(4,153)		(7)	2	(4,158)
Financing activities
Cash flows from financing activities
Medium and long-term debt issuances	4,884		—	—	4,884
Medium and long-term debt redemptions and repayments	(1,520)		—	—	(1,520)
Lease liabilities repayments	(676)		(2)	—	(678)
Increase (decrease) of bank overdrafts and short-term borrowings	(730)		9	(2)	(723)
Decrease (increase) of cash collateral deposits	(125)		(25)	—	(150)
Exchange rates effects on derivatives, net	64		—	—	64
Other cash flows
Coupon and other fees on subordinated notes issuance	(267)		—	—	(267)
Proceeds (purchases) from treasury shares	(1)		—	—	(1)
Capital increase (decrease) - non-controlling interests(6)	(59)		100	—	41
Changes in ownership interests with no gain / loss of control	(3)		—	—	(3)
Dividends paid to owners of the parent company	(1,061)		—	—	(1,061)
Dividends paid to non-controlling interests	(243)		—	—	(243)
Net cash used in financing activities (c)	263		82	(2)	343
Cash and cash equivalents in the opening balance	5,081		553	—	5,634
Cash change in cash and cash equivalents (a) + (b) + (c)	651		(327)	—	324
Non-cash change in cash and cash equivalents	2		—	—	2
Cash and cash equivalents in the closing balance	5,734		226	—	5,960

(1) Including (62) million euros as of June 30, 2020 and (46) million euros as of June 30, 2019 of interests paid on lease liabilities.

(2) Including significant litigations paid and received for (18) million euros as of June 30, 2020 and 23 million euros as of June 30, 2019.

(3) Including telecommunication licenses paid for (134) million euros as of June 30, 2020 and (230) million euros as of June 30, 2019.

(4) Including repayments of debts relating to financed assets for (24) million euros as of June 30, 2020 and (5) million euros as of June 30, 2019.

(5) Including redemption of subordinated notes reclassified as short-term borrowings of (500) million euros as of June 30, 2020.

(6) Including 89 million euros as of June 30, 2020 and 65 million euros as of June 30, 2019 of Orange Bank share capital invested by Orange.

The table below shows the reconciliation between net cash provided by operating activities (telecom activities), as shown in the simplified statement of cash flows, and organic cash flow from telecom activities.

	June 30, 2020	June 30, 2019
Net cash provided by operating activities (telecom activities)	4,375	4,541
Purchases and sales of property, plant and equipment and intangible assets	(3,615)	(3,976)
Lease liabilities repayments	(633)	(676)
Debts relating to financed assets repayments	(24)	(5)
Elimination of telecommunication licenses paid	134	230
Elimination of significant litigation paid (and received)	18	(23)
Organic cash flow from telecom activities	255	92

1.8    Definition of operating segments

Following Executive Committer new organization that will be effective from September 1, 2020, the presentation of segment information could be modify in the second half of 2020.

F-16

Note 2    Basis of preparation of the consolidated financial statements

This note describes the changes in accounting policies since the publication of the 2019 consolidated financial statements and applied by Orange ("the Group") in the preparation of its interim financial statements for the half-year ended June 30, 2020.

2.1    Basis of preparation of the financial statements

The condensed consolidated financial statements and notes for the first half of 2020 were prepared under the responsibility of the Board of Directors on July 29, 2020.

In accordance with European Regulation no. 1606/2002 dated July 19, 2002, the interim financial statements were prepared in accordance with IAS 34 "Interim Financial Reporting", as endorsed by the European Union (EU) and published by the IASB.

The interim financial statements were prepared using the same accounting policies as the financial statements for the year ended December 31, 2019, with the exception of the specific requirements of IAS 34 and effects of new standards as described in Note 2.3.

The Group’s consolidated financial statements are presented in millions of euros, rounded to the nearest million. This may in certain circumstances lead to non-material differences between the sum of the figures and the subtotals  that appear in the tables.

For the reported periods, the accounting standards and interpretations endorsed by the EU are similar to the compulsory standards and interpretations published by the IASB, with the exception of standards and interpretations currently being endorsed, a study of the impacts and practical consequences of applying these amendments is under way.

When a specific transaction is not dealt with in any standard or interpretation, Group management uses its judgment to define and apply an accounting policy that will result in relevant and reliable information, such that the financial statements:

−   fairly present the Group’s financial position, financial performance and cash flows;

−   reflect the economic substance of transactions;

−   are neutral;

−   are prepared on a prudent basis; and

−   are complete in all material respects.

2.2    Use of estimates and judgement

Orange’s management uses its judgment to define the appropriate accounting treatment of certain transactions and makes estimates insofar as many items included in the financial statements cannot be measured with precision or current IFRS standards and interpretations do not specifically deal with the related accounting issues. Management revises these estimates if the underlying circumstances evolve or if there is new information or additional experience. In the current context of the health crisis, estimates used as of June 30, 2020 could be modified within the preparation of next closings (see Note 3).

2.3    New standards and interpretations applied from January 1, 2020

2.3.1  Interpretation and amendment of IFRS 16 "Leases"

The Group has applied IFRS 16 "Leases” since January 1, 2019.

The IFRS IC committee published a decision in November 2019 which specifies that it is not possible to use only the legal approach to determine the enforceable period of a contract, if duration cannot be determined at the origin of the contract. The committee considers that a lease arrangement remains enforceable as long as lessee, or lessor, would have to support a loss or a more than insignificant penalty in the event of termination of the contract. To determine the enforceable period of the lease arrangement, all economic aspects of the contract must be taken into account and not just contractual termination indemnities.

On the date of preparation of the 2019 annual consolidated financial statements, the Group had adopted, depending on the accounting positions and the implementation methods concerning assessment of duration of contracts, a legal approach in a certain number of non-fixed-term contracts with a notice period of less than 12 months for which the Group has applied the short-term exemption, in particular for leases of certain mobile sites.

The IFRS IC decision on the enforceable period of contracts will be implemented as of December 31, 2020 on all leases falling within the scope of the final decision of the Interpretation Committee. The impact of this implementation appears limited to contracts of indefinite duration with short notice and to contracts for which the initial lease term has been exceeded and which would have been in a tacit renewal situation. In the current context of the health crisis, at the date of preparation of the condensed consolidated financial statements by the Board of Directors, analysis is still in progress and the Group estimates that the impact on the opening balance sheet as of January 1, 2019 could result in an effect on rights of use and lease liabilities estimated at between 400 and 600 million euros.

2.3.2  IFRS 3 amendment “Definition of a business”

The definition of a business has been clarified by this amendment and is intended to assist preparers in determining whether an acquisition should be accounted for as a business combination or as an acquisition of a group of assets. This amendment applies to all acquisitions made from January 1, 2020. These changes relate to the definition of a business:

−   a business must include inputs and a substantial process that have the capacity to significantly contribute to outputs;

−   the scope is limited to goods and services provided to customers and to income from ordinary activities and not to dividends, cost reductions or any other direct economic benefits for investors and possibly other third parties.

This amendment had no impact on the Group's consolidated financial statements as of June 30, 2020 and the Group will take these new provisions into account in its next acquisitions.

F-17

2.3.3  Amendments to IAS 1 and IAS 8 “Definition of Material”

Amendments to IAS 1 and IAS 8, applicable since January 1, 2020, improve the definition of materiality in order to determine whether information should be provided in the financial statements, or whether the way in which it is communicated has the same effect as if it had not been communicated. The Group considers that judgment applied in the choice of information provided in its consolidated financial statements meets the provisions of amendments published by the IASB.

Note 3    Impacts of the health crisis related to the Covid-19 pandemic

The objective of this note is to summarize the impacts of the health crisis on the Group's business and performance, the judgments and assumptions made as well as the main effects of the crisis on the Group's consolidated financial statements.

3.1    Effects of the Covid-19 pandemic on Orange's business and financial situation

The impact of Covid-19 on human health led the Group to quickly implement actions to protect its employees and Orange’s suppliers and customers. The deployment of these actions and the decisions taken by the governments of the countries in which the Group operates have affected Orange's business and financial situation.

These consequences are not easily quantifiable, as they are difficult to isolate from other developments during the period.

In the first half of 2020, the main effects of the Covid-19 pandemic on the Group's revenue are as follows:

−   a drop in equipment sales;

−   a slowdown in revenues from services to fixed-line operators;

−   a decline in revenues from international roaming (visitors and customers) in almost all countries and especially in revenues from B2B services;

−   a slowdown in B2B services activity, with a particular decline in revenues from integration services and information technologies in the second quarter of 2020;

−   a general decline in sales activity.

In regard to the Group's operating expenses, the main impacts of the Covid-19 pandemic are as follows:

−   an increase in interconnection charges, purchases of protection equipment and excess costs related to supportive measures for network service providers in France;

−   an increase in depreciation and losses on trade receivables;

−   the payment of specific bonuses to some employees in connection with the health crisis;

−   a significant decrease in commercial expenses, equipment costs and overheads.

As regards the Group's capital expenditure, the main effects were a decrease in investments due to the postponement of a certain number of projects.

3.2    Main effects on the interim consolidated financial statements

The main estimates of the crisis at June 30, 2020 during the preparation of the Orange Group's interim financial statements concerned:

−   Impairment tests (see Note 7);

−   Deferred tax assets recoverability tests (see Note 8);

−   Impairments of trade receivables in accordance with IFRS 9 (see Notes 5.1 and 6.1);

−   The Group’s exposure to credit, liquidity and other risks and related sensitivities (see Note 10).

The use of estimates and judgements as well as the main assumptions made are detailed in each of the consolidated financial statements’ notes.

At June 30, 2020, the main specific excess costs on the operating income arising from the management of the health crisis are described below.

In external purchases, the main incremental costs are as follows:

−   Purchases of equipment relating to the health and safety of employees for (50) million euros mainly at Orange SA;

−   Excess costs related to supportive measures for a number of network services in order to maintain the activity and partly offset a portion of the fixed costs of the suppliers in France for (20) million euros (to which are added (23) million euros recorded in investments);

−   (9) million euros in donations and sponsorships, especially for Middle East Africa zone’s subsidiaries and Orange SA.

Labor expenses include the payment to certain employees of specific bonuses related to the health crisis for (10) million euros.

Other operating expenses also include the increases of trade receivables depreciation in accordance with IFRS 9 for (72) million euros of which (67) million euros related to telecom activities and (5) million euros related to Orange Bank activities.

F-18

Note 4    Gains and losses on disposal and main changes in scope of consolidation

4.1    Gains (losses) on disposal of fixed assets, investments and activities

(in millions of euros)	June 30, 2020	June 30, 2019
Gains (losses) on disposal of fixed assets(1)	59	68
Gains (losses) on disposal of investments and activities	0	0
Gain (losses) on disposal of fixed assets, investments and activities	59	68

(1) Including in 2020, 197 MEUR of transfer price and (139) MEUR of net book value of assets sold. Including in 2019, 131 MEUR of transfer price and (63) MEUR of net book value of assets sold.

4.2    Main changes in scope of consolidation

Squeeze-out offer on Business & Decision shares

On May 28, 2020, Orange Business Services launched a mandatory public buyout offer for all the shares of Business & Decision not yet held by the Group, representing 6.38% of the capital. .

This offer closed on July 8 and was followed by the effective delisting of Business & Decision shares on July 13, 2020.

At June 30, 2020, Orange holds 95.08 % of the capital following the purchase of the Business & Decision shares tendered as part of the public buyout offer on that date. A financial debt of 3 million euros was recognized in the financial statements as of June 30, 2020 reflecting the commitment to purchase the remaining shares to be transferred to the Group following Business & Decision delisting procedure.

Note 5    Sales

5.1    Trade receivables

(in millions of euros)	June 30, 2020	December 31, 2019
Net book value of trade receivables - in the opening balance	5,320	5,295
Business related variations	615	1
Changes in the scope of consolidation	—	50
Translation adjustment	(42)	28
Reclassifications and other items	6	(53)
Net book value of trade receivables - in the closing balance	5,899	5,320

(in millions of euros)	June 30, 2020	December 31, 2019
Net trade receivables depreciated according to their age	1,036	1,233
Net trade receivables depreciated according to other criteria	455	579
Net trade receivables past due	1,491	1,812
Not past due (1)	4,408	3,508
Net trade receivables	5,899	5,320
o/w short-term trade receivables	5,656	5,044
o/w long-term trade receivables (2)	243	276
o/w net trade receivables from telecom activities	5,899	5,320
o/w net trade receivables from Orange Bank	—	—

(1) Not due receivables are presented net of the balance of the IFRS 9 provision which amounts to (33) million euros as of June 30, 2020 and (23) million euros as of December 31, 2019.

(2) Includes receivables from sales of handset with payment on instalments that are payable in more than 12 months and receivables from financial lease offers for companies equipment.

The Group assessed the risk of non-recovery of trade receivables as of June 30, 2020 and recognized an impairment of trade receivables for an amount of (225) million euros over the period in the income statement, of which (67) million euros for telecom activities in connection with the effects of the health crisis, mainly reflecting an increase in risk in the France segment of (27) million euros.

In an unchanged manner compared to December 31, 2019, Orange considers that the concentration of counterparty risk related to customer accounts is limited due to the large number of customers, their diversity (residential, professional and large companies) and according to their various sectors of the economy and their geographical dispersion in France and abroad.

Due to the health crisis linked to the Covid-19 pandemic, economic support measures for businesses and individuals have been taken by a number of states and have helped to partially contain the risk of non-recovery trade receivables as of June 30, 2020, thus reducing the visibility of the extent of the expected deterioration of the economic environment (in particular on the risk of business failures).

For its part, Orange has applied a series of general measures in favor of its customers (all customer segments combined), including the temporary suspension of coercive measures and collection procedures, and has granted payment schedules to certain customers.

In this specific context, the Group has stepped up its monitoring of trade receivables recovery over the period in order to manage and adapt the recovery measures, which have gradually resumed from June on all customer segments.

In view of the persistent uncertainty surrounding the economic environment, the Group will pay specific attention to the development of the risk of non-recovery of trade receivables in the second half of the year.

For Orange Bank, the effects of the health crisis on bank credit risk are described in Note 6.1.

F-19

The table below provides an analysis of the change in impairment of telecom activities trade receivables in the statement of financial position:

(in millions of euros)	June 30, 2020	December 31, 2019
Allowances on trade receivables - in the opening balance	(888)	(816)
Net addition with impact on income statement	(225)	(332)
Losses on trade receivables	141	271
Changes in the scope of consolidation	—	(1)
Translation adjustment	6	(5)
Reclassifications and other items	0	(5)
Allowances on trade receivables - in the closing balance	(966)	(888)

5.2    Customer contract net assets and liabilities

Group analysis performed on contract assets impairment has not highlighted any significant effect as of June 30, 2020.

Note 6    Other expenses

6.1    Other operating expenses

(in millions of euros)	June 30, 2020		June 30, 2019
Allowances and losses on trade receivables - telecom activities	(225)	(1)	(149)
Litigation	(169)		19
Operating foreign exchange gains (losses)	8		(5)
Cost of bank credit risk	(11)		(4)
Integration costs	(5)		(7)
Other expenses	(46)		(55)
Total	(448)		(201)

(1) see Note 5.1.

The cost of credit risk exclusively applies to Orange Bank and includes impairment charges and reversals on fixed-income securities, loans and receivables to customers as well as impairment charges and reversals relating to guarantee commitments given, losses on receivables and recovery of amortized debts.

In the context of the health crisis, parameters used for the assessment of the credit risk have been updated (see Note 11.2). A provision of 5 million euros was recognized as of June 30, 2020, including 3 million euros on consumer loans and 2 million euros on sectors considered sensitive (hotel industry, commercial property, agriculture and patrimonial activity) inherited from Groupama Banque.

6.2    Restructuring costs

(in millions of euros)	June 30, 2020	June 30, 2019
Departure plans	(7)	(13)
Lease property restructuring	2	(2)
Distribution channels	(1)	(9)
Other	(7)	(28)
Total restructuring costs	(13)	(52)

6.3    Working capital management – payables

Advances and advance payments of supplier invoices in the context of the health crisis

In order to support small and medium-sized businesses in the context of the health crisis, Orange set up a system of financial advances and accelerated payments of a certain number of invoices.

Extension of supplier payment deadlines

Supplier payment terms are mutually agreed between the suppliers and Orange in accordance with the rules in force. For several years, some key suppliers and Orange have agreed to a flexible payment schedule which, for certain invoices, can be extended up to six months. Trade payables and fixed assets payables that were subject to an extension of payment, and had an impact on the change in working capital at the end of the period, amount to approximately 400 million euros as of June 30, 2020.

Note 7    Impairment of goodwill

Impairment tests are carried out annually and when there is an indication that assets may be impaired.

Changes in the economic and financial climate, appreciation of the telecommunications operators’ resilience to deteriorating local economic conditions, change in the market capitalization of telecommunications companies and changes in business performance serve as indicators of potential impairment.

Compared to the elements described as of December 31, 2019, the Group has taken into account the Covid-19 pandemic impacts in the review of impairment indicators and particularly in:

−   the market assumptions of the discount rates and perpetual growth rates;

−   the achievement of the first year of the business plans.

F-20

As the preparation of multi-year plans will be performed during the second half of 2020, the half-year reassessments resulting from the identification of impairment indications are based on a preliminary review of projected cash flows retained at the end of the previous year.

As of June 30, 2020, due to the health crisis context, the review of impairment indicators has been affected by the following trends:

−   increase of the Middle East and Africa discount rates due to the rise of debt spreads and country risk premiums;

−   revised cash flow projections when the first year of the business plan is not achieved and considering the risk’s materiality on the headroom of each Cash Generating Unit (CGU);

−   sensitivity analyses based on the financial parameters and/or cash flows and taking into account the uncertainties in the current environment, especially the different assumptions related to the impacts on the coming semesters and the estimated date of the return to normal business.

June 30, 2020

The review of potential impairment indicators has led to revise the value in use of Spain CGU: based on the best estimate of the management in the current context, the estimated value in use significantly decreases compared to December 31, 2019, due to the impacts of the local economic context, competition on customers offers and to a lesser extent the health crisis.

The financial parameters (discount and perpetual growth rates) used to update the value in use have not changed since December 31, 2019.

However, this review of projected cash flows has not led the Group to recognize any impairment as of June 30, 2020. The limited headroom resulting from this new valorization will be monitored during the second semester taking into account the changes in local governance and the update of value key assumptions.

The sensibility analysis conducted on Spain new valorization shows an effect on the recoverable amount of approximately 1.1 billion euros in case of a variation of:

−   10% of terminal value cash flows; or

−   50 bp of the discount rate after tax; or

−   50 bp of the perpetual growth rate.

The review of impairment indicators and sensibility analysis carried out on other CGU have not revealed any new significant risk of impairment as of June 30, 2020.

June 30, 2019

As of June 30, 2019, the review of impairment indicators had not led the Group to recognize any impairment.

Note 8    Income tax

(in millions of euros)	June 30, 2020	June 30, 2019
Total Income tax	(491)	(513)
Current tax	(474)	(525)
Deferred tax	(18)	12

As of June 30, 2020, the estimated deferred income tax charge includes a (63) million euros increase of deferred tax liabilities recognized on Orange brand in the United Kingdom. The UK government has reversed the planned reduction in the rate of corporation tax to 17% to maintain the rate at 19%. The deferred tax liabilities on Orange brand are now recorded at a 19% tax rate.

At each period end, the Group reviews the recoverable amount of the deferred tax assets. The recoverability of the deferred tax assets is assessed in the light of business plans used for impairment testing.

As of June 30, 2020, in relation with the revised projections of future cash flows in Spain (see Note 7), a (50) million euros deferred tax charge has been recognized to reflect on the recoverable value of deferred tax assets, the negative impact of the local economic context, the competition on customers offers and to a lesser extent the effects of the health crisis.

Note 9    Financial assets, liabilities and financial results (excluding Orange Bank)

9.1    Financial assets and liabilities of telecom activities

In order to improve the readability of financial statements and to be able to distinguish the performance of telecom activities from the performance of Orange Bank, the notes related to financial assets and liabilities as well as the financial income or expenses are split to respect these two business areas.

Thus, Note 9 details the financial assets, liabilities and related gains and losses specific to telecom activities and Note 11 concerns the activities of Orange Bank.

F-21

The following table reconciles the contributive balances of assets and liabilities for each of these two areas to the consolidated balance sheet (intra-group transactions between telecom activities and Orange Bank are not eliminated) with the consolidated statement of financial position as of June 30, 2020.

(in millions of euros)	Orange	O/w	Note	O/w	Note	O/w
	consolidated	telecom		Orange		eliminations
	financial	activities		Bank		telecom
	statements					activities / bank
Non-current financial assets related to Orange Bank activities	1,380	—		1,380	11.1.1	—
Non-current financial assets	1,274	1,301	9.6	—		(27)	(1)
Non-current derivatives assets	881	881	9.4	—		—
Current financial assets related to Orange Bank activities	1,977	—		1,981	11.1.1	(4)
Current financial assets	4,375	4,376	9.6	—		(1)
Current derivatives assets	41	41	9.4	—		—
Cash and cash equivalents	6,364	6,031	9.4	333		—
Non-current financial liabilities related to Orange Bank activities	—	—		27	11.1.2	(27)	(1)
Non-current financial liabilities	32,744	32,744	9.4	—		—
Non-current derivatives liabilities	672	594	9.4	78		—
Current financial liabilities related to Orange Bank liabilities	3,234	—		3,235	11.1.2	(1)
Current financial liabilities	4,489	4,493	9.4	—		(4)
Current derivatives liabilities	54	54	9.4	—		—

(1) Loan granted by Orange SA to Orange Bank.

9.2    Financial foreign exchange gains and losses

The net foreign exchange financial loss mostly reflects the effect of revaluation of the economic hedges of foreign exchange risk on notional amounts of subordinated notes denominated in pounds sterling and recognized in equity at their historical value (see Note 12.6).

9.3    Change of cash flow hedges in the consolidated statement of comprehensive income

As of June 30, 2020, the consolidated statement of comprehensive income indicates a gain in cash flow hedge of 554 million euros against a loss of (184) million euros in the first semester of 2019. These effects mainly reflect the hedges, via cross currency swaps, of future coupons on Group debts denominated in foreign currencies.

The gain on the first half of 2020 is mainly due to the decrease of the euro-US dollar rate spread. The loss on the first half of 2019 was mainly due to the set up of new instruments in order to hedge the bond issued in sterling pounds (cash flow hedge) in January 2019 and also to the increase of the euro-sterling pound rate spread.

9.4    Net financial debt

Net financial debt as defined and used by Orange does not include Orange Bank activities for which the concept is not relevant and is described in the following chart:

(in millions of euros)	June 30,	December 31,
	2020	2019
TDIRA	641	822
Bonds	30,807	30,893
Bank loans and from development organizations and multilateral lending institutions	4,467	4,013
Debt relating to financed assets	216	125
Cash collateral received	417	261
NEU Commercial Papers (1)	391	158
Bank overdrafts	182	203
Other financial liabilities (2)	118	602
Current and non-current financial liabilities (excluding derivatives) included in the calculation of net financial debt	37,237	37,076
Current and non-current derivatives (liabilities) (3)	648	436
Current and non-current derivatives (assets) (3)	(922)	(573)
Other comprehensive income components related to unmatured hedging instruments	(28)	(542)
Gross financial debt after derivatives (a)	36,935	36,397
Cash collateral paid (4)	(147)	(123)
Investments at fair value (5)	(4,337)	(4,696)
Cash equivalents	(3,247)	(3,651)
Cash	(2,784)	(2,462)
Assets included in the calculation of net financial debt (b)	(10,514)	(10,931)
Net financial debt (a) + (b)	26,420	25,466

(1) Negotiable European Commercial Papers (formerly called "commercial papers").

(2) Include 500 million euros of subordinated notes reclassified as a short term financial liability in 2019 and redeemed on February 7, 2020 (first call option date).

(3) As of June 30, 2020, the foreign exchange effect of the cross currency swaps hedging foreign exchange risk on gross debt notional is an unrealized gain of 578 million euros.

(4) Only cash collateral paid, included in non-current financial assets of the consolidated statement of financial position, are deducted from gross financial debt.

(5) Only investments, included in current financial assets of the consolidated statement of financial position, are deducted from gross financial debt.

On January 28, 2020, Orange SA bought 12,749 perpetual bonds redeemable for shares ("TDIRA") for a notional amount of 180 million euros. Taking into account this purchase, 45,232 TDIRA remain outstanding for a total notional amount of 638 million euros.

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9.5    Main redemptions and bond issues

During the first semester of 2020, Orange SA redeemed three bonds at maturity for 1,050 million euros.

During the same period, Orange SA negotiated a loan of 350 million euros with the European Investment bank maturing 2027 and also issued 2 bonds:

−   750 million euros on April 7, 2020 maturing on July 7, 2027 with a coupon of 1.25%;

−   750 million euros on April 7, 2020 maturing on April 7, 2032 with a coupon of 1.625%.

On February 6, 2020, the Group made early repayment of the 150 million euro loan issued in 2018 by SecureLink, bearing interest at the 3-month Euribor plus 5.5% and originally maturing February 6, 2023.

9.6    Financial assets

	June 30, 2020			December 31, 2019
(in millions of euros)	Non-current	Current	Total	Total
Financial assets at fair value through other comprehensive income that will not be reclassified to profit or loss	298	—	298	277
Investments securities	298	—	298	277
Financial assets at fair value through profit or loss	277	4,337	4,613	4,953
Investments at fair value (1)	—	4,337	4,337	4,696
Investments securities	130	—	130	133
Cash collateral paid	147	—	147	123
Financial assets at amortized cost	727	39	766	772
Receivables related to investments (2)	48	13	61	70
Other (3)	679	26	705	702
Total financial assets	1,301	4,376	5,677	6,001

(1) NEU Commercial papers and bond securities only.

(2) Including loan granted by Orange SA to Orange Bank (27 million euros).

(3) Including the escrowed amount of 347 million euros related to the Digicel litigation.

Note 10    Information on market risk and fair value of financial assets and liabilities (excluding Orange Bank)

10.1    Risk management policy

During the first semester of 2020, the risk management Group policy related to the financial instruments has not been challenged by the health crisis. The Group has kept its hedging policy to minimize the Group exposure to interest rate and operating and financial foreign exchange risks. Cash flow hedge relationships have not been challenged by the crisis. Furthermore, Orange has continued to diversify its sources of funding (see Note 9.5) that allow the Group to present the following liquidity position as of June 30, 2020:

Liquidity position

(in millions euros)

		Available undrawn amount of credit facilities
		Investments at fair value
		Cash
		Cash equivalents

On the specific management of counterparty risk related to customer accounts, see Note 5.1.

10.2    Orange's credit ratings

Orange's credit ratings have not changed since December 31, 2019.

As of June 30, 2020, Orange's debt ratings are set forth below:

	Standard & Poor's	Moody's	Fitch Ratings	Japan Credit Rating
Long-term debt	BBB+	Baa1	BBB+	A
Outlook	Stable	Stable	Stable	Stable
Short-term debt	A2	P2	F2	Not applicable

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10.3    Financial ratios

The covenants with regards to financial ratios described as of December 31, 2019 remain met.

10.4    Fair value levels of financial assets and liabilities

During the first half of 2020, no significant event has occurred regarding the fair value of financial assets and liabilities.

Note 11    Activities of Orange Bank

11.1    Financial assets and liabilities of Orange Bank

The financial statements of Orange Bank were put into the format of Orange group's consolidated financial statements and therefore differ from a presentation that complies with the banking format.

In order to improve the readability of financial statements and to be able to distinguish the performance of telecom activities from the performance of Orange Bank, the notes related to financial assets and liabilities as well as the financial income or expenses are split to respect these two business areas.

Thus, Note 9 details the financial assets, liabilities and related gains and losses specific to telecom activities and Note 11 concerns the activities of Orange Bank.

The following table reconciles the contributive balances of assets and liabilities for each of these two areas to the consolidated balance sheet (intra-group transactions between telecom activities and Orange Bank are not eliminated) with the consolidated statement of financial position as of June 30, 2020.

(in millions of euros)	Orange	O/w telecom	Note	O/w Orange	Note	O/w eliminations
	consolidated	activities		Bank		telecom
	financial					activities / bank
	statements
Non-current financial assets related to Orange Bank activities	1,380	—		1,380	11.1.1	—
Non-current financial assets	1,274	1,301	9.6	—		(27)	(1)
Non-current derivatives assets	881	881	9.4	—		—
Current financial assets related to Orange Bank activities	1,977	—		1,981	11.1.1	(4)
Current financial assets	4,375	4,376	9.6	—		(1)
Current derivatives assets	41	41	9.4	—		—
Cash and cash equivalents	6,364	6,031	9.4	333		—
Non-current financial liabilities related to Orange Bank activities	—	—		27	11.1.2	(27)	(1)
Non-current financial liabilities	32,744	32,744	9.4	—		—
Non-current derivatives liabilities	672	594	9.4	78		—
Current financial liabilities related to Orange Bank liabilities	3,234	—		3,235	11.1.2	(1)
Current financial liabilities	4,489	4,493	9.4	—		(4)
Current derivatives liabilities	54	54	9.4	—		—

(1) Loan granted by Orange SA to Orange Bank.

11.1.1 Financial assets related to Orange Bank activities

(in millions of euros)	June 30, 2020			December 31, 2019
	Non-current	Current	Total	Total
Financial assets at fair value through other comprehensive income that will not be reclassified to profit or loss	2	—	2	2
Investments securities	2	—	2	2
Financial assets at fair value through other comprehensive income that may be reclassified to profit or loss	645	5	650	656
Debt securities	645	5	650	656
Financial assets at fair value through profit or loss	99	—	99	179
Investments at fair value	—	—	—	79
Cash collateral paid	76	—	76	76
Others	22	—	22	25
Financial assets at amortized cost	635	1,976	2,611	3,519
Fixed-income securities	635	6	641	506
Loans and receivables to customers	—	1,857	1,857	1,937
Loans and receivables to credit institutions	—	109	109	1,073
Others	—	4	4	3
Total financial assets related to Orange Bank activities	1,380	1,981	3,361	4,357

Debt securities measured at fair value through other comprehensive income that may be reclassified to profit or loss

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(in millions of euros)	June 30, 2020	December 31, 2019
Debt securities measured at fair value through other comprehensive income that may be reclassified to profit or loss - in the opening balance	656	925
Acquisitions	110	165
Repayments and disposals	(114)	(442)
Changes in fair value	(2)	9
Other items	(1)	(1)
Debt securities measured at fair value through other comprehensive income that may be reclassified to profit or loss - in the closing balance	650	656

Loans and receivables related to Orange Bank

In the context of adapting Orange Bank's accounts into the Group's financial statements, clearing accounts and other amounts due, as well as amounts related to securities transactions on behalf of customers have been considered as loans and receivables from customers.

As of June 30, 2020, loans and receivables of Orange Bank to customers are mainly composed of overdrafts (for 849 million euros) and housing loans (for 858 million euros).

Orange Bank's loans and receivables from credit institutions are mainly composed of current assets corresponding to overnight deposits and loans.

11.1.2 Financial debts related to Orange Bank operations

Debts related to Orange Bank operations are composed of payables and debts with customers for 2,150 million euros, with financial institutions for 617 million euros as well as by certificates of deposits for 467 million euros.

As of June 30, 2020, debts related to Orange Bank operations with customers are mainly composed of current accounts for 1,273 million euros and passbooks and special savings accounts for 876 million euros.

Debts related to Orange Bank operations with financial institutions are mainly composed of term borrowings and advances.

11.2    Information on credit risk management

As of June 30, 2020, the health crisis constitutes a new risk factor that we have taken into account in the management and assessment of credit risk.

The parameters used for the assessment of credit risk have been updated on the basis of forward-looking information required by IFRS 9 (forecasts of French GDP for the years 2020 and 2021). The impacts recognized in the income statement are presented in Note 6.1.

Note 12    Shareholders’ equity

At June 30, 2020, Orange SA's share capital amounted to 10,640,226,396 euros, and comprised 2,660,056,599 ordinary shares with a par value of 4 euros each.

The shares held in registered form for at least two years by the same shareholder are granted with a double voting right. As of June 30, 2020, the public sector owns 22.95% of Orange SA's share capital and 29.44% of the voting rights, and the employees of the Group own either within the employee shareholding plan or in registered form 5.53% of Orange SA's share capital and 8.85% of the voting rights.

12.1    Changes in share capital

No new shares were issued during the first half of 2020.

During the six months ended June 30, 2020, the weighted average number of ordinary shares outstanding is 2,654,514,167 and the weighted average number of shares outstanding and dilutive is 2,682,021,278.

12.2    Treasury shares

As authorized by the Shareholders' Meeting of May 19, 2020, the Board of Directors implemented a new share Buyback Program (the 2020 Buyback Program) and canceled the 2019 Buyback Program, with immediate effect. This authorization is valid for a period of 18 months from the aforementioned Shareholders' Meeting. The 2020 Buyback Program is described in the Orange Universal Registration Document filed with the French Financial Markets Authority on April 20, 2020.

The share buybacks carried out during the period by Orange primarily related to the Long Term Incentive Plan (LTIP) 2019-2021.

At June 30, 2020, Orange held 1,788,037 of its own shares (of which 992,500 shares in connection with the liquidity contract and 795,537 shares in connection with the LTIP 2018-2020 and LTIP 2019-2021 plans).

At December 31, 2019, the company held 9,742,968 treasury shares (of which 853,500 in connection with the liquidity contract  and 8,889,468 in connection with the Orange Vision 2020, LTIP 2018-2020 and LTIP 2019-2021 free share award plans).

12.3    Dividends

The Shareholders' Meeting held on May 19, 2020 approved the payment of a dividend of 0.50 euro per share in respect of the 2019 fiscal year instead of a dividend of 0.70 euro per share as announced during the consolidated financial results 2019 presentation in February 2020. After payment of the interim dividend of 0.30 euro per share on December 4, 2019 for a total amount of 796 million euros, the balance of the dividend amounting to 0.20 euro per share was paid on June 4, 2020 for an amount of 532 million euros.

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12.4    Non-controlling interests

(in millions of euros)	June 30,	December 31,
	2020	2019
Credit part of equity attributable to non-controlling interests (a)	2,566	2,701
o/ w Orange Polska group	959	987
o/ w Sonatel group	653	736
o/ w Orange Belgium group	270	275
o/ w Jordan Telecom group	170	166
o/ w Médi Telecom	124	148
Debit part of equity attributable to non-controlling interests (b)	(12)	(13)
Total equity attributable to non-controlling interests (a) + (b)	2,553	2,688

(in millions of euros)	June 30, 2020	June 30, 2019
Dividends paid to minority shareholders	206	243
o/ w Sonatel group	166	192
o/ w Médi Telecom	24	22
o/ w Orange Belgium group	14	14
o/ w Jordan Telecom group	—	13

12.5    Cumulative translation adjustment

(in millions of euros)	June 30, 2020	June 30, 2019
Gain (loss) recognized in other comprehensive income during the period	(184)	52
Reclassification to net income for the period	0	(2)
Total transaction adjustments for continuing operations	(184)	50

The change in translation differences recognized in other comprehensive income mainly includes:

−   in the first half of 2020, a decrease of (94) million euros due to the depreciation of the Polish zloty and a decrease of (30) million euros due to the depreciation of the Norwegian krone;

−   in the first half of 2019, an increase of 45 million euros due to the appreciation of the Egyptian pound.

12.6 Subordinated notes

At June 30, 2020, the amount of subordinated notes presented on the consolidated statements of changes in shareholders' equity does not change due to these operations and corresponds to a nominal of 5,803 million euros booked at historical value (the tranches denominated in pounds sterling have not been revaluated since their issue in 2014). The costs and share premiums of (88) million euros have been allocated in the reserves.

In the first half of 2020, Orange paid the following coupons:

−   on February 8, 2020, 53 million euros and 38 million pounds sterling (equivalent to 45 million euros) to holders of the notes issued in February 2014,

−   on March 19, 2020, 4 million euros to holders of the notes issued in September 2019 (1^st call including the period from September 19, 2019 to March 19, 2020),

−   on April 1, 2020, 35 million  pounds sterling (equivalent to 38 million euros) to holders of the tranche denominated in pounds sterling issued in October 2014.

−   on April 15, 2020, 24 million euros to holders of the notes issued in April 2019.

The tax effect relating to the payment of the coupons is accounted for as net income.

The tax effect of the conversion of subordinated notes whose face value is denominated in pounds sterling was (32) million euros for the period. This effect is shown at “Other movements” in the consolidated statements changes in shareholders’ equity.

Note 13   Litigations and unrecognized contractual commitments

13.1    Litigations

As of June 30, 2020, the provisions for risks recorded by the Group for all disputes in which the Group is involved (with the exception of liabilities relating to disputes between Orange and the tax or social administrations in relation to operational or income taxes or social contributions, which are recognized in the corresponding items of the balance sheet) amounted to 569 million euros compared with 643 million euros as of December 31, 2019. Orange believes that the disclosure of provisions that may be recorded on a case-by-case basis could seriously harm its position.

