XML 234 R43.htm IDEA: XBRL DOCUMENT v3.20.1
Financial assets, liabilities and financial result (excluding Orange Bank) (Tables)
12 Months Ended
Dec. 31, 2019
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

​

1,259

​

—

​

​

​

1,259

​

16.1.1

​

—

​

Non-current financial assets

 

1,208

​

1,235

​

12.7

 

—

​

​

​

(27)

(1) 

Non-current derivatives assets

 

562

​

562

​

12.8

 

—

​

16.1.3

​

—

​

Current financial assets related to Orange Bank activities

​

3,095

​

—

​

​

​

3,098

​

16.1.1

​

(3)

​

Current financial assets

 

4,766

​

4,766

​

12.7

 

—

​

​

​

—

​

Current derivatives assets

 

12

​

12

​

12.8

 

—

​

16.1.3

​

—

​

Cash and cash equivalents

 

6,481

​

6,112

​

​

 

369

​

​

​

—

​

Non-current financial liabilities related to Orange Bank activities

​

—

​

—

​

​

​

27

​

16.1.2

​

(27)

(1) 

Non-current financial liabilities

 

33,148

​

33,148

​

12.3

 

—

​

​

​

—

​

Non-current derivatives liabilities

 

487

​

413

​

12.8

 

74

​

16.1.3

​

—

​

Current financial liabilities related to Orange Bank liabilities

​

4,279

​

—

​

​

​

4,280

​

16.1.2

​

—

​

Current financial liabilities

 

3,925

​

3,928

​

12.3

 

—

​

​

​

(3)

​

Current derivatives liabilities

 

22

​

22

​

12.8

 

—

​

16.1.3

​

—

​

​

(1)Loan granted by Orange SA to Orange Bank.
Schedule of credit rating

​

​

​

​

​

​

​

​

​

​

​

    

Standard

    

Moody’s

    

Fitch

    

Japan

​

​

& Poor’s

​

​

​

Ratings

​

Credit Rating

Long-term debt

 

BBB+

 

Baa1

 

BBB+

 

A

Outlook

 

Stable

 

Stable

 

Stable

 

Stable

Short-term debt

 

A2

 

P2

 

F2

 

Not applicable

​

Schedule of financial assets

After application of IFRS 9 on January 1, 2018, the financial assets break down as follows:

​

​

​

​

​

​

​

​

​

​

​

​

(in millions of euros)

​

December 31, 2019

​

December 31, 2018

​

January 1, 2018 (1)

 

​

​

​

​

​

​

Financial assets

​

​

​

​

 

​

​

​

​

​

​

related to telecom

​

​

​

​

 

​

​

​

​

​

​

activities including

​

​

​

​

 

​

​

​

​

​

​

transactions with

​

​

​

​

 

​

​

​

​

​

​

Orange Bank

​

​

​

​

 

​

    

Non-current

    

Current

    

Total

    

Total

    

Total

 

Financial assets at fair value through other comprehensive income that will not be reclassified to profit or loss

​

277

​

—

​

277

​

254

​

208

​

Investments securities

 

277

 

—

 

277

 

254

 

208

​

Financial assets at fair value through profit or loss

 

257

 

4,696

 

4,953

 

4,041

 

4,347

​

Investments at fair value

 

—

 

4,696

 

4,696

 

2,683

 

2,647

​

o/w negotiable debt securities (2)

​

—

​

4,696

​

4,696

​

2,679

​

2,498

​

o/w other

​

—

​

—

​

—

​

4

​

149

(3)

Investments securities

 

133

 

—

 

133

 

805

 

1,005

​

Cash collateral paid (4)

 

123

 

—

 

123

 

553

 

695

​

Financial assets at amortized cost

 

701

 

71

 

772

 

762

 

405

​

Receivables related to investments(5)

 

52

​

18

 

70

 

55

 

46

​

Other

 

649

 (6)  

52

 

702

 

707

 (6)  

359

​

Total financial assets

 

1,235

 

4,766

 

6,001

 

5,057

 

4,960

​

​

(1)Figures have been adjusted after IFRS 9 application.
(2)NEUCP only.
(3)OAT bonds (repurchase agreement with Orange Bank).
(4)See Note 13.5.
(5)Including loan from Orange SA to Orange Bank for 27 million euros.
(6)Including the escrowed amount of 346 million euros related to the Digicel litigation.