This note describes the new proceedings and developments in existing litigations having occurred since the publication of the consolidated financial statements for the year ended December 31, 2019.

−   On June 17, 2020, the Paris Court of Appeal overturned the discounting method applied to the damages set forth in the judgment rendered by the Paris Commercial Court on December 18, 2017, which ordered Orange to pay to Digicel 180 million euros in principal. This amount (including the overturned discounted amount) had been escrowed (see Note 9.6) pending the decision of the Paris Commercial Court on the merits of the dispute, and is presently challenged regarding the amount of the cash out which Orange considers being a maximum of 224 million euros based on the Court of appeal decision. Orange has re-assessed the risk taking into account the evolution of the procedure and intends to appeal to the French Supreme Court.

F-26

−   Regarding the ongoing proceedings in the “Enterprise” market segment between SFR, BT Group, Celeste, Adista and Orange, BT Group withdrew its legal action before the Paris Commercial Court for indemnification of the damages suffered. Other proceedings are still ongoing.

−   A number of shareholder disputes are ongoing between the joint venture company made up of Agility and Orange, on the one hand, and its Iraqi co-shareholder in the share capital of Iraqi operator Korek Telecom on the other hand. These disputes, which relate to various breaches of contractual documents, are the subject of preliminary procedures and arbitrational and judicial litigation in various countries. Moreover, on March 19, 2019, following an administrative decree adopted by the Ministry of Industry and Trade, the Directorate of Companies in Erbil enforced the decision made by the Iraqi regulatory authority (CMC) in 2014 to cancel the partnership of March 2011 between the telco operator Korek Telecom, Agility and Orange. Consequently, the return of the shares in Korek Telecom to the original shareholders was forced without compensation. Orange, which believes that it was unlawfully expropriated of its investment, addressed on March 24, 2019, a notice of dispute to the Republic of Iraq based on the bilateral investment treaty between the French Republic and the Republic of Iraq, and is pursuing amicable discussions with the Iraqi State with a view to trying to reach an amicable agreement. Orange has taken all necessary steps to be able to file a request for arbitration with the International Centre for Settlement of Investment Disputes should these discussions not be concluded rapidly.

−   In Jordan, Zain, a telecom operator, brought an action against Jordan Telecommunications Company (Orange Jordan) for failure to open geographical numbers assigned by the Jordanian regulator. Zain has estimated its damages at 250 million Jordanian dinars (around 314 million euros). An arbitration proceeding is pending. Orange Jordan believes that the amount of the claim is not justified.

−   The Evaluation and Compensation Committee established by Orange as part of the so-called France Telecom employee-related crisis trial in order to analyze the individual requests received from natural persons who worked with the company between 2007 and 2010 and their beneficiaries, extended the filing period until the end of September in order to be able to process the requests until the end of December 2020. This Committee continues to analyze and process the requests received. At the beginning of July 2020, around 740 individual requests have been received, of which approximately 220 have been closed subsequent to an agreement.

Apart from the proceedings mentioned above, there are no other administrative, legal or arbitration proceedings (whether pending, suspended or threatened) of which Orange is aware, either new or having evolved since the publication of the consolidated financial statements for the year ended December 31, 2019, which have had over the period, or which may have, a material impact on the Group’s financial position or profitability.

13.2    Unrecognized contractual commitments

During the first half of 2020, no other major event has impacted the unrecognized contractual commitments described in the 2019 consolidated financial statements.

Note 14    Related party transaction

During the first half of 2020, no transaction with related parties took place which materially affected the 2019 Group's financial position.

Note 15    Subsequent events

Orange SA: distribution of an interim dividend

At its meeting held on July 29, 2020, the Board of Directors resolved to distribute an interim dividend of 0.30 euro  per share in respect of 2020. This interim dividend will be paid in cash on December 9, 2020. The estimated payment amounts  to 798 million euros based on the number of ordinary shares outstanding as of June 30, 2020.

F-27

EX-99.2

Exhibit 99.2

Capitalization

The following table sets forth our current and long-term liabilities and total capitalization as of June 30, 2020 prepared on the basis of International Financial Reporting Standards ("IFRS") as adopted by the European Union, which, for the periods presented, are in conformity with IFRS as published by the International Accounting Standards Board ("IASB"). See Note 2.2 to the consolidated financial statements for the three years ended December 31, 2019 included in Orange’s Annual Report on Form 20-F and Note 2.1 to the unaudited condensed consolidated financial statements for the six months ended June 30, 2019 and 2020.¹

(in millions of euros) (unaudited)	As at June 30,
	2020
(A) Current Financial and Lease Liabilities (1) (including short term portion of long term financial liabilities) that are:
Guaranteed (2)	0
Secured, of which 1,233 million euros pursuant to IFRS 16 (3) (4)	1,866
Unguaranteed/Unsecured	4,995
Total Current Financial and Lease Liabilities	6,861
Current Financial Liabilities	5,627
Of which total current financial liabilities related to telecommunications activities	4,547
Of which total current financial liabilities related to Orange Bank activities, excluding client deposits of 2,150 million euros	1,085
Elimination of current financial liabilities between telecommunications and Orange Bank activities	(5)
Current lease liabilities as accounted for pursuant to IFRS 16 (1)	1,233
(B) Non-current Financial and Lease Liabilities (1) (excluding short term portion) that are:
Guaranteed (2)	0
Secured, of which 5,290 million euros pursuant to IFRS 16 (3) (5)	5,786
Unguaranteed/Unsecured (6)	32,920
Total Non-current Financial and Lease Liabilities	38,706
Total Non-current Financial Liabilities	33,417
Of which total non-current financial liabilities related to telecommunications activities	33,339
Of which total non-current financial liabilities related to Orange Bank activities	105
Elimination of non-current financial liabilities between telecommunications and Orange Bank activities	(27)
Non-current lease liabilities as accounted for pursuant to IFRS 16 (1)	5,290
(C) Minority Interests (excluded from net income):	2,465
(D) Equity attributable to shareholders of Orange S.A. (excluding net income):
Share capital (7)	10,640
Other reserves (8)	20,539
Of which deeply subordinated notes issued by Orange S.A.	5,803
Equity attributable to equity holders of Orange S.A. (excluding net income)	31,179
(A+B+C+D) Capitalization	79,211

¹ The IFRS IC decision on the enforceable period of contracts was not implemented as of June 30, 2020 but will be implemented as of December 31, 2020 on all leases falling within the scope of the final decision of the Interpretation Committee.

(1)  Orange generally excludes all indebtedness classified as lease liabilities pursuant to IFRS 16 from the calculation of its net debt ratio.

(2)  Neither Orange nor its subsidiaries have financial indebtedness guaranteed by third parties outside of Orange.

(3)  Does not include certain financial debt, comprised of asset- or mortgage-backed securities with respect to which either Orange S.A. or any of its subsidiaries has given pledges, guarantees, privileges or other security interests.

(4)  Includes 617 million euros from Orange Bank’s Targeted Long-term Refinancing Operation which has a maturity of up to three years, which is classified as current liabilities due to the applicable reimbursement options.

(5)  Includes 417 million euros on deposit as cash collateral. Orange has concluded agreements with various financial counterparts that may impose a daily settlement corresponding, subject to threshold conditions, to the variation in the market value of such instruments (mark to market). Orange has issued debt securities in foreign currencies (USD, CHF, GBP, HKD, NOK) that it has generally swapped for euro.

(6)  Since June 30, 2020, on September 9, 2020, Orange S.A. issued its inaugural Sustainability Bond for a total amount of 500 million euros; on September 15, 2020, the Bourse Régionale des Valeurs Mobilières listed the 100,000,000,000 FCFA (approximately 152 million euros) 7 year senior bonds issued in July 2020 by Sonatel, with a fixed coupon of 6.50%; on October 15, 2020, Orange S.A issued 700,000,000 euros undated 8 year non-call deeply subordinated fixed to reset rate notes with a fixed coupon of 1.75% until the first call date; and on October 15, 2020, Orange repurchased a portion of three series of its outstanding undated deeply subordinated fixed to reset rate notes: 381,627,000 euros undated 7 year non-call Notes with first call date on October 1, 2021 (the remaining outstanding principal amount is 118,374,000 euros), 222,898,000 pounds sterling undated 8 year non-call notes with first call date on February 7, 2022 (the remaining outstanding principal amount is 427,102,000 pounds sterling) and 39,122,000 pounds sterling undated 8.5 year non-call notes with first call date on April 1, 2023 (the remaining outstanding principal amount is 560,878,000 pounds sterling).

(7)  No additional new shares have been issued since June 30, 2020.

(8)  Other reserves include reserves with respect to issue premiums, conversions, gains (losses) registered directly in shareholders' equity and accumulated reserves (losses).

As of the date of this prospectus, except as disclosed above, no significant change has occurred with respect to the information presented in the table since June 30, 2020.

EX-99.3

Exhibit 99.3

Recent Developments Since June 30, 2020

The financial information presented in the Report on Form 6-K, including this Exhibit 99.3, is unaudited, unless otherwise noted.

This document, which is an Exhibit to Orange’s Report on Form 6-K dated December 9, 2020 (the “Form 6-K”), contains forward-looking statements (within the meaning of Section 27A of the U.S. Securities Act of 1933 or Section 21E of the U.S. Securities Exchange Act of 1934). Forward-looking statements can be identified by the use of forward-looking terminology such as “should”, “could”, “would”, “will”, “expect”, “consider”, “confirm”, “believe”, “anticipate”, “suggest”, “pursue”, “foresee”, “plan”, “predict”, “benefit”, “carry out”, “meet”, “increase”, “exceed”, “preserve”, “optimize”, “control”, “intend”, “continue”, “maintain”, “invest”, “be aimed at”, “strategy”, “objective”, “prospects”, “outlook”, “trends”, “aim”, “change”, “intention”, “ambition”, “risk”, “potential”, “implementation”, “roll-out”, “commitment” or “progression” or similar expressions or the negative thereof or other variations thereof or comparable terminology, or by the forward-looking nature of discussions of strategy, plans or intentions. Although Orange believes these statements are based on reasonable assumptions, these forward-looking statements are subject to numerous risks and uncertainties, including matters not yet known to Orange or not currently considered material by Orange, and there can be no assurance that anticipated events will occur or that the objectives set out will actually be achieved. Therefore, actual results may differ materially from those described in the forward-looking statements. Orange urges you to carefully review and consider the various disclosures it makes concerning the factors that may affect its business, including the disclosures made in “Item 3. Key information—3.D. Risk factors,” “Item 5. Operating and financial review and prospects,” and “Item 11. Quantitative and qualitative disclosures about market risk” in its 2019 Annual Report on Form 20-F, “Cautionary Statement Regarding Forward-Looking Statements” in the Form 6-K, and “Section 1.1.4 Information on trends and the main risks and uncertainties” in Exhibit 99.1 to the Form 6-K attached hereto.

I.    Financial information for the three-month and nine-month periods ended September 30, 2020

	3Q 2020	change		change		9M 2020	change		change
		comparable		historical			comparable		historical
In millions of euros (1)		basis (2)		basis			basis (2)		basis
Revenues	10,584	0.8	%	0.1	%	31,353	0.5	%	0.7	%
Purchases of or investments in property, plant and equipment and intangible assets	1,860	(0.5)	%	(1.2)	%	5,372	(11.5)	%	(11.9)	%
eCAPEX (3)(excluding licenses)	1,730	0.9	%	0.3	%	4,886	(6.3)	%	(6.6)	%

(1) See Appendix 1: Key financial indicators

(2) See Appendix 5: glossary – Key figures not defined by IFRS

(3) eCAPEX is not a financial indicator defined by IFRS and may not be comparable to similarly-titled indicators used by other companies. It is provided as additional information only and should not be considered as a substitute for purchases of or investments in property, plant and equipment and intangible assets. See Appendix 2: Capital expenditures and eCapex information and Appendix 5: glossary – Key figures not defined by IFRS for relevant information and important information and a reconciliation of this amount to the pertinent IFRS amount.

Revenues

Orange Group revenues totaled €10.6 billion in the third quarter 2020, up 0.1% year on year on a historical basis and 0.8% on a comparable basis in the related period in 2019. This growth was driven by the momentum in services, in particular wholesale services, due to the co-financing of the fiber network in France, and convergent services, which rose respectively 5.3% and 1.7% on a historical basis, and 5.7% and 1.5% on a comparable basis. Roaming revenues continued to be adversely impacted by travel restrictions due to the Covid-19 pandemic, while the decline in equipment sales was contained at -2.3% on a historical basis and -1.9% on a comparable basis.

France and Africa & Middle East contributed positively with respective growth over the related period in 2019 of 3.2% on an historical basis and 3.1% on a comparable basis for France, and 1.9% on a historical basis and 5.1% on a comparable basis for Africa & Middle East (compared to growth of 2.8% and 0.9% on a historical basis and 2.7% and 1.3% on a comparable basis in the second quarter over the related period in 2019) while Europe (including Spain) and Enterprise continued to be under pressure, albeit with an improving trend.

Over the first nine months of the year, revenue growth was 0.7% on an historical basis and 0.5% on a comparable basis.

Customer base growth

There were 10.9 million convergent services customers across the Group at September 30, 2020, up 2.1% year on year, supported by continued strong growth in Europe.

Mobile services had 211.9 million customers at September 30, 2020, up 1.2% year on year on a historical basis and 2.5% on a comparable basis, including 76.2 million contract customers, an increase of 3.9% on a historical basis and 4.0% on a comparable basis.

Fixed services had 45.1 million customers on September 30, 2020, down 1.4% year on year, primarily due to the 12.8% decline in fixed narrowband accesses and despite the continued very strong growth (up 21.9%) in high-speed broadband accesses.

Capital expenditures and eCAPEX

Purchases of or investments in property, plant and equipment and intangible assets totaled €1,860 million in the third quarter 2020, decreasing 1.2% on an historical basis and 0.5% on a comparable basis in the third quarter compared with the related period in 2019. Group eCAPEX rose 0.3% on an historical basis and 0.9% on a comparable basis in the third quarter compared with the related period in

2019, due to the acceleration of the FTTH roll-out in France in September. It was down 6.6% over the first nine months on a historical basis and down 6.3% on a comparable basis, despite a step-up in investments in the fixed and mobile broadband networks, principally as a result of the co-financing of the fiber network in France. Group eCAPEX is not a financial indicator defined by IFRS and may not be comparable to similarly-titled indicators used by other companies. It is provided as additional information only and should not be considered as a substitute for purchases of or investments in property, plant and equipment and intangible assets. See Appendix 5: glossary – Key figures not defined by IFRS.

Monetization of the networks and execution of the infrastructure strategy

Orange has taken new steps in its plans to share future fiber network deployments with partners via FiberCos and expects to sign agreements in the first half of 2021 with a view to creating dedicated structures in France and Poland that are anticipated to be operational in 2021.

Regarding value-creating initiatives for its European mobile network, Orange will detail the progress of the ongoing TowerCo projects dedicated to managing towers in France and Spain in the publication of its 2020 annual results.

Changes in asset portfolio

There were no significant changes in the asset portfolio in the third quarter of 2020.

Dividend

The Board of Directors supports the return to a dividend of €0.70 per share in respect of the 2020 financial year. A definitive proposal will be made to the Annual General Meeting of May 18, 2021 in light of the final results for the year. Furthermore, Orange will pay an interim dividend of €0.40 per share on December 9, 2020, an increase of €0.10 compared to the amount announced in July. See Section 2 – Other Recent Developments of this document for further developments about future distributions to shareholders.

Review by operating segment

France

	3Q 2020	change		change		9M 2020	change		change
		comparable		historical			comparable		historical
In millions of euros		basis		basis			basis		basis
Revenues	4,693	3.1	%	3.2	%	13,717	2.1	%	2.2	%
Retail services	2,691	(0.4)	%	(0.4)	%	8,068	(0.1)	%	(0.1)	%
Convergence	1,137	2.5	%	3.2	%	3,405	4.0	%	4.6	%
Mobile Only	564	(2.7)	%	(3.6)	%	1,687	(2.8)	%	(3.8)	%
Fixed Only	990	(2.4)	%	(2.4)	%	2,976	(3.0)	%	(3.0)	%
Wholesale	1,543	10.5	%	10.7	%	4,414	8.4	%	8.6	%
Equipment sales	302	(9.8)	%	(9.8)	%	759	(16.8)	%	(16.8)	%
Other revenues	157	33.3	%	32.3	%	475	29.8	%	29.1	%

Revenue growth supported by infrastructure co-financing and convergent services. Very good commercial performance from mobile and fiber.

Third-quarter revenue growth in France was driven by the momentum of convergent services and strong growth in wholesale, due to the significant fiber network co-financing proceeds received in July.

Retail services revenues fell 0.4% year on year. Excluding PSTN and ePresse and audiobook offers, revenues would have increased 1.8% on historical basis and 1.7% on a comparable basis in the related period in 2019. Revenues from convergent services increased 3.2% on an historical basis and 2.5% on a comparable basis, despite the strong impact of the health crisis on customer roaming. Mobile only revenues were also adversely impacted by the decline in customer roaming and prepaid “holiday” offers, mainly taken up by tourists.

Equipment sales continued to decline although with an improving trend compared to the second quarter thanks to the reopening of stores after lockdown. The quarter was also impacted by the postponed release of the iPhone 12.

Despite a decline in national roaming, wholesale revenues rose strongly due to the co-financing of the fiber network and the construction of Public Initiative Networks.

From a commercial standpoint, convergent ARPO rose 1.7% on a historical basis and 1.2% on a comparable basis in the related period in 2019 to €68.80. Mobile contracts (excluding M2M) posted 125,000 net adds, driven by the Sosh and Open offers (up 133,000 and 64,000 in net adds respectively). This is the best performance since the second quarter of 2018.

Fiber again had an excellent quarter with a new record of 360,000 net adds (versus 178,000 in the third quarter of 2019). Of these sales, 53% were to new customers. The roll-out of fiber continued at a rapid pace with a total of 20.9 million connectable homes and the threshold of 4 million fiber customers exceeded at the end of September.

Europe

	3Q 2020	change		change			9M 2020	change		change
		comparable		historical				comparable		historical
In millions of euros		basis		basis				basis		basis
Revenues	2,636	(3.7)	%	(4.2)	%		7,864	(3.3)	%	(3.6)	%
Retail services	1,771	(4.5)	%	(5.0)	%	-	5,366	(2.6)	%	(2.8)	%
Convergence	673	(0.2)	%	(0.6)	%	-	2,050	1.9	%	1.5	%
Mobile Only	766	(8.2)	%	(8.6)	%	-	2,291	(7.5)	%	(7.9)	%
Fixed Only	270	(2.7)	%	(3.8)	%	-	816	(4.2)	%	(5.2)	%
IT & Integration services	61	(9.5)	%	(7.8)	%	-	209	23.3	%	36.7	%
Wholesale	480	(5.3)	%	(6.0)	%	-	1,431	(0.7)	%	(1.4)	%
Equipment sales	355	4.8	%	4.1	%	-	966	(8.2)	%	(8.8)	%
Other revenues	30	(18.8)	%	(20.0)	%	-	101	(20.4)	%	(21.2)	%

Revenues in Europe (which now includes Spain as well as Belgium, Luxembourg, Moldova, Poland, Romania and Slovakia) remained under pressure in the third quarter. The reduction in roaming accounts for more than half of the decline. This said, the trend improved compared to the second quarter, largely due to a recovery in equipment sales.

Retail services were adversely affected by the weaker sales performance recorded in previous quarters, by a significant negative seasonal effect on customer roaming and by a contraction in IT&S sales following strong growth in previous quarters.

While the health crisis continues to restrict the free movement of people, sales performances in the seven country Europe zone saw a significant turnaround in all product lines, with net adds of 221,000 mobile contracts (excluding M2M), 80,000 of which were accounted for by tablets in Romania (versus -129,000 in the second quarter), 285,000 by prepaid (versus -664,000 in the second quarter), 96,000 by fixed broadband, of which 139,000 were FTTH connections (versus 32,000 in the second quarter) and 51,000 by TV (versus -31,000 in the second quarter) compared to the second quarter 2020. This excellent performance resulted mainly from the revamping of our product lines undertaken in most of our geographies.

Spain:

In Spain, the 5.6% decline in revenues in the third quarter, compared to the related period in 2019, was an improvement on the second quarter (down 6.8%, compared to the related period in 2019), despite the significant negative effect of the health crisis on roaming revenues, which impacted both wholesale and retail services revenues.

The 7.7% decline in retail services revenues in Spain in the third quarter, compared to the related period in 2019, (versus a 7.2% decline in the second quarter, compared to the related period in 2019) was due to the loss of volumes, relating to Orange Spain’s previously weak presence at the lower end of the market. Excluding roaming, retail service revenues stabilized compared to the second quarter.

The new commercial strategy launched in the second quarter already demonstrated its effectiveness in the back-to-school period and with the start of the football season, with a return to positive net adds in fixed broadband, TV and mobile, leading to growth in the convergent customer base for the first time since the first quarter of 2018.

Africa & Middle East

	3Q 2020	change		change		9M 2020	change		change
		comparable		historical			comparable		historical
In millions of euros		basis		basis			basis		basis
Revenues	1,474	5.1	%	1.9	%	4,320	4.2	%	3.2	%
Retail services	1,263	7.1	%	3.5	%	3,707	6.9	%	5.6	%
Mobile Only	1,116	6.0	%	2.5	%	3,280	6.1	%	4.7	%
Fixed Only	140	15.3	%	11.6	%	410	12.7	%	12.0	%
IT & Integration services	6	35.8	%	34.1	%	16	58.0	%	57.1	%
Wholesale	176	(8.7)	%	(11.2)	%	518	(11.3)	%	(12.0)	%
Equipment sales	22	3.4	%	(0.6)	%	62	(8.0)	%	(7.6)	%
Other revenues	14	48.3	%	90.5	%	33	25.7	%	66.3	%

Significant return to growth in Africa & Middle East

Africa & Middle East third quarter revenues returned to strong growth driven by mobile data, Orange Money and fixed broadband, after a second quarter marked by the impact of the health crisis.

The 4G customer base reached 30.9 million, an increase of 37% year on year, out of a total of 126 million mobile customers.

Orange Money revenue growth accelerated again in the third quarter, reaching 24.9% on a historical basis and 27.1% on a comparable basis in the related period in 2019, after a second quarter marked by the free transaction measures recommended by the authorities to help combat the epidemic. The active customer base increased 21% year on year to reach a level of more than 20 million customers.

The number of fixed broadband customers grew 38% year on year, reaching 1.6 million customers; revenues were up 10.3% on a historical basis and 26.4% on a comparable basis in the related period in 2019.

Wholesale revenues continued to be affected by the decrease in international travel and visitor roaming.

In the third quarter, 9 countries on a historical basis and 12 countries on a comparable basis in the region recorded growth, with six of them in double-digits.

Enterprise

	3Q 2020	change		change		9M 2020	change		change
		comparable		historical			comparable		historical
In millions of euros		basis		basis			basis		basis
Revenues	1,898	(1.7)	%	(2.4)	%	5,757	(1.4)	%	0.7	%
Fixed Only	952	(2.0)	%	(2.6)	%	2,910	(1.6)	%	(1.6)	%
Voice	303	(3.4)	%	(3.8)	%	935	(3.0)	%	(3.0)	%
Data	649	(1.3)	%	(2.0)	%	1,975	(0.9)	%	(0.9)	%
IT & Integration services	734	(0.5)	%	(1.6)	%	2,209	1.1	%	7.1	%
Mobile *	213	(4.6)	%	(4.6)	%	638	(8.5)	%	(8.5)	%
Mobile Only	159	(8.4)	%	(8.5)	%	487	(10.2)	%	(10.2)	%
Wholesale	11	30.6	%	30.6	%	32	23.5	%	23.5	%
Equipment sales	42	4.8	%	4.8	%	119	(7.7)	%	(7.7)	%

IT and integration services revenues almost returned to stability in the third quarter after a 2.6% decline in the second quarter and over the first 9 months continued to show growth. Cloud and cybersecurity services slowed in the third quarter, but posted respectively, growth of 11.9% and 44.3% on a historical basis and 5% and 8% on a comparable basis over the first nine months of the year.

Traditional voice services declined again, however the trend was less pronounced than before the health crisis, thanks to VoIP and collaboration solutions, while Data revenues continued to be impacted by Globecast, whose broadcasting activities have been reduced as a result of event cancellations.

Mobile* revenues continued to be significantly affected by the substantial decline in roaming revenues (down 71%) caused by the health crisis.

Overall, the segment’s profitability improved compared with the second quarter.

International Carriers & Shared Services

	3Q 2020	change		change		9M 2020	change		change
		comparable		historical			comparable		historical
In millions of euros		basis		basis			basis		basis
Revenues	352	(5.7)	%	(6.1)	%	1,080	(3.5)	%	(3.7)	%
Wholesale	250	(7.2)	%	(7.4)	%	780	(4.0)	%	(4.0)	%
Other revenues	102	(1.9)	%	(2.9)	%	301	(2.2)	%	(2.9)	%

Revenues from International Carriers and Shared Services declined 6.1% on an historical basis and 5.7% on a comparable basis in the related period in 2019 in the third quarter.

International wholesale services continued to be heavily impacted by the Covid-19 epidemic due to the international travel ban and the reduction in flows on voice corridors.

Other revenues also continued to be affected by the decline in installation activities at Orange Marine, also hit by the health crisis.

Orange Bank

In the third quarter, despite a slowdown in commercial activity as a result of the health crisis, Orange Bank’s customer base continued to grow reaching a total of 1.1 million customers at September 30, 2020, including mobile insurance.

Orange Bank is successfully pursuing its value-oriented strategy, with a record number of premium card sales and nearly 60% of new customers in France (excluding mobile insurance) subscribing to paid offers in the third quarter of 2020, up from 27% in the third quarter of 2019.

* Mobile revenues include mobile services and mobile equipment sales invoiced to businesses and incoming mobile traffic from businesses invoiced to other carriers.

Appendix 1: Key financial indicators

3Q data

	3Q 2020		3Q 2019		3Q 2019		change		change
			comparable		historical		comparable		historical
In millions of euros			basis		basis		basis		basis
Revenues	10,584		10,504		10,577		0.8	%	0.1	%
France	4,693		4,551		4,548		3.1	%	3.2	%
Europe	2,636		2,737		2,752		(3.7)	%	(4.2)	%
Africa & Middle-East	1,474		1,402		1,447		5.1	%	1.9	%
Enterprise	1,898		1,931		1,946		(1.7)	%	(2.4)	%
International Carriers & Shared Services	352		373		375		(5.7)	%	(6.1)	%
Intra-Group eliminations	(468)		(491)		(491)
Purchases of or investments in property, plant and equipment and intangible assets	1,860		1,868		1,882		(0.5)	%	(1.2)	%
eCAPEX (1)	1,730		1,715		1,724		0.9	%	0.3	%
o/w telecom activities	1,723		1,708		1,718		0.9	%	0.3	%
as % of revenues	16.3	%	16.3	%	16.2	%	0.0	pt	0.0	pt
o/w Orange Bank	7		6		6		15.9	%	15.9	%

(1) See Section Appendix 5: glossary – Key figures not defined by IFRS

9M data

	9M 2020		9M 2019		9M 2019		change		change
			comparable		historical		comparable		historical
In millions of euros			basis		basis		basis		basis
Revenues	31,353		31,207		31,150		0.5	%	0.7	%
France	13,717		13,431		13,423		2.1	%	2.2	%
Europe	7,864		8,130		8,160		(3.3)	%	(3.6)	%
Africa & Middle-East	4,320		4,144		4,185		4.2	%	3.2	%
Enterprise	5,757		5,839		5,716		(1.4)	%	0.7	%
International Carriers & Shared Services	1,080		1,119		1,121		(3.5)	%	(3.7)	%
Intra-Group eliminations	(1,384)		(1,457)		(1,454)
Purchases of or investments in property, plant and equipment and intangible assets	5,372		6,074		6,099		(11.5)	%	(11.9)	%
eCAPEX (1)	4,886		5,217		5,233		(6.3)	%	(6.6)	%
o/w telecom activities	4,865		5,194		5,211		(6.3)	%	(6.6)	%
as % of revenues	15.5	%	16.6	%	16.7	%	(1.1)	pt	(1.2)	pt
o/w Orange Bank	21		23		23		(6.0)	%	(6.0)	%

(1) See Section Appendix 5: glossary – Key figures not defined by IFRS

Appendix 2: Capital expenditures and eCapex information

eCAPEX or “economic CAPEX”: (i) acquisitions of property, plant and equipment and intangible assets, excluding telecommunications licenses and financed assets, less (ii) the price of disposal of property, plant and equipment and intangible assets. eCAPEX is not a financial performance indicator as defined by IFRS and may not be directly comparable to indicators referenced by similarly-named indicators used by other companies. It is provided as additional information only and should not be considered as a substitute for purchases of or investments in property, plant and equipment and intangible assets.

The tables below shows the transition from (i) investments in property, plant and equipment and intangible assets, and (ii) purchases of property, plant and equipment and intangible assets, excluding trade payables, to (iii) eCAPEX.

	3Q 2020	3Q 2019
In millions of euros		Historical basis
Investments in property, plant and equipment and intangible assets	1,860	1,882
Financed assets	(56)	(27)
Purchases of property, plant and equipment and intangible assets (1)	1,803	1,854
Proceeds from sales of property, plant and equipment and intangible assets	(68)	(121)
Telecommunications licenses	(5)	(10)
eCAPEX	1,730	1,724

(1) Excluded changes in fixed assets trade payables. Investments financed through finance leases have no effect on cash flow upon acquisition.

	9M 2020	9M 2019
In millions of euros		Historical basis
Investments in property, plant and equipment and intangible assets	5,372	6,099
Financed assets	(173)	(93)
Purchases of property, plant and equipment and intangible assets (1)	5,199	6,005
Proceeds from sales of property, plant and equipment and intangible assets	(266)	(252)
Telecommunications licenses	(47)	(520)
eCAPEX	4,886	5,233

(1) Excluded changes in fixed assets trade payables. Investments financed through finance leases have no effect on cash flow upon acquisition.

Appendix 3: Income statement information

3Q data

	3Q 2020	3Q 2019
		Historical
In millions of euros		basis
Revenues	10,584	10,577
External purchases	(4,261)	(4,437)
Other operating income	132	184
Other operating expense	(119)	(85)
Labor expenses	(1,924)	(1,914)
Operating taxes and levies	(352)	(326)
Gains (losses) on disposal of fixed assets, investments and activities	14	40
Restructuring costs	2	(12)
Depreciation and amortization of financed assets	(15)	(4)
Depreciation and amortization of right-of-use assets	(367)	(316)
Impairment of right-of-use assets	—	(0)
Interests expenses on liabilities related to financed assets	(0)	(0)
Interests expenses on lease liabilities	(33)	(33)

9M data

	9M 2020	9M 2019
		Historical
In millions of euros		basis
Revenues	31,353	31,150
External purchases	(12,808)	(12,981)
Other operating income	403	525
Other operating expense	(568)	(285)
Labor expenses	(6,300)	(6,347)
Operating taxes and levies	(1,584)	(1,533)
Gains (losses) on disposal of fixed assets, investments and activities	73	108
Restructuring costs	(11)	(63)
Depreciation and amortization of financed assets	(37)	(7)
Depreciation and amortization of right-of-use assets	(1,019)	(943)
Impairment of right-of-use assets	(6)	(25)
Interests expenses on liabilities related to financed assets	(1)	(0)
Interests expenses on lease liabilities	(91)	(97)

Appendix 4: Key performance indicators

	September 30,	September 30,	September 30,
	2020	2019	2019
		Historical	Comparable
In thousands, at the end of the period		basis	basis
Number of convergent customers	10,914	10,686	10,686
Number of mobile accesses (excluding MVNOs) (1)	211,856	209,380	206,743
o/w  Mobile accesses of convergent customers	19,484	18,933	18,933
Mobile only accesses	192,371	190,447	187,810
o/w  Contract customers	76,252	73,413	73,353
Prepaid customers	135,604	135,966	133,390
Number of fixed accesses (2)	45,128	45,769	45,767
Number of fixed retail accesses	29,357	29,740	29,739
Number of fixed broadband accesses	21,301	20,506	20,505
o/w  Accesses with very high-speed broadband	8,997	7,380	7,379
Accesses of convergent customers	10,914	10,686	10,686
Fixed only accesses	10,387	9,820	9,819
Number of fixed narrowband accesses	8,055	9,234	9,234
Number of fixed wholesale accesses	15,771	16,028	16,028
Group total accesses (1+2)	256,983	255,148	252,510

Appendix 5: glossary

Key figures not defined by IFRS

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. It is provided as additional information only and should not be considered as a substitute for historical amounts.

eCAPEX or “economic CAPEX”: (i) acquisitions of property, plant and equipment and intangible assets, excluding telecommunications licenses and financed assets, less (ii) the price of disposal of property, plant and equipment and intangible assets. eCAPEX is not a financial performance indicator as defined by IFRS and may not be directly comparable to indicators referenced by similarly-named indicators used by other companies. It is provided as additional information only and should not be considered as a substitute for purchases of or investments in property, plant and equipment and intangible assets.

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.

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 networks². The customer base consists of fixed-line telephony and fixed broadband customers, excluding retail convergence customers.

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 (fiber access, unbundling of telephone lines and xDSL access sales) and the sale of telephone lines on the wholesale market.

² With the exception of France, where enterprise solutions and networks are listed under the Enterprise business segment.

II.       Other Recent Developments

● Since June30, 2020 Orange has issued and repurchased various debt securities as further described in Exhibit99.2 of the Report on Form6-K of which this document is an exhibit.

● On October1, 2020, Orange announced that it was satisfied with the results of the 3.5 GHz auction process in France, which represents a crucial step forward that will shape the Group’s operations in France for theyears to come. With 90 MHz, Orange was the French operator with the broadest range of 5G frequencies. The total price of the 90 MHz acquired by Orange amounted to €854 million, with payments spread over 4 to 15years depending on the block.

● On November9, 2020, Orange Romania announced that it had agreed to acquire a controlling 54% interest in Telekom Romania Communications (“TKR”), in a transaction that is expected to significantly accelerate Orange’s strategy to become the preferred choice of customers for convergent services in the Romanian market. Orange will pay a total of €268 million, on a debt-free, cash-free basis and subject to customary adjustments at closing, corresponding to a total enterprise value of €497 million, based on 100% of TKR and the convergent customer base. The closing of the transaction is subject to customary conditions, notably antitrust clearance by the European Commission and other relevant authorities and is expected to be completed within the second half of 2021. Until this approval and the completion of the transaction is obtained, both companies will continue to operate independently.

● On November13, 2020, Orange welcomed the favorable decision reached by the French State Council (Conseil d’Etat) regarding a tax dispute that began nearly tenyears ago. This decision, which definitively closed the case, confirmed the Group’s position since the beginning of this dispute. It enabled Orange to recover the amount paid in July2013 of approximately €2.2 billion. The amount received- principal and interest- will be recorded as current tax income and will not be subject to tax.

● On December2, 2020, Orange announced that it was considering a conditional voluntary takeover bid on all the shares of Orange Belgium that it does yet own. This information is not an offer to purchase or a solicitation of an offer to sell any securities in any jurisdiction; any offer would not be made in the United States or in certain other jurisdictions. Any offer would be a cash offer, without any minimum acceptance threshold, made at a price of € 22 per share, which represents a premium of 35.6% compared to the closing price of Orange Belgium on December2, 2020 and a premium of 49.3% compared to the volume-weighted average trading price of Orange Belgium over the last sixmonths on the regulated market of Euronext Brussels. If the conditions are met, Orange SA will consider a possible delisting of the shares of Orange Belgium.

● On December2, 2020, the Orange Group confirmed that it had received all of the 2.2 billion euros corresponding to sums paid in 2013, as well as the related rights and interest, following the favorable decision of the French State Council (Conseil d’état) on November13, 2020 concerning a long-standing tax dispute. The Group announced that it plans to deploy the funds received to accelerate its development and commitments (which may include strengthening its leadership in networks, both in France and internationally, as well as projects related to the ecological transition; supporting the Group’s operational transformation; and proposing a conditional voluntary public takeover offer for all the shares of Orange Belgium that it does not yet own); and proposes to benefit its employees (including an employee share scheme in France and internationally for a total volume of approximately 30 million shares, with the objective that employee shareholding reaches 10% in the future) and shareholders (including the principle of an extraordinary distribution to shareholders of 0.20 euros per share). A portion of the funds will be allocated to the Group’s social commitments focused on achieving carbon neutrality by 2040 and digital equality. Any remaining balance will reduce the Orange’s net debt.

XML

Document and Entity Information	6 Months Ended
	Jun. 30, 2020
Document Information [Line Items]
Entity Central Index Key	0001038143
Document Type	6-K
Document Period End Date	Jun. 30, 2020
Entity File Number	1-14712
Entity Registrant Name	ORANGE
Entity Address, Address Line One	78, rue Olivier de Serres
Entity Address, Postal Zip Code	75015
Entity Address, City or Town	Paris
Entity Address, Country	FR
Current Fiscal Year End Date	--12-31
Amendment Flag	false

XML

Consolidated income statement - EUR (€) € in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Profit (loss) [abstract]
Revenue	€ 20,769	€ 20,573
External purchases	(8,557)	(8,562)
Other operating income	271	341
Other operating expenses	(448)	(201)
Labor expenses	(4,376)	(4,434)
Operating taxes and levies	(1,232)	(1,207)
Gains (losses) on disposal of fixed assets, investments and activities	59	68
Restructuring costs	(13)	(52)
Depreciation and amortization of fixed assets	(3,549)	(3,500)
Depreciation and amortization of financed assets	(22)	(3)
Depreciation and amortization of right-of-use assets	(642)	(609)
Reclassification of translation adjustment from liquidated entities		2
Impairment of fixed assets	1	0
Impairment of right-of-use assets	(6)	(24)
Share of profits (losses) of associates and joint ventures	(6)	(4)
Operating income	2,249	2,388
Cost of gross financial debt except financed assets	(569)	(575)
Interests on debts related to financed assets	(1)	0
Gains (losses) on assets contributing to net financial debt	1	4
Foreign exchange gain (loss)	(115)	(2)
Interests on lease liabilities	(56)	(60)
Other net financial expenses	(3)	14
Effects resulting from BT stake		(119)
Finance costs, net	(742)	(738)
Income tax	(491)	(513)
Consolidated net income	1,016	1,137
Net income attributable to owners of the parent company	927	1,039
Non-controlling interests	€ 88	€ 98
Earnings per share [abstract]
Net income - basic (in euros per share)	€ 0.30	€ 0.34
Net income - diluted (in euros per share)	€ 0.29	€ 0.33

XML

Consolidated statement of comprehensive income - EUR (€) € in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Statement of comprehensive income [abstract]
Consolidated net income	€ 1,016	€ 1,137
Other comprehensive income [abstract]
Remeasurements of the net defined benefit liability	(16)	(89)
Assets at fair value	(33)	34
Income tax relating to items that will not be reclassified	(3)	17
Items that will not be reclassified to profit or loss	(51)	(38)
Assets at fair value	(2)	11
Cash flow hedges	554	(184)
Translation adjustment gains and losses	(184)	50
Income tax relating to items that are or may be reclassified	(177)	57
Items that are or may be reclassified subsequently to profit or loss	191	(66)
Other comprehensive income consolidated	140	(104)
Consolidated comprehensive income	1,155	1,033
Comprehensive income attributable to [abstract]
Comprehensive income attributable to the owners of the parent company	1,100	922
Comprehensive income attributable to non-controlling interests	€ 55	€ 111

XML

Consolidated statement of financial position - EUR (€) € in Millions	Jun. 30, 2020	Dec. 31, 2019
Assets [abstract]
Goodwill	€ 27,589	€ 27,644
Other intangible assets	14,434	14,737
Property, plant and equipment	28,398	28,423
Right-of-use assets	6,197	6,263
Interests in associates and joint ventures	103	103
Non-current financial assets related to banking activities	1,380	1,259
Non-current financial assets	1,274	1,208
Non-current derivatives assets	881	562
Other non-current assets	135	125
Deferred tax assets	859	992
Total non-current assets	81,250	81,316
Inventories	866	906
Trade receivables	5,899	5,320
Other customer contract assets	1,189	1,209
Current financial assets related to Orange Bank activities	1,977	3,095
Current financial assets	4,375	4,766
Current derivatives assets	41	12
Other current assets	1,509	1,258
Operating taxes and levies receivables	955	1,090
Current tax assets	116	120
Prepaid expenses	887	730
Cash and cash equivalents	6,364	6,481
Total current assets	24,178	24,987
Total assets	105,428	106,303
Equity and liabilities [abstract]
Share capital	10,640	10,640
Share premiums and statutory reserve	16,859	16,859
Subordinated notes	5,803	5,803
Retained earnings	(1,196)	(1,575)
Equity attributable to the owners of the parent company	32,106	31,727
Non-controlling interests	2,553	2,688
Total equity	34,660	34,416
Non-current financial liabilities	32,744	33,148
Non-current derivatives liabilities	672	487
Non-current lease liabilities	5,290	5,225
Non-current fixed assets payables	798	817
Non-current employee benefits	2,398	2,554
Non-current dismantling provision	818	810
Non-current restructuring provision	88	96
Other non-current liabilities	331	353
Deferred tax liabilities	779	703
Total non-current liabilities	43,918	44,192
Current financial liabilities	4,489	3,925
Current derivatives liabilities	54	22
Current lease liabilities	1,233	1,267
Current fixed assets payables	2,472	2,848
Trade payables	6,397	6,682
Customer contract liabilities	2,026	2,093
Current financial liabilities related to Orange Bank activities	3,234	4,279
Current employee benefits	2,115	2,261
Current dismantling provision	10	15
Current restructuring provision	67	120
Other current liabilities	2,412	2,095
Operating taxes and levies payables	1,566	1,287
Current tax payables	724	748
Deferred income	50	51
Total current liabilities	26,850	27,695
Total equity and liabilities	€ 105,428	€ 106,303

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Consolidated statements of changes in shareholders' equity - EUR (€)	Equity attributable to owners of parent [member]	Issued capital [member]	Share premium and statutory reserve [member]	Subordinated notes [member]	Reserves, attributable to owners of parent [member]	Accumulated other comprehensive income attributable to owners of parent [member]	Non-controlling interests [member]	Reserves, non-controlling interests [member]	Accumulated other comprehensive income, non-controlling interests [member]	Total
Balance after effect of IFRS application	€ 30,671,000,000	€ 10,640,000,000	€ 16,859,000,000	€ 5,803,000,000	€ (2,060,000,000)	€ (571,000,000)	€ 2,580,000,000	€ 2,357,000,000	€ 223,000,000	€ 33,251,000,000
Equity at beginning of period at Dec. 31, 2018	30,669,000,000	10,640,000,000	16,859,000,000	5,803,000,000	(2,062,000,000)	(571,000,000)	2,580,000,000	2,357,000,000	223,000,000	€ 33,249,000,000
Equity at beginning of period (in shares) at Dec. 31, 2018										2,660,056,599
Consolidated comprehensive income	922,000,000				1,039,000,000	(117,000,000)	111,000,000	98,000,000	13,000,000	€ 1,033,000,000
Share-based compensation	27,000,000				27,000,000		4,000,000	4,000,000		31,000,000
Purchase of treasury shares	(1,000,000)				(1,000,000)					(1,000,000)
Dividends	(1,061,000,000)				(1,061,000,000)		(243,000,000)	(243,000,000)		(1,304,000,000)
Subordinated notes remuneration	(194,000,000)				(194,000,000)					(194,000,000)
Changes in ownership interests with no gain/loss of control	1,000,000				1,000,000		(4,000,000)	(4,000,000)		(3,000,000)
Other movements	(54,000,000)				(54,000,000)		19,000,000	19,000,000		(35,000,000)
Equity at end of period at Jun. 30, 2019	30,311,000,000	10,640,000,000	16,859,000,000	5,803,000,000	(2,303,000,000)	(688,000,000)	2,467,000,000	2,231,000,000	236,000,000	€ 32,778,000,000
Equity at end of period (in shares) at Jun. 30, 2019										2,660,056,599
Effect of IFRS 16 application	2,000,000				2,000,000					€ 2,000,000
Consolidated comprehensive income	2,153,000,000				1,967,000,000	186,000,000	121,000,000	122,000,000	(2,000,000)	2,274,000,000
Share-based compensation	(25,000,000)				(25,000,000)					(25,000,000)
Purchase of treasury shares	(33,000,000)				(33,000,000)					(33,000,000)
Dividends	(796,000,000)				(796,000,000)		(5,000,000)	(5,000,000)		(801,000,000)
Subordinated notes remuneration	(103,000,000)				(103,000,000)					(103,000,000)
Changes in ownership interests with no gain/loss of control	3,000,000				3,000,000		5,000,000	5,000,000		8,000,000
Changes in ownership interests with gain/loss of control							2,000,000	2,000,000		2,000,000
Other movements	168,000,000				168,000,000		100,000,000	100,000,000		268,000,000
Equity at end of period at Dec. 31, 2019	31,727,000,000	10,640,000,000	16,859,000,000	5,803,000,000	(1,073,000,000)	(502,000,000)	2,688,000,000	2,454,000,000	234,000,000	€ 34,416,000,000
Equity at end of period (in shares) at Dec. 31, 2019										2,660,056,599
Consolidated comprehensive income	1,100,000,000				927,000,000	173,000,000	55,000,000	88,000,000	(33,000,000)	€ 1,155,000,000
Share-based compensation	7,000,000				7,000,000		2,000,000	2,000,000		9,000,000
Purchase of treasury shares	1,000,000				1,000,000					1,000,000
Dividends	(532,000,000)				(532,000,000)		(206,000,000)	(206,000,000)		(738,000,000)
Subordinated notes remuneration	(164,000,000)				(164,000,000)					(164,000,000)
Changes in ownership interests with no gain/loss of control	(6,000,000)				(6,000,000)		2,000,000	2,000,000		(4,000,000)
Other movements	(27,000,000)				(27,000,000)		11,000,000	11,000,000		(16,000,000)
Equity at end of period at Jun. 30, 2020	€ 32,106,000,000	€ 10,640,226,396	€ 16,859,000,000	€ 5,803,000,000	€ (867,000,000)	€ (330,000,000)	€ 2,553,000,000	€ 2,352,000,000	€ 201,000,000	€ 34,660,000,000
Equity at end of period (in shares) at Jun. 30, 2020										2,660,056,599

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Analysis of changes in shareholders' equity related to components of the other comprehensive income - EUR (€) € in Millions	Accumulated other comprehensive income [member]	Accumulated other comprehensive income attributable to owners of parent [member]	Reserve of gains and losses on remeasuring available-for-sale financial assets attributable to owners of parent [member]	Reserve of gains and losses on hedging instruments that hedge investments in equity instruments attributable to owners of parent [member]	Reserve of exchange differences on translation attributable to owners of parent [member]	Reserve of actuarial gains and losses attributable to owners of parent [member]	Miscellaneous other accumulated other comprehensive income attributable to owners of parent [member]	Accumulated other comprehensive income associates and joint ventures attributable to owners of parent [member]	Accumulated other comprehensive income, non-controlling interests [member]	Reserve of gains and losses on remeasuring available-for-sale financial assets, non-controlling interests [member]	Reserve of gains and losses on hedging instruments that hedge investments in equity instruments, non-controlling interests [member]	Reserve of exchange differences on translation, non-controlling interests [member]	Reserve of actuarial gains and losses, non-controlling interests [member]	Miscellaneous other accumulated other comprehensive income, non-controlling interests [member]	Total
Balance after effect of IFRS application	€ (348)	€ (571)	€ (10)	€ (264)	€ 15	€ (504)	€ 232	€ (40)	€ 223	€ (4)	€ (3)	€ 237	€ (8)	€ 1	€ 33,251
Equity at beginning of period at Dec. 31, 2018	(348)	(571)	(10)	(264)	15	(504)	232	(40)	223	(4)	(3)	237	(8)	1	33,249
Variation	(104)	(117)	41	(180)	37	(89)	74		13	4	(4)	13			1,033
Equity at end of period at Jun. 30, 2019	(452)	(688)	31	(444)	52	(593)	306	(40)	236	0	(7)	250	(8)	1	32,778
Effect of IFRS 16 application															2
Variation	184	186	(59)	328	27	(18)	(90)		(2)	(2)	1	1	(2)	0	2,274
Equity at end of period at Dec. 31, 2019	(268)	(502)	(28)	(117)	78	(611)	216	(40)	234	(2)	(6)	251	(10)	1	34,416
Variation	140	173	(34)	551	(149)	(15)	(179)		(33)	(1)	3	(35)	0	0	1,155
Equity at end of period at Jun. 30, 2020	€ (128)	€ (330)	€ (61)	€ 434	€ (71)	€ (626)	€ 36	€ (40)	€ 201	€ (3)	€ (3)	€ 216	€ (10)	€ 1	€ 34,660

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Consolidated statement of cash flows - EUR (€) € in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from (used in) operating activities [abstract]
Consolidated net income	€ 1,016	€ 1,137
Adjustments to reconcile profit (loss) [abstract]
Operating taxes and levies	1,232	1,207
Gains (losses) on disposal of fixed assets, investments and activities	59	68
Other gains and losses	4	7
Depreciation and amortization of fixed assets	3,549	3,500
Depreciation and amortization of financed assets	22	3
Depreciation and amortization of right-of-use assets	642	609
Changes in provisions	(288)	(251)
Reclassification of cumulative translation adjustment from liquidated entities		(2)
Impairment of fixed assets	(1)
Impairment of right-of-use assets	6	24
Share of profits (losses) of associates and joint ventures	6	4
Operational net foreign exchange and derivatives	(4)	8
Finance costs, net	742	738
Income tax	491	513
Share-based compensation	9	30
Decrease (increase) in inventories, gross	24	18
Decrease (increase) in trade receivables, gross	(699)	(219)
Increase (decrease) in trade payables	(248)	(239)
Changes in other customer contract assets and liabilities	41	(22)
Changes in other assets and liabilities	(131)	(468)
Operating taxes and levies paid	(871)	(986)
Dividends received	3	14
Interest paid and interest rates effects on derivatives, net	(624)	(764)
Income tax paid	(527)	(640)
Net cash provided by operating activities	4,326	4,139
Cash flows from (used in) investing activities [abstract]
Purchases of property, plant and equipment and intangible assets	(3,395)	(4,150)
Increase (decrease) in fixed assets payables	(441)	7
Investing donations received in advance	7
Sales of property, plant and equipment and intangible assets	201	151
Cash paid for investment securities, net of cash acquired	0	(126)
Investments in associates and joint ventures	(2)
Purchases of equity securities measured at fair value	(29)	(25)
Proceeds from sales of investment securities, net of cash transferred	15	2
Decrease (increase) in securities and other financial assets: Investments at fair value, excluding cash equivalents	436	(28)
Decrease (increase) in securities and other financial assets: Investments at fair value, other	(135)	11
Net cash used in investing activities	(3,344)	(4,158)
Cash flows from (used in) financing activities [abstract]
Medium and long-term debt issuances	2,028	4,884
Medium and long-term debt redemptions and repayments	(1,575)	(1,520)
Repayments of lease liabilities	(634)	(678)
Increase (decrease) of bank overdrafts and short-term borrowings	(219)	(723)
Decrease (increase) of cash collateral deposits	132	(150)
Exchange rates effects on derivatives, net	72	64
Coupon and other fees on subordinated notes issuance	(186)	(267)
Proceeds (purchases) from treasury shares	0	(1)
Capital increase (decrease) - non-controlling interests	1	41
Changes in ownership interests with no gain / loss of control	(2)	(3)
Dividends paid to owners of the parent company	(532)	(1,061)
Dividends paid to non-controlling interests	(164)	(243)
Net cash used in financing activities	(1,080)	343
Net change in cash and cash equivalents	(98)	324
Effect of exchange rate changes on cash and cash equivalents [abstract]
Cash and cash equivalents in the opening balance	6,481	5,634
Cash change in cash and cash equivalents	(98)	324
Non-cash change in cash and cash equivalents	(19)	2
Cash and cash equivalents in the closing balance	6,364	5,960
SecureData [member]
Cash flows from (used in) investing activities [abstract]
Cash paid for investment securities, net of cash acquired		(95)
Other business combinations [member]
Cash flows from (used in) investing activities [abstract]
Cash paid for investment securities, net of cash acquired	€ 0	€ (31)

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Consolidated statement of cash flows - Additional information - EUR (€) € in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Statement of cash flows [line items]
Interests paid on lease liabilities	€ (62)	€ (46)
Purchases of property, plant and equipment and intangible assets	3,395	4,150
Redemption of subordinated notes reclassified as short-term borrowings	(500)
Finance leases [member]
Statement of cash flows [line items]
Purchases of property, plant and equipment and intangible assets	€ 117	€ 66

XML

Segment information

6 Months Ended

Jun. 30, 2020

Disclosure of operating segments [abstract]

Segment information

Note 1    Segment information

1.1    Segment revenue

(in millions of euros)	France	Spain	Europe
June 30, 2020
Revenue	9,024	2,503	2,729
Convergence services	2,268	1,020	357
Mobile services only	1,124	517	1,008
Fixed services only	1,986	238	308
IT & integration services	—	4	143
Wholesale	2,871	449	506
Equipment sales	458	263	348
Other revenue	318	12	58
External	8,694	2,486	2,693
Inter-operating segments	330	17	37
June 30, 2019
Revenue	8,874	2,624	2,789
Convergence services	2,153	1,049	293
Mobile services only	1,168	584	1,065
Fixed services only	2,054	254	326
IT & integration services	—	3	84
Wholesale	2,672	418	530
Equipment sales	578	316	401
Other revenue	249	—	90
External	8,543	2,602	2,748
Inter-operating segments	331	22	41

(1) Including, in 2020, revenue of 2,511 million euros in France, 6 million euros in Spain, 820 million euros in other European countries and 523 million euros in other countries. Including, in 2019, revenue of 2,593 million euros in France, 5 million euros in Spain, 638 million euros in other European countries and 534 million euros in other countries.

(2) Including revenue of 660 million euros in France in 2020 and 687 million euros in 2019.

(in millions of euros)	Africa &	Enterprise (1)	International	Eliminations	Total telecom	Orange Bank	Eliminations	Orange
	Middle-East		Carriers		activities		telecom	consolidated
			& Shared				activities /	financial
			Services (2)				bank	statements
June 30, 2020
Revenue	2,845	3,859	728	(918)	20,771	—	(1)	20,769
Convergence services	—	—	—	—	3,645	—	—	3,645
Mobile services only	2,164	327	—	(18)	5,122	—	0	5,122
Fixed services only	270	1,958	—	(86)	4,673	—	0	4,673
IT & integration services	11	1,475	—	(78)	1,556	—	(1)	1,555
Wholesale	342	21	530	(657)	4,062	—	—	4,062
Equipment sales	40	77	—	(2)	1,184	—	0	1,184
Other revenue	19	—	199	(77)	529	—	0	529
External	2,756	3,667	474	—	20,769	—	—	20,769
Inter-operating segments	89	192	255	(918)	1	—	(1)	—
June 30, 2019
Revenue	2,737	3,770	747	(966)	20,575	—	(2)	20,573
Convergence services	—	—	—	—	3,495	—	—	3,495
Mobile services only	2,042	367	—	(22)	5,204	—	—	5,204
Fixed services only	240	1,978	—	(88)	4,764	—	—	4,764
IT & integration services	6	1,318	—	(75)	1,336	—	(2)	1,334
Wholesale	391	18	542	(708)	3,863	—	—	3,863
Equipment sales	45	89	—	(1)	1,428	—	—	1,428
Other revenue	13	—	205	(72)	485	—	—	485
External	2,624	3,583	473	—	20,573	—	—	20,573
Inter-operating segments	113	187	274	(966)	2	—	(2)	—

1.2   Segment revenue to consolidated net income as of June 30, 2020

(in millions of euros)	France	Spain	Europe	Africa &
				Middle-East
Revenue	9,024	2,503	2,729	2,845
External purchases	(3,313)	(1,395)	(1,531)	(1,219)
Other operating income	641	63	72	24
Other operating expenses	(288)	(103)	(85)	(104)
Labor expenses	(1,900)	(141)	(315)	(252)
Operating taxes and levies	(735)	(63)	(53)	(264)
Gains (losses) on disposal of fixed assets, investments and activities	—	—	—	—
Restructuring costs	—	—	—	—
Depreciation and amortization of financed assets	(22)	—	—	—
Depreciation and amortization of right-of-use assets	(102)	(131)	(79)	(64)
Impairment of right-of-use assets	—	—	—	—
Interests on debts related to financed assets(2)	(1)	—	—	—
Interests on lease liabilities(2)	(4)	(6)	(8)	(32)
EBITDAaL	3,301	728	730	935
Significant litigations	(167)	—	—	—
Specific labour expenses	(26)	—	0	—
Fixed assets, investments and businesses portfolio review	23	22	4	0
Restructuring programs costs	(4)	0	(3)	(2)
Acquisition and integration costs	—	—	(2)	—
Depreciation and amortization of fixed assets	(1,575)	(528)	(563)	(508)
Reclassification of translation adjustment from liquidated entities	—	—	—	—
Impairment of fixed assets	0	0	1	0
Share of profits (losses) of associates and joint ventures	0	—	0	(1)
Elimination of interests on debts related to financed assets(2)	1	—	—	—
Elimination of interests on lease liabilities(2)	4	6	8	32
Operating Income	1,557	228	173	456
Cost of gross financial debt except financed assets	—	—	—	—
Interests on debts related to financed assets(2)	—	—	—	—
Gains (losses) on assets contributing to net financial debt	—	—	—	—
Foreign exchange gain (loss)	—	—	—	—
Interests on lease liabilities(2)	—	—	—	—
Other net financial expenses	—	—	—	—
Finance costs, net	—	—	—	—
Income Tax	—	—	—	—
Consolidated net income	—	—	—	—

(1) Orange Bank's net banking income is recognized in other operating income and amounts to 34 million euros as of June 30, 2020. The cost of risk is included in other operating expenses and amounts to (11) million euros as of June 30, 2020.

(2) Presentation adjustments allow the reallocation of the lines of specific items identified in the segment information to the operating revenue and expense lines presented in the consolidated income statement. Interest expenses on liabilities related to financed assets and interests expenses on lease liabilities are included in segment EBITDAaL. They are excluded from segment operating income and included in net finance costs presented in the consolided income statement.

(in millions of euros)	Enterprise	International	Elimination	Total	Orange	Eliminations	Total	Presentation	Orange
		Carriers &	telecom	telecom	Bank (1)	telecom		adjust-	consoli-
		Shared	activities	activities		activites /		ments(2)	dated financial
		Services				bank			statements
Revenue	3,859	728	(918)	20,771	—	(1)	20,769	—	20,769
External purchases	(1,977)	(970)	1,901	(8,504)	(54)	1	(8,557)	—	(8,557)
Other operating income	76	1,006	(1,644)	239	37	(5)	271	—	271
Other operating expenses	(328)	(17)	661	(265)	(15)	6	(274)	(174)	(448)
Labor expenses	(1,035)	(662)	—	(4,305)	(38)	—	(4,342)	(33)	(4,376)
Operating taxes and levies	(58)	(58)	—	(1,231)	(1)	—	(1,232)	—	(1,232)
Gains (losses) on disposal of fixed assets, investments and activities	—	—	—	—	—	—	—	59	59
Restructuring costs	—	—	—	—	—	—	—	(13)	(13)
Depreciation and amortization of financed assets	—	—	—	(22)	—	—	(22)	—	(22)
Depreciation and amortization of right-of-use assets	(63)	(202)	—	(640)	(1)	—	(642)	—	(642)
Impairment of right-of-use assets	—	—	—	—	—	—	—	(6)	(6)
Interests on debts related to financed assets(2)	—	—	—	(1)	—	—	(1)	1	n/a
Interests on lease liabilities(2)	(2)	(4)	—	(56)	0	—	(56)	56	n/a
EBITDAaL	471	(179)	—	5,986	(72)	1	5,914	(111)	n/a
Significant litigations	—	(2)	—	(169)	—	—	(169)	169	n/a
Specific labour expenses	(2)	1	—	(28)	0	—	(28)	28	n/a
Fixed assets, investments and businesses portfolio review	7	4	—	59	—	—	59	(59)	n/a
Restructuring programs costs	(3)	(6)	—	(17)	(2)	—	(19)	19	n/a
Acquisition and integration costs	(4)	(4)	—	(10)	—	—	(10)	10	n/a
Depreciation and amortization of fixed assets	(205)	(157)	—	(3,536)	(13)	—	(3,549)	—	(3,549)
Reclassification of translation adjustment from liquidated entities	—	—	—	—	—	—	—	—	—
Impairment of fixed assets	—	—	—	1	—	—	1	—	1
Share of profits (losses) of associates and joint ventures	1	(6)	—	(6)	—	—	(6)	—	(6)
Elimination of interests on debts related to financed assets(2)	—	—	—	1	—	—	1	(1)	n/a
Elimination of interests on lease liabilities(2)	2	4	—	56	0	—	56	(56)	n/a
Operating Income	267	(345)	—	2,336	(87)	1	2,249	—	2,249
Cost of gross financial debt except financed assets	—	—	—	—	—	—	—	—	(569)
Interests on debts related to financed assets(2)	—	—	—	—	—	—	—	—	(1)
Gains (losses) on assets contributing to net financial debt	—	—	—	—	—	—	—	—	1
Foreign exchange gain (loss)	—	—	—	—	—	—	—	—	(115)
Interests on lease liabilities(2)	—	—	—	—	—	—	—	—	(56)
Other net financial expenses	—	—	—	—	—	—	—	—	(3)
Finance costs, net	—	—	—	—	—	—	—	—	(742)
Income Tax	—	—	—	—	—	—	—	—	(491)
Consolidated net income	—	—	—	—	—	—	—	—	1,016

1.3    Segment revenue to consolidated net income as of June 30, 2019

(in millions of euros)	France	Spain	Europe	Africa &
				Middle-East
Revenue	8,874	2,624	2,789	2,737
External purchases	(3,309)	(1,448)	(1,581)	(1,199)
Other operating income	686	99	70	23
Other operating expenses	(264)	(107)	(89)	(93)
Labor expenses	(1,930)	(135)	(344)	(249)
Operating taxes and levies	(684)	(86)	(59)	(253)
Gains (losses) on disposal of fixed assets, investments and activities	—	—	—	—
Restructuring costs	—	—	—	—
Depreciation and amortization of financed assets	(3)	—	—	—
Depreciation and amortization of right-of-use assets	(84)	(154)	(71)	(64)
Impairment of right-of-use assets	—	—	—	—
Interests on debts related to financed assets(2)	0	—	—	—
Interests on lease liabilities(2)	(5)	(6)	(7)	(34)
EBITDAaL	3,281	787	708	868
Significant litigations	—	—	—	—
Specific labour expenses	(31)	—	—	—
Fixed assets, investments and businesses portfolio review	—	—	11	5
Restructuring programs costs	(24)	(6)	(5)	(2)
Acquisition and integration costs	—	—	(1)	—
Depreciation and amortization of fixed assets	(1,582)	(533)	(550)	(471)
Reclassification of translation adjustment from liquidated entities	—	—	—	2
Impairment of fixed assets	—	—	—	(1)
Share of profits (losses) of associates and joint ventures	—	—	—	—
Elimination of interests on debts related to financed assets(2)	0	—	—	—
Elimination of interests on lease liabilities(2)	5	6	7	34
Operating Income	1,649	254	170	435
Cost of gross financial debt except financed assets	—	—	—	—
Interests on debts related to financed assets(2)	—	—	—	—
Gains (losses) on assets contributing to net financial debt	—	—	—	—
Foreign exchange gain (loss)	—	—	—	—
Interests on lease liabilities(2)	—	—	—	—
Other net financial expenses	—	—	—	—
Effects resulting from BT sale	—	—	—	—
Finance costs, net	—	—	—	—
Income Tax	—	—	—	—
Consolidated net income	—	—	—	—

(1) Orange Bank's net banking income is recognized in other operating income and amounts to 15 million euros as of June 30, 2019. The cost of risk is included in other operating expenses and amounts to (4) million euros as of June 30, 2019.

(2) Presentation adjustments allow the reallocation of the lines of specific items identified in the segment information to the operating revenue and expense lines presented in the consolidated income statement. Interest expenses on liabilities related to financed assets and interests expenses on lease liabilities are included in segment EBITDAaL. They are excluded from segment operating income and included in net finance costs presented in the consolided income statement.

(in millions of euros)	Enterprise	International	Elimination	Total	Orange	Eliminations	Total	Presentation	Orange
		Carriers &	telecom	telecom	Bank(1)	telecom		adjust-	consolidated
		Shared	activities	activities		activities /		ments (2)	financial
		Services				bank			statements
Revenue	3,770	747	(966)	20,575	—	(2)	20,573	—	20,573
External purchases	(1,896)	(1,043)	1,958	(8,518)	(47)	3	(8,562)	—	(8,562)
Other operating income	78	1,034	(1,659)	331	17	(7)	341	—	341
Other operating expenses	(311)	5	667	(192)	(10)	7	(195)	(6)	(201)
Labor expenses	(964)	(662)	—	(4,284)	(36)	—	(4,320)	(114)	(4,434)
Operating taxes and levies	(63)	(62)	—	(1,207)	—	—	(1,207)	—	(1,207)
Gains (losses) on disposal of fixed assets, investments and activities	—	—	—	—	—	—	—	68	68
Restructuring costs	—	—	—	—	—	—	—	(52)	(52)
Depreciation and amortization of financed assets	—	—	—	(3)	—	—	(3)	—	(3)
Depreciation and amortization of right-of-use assets	(47)	(187)	—	(607)	(2)	—	(609)	—	(609)
Impairment of right-of-use assets	—	—	—	—	—	—	—	(24)	(24)
Interests on debts related to financed assets(2)	—	—	—	0	—	—	0	0	n/a
Interests on lease liabilities(2)	(2)	(6)	-	(60)	-	-	(60)	60	n/a
EBITDAaL	565	(174)	—	6,035	(78)	1	5,958	(68)	n/a
Significant litigations	—	(65)	—	(65)	—	—	(65)	65	n/a
Specific labour expenses	(1)	(14)	—	(46)	—	—	(46)	46	n/a
Fixed assets, investments and businesses portfolio review	—	52	—	68	—	—	68	(68)	n/a
Restructuring programs costs	(10)	(28)	—	(75)	—	—	(75)	75	n/a
Acquisition and integration costs	(4)	(5)	—	(10)	—	—	(10)	10	n/a
Depreciation and amortization of fixed assets	(195)	(159)	—	(3,490)	(10)	—	(3,500)	—	(3,500)
Reclassification of translation adjustment from liquidated entities	—	—	—	2	—	—	2	—	2
Impairment of fixed assets	1	—	—	0	—	—	0	—	0
Share of profits (losses) of associates and joint ventures	2	(6)	—	(4)	—	—	(4)	—	(4)
Elimination of interests on debts related to financed assets(2)	—	—	—	0	—	—	0	0	n/a
Elimination of interests on lease liabilities(2)	2	6	—	60	—	—	60	(60)	n/a
Operating income	360	(393)	—	2,475	(88)	1	2,388	—	2,388
Cost of gross financial debt except financed assets	—	—	—	—	—	—	—	—	(575)
Interests on debts related to financed assets(2)	—	—	—	—	—	—	—	—	0
Gains (losses) on assets contributing to net financial debt	—	—	—	—	—	—	—	—	4
Foreign exchange gain (loss)	—	—	—	—	—	—	—	—	(2)
Interests on lease liabilities(2)	—	—	—	—	—	—	—	—	(60)
Other net financial expenses	—	—	—	—	—	—	—	—	14
Effects resulting from BT sale	—	—	—	—	—	—	—	—	(119)
Finance costs, net	—	—	—	—	—	—	—	—	(738)
Income Tax	—	—	—	—	—	—	—	—	(513)
Consolidated net income	—	—	—	—	—	—	—	—	1,137

1.4    Segment investments

(in millions of euros)	France	Spain	Europe
June 30, 2020
eCapex	1,635	392	369
Elimination of proceeds from sales of property, plant and equipment and intangible assets	95	75	7
Telecommunications licenses	—	3	30
Financed assets	117	—	—
Total investments(3)	1,847	470	405
June 30, 2019
eCapex	1,862	529	407
Elimination of proceeds from sales of property, plant and equipment and intangible assets	47	—	17
Telecommunications licenses	—	297	—
Financed assets	66	—	—
Total investments (4)	1,975	826	424

(1) Including investments in tangible and intangible assets in France for 110 million euros in 2020 and 132 million euros in 2019.

(2) Including investments in tangible and intangible assets in France for 126 million euros in 2020 and 138 million euros in 2019.

(3) Including 944 million euros for other intangible assets and 2,569 million euros for tangible assets.

(4) Including 1,338 milliion euros for other intangible assets and 2,878 million euros for tangible assets.

(in millions of euros)	Africa &	Enterprise (1)	International	Total	Orange	Orange
	Middle-East		Carriers	telecom	Bank	consolidated
			& Shared	activities		financial
			Services (2)			statements
June 30, 2020
eCapex	449	174	123	3,142	14	3,156
Elimination of proceeds from sales of property, plant and equipment and intangible assets	2	13	6	197	—	197
Telecommunications licenses	9	—	—	42	—	42
Financed assets	—	—	—	117	—	117
Total investments(3)	460	187	129	3,499	14	3,513
June 30, 2019
eCapex	418	197	80	3,493	16	3,509
Elimination of proceeds from sales of property, plant and equipment and intangible assets	7	1	59	131	—	131
Telecommunications licenses	213	—	—	510	—	510
Financed assets	—	—	—	66	—	66
Total investments (4)	638	198	139	4,200	16	4,216

1.5    Segment assets

(in millions of euros)	France	Spain	Europe
June 30, 2020
Goodwill	14,364	6,872	2,645
Other intangible assets	3,999	1,897	1,837
Property, plant and equipment	15,454	3,667	3,938
Right-of-use assets	1,364	1,027	916
Interests in associates and joint ventures	4	—	5
Non-current assets included in the calculation of net financial debt	—	—	—
Other	9	17	27
Total non-current assets	35,193	13,479	9,368
Inventories	413	60	148
Trade receivables	2,189	617	1,075
Other customer contract assets	366	135	350
Prepaid expenses	57	349	63
Current assets included in the calculation of net financial debt	—	—	—
Other	706	39	88
Total current assets	3,731	1,201	1,724
Total assets	38,924	14,680	11,093
December 31, 2019
Goodwill	14,364	6,872	2,665
Other intangible assets	3,968	1,961	1,941
Property, plant and equipment	15,308	3,673	4,109
Right-of-use assets	1,174	1,123	930
Interests in associates and joint ventures	3	—	5
Non-current assets included in the calculation of net financial debt	—	—	—
Other	10	17	22
Total non-current assets	34,827	13,645	9,673
Inventories	463	61	149
Trade receivables	1,477	667	1,210
Other customer contract assets	432	150	380
Prepaid expenses	41	401	43
Current assets included in the calculation of net financial debt	—	—	—
Other	699	62	74
Total current assets	3,113	1,341	1,855
Total assets	37,940	14,986	11,529

(1) Including tangible and intangible assets for 586 million euros in France in 2020 and 642 million euros in 2019.

(2) Including tangible and intangible assets for 1,751 million euros in France in 2020 and 1,736 million euros in 2019. Intangible assets also include the Orange brand for 3,133 million euros.

(3) Including 1,380 million euros of non-current financial assets related to Orange Bank activities in 2020 and 1,259 million euros in 2019 (see Note 11.1.1).

(4) Including 1,981 million euros of current financial assets related to Orange Bank activities in 2020 and 3,098 million euros in 2019 (see Note 11.1.1).