As of 2017, for which the IFRS 9 standard was not applied as authorized by the standard, the financial assets broke down as follows:

​

​

​

​

(in millions of euros)

    

December 31, 2017

    

Assets available for sale

 

​

​

Equity securities

 

1,067

 

Financial assets at fair value

 

  

 

Investments at fair value

 

2,647

 

o/w negotiable debt securities

 

2,498

 

o/w others

 

149

(1)

Equity securities measured at fair value

 

146

 

Cash collateral paid

 

695

 

Other financial assets

 

  

 

Receivables related to investments

 

46

(2)

Other

 

359

 

Total

 

4,960

 

​

(1)OAT bonds (repurchase agreement with Orange Bank).
(2)Including loan from Orange SA to Orange Bank for 27 million euros.
Schedule of investment securities measured at fair value through other comprehensive income that may not be reclassified to profit or loss

​

​

​

​

​

​

(in millions of euros)

    

2019

    

2018

Investment securities measured at fair value through other comprehensive income that may not be reclassified to profit or loss - in the opening balance

 

254

 

208

Acquisitions

 

52

 

75

Changes in fair value

​

(25)

​

(22)

Sales

 

(2)

 

(7)

Other movements

 

(2)

 

—

Investment securities measured at fair value through other comprehensive income that may not be reclassified to profit or loss - in the closing balance

 

277

 

254

Schedule of investment securities measured at fair value through profit or loss

Investment securities measured at fair value through profit or loss

​

​

​

​

​

(in millions of euros)

    

2019

    

2018

Investment securities measured at fair value through profit or loss - in the opening balance

​

805

​

1,005

Changes in fair value

​

17

​

(101)

Sale of BT shares

​

(659)

​

(53)

Other movements

​

(29)

​

(46)

Investment securities measured at fair value through profit or loss - in the closing balance

​

133

​

805

​

For the period 2017 for which IFRS 9 was not applied as authorized, the change in investment securities broke down as follows:

​

​

​

(in millions of euros)

    

2017

Investment securities - in the opening balance

​

1,878

Sale of one third of BT shares

 

(570)

Impairment of BT shares maintained excluding effect of FX risk hedge

 

(325)

Changes in fair value

 

20

Other movements

 

64

Investment securities - in the closing balance

 

1,067

Schedule of change in cash flow hedge reserve

​

​

​

​

​

(in millions of euros)

    

2017

 

Gain (loss) recognized in other comprehensive income during the period (1)

 

51

​

Reclassification in financial result for the period

 

(10)

​

Reclassification in operating income for the period

 

(3)

​

Reclassification in initial carrying amount of hedged item

 

11

​

Other comprehensive income

 

49

​

​

Schedule of hedges unmatured and their effects on financial statements

​

​

​

​

​

​

​

​

​

(in millions of euros)

​

Hedged risk

​

​

Total

​

Exchange and interest 

​

​

​

​

​

​

​

​

rate risk

​

Exchange risk

​

Interest rate risk

​

    

​

    

​

    

​

    

​

Hedging instruments

​

328

​

Cross Currency Swap

​

Forward 

​

Interest rate swap

​

​

​

​

​

​

FX swap

​

Option

​

​

​

​

​

​

Option

​

​

Carrying amount - asset

 

557

​

554

​

2

​

1

Carrying amount - liability

 

(229)

​

(190)

​

(3)

​

(36)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Change in cash flow hedge reserve

 

144

​

148

​

(10)

​

7

Gain (loss) recognized in other comprehensive income

 

179

​

184

​

(12)

​

7

Reclassification in financial result

 

(38)

​

(36)

​

(1)

​

(1)

Reclassification in operating income

 

1

​

—

​

1

​

—

Reclassification in initial carrying amount of hedged item

 

2

​

—

​

2

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cash flow hedge reserve

 

(123)

​

(95)

​

(6)

​

(22)

o/w related to unmatured hedging instruments

 

(542)

​

(513)

​

(6)

​

(22)

o/w related to discontinued hedges

 

418

​

418

​

—

​

—

Hedged item

 

​

​

Bonds and credit line

​

Purchases of handsets

​

Bonds and Leasing

​

 

​

​

​

​

and equipment

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current and non current

​

Property, plant and

​

Other Liabilities and
Financial Liabilities -

Balance sheet item

​

​

​

financial liabilities

​

equipment

​

current and non current

​

The main hedges unmatured at December 31, 2018, as well as their effects on the financial statements, are detailed in the table below.