(in millions of euros)	Africa &	Enterprise (1)	International	Eliminations	Total	Orange		Eliminations	Orange
	Middle-East		Carriers	telecom	telecom	Bank		telecom	consolidated
			& Shared	activities	activities			activities /	financial
			Services (2)	and				bank	statements
				unallocated
				items
June 30, 2020
Goodwill	1,474	2,217	18	—	27,589	—		—	27,589
Other intangible assets	2,167	669	3,775	—	14,344	89		—	14,434
Property, plant and equipment	3,697	500	1,138	—	28,393	4		—	28,398
Right-of-use assets	870	326	1,663	—	6,165	32		—	6,197
Interests in associates and joint ventures	74	1	18	0	103	—		—	103
Non-current assets included in the calculation of net financial debt	—	—	—	1,027	1,027	—		—	1,027
Other	23	30	20	2,014	2,140	1,390	(3)	(27)	3,502
Total non-current assets	8,304	3,743	6,632	3,042	79,761	1,516		(27)	81,250
Inventories	81	58	107	—	866	—		—	866
Trade receivables	783	1,092	1,064	(888)	5,933	7		(40)	5,899
Other customer contract assets	9	327	0	—	1,189	—		—	1,189
Prepaid expenses	211	98	118	(16)	880	7		0	887
Current assets included in the calculation of net financial debt	—	—	—	10,409	10,409	—		—	10,409
Other	1,025	197	416	86	2,557	2,389	(4)	(18)	4,929
Total current assets	2,109	1,772	1,706	9,590	21,834	2,403		(58)	24,178
Total assets	10,413	5,515	8,338	12,632	101,595	3,919		(86)	105,428
December 31, 2019
Goodwill	1,481	2,245	18	—	27,644	—		—	27,644
Other intangible assets	2,318	695	3,766	—	14,649	88		—	14,737
Property, plant and equipment	3,674	526	1,128	—	28,418	5		—	28,423
Right-of-use assets	881	314	1,815	—	6,237	26		—	6,263
Interests in associates and joint ventures	84	1	10	0	103	—		—	103
Non-current assets included in the calculation of net financial debt	—	—	—	685	685	—		—	685
Other	22	25	19	2,104	2,219	1,268	(3)	(27)	3,460
Total non-current assets	8,461	3,805	6,757	2,789	79,956	1,387		(27)	81,316
Inventories	76	60	96	—	906	—		—	906
Trade receivables	720	1,067	974	(771)	5,343	1		(24)	5,320
Other customer contract assets	11	237	—	—	1,209	—		—	1,209
Prepaid expenses	87	143	26	(16)	725	5		0	730
Current assets included in the calculation of net financial debt	—	—	—	10,820	10,820	—		—	10,820
Other	968	216	330	145	2,494	3,511	(4)	(3)	6,002
Total current assets	1,862	1,723	1,426	10,178	21,498	3,517		(28)	24,987
Total assets	10,323	5,527	8,182	12,967	101,454	4,904		(55)	106,303

1.6    Segment equity and liabilities

(in millions of euros)	France	Spain	Europe
June 30, 2020
Equity	—	—	—
Non-current lease liabilities	1,106	890	819
Fixed assets payables	44	345	247
Non-current employee benefits	1,297	8	18
Non-current liabilities included in the calculation of net financial debt	—	—	—
Other	552	78	298
Total non-current liabilities	2,999	1,321	1,381
Current lease liabilities	203	274	124
Fixed assets payables	1,070	491	290
Trade payables	2,608	844	840
Customer contracts liabilities	963	91	316
Current employee benefits	1,108	31	133
Deferred income	2	—	4
Current liabilities included in the calculation of net financial debt	—	—	—
Other	1,273	168	277
Total current liabilities	7,228	1,899	1,983
Total equity and liabilities	10,227	3,219	3,365
December 31, 2019
Equity	—	—	—
Non-current lease liabilities	961	945	788
Fixed assets payables	35	366	251
Non-current employee benefits	1,461	17	34
Non-current liabilities included in the calculation of net financial debt	—	—	—
Other	574	80	301
Total non-current liabilities	3,030	1,409	1,373
Current lease liabilities	170	284	166
Fixed assets payables	1,144	563	407
Trade payables	2,682	1,051	935
Customer contracts liabilities	1,015	98	335
Current employee benefits	1,224	33	110
Deferred income	2	—	6
Current liabilities included in the calculation of net financial debt	—	—	—
Other	781	178	268
Total current liabilities	7,017	2,207	2,226
Total equity and liabilities	10,047	3,616	3,599

(1) Including in 2020, 105 million euros of non-current liabilities and 101 million euros in 2019 (see Note 11.1).

(2) Including in 2020, 3,235 million euros of current liabilities related to Orange Bank activities and 4,280 million euros in 2019 (see Note 11.1).

(in millions of euros)	Africa &	Enterprise	International	Eliminations	Total	Orange		Eliminations	Orange
	Middle-East		Carriers	telecom	telecom	Bank		telecom	consolidated
			& Shared	activities	activities			activities /	financial
			Services	and				bank	statements
				unallocated
				items
June 30, 2020
Equity	—	—	—	34,764	34,764	(104)		—	34,660
Non-current lease liabilities	820	259	1,358	—	5,252	38		—	5,290
Fixed assets payables	162	—	—	—	798	—		—	798
Non-current employee benefits	71	290	705	—	2,388	9		—	2,398
Non-current liabilities included in the calculation of net financial debt	—	—	—	33,339	33,339	—		—	33,339
Other	57	43	57	923	2,007	114	(1)	(27)	2,094
Total non-current liabilities	1,110	592	2,119	34,261	43,784	162		(27)	43,918
Current lease liabilities	90	77	467	—	1,233	—		—	1,233
Fixed assets payables	464	73	85	(1)	2,472	—		—	2,472
Trade payables	1,258	735	882	(888)	6,279	159		(40)	6,397
Customer contracts liabilities	130	426	117	(16)	2,027	—		0	2,026
Current employee benefits	80	385	372	—	2,109	6		—	2,115
Deferred income	36	1	7	0	50	—		—	50
Current liabilities included in the calculation of net financial debt	—	—	—	4,547	4,547	—		(4)	4,543
Other	1,276	225	907	204	4,331	3,697	(2)	(14)	8,013
Total current liabilities	3,334	1,922	2,837	3,846	23,047	3,861		(58)	26,850
Total equity and liabilities	4,444	2,514	4,956	72,871	101,595	3,919		(86)	105,428
December 31, 2019
Equity	—	—	—	34,432	34,432	(16)		—	34,416
Non-current lease liabilities	785	227	1,490	—	5,196	29		—	5,225
Fixed assets payables	166	—	—	—	817	—		—	817
Non-current employee benefits	68	264	702	—	2,544	9		—	2,554
Non-current liabilities included in the calculation of net financial debt	—	—	—	33,562	33,562	—		—	33,562
Other	55	39	55	849	1,954	109	(1)	(27)	2,035
Total non-current liabilities	1,074	530	2,247	34,411	44,073	147		(27)	44,192
Current lease liabilities	124	97	422	—	1,263	4		—	1,267
Fixed assets payables	529	72	135	(1)	2,848	—		—	2,848
Trade payables	1,136	784	763	(771)	6,581	125		(24)	6,682
Customer contracts liabilities	123	412	126	(15)	2,094	—		0	2,093
Current employee benefits	71	407	411	—	2,254	6		—	2,261
Deferred income	36	1	7	0	51	—		—	51
Current liabilities included in the calculation of net financial debt	—	—	—	3,950	3,950	—		(3)	3,947
Other	1,211	283	846	341	3,908	4,638	(2)	0	8,545
Total current liabilities	3,231	2,055	2,710	3,503	22,950	4,773		(28)	27,695
Total equity and liabilities	4,305	2,586	4,957	72,346	101,454	4,904		(55)	106,303

1.7    Simplified statement of cash flows on telecommunication and banking activities

(in millions of euros)	June 30, 2020
	Telecom		Orange Bank	Eliminations	Orange
	activities			telecom	consoli-
				activities /	dated financial
				Orange Bank	statement
Operating activities
Consolidated net income	1,103		(87)	—	1,016
Non-monetary items and reclassified items for presentation	6,309		33	1	6,343
Changes in working capital and operating banking activities
Decrease (increase) in inventories, gross	24		—	—	24
Decrease (increase) in trade receivables, gross	(704)		(4)	9	(699)
Increase (decrease) in trade payables	(267)		28	(9)	(248)
Changes in other customer contract assets and liabilities	41		—	—	41
Changes in other assets and liabilities	(111)		(20)	—	(131)
Other net cash out
Operating taxes and levies paid	(873)		2	—	(871)
Dividends received	3		—	—	3
Interest paid and interest rates effects on derivatives, net	(623)	(1)	1	(1)	(624)
Income tax paid	(527)		0	—	(527)
Net cash provided by operating activities (a)	4,375	(2)	(49)	—	4,326
Investing activities
Purchases and sales of property, plant and equipment and intangible assets(3)
Purchases of property, plant and equipment and intangible assets	(3,382)		(14)	—	(3,395)
Increase (decrease) in fixed assets payables	(441)		—	—	(441)
Investing donations received in advance	7		—	—	7
Sales of property, plant and equipment and intangible assets	201		—	—	201
Cash paid for investment securities, net of cash acquired	0		—	—	0
Investments in associates and joint ventures	(2)		—	—	(2)
Purchases of equity securities measured at fair value	(29)		—	—	(29)
Proceeds from sales of investment securities, net of cash transferred	15		—	—	15
Decrease (increase) in securities and other financial assets	351		(49)	0	301
Net cash used in investing activities (b)	(3,280)		(63)	0	(3,344)
Financing activities
Cash flows from financing activities
Medium and long-term debt issuances	2,028		—	—	2,028
Medium and long-term debt redemptions and repayments	(1,575)	(4)	—	—	(1,575)
Increase (decrease) of bank overdrafts and short-term borrowings	(211)	(5)	(8)	0	(219)
Decrease (increase) of cash collateral deposits	133		(1)	—	132
Exchange rates effects on derivatives, net	72		—	—	72
Other cash flows
Lease liabilities repayments	(633)		(2)	—	(634)
Coupon on subordinated notes	(186)		—	—	(186)
Proceeds (purchases) from treasury shares	0		—	—	0
Capital increase (decrease) - non-controlling interests(6)	(88)		89	—	1
Changes in ownership interests with no gain / loss of control	(2)		—	—	(2)
Dividends paid to owners of the parent company	(532)		—	—	(532)
Dividends paid to non-controlling interests	(164)		—	—	(164)
Net cash used in financing activities (c)	(1,158)		78	0	(1,080)
Cash and cash equivalents in the opening balance	6,112		369	—	6,481
Cash change in cash and cash equivalents (a) + (b) + (c)	(62)		(35)	—	(98)
Non-cash change in cash and cash equivalents	(19)		—	—	(19)
Cash and cash equivalents in the closing balance	6,031		333	—	6,364

(in millions of euros)	June 30, 2019
	Telecom		Orange Bank	Eliminations	Orange
	activities			telecom	consoli-
				activities /	dated financial
				Orange Bank	statement
Operating activities
Consolidated net income	1,224		(87)	—	1,137
Non-monetary items and reclassified items for presentation	6,267		41	—	6,308
Changes in working capital and operating banking activities
Decrease (increase) in inventories, gross	18		—	—	18
Decrease (increase) in trade receivables, gross	(210)		(2)	(7)	(219)
Increase (decrease) in trade payables	(226)		(20)	7	(239)
Changes in other customer contract assets and liabilities	(22)		—	—	(22)
Changes in other assets and liabilities	(134)		(334)	—	(468)
Other net cash out
Operating taxes and levies paid	(986)		—	—	(986)
Dividends received	14		—	—	14
Interest paid and interest rates effects on derivatives, net	(764)	(1)	—	—	(764)
Income tax paid	(640)		—	—	(640)
Net cash provided by operating activities (a)	4,541	(2)	(402)	—	4,139
Investing activities
Purchases and sales of property, plant and equipment and intangible assets(3)
Purchases of property, plant and equipment and intangible assets	(4,134)		(16)	—	(4,150)
Increase (decrease) in fixed assets payables	7		—	—	7
Investing donations received in advance	—		—	—	—
Sales of property, plant and equipment and intangible assets	151		—	—	151
Cash paid for investment securities, net of cash acquired	(126)		—	—	(126)
Purchases of equity securities measured at fair value	(25)		—	—	(25)
Proceeds from sales of investment securities, net of cash transferred	2		—	—	2
Decrease (increase) in securities and other financial assets	(28)		9	2	(17)
Net cash used in investing activities (b)	(4,153)		(7)	2	(4,158)
Financing activities
Cash flows from financing activities
Medium and long-term debt issuances	4,884		—	—	4,884
Medium and long-term debt redemptions and repayments	(1,520)		—	—	(1,520)
Lease liabilities repayments	(676)		(2)	—	(678)
Increase (decrease) of bank overdrafts and short-term borrowings	(730)		9	(2)	(723)
Decrease (increase) of cash collateral deposits	(125)		(25)	—	(150)
Exchange rates effects on derivatives, net	64		—	—	64
Other cash flows
Coupon and other fees on subordinated notes issuance	(267)		—	—	(267)
Proceeds (purchases) from treasury shares	(1)		—	—	(1)
Capital increase (decrease) - non-controlling interests(6)	(59)		100	—	41
Changes in ownership interests with no gain / loss of control	(3)		—	—	(3)
Dividends paid to owners of the parent company	(1,061)		—	—	(1,061)
Dividends paid to non-controlling interests	(243)		—	—	(243)
Net cash used in financing activities (c)	263		82	(2)	343
Cash and cash equivalents in the opening balance	5,081		553	—	5,634
Cash change in cash and cash equivalents (a) + (b) + (c)	651		(327)	—	324
Non-cash change in cash and cash equivalents	2		—	—	2
Cash and cash equivalents in the closing balance	5,734		226	—	5,960

(1) Including (62) million euros as of June 30, 2020 and (46) million euros as of June 30, 2019 of interests paid on lease liabilities.

(2) Including significant litigations paid and received for (18) million euros as of June 30, 2020 and 23 million euros as of June 30, 2019.

(3) Including telecommunication licenses paid for (134) million euros as of June 30, 2020 and (230) million euros as of June 30, 2019.

(4) Including repayments of debts relating to financed assets for (24) million euros as of June 30, 2020 and (5) million euros as of June 30, 2019.

(5) Including redemption of subordinated notes reclassified as short-term borrowings of (500) million euros as of June 30, 2020.

(6) Including 89 million euros as of June 30, 2020 and 65 million euros as of June 30, 2019 of Orange Bank share capital invested by Orange.

The table below shows the reconciliation between net cash provided by operating activities (telecom activities), as shown in the simplified statement of cash flows, and organic cash flow from telecom activities.

	June 30, 2020	June 30, 2019
Net cash provided by operating activities (telecom activities)	4,375	4,541
Purchases and sales of property, plant and equipment and intangible assets	(3,615)	(3,976)
Lease liabilities repayments	(633)	(676)
Debts relating to financed assets repayments	(24)	(5)
Elimination of telecommunication licenses paid	134	230
Elimination of significant litigation paid (and received)	18	(23)
Organic cash flow from telecom activities	255	92

1.8    Definition of operating segments

Following Executive Committer new organization that will be effective from September 1, 2020, the presentation of segment information could be modify in the second half of 2020.

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Basis of preparation of the consolidated financial statements

6 Months Ended

Jun. 30, 2020

Description of business and basis of preparation of consolidated financial statements [abstract]

Description of business and basis of preparation of the consolidated financial statements

Note 2    Basis of preparation of the consolidated financial statements

This note describes the changes in accounting policies since the publication of the 2019 consolidated financial statements and applied by Orange ("the Group") in the preparation of its interim financial statements for the half-year ended June 30, 2020.

2.1    Basis of preparation of the financial statements

The condensed consolidated financial statements and notes for the first half of 2020 were prepared under the responsibility of the Board of Directors on July 29, 2020.

In accordance with European Regulation no. 1606/2002 dated July 19, 2002, the interim financial statements were prepared in accordance with IAS 34 "Interim Financial Reporting", as endorsed by the European Union (EU) and published by the IASB.

The interim financial statements were prepared using the same accounting policies as the financial statements for the year ended December 31, 2019, with the exception of the specific requirements of IAS 34 and effects of new standards as described in Note 2.3.

The Group’s consolidated financial statements are presented in millions of euros, rounded to the nearest million. This may in certain circumstances lead to non-material differences between the sum of the figures and the subtotals  that appear in the tables.

For the reported periods, the accounting standards and interpretations endorsed by the EU are similar to the compulsory standards and interpretations published by the IASB, with the exception of standards and interpretations currently being endorsed, a study of the impacts and practical consequences of applying these amendments is under way.

When a specific transaction is not dealt with in any standard or interpretation, Group management uses its judgment to define and apply an accounting policy that will result in relevant and reliable information, such that the financial statements:

−   fairly present the Group’s financial position, financial performance and cash flows;

−   reflect the economic substance of transactions;

−   are neutral;

−   are prepared on a prudent basis; and

−   are complete in all material respects.

2.2    Use of estimates and judgement

Orange’s management uses its judgment to define the appropriate accounting treatment of certain transactions and makes estimates insofar as many items included in the financial statements cannot be measured with precision or current IFRS standards and interpretations do not specifically deal with the related accounting issues. Management revises these estimates if the underlying circumstances evolve or if there is new information or additional experience. In the current context of the health crisis, estimates used as of June 30, 2020 could be modified within the preparation of next closings (see Note 3).

2.3    New standards and interpretations applied from January 1, 2020

2.3.1  Interpretation and amendment of IFRS 16 "Leases"

The Group has applied IFRS 16 "Leases” since January 1, 2019.

The IFRS IC committee published a decision in November 2019 which specifies that it is not possible to use only the legal approach to determine the enforceable period of a contract, if duration cannot be determined at the origin of the contract. The committee considers that a lease arrangement remains enforceable as long as lessee, or lessor, would have to support a loss or a more than insignificant penalty in the event of termination of the contract. To determine the enforceable period of the lease arrangement, all economic aspects of the contract must be taken into account and not just contractual termination indemnities.

On the date of preparation of the 2019 annual consolidated financial statements, the Group had adopted, depending on the accounting positions and the implementation methods concerning assessment of duration of contracts, a legal approach in a certain number of non-fixed-term contracts with a notice period of less than 12 months for which the Group has applied the short-term exemption, in particular for leases of certain mobile sites.

The IFRS IC decision on the enforceable period of contracts will be implemented as of December 31, 2020 on all leases falling within the scope of the final decision of the Interpretation Committee. The impact of this implementation appears limited to contracts of indefinite duration with short notice and to contracts for which the initial lease term has been exceeded and which would have been in a tacit renewal situation. In the current context of the health crisis, at the date of preparation of the condensed consolidated financial statements by the Board of Directors, analysis is still in progress and the Group estimates that the impact on the opening balance sheet as of January 1, 2019 could result in an effect on rights of use and lease liabilities estimated at between 400 and 600 million euros.

2.3.2  IFRS 3 amendment “Definition of a business”

The definition of a business has been clarified by this amendment and is intended to assist preparers in determining whether an acquisition should be accounted for as a business combination or as an acquisition of a group of assets. This amendment applies to all acquisitions made from January 1, 2020. These changes relate to the definition of a business:

−   a business must include inputs and a substantial process that have the capacity to significantly contribute to outputs;

−   the scope is limited to goods and services provided to customers and to income from ordinary activities and not to dividends, cost reductions or any other direct economic benefits for investors and possibly other third parties.

This amendment had no impact on the Group's consolidated financial statements as of June 30, 2020 and the Group will take these new provisions into account in its next acquisitions.

2.3.3  Amendments to IAS 1 and IAS 8 “Definition of Material”

Amendments to IAS 1 and IAS 8, applicable since January 1, 2020, improve the definition of materiality in order to determine whether information should be provided in the financial statements, or whether the way in which it is communicated has the same effect as if it had not been communicated. The Group considers that judgment applied in the choice of information provided in its consolidated financial statements meets the provisions of amendments published by the IASB.

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Impacts of the health crisis related to the Covid-19 pandemic

6 Months Ended

Jun. 30, 2020

Impacts of health crisis related to Covid-19 pandemic [abstract]

Impacts of the health crisis related to the Covid-19 pandemic

Note 3    Impacts of the health crisis related to the Covid-19 pandemic

The objective of this note is to summarize the impacts of the health crisis on the Group's business and performance, the judgments and assumptions made as well as the main effects of the crisis on the Group's consolidated financial statements.

3.1    Effects of the Covid-19 pandemic on Orange's business and financial situation

The impact of Covid-19 on human health led the Group to quickly implement actions to protect its employees and Orange’s suppliers and customers. The deployment of these actions and the decisions taken by the governments of the countries in which the Group operates have affected Orange's business and financial situation.

These consequences are not easily quantifiable, as they are difficult to isolate from other developments during the period.

In the first half of 2020, the main effects of the Covid-19 pandemic on the Group's revenue are as follows:

−   a drop in equipment sales;

−   a slowdown in revenues from services to fixed-line operators;

−   a decline in revenues from international roaming (visitors and customers) in almost all countries and especially in revenues from B2B services;

−   a slowdown in B2B services activity, with a particular decline in revenues from integration services and information technologies in the second quarter of 2020;

−   a general decline in sales activity.

In regard to the Group's operating expenses, the main impacts of the Covid-19 pandemic are as follows:

−   an increase in interconnection charges, purchases of protection equipment and excess costs related to supportive measures for network service providers in France;

−   an increase in depreciation and losses on trade receivables;

−   the payment of specific bonuses to some employees in connection with the health crisis;

−   a significant decrease in commercial expenses, equipment costs and overheads.

As regards the Group's capital expenditure, the main effects were a decrease in investments due to the postponement of a certain number of projects.

3.2    Main effects on the interim consolidated financial statements

The main estimates of the crisis at June 30, 2020 during the preparation of the Orange Group's interim financial statements concerned:

−   Impairment tests (see Note 7);

−   Deferred tax assets recoverability tests (see Note 8);

−   Impairments of trade receivables in accordance with IFRS 9 (see Notes 5.1 and 6.1);

−   The Group’s exposure to credit, liquidity and other risks and related sensitivities (see Note 10).

The use of estimates and judgements as well as the main assumptions made are detailed in each of the consolidated financial statements’ notes.

At June 30, 2020, the main specific excess costs on the operating income arising from the management of the health crisis are described below.

In external purchases, the main incremental costs are as follows:

−   Purchases of equipment relating to the health and safety of employees for (50) million euros mainly at Orange SA;

−   Excess costs related to supportive measures for a number of network services in order to maintain the activity and partly offset a portion of the fixed costs of the suppliers in France for (20) million euros (to which are added (23) million euros recorded in investments);

−   (9) million euros in donations and sponsorships, especially for Middle East Africa zone’s subsidiaries and Orange SA.

Labor expenses include the payment to certain employees of specific bonuses related to the health crisis for (10) million euros.

Other operating expenses also include the increases of trade receivables depreciation in accordance with IFRS 9 for (72) million euros of which (67) million euros related to telecom activities and (5) million euros related to Orange Bank activities.

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Gains and losses on disposal and main changes in scope of consolidation

6 Months Ended

Jun. 30, 2020

Gains and losses on disposal and main changes in scope of consolidation [abstract]

Gains and losses on disposal and main changes in scope of consolidation

Note 4    Gains and losses on disposal and main changes in scope of consolidation

4.1    Gains (losses) on disposal of fixed assets, investments and activities

(in millions of euros)	June 30, 2020	June 30, 2019
Gains (losses) on disposal of fixed assets(1)	59	68
Gains (losses) on disposal of investments and activities	0	0
Gain (losses) on disposal of fixed assets, investments and activities	59	68

(1) Including in 2020, 197 MEUR of transfer price and (139) MEUR of net book value of assets sold. Including in 2019, 131 MEUR of transfer price and (63) MEUR of net book value of assets sold.

4.2    Main changes in scope of consolidation

Squeeze-out offer on Business & Decision shares

On May 28, 2020, Orange Business Services launched a mandatory public buyout offer for all the shares of Business & Decision not yet held by the Group, representing 6.38% of the capital. .

This offer closed on July 8 and was followed by the effective delisting of Business & Decision shares on July 13, 2020.

At June 30, 2020, Orange holds 95.08 % of the capital following the purchase of the Business & Decision shares tendered as part of the public buyout offer on that date. A financial debt of 3 million euros was recognized in the financial statements as of June 30, 2020 reflecting the commitment to purchase the remaining shares to be transferred to the Group following Business & Decision delisting procedure.

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Sales

6 Months Ended

Jun. 30, 2020

Revenue [abstract]

Trade receivables

5.1    Trade receivables

(in millions of euros)	June 30, 2020	December 31, 2019
Net book value of trade receivables - in the opening balance	5,320	5,295
Business related variations	615	1
Changes in the scope of consolidation	—	50
Translation adjustment	(42)	28
Reclassifications and other items	6	(53)
Net book value of trade receivables - in the closing balance	5,899	5,320

(in millions of euros)	June 30, 2020	December 31, 2019
Net trade receivables depreciated according to their age	1,036	1,233
Net trade receivables depreciated according to other criteria	455	579
Net trade receivables past due	1,491	1,812
Not past due (1)	4,408	3,508
Net trade receivables	5,899	5,320
o/w short-term trade receivables	5,656	5,044
o/w long-term trade receivables (2)	243	276
o/w net trade receivables from telecom activities	5,899	5,320
o/w net trade receivables from Orange Bank	—	—

(1) Not due receivables are presented net of the balance of the IFRS 9 provision which amounts to (33) million euros as of June 30, 2020 and (23) million euros as of December 31, 2019.

(2) Includes receivables from sales of handset with payment on instalments that are payable in more than 12 months and receivables from financial lease offers for companies equipment.

The Group assessed the risk of non-recovery of trade receivables as of June 30, 2020 and recognized an impairment of trade receivables for an amount of (225) million euros over the period in the income statement, of which (67) million euros for telecom activities in connection with the effects of the health crisis, mainly reflecting an increase in risk in the France segment of (27) million euros.

In an unchanged manner compared to December 31, 2019, Orange considers that the concentration of counterparty risk related to customer accounts is limited due to the large number of customers, their diversity (residential, professional and large companies) and according to their various sectors of the economy and their geographical dispersion in France and abroad.

Due to the health crisis linked to the Covid-19 pandemic, economic support measures for businesses and individuals have been taken by a number of states and have helped to partially contain the risk of non-recovery trade receivables as of June 30, 2020, thus reducing the visibility of the extent of the expected deterioration of the economic environment (in particular on the risk of business failures).

For its part, Orange has applied a series of general measures in favor of its customers (all customer segments combined), including the temporary suspension of coercive measures and collection procedures, and has granted payment schedules to certain customers.

In this specific context, the Group has stepped up its monitoring of trade receivables recovery over the period in order to manage and adapt the recovery measures, which have gradually resumed from June on all customer segments.

In view of the persistent uncertainty surrounding the economic environment, the Group will pay specific attention to the development of the risk of non-recovery of trade receivables in the second half of the year.

For Orange Bank, the effects of the health crisis on bank credit risk are described in Note 6.1.

The table below provides an analysis of the change in impairment of telecom activities trade receivables in the statement of financial position:

(in millions of euros)	June 30, 2020	December 31, 2019
Allowances on trade receivables - in the opening balance	(888)	(816)
Net addition with impact on income statement	(225)	(332)
Losses on trade receivables	141	271
Changes in the scope of consolidation	—	(1)
Translation adjustment	6	(5)
Reclassifications and other items	0	(5)
Allowances on trade receivables - in the closing balance	(966)	(888)

Customer contract net assets and liabilities

5.2    Customer contract net assets and liabilities

Group analysis performed on contract assets impairment has not highlighted any significant effect as of June 30, 2020.

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Other expenses

6 Months Ended

Jun. 30, 2020

Purchases and other expenses [abstract]

Other operating expenses

6.1    Other operating expenses

(in millions of euros)	June 30, 2020		June 30, 2019
Allowances and losses on trade receivables - telecom activities	(225)	(1)	(149)
Litigation	(169)		19
Operating foreign exchange gains (losses)	8		(5)
Cost of bank credit risk	(11)		(4)
Integration costs	(5)		(7)
Other expenses	(46)		(55)
Total	(448)		(201)

(1) see Note 5.1.

The cost of credit risk exclusively applies to Orange Bank and includes impairment charges and reversals on fixed-income securities, loans and receivables to customers as well as impairment charges and reversals relating to guarantee commitments given, losses on receivables and recovery of amortized debts.

In the context of the health crisis, parameters used for the assessment of the credit risk have been updated (see Note 11.2). A provision of 5 million euros was recognized as of June 30, 2020, including 3 million euros on consumer loans and 2 million euros on sectors considered sensitive (hotel industry, commercial property, agriculture and patrimonial activity) inherited from Groupama Banque.

Restructuring costs

6.2    Restructuring costs

(in millions of euros)	June 30, 2020	June 30, 2019
Departure plans	(7)	(13)
Lease property restructuring	2	(2)
Distribution channels	(1)	(9)
Other	(7)	(28)
Total restructuring costs	(13)	(52)

Trade payables

6.3    Working capital management – payables

Advances and advance payments of supplier invoices in the context of the health crisis

In order to support small and medium-sized businesses in the context of the health crisis, Orange set up a system of financial advances and accelerated payments of a certain number of invoices.

Extension of supplier payment deadlines

Supplier payment terms are mutually agreed between the suppliers and Orange in accordance with the rules in force. For several years, some key suppliers and Orange have agreed to a flexible payment schedule which, for certain invoices, can be extended up to six months. Trade payables and fixed assets payables that were subject to an extension of payment, and had an impact on the change in working capital at the end of the period, amount to approximately 400 million euros as of June 30, 2020.

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Impairment of goodwill

6 Months Ended

Jun. 30, 2020

Goodwill [abstract]

Impairment of goodwill

Note 7    Impairment of goodwill

Impairment tests are carried out annually and when there is an indication that assets may be impaired.

Changes in the economic and financial climate, appreciation of the telecommunications operators’ resilience to deteriorating local economic conditions, change in the market capitalization of telecommunications companies and changes in business performance serve as indicators of potential impairment.

Compared to the elements described as of December 31, 2019, the Group has taken into account the Covid-19 pandemic impacts in the review of impairment indicators and particularly in:

−   the market assumptions of the discount rates and perpetual growth rates;

−   the achievement of the first year of the business plans.

As the preparation of multi-year plans will be performed during the second half of 2020, the half-year reassessments resulting from the identification of impairment indications are based on a preliminary review of projected cash flows retained at the end of the previous year.

As of June 30, 2020, due to the health crisis context, the review of impairment indicators has been affected by the following trends:

−   increase of the Middle East and Africa discount rates due to the rise of debt spreads and country risk premiums;

−   revised cash flow projections when the first year of the business plan is not achieved and considering the risk’s materiality on the headroom of each Cash Generating Unit (CGU);

−   sensitivity analyses based on the financial parameters and/or cash flows and taking into account the uncertainties in the current environment, especially the different assumptions related to the impacts on the coming semesters and the estimated date of the return to normal business.

June 30, 2020

The review of potential impairment indicators has led to revise the value in use of Spain CGU: based on the best estimate of the management in the current context, the estimated value in use significantly decreases compared to December 31, 2019, due to the impacts of the local economic context, competition on customers offers and to a lesser extent the health crisis.

The financial parameters (discount and perpetual growth rates) used to update the value in use have not changed since December 31, 2019.

However, this review of projected cash flows has not led the Group to recognize any impairment as of June 30, 2020. The limited headroom resulting from this new valorization will be monitored during the second semester taking into account the changes in local governance and the update of value key assumptions.

The sensibility analysis conducted on Spain new valorization shows an effect on the recoverable amount of approximately 1.1 billion euros in case of a variation of:

−   10% of terminal value cash flows; or

−   50 bp of the discount rate after tax; or

−   50 bp of the perpetual growth rate.

The review of impairment indicators and sensibility analysis carried out on other CGU have not revealed any new significant risk of impairment as of June 30, 2020.

June 30, 2019

As of June 30, 2019, the review of impairment indicators had not led the Group to recognize any impairment.

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Income tax

6 Months Ended

Jun. 30, 2020

Major components of tax expense (income) [abstract]

Income tax

Note 8    Income tax

(in millions of euros)	June 30, 2020	June 30, 2019
Total Income tax	(491)	(513)
Current tax	(474)	(525)
Deferred tax	(18)	12

As of June 30, 2020, the estimated deferred income tax charge includes a (63) million euros increase of deferred tax liabilities recognized on Orange brand in the United Kingdom. The UK government has reversed the planned reduction in the rate of corporation tax to 17% to maintain the rate at 19%. The deferred tax liabilities on Orange brand are now recorded at a 19% tax rate.

At each period end, the Group reviews the recoverable amount of the deferred tax assets. The recoverability of the deferred tax assets is assessed in the light of business plans used for impairment testing.

As of June 30, 2020, in relation with the revised projections of future cash flows in Spain (see Note 7), a (50) million euros deferred tax charge has been recognized to reflect on the recoverable value of deferred tax assets, the negative impact of the local economic context, the competition on customers offers and to a lesser extent the effects of the health crisis.

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Financial assets, liabilities and financial results (excluding Orange Bank)

6 Months Ended

Jun. 30, 2020

Disclosure of detailed information about financial instruments [abstract]

Financial assets, liabilities and financial results (excluding Orange Bank)

Note 9    Financial assets, liabilities and financial results (excluding Orange Bank)

9.1    Financial assets and liabilities of telecom activities

In order to improve the readability of financial statements and to be able to distinguish the performance of telecom activities from the performance of Orange Bank, the notes related to financial assets and liabilities as well as the financial income or expenses are split to respect these two business areas.

Thus, Note 9 details the financial assets, liabilities and related gains and losses specific to telecom activities and Note 11 concerns the activities of Orange Bank.

The following table reconciles the contributive balances of assets and liabilities for each of these two areas to the consolidated balance sheet (intra-group transactions between telecom activities and Orange Bank are not eliminated) with the consolidated statement of financial position as of June 30, 2020.

(in millions of euros)	Orange	O/w	Note	O/w	Note	O/w
	consolidated	telecom		Orange		eliminations
	financial	activities		Bank		telecom
	statements					activities / bank
Non-current financial assets related to Orange Bank activities	1,380	—		1,380	11.1.1	—
Non-current financial assets	1,274	1,301	9.6	—		(27)	(1)
Non-current derivatives assets	881	881	9.4	—		—
Current financial assets related to Orange Bank activities	1,977	—		1,981	11.1.1	(4)
Current financial assets	4,375	4,376	9.6	—		(1)
Current derivatives assets	41	41	9.4	—		—
Cash and cash equivalents	6,364	6,031	9.4	333		—
Non-current financial liabilities related to Orange Bank activities	—	—		27	11.1.2	(27)	(1)
Non-current financial liabilities	32,744	32,744	9.4	—		—
Non-current derivatives liabilities	672	594	9.4	78		—
Current financial liabilities related to Orange Bank liabilities	3,234	—		3,235	11.1.2	(1)
Current financial liabilities	4,489	4,493	9.4	—		(4)
Current derivatives liabilities	54	54	9.4	—		—

(1) Loan granted by Orange SA to Orange Bank.

9.2    Financial foreign exchange gains and losses

The net foreign exchange financial loss mostly reflects the effect of revaluation of the economic hedges of foreign exchange risk on notional amounts of subordinated notes denominated in pounds sterling and recognized in equity at their historical value (see Note 12.6).

9.3    Change of cash flow hedges in the consolidated statement of comprehensive income

As of June 30, 2020, the consolidated statement of comprehensive income indicates a gain in cash flow hedge of 554 million euros against a loss of (184) million euros in the first semester of 2019. These effects mainly reflect the hedges, via cross currency swaps, of future coupons on Group debts denominated in foreign currencies.

The gain on the first half of 2020 is mainly due to the decrease of the euro-US dollar rate spread. The loss on the first half of 2019 was mainly due to the set up of new instruments in order to hedge the bond issued in sterling pounds (cash flow hedge) in January 2019 and also to the increase of the euro-sterling pound rate spread.

9.4    Net financial debt

Net financial debt as defined and used by Orange does not include Orange Bank activities for which the concept is not relevant and is described in the following chart:

(in millions of euros)	June 30,	December 31,
	2020	2019
TDIRA	641	822
Bonds	30,807	30,893
Bank loans and from development organizations and multilateral lending institutions	4,467	4,013
Debt relating to financed assets	216	125
Cash collateral received	417	261
NEU Commercial Papers (1)	391	158
Bank overdrafts	182	203
Other financial liabilities (2)	118	602
Current and non-current financial liabilities (excluding derivatives) included in the calculation of net financial debt	37,237	37,076
Current and non-current derivatives (liabilities) (3)	648	436
Current and non-current derivatives (assets) (3)	(922)	(573)
Other comprehensive income components related to unmatured hedging instruments	(28)	(542)
Gross financial debt after derivatives (a)	36,935	36,397
Cash collateral paid (4)	(147)	(123)
Investments at fair value (5)	(4,337)	(4,696)
Cash equivalents	(3,247)	(3,651)
Cash	(2,784)	(2,462)
Assets included in the calculation of net financial debt (b)	(10,514)	(10,931)
Net financial debt (a) + (b)	26,420	25,466

(1) Negotiable European Commercial Papers (formerly called "commercial papers").

(2) Include 500 million euros of subordinated notes reclassified as a short term financial liability in 2019 and redeemed on February 7, 2020 (first call option date).

(3) As of June 30, 2020, the foreign exchange effect of the cross currency swaps hedging foreign exchange risk on gross debt notional is an unrealized gain of 578 million euros.

(4) Only cash collateral paid, included in non-current financial assets of the consolidated statement of financial position, are deducted from gross financial debt.

(5) Only investments, included in current financial assets of the consolidated statement of financial position, are deducted from gross financial debt.

On January 28, 2020, Orange SA bought 12,749 perpetual bonds redeemable for shares ("TDIRA") for a notional amount of 180 million euros. Taking into account this purchase, 45,232 TDIRA remain outstanding for a total notional amount of 638 million euros.

9.5    Main redemptions and bond issues

During the first semester of 2020, Orange SA redeemed three bonds at maturity for 1,050 million euros.

During the same period, Orange SA negotiated a loan of 350 million euros with the European Investment bank maturing 2027 and also issued 2 bonds:

−   750 million euros on April 7, 2020 maturing on July 7, 2027 with a coupon of 1.25%;

−   750 million euros on April 7, 2020 maturing on April 7, 2032 with a coupon of 1.625%.

On February 6, 2020, the Group made early repayment of the 150 million euro loan issued in 2018 by SecureLink, bearing interest at the 3-month Euribor plus 5.5% and originally maturing February 6, 2023.

9.6    Financial assets

	June 30, 2020			December 31, 2019
(in millions of euros)	Non-current	Current	Total	Total
Financial assets at fair value through other comprehensive income that will not be reclassified to profit or loss	298	—	298	277
Investments securities	298	—	298	277
Financial assets at fair value through profit or loss	277	4,337	4,613	4,953
Investments at fair value (1)	—	4,337	4,337	4,696
Investments securities	130	—	130	133
Cash collateral paid	147	—	147	123
Financial assets at amortized cost	727	39	766	772
Receivables related to investments (2)	48	13	61	70
Other (3)	679	26	705	702
Total financial assets	1,301	4,376	5,677	6,001

(1) NEU Commercial papers and bond securities only.

(2) Including loan granted by Orange SA to Orange Bank (27 million euros).

(3) Including the escrowed amount of 347 million euros related to the Digicel litigation.

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Information on market risk and fair value of financial assets and liabilities (excluding Orange Bank)

6 Months Ended

Jun. 30, 2020

Disclosure of detailed information about financial instruments [abstract]

Information on market risk and fair value of financial assets and liabilities (excluding Orange Bank)

Note 10    Information on market risk and fair value of financial assets and liabilities (excluding Orange Bank)

10.1    Risk management policy

During the first semester of 2020, the risk management Group policy related to the financial instruments has not been challenged by the health crisis. The Group has kept its hedging policy to minimize the Group exposure to interest rate and operating and financial foreign exchange risks. Cash flow hedge relationships have not been challenged by the crisis. Furthermore, Orange has continued to diversify its sources of funding (see Note 9.5) that allow the Group to present the following liquidity position as of June 30, 2020:

Liquidity position

(in millions euros)

		Available undrawn amount of credit facilities
		Investments at fair value
		Cash
		Cash equivalents

On the specific management of counterparty risk related to customer accounts, see Note 5.1.

10.2    Orange's credit ratings

Orange's credit ratings have not changed since December 31, 2019.

As of June 30, 2020, Orange's debt ratings are set forth below:

	Standard & Poor's	Moody's	Fitch Ratings	Japan Credit Rating
Long-term debt	BBB+	Baa1	BBB+	A
Outlook	Stable	Stable	Stable	Stable
Short-term debt	A2	P2	F2	Not applicable

10.3    Financial ratios

The covenants with regards to financial ratios described as of December 31, 2019 remain met.

10.4    Fair value levels of financial assets and liabilities

During the first half of 2020, no significant event has occurred regarding the fair value of financial assets and liabilities.

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Activities of Orange Bank

6 Months Ended

Jun. 30, 2020

Banking activities [abstract]

Activities of Orange Bank

Note 11    Activities of Orange Bank

11.1    Financial assets and liabilities of Orange Bank

The financial statements of Orange Bank were put into the format of Orange group's consolidated financial statements and therefore differ from a presentation that complies with the banking format.

In order to improve the readability of financial statements and to be able to distinguish the performance of telecom activities from the performance of Orange Bank, the notes related to financial assets and liabilities as well as the financial income or expenses are split to respect these two business areas.

Thus, Note 9 details the financial assets, liabilities and related gains and losses specific to telecom activities and Note 11 concerns the activities of Orange Bank.

The following table reconciles the contributive balances of assets and liabilities for each of these two areas to the consolidated balance sheet (intra-group transactions between telecom activities and Orange Bank are not eliminated) with the consolidated statement of financial position as of June 30, 2020.

(in millions of euros)	Orange	O/w telecom	Note	O/w Orange	Note	O/w eliminations
	consolidated	activities		Bank		telecom
	financial					activities / bank
	statements
Non-current financial assets related to Orange Bank activities	1,380	—		1,380	11.1.1	—
Non-current financial assets	1,274	1,301	9.6	—		(27)	(1)
Non-current derivatives assets	881	881	9.4	—		—
Current financial assets related to Orange Bank activities	1,977	—		1,981	11.1.1	(4)
Current financial assets	4,375	4,376	9.6	—		(1)
Current derivatives assets	41	41	9.4	—		—
Cash and cash equivalents	6,364	6,031	9.4	333		—
Non-current financial liabilities related to Orange Bank activities	—	—		27	11.1.2	(27)	(1)
Non-current financial liabilities	32,744	32,744	9.4	—		—
Non-current derivatives liabilities	672	594	9.4	78		—
Current financial liabilities related to Orange Bank liabilities	3,234	—		3,235	11.1.2	(1)
Current financial liabilities	4,489	4,493	9.4	—		(4)
Current derivatives liabilities	54	54	9.4	—		—

(1) Loan granted by Orange SA to Orange Bank.

11.1.1 Financial assets related to Orange Bank activities

(in millions of euros)	June 30, 2020			December 31, 2019
	Non-current	Current	Total	Total
Financial assets at fair value through other comprehensive income that will not be reclassified to profit or loss	2	—	2	2
Investments securities	2	—	2	2
Financial assets at fair value through other comprehensive income that may be reclassified to profit or loss	645	5	650	656
Debt securities	645	5	650	656
Financial assets at fair value through profit or loss	99	—	99	179
Investments at fair value	—	—	—	79
Cash collateral paid	76	—	76	76
Others	22	—	22	25
Financial assets at amortized cost	635	1,976	2,611	3,519
Fixed-income securities	635	6	641	506
Loans and receivables to customers	—	1,857	1,857	1,937
Loans and receivables to credit institutions	—	109	109	1,073
Others	—	4	4	3
Total financial assets related to Orange Bank activities	1,380	1,981	3,361	4,357

Debt securities measured at fair value through other comprehensive income that may be reclassified to profit or loss

(in millions of euros)	June 30, 2020	December 31, 2019
Debt securities measured at fair value through other comprehensive income that may be reclassified to profit or loss - in the opening balance	656	925
Acquisitions	110	165
Repayments and disposals	(114)	(442)
Changes in fair value	(2)	9
Other items	(1)	(1)
Debt securities measured at fair value through other comprehensive income that may be reclassified to profit or loss - in the closing balance	650	656

Loans and receivables related to Orange Bank

In the context of adapting Orange Bank's accounts into the Group's financial statements, clearing accounts and other amounts due, as well as amounts related to securities transactions on behalf of customers have been considered as loans and receivables from customers.

As of June 30, 2020, loans and receivables of Orange Bank to customers are mainly composed of overdrafts (for 849 million euros) and housing loans (for 858 million euros).

Orange Bank's loans and receivables from credit institutions are mainly composed of current assets corresponding to overnight deposits and loans.

11.1.2 Financial debts related to Orange Bank operations

Debts related to Orange Bank operations are composed of payables and debts with customers for 2,150 million euros, with financial institutions for 617 million euros as well as by certificates of deposits for 467 million euros.

As of June 30, 2020, debts related to Orange Bank operations with customers are mainly composed of current accounts for 1,273 million euros and passbooks and special savings accounts for 876 million euros.

Debts related to Orange Bank operations with financial institutions are mainly composed of term borrowings and advances.

11.2    Information on credit risk management

As of June 30, 2020, the health crisis constitutes a new risk factor that we have taken into account in the management and assessment of credit risk.

The parameters used for the assessment of credit risk have been updated on the basis of forward-looking information required by IFRS 9 (forecasts of French GDP for the years 2020 and 2021). The impacts recognized in the income statement are presented in Note 6.1.

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Shareholders' equity

6 Months Ended

Jun. 30, 2020

Shareholders' equity [abstract]

Shareholders' equity

Note 12    Shareholders’ equity

At June 30, 2020, Orange SA's share capital amounted to 10,640,226,396 euros, and comprised 2,660,056,599 ordinary shares with a par value of 4 euros each.

The shares held in registered form for at least two years by the same shareholder are granted with a double voting right. As of June 30, 2020, the public sector owns 22.95% of Orange SA's share capital and 29.44% of the voting rights, and the employees of the Group own either within the employee shareholding plan or in registered form 5.53% of Orange SA's share capital and 8.85% of the voting rights.

12.1    Changes in share capital

No new shares were issued during the first half of 2020.

During the six months ended June 30, 2020, the weighted average number of ordinary shares outstanding is 2,654,514,167 and the weighted average number of shares outstanding and dilutive is 2,682,021,278.

12.2    Treasury shares

As authorized by the Shareholders' Meeting of May 19, 2020, the Board of Directors implemented a new share Buyback Program (the 2020 Buyback Program) and canceled the 2019 Buyback Program, with immediate effect. This authorization is valid for a period of 18 months from the aforementioned Shareholders' Meeting. The 2020 Buyback Program is described in the Orange Universal Registration Document filed with the French Financial Markets Authority on April 20, 2020.

The share buybacks carried out during the period by Orange primarily related to the Long Term Incentive Plan (LTIP) 2019-2021.

At June 30, 2020, Orange held 1,788,037 of its own shares (of which 992,500 shares in connection with the liquidity contract and 795,537 shares in connection with the LTIP 2018-2020 and LTIP 2019-2021 plans).

At December 31, 2019, the company held 9,742,968 treasury shares (of which 853,500 in connection with the liquidity contract  and 8,889,468 in connection with the Orange Vision 2020, LTIP 2018-2020 and LTIP 2019-2021 free share award plans).

12.3    Dividends

The Shareholders' Meeting held on May 19, 2020 approved the payment of a dividend of 0.50 euro per share in respect of the 2019 fiscal year instead of a dividend of 0.70 euro per share as announced during the consolidated financial results 2019 presentation in February 2020. After payment of the interim dividend of 0.30 euro per share on December 4, 2019 for a total amount of 796 million euros, the balance of the dividend amounting to 0.20 euro per share was paid on June 4, 2020 for an amount of 532 million euros.

12.4    Non-controlling interests

(in millions of euros)	June 30,	December 31,
	2020	2019
Credit part of equity attributable to non-controlling interests (a)	2,566	2,701
o/ w Orange Polska group	959	987
o/ w Sonatel group	653	736
o/ w Orange Belgium group	270	275
o/ w Jordan Telecom group	170	166
o/ w Médi Telecom	124	148
Debit part of equity attributable to non-controlling interests (b)	(12)	(13)
Total equity attributable to non-controlling interests (a) + (b)	2,553	2,688

(in millions of euros)	June 30, 2020	June 30, 2019
Dividends paid to minority shareholders	206	243
o/ w Sonatel group	166	192
o/ w Médi Telecom	24	22
o/ w Orange Belgium group	14	14
o/ w Jordan Telecom group	—	13

12.5    Cumulative translation adjustment

(in millions of euros)	June 30, 2020	June 30, 2019
Gain (loss) recognized in other comprehensive income during the period	(184)	52
Reclassification to net income for the period	0	(2)
Total transaction adjustments for continuing operations	(184)	50

The change in translation differences recognized in other comprehensive income mainly includes:

−   in the first half of 2020, a decrease of (94) million euros due to the depreciation of the Polish zloty and a decrease of (30) million euros due to the depreciation of the Norwegian krone;

−   in the first half of 2019, an increase of 45 million euros due to the appreciation of the Egyptian pound.

12.6 Subordinated notes

At June 30, 2020, the amount of subordinated notes presented on the consolidated statements of changes in shareholders' equity does not change due to these operations and corresponds to a nominal of 5,803 million euros booked at historical value (the tranches denominated in pounds sterling have not been revaluated since their issue in 2014). The costs and share premiums of (88) million euros have been allocated in the reserves.

In the first half of 2020, Orange paid the following coupons:

−   on February 8, 2020, 53 million euros and 38 million pounds sterling (equivalent to 45 million euros) to holders of the notes issued in February 2014,

−   on March 19, 2020, 4 million euros to holders of the notes issued in September 2019 (1^st call including the period from September 19, 2019 to March 19, 2020),

−   on April 1, 2020, 35 million  pounds sterling (equivalent to 38 million euros) to holders of the tranche denominated in pounds sterling issued in October 2014.

−   on April 15, 2020, 24 million euros to holders of the notes issued in April 2019.

The tax effect relating to the payment of the coupons is accounted for as net income.

The tax effect of the conversion of subordinated notes whose face value is denominated in pounds sterling was (32) million euros for the period. This effect is shown at “Other movements” in the consolidated statements changes in shareholders’ equity.

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Litigations and unrecognized contractual commitments

6 Months Ended

Jun. 30, 2020

Litigations and unrecognized contractual commitments [abstract]

Litigations and unrecognized contractual commitments

Note 13   Litigations and unrecognized contractual commitments

13.1    Litigations

As of June 30, 2020, the provisions for risks recorded by the Group for all disputes in which the Group is involved (with the exception of liabilities relating to disputes between Orange and the tax or social administrations in relation to operational or income taxes or social contributions, which are recognized in the corresponding items of the balance sheet) amounted to 569 million euros compared with 643 million euros as of December 31, 2019. Orange believes that the disclosure of provisions that may be recorded on a case-by-case basis could seriously harm its position.

This note describes the new proceedings and developments in existing litigations having occurred since the publication of the consolidated financial statements for the year ended December 31, 2019.

−   On June 17, 2020, the Paris Court of Appeal overturned the discounting method applied to the damages set forth in the judgment rendered by the Paris Commercial Court on December 18, 2017, which ordered Orange to pay to Digicel 180 million euros in principal. This amount (including the overturned discounted amount) had been escrowed (see Note 9.6) pending the decision of the Paris Commercial Court on the merits of the dispute, and is presently challenged regarding the amount of the cash out which Orange considers being a maximum of 224 million euros based on the Court of appeal decision. Orange has re-assessed the risk taking into account the evolution of the procedure and intends to appeal to the French Supreme Court.

−   Regarding the ongoing proceedings in the “Enterprise” market segment between SFR, BT Group, Celeste, Adista and Orange, BT Group withdrew its legal action before the Paris Commercial Court for indemnification of the damages suffered. Other proceedings are still ongoing.

−   A number of shareholder disputes are ongoing between the joint venture company made up of Agility and Orange, on the one hand, and its Iraqi co-shareholder in the share capital of Iraqi operator Korek Telecom on the other hand. These disputes, which relate to various breaches of contractual documents, are the subject of preliminary procedures and arbitrational and judicial litigation in various countries. Moreover, on March 19, 2019, following an administrative decree adopted by the Ministry of Industry and Trade, the Directorate of Companies in Erbil enforced the decision made by the Iraqi regulatory authority (CMC) in 2014 to cancel the partnership of March 2011 between the telco operator Korek Telecom, Agility and Orange. Consequently, the return of the shares in Korek Telecom to the original shareholders was forced without compensation. Orange, which believes that it was unlawfully expropriated of its investment, addressed on March 24, 2019, a notice of dispute to the Republic of Iraq based on the bilateral investment treaty between the French Republic and the Republic of Iraq, and is pursuing amicable discussions with the Iraqi State with a view to trying to reach an amicable agreement. Orange has taken all necessary steps to be able to file a request for arbitration with the International Centre for Settlement of Investment Disputes should these discussions not be concluded rapidly.

−   In Jordan, Zain, a telecom operator, brought an action against Jordan Telecommunications Company (Orange Jordan) for failure to open geographical numbers assigned by the Jordanian regulator. Zain has estimated its damages at 250 million Jordanian dinars (around 314 million euros). An arbitration proceeding is pending. Orange Jordan believes that the amount of the claim is not justified.

−   The Evaluation and Compensation Committee established by Orange as part of the so-called France Telecom employee-related crisis trial in order to analyze the individual requests received from natural persons who worked with the company between 2007 and 2010 and their beneficiaries, extended the filing period until the end of September in order to be able to process the requests until the end of December 2020. This Committee continues to analyze and process the requests received. At the beginning of July 2020, around 740 individual requests have been received, of which approximately 220 have been closed subsequent to an agreement.

Apart from the proceedings mentioned above, there are no other administrative, legal or arbitration proceedings (whether pending, suspended or threatened) of which Orange is aware, either new or having evolved since the publication of the consolidated financial statements for the year ended December 31, 2019, which have had over the period, or which may have, a material impact on the Group’s financial position or profitability.

13.2    Unrecognized contractual commitments

During the first half of 2020, no other major event has impacted the unrecognized contractual commitments described in the 2019 consolidated financial statements.

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Related party transaction

6 Months Ended

Jun. 30, 2020

Disclosure of transactions between related parties [abstract]

Related party transaction

Note 14    Related party transaction

During the first half of 2020, no transaction with related parties took place which materially affected the 2019 Group's financial position.

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Subsequent events

6 Months Ended

Jun. 30, 2020

Disclosure of non-adjusting events after reporting period [abstract]

Subsequent events

Note 15    Subsequent events

Orange SA: distribution of an interim dividend

At its meeting held on July 29, 2020, the Board of Directors resolved to distribute an interim dividend of 0.30 euro  per share in respect of 2020. This interim dividend will be paid in cash on December 9, 2020. The estimated payment amounts  to 798 million euros based on the number of ordinary shares outstanding as of June 30, 2020.

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Basis of preparation of the consolidated financial statements (Policies)

6 Months Ended

Jun. 30, 2020

Document Information [Line Items]

Basis of preparation of the financial statements (2.1)

2.1    Basis of preparation of the financial statements

The condensed consolidated financial statements and notes for the first half of 2020 were prepared under the responsibility of the Board of Directors on July 29, 2020.

In accordance with European Regulation no. 1606/2002 dated July 19, 2002, the interim financial statements were prepared in accordance with IAS 34 "Interim Financial Reporting", as endorsed by the European Union (EU) and published by the IASB.

The interim financial statements were prepared using the same accounting policies as the financial statements for the year ended December 31, 2019, with the exception of the specific requirements of IAS 34 and effects of new standards as described in Note 2.3.

The Group’s consolidated financial statements are presented in millions of euros, rounded to the nearest million. This may in certain circumstances lead to non-material differences between the sum of the figures and the subtotals  that appear in the tables.

For the reported periods, the accounting standards and interpretations endorsed by the EU are similar to the compulsory standards and interpretations published by the IASB, with the exception of standards and interpretations currently being endorsed, a study of the impacts and practical consequences of applying these amendments is under way.

When a specific transaction is not dealt with in any standard or interpretation, Group management uses its judgment to define and apply an accounting policy that will result in relevant and reliable information, such that the financial statements:

−   fairly present the Group’s financial position, financial performance and cash flows;

−   reflect the economic substance of transactions;

−   are neutral;

−   are prepared on a prudent basis; and

−   are complete in all material respects.

Use of estimates and judgment (2.2)

2.2    Use of estimates and judgement

Orange’s management uses its judgment to define the appropriate accounting treatment of certain transactions and makes estimates insofar as many items included in the financial statements cannot be measured with precision or current IFRS standards and interpretations do not specifically deal with the related accounting issues. Management revises these estimates if the underlying circumstances evolve or if there is new information or additional experience. In the current context of the health crisis, estimates used as of June 30, 2020 could be modified within the preparation of next closings (see Note 3).

New standards and interpretations applied from January 1, 2020 (2.3)

2.3    New standards and interpretations applied from January 1, 2020

2.3.1  Interpretation and amendment of IFRS 16 "Leases"

The Group has applied IFRS 16 "Leases” since January 1, 2019.

The IFRS IC committee published a decision in November 2019 which specifies that it is not possible to use only the legal approach to determine the enforceable period of a contract, if duration cannot be determined at the origin of the contract. The committee considers that a lease arrangement remains enforceable as long as lessee, or lessor, would have to support a loss or a more than insignificant penalty in the event of termination of the contract. To determine the enforceable period of the lease arrangement, all economic aspects of the contract must be taken into account and not just contractual termination indemnities.

On the date of preparation of the 2019 annual consolidated financial statements, the Group had adopted, depending on the accounting positions and the implementation methods concerning assessment of duration of contracts, a legal approach in a certain number of non-fixed-term contracts with a notice period of less than 12 months for which the Group has applied the short-term exemption, in particular for leases of certain mobile sites.

The IFRS IC decision on the enforceable period of contracts will be implemented as of December 31, 2020 on all leases falling within the scope of the final decision of the Interpretation Committee. The impact of this implementation appears limited to contracts of indefinite duration with short notice and to contracts for which the initial lease term has been exceeded and which would have been in a tacit renewal situation. In the current context of the health crisis, at the date of preparation of the condensed consolidated financial statements by the Board of Directors, analysis is still in progress and the Group estimates that the impact on the opening balance sheet as of January 1, 2019 could result in an effect on rights of use and lease liabilities estimated at between 400 and 600 million euros.

2.3.2  IFRS 3 amendment “Definition of a business”

The definition of a business has been clarified by this amendment and is intended to assist preparers in determining whether an acquisition should be accounted for as a business combination or as an acquisition of a group of assets. This amendment applies to all acquisitions made from January 1, 2020. These changes relate to the definition of a business:

−   a business must include inputs and a substantial process that have the capacity to significantly contribute to outputs;

−   the scope is limited to goods and services provided to customers and to income from ordinary activities and not to dividends, cost reductions or any other direct economic benefits for investors and possibly other third parties.

This amendment had no impact on the Group's consolidated financial statements as of June 30, 2020 and the Group will take these new provisions into account in its next acquisitions.

2.3.3  Amendments to IAS 1 and IAS 8 “Definition of Material”

Amendments to IAS 1 and IAS 8, applicable since January 1, 2020, improve the definition of materiality in order to determine whether information should be provided in the financial statements, or whether the way in which it is communicated has the same effect as if it had not been communicated. The Group considers that judgment applied in the choice of information provided in its consolidated financial statements meets the provisions of amendments published by the IASB.

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Segment information (Tables)

6 Months Ended

Jun. 30, 2020

Disclosure of operating segments [abstract]

Schedule of segment information

1.1    Segment revenue

(in millions of euros)	France	Spain	Europe
June 30, 2020
Revenue	9,024	2,503	2,729
Convergence services	2,268	1,020	357
Mobile services only	1,124	517	1,008
Fixed services only	1,986	238	308
IT & integration services	—	4	143
Wholesale	2,871	449	506
Equipment sales	458	263	348
Other revenue	318	12	58
External	8,694	2,486	2,693
Inter-operating segments	330	17	37
June 30, 2019
Revenue	8,874	2,624	2,789
Convergence services	2,153	1,049	293
Mobile services only	1,168	584	1,065
Fixed services only	2,054	254	326
IT & integration services	—	3	84
Wholesale	2,672	418	530
Equipment sales	578	316	401
Other revenue	249	—	90
External	8,543	2,602	2,748
Inter-operating segments	331	22	41

(1) Including, in 2020, revenue of 2,511 million euros in France, 6 million euros in Spain, 820 million euros in other European countries and 523 million euros in other countries. Including, in 2019, revenue of 2,593 million euros in France, 5 million euros in Spain, 638 million euros in other European countries and 534 million euros in other countries.

(2) Including revenue of 660 million euros in France in 2020 and 687 million euros in 2019.

(in millions of euros)	Africa &	Enterprise (1)	International	Eliminations	Total telecom	Orange Bank	Eliminations	Orange
	Middle-East		Carriers		activities		telecom	consolidated
			& Shared				activities /	financial
			Services (2)				bank	statements
June 30, 2020
Revenue	2,845	3,859	728	(918)	20,771	—	(1)	20,769
Convergence services	—	—	—	—	3,645	—	—	3,645
Mobile services only	2,164	327	—	(18)	5,122	—	0	5,122
Fixed services only	270	1,958	—	(86)	4,673	—	0	4,673
IT & integration services	11	1,475	—	(78)	1,556	—	(1)	1,555
Wholesale	342	21	530	(657)	4,062	—	—	4,062
Equipment sales	40	77	—	(2)	1,184	—	0	1,184
Other revenue	19	—	199	(77)	529	—	0	529
External	2,756	3,667	474	—	20,769	—	—	20,769
Inter-operating segments	89	192	255	(918)	1	—	(1)	—
June 30, 2019
Revenue	2,737	3,770	747	(966)	20,575	—	(2)	20,573
Convergence services	—	—	—	—	3,495	—	—	3,495
Mobile services only	2,042	367	—	(22)	5,204	—	—	5,204
Fixed services only	240	1,978	—	(88)	4,764	—	—	4,764
IT & integration services	6	1,318	—	(75)	1,336	—	(2)	1,334
Wholesale	391	18	542	(708)	3,863	—	—	3,863
Equipment sales	45	89	—	(1)	1,428	—	—	1,428
Other revenue	13	—	205	(72)	485	—	—	485
External	2,624	3,583	473	—	20,573	—	—	20,573
Inter-operating segments	113	187	274	(966)	2	—	(2)	—

1.2   Segment revenue to consolidated net income as of June 30, 2020

(in millions of euros)	France	Spain	Europe	Africa &
				Middle-East
Revenue	9,024	2,503	2,729	2,845
External purchases	(3,313)	(1,395)	(1,531)	(1,219)
Other operating income	641	63	72	24
Other operating expenses	(288)	(103)	(85)	(104)
Labor expenses	(1,900)	(141)	(315)	(252)
Operating taxes and levies	(735)	(63)	(53)	(264)
Gains (losses) on disposal of fixed assets, investments and activities	—	—	—	—
Restructuring costs	—	—	—	—
Depreciation and amortization of financed assets	(22)	—	—	—
Depreciation and amortization of right-of-use assets	(102)	(131)	(79)	(64)
Impairment of right-of-use assets	—	—	—	—
Interests on debts related to financed assets(2)	(1)	—	—	—
Interests on lease liabilities(2)	(4)	(6)	(8)	(32)
EBITDAaL	3,301	728	730	935
Significant litigations	(167)	—	—	—
Specific labour expenses	(26)	—	0	—
Fixed assets, investments and businesses portfolio review	23	22	4	0
Restructuring programs costs	(4)	0	(3)	(2)
Acquisition and integration costs	—	—	(2)	—
Depreciation and amortization of fixed assets	(1,575)	(528)	(563)	(508)
Reclassification of translation adjustment from liquidated entities	—	—	—	—
Impairment of fixed assets	0	0	1	0
Share of profits (losses) of associates and joint ventures	0	—	0	(1)
Elimination of interests on debts related to financed assets(2)	1	—	—	—
Elimination of interests on lease liabilities(2)	4	6	8	32
Operating Income	1,557	228	173	456
Cost of gross financial debt except financed assets	—	—	—	—
Interests on debts related to financed assets(2)	—	—	—	—
Gains (losses) on assets contributing to net financial debt	—	—	—	—
Foreign exchange gain (loss)	—	—	—	—
Interests on lease liabilities(2)	—	—	—	—
Other net financial expenses	—	—	—	—
Finance costs, net	—	—	—	—
Income Tax	—	—	—	—
Consolidated net income	—	—	—	—

(1) Orange Bank's net banking income is recognized in other operating income and amounts to 34 million euros as of June 30, 2020. The cost of risk is included in other operating expenses and amounts to (11) million euros as of June 30, 2020.

(2) Presentation adjustments allow the reallocation of the lines of specific items identified in the segment information to the operating revenue and expense lines presented in the consolidated income statement. Interest expenses on liabilities related to financed assets and interests expenses on lease liabilities are included in segment EBITDAaL. They are excluded from segment operating income and included in net finance costs presented in the consolided income statement.

(in millions of euros)	Enterprise	International	Elimination	Total	Orange	Eliminations	Total	Presentation	Orange
		Carriers &	telecom	telecom	Bank (1)	telecom		adjust-	consoli-
		Shared	activities	activities		activites /		ments(2)	dated financial
		Services				bank			statements
Revenue	3,859	728	(918)	20,771	—	(1)	20,769	—	20,769
External purchases	(1,977)	(970)	1,901	(8,504)	(54)	1	(8,557)	—	(8,557)
Other operating income	76	1,006	(1,644)	239	37	(5)	271	—	271
Other operating expenses	(328)	(17)	661	(265)	(15)	6	(274)	(174)	(448)
Labor expenses	(1,035)	(662)	—	(4,305)	(38)	—	(4,342)	(33)	(4,376)
Operating taxes and levies	(58)	(58)	—	(1,231)	(1)	—	(1,232)	—	(1,232)
Gains (losses) on disposal of fixed assets, investments and activities	—	—	—	—	—	—	—	59	59
Restructuring costs	—	—	—	—	—	—	—	(13)	(13)
Depreciation and amortization of financed assets	—	—	—	(22)	—	—	(22)	—	(22)
Depreciation and amortization of right-of-use assets	(63)	(202)	—	(640)	(1)	—	(642)	—	(642)
Impairment of right-of-use assets	—	—	—	—	—	—	—	(6)	(6)
Interests on debts related to financed assets(2)	—	—	—	(1)	—	—	(1)	1	n/a
Interests on lease liabilities(2)	(2)	(4)	—	(56)	0	—	(56)	56	n/a
EBITDAaL	471	(179)	—	5,986	(72)	1	5,914	(111)	n/a
Significant litigations	—	(2)	—	(169)	—	—	(169)	169	n/a
Specific labour expenses	(2)	1	—	(28)	0	—	(28)	28	n/a
Fixed assets, investments and businesses portfolio review	7	4	—	59	—	—	59	(59)	n/a
Restructuring programs costs	(3)	(6)	—	(17)	(2)	—	(19)	19	n/a
Acquisition and integration costs	(4)	(4)	—	(10)	—	—	(10)	10	n/a
Depreciation and amortization of fixed assets	(205)	(157)	—	(3,536)	(13)	—	(3,549)	—	(3,549)
Reclassification of translation adjustment from liquidated entities	—	—	—	—	—	—	—	—	—
Impairment of fixed assets	—	—	—	1	—	—	1	—	1
Share of profits (losses) of associates and joint ventures	1	(6)	—	(6)	—	—	(6)	—	(6)
Elimination of interests on debts related to financed assets(2)	—	—	—	1	—	—	1	(1)	n/a
Elimination of interests on lease liabilities(2)	2	4	—	56	0	—	56	(56)	n/a
Operating Income	267	(345)	—	2,336	(87)	1	2,249	—	2,249
Cost of gross financial debt except financed assets	—	—	—	—	—	—	—	—	(569)
Interests on debts related to financed assets(2)	—	—	—	—	—	—	—	—	(1)
Gains (losses) on assets contributing to net financial debt	—	—	—	—	—	—	—	—	1
Foreign exchange gain (loss)	—	—	—	—	—	—	—	—	(115)
Interests on lease liabilities(2)	—	—	—	—	—	—	—	—	(56)
Other net financial expenses	—	—	—	—	—	—	—	—	(3)
Finance costs, net	—	—	—	—	—	—	—	—	(742)
Income Tax	—	—	—	—	—	—	—	—	(491)
Consolidated net income	—	—	—	—	—	—	—	—	1,016

1.3    Segment revenue to consolidated net income as of June 30, 2019

(in millions of euros)	France	Spain	Europe	Africa &
				Middle-East
Revenue	8,874	2,624	2,789	2,737
External purchases	(3,309)	(1,448)	(1,581)	(1,199)
Other operating income	686	99	70	23
Other operating expenses	(264)	(107)	(89)	(93)
Labor expenses	(1,930)	(135)	(344)	(249)
Operating taxes and levies	(684)	(86)	(59)	(253)
Gains (losses) on disposal of fixed assets, investments and activities	—	—	—	—
Restructuring costs	—	—	—	—
Depreciation and amortization of financed assets	(3)	—	—	—
Depreciation and amortization of right-of-use assets	(84)	(154)	(71)	(64)
Impairment of right-of-use assets	—	—	—	—
Interests on debts related to financed assets(2)	0	—	—	—
Interests on lease liabilities(2)	(5)	(6)	(7)	(34)
EBITDAaL	3,281	787	708	868
Significant litigations	—	—	—	—
Specific labour expenses	(31)	—	—	—
Fixed assets, investments and businesses portfolio review	—	—	11	5
Restructuring programs costs	(24)	(6)	(5)	(2)
Acquisition and integration costs	—	—	(1)	—
Depreciation and amortization of fixed assets	(1,582)	(533)	(550)	(471)
Reclassification of translation adjustment from liquidated entities	—	—	—	2
Impairment of fixed assets	—	—	—	(1)
Share of profits (losses) of associates and joint ventures	—	—	—	—
Elimination of interests on debts related to financed assets(2)	0	—	—	—
Elimination of interests on lease liabilities(2)	5	6	7	34
Operating Income	1,649	254	170	435
Cost of gross financial debt except financed assets	—	—	—	—
Interests on debts related to financed assets(2)	—	—	—	—
Gains (losses) on assets contributing to net financial debt	—	—	—	—
Foreign exchange gain (loss)	—	—	—	—
Interests on lease liabilities(2)	—	—	—	—
Other net financial expenses	—	—	—	—
Effects resulting from BT sale	—	—	—	—
Finance costs, net	—	—	—	—
Income Tax	—	—	—	—
Consolidated net income	—	—	—	—

(1) Orange Bank's net banking income is recognized in other operating income and amounts to 15 million euros as of June 30, 2019. The cost of risk is included in other operating expenses and amounts to (4) million euros as of June 30, 2019.

(2) Presentation adjustments allow the reallocation of the lines of specific items identified in the segment information to the operating revenue and expense lines presented in the consolidated income statement. Interest expenses on liabilities related to financed assets and interests expenses on lease liabilities are included in segment EBITDAaL. They are excluded from segment operating income and included in net finance costs presented in the consolided income statement.

(in millions of euros)	Enterprise	International	Elimination	Total	Orange	Eliminations	Total	Presentation	Orange
		Carriers &	telecom	telecom	Bank(1)	telecom		adjust-	consolidated
		Shared	activities	activities		activities /		ments (2)	financial
		Services				bank			statements
Revenue	3,770	747	(966)	20,575	—	(2)	20,573	—	20,573
External purchases	(1,896)	(1,043)	1,958	(8,518)	(47)	3	(8,562)	—	(8,562)
Other operating income	78	1,034	(1,659)	331	17	(7)	341	—	341
Other operating expenses	(311)	5	667	(192)	(10)	7	(195)	(6)	(201)
Labor expenses	(964)	(662)	—	(4,284)	(36)	—	(4,320)	(114)	(4,434)
Operating taxes and levies	(63)	(62)	—	(1,207)	—	—	(1,207)	—	(1,207)
Gains (losses) on disposal of fixed assets, investments and activities	—	—	—	—	—	—	—	68	68
Restructuring costs	—	—	—	—	—	—	—	(52)	(52)
Depreciation and amortization of financed assets	—	—	—	(3)	—	—	(3)	—	(3)
Depreciation and amortization of right-of-use assets	(47)	(187)	—	(607)	(2)	—	(609)	—	(609)
Impairment of right-of-use assets	—	—	—	—	—	—	—	(24)	(24)
Interests on debts related to financed assets(2)	—	—	—	0	—	—	0	0	n/a
Interests on lease liabilities(2)	(2)	(6)	-	(60)	-	-	(60)	60	n/a
EBITDAaL	565	(174)	—	6,035	(78)	1	5,958	(68)	n/a
Significant litigations	—	(65)	—	(65)	—	—	(65)	65	n/a
Specific labour expenses	(1)	(14)	—	(46)	—	—	(46)	46	n/a
Fixed assets, investments and businesses portfolio review	—	52	—	68	—	—	68	(68)	n/a
Restructuring programs costs	(10)	(28)	—	(75)	—	—	(75)	75	n/a
Acquisition and integration costs	(4)	(5)	—	(10)	—	—	(10)	10	n/a
Depreciation and amortization of fixed assets	(195)	(159)	—	(3,490)	(10)	—	(3,500)	—	(3,500)
Reclassification of translation adjustment from liquidated entities	—	—	—	2	—	—	2	—	2
Impairment of fixed assets	1	—	—	0	—	—	0	—	0
Share of profits (losses) of associates and joint ventures	2	(6)	—	(4)	—	—	(4)	—	(4)
Elimination of interests on debts related to financed assets(2)	—	—	—	0	—	—	0	0	n/a
Elimination of interests on lease liabilities(2)	2	6	—	60	—	—	60	(60)	n/a
Operating income	360	(393)	—	2,475	(88)	1	2,388	—	2,388
Cost of gross financial debt except financed assets	—	—	—	—	—	—	—	—	(575)
Interests on debts related to financed assets(2)	—	—	—	—	—	—	—	—	0
Gains (losses) on assets contributing to net financial debt	—	—	—	—	—	—	—	—	4
Foreign exchange gain (loss)	—	—	—	—	—	—	—	—	(2)
Interests on lease liabilities(2)	—	—	—	—	—	—	—	—	(60)
Other net financial expenses	—	—	—	—	—	—	—	—	14
Effects resulting from BT sale	—	—	—	—	—	—	—	—	(119)
Finance costs, net	—	—	—	—	—	—	—	—	(738)
Income Tax	—	—	—	—	—	—	—	—	(513)
Consolidated net income	—	—	—	—	—	—	—	—	1,137

1.4    Segment investments

(in millions of euros)	France	Spain	Europe
June 30, 2020
eCapex	1,635	392	369
Elimination of proceeds from sales of property, plant and equipment and intangible assets	95	75	7
Telecommunications licenses	—	3	30
Financed assets	117	—	—
Total investments(3)	1,847	470	405
June 30, 2019
eCapex	1,862	529	407
Elimination of proceeds from sales of property, plant and equipment and intangible assets	47	—	17
Telecommunications licenses	—	297	—
Financed assets	66	—	—
Total investments (4)	1,975	826	424

(1) Including investments in tangible and intangible assets in France for 110 million euros in 2020 and 132 million euros in 2019.