​

​

​

​

​

​

​

​

​

(in millions of euros)

    

Hedged risk

​

​

Total

​

Exchange and interest 

​

Exchange risk

​

Interest rate risk

​

​

​

​

rate risk

​

​

​

​

​

    

​

    

​

    

​

    

​

Hedging instruments

​

(160)

​

Cross Currency Swap

​

Forward 

​

Interest rate swap

​

​

​

​

​

​

FX swap

​

​

​

​

​

​

​

​

Option

​

​

Carrying amount - asset

 

353

​

351

​

2

​

—

Carrying amount - liability

 

(513)

​

(479)

​

0

​

(34)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Change in cash flow hedge reserve

 

(67)

​

(83)

​

(7)

​

23

Gain (loss) recognized in other comprehensive income

 

(53)

​

(45)

​

(15)

​

7

Reclassification in financial result

 

(22)

​

(38)

​

—

​

16

Reclassification in operating income

 

(1)

​

—

​

(1)

​

—

Reclassification in initial carrying amount of hedged item

 

9

​

—

​

9

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cash flow hedge reserve

 

(267)

​

(245)

​

3

​

(25)

o/w related to unmatured hedging instruments

 

(721)

​

(696)

​

3

​

(28)

o/w related to discontinued hedges

 

454

​

451

​

0

​

3

Hedged item

 

​

​

Bonds and credit line

​

Purchases of handsets

​

Bonds and Leasing

​

 

​

​

​

​

and equipment

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current and non current

​

Property, plant and

​

Current and non current

Balance sheet item

​

​

​

financial liabilities

​

equipment

​

financial liabilities

​

Schedule of hedging instrument reserve

​

​

​

​

​

(in millions of euros)

    

December 31, 

 

​

​

2017

 

Other comprehensive income related to unmatured hedging instruments

 

(686)

​

O/w Orange SA

 

(666)

​

O/w other entities

 

(20)

​

Reserve to be amortized for discontinued hedges

 

486

​

Other comprehensive income related to hedging instruments

 

(200)

​

Telecom activities, operating segment [member]  
Disclosure of detailed information about financial instruments [line items]  
Schedule of net finance costs and other comprehensive income on financial assets and liabilities

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(in millions of euros)

​

​

​

​

​

​

​

​

​

​

​

​

​

Other

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

compre-

 

​

​

Finance costs, net

​

hensive income

 

​

​

Cost of

​

Gains

​

Cost of net

​

Foreign

​

Other net

​

Finance

​

Reserves

 

​

​

gross

​

(losses) on

​

financial

​

exchange

​

financial

​

costs, net

​

​

 

​

​

financial

​

assets

​

debt

​

gains

​

expenses(2)

​

​

​

​

 

​

​

debt(1)

​

contributing

​

​

​

(losses)

​

​

​

​

​

​

 

​

​

​

​

to net 

​

​

​

​

​

​

​

​

​

​

 

​

​

​

​

financial

​

​

​

​

​

​

​

​

​

​

 

​

    

​

    

debt

    

​

    

​

    

​

    

​

    

​

 

2019

 

  

 

  

 

  

 

  

 

  

 

  

 

  

​

Financial assets

 

—

 

5

 

5

 

31

 

(65)

 

  

 

(25)

​

Financial liabilities

 

(1,255)

 

—

 

(1,255)

 

(351)

 

—

 

  

 

—

​

Lease liabilities

​

—

​

—

​

—

​

—

​

(122)

​

​

​

—

​

Derivatives

 

146

 

—

 

146

 

397

 

—

 

  

 

144

​

Discounting expense

 

—

 

—

 

—

 

—

 

(39)

 

  

 

—

​

Total

 

(1,109)

 

5

 

(1,104)

 

76

 

(226)

​

(1,254)

 

119

​

2018

 

  

 

  

 

  

 

  

 

  

 

  

 

  

​

Financial assets

 

—

 

9

 

9

 

(17)

 

16

 

  

 

(22)

​

Financial liabilities

 

(1,395)

 

—

 

(1,395)

 

(353)

 

—

 

  

 

—

​

Derivatives

 

54

 

—

 

54

 

366

 

—

 

  

 

(67)

​

Discounting expense

 

—

 

—

 

—

 

—

 

(42)

 

  

 

—

​

Total

 

(1,341)

 

9

 

(1,332)

 

(4)

 

(26)

 

(1,362)

 

(89)

​

2017

 

  

 

  

 

  

 

  

 

  

 

  

 

  

​

Financial assets

 