(2) Including investments in tangible and intangible assets in France for 126 million euros in 2020 and 138 million euros in 2019.

(3) Including 944 million euros for other intangible assets and 2,569 million euros for tangible assets.

(4) Including 1,338 milliion euros for other intangible assets and 2,878 million euros for tangible assets.

(in millions of euros)	Africa &	Enterprise (1)	International	Total	Orange	Orange
	Middle-East		Carriers	telecom	Bank	consolidated
			& Shared	activities		financial
			Services (2)			statements
June 30, 2020
eCapex	449	174	123	3,142	14	3,156
Elimination of proceeds from sales of property, plant and equipment and intangible assets	2	13	6	197	—	197
Telecommunications licenses	9	—	—	42	—	42
Financed assets	—	—	—	117	—	117
Total investments(3)	460	187	129	3,499	14	3,513
June 30, 2019
eCapex	418	197	80	3,493	16	3,509
Elimination of proceeds from sales of property, plant and equipment and intangible assets	7	1	59	131	—	131
Telecommunications licenses	213	—	—	510	—	510
Financed assets	—	—	—	66	—	66
Total investments (4)	638	198	139	4,200	16	4,216

1.5    Segment assets

(in millions of euros)	France	Spain	Europe
June 30, 2020
Goodwill	14,364	6,872	2,645
Other intangible assets	3,999	1,897	1,837
Property, plant and equipment	15,454	3,667	3,938
Right-of-use assets	1,364	1,027	916
Interests in associates and joint ventures	4	—	5
Non-current assets included in the calculation of net financial debt	—	—	—
Other	9	17	27
Total non-current assets	35,193	13,479	9,368
Inventories	413	60	148
Trade receivables	2,189	617	1,075
Other customer contract assets	366	135	350
Prepaid expenses	57	349	63
Current assets included in the calculation of net financial debt	—	—	—
Other	706	39	88
Total current assets	3,731	1,201	1,724
Total assets	38,924	14,680	11,093
December 31, 2019
Goodwill	14,364	6,872	2,665
Other intangible assets	3,968	1,961	1,941
Property, plant and equipment	15,308	3,673	4,109
Right-of-use assets	1,174	1,123	930
Interests in associates and joint ventures	3	—	5
Non-current assets included in the calculation of net financial debt	—	—	—
Other	10	17	22
Total non-current assets	34,827	13,645	9,673
Inventories	463	61	149
Trade receivables	1,477	667	1,210
Other customer contract assets	432	150	380
Prepaid expenses	41	401	43
Current assets included in the calculation of net financial debt	—	—	—
Other	699	62	74
Total current assets	3,113	1,341	1,855
Total assets	37,940	14,986	11,529

(1) Including tangible and intangible assets for 586 million euros in France in 2020 and 642 million euros in 2019.

(2) Including tangible and intangible assets for 1,751 million euros in France in 2020 and 1,736 million euros in 2019. Intangible assets also include the Orange brand for 3,133 million euros.

(3) Including 1,380 million euros of non-current financial assets related to Orange Bank activities in 2020 and 1,259 million euros in 2019 (see Note 11.1.1).

(4) Including 1,981 million euros of current financial assets related to Orange Bank activities in 2020 and 3,098 million euros in 2019 (see Note 11.1.1).

(in millions of euros)	Africa &	Enterprise (1)	International	Eliminations	Total	Orange		Eliminations	Orange
	Middle-East		Carriers	telecom	telecom	Bank		telecom	consolidated
			& Shared	activities	activities			activities /	financial
			Services (2)	and				bank	statements
				unallocated
				items
June 30, 2020
Goodwill	1,474	2,217	18	—	27,589	—		—	27,589
Other intangible assets	2,167	669	3,775	—	14,344	89		—	14,434
Property, plant and equipment	3,697	500	1,138	—	28,393	4		—	28,398
Right-of-use assets	870	326	1,663	—	6,165	32		—	6,197
Interests in associates and joint ventures	74	1	18	0	103	—		—	103
Non-current assets included in the calculation of net financial debt	—	—	—	1,027	1,027	—		—	1,027
Other	23	30	20	2,014	2,140	1,390	(3)	(27)	3,502
Total non-current assets	8,304	3,743	6,632	3,042	79,761	1,516		(27)	81,250
Inventories	81	58	107	—	866	—		—	866
Trade receivables	783	1,092	1,064	(888)	5,933	7		(40)	5,899
Other customer contract assets	9	327	0	—	1,189	—		—	1,189
Prepaid expenses	211	98	118	(16)	880	7		0	887
Current assets included in the calculation of net financial debt	—	—	—	10,409	10,409	—		—	10,409
Other	1,025	197	416	86	2,557	2,389	(4)	(18)	4,929
Total current assets	2,109	1,772	1,706	9,590	21,834	2,403		(58)	24,178
Total assets	10,413	5,515	8,338	12,632	101,595	3,919		(86)	105,428
December 31, 2019
Goodwill	1,481	2,245	18	—	27,644	—		—	27,644
Other intangible assets	2,318	695	3,766	—	14,649	88		—	14,737
Property, plant and equipment	3,674	526	1,128	—	28,418	5		—	28,423
Right-of-use assets	881	314	1,815	—	6,237	26		—	6,263
Interests in associates and joint ventures	84	1	10	0	103	—		—	103
Non-current assets included in the calculation of net financial debt	—	—	—	685	685	—		—	685
Other	22	25	19	2,104	2,219	1,268	(3)	(27)	3,460
Total non-current assets	8,461	3,805	6,757	2,789	79,956	1,387		(27)	81,316
Inventories	76	60	96	—	906	—		—	906
Trade receivables	720	1,067	974	(771)	5,343	1		(24)	5,320
Other customer contract assets	11	237	—	—	1,209	—		—	1,209
Prepaid expenses	87	143	26	(16)	725	5		0	730
Current assets included in the calculation of net financial debt	—	—	—	10,820	10,820	—		—	10,820
Other	968	216	330	145	2,494	3,511	(4)	(3)	6,002
Total current assets	1,862	1,723	1,426	10,178	21,498	3,517		(28)	24,987
Total assets	10,323	5,527	8,182	12,967	101,454	4,904		(55)	106,303

1.6    Segment equity and liabilities

(in millions of euros)	France	Spain	Europe
June 30, 2020
Equity	—	—	—
Non-current lease liabilities	1,106	890	819
Fixed assets payables	44	345	247
Non-current employee benefits	1,297	8	18
Non-current liabilities included in the calculation of net financial debt	—	—	—
Other	552	78	298
Total non-current liabilities	2,999	1,321	1,381
Current lease liabilities	203	274	124
Fixed assets payables	1,070	491	290
Trade payables	2,608	844	840
Customer contracts liabilities	963	91	316
Current employee benefits	1,108	31	133
Deferred income	2	—	4
Current liabilities included in the calculation of net financial debt	—	—	—
Other	1,273	168	277
Total current liabilities	7,228	1,899	1,983
Total equity and liabilities	10,227	3,219	3,365
December 31, 2019
Equity	—	—	—
Non-current lease liabilities	961	945	788
Fixed assets payables	35	366	251
Non-current employee benefits	1,461	17	34
Non-current liabilities included in the calculation of net financial debt	—	—	—
Other	574	80	301
Total non-current liabilities	3,030	1,409	1,373
Current lease liabilities	170	284	166
Fixed assets payables	1,144	563	407
Trade payables	2,682	1,051	935
Customer contracts liabilities	1,015	98	335
Current employee benefits	1,224	33	110
Deferred income	2	—	6
Current liabilities included in the calculation of net financial debt	—	—	—
Other	781	178	268
Total current liabilities	7,017	2,207	2,226
Total equity and liabilities	10,047	3,616	3,599

(1) Including in 2020, 105 million euros of non-current liabilities and 101 million euros in 2019 (see Note 11.1).

(2) Including in 2020, 3,235 million euros of current liabilities related to Orange Bank activities and 4,280 million euros in 2019 (see Note 11.1).

(in millions of euros)	Africa &	Enterprise	International	Eliminations	Total	Orange		Eliminations	Orange
	Middle-East		Carriers	telecom	telecom	Bank		telecom	consolidated
			& Shared	activities	activities			activities /	financial
			Services	and				bank	statements
				unallocated
				items
June 30, 2020
Equity	—	—	—	34,764	34,764	(104)		—	34,660
Non-current lease liabilities	820	259	1,358	—	5,252	38		—	5,290
Fixed assets payables	162	—	—	—	798	—		—	798
Non-current employee benefits	71	290	705	—	2,388	9		—	2,398
Non-current liabilities included in the calculation of net financial debt	—	—	—	33,339	33,339	—		—	33,339
Other	57	43	57	923	2,007	114	(1)	(27)	2,094
Total non-current liabilities	1,110	592	2,119	34,261	43,784	162		(27)	43,918
Current lease liabilities	90	77	467	—	1,233	—		—	1,233
Fixed assets payables	464	73	85	(1)	2,472	—		—	2,472
Trade payables	1,258	735	882	(888)	6,279	159		(40)	6,397
Customer contracts liabilities	130	426	117	(16)	2,027	—		0	2,026
Current employee benefits	80	385	372	—	2,109	6		—	2,115
Deferred income	36	1	7	0	50	—		—	50
Current liabilities included in the calculation of net financial debt	—	—	—	4,547	4,547	—		(4)	4,543
Other	1,276	225	907	204	4,331	3,697	(2)	(14)	8,013
Total current liabilities	3,334	1,922	2,837	3,846	23,047	3,861		(58)	26,850
Total equity and liabilities	4,444	2,514	4,956	72,871	101,595	3,919		(86)	105,428
December 31, 2019
Equity	—	—	—	34,432	34,432	(16)		—	34,416
Non-current lease liabilities	785	227	1,490	—	5,196	29		—	5,225
Fixed assets payables	166	—	—	—	817	—		—	817
Non-current employee benefits	68	264	702	—	2,544	9		—	2,554
Non-current liabilities included in the calculation of net financial debt	—	—	—	33,562	33,562	—		—	33,562
Other	55	39	55	849	1,954	109	(1)	(27)	2,035
Total non-current liabilities	1,074	530	2,247	34,411	44,073	147		(27)	44,192
Current lease liabilities	124	97	422	—	1,263	4		—	1,267
Fixed assets payables	529	72	135	(1)	2,848	—		—	2,848
Trade payables	1,136	784	763	(771)	6,581	125		(24)	6,682
Customer contracts liabilities	123	412	126	(15)	2,094	—		0	2,093
Current employee benefits	71	407	411	—	2,254	6		—	2,261
Deferred income	36	1	7	0	51	—		—	51
Current liabilities included in the calculation of net financial debt	—	—	—	3,950	3,950	—		(3)	3,947
Other	1,211	283	846	341	3,908	4,638	(2)	0	8,545
Total current liabilities	3,231	2,055	2,710	3,503	22,950	4,773		(28)	27,695
Total equity and liabilities	4,305	2,586	4,957	72,346	101,454	4,904		(55)	106,303

1.7    Simplified statement of cash flows on telecommunication and banking activities

(in millions of euros)	June 30, 2020
	Telecom		Orange Bank	Eliminations	Orange
	activities			telecom	consoli-
				activities /	dated financial
				Orange Bank	statement
Operating activities
Consolidated net income	1,103		(87)	—	1,016
Non-monetary items and reclassified items for presentation	6,309		33	1	6,343
Changes in working capital and operating banking activities
Decrease (increase) in inventories, gross	24		—	—	24
Decrease (increase) in trade receivables, gross	(704)		(4)	9	(699)
Increase (decrease) in trade payables	(267)		28	(9)	(248)
Changes in other customer contract assets and liabilities	41		—	—	41
Changes in other assets and liabilities	(111)		(20)	—	(131)
Other net cash out
Operating taxes and levies paid	(873)		2	—	(871)
Dividends received	3		—	—	3
Interest paid and interest rates effects on derivatives, net	(623)	(1)	1	(1)	(624)
Income tax paid	(527)		0	—	(527)
Net cash provided by operating activities (a)	4,375	(2)	(49)	—	4,326
Investing activities
Purchases and sales of property, plant and equipment and intangible assets(3)
Purchases of property, plant and equipment and intangible assets	(3,382)		(14)	—	(3,395)
Increase (decrease) in fixed assets payables	(441)		—	—	(441)
Investing donations received in advance	7		—	—	7
Sales of property, plant and equipment and intangible assets	201		—	—	201
Cash paid for investment securities, net of cash acquired	0		—	—	0
Investments in associates and joint ventures	(2)		—	—	(2)
Purchases of equity securities measured at fair value	(29)		—	—	(29)
Proceeds from sales of investment securities, net of cash transferred	15		—	—	15
Decrease (increase) in securities and other financial assets	351		(49)	0	301
Net cash used in investing activities (b)	(3,280)		(63)	0	(3,344)
Financing activities
Cash flows from financing activities
Medium and long-term debt issuances	2,028		—	—	2,028
Medium and long-term debt redemptions and repayments	(1,575)	(4)	—	—	(1,575)
Increase (decrease) of bank overdrafts and short-term borrowings	(211)	(5)	(8)	0	(219)
Decrease (increase) of cash collateral deposits	133		(1)	—	132
Exchange rates effects on derivatives, net	72		—	—	72
Other cash flows
Lease liabilities repayments	(633)		(2)	—	(634)
Coupon on subordinated notes	(186)		—	—	(186)
Proceeds (purchases) from treasury shares	0		—	—	0
Capital increase (decrease) - non-controlling interests(6)	(88)		89	—	1
Changes in ownership interests with no gain / loss of control	(2)		—	—	(2)
Dividends paid to owners of the parent company	(532)		—	—	(532)
Dividends paid to non-controlling interests	(164)		—	—	(164)
Net cash used in financing activities (c)	(1,158)		78	0	(1,080)
Cash and cash equivalents in the opening balance	6,112		369	—	6,481
Cash change in cash and cash equivalents (a) + (b) + (c)	(62)		(35)	—	(98)
Non-cash change in cash and cash equivalents	(19)		—	—	(19)
Cash and cash equivalents in the closing balance	6,031		333	—	6,364

(in millions of euros)	June 30, 2019
	Telecom		Orange Bank	Eliminations	Orange
	activities			telecom	consoli-
				activities /	dated financial
				Orange Bank	statement
Operating activities
Consolidated net income	1,224		(87)	—	1,137
Non-monetary items and reclassified items for presentation	6,267		41	—	6,308
Changes in working capital and operating banking activities
Decrease (increase) in inventories, gross	18		—	—	18
Decrease (increase) in trade receivables, gross	(210)		(2)	(7)	(219)
Increase (decrease) in trade payables	(226)		(20)	7	(239)
Changes in other customer contract assets and liabilities	(22)		—	—	(22)
Changes in other assets and liabilities	(134)		(334)	—	(468)
Other net cash out
Operating taxes and levies paid	(986)		—	—	(986)
Dividends received	14		—	—	14
Interest paid and interest rates effects on derivatives, net	(764)	(1)	—	—	(764)
Income tax paid	(640)		—	—	(640)
Net cash provided by operating activities (a)	4,541	(2)	(402)	—	4,139
Investing activities
Purchases and sales of property, plant and equipment and intangible assets(3)
Purchases of property, plant and equipment and intangible assets	(4,134)		(16)	—	(4,150)
Increase (decrease) in fixed assets payables	7		—	—	7
Investing donations received in advance	—		—	—	—
Sales of property, plant and equipment and intangible assets	151		—	—	151
Cash paid for investment securities, net of cash acquired	(126)		—	—	(126)
Purchases of equity securities measured at fair value	(25)		—	—	(25)
Proceeds from sales of investment securities, net of cash transferred	2		—	—	2
Decrease (increase) in securities and other financial assets	(28)		9	2	(17)
Net cash used in investing activities (b)	(4,153)		(7)	2	(4,158)
Financing activities
Cash flows from financing activities
Medium and long-term debt issuances	4,884		—	—	4,884
Medium and long-term debt redemptions and repayments	(1,520)		—	—	(1,520)
Lease liabilities repayments	(676)		(2)	—	(678)
Increase (decrease) of bank overdrafts and short-term borrowings	(730)		9	(2)	(723)
Decrease (increase) of cash collateral deposits	(125)		(25)	—	(150)
Exchange rates effects on derivatives, net	64		—	—	64
Other cash flows
Coupon and other fees on subordinated notes issuance	(267)		—	—	(267)
Proceeds (purchases) from treasury shares	(1)		—	—	(1)
Capital increase (decrease) - non-controlling interests(6)	(59)		100	—	41
Changes in ownership interests with no gain / loss of control	(3)		—	—	(3)
Dividends paid to owners of the parent company	(1,061)		—	—	(1,061)
Dividends paid to non-controlling interests	(243)		—	—	(243)
Net cash used in financing activities (c)	263		82	(2)	343
Cash and cash equivalents in the opening balance	5,081		553	—	5,634
Cash change in cash and cash equivalents (a) + (b) + (c)	651		(327)	—	324
Non-cash change in cash and cash equivalents	2		—	—	2
Cash and cash equivalents in the closing balance	5,734		226	—	5,960

(1) Including (62) million euros as of June 30, 2020 and (46) million euros as of June 30, 2019 of interests paid on lease liabilities.

(2) Including significant litigations paid and received for (18) million euros as of June 30, 2020 and 23 million euros as of June 30, 2019.

(3) Including telecommunication licenses paid for (134) million euros as of June 30, 2020 and (230) million euros as of June 30, 2019.

(4) Including repayments of debts relating to financed assets for (24) million euros as of June 30, 2020 and (5) million euros as of June 30, 2019.

(5) Including redemption of subordinated notes reclassified as short-term borrowings of (500) million euros as of June 30, 2020.

(6) Including 89 million euros as of June 30, 2020 and 65 million euros as of June 30, 2019 of Orange Bank share capital invested by Orange.

The table below shows the reconciliation between net cash provided by operating activities (telecom activities), as shown in the simplified statement of cash flows, and organic cash flow from telecom activities.

	June 30, 2020	June 30, 2019
Net cash provided by operating activities (telecom activities)	4,375	4,541
Purchases and sales of property, plant and equipment and intangible assets	(3,615)	(3,976)
Lease liabilities repayments	(633)	(676)
Debts relating to financed assets repayments	(24)	(5)
Elimination of telecommunication licenses paid	134	230
Elimination of significant litigation paid (and received)	18	(23)
Organic cash flow from telecom activities	255	92

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Gains and losses on disposal and main changes in scope of consolidation (Tables)

6 Months Ended

Jun. 30, 2020

Disclosure of detailed information about business combination [line items]

Schedule of gains (losses) on disposal of fixed assets, investments and activities

(in millions of euros)	June 30, 2020	June 30, 2019
Gains (losses) on disposal of fixed assets(1)	59	68
Gains (losses) on disposal of investments and activities	0	0
Gain (losses) on disposal of fixed assets, investments and activities	59	68

(1) Including in 2020, 197 MEUR of transfer price and (139) MEUR of net book value of assets sold. Including in 2019, 131 MEUR of transfer price and (63) MEUR of net book value of assets sold.

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Sales (Tables)

6 Months Ended

Jun. 30, 2020

Revenue [abstract]

Schedule of trade receivables

(in millions of euros)	June 30, 2020	December 31, 2019
Net book value of trade receivables - in the opening balance	5,320	5,295
Business related variations	615	1
Changes in the scope of consolidation	—	50
Translation adjustment	(42)	28
Reclassifications and other items	6	(53)
Net book value of trade receivables - in the closing balance	5,899	5,320

Schedule of categories of trade receivables

Schedule of allowances on trade receivables

(in millions of euros)	June 30, 2020	December 31, 2019
Allowances on trade receivables - in the opening balance	(888)	(816)
Net addition with impact on income statement	(225)	(332)
Losses on trade receivables	141	271
Changes in the scope of consolidation	—	(1)
Translation adjustment	6	(5)
Reclassifications and other items	0	(5)
Allowances on trade receivables - in the closing balance	(966)	(888)

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Other expenses (Tables)

6 Months Ended

Jun. 30, 2020

Purchases and other expenses [abstract]

Schedule of other operating expenses

(in millions of euros)	June 30, 2020		June 30, 2019
Allowances and losses on trade receivables - telecom activities	(225)	(1)	(149)
Litigation	(169)		19
Operating foreign exchange gains (losses)	8		(5)
Cost of bank credit risk	(11)		(4)
Integration costs	(5)		(7)
Other expenses	(46)		(55)
Total	(448)		(201)

Schedule of restructuring costs

(in millions of euros)	June 30, 2020	June 30, 2019
Departure plans	(7)	(13)
Lease property restructuring	2	(2)
Distribution channels	(1)	(9)
Other	(7)	(28)
Total restructuring costs	(13)	(52)

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Income tax (Tables)

6 Months Ended

Jun. 30, 2020

Major components of tax expense (income) [abstract]

Income tax in profit and loss

(in millions of euros)	June 30, 2020	June 30, 2019
Total Income tax	(491)	(513)
Current tax	(474)	(525)
Deferred tax	(18)	12

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Financial assets, liabilities and financial result (excluding Orange Bank) (Tables)

6 Months Ended

Jun. 30, 2020

Disclosure of detailed information about financial instruments [line items]

Schedule of financial assets and liabilities

(in millions of euros)	Orange	O/w	Note	O/w	Note	O/w
	consolidated	telecom		Orange		eliminations
	financial	activities		Bank		telecom
	statements					activities / bank
Non-current financial assets related to Orange Bank activities	1,380	—		1,380	11.1.1	—
Non-current financial assets	1,274	1,301	9.6	—		(27)	(1)
Non-current derivatives assets	881	881	9.4	—		—
Current financial assets related to Orange Bank activities	1,977	—		1,981	11.1.1	(4)
Current financial assets	4,375	4,376	9.6	—		(1)
Current derivatives assets	41	41	9.4	—		—
Cash and cash equivalents	6,364	6,031	9.4	333		—
Non-current financial liabilities related to Orange Bank activities	—	—		27	11.1.2	(27)	(1)
Non-current financial liabilities	32,744	32,744	9.4	—		—
Non-current derivatives liabilities	672	594	9.4	78		—
Current financial liabilities related to Orange Bank liabilities	3,234	—		3,235	11.1.2	(1)
Current financial liabilities	4,489	4,493	9.4	—		(4)
Current derivatives liabilities	54	54	9.4	—		—

(1) Loan granted by Orange SA to Orange Bank.

Schedule of financial assets

	June 30, 2020			December 31, 2019
(in millions of euros)	Non-current	Current	Total	Total
Financial assets at fair value through other comprehensive income that will not be reclassified to profit or loss	298	—	298	277
Investments securities	298	—	298	277
Financial assets at fair value through profit or loss	277	4,337	4,613	4,953
Investments at fair value (1)	—	4,337	4,337	4,696
Investments securities	130	—	130	133
Cash collateral paid	147	—	147	123
Financial assets at amortized cost	727	39	766	772
Receivables related to investments (2)	48	13	61	70
Other (3)	679	26	705	702
Total financial assets	1,301	4,376	5,677	6,001

(1) NEU Commercial papers and bond securities only.

(2) Including loan granted by Orange SA to Orange Bank (27 million euros).

(3) Including the escrowed amount of 347 million euros related to the Digicel litigation.

Telecom activities, operating segment [member]

Disclosure of detailed information about financial instruments [line items]

Schedule of net financial debt

(in millions of euros)	June 30,	December 31,
	2020	2019
TDIRA	641	822
Bonds	30,807	30,893
Bank loans and from development organizations and multilateral lending institutions	4,467	4,013
Debt relating to financed assets	216	125
Cash collateral received	417	261
NEU Commercial Papers (1)	391	158
Bank overdrafts	182	203
Other financial liabilities (2)	118	602
Current and non-current financial liabilities (excluding derivatives) included in the calculation of net financial debt	37,237	37,076
Current and non-current derivatives (liabilities) (3)	648	436
Current and non-current derivatives (assets) (3)	(922)	(573)
Other comprehensive income components related to unmatured hedging instruments	(28)	(542)
Gross financial debt after derivatives (a)	36,935	36,397
Cash collateral paid (4)	(147)	(123)
Investments at fair value (5)	(4,337)	(4,696)
Cash equivalents	(3,247)	(3,651)
Cash	(2,784)	(2,462)
Assets included in the calculation of net financial debt (b)	(10,514)	(10,931)
Net financial debt (a) + (b)	26,420	25,466

(1) Negotiable European Commercial Papers (formerly called "commercial papers").

(2) Include 500 million euros of subordinated notes reclassified as a short term financial liability in 2019 and redeemed on February 7, 2020 (first call option date).

(3) As of June 30, 2020, the foreign exchange effect of the cross currency swaps hedging foreign exchange risk on gross debt notional is an unrealized gain of 578 million euros.

(4) Only cash collateral paid, included in non-current financial assets of the consolidated statement of financial position, are deducted from gross financial debt.

(5) Only investments, included in current financial assets of the consolidated statement of financial position, are deducted from gross financial debt.

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Information on market risk and fair value of financial assets and liabilities (excluding Orange Bank) (Tables)

6 Months Ended

Jun. 30, 2020

Disclosure of detailed information about financial instruments [abstract]

Schedule of debt rating

	Standard & Poor's	Moody's	Fitch Ratings	Japan Credit Rating
Long-term debt	BBB+	Baa1	BBB+	A
Outlook	Stable	Stable	Stable	Stable
Short-term debt	A2	P2	F2	Not applicable

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Activities of Orange Bank (Tables)

6 Months Ended

Jun. 30, 2020

Disclosure of detailed information about financial instruments [line items]

Schedule of financial assets and liabilities

(in millions of euros)	Orange	O/w telecom	Note	O/w Orange	Note	O/w eliminations
	consolidated	activities		Bank		telecom
	financial					activities / bank
	statements
Non-current financial assets related to Orange Bank activities	1,380	—		1,380	11.1.1	—
Non-current financial assets	1,274	1,301	9.6	—		(27)	(1)
Non-current derivatives assets	881	881	9.4	—		—
Current financial assets related to Orange Bank activities	1,977	—		1,981	11.1.1	(4)
Current financial assets	4,375	4,376	9.6	—		(1)
Current derivatives assets	41	41	9.4	—		—
Cash and cash equivalents	6,364	6,031	9.4	333		—
Non-current financial liabilities related to Orange Bank activities	—	—		27	11.1.2	(27)	(1)
Non-current financial liabilities	32,744	32,744	9.4	—		—
Non-current derivatives liabilities	672	594	9.4	78		—
Current financial liabilities related to Orange Bank liabilities	3,234	—		3,235	11.1.2	(1)
Current financial liabilities	4,489	4,493	9.4	—		(4)
Current derivatives liabilities	54	54	9.4	—		—

(1) Loan granted by Orange SA to Orange Bank.

Schedule of financial assets related to banking activities

(in millions of euros)	June 30, 2020			December 31, 2019
	Non-current	Current	Total	Total
Financial assets at fair value through other comprehensive income that will not be reclassified to profit or loss	2	—	2	2
Investments securities	2	—	2	2
Financial assets at fair value through other comprehensive income that may be reclassified to profit or loss	645	5	650	656
Debt securities	645	5	650	656
Financial assets at fair value through profit or loss	99	—	99	179
Investments at fair value	—	—	—	79
Cash collateral paid	76	—	76	76
Others	22	—	22	25
Financial assets at amortized cost	635	1,976	2,611	3,519
Fixed-income securities	635	6	641	506
Loans and receivables to customers	—	1,857	1,857	1,937
Loans and receivables to credit institutions	—	109	109	1,073
Others	—	4	4	3
Total financial assets related to Orange Bank activities	1,380	1,981	3,361	4,357

Orange Bank, operating segment [member]

Disclosure of detailed information about financial instruments [line items]

Schedule of debt securities measured at fair value through other comprehensive income that may be reclassified to profit or loss

(in millions of euros)	June 30, 2020	December 31, 2019
Debt securities measured at fair value through other comprehensive income that may be reclassified to profit or loss - in the opening balance	656	925
Acquisitions	110	165
Repayments and disposals	(114)	(442)
Changes in fair value	(2)	9
Other items	(1)	(1)
Debt securities measured at fair value through other comprehensive income that may be reclassified to profit or loss - in the closing balance	650	656

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Shareholders' equity (Tables)

6 Months Ended

Jun. 30, 2020

Shareholders' equity [abstract]

Schedule of non-controlling interests

(in millions of euros)	June 30,	December 31,
	2020	2019
Credit part of equity attributable to non-controlling interests (a)	2,566	2,701
o/ w Orange Polska group	959	987
o/ w Sonatel group	653	736
o/ w Orange Belgium group	270	275
o/ w Jordan Telecom group	170	166
o/ w Médi Telecom	124	148
Debit part of equity attributable to non-controlling interests (b)	(12)	(13)
Total equity attributable to non-controlling interests (a) + (b)	2,553	2,688

(in millions of euros)	June 30, 2020	June 30, 2019
Dividends paid to minority shareholders	206	243
o/ w Sonatel group	166	192
o/ w Médi Telecom	24	22
o/ w Orange Belgium group	14	14
o/ w Jordan Telecom group	—	13

Schedule of translation adjustment

(in millions of euros)	June 30, 2020	June 30, 2019
Gain (loss) recognized in other comprehensive income during the period	(184)	52
Reclassification to net income for the period	0	(2)
Total transaction adjustments for continuing operations	(184)	50

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Segment information - Segment revenues - Tabular disclosure (Details) - EUR (€) € in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	€ 20,769	€ 20,573
Operating segments [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	20,769	20,573
Operating segments [member] | External [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	20,769	20,573
Operating segments [member] | Convergence services [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	3,645	3,495
Operating segments [member] | Mobile services only [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	5,122	5,204
Operating segments [member] | Fixed services only [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	4,673	4,764
Operating segments [member] | IT & integration services [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	1,555	1,334
Operating segments [member] | Wholesale [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	4,062	3,863
Operating segments [member] | Equipment sales [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	1,184	1,428
Operating segments [member] | Other revenues [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	529	485
Elimination of intersegment amounts [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	(918)	(966)
Elimination of intersegment amounts [member] | Mobile services only [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	(18)	(22)
Elimination of intersegment amounts [member] | Fixed services only [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	(86)	(88)
Elimination of intersegment amounts [member] | IT & integration services [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	(78)	(75)
Elimination of intersegment amounts [member] | Wholesale [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	(657)	(708)
Elimination of intersegment amounts [member] | Equipment sales [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	(2)	(1)
Elimination of intersegment amounts [member] | Other revenues [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	(77)	(72)
Total Telecom activities and Orange Bank [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized		20,573
Total Telecom activities and Orange Bank [member] | Elimination of intersegment amounts [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	(1)	(2)
Inter-operating segments	(1)	(2)
Total Telecom activities and Orange Bank [member] | Elimination of intersegment amounts [member] | Mobile services only [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	0
Total Telecom activities and Orange Bank [member] | Elimination of intersegment amounts [member] | Fixed services only [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	0
Total Telecom activities and Orange Bank [member] | Elimination of intersegment amounts [member] | IT & integration services [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	(1)	(2)
Total Telecom activities and Orange Bank [member] | Elimination of intersegment amounts [member] | Equipment sales [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	0
Total Telecom activities and Orange Bank [member] | Elimination of intersegment amounts [member] | Other revenues [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	0
Telecom activities, operating segment [member] | Operating segments [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	20,771	20,575
Inter-operating segments	1	2
Telecom activities, operating segment [member] | Operating segments [member] | External [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	20,769	20,573
Telecom activities, operating segment [member] | Operating segments [member] | Convergence services [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	3,645	3,495
Telecom activities, operating segment [member] | Operating segments [member] | Mobile services only [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	5,122	5,204
Telecom activities, operating segment [member] | Operating segments [member] | Fixed services only [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	4,673	4,764
Telecom activities, operating segment [member] | Operating segments [member] | IT & integration services [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	1,556	1,336
Telecom activities, operating segment [member] | Operating segments [member] | Wholesale [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	4,062	3,863
Telecom activities, operating segment [member] | Operating segments [member] | Equipment sales [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	1,184	1,428
Telecom activities, operating segment [member] | Operating segments [member] | Other revenues [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	529	485
France, operating segment [member] | Operating segments [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	9,024	8,874
Inter-operating segments	330	331
France, operating segment [member] | Operating segments [member] | External [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	8,694	8,543
France, operating segment [member] | Operating segments [member] | Convergence services [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	2,268	2,153
France, operating segment [member] | Operating segments [member] | Mobile services only [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	1,124	1,168
France, operating segment [member] | Operating segments [member] | Fixed services only [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	1,986	2,054
France, operating segment [member] | Operating segments [member] | Wholesale [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	2,871	2,672
France, operating segment [member] | Operating segments [member] | Equipment sales [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	458	578
France, operating segment [member] | Operating segments [member] | Other revenues [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	318	249
Spain, operating segment [member] | Operating segments [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	2,503	2,624
Inter-operating segments	17	22
Spain, operating segment [member] | Operating segments [member] | External [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	2,486	2,602
Spain, operating segment [member] | Operating segments [member] | Convergence services [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	1,020	1,049
Spain, operating segment [member] | Operating segments [member] | Mobile services only [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	517	584
Spain, operating segment [member] | Operating segments [member] | Fixed services only [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	238	254
Spain, operating segment [member] | Operating segments [member] | IT & integration services [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	4	3
Spain, operating segment [member] | Operating segments [member] | Wholesale [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	449	418
Spain, operating segment [member] | Operating segments [member] | Equipment sales [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	263	316
Spain, operating segment [member] | Operating segments [member] | Other revenues [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	12
Europe (excluding France and Spain), operating segment [member] | Operating segments [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	2,729	2,789
Inter-operating segments	37	41
Europe (excluding France and Spain), operating segment [member] | Operating segments [member] | External [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	2,693	2,748
Europe (excluding France and Spain), operating segment [member] | Operating segments [member] | Convergence services [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	357	293
Europe (excluding France and Spain), operating segment [member] | Operating segments [member] | Mobile services only [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	1,008	1,065
Europe (excluding France and Spain), operating segment [member] | Operating segments [member] | Fixed services only [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	308	326
Europe (excluding France and Spain), operating segment [member] | Operating segments [member] | IT & integration services [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	143	84
Europe (excluding France and Spain), operating segment [member] | Operating segments [member] | Wholesale [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	506	530
Europe (excluding France and Spain), operating segment [member] | Operating segments [member] | Equipment sales [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	348	401
Europe (excluding France and Spain), operating segment [member] | Operating segments [member] | Other revenues [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	58	90
Africa and Middle-East, operating segment [member] | Operating segments [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	2,845	2,737
Inter-operating segments	89	113
Africa and Middle-East, operating segment [member] | Operating segments [member] | External [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	2,756	2,624
Africa and Middle-East, operating segment [member] | Operating segments [member] | Mobile services only [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	2,164	2,042
Africa and Middle-East, operating segment [member] | Operating segments [member] | Fixed services only [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	270	240
Africa and Middle-East, operating segment [member] | Operating segments [member] | IT & integration services [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	11	6
Africa and Middle-East, operating segment [member] | Operating segments [member] | Wholesale [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	342	391
Africa and Middle-East, operating segment [member] | Operating segments [member] | Equipment sales [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	40	45
Africa and Middle-East, operating segment [member] | Operating segments [member] | Other revenues [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	19	13
Enterprise, operating segment [member] | Operating segments [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	3,859	3,770
Inter-operating segments	192	187
Enterprise, operating segment [member] | Operating segments [member] | External [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	3,667	3,583
Enterprise, operating segment [member] | Operating segments [member] | Mobile services only [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	327	367
Enterprise, operating segment [member] | Operating segments [member] | Fixed services only [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	1,958	1,978
Enterprise, operating segment [member] | Operating segments [member] | IT & integration services [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	1,475	1,318
Enterprise, operating segment [member] | Operating segments [member] | Wholesale [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	21	18
Enterprise, operating segment [member] | Operating segments [member] | Equipment sales [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	77	89
International Carriers and Shared Services, operating segment [member] | Operating segments [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	728	747
Inter-operating segments	255	274
International Carriers and Shared Services, operating segment [member] | Operating segments [member] | External [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	474	473
International Carriers and Shared Services, operating segment [member] | Operating segments [member] | Wholesale [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	530	542
International Carriers and Shared Services, operating segment [member] | Operating segments [member] | Other revenues [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	199	205
Telecom activities, operating segment, eliminations [member] | Operating segments [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized	(918)	20,575
Telecom activities, operating segment, eliminations [member] | Elimination of intersegment amounts [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues recognized		(966)
Inter-operating segments	€ (918)	€ (966)

XML

Segment information - Segment revenues - Additional information (Details) - EUR (€) € in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Disclosure of operating segments [line items]
Revenue	€ 20,769	€ 20,573
Operating segments [member]
Disclosure of operating segments [line items]
Revenue	20,769	20,573
Operating segments [member] | Enterprise, operating segment [member]
Disclosure of operating segments [line items]
Revenue	3,859	3,770
Operating segments [member] | Enterprise, operating segment [member] | FRANCE
Disclosure of operating segments [line items]
Revenue	2,511	2,593
Operating segments [member] | Enterprise, operating segment [member] | SPAIN
Disclosure of operating segments [line items]
Revenue	6	5
Operating segments [member] | Enterprise, operating segment [member] | Europe, excluding France and Spain [member]
Disclosure of operating segments [line items]
Revenue	820	638
Operating segments [member] | Enterprise, operating segment [member] | Countries other than Europe [member]
Disclosure of operating segments [line items]
Revenue	523	534
Operating segments [member] | International Carriers and Shared Services, operating segment [member]
Disclosure of operating segments [line items]
Revenue	728	747
Operating segments [member] | International Carriers and Shared Services, operating segment [member] | FRANCE
Disclosure of operating segments [line items]
Revenue	€ 660	€ 687

XML

Segment information - Segment revenue to consolidated net income - Tabular disclosure (Details) - EUR (€) € in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Disclosure of operating segments [line items]
Revenue	€ 20,769	€ 20,573
External purchases	(8,557)	(8,562)
Other operating income	271	341
Other operating expenses	(448)	(201)
Labor expenses	(4,376)	(4,434)
Operating taxes and levies	(1,232)	(1,207)
Gains (losses) on disposal of fixed assets, investments and activities	59	68
Restructuring costs	(13)	(52)
Depreciation and amortization of financed assets	(22)	(3)
Depreciation and amortization of right-of-use assets	(642)	(609)
Impairment of right-of-use assets	(6)	(24)
Depreciation and amortization of fixed assets	(3,549)	(3,500)
Reclassification of translation adjustment from liquidated entities		2
Impairment of fixed assets	1	0
Share of profits (losses) of associates and joint ventures	(6)	(4)
Operating income	2,249	2,388
Cost of gross financial debt except financed assets	(569)	(575)
Interests on debts related to financed assets	(1)	0
Gains (losses) on assets contributing to net financial debt	1	4
Foreign exchange gain (loss)	(115)	(2)
Interests on lease liabilities	(56)	(60)
Other net financial expenses	(3)	14
Effects resulting from BT sale		(119)
Finance costs, net	(742)	(738)
Income tax	(491)	(513)
Consolidated net income	1,016	1,137
Operating segments [member]
Disclosure of operating segments [line items]
Revenue	20,769	20,573
External purchases	(8,557)
Other operating income	271
Other operating expenses	(274)
Labor expenses	(4,342)
Operating taxes and levies	(1,232)
Depreciation and amortization of financed assets	(22)
Depreciation and amortization of right-of-use assets	(642)
Interests on debts related to financed assets	(1)
Interests on lease liabilities	(56)
EBITDAaL	5,914
Significant litigations	(169)
Specific labour expenses	(28)
Fixed assets, investments and businesses portfolio review	59
Restructuring programs costs	(19)
Acquisition and integration costs	(10)
Depreciation and amortization of fixed assets	(3,549)
Impairment of fixed assets	1
Share of profits (losses) of associates and joint ventures	(6)
Elimination of interests on debts related to financed assets	1
Elimination of interests on lease liabilities	56
Operating income	2,249
Elimination of intersegment amounts [member]
Disclosure of operating segments [line items]
Revenue	(918)	(966)
Presentation adjustments [member]
Disclosure of operating segments [line items]
Other operating expenses	(174)	(6)
Labor expenses	(33)	(114)
Gains (losses) on disposal of fixed assets, investments and activities	59	68
Restructuring costs	(13)	(52)
Impairment of right-of-use assets	(6)	(24)
Interests on debts related to financed assets	1	0
Interests on lease liabilities	56	60
EBITDAaL	(111)	(68)
Significant litigations	169	65
Specific labour expenses	28	46
Fixed assets, investments and businesses portfolio review	(59)	(68)
Restructuring programs costs	19	75
Acquisition and integration costs	10	10
Elimination of interests on debts related to financed assets	(1)	0
Elimination of interests on lease liabilities	(56)	(60)
Total Telecom activities and Orange Bank [member]
Disclosure of operating segments [line items]
Revenue		20,573
External purchases		(8,562)
Other operating income		341
Other operating expenses		(195)
Labor expenses		(4,320)
Operating taxes and levies		(1,207)
Depreciation and amortization of financed assets		(3)
Depreciation and amortization of right-of-use assets		(609)
Interests on debts related to financed assets		0
Interests on lease liabilities		(60)
EBITDAaL		5,958
Significant litigations		(65)
Specific labour expenses		(46)
Fixed assets, investments and businesses portfolio review		68
Restructuring programs costs		(75)
Acquisition and integration costs		(10)
Depreciation and amortization of fixed assets		(3,500)
Reclassification of translation adjustment from liquidated entities		2
Impairment of fixed assets		0
Share of profits (losses) of associates and joint ventures		(4)
Elimination of interests on debts related to financed assets		0
Elimination of interests on lease liabilities		60
Operating income		2,388
Total Telecom activities and Orange Bank [member] | Elimination of intersegment amounts [member]
Disclosure of operating segments [line items]
Revenue	(1)	(2)
External purchases	1	3
Other operating income	(5)	(7)
Other operating expenses	6	7
EBITDAaL	1	1
Operating income	1	1
Telecom activities, operating segment [member] | Operating segments [member]
Disclosure of operating segments [line items]
Revenue	20,771	20,575
External purchases	(8,504)
Other operating income	239
Other operating expenses	(265)
Labor expenses	(4,305)
Operating taxes and levies	(1,231)
Depreciation and amortization of financed assets	(22)
Depreciation and amortization of right-of-use assets	(640)
Interests on debts related to financed assets	(1)
Interests on lease liabilities	(56)
EBITDAaL	5,986
Significant litigations	(169)
Specific labour expenses	(28)
Fixed assets, investments and businesses portfolio review	59
Restructuring programs costs	(17)
Acquisition and integration costs	(10)
Depreciation and amortization of fixed assets	(3,536)
Impairment of fixed assets	1
Share of profits (losses) of associates and joint ventures	(6)
Elimination of interests on debts related to financed assets	1
Elimination of interests on lease liabilities	56
Operating income	2,336
Consolidated net income	1,103	1,224
France, operating segment [member] | Operating segments [member]
Disclosure of operating segments [line items]
Revenue	9,024	8,874
External purchases	(3,313)	(3,309)
Other operating income	641	686
Other operating expenses	(288)	(264)
Labor expenses	(1,900)	(1,930)
Operating taxes and levies	(735)	(684)
Depreciation and amortization of financed assets	(22)	(3)
Depreciation and amortization of right-of-use assets	(102)	(84)
Interests on debts related to financed assets	(1)	0
Interests on lease liabilities	(4)	(5)
EBITDAaL	3,301	3,281
Significant litigations	(167)
Specific labour expenses	(26)	(31)
Fixed assets, investments and businesses portfolio review	23
Restructuring programs costs	(4)	(24)
Depreciation and amortization of fixed assets	(1,575)	(1,582)
Impairment of fixed assets	0
Share of profits (losses) of associates and joint ventures	0
Elimination of interests on debts related to financed assets	1	0
Elimination of interests on lease liabilities	4	5
Operating income	1,557	1,649
Spain, operating segment [member] | Operating segments [member]
Disclosure of operating segments [line items]
Revenue	2,503	2,624
External purchases	(1,395)	(1,448)
Other operating income	63	99
Other operating expenses	(103)	(107)
Labor expenses	(141)	(135)
Operating taxes and levies	(63)	(86)
Depreciation and amortization of right-of-use assets	(131)	(154)
Interests on lease liabilities	(6)	(6)
EBITDAaL	728	787
Fixed assets, investments and businesses portfolio review	22
Restructuring programs costs	0	(6)
Depreciation and amortization of fixed assets	(528)	(533)
Impairment of fixed assets	0
Elimination of interests on lease liabilities	6	6
Operating income	228	254
Europe (excluding France and Spain), operating segment [member] | Operating segments [member]
Disclosure of operating segments [line items]
Revenue	2,729	2,789
External purchases	(1,531)	(1,581)
Other operating income	72	70
Other operating expenses	(85)	(89)
Labor expenses	(315)	(344)
Operating taxes and levies	(53)	(59)
Depreciation and amortization of right-of-use assets	(79)	(71)
Interests on lease liabilities	(8)	(7)
EBITDAaL	730	708
Specific labour expenses	0
Fixed assets, investments and businesses portfolio review	4	11
Restructuring programs costs	(3)	(5)
Acquisition and integration costs	(2)	(1)
Depreciation and amortization of fixed assets	(563)	(550)
Impairment of fixed assets	1
Share of profits (losses) of associates and joint ventures	0
Elimination of interests on lease liabilities	8	7
Operating income	173	170
Africa and Middle-East, operating segment [member] | Operating segments [member]
Disclosure of operating segments [line items]
Revenue	2,845	2,737
External purchases	(1,219)	(1,199)
Other operating income	24	23
Other operating expenses	(104)	(93)
Labor expenses	(252)	(249)
Operating taxes and levies	(264)	(253)
Depreciation and amortization of right-of-use assets	(64)	(64)
Interests on lease liabilities	(32)	(34)
EBITDAaL	935	868
Fixed assets, investments and businesses portfolio review	0	5
Restructuring programs costs	(2)	(2)
Depreciation and amortization of fixed assets	(508)	(471)
Reclassification of translation adjustment from liquidated entities		2
Impairment of fixed assets	0	(1)
Share of profits (losses) of associates and joint ventures	(1)
Elimination of interests on lease liabilities	32	34
Operating income	456	435
Enterprise, operating segment [member] | Operating segments [member]
Disclosure of operating segments [line items]
Revenue	3,859	3,770
External purchases	(1,977)	(1,896)
Other operating income	76	78
Other operating expenses	(328)	(311)
Labor expenses	(1,035)	(964)
Operating taxes and levies	(58)	(63)
Depreciation and amortization of right-of-use assets	(63)	(47)
Interests on lease liabilities	(2)	(2)
EBITDAaL	471	565
Specific labour expenses	(2)	(1)
Fixed assets, investments and businesses portfolio review	7
Restructuring programs costs	(3)	(10)
Acquisition and integration costs	(4)	(4)
Depreciation and amortization of fixed assets	(205)	(195)
Impairment of fixed assets		1
Share of profits (losses) of associates and joint ventures	1	2
Elimination of interests on lease liabilities	2	2
Operating income	267	360
International Carriers and Shared Services, operating segment [member] | Operating segments [member]
Disclosure of operating segments [line items]
Revenue	728	747
External purchases	(970)	(1,043)
Other operating income	1,006	1,034
Other operating expenses	(17)	5
Labor expenses	(662)	(662)
Operating taxes and levies	(58)	(62)
Depreciation and amortization of right-of-use assets	(202)	(187)
Interests on lease liabilities	(4)	(6)
EBITDAaL	(179)	(174)
Significant litigations	(2)	(65)
Specific labour expenses	1	(14)
Fixed assets, investments and businesses portfolio review	4	52
Restructuring programs costs	(6)	(28)
Acquisition and integration costs	(4)	(5)
Depreciation and amortization of fixed assets	(157)	(159)
Share of profits (losses) of associates and joint ventures	(6)	(6)
Elimination of interests on lease liabilities	4	6
Operating income	(345)	(393)
Telecom activities, operating segment, eliminations [member] | Operating segments [member]
Disclosure of operating segments [line items]
Revenue	(918)	20,575
External purchases	1,901	(8,518)
Other operating income	(1,644)	331
Other operating expenses	661	(192)
Labor expenses		(4,284)
Operating taxes and levies		(1,207)
Depreciation and amortization of financed assets		(3)
Depreciation and amortization of right-of-use assets		(607)
Interests on debts related to financed assets		0
Interests on lease liabilities		(60)
EBITDAaL		6,035
Significant litigations		(65)
Specific labour expenses		(46)
Fixed assets, investments and businesses portfolio review		68
Restructuring programs costs		(75)
Acquisition and integration costs		(10)
Depreciation and amortization of fixed assets		(3,490)
Reclassification of translation adjustment from liquidated entities		2
Impairment of fixed assets		0
Share of profits (losses) of associates and joint ventures		(4)
Elimination of interests on debts related to financed assets		0
Elimination of interests on lease liabilities		60
Operating income		2,475
Telecom activities, operating segment, eliminations [member] | Elimination of intersegment amounts [member]
Disclosure of operating segments [line items]
Revenue		(966)
External purchases		1,958
Other operating income		(1,659)
Other operating expenses		667
Orange Bank, operating segment [member] | Operating segments [member]
Disclosure of operating segments [line items]
External purchases	(54)	(47)
Other operating income	37	17
Other operating expenses	(15)	(10)
Labor expenses	(38)	(36)
Operating taxes and levies	(1)
Depreciation and amortization of right-of-use assets	(1)	(2)
Interests on lease liabilities	0
EBITDAaL	(72)	(78)
Specific labour expenses	0
Restructuring programs costs	(2)
Depreciation and amortization of fixed assets	(13)	(10)
Elimination of interests on lease liabilities	0
Operating income	(87)	(88)
Consolidated net income	€ (87)	€ (87)

XML

Segment information - Segment revenue to consolidated net income - Additional information (Details) - Operating segments [member] - Orange Bank, operating segment [member] - EUR (€) € in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Disclosure of operating segments [line items]
Net banking income included in miscellaneous operating income	€ 34	€ 15
Cost of risk included in miscellaneous operating expenses	€ (11)	€ (4)

XML

Segment information - Segment investments - Tabular disclosure (Details) - EUR (€) € in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Disclosure of operating segments [line items]
eCapex	€ 3,156	€ 3,509
Elimination of proceeds from sales of property, plant and equipment and intangible assets	197	131
Telecommunications licenses	944	1,338
Financed assets	2,569	2,878
Total investments	3,513	4,216
Financed assets [member]
Disclosure of operating segments [line items]
Financed assets	117	66
Licenses [member]
Disclosure of operating segments [line items]
Telecommunications licenses	42	510
France, operating segment [member] | Operating segments [member]
Disclosure of operating segments [line items]
eCapex	1,635	1,862
Elimination of proceeds from sales of property, plant and equipment and intangible assets	95	47
Financed assets	117	66
Total investments	1,847	1,975
Spain, operating segment [member] | Operating segments [member]
Disclosure of operating segments [line items]
eCapex	392	529
Elimination of proceeds from sales of property, plant and equipment and intangible assets	75
Telecommunications licenses		297
Total investments	470	826
Spain, operating segment [member] | Operating segments [member] | Licenses [member]
Disclosure of operating segments [line items]
Telecommunications licenses	3
Europe (excluding France and Spain), operating segment [member] | Operating segments [member]
Disclosure of operating segments [line items]
eCapex	369	407
Elimination of proceeds from sales of property, plant and equipment and intangible assets	7	17
Total investments	405	424
Europe (excluding France and Spain), operating segment [member] | Operating segments [member] | Licenses [member]
Disclosure of operating segments [line items]
Telecommunications licenses	30
Africa and Middle-East, operating segment [member] | Operating segments [member]
Disclosure of operating segments [line items]
eCapex	449	418
Elimination of proceeds from sales of property, plant and equipment and intangible assets	2	7
Total investments	460	638
Africa and Middle-East, operating segment [member] | Operating segments [member] | Licenses [member]
Disclosure of operating segments [line items]
Telecommunications licenses	9	213
Enterprise, operating segment [member] | Operating segments [member]
Disclosure of operating segments [line items]
eCapex	174	197
Elimination of proceeds from sales of property, plant and equipment and intangible assets	13	1
Total investments	187	198
Enterprise, operating segment [member] | Operating segments [member] | FRANCE
Disclosure of operating segments [line items]
Total investments	110	132
International Carriers and Shared Services, operating segment [member] | Operating segments [member]
Disclosure of operating segments [line items]
eCapex	123	80
Elimination of proceeds from sales of property, plant and equipment and intangible assets	6	59
Total investments	129	139
International Carriers and Shared Services, operating segment [member] | Operating segments [member] | FRANCE
Disclosure of operating segments [line items]
Total investments	126	138
Telecom activities, operating segment, eliminations [member] | Operating segments [member]
Disclosure of operating segments [line items]
eCapex	3,142	3,493
Elimination of proceeds from sales of property, plant and equipment and intangible assets	197	131
Total investments	3,499	4,200
Telecom activities, operating segment, eliminations [member] | Operating segments [member] | Financed assets [member]
Disclosure of operating segments [line items]
Financed assets	117	66
Telecom activities, operating segment, eliminations [member] | Operating segments [member] | Licenses [member]
Disclosure of operating segments [line items]
Telecommunications licenses	42	510
Orange Bank, operating segment [member] | Operating segments [member]
Disclosure of operating segments [line items]
eCapex	14	16
Total investments	€ 14	€ 16

XML

Segment information - Segment assets - Tabular disclosure (Details) - EUR (€) € in Millions	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of operating segments [line items]
Goodwill	€ 27,589	€ 27,644
Other intangible assets	14,434	14,737
Property, plant and equipment	28,398	28,423
Right-of-use assets	6,197	6,263
Interests in associates and joint ventures	103	103
Non-current assets included in the calculation of net financial debt	1,027	685
Other	3,502	3,460
Total non-current assets	81,250	81,316
Inventories	866	906
Trade receivables	5,899	5,320	€ 5,295
Other customer contract assets	1,189	1,209
Prepaid expenses	887	730
Current assets included in the calculation of net financial debt	10,409	10,820
Other	4,929	6,002
Total current assets	24,178	24,987
Total assets	105,428	106,303
Telecom activities, operating segment [member] | Operating segments [member]
Disclosure of operating segments [line items]
Goodwill	27,589	27,644
Other intangible assets	14,344	14,649
Property, plant and equipment	28,393	28,418
Right-of-use assets	6,165	6,237
Interests in associates and joint ventures	103	103
Non-current assets included in the calculation of net financial debt	1,027	685
Other	2,140	2,219
Total non-current assets	79,761	79,956
Inventories	866	906
Trade receivables	5,933	5,343
Other customer contract assets	1,189	1,209
Prepaid expenses	880	725
Current assets included in the calculation of net financial debt	10,409	10,820
Other	2,557	2,494
Total current assets	21,834	21,498
Total assets	101,595	101,454
Telecom activities, operating segment [member] | Elimination of intersegment amounts [member]
Disclosure of operating segments [line items]
Other	(27)	(27)
Total non-current assets	(27)	(27)
Trade receivables	(40)	(24)
Prepaid expenses	0	0
Other	(18)	(3)
Total current assets	(58)	(28)
Total assets	(86)	(55)
France, operating segment [member] | Operating segments [member]
Disclosure of operating segments [line items]
Goodwill	14,364	14,364
Other intangible assets	3,999	3,968
Property, plant and equipment	15,454	15,308
Right-of-use assets	1,364
Interests in associates and joint ventures	4	1,174
Non-current assets included in the calculation of net financial debt		3
Other	9	10
Total non-current assets	35,193	34,827
Inventories	413	463
Trade receivables	2,189	1,477
Other customer contract assets	366	432
Prepaid expenses	57	41
Other	706	699
Total current assets	3,731	3,113
Total assets	38,924	37,940
Spain, operating segment [member] | Operating segments [member]
Disclosure of operating segments [line items]
Goodwill	6,872	6,872
Other intangible assets	1,897	1,961
Property, plant and equipment	3,667	3,673
Right-of-use assets	1,027
Interests in associates and joint ventures		1,123
Other	17	17
Total non-current assets	13,479	13,645
Inventories	60	61
Trade receivables	617	667
Other customer contract assets	135	150
Prepaid expenses	349	401
Other	39	62
Total current assets	1,201	1,341
Total assets	14,680	14,986
Europe (excluding France and Spain), operating segment [member] | Operating segments [member]
Disclosure of operating segments [line items]
Goodwill	2,645	2,665
Other intangible assets	1,837	1,941
Property, plant and equipment	3,938	4,109
Right-of-use assets	916
Interests in associates and joint ventures	5	930
Non-current assets included in the calculation of net financial debt		5
Other	27	22
Total non-current assets	9,368	9,673
Inventories	148	149
Trade receivables	1,075	1,210
Other customer contract assets	350	380
Prepaid expenses	63	43
Other	88	74
Total current assets	1,724	1,855
Total assets	11,093	11,529
Africa and Middle-East, operating segment [member] | Operating segments [member]
Disclosure of operating segments [line items]
Goodwill	1,474	1,481
Other intangible assets	2,167	2,318
Property, plant and equipment	3,697	3,674
Right-of-use assets	870	881
Interests in associates and joint ventures	74	84
Other	23	22
Total non-current assets	8,304	8,461
Inventories	81	76
Trade receivables	783	720
Other customer contract assets	9	11
Prepaid expenses	211	87
Other	1,025	968
Total current assets	2,109	1,862
Total assets	10,413	10,323
Enterprise, operating segment [member] | Operating segments [member]
Disclosure of operating segments [line items]
Goodwill	2,217	2,245
Other intangible assets	669	695
Property, plant and equipment	500	526
Right-of-use assets	326	314
Interests in associates and joint ventures	1	1
Other	30	25
Total non-current assets	3,743	3,805
Inventories	58	60
Trade receivables	1,092	1,067
Other customer contract assets	327	237
Prepaid expenses	98	143
Other	197	216
Total current assets	1,772	1,723
Total assets	5,515	5,527
International Carriers and Shared Services, operating segment [member] | Operating segments [member]
Disclosure of operating segments [line items]
Goodwill	18	18
Other intangible assets	3,775	3,766
Property, plant and equipment	1,138	1,128
Right-of-use assets	1,663	1,815
Interests in associates and joint ventures	18	10
Other	20	19
Total non-current assets	6,632	6,757
Inventories	107	96
Trade receivables	1,064	974
Other customer contract assets	0
Prepaid expenses	118	26
Other	416	330
Total current assets	1,706	1,426
Total assets	8,338	8,182
Elimination of intersegment amounts and unallocated amounts [member] | Operating segments [member]
Disclosure of operating segments [line items]
Interests in associates and joint ventures	0	0
Non-current assets included in the calculation of net financial debt	1,027	685
Other	2,014	2,104
Total non-current assets	3,042	2,789
Trade receivables	(888)	(771)
Prepaid expenses	(16)	(16)
Current assets included in the calculation of net financial debt	10,409	10,820
Other	86	145
Total current assets	9,590	10,178
Total assets	12,632	12,967
Orange Bank, operating segment [member] | Operating segments [member]
Disclosure of operating segments [line items]
Other intangible assets	89	88
Property, plant and equipment	4	5
Right-of-use assets	32	26
Other	1,390	1,268
Total non-current assets	1,516	1,387
Trade receivables	7	1
Prepaid expenses	7	5
Other	2,389	3,511
Total current assets	2,403	3,517
Total assets	€ 3,919	€ 4,904

XML

Segment information - Segment assets - Additional information (Details) - EUR (€) € in Millions	Jun. 30, 2020	Dec. 31, 2019
Disclosure of operating segments [line items]
Non-current financial assets related to banking activities	€ 1,380	€ 1,259
Current assets related to Orange Bank activities	1,977	3,095
Telecom activities, operating segment [member] | Operating segments [member]
Disclosure of operating segments [line items]
Financial assets	5,677	6,001
Enterprise, operating segment [member] | Operating segments [member] | FRANCE
Disclosure of operating segments [line items]
Tangible and intangible assets	586	642
International Carriers and Shared Services, operating segment [member] | Operating segments [member] | Brand names [member]
Disclosure of operating segments [line items]
Intangible assets	3,133
International Carriers and Shared Services, operating segment [member] | Operating segments [member] | FRANCE
Disclosure of operating segments [line items]
Tangible and intangible assets	1,751	1,736
Orange Bank, operating segment [member]
Disclosure of operating segments [line items]
Non-current financial assets related to banking activities	1,380	1,259
Current assets related to Orange Bank activities	1,981	€ 3,098
Orange Bank, operating segment [member] | Operating segments [member]
Disclosure of operating segments [line items]
Non-current financial assets related to banking activities	1,380
Current assets related to Orange Bank activities	€ 1,981

XML

Segment information - Segment equity and liabilities - Tabular disclosure (Details) - EUR (€) € in Millions	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Disclosure of operating segments [line items]
Equity	€ 34,660	€ 34,416	€ 32,778	€ 33,249
Non-current lease liabilities	5,290	5,225
Fixed assets payable	798	817
Non-current employee benefits	2,398	2,554
Non-current liabilities included in the calculation of net financial debt	33,339	33,562
Other	2,094	2,035
Total non-current liabilities	43,918	44,192
Current lease liabilities	1,233	1,267
Fixed assets payable	2,472	2,848
Trade payables	6,397	6,682
Customer contract liabilities	2,026	2,093
Current employee benefits	2,115	2,261
Deferred income	50	51
Current liabilities included in the calculation of net financial debt	4,543	3,947
Other	8,013	8,545
Total current liabilities	26,850	27,695
Total equity and liabilities	105,428	106,303
Operating segments [member]
Disclosure of operating segments [line items]
Total non-current liabilities	105	101
Elimination of intersegment amounts [member]
Disclosure of operating segments [line items]
Other	(27)	(27)
Total non-current liabilities	(27)	(27)
Trade payables	(40)	(24)
Customer contract liabilities	0	0
Current liabilities included in the calculation of net financial debt	(4)	(3)
Other	(14)	0
Total current liabilities	(58)	(28)
Total equity and liabilities	(86)	(55)
Telecom activities, operating segment [member] | Operating segments [member]
Disclosure of operating segments [line items]
Equity	34,764	34,432
Non-current lease liabilities	5,252	5,196
Fixed assets payable	798	817
Non-current employee benefits	2,388	2,544
Non-current liabilities included in the calculation of net financial debt	33,339	33,562
Other	2,007	1,954
Total non-current liabilities	43,784	44,073
Current lease liabilities	1,233	1,263
Fixed assets payable	2,472	2,848
Trade payables	6,279	6,581
Customer contract liabilities	2,027	2,094
Current employee benefits	2,109	2,254
Deferred income	50	51
Current liabilities included in the calculation of net financial debt	4,547	3,950
Other	4,331	3,908
Total current liabilities	23,047	22,950
Total equity and liabilities	101,595	101,454
France, operating segment [member] | Operating segments [member]
Disclosure of operating segments [line items]
Non-current lease liabilities	1,106	961
Fixed assets payable	44	35
Non-current employee benefits	1,297	1,461
Other	552	574
Total non-current liabilities	2,999	3,030
Current lease liabilities	203	170
Fixed assets payable	1,070	1,144
Trade payables	2,608	2,682
Customer contract liabilities	963	1,015
Current employee benefits	1,108	1,224
Deferred income	2	2
Other	1,273	781
Total current liabilities	7,228	7,017
Total equity and liabilities	10,227	10,047
Spain, operating segment [member] | Operating segments [member]
Disclosure of operating segments [line items]
Non-current lease liabilities	890	945
Fixed assets payable	345	366
Non-current employee benefits	8	17
Other	78	80
Total non-current liabilities	1,321	1,409
Current lease liabilities	274	284
Fixed assets payable	491	563
Trade payables	844	1,051
Customer contract liabilities	91	98
Current employee benefits	31	33
Other	168	178
Total current liabilities	1,899	2,207
Total equity and liabilities	3,219	3,616
Europe (excluding France and Spain), operating segment [member] | Operating segments [member]
Disclosure of operating segments [line items]
Non-current lease liabilities	819	788
Fixed assets payable	247	251
Non-current employee benefits	18	34
Other	298	301
Total non-current liabilities	1,381	1,373
Current lease liabilities	124	166
Fixed assets payable	290	407
Trade payables	840	935
Customer contract liabilities	316	335
Current employee benefits	133	110
Deferred income	4	6
Other	277	268
Total current liabilities	1,983	2,226
Total equity and liabilities	3,365	3,599
Africa and Middle-East, operating segment [member] | Operating segments [member]
Disclosure of operating segments [line items]
Non-current lease liabilities	820	785
Fixed assets payable	162	166
Non-current employee benefits	71	68
Other	57	55
Total non-current liabilities	1,110	1,074
Current lease liabilities	90	124
Fixed assets payable	464	529
Trade payables	1,258	1,136
Customer contract liabilities	130	123
Current employee benefits	80	71
Deferred income	36	36
Other	1,276	1,211
Total current liabilities	3,334	3,231
Total equity and liabilities	4,444	4,305
Enterprise, operating segment [member] | Operating segments [member]
Disclosure of operating segments [line items]
Non-current lease liabilities	259	227
Non-current employee benefits	290	264
Other	43	39
Total non-current liabilities	592	530
Current lease liabilities	77	97
Fixed assets payable	73	72
Trade payables	735	784
Customer contract liabilities	426	412
Current employee benefits	385	407
Deferred income	1	1
Other	225	283
Total current liabilities	1,922	2,055
Total equity and liabilities	2,514	2,586
International Carriers and Shared Services, operating segment [member] | Operating segments [member]
Disclosure of operating segments [line items]
Non-current lease liabilities	1,358	1,490
Non-current employee benefits	705	702
Other	57	55
Total non-current liabilities	2,119	2,247
Current lease liabilities	467	422
Fixed assets payable	85	135
Trade payables	882	763
Customer contract liabilities	117	126
Current employee benefits	372	411
Deferred income	7	7
Other	907	846
Total current liabilities	2,837	2,710
Total equity and liabilities	4,956	4,957
Elimination of intersegment amounts and unallocated amounts [member] | Elimination of intersegment amounts [member]
Disclosure of operating segments [line items]
Equity	34,764	34,432
Non-current liabilities included in the calculation of net financial debt	33,339	33,562
Other	923	849
Total non-current liabilities	34,261	34,411
Fixed assets payable	(1)	(1)
Trade payables	(888)	(771)
Customer contract liabilities	(16)	(15)
Deferred income	0	0
Current liabilities included in the calculation of net financial debt	4,547	3,950
Other	204	341
Total current liabilities	3,846	3,503
Total equity and liabilities	72,871	72,346
Orange Bank, operating segment [member]
Disclosure of operating segments [line items]
Total current liabilities	3,235	4,280
Orange Bank, operating segment [member] | Operating segments [member]
Disclosure of operating segments [line items]
Equity	(104)	(16)
Non-current lease liabilities	38	29
Non-current employee benefits	9	9
Other	114	109
Total non-current liabilities	162	147
Current lease liabilities		4
Trade payables	159	125
Current employee benefits	6	6
Other	3,697	4,638
Total current liabilities	3,861	4,773
Total equity and liabilities	€ 3,919	€ 4,904

XML

Segment information - Simplified statement of cash flows on telecommunication and banking activities - Tabular disclosure (Details) - EUR (€) € in Millions		6 Months Ended
	Mar. 19, 2020	Jun. 30, 2020	Jun. 30, 2019
Cash flows from (used in) operating activities [abstract]
Consolidated net income		€ 1,016	€ 1,137
Non-monetary items and reclassified items for presentation		6,343	6,308
Adjustments to reconcile profit (loss) [abstract]
Decrease (increase) in inventories, gross		24	18
Decrease (increase) in trade receivables, gross		(699)	(219)
Increase (decrease) in trade payables		(248)	(239)
Changes in other customer contract assets and liabilities		41	(22)
Changes in other assets and liabilities		(131)	(468)
Operating taxes and levies paid		(871)	(986)
Dividends received		3	14
Interest paid and interest rates effects on derivatives, net		(624)	(764)
Income tax paid		(527)	(640)
Net cash provided by operating activities		4,326	4,139
Cash flows from (used in) investing activities [abstract]
Purchases and sales of property, plant and equipment and intangible assets		(3,395)	(4,150)
Increase (decrease) in fixed assets payables		(441)	7
Investing donations received in advance		7
Sales of property, plant and equipment and intangible assets		201	151
Cash paid for investment securities, net of cash acquired		0	(126)
Investments in associates and joint ventures		(2)
Purchases of equity securities measured at fair value		(29)	(25)
Proceeds from sales of investment securities, net of cash transferred		15	2
Decrease (increase) in securities and other financial assets		301	(17)
Net cash used in investing activities		(3,344)	(4,158)
Cash flows from (used in) financing activities [abstract]
Medium and long-term debt issuances		2,028	4,884
Medium and long-term debt redemptions and repayments		(1,575)	(1,520)
Increase (decrease) of bank overdrafts and short-term borrowings		(219)	(723)
Decrease (increase) of cash collateral deposits		132	(150)
Exchange rates effects on derivatives, net		72	64
Lease liabilities repayment		(634)	(678)
Coupon and other fees on subordinated notes issuance		(186)	(267)
Coupon on subordinated notes	€ 4	186	267
Proceeds (purchases) from treasury shares		0	(1)
Capital increase (decrease) - non-controlling interests		1	41
Changes in ownership interests with no gain/loss of control		(2)	(3)
Changes in ownership interests with no gain/loss of control		2	3
Dividends paid to owners of the parent company		(532)	(1,061)
Dividends paid to non-controlling interests		(164)	(243)
Net cash used in financing activities		(1,080)	343
Effect of exchange rate changes on cash and cash equivalents [abstract]
Cash and cash equivalents in the opening balance		6,481	5,634
Cash change in cash and cash equivalents		(98)	324
Effect of exchange rates changes on cash and cash equivalents and other non-monetary effects		(19)	2
Cash and cash equivalents in the closing balance		6,364	5,960
Elimination of intersegment amounts [member]
Cash flows from (used in) operating activities [abstract]
Non-monetary items and reclassified items for presentation		1
Adjustments to reconcile profit (loss) [abstract]
Decrease (increase) in trade receivables, gross		9	(7)
Increase (decrease) in trade payables		(9)	7
Interest paid and interest rates effects on derivatives, net		(1)
Cash flows from (used in) investing activities [abstract]
Decrease (increase) in securities and other financial assets		0	2
Net cash used in investing activities		0	2
Cash flows from (used in) financing activities [abstract]
Increase (decrease) of bank overdrafts and short-term borrowings		0	(2)
Net cash used in financing activities		0	(2)
Telecom activities, operating segment [member] | Operating segments [member]
Cash flows from (used in) operating activities [abstract]
Consolidated net income		1,103	1,224
Non-monetary items and reclassified items for presentation		6,309	6,267
Adjustments to reconcile profit (loss) [abstract]
Decrease (increase) in inventories, gross		24	18
Decrease (increase) in trade receivables, gross		(704)	(210)
Increase (decrease) in trade payables		(267)	(226)
Changes in other customer contract assets and liabilities		41	(22)
Changes in other assets and liabilities		(111)	(134)
Operating taxes and levies paid		(873)	(986)
Dividends received		3	14
Interest paid and interest rates effects on derivatives, net		(623)	(764)
Income tax paid		(527)	(640)
Net cash provided by operating activities		4,375	4,541
Cash flows from (used in) investing activities [abstract]
Purchases and sales of property, plant and equipment and intangible assets		(3,382)	(4,134)
Increase (decrease) in fixed assets payables		(441)	7
Investing donations received in advance		7
Sales of property, plant and equipment and intangible assets		201	151
Cash paid for investment securities, net of cash acquired		0	(126)
Investments in associates and joint ventures		(2)
Purchases of equity securities measured at fair value		(29)	(25)
Proceeds from sales of investment securities, net of cash transferred		15	2
Decrease (increase) in securities and other financial assets		351	(28)
Net cash used in investing activities		(3,280)	(4,153)
Cash flows from (used in) financing activities [abstract]
Medium and long-term debt issuances		2,028	4,884
Medium and long-term debt redemptions and repayments		(1,575)	(1,520)
Increase (decrease) of bank overdrafts and short-term borrowings		(211)	(730)
Decrease (increase) of cash collateral deposits		133	(125)
Exchange rates effects on derivatives, net		72	64
Lease liabilities repayment		(633)	(676)
Coupon on subordinated notes		186	267
Proceeds (purchases) from treasury shares		0	(1)
Capital increase (decrease) - non-controlling interests		(88)	(59)
Changes in ownership interests with no gain/loss of control		(2)	(3)
Dividends paid to owners of the parent company		(532)	(1,061)
Dividends paid to non-controlling interests		(164)	(243)
Net cash used in financing activities		(1,158)	263
Effect of exchange rate changes on cash and cash equivalents [abstract]
Cash and cash equivalents in the opening balance		6,112	5,081
Cash change in cash and cash equivalents		(62)	651
Effect of exchange rates changes on cash and cash equivalents and other non-monetary effects		(19)	2
Cash and cash equivalents in the closing balance		6,031	5,734
Orange Bank, operating segment [member] | Operating segments [member]
Cash flows from (used in) operating activities [abstract]
Consolidated net income		(87)	(87)
Non-monetary items and reclassified items for presentation		33	41
Adjustments to reconcile profit (loss) [abstract]
Decrease (increase) in trade receivables, gross		(4)	(2)
Increase (decrease) in trade payables		28	(20)
Changes in other assets and liabilities		(20)	(334)
Operating taxes and levies paid		2
Interest paid and interest rates effects on derivatives, net		1
Income tax paid		0
Net cash provided by operating activities		(49)	(402)
Cash flows from (used in) investing activities [abstract]
Purchases and sales of property, plant and equipment and intangible assets		(14)	(16)
Decrease (increase) in securities and other financial assets		(49)	9
Net cash used in investing activities		(63)	(7)
Cash flows from (used in) financing activities [abstract]
Increase (decrease) of bank overdrafts and short-term borrowings		(8)	9
Decrease (increase) of cash collateral deposits		(1)	(25)
Lease liabilities repayment		(2)	(2)
Capital increase (decrease) - non-controlling interests		89	100
Net cash used in financing activities		78	82
Effect of exchange rate changes on cash and cash equivalents [abstract]
Cash and cash equivalents in the opening balance		369	553
Cash change in cash and cash equivalents		(35)	(327)
Cash and cash equivalents in the closing balance		€ 333	€ 226