—

 

11

 

11

 

(54)

 

(346)

 

  

 

20

​

Financial liabilities

 

(1,357)

 

—

 

(1,357)

 

1,217

 

—

 

  

 

—

​

Derivatives

 

83

 

—

 

83

 

(1,226)

 

—

 

  

 

49

​

Discounting expense

 

—

 

—

 

—

 

—

 

(43)

 

  

 

—

​

Total

 

(1,274)

 

11

 

(1,263)

 

(63)

 

(389)

 

(1,715)

 

69

​

​

(1)Include interests on debt relating to financed assets for (1) million euros in 2019.
(2)Include interest on lease liabilities for (122) million euros in 2019 and effects related to the investment in BT for (119) million euros in 2019, (51) million euros in 2018 and (372) million euros in 2017.
Schedule of net financial debt

​

​

​

​

​

​

​

​

​

​

​

(in millions of euros)

​

​

​

December 31, 

​

December 31, 

​

December 31, 

 

​

    

Note

    

2019

    

2018

    

2017

 

TDIRA

    

12.4

    

822

 

822

 

1,234

​

Bonds

 

12.5

 

30,893

 

27,070

 

25,703

​

Bank loans and from development organizations and multilateral lending institutions

 

12.6

 

4,013

 

3,664

 

2,961

​

Debt relating to financed assets

​

​

​

125

​

—

​

—

​

Finance lease liabilities

 

  

 

—

 

584

 

571

​

Cash collateral received

 

13.5

 

261

 

82

 

21

​

NEU Commercial Papers (1)

 

  

 

158

 

1,116

 

1,358

​

Bank overdrafts

 

  

 

203

 

318

 

193

​

Other financial liabilities

 

  

 

602

(2) 

363

 

434

​

Current and non-current financial liabilities (excluding derivatives) included in the calculation of net financial debt

 

  

 

37,076

 

34,019

 

32,475

​

Current and non-current Derivatives (liabilities)

 

12.8

 

436

 

845

 

963

​

Current and non-current Derivatives (assets)

 

12.8

 

(573)

 

(385)

 

(234)

​

Other comprehensive income components related to unmatured hedging instruments

 

12.8

 

(542)

 

(721)

 

(686)

​

Gross financial debt after derivatives (a)

 

  

 

36,397

 

33,758

 

32,518

​

Cash collateral paid (3)

 

13.5

 

(123)

 

(553)

 

(695)

​

Investments at fair value (4)

 

12.7

 

(4,696)

 

(2,683)

 

(2,647)

​

Cash equivalents

 

​

 

(3,651)

 

(2,523)

 

(3,166)

​

Cash

 

​

 

(2,462)

​

(2,558)

 

(2,167)

(5)

Assets included in the calculation of net financial debt (b)

 

  

 

(10,931)

 

(8,317)

 

(8,675)

​

Net financial debt (a) + (b)

 

  

 

25,466

 

25,441

 

23,843

​

​

(1)Negotiable European Commercial Papers (formerly called “commercial papers”).
(2)Include 500 million euros of subordinated notes (first call date on February 7, 2020) reclassified as a short term liability (see Note 14.4).
(3)Only cash collateral paid, included in non-current financial assets of the consolidated statement of financial position, are deducted from gross financial debt.
(4)Only investments at fair value, included in current financial assets of the consolidated statement of financial position, are deducted from gross financial debt (Note 12.7)
(5)As of December 31, 2017, the amount does not take into account the effect of the escrowed amount of approximatively 346 million euros in February 2018 related to the Digicel litigation.
Schedule of changes in financial liabilities whose cash flows are disclosed in financing activities in the cash flow statement

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(in millions of euros)

​

December 31,

​

Cash

​

Other changes with no impact

​

​

December 31,

​

​

2018

​

flows

​

on cash flows

​

​

2019

​

​

​

​

​

​

Changes in

​

Foreign

​

​

​

​

​

​

​

​

​

​

​

the scope of

​

exchange

​

​

​

​

​

​

​

​

​

​

​

consolidation

​

movement

​

Other

​

​

​

TDIRA

    

822

    

—

    

—

    

—

    

—

    

​

822

Bonds

 

27,070

 

3,391

 

148

 

346

 

(63)

 (1)

​

30,893

Bank loans and from development organizations and multilateral lending institutions

 

3,664

 

335

 

(30)

 

36

 

8

 

​

4,013

Finance lease liabilities

 

584

 

—

 

—

 