XML

Segment information - Simplified statement of cash flows on telecommunication and Orange Bank activities - Additional information (Details) - EUR (€) € in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Disclosure of operating segments [line items]
Redemption of subordinated notes reclassified as short-term borrowings	€ (500)
Capital increase (decrease) - non-controlling interests	1	€ 41
Orange Bank [member]
Disclosure of operating segments [line items]
Capital increase (decrease) - non-controlling interests	89	65
Telecom activities, operating segment [member] | Operating segments [member]
Disclosure of operating segments [line items]
Interests paid on lease liabilities	(62)	(46)
Significant litigations paid and received	(18)	23
Telecommunication licenses paid	(134)	(230)
Repayments of debts relating to financed assets	(24)	(5)
Capital increase (decrease) - non-controlling interests	€ (88)	€ (59)

XML

Segment information - Organic cash flow from telecom activities (Details) - EUR (€) € in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Disclosure of operating segments [line items]
Net cash provided by operating activities (telecom activities)	€ 4,326	€ 4,139
Lease liabilities repayment	(634)	(678)
Telecom activities, operating segment [member] | Operating segments [member]
Disclosure of operating segments [line items]
Net cash provided by operating activities (telecom activities)	4,375	4,541
Purchases and sales of property, plant and equipment and intangible assets	(3,615)	(3,976)
Lease liabilities repayment	(633)	(676)
Debts relating to financed assets repayments	(24)	(5)
Elimination of telecommunication licenses paid	134	230
Elimination of significant litigation paid (and received)	18	(23)
Organic cash flow from telecom activities	€ 255	€ 92

XML

Basis of preparation of the consolidated financial statements (Details) - EUR (€) € in Millions	Jun. 30, 2020	Dec. 31, 2019	Jan. 01, 2019
Disclosure of initial application of standards or interpretations [line items]
Right-of-use assets	€ 6,197	€ 6,263
IFRS 16 [member] | Bottom of range [member]
Disclosure of initial application of standards or interpretations [line items]
Right-of-use assets			€ 400
Lease liabilities			400
IFRS 16 [member] | Top of range [member]
Disclosure of initial application of standards or interpretations [line items]
Right-of-use assets			600
Lease liabilities			€ 600

XML

Impacts of the health crisis related to the Covid-19 pandemic (Details) € in Millions	6 Months Ended
	Jun. 30, 2020 EUR (€)
Disclosure of operating segments [line items]
Purchases of equipment relating to the health and safety of employees	€ (50)
Donations and sponsorships	(9)
Labor expenses, payment to certain employees of specific bonuses related to the health crisis	(10)
Increases of trade receivables depreciation	(72)
FRANCE
Disclosure of operating segments [line items]
Amount of fixed costs from suppliers partly offset	(20)
Amount of fixed costs from suppliers recorded in investments	(23)
Telecom activities, operating segment [member] | Operating segments [member]
Disclosure of operating segments [line items]
Increases of trade receivables depreciation	(67)
Orange Bank, operating segment [member] | Operating segments [member]
Disclosure of operating segments [line items]
Increases of trade receivables depreciation	€ (5)

XML

Gains and losses on disposal and main changes in scope of consolidation - Gains (losses) on disposal of fixed assets, investments and activities - Tabular disclosure (Details) - EUR (€) € in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Noncurrent assets or disposal groups classified as held for sale [line items]
Gains (losses) on disposal of fixed assets	€ 59	€ 68
Gains (losses) on disposal of investments and activities	0	0
Gains (losses) on disposal of fixed assets, investments and activities	€ 59	€ 68

XML

Gains and losses on disposal and main changes in scope of consolidation - Gains (losses) on disposal of fixed assets, investments and activities - Additional information (Details) - EUR (€) € in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Disclosure of detailed information about business combination [abstract]
Transfer price	€ 197	€ 131
Net book value of assets sold	€ 139	€ 63

XML

Gains and losses on disposal and main changes in scope of consolidation - Squeeze-out offer (Details) - Business and Decision [member] - EUR (€) € in Millions	Jun. 30, 2020	May 28, 2020
Disclosure of detailed information about business combination [line items]
Percentage of ownership interest, mandatory public buyout offer		6.38%
Ownership interest held	95.08%
Commitment to purchase the remaining shares	€ 3

XML

Sales - Trade receivables - Net book value reconciliation (Details) - EUR (€) € in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Revenue [abstract]
Net book value of trade receivables in the opening balance	€ 5,320	€ 5,295
Business related variations	615	1
Changes in the scope of consolidation		50
Translation adjustment	(42)	28
Reclassifications and other items	6	(53)
Net book value of trade receivables in the closing balance	€ 5,899	€ 5,320

XML

Sales - Trade receivables - Categories - Tabular disclosure (Details) - EUR (€) € in Millions	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenue [abstract]
Net trade receivables depreciated according to their age	€ 1,036	€ 1,233
Net trade receivables depreciated according to other criteria	455	579
Net trade receivables past due	1,491	1,812
Not past due	4,408	3,508
Net trade receivables	€ 5,899	€ 5,320	€ 5,295

XML

Sales - Trade receivables - Short-term and long-term - Tabular disclosure (Details) - EUR (€) € in Millions	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenue [abstract]
Net trade receivables	€ 5,899	€ 5,320	€ 5,295
o/w short-term trade receivables	5,656	5,044
o/w long-term trade receivables	€ 243	€ 276

XML

Sales - Trade receivables - Segments - Tabular disclosure (Details) - EUR (€) € in Millions	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of operating segments [line items]
Net trade receivables	€ 5,899	€ 5,320	€ 5,295
Telecom activities, operating segment [member] | Operating segments [member]
Disclosure of operating segments [line items]
Net trade receivables	5,933	5,343
Orange Bank, operating segment [member] | Operating segments [member]
Disclosure of operating segments [line items]
Net trade receivables	€ 7	€ 1

XML

Sales - Trade receivables - Not past due - Additional information (Details) - EUR (€) € in Millions	Jun. 30, 2020	Dec. 31, 2019
Revenue [abstract]
IFRS 9 provision	€ (33)	€ (23)

XML

Sales - Trade receivables - Additional information (Details)	6 Months Ended
	Jun. 30, 2020
Disclosure of operating segments [line items]
Installment term	12 months

XML

Sales - Trade receivables - Impairment (Details) - EUR (€) € in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Disclosure of operating segments [line items]
Net addition with impact on income statement	€ (225)	€ (332)
Increases of trade receivables depreciation	(72)
Telecom activities, operating segment [member] | Operating segments [member]
Disclosure of operating segments [line items]
Increases of trade receivables depreciation	(67)
France, operating segment [member] | Operating segments [member]
Disclosure of operating segments [line items]
Increases of trade receivables depreciation	€ (27)

XML

Sales - Trade receivables - Allowances reconciliation - Tabular disclosure (Details) - EUR (€) € in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Disclosure of initial application of standards or interpretations [line items]
Opening balance	€ (888)	€ (816)
Net addition with impact on income statement	(225)	(332)
Losses on trade receivables	141	271
Changes in the scope of consolidation		(1)
Translation adjustment	6	(5)
Reclassifications and other items	0	(5)
Closing balance	€ (966)	€ (888)

XML

Other expenses - Components - Tabular disclosure (Details) - EUR (€) € in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Purchases and other expenses [abstract]
Allowances and losses on trade receivables - telecom activities	€ (225)	€ (149)
Litigation	(169)	19
Operating foreign exchange gains (losses)	8	(5)
Cost of bank credit risk	(11)	(4)
Integration costs	(5)	(7)
Other expenses	(46)	(55)
Total	€ (448)	€ (201)

XML

Other expenses - Health crisis provision (Details) € in Millions	6 Months Ended
	Jun. 30, 2020 EUR (€)
Disclosure of operating segments [line items]
Increases of trade receivables depreciation	€ 72
Orange Bank, operating segment [member] | Operating segments [member]
Disclosure of operating segments [line items]
Increases of trade receivables depreciation	5
Increases of trade receivables depreciation, consumer loans	3
Increases of trade receivables depreciation, sensitive sectors	€ 2

XML

Other expenses - Restructuring costs (Details) - EUR (€) € in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Purchases and other expenses [abstract]
Departure plans	€ (7)	€ (13)
Lease property restructuring	2	(2)
Distribution channels	(1)	(9)
Other	(7)	(28)
Restructuring costs	€ (13)	€ (52)

XML

Other expenses - Working capital management - Payables (Details) € in Millions	6 Months Ended
	Jun. 30, 2020 EUR (€)
Purchases and other expenses [abstract]
Certain invoices, extended term	6 months
Impact on the change in working capital	€ 400

XML

Impairment of goodwill (Details) - Spain, operating segment [member] € in Billions	6 Months Ended
	Jun. 30, 2020 EUR (€)
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Effect on the recoverable amount	€ 1.1
Terminal value cash flows	10.00%
Discount rate after tax	0.50%
Perpetual growth rate	0.50%

XML

Income tax - Tabular disclosure (Details) - EUR (€) € in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Disclosure of subsidiaries [line items]
Total Income tax	€ (491)	€ (513)
Current tax	(474)	(525)
Deferred tax	€ (18)	€ 12

XML

Income tax - Additional information (Details) € in Millions	6 Months Ended
	Jun. 30, 2020 EUR (€)
Spain subsidiaries [member]
Disclosure of subsidiaries [line items]
Decrease in deferred tax asset due to gradual rate reduction	€ (50)
United Kingdom subsidiaries [member]
Disclosure of subsidiaries [line items]
Corporate tax rate originally planned (as a percent)	17.00%
Corporate tax rate (as a percent)	19.00%
Increase of deferred tax liabilities	€ 63

XML

Financial assets, liabilities and financial result (excluding Orange Bank) - Financial assets and liabilities - General information (Details)	6 Months Ended
	Jun. 30, 2020 segment
Disclosure of detailed information about financial instruments [abstract]
Number of business areas	2

XML

Financial assets, liabilities and financial result (excluding Orange Bank) - Financial assets and liabilities - Tabular disclosure - Segments (Details) - EUR (€) € in Millions	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Disclosure of detailed information about financial instruments [line items]
Non-current financial assets related to banking activities	€ 1,380	€ 1,259
Non-current financial assets	1,274	1,208
Non-current derivatives, assets	881	562
Current financial assets related to banking activities	1,977	3,095
Current financial assets	4,375	4,766
Current derivatives, assets	41	12
Cash and cash equivalents	6,364	6,481	€ 5,960	€ 5,634
Non-current financial liabilities	32,744	33,148
Non-current derivatives liabilities	672	487
Current liabilities related to Orange Bank activities	3,234	4,279
Current financial liabilities	4,489	3,925
Current derivatives liabilities	54	22
Orange Bank, operating segment [member]
Disclosure of detailed information about financial instruments [line items]
Non-current financial assets related to banking activities	1,380	1,259
Current financial assets related to banking activities	1,981	3,098
Operating segments [member] | Telecom activities, operating segment [member]
Disclosure of detailed information about financial instruments [line items]
Non-current financial assets	1,301
Non-current derivatives, assets	881
Current financial assets	4,376
Current derivatives, assets	41
Cash and cash equivalents	6,031	6,112	5,734	5,081
Non-current financial liabilities	32,744
Non-current derivatives liabilities	594
Current financial liabilities	4,493
Current derivatives liabilities	54
Operating segments [member] | Orange Bank, operating segment [member]
Disclosure of detailed information about financial instruments [line items]
Non-current financial assets related to banking activities	1,380
Current financial assets related to banking activities	1,981
Cash and cash equivalents	333	€ 369	€ 226	€ 553
Non-current liabilities related to Orange Bank activities	27
Non-current derivatives liabilities	78
Current liabilities related to Orange Bank activities	3,235
Elimination of intersegment amounts [member]
Disclosure of detailed information about financial instruments [line items]
Non-current financial assets	(27)
Current financial assets related to banking activities	(4)
Current financial assets	(1)
Non-current liabilities related to Orange Bank activities	(27)
Current liabilities related to Orange Bank activities	(1)
Current financial liabilities	€ (4)

XML

Financial assets, liabilities and financial result (excluding Orange Bank) - Cash flow hedge reserve (Details) - EUR (€) € in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Disclosure of detailed information about financial instruments [abstract]
Gain in cash flow hedge	€ 554	€ (184)

XML

Financial assets, liabilities and financial result (excluding Orange Bank) - Net financial debt - Tabular disclosure (Details) - Operating segments [member] - Telecom activities, operating segment [member] - EUR (€) € in Millions	Jun. 30, 2020	Dec. 31, 2019
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	€ 37,237	€ 37,076
Derivatives liabilities current and non-current	648	436
Derivative assets current and non-current	(922)	(573)
Other comprehensive income components related to unmatured hedging instruments	(28)	(542)
Gross financial debt after derivatives	36,935	36,397
Assets included in the calculation of net financial debt	(10,514)	(10,931)
Net financial debt	26,420	25,466
Cash collateral paid [member]
Disclosure of detailed information about financial instruments [line items]
Assets included in the calculation of net financial debt	(147)	(123)
Investments at fair value [member]
Disclosure of detailed information about financial instruments [line items]
Assets included in the calculation of net financial debt	(4,337)	(4,696)
IFRS Cash Equivalents [Member]
Disclosure of detailed information about financial instruments [line items]
Assets included in the calculation of net financial debt	(3,247)	(3,651)
IFRS Cash [Member]
Disclosure of detailed information about financial instruments [line items]
Assets included in the calculation of net financial debt	(2,784)	(2,462)
TDIRA [member]
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	641	822
Bonds, financial liabilities [member]
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	30,807	30,893
Bank loans and from development organizations and multilateral lending institutions [member]
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	4,467	4,013
Debt relating to financed assets [member]
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	216	125
Cash collateral received [member]
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	417	261
NEU commercial papers [member]
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	391	158
IFRS Bank Overdrafts [Member]
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	182	203
Other financial liabilities [member]
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	€ 118	€ 602

XML

Financial assets, liabilities and financial result (excluding Orange Bank) - Net financial debt - Additional information (Details) - EUR (€) € in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Disclosure of detailed information about financial instruments [line items]
Subordinated notes reclassified as a short term liability		€ 500
FRANCE | Digicel, anti-competitive practices action [member]
Disclosure of detailed information about financial instruments [line items]
Escrow deposits	€ 347
Operating segments [member] | Currency swap contract [member]
Disclosure of detailed information about financial instruments [line items]
Foreign exchange effect	578
Operating segments [member] | Telecom activities, operating segment [member]
Disclosure of detailed information about financial instruments [line items]
Net financial debt	€ 26,420	€ 25,466

XML

Financial assets, liabilities and financial result (excluding Orange Bank) - Net financial debt - Perpetual bonds (Details) - Perpetual bonds redeemable for shares [member] € in Millions	Jan. 28, 2020 EUR (€) instrument
Disclosure of financial assets [line items]
Number of TDIRA purchased | instrument	12,749
Perpetual bonds redeemable for shares, purchases, notional amount | €	€ 180
Number of TDIRA outstanding | instrument	45,232
Notional amount | €	€ 638

XML

Financial assets, liabilities and financial result (excluding Orange Bank) - Main redemptions and bond issues (Details) € in Millions		6 Months Ended
	Feb. 06, 2020 EUR (€)	Jun. 30, 2020 EUR (€) instrument	Apr. 07, 2020 EUR (€)
Disclosure of detailed information about borrowings [line items]
Number of bonds redeemed | instrument		3
Notional amount redeemed		€ 1,050
Number of bonds issued | instrument		2
European Investment Bank loan maturing 2027 [member]
Disclosure of detailed information about borrowings [line items]
Notional amount		€ 350
Bonds maturing July 7, 2027 [member]
Disclosure of detailed information about borrowings [line items]
Notional amount			€ 750
Interest rate (as a percent)			1.25%
Bonds maturing April 7, 2032 [member]
Disclosure of detailed information about borrowings [line items]
Notional amount			€ 750
Interest rate (as a percent)			1.625%
SecureLink loan maturing February 6, 2023 [member]
Disclosure of detailed information about borrowings [line items]
Early repayment of loans	€ 150
Interest rate basis	3-month Euribor
Adjustment to interest rate	5.50%

XML

Financial assets, liabilities and financial result (excluding Orange Bank) - Financial assets of telecom activities - Tabular disclosure (Details) - EUR (€) € in Millions	Jun. 30, 2020	Dec. 31, 2019
Disclosure of financial assets [line items]
Non-current	€ 1,274	€ 1,208
Current	4,375	4,766
Operating segments [member] | Telecom activities, operating segment [member]
Disclosure of financial assets [line items]
Non-current	1,301
Current	4,376
Total financial assets	5,677	6,001
Financial assets at fair value through other comprehensive income that will not be reclassified to profit or loss [member] | Operating segments [member] | Telecom activities, operating segment [member]
Disclosure of financial assets [line items]
Non-current	298
Total financial assets	298	277
Financial assets at fair value through other comprehensive income that will not be reclassified to profit or loss [member] | Operating segments [member] | Telecom activities, operating segment [member] | Investments securities [member]
Disclosure of financial assets [line items]
Non-current	298
Total financial assets	298	277
Financial assets at fair value through profit or loss, category [member] | Operating segments [member] | Telecom activities, operating segment [member]
Disclosure of financial assets [line items]
Non-current	277
Current	4,337
Total financial assets	4,613	4,953
Financial assets at fair value through profit or loss, category [member] | Operating segments [member] | Telecom activities, operating segment [member] | Investments at fair value [member]
Disclosure of financial assets [line items]
Current	4,337
Total financial assets	4,337	4,696
Financial assets at fair value through profit or loss, category [member] | Operating segments [member] | Telecom activities, operating segment [member] | Equity investments [member]
Disclosure of financial assets [line items]
Non-current	130
Total financial assets	130	133
Financial assets at fair value through profit or loss, category [member] | Operating segments [member] | Telecom activities, operating segment [member] | Cash collateral paid [member]
Disclosure of financial assets [line items]
Non-current	147
Total financial assets	147	123
Financial assets at amortised cost, category [member] | Operating segments [member] | Telecom activities, operating segment [member]
Disclosure of financial assets [line items]
Non-current	727
Current	39
Total financial assets	766	772
Financial assets at amortised cost, category [member] | Operating segments [member] | Telecom activities, operating segment [member] | Receivables related to investments [member]
Disclosure of financial assets [line items]
Non-current	48
Current	13
Total financial assets	61	70
Financial assets at amortised cost, category [member] | Operating segments [member] | Telecom activities, operating segment [member] | Other financial assets [member]
Disclosure of financial assets [line items]
Non-current	679
Current	26
Total financial assets	€ 705	€ 702

XML

Financial assets, liabilities and financial result (excluding Orange Bank) - Financial assets of telecom activities - Additional information (Details) - EUR (€) € in Millions	Jun. 30, 2020	Dec. 31, 2019
Disclosure of financial assets [line items]
Non-current	€ 1,274	€ 1,208
FRANCE | Digicel, anti-competitive practices action [member]
Disclosure of financial assets [line items]
Escrow deposits	347
Elimination of intersegment amounts [member]
Disclosure of financial assets [line items]
Non-current	€ (27)

XML

Information on market risk and fair value of financial assets and liabilities (excluding Orange Bank) (Details) € in Millions	Jun. 30, 2020 EUR (€)
Disclosure of detailed information about financial instruments [abstract]
Available undrawn amount of credit facilities	€ 6,155
Investments at fair value	4,337
Cash	2,784
Cash equivalents	3,247
Liquidity position	€ 16,523

XML

Activities of Orange Bank - Financial assets and liabilities - General information (Details)	6 Months Ended
	Jun. 30, 2020 segment
Banking activities [abstract]
Number of business areas	2

XML

Activities of Orange Bank - Financial assets and liabilities - Tabular disclosure - Segments (Details) - EUR (€) € in Millions	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Disclosure of detailed information about financial instruments [line items]
Non-current financial assets related to banking activities	€ 1,380	€ 1,259
Non-current financial assets	1,274	1,208
Non-current derivatives, assets	881	562
Current financial assets related to banking activities	1,977	3,095
Current financial assets	4,375	4,766
Current derivatives, assets	41	12
Cash and cash equivalents	6,364	6,481	€ 5,960	€ 5,634
Non-current financial liabilities	32,744	33,148
Non-current derivatives liabilities	672	487
Current liabilities related to Orange Bank activities	3,234	4,279
Current financial liabilities	4,489	3,925
Current derivatives liabilities	54	22
Orange Bank, operating segment [member]
Disclosure of detailed information about financial instruments [line items]
Non-current financial assets related to banking activities	1,380	1,259
Current financial assets related to banking activities	1,981	3,098
Operating segments [member] | Telecom activities, operating segment [member]
Disclosure of detailed information about financial instruments [line items]
Non-current financial assets	1,301
Non-current derivatives, assets	881
Current financial assets	4,376
Current derivatives, assets	41
Cash and cash equivalents	6,031	6,112	5,734	5,081
Non-current financial liabilities	32,744
Non-current derivatives liabilities	594
Current financial liabilities	4,493
Current derivatives liabilities	54
Operating segments [member] | Orange Bank, operating segment [member]
Disclosure of detailed information about financial instruments [line items]
Non-current financial assets related to banking activities	1,380
Current financial assets related to banking activities	1,981
Cash and cash equivalents	333	€ 369	€ 226	€ 553
Non-current liabilities related to Orange Bank activities	27
Non-current derivatives liabilities	78
Current liabilities related to Orange Bank activities	3,235
Elimination of intersegment amounts [member]
Disclosure of detailed information about financial instruments [line items]
Non-current financial assets	(27)
Current financial assets related to banking activities	(4)
Current financial assets	(1)
Non-current liabilities related to Orange Bank activities	(27)
Current liabilities related to Orange Bank activities	(1)
Current financial liabilities	€ (4)

XML

Activities of Orange Bank - Financial assets - Tabular disclosure (Details) - EUR (€) € in Millions	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Categories of financial assets [abstract]
Non-current financial assets related to banking activities	€ 1,380	€ 1,259
Current financial assets related to banking activities	1,977	3,095
Orange Bank, operating segment [member]
Categories of financial assets [abstract]
Non-current financial assets related to banking activities	1,380	1,259
Current financial assets related to banking activities	1,981	3,098
Orange Bank, operating segment [member] | Operating segments [member]
Categories of financial assets [abstract]
Non-current financial assets related to banking activities	1,380
Current financial assets related to banking activities	1,981
Total	3,361	4,357
Orange Bank, operating segment [member] | Operating segments [member] | Financial assets at fair value through other comprehensive income that will not be reclassified to profit or loss [member]
Categories of financial assets [abstract]
Non-current financial assets related to banking activities	2
Total	2	2
Orange Bank, operating segment [member] | Operating segments [member] | Financial assets at fair value through other comprehensive income that will not be reclassified to profit or loss [member] | Investments securities [member]
Categories of financial assets [abstract]
Non-current financial assets related to banking activities	2
Total	2	2
Orange Bank, operating segment [member] | Operating segments [member] | Financial assets at fair value through other comprehensive income that may be reclassified to profit or loss [member]
Categories of financial assets [abstract]
Non-current financial assets related to banking activities	645
Current financial assets related to banking activities	5
Total	650	656
Orange Bank, operating segment [member] | Operating segments [member] | Financial assets at fair value through other comprehensive income that may be reclassified to profit or loss [member] | Debt securities [member]
Categories of financial assets [abstract]
Non-current financial assets related to banking activities	645
Current financial assets related to banking activities	5
Total	650	656	€ 925
Orange Bank, operating segment [member] | Operating segments [member] | Financial assets at fair value through profit or loss, category [member]
Categories of financial assets [abstract]
Non-current financial assets related to banking activities	99
Total	99	179
Orange Bank, operating segment [member] | Operating segments [member] | Financial assets at fair value through profit or loss, category [member] | Investments at fair value [member]
Categories of financial assets [abstract]
Total		79
Orange Bank, operating segment [member] | Operating segments [member] | Financial assets at fair value through profit or loss, category [member] | Cash collateral paid [member]
Categories of financial assets [abstract]
Non-current financial assets related to banking activities	76
Total	76	76
Orange Bank, operating segment [member] | Operating segments [member] | Financial assets at fair value through profit or loss, category [member] | Other financial assets [member]
Categories of financial assets [abstract]
Non-current financial assets related to banking activities	22
Total	22	25
Orange Bank, operating segment [member] | Operating segments [member] | Financial assets at amortised cost, category [member]
Categories of financial assets [abstract]
Non-current financial assets related to banking activities	635
Current financial assets related to banking activities	1,976
Total	2,611	3,519
Orange Bank, operating segment [member] | Operating segments [member] | Financial assets at amortised cost, category [member] | Loans and receivables to customers [member]
Categories of financial assets [abstract]
Current financial assets related to banking activities	1,857
Total	1,857	1,937
Orange Bank, operating segment [member] | Operating segments [member] | Financial assets at amortised cost, category [member] | Loans and receivables to credit institutions [member]
Categories of financial assets [abstract]
Current financial assets related to banking activities	109
Total	109	1,073
Orange Bank, operating segment [member] | Operating segments [member] | Financial assets at amortised cost, category [member] | IFRS Fixed Income Securities [Member]
Categories of financial assets [abstract]
Non-current financial assets related to banking activities	635
Current financial assets related to banking activities	6
Total	641	506
Orange Bank, operating segment [member] | Operating segments [member] | Financial assets at amortised cost, category [member] | Other financial assets [member]
Categories of financial assets [abstract]
Current financial assets related to banking activities	4
Total	€ 4	€ 3

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Activities of Orange Bank - Debt securities - At fair value through other comprehensive income (Details) - Operating segments [member] - Orange Bank, operating segment [member] - EUR (€) € in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Categories of financial assets [abstract]
Financial assets at beginning of period	€ 4,357
Financial assets at end of period	3,361	€ 4,357
Financial assets at fair value through other comprehensive income that may be reclassified to profit or loss [member]
Categories of financial assets [abstract]
Financial assets at beginning of period	656
Financial assets at end of period	650	656
Financial assets at fair value through other comprehensive income that may be reclassified to profit or loss [member] | Debt securities [member]
Categories of financial assets [abstract]
Financial assets at beginning of period	656	925
Acquisitions	110	165
Repayments and disposals	(114)	(442)
Changes in fair value	(2)	9
Other items	(1)	(1)
Financial assets at end of period	€ 650	€ 656

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Activities of Orange Bank - Loans and receivables components (Details) - Operating segments [member] - Orange Bank, operating segment [member] € in Millions	Jun. 30, 2020 EUR (€)
Overdraft [member]
Disclosure of detailed information about financial instruments [line items]
Total loans and receivables to customers	€ 849
Mortgages [member]
Disclosure of detailed information about financial instruments [line items]
Total loans and receivables to customers	€ 858

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Activities of Orange Bank - Financial debts (Details) - Operating segments [member] - Orange Bank, operating segment [member] € in Millions	Jun. 30, 2020 EUR (€)
Disclosure of detailed information about financial instruments [line items]
Customers borrowings and deposits	€ 2,150
Debts with financial institutions	617
Deposit certificate	467
Balances on current accounts from customers [member]
Disclosure of detailed information about financial instruments [line items]
Customers borrowings and deposits	1,273
Passbooks and special savings accounts [member]
Disclosure of detailed information about financial instruments [line items]
Customers borrowings and deposits	€ 876

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Shareholders' equity - General information (Details) - EUR (€)	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Disclosure of classes of share capital [line items]
Equity	€ 34,660,000,000	€ 34,416,000,000	€ 32,778,000,000	€ 33,249,000,000
Shares issued (in shares)	2,660,056,599	2,660,056,599	2,660,056,599	2,660,056,599
Par value (in euros per share)	€ 4
Issued capital [member]
Disclosure of classes of share capital [line items]
Equity	€ 10,640,226,396	€ 10,640,000,000	€ 10,640,000,000	€ 10,640,000,000

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Shareholders' equity - Voting rights (Details)	6 Months Ended
	Jun. 30, 2020
Disclosure of classes of share capital [line items]
Double voting right period	2 years
French State [member]
Disclosure of classes of share capital [line items]
Shareholder ownership percentage of share capital (as a percent)	22.95%
Shareholder ownership percentage of voting rights (as a percent)	29.44%
French State Group employees [member]
Disclosure of classes of share capital [line items]
Shareholder ownership percentage of share capital (as a percent)	5.53%
Shareholder ownership percentage of voting rights (as a percent)	8.85%

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Shareholders' equity - Changes in share capital (Details)	6 Months Ended
	Jun. 30, 2020 shares
Shareholders' equity [abstract]
New shares issued during the period (in shares)	0

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Shareholders' equity - Weighted average number of shares outstanding (Details)	6 Months Ended
	Jun. 30, 2020 shares
Disclosure of classes of share capital [line items]
Weighted average number of ordinary shares outstanding - basic (in shares)	2,654,514,167
Weighted average number of shares outstanding - diluted (in shares)	2,682,021,278

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Shareholders' equity - Treasury shares (Details) - shares	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Disclosure of classes of share capital [line items]
Valid authorization period from Shareholder's meeting for 2019 Buyback Program	18 months
Treasury shares held (in shares)	1,788,037	9,742,968
Ordinary shares, liquidity contract [member]
Disclosure of classes of share capital [line items]
Treasury shares held (in shares)	992,500	853,500
Ordinary shares, Orange Vision 2020, Long Term Incentive Plan 2018-2020 and LTIP 2019-2021 free share award plan [member]
Disclosure of classes of share capital [line items]
Treasury shares held (in shares)	795,537	8,889,468

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Shareholders' equity - Dividends - Dividends per share (Details) - € / shares				1 Months Ended
	Jun. 04, 2020	May 19, 2020	Dec. 04, 2019	Feb. 29, 2020
Shareholders' equity [abstract]
Dividend declared with respect to fiscal year (in euros per share)		€ 0.50
Interim dividend per share, current year (in euros per share)			€ 0.30	€ 0.70
Dividend per share, balance for prior year (in euros per share)	€ 0.20

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Shareholders' equity - Dividends - Dividends paid (Details) - EUR (€) € in Millions	Jun. 04, 2020	Dec. 04, 2019
Shareholders' equity [abstract]
Interim dividend, current year		€ 796
Dividend, balance for prior year	€ 532

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Shareholders' equity - Non-controlling interests - Equity (Details) - EUR (€) € in Millions	Jun. 30, 2020	Dec. 31, 2019
Disclosure of classes of share capital [line items]
Credit part of equity attributable to non-controlling interests	€ 2,566	€ 2,701
Debit part of equity attributable to non-controlling interests	(12)	(13)
Total equity attributable to non-controlling interests	2,553	2,688
Orange Polska and subsidiaries [member]
Disclosure of classes of share capital [line items]
Credit part of equity attributable to non-controlling interests	959	987
o/w Sonatel group [member]
Disclosure of classes of share capital [line items]
Credit part of equity attributable to non-controlling interests	653	736
Orange Belgium [member]
Disclosure of classes of share capital [line items]
Credit part of equity attributable to non-controlling interests	270	275
Jordan Telecom and subsidiaries [member]
Disclosure of classes of share capital [line items]
Credit part of equity attributable to non-controlling interests	170	166
o/w Mdi Telecom [member]
Disclosure of classes of share capital [line items]
Credit part of equity attributable to non-controlling interests	€ 124	€ 148

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Shareholders' equity - Non-controlling interests - Dividends (Details) - EUR (€) € in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Disclosure of classes of share capital [line items]
Dividends paid to minority shareholders	€ 206	€ 243
o/w Sonatel group [member]
Disclosure of classes of share capital [line items]
Dividends paid to minority shareholders	166	192
o/w Mdi Telecom [member]
Disclosure of classes of share capital [line items]
Dividends paid to minority shareholders	24	22
Orange Belgium [member]
Disclosure of classes of share capital [line items]
Dividends paid to minority shareholders	€ 14	14
Jordan Telecom and subsidiaries [member]
Disclosure of classes of share capital [line items]
Dividends paid to minority shareholders		€ 13

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Shareholders' equity - Cumulative translation adjustment - Gains (losses) on exchange differences (Details) - EUR (€) € in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Exchange differences on translation [abstract]
Gain (loss) recognized in other comprehensive income during the period	€ (184)	€ 52
Reclassification to net income for the period	0	(2)
Total transaction adjustments for continuing operations	€ (184)	€ 50

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Shareholders' equity - Cumulative translation adjustment - Additional information (Details) - EUR (€) € in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Disclosure of classes of share capital [line items]
Gain (loss) recognized in other comprehensive income during the period	€ (184)	€ 52
Egypt, Pounds
Disclosure of classes of share capital [line items]
Gain (loss) recognized in other comprehensive income during the period		€ 45
Poland, Zlotych
Disclosure of classes of share capital [line items]
Gain (loss) recognized in other comprehensive income during the period	(94)
Norway, Krone
Disclosure of classes of share capital [line items]
Gain (loss) recognized in other comprehensive income during the period	€ (30)

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Shareholders' equity - Subordinated notes - Statements of changes in shareholders' equity (Details) - EUR (€) € in Millions	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Disclosure of detailed information about borrowings [line items]
Equity	€ 34,660	€ 34,416	€ 32,778	€ 33,249
Equity attributable to owners of parent [member]
Disclosure of detailed information about borrowings [line items]
Equity	32,106	31,727	30,311	30,669
Subordinated notes [member]
Disclosure of detailed information about borrowings [line items]
Equity	5,803	€ 5,803	€ 5,803	€ 5,803
Costs and share premiums allocated in reserves	€ 88

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Shareholders' equity - Subordinated notes - Tabular disclosure - Paid coupons (Details) € in Millions, £ in Millions							6 Months Ended
	Apr. 15, 2020 EUR (€)	Apr. 01, 2020 EUR (€)	Apr. 01, 2020 GBP (£)	Mar. 19, 2020 EUR (€)	Feb. 08, 2020 EUR (€)	Feb. 08, 2020 GBP (£)	Jun. 30, 2020 EUR (€)	Jun. 30, 2019 EUR (€)
Disclosure of detailed information about borrowings [line items]
Remuneration of subordinated notes				€ 4			€ 186	€ 267
Subordinated debt, 4.25 percent and 5.25 percent, issued February 2014 [member]
Disclosure of detailed information about borrowings [line items]
Remuneration of subordinated notes					€ 53
Subordinated debt, 5.875 percent, issued February 2014 [member]
Disclosure of detailed information about borrowings [line items]
Remuneration of subordinated notes					€ 45	£ 38
Subordinated debt, 5.75 percent, issued October 2014 [member]
Disclosure of detailed information about borrowings [line items]
Remuneration of subordinated notes		€ 38	£ 35
Subordinated debt, issued April 2019 [member]
Disclosure of detailed information about borrowings [line items]
Remuneration of subordinated notes	€ 24

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Shareholders' equity - Subordinated notes - Additional information (Details) € in Millions	6 Months Ended
	Jun. 30, 2020 EUR (€)
IFRS Subordinated Debt [Member]
Disclosure of detailed information about borrowings [line items]
Tax effect of the conversion of subordinated notes whose face value is denominated in pounds sterling	€ (32)

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Litigations and unrecognized contractual commitments - Provisions (Details) - EUR (€) € in Millions	Jun. 30, 2020	Dec. 31, 2019
Disclosure of other provisions [line items]
Legal provisions	€ 569	€ 643

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Litigations and unrecognized contractual commitments - France (Details) - FRANCE € in Millions	Jun. 17, 2020 EUR (€)	Jul. 01, 2020 item
Digicel, anti-competitive practices action [member]
Disclosure of contingent liabilities [line items]
Losses on litigation settlements | €	€ 180
Damages sought | €	€ 224
Evaluation and Compensation Committee, individual requests received from natural persons [member]
Disclosure of contingent liabilities [line items]
Individual requests received | item		740
Individual requests received, closed subsequent to agreement | item		220

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Litigations and unrecognized contractual commitments - Middle East and Africa (Details) - 6 months ended Jun. 30, 2020 € in Millions, JD in Millions	JOD (JD)	EUR (€)
JORDAN | Zain, telecom regulator litigation [Member]
Disclosure of contingent liabilities [line items]
Damages awarded	JD 250	€ 314

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Subsequent events (Details) € / shares in Units, € in Millions	Jul. 29, 2020 EUR (€) € / shares
Disclosure of non-adjusting events after reporting period [abstract]
Interim dividend (in euros per share) | € / shares	€ 0.30
Interim dividend | €	€ 798