—

 

(584)

 

​

0

Debt relating to financed assets

 

—

 

(17)

 

—

 

—

 

143

 

​

125

Cash collateral received

 

82

 

179

 

—

 

—

 

—

 

​

261

NEU Commercial Papers

 

1,116

 

(958)

 

—

 

—

 

(1)

 

​

158

Bank overdrafts

 

318

 

(123)

 

(4)

 

5

 

7

 

​

203

Other financial liabilities

 

363

 

(10)

 

9

 

10

 

229

 

​

602

Current and non-current financial liabilities (excluding derivatives) included in the calculation of net financial debt

 

34,019

 

2,797

 

123

 

398

 

(261)

 

​

37,076

Net derivatives

 

460

 

26

 

(2)

 

(376)

 

(246)

 

​

(138)

Cash collateral paid

​

(555)

​

430

​

—

​

—

​

—

​

​

(123)

Cash flows from financing activities

 

  

 

3,253

 

​

 

  

 

  

 

  

​

​

(1) Mainly corresponding to changes in accrued interests.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(in millions of euros)

​

December 31, 2017

​

Cash
flows

​

Other changes with no impact
on cash flows

​

December 31, 2018

 

​

    

​

    

​

    

Changes in
the scope of
consolidation

    

Foreign
exchange
movement

    

Other

    

​

​

  

TDIRA

 

1,234

 

(443)

 

—

 

—

 

31

 

​

822

​

Bonds

 

25,703

 

1,136

 

5

 

321

 

(95)

(1) 

​

27,070

​

Bank loans and from development organizations and multilateral lending institutions

 

2,961

 

613

 

14

 

20

 

56

 

​

3,664

​

Finance lease liabilities

 

571

 

(123)

 

2

 

(1)

 

135

 

​

584

​

Cash collateral received

 

21

 

61

 

—

 

—

 

—

 

​

82

​

NEU Commercial Papers

 

1,358

 

(243)

 

—

 

(0)

 

1

 

​

1,116

​

Bank overdrafts

 

193

 

82

 

38

 

5

 

—

 

​

318

​

Other financial liabilities

 

434

 

(153)

 

135

 

8

 

(61)

 

​

363

​

Current and non-current financial liabilities (excluding derivatives) included in the calculation of net financial debt

 

32,475

 

930

 

194

 

353

 

67

 

​

34,019

​

Net derivatives

 

729

 

8

 

—

 

(339)

 

62

 

​

460

​

Cash collateral paid

 

(695)

 

140

 

—

 

—

 

—

 

​

(555)

​

Cash flows from financing activities

 

  

 

1,078

 

  

 

  

 

  

 

​

  

​

​

(1)Mainly corresponding to changes in accrued interests.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(in millions of euros)

​

December 31, 

​

Cash

​

Other changes with no impact

​

​

December 31, 

​

​

2016

​

flows

​

on cash flows

​

​

2017

​

​

​

​

​

​

Changes in

​

Foreign

​

​

​

​

​

​

​

​

​

​

​

the scope of

​

exchange

​

​

​

​

​

​

​

​

​

​

​

consolidation

​

movement

​

Other

​

​

​

TDIRA

    

1,212

    

—

    

—

    

—

    

22

    

​

1,234

Bonds

 

27,370

 

(460)

 

—

 

(1,104)

 

(103)

(1) 

​

25,703

Bank loans and from development organizations and multilateral lending institutions

 

2,710

 

294

 

—

 

(54)

 

11

 

​

2,961

Finance lease liabilities

 

622

 

(96)

 

—

 

—

 

45

 

​

571

Cash collateral received

 

541

 

(520)

 

—

 

—

 

—

 

​

21

NEU Commercial Papers

 

542

 

818

 

—

 

(2)

 

—

 

​

1,358

Bank overdrafts

 

278

 

(66)

 

—

 

(19)

 

—

 

​

193

Other financial liabilities

 

250

 

196

 

—

 

(21)

 

9

 

​

434

Current and non-current financial liabilities (excluding derivatives) included in the calculation of net financial debt

 

33,525

 

166

 

—

 

(1,200)

 

(16)

 

​

32,475

Net derivatives

 

(399)

 

(66)

 

—

 

1,183

 

11

 

​

729

Cash collateral paid

 

(77)

 

(618)

 

—

 

—

 

—

 

​

(695)

Cash flows from financing activities

 

  

 

(518)

 

  

 

  

 

  

 

  

​

​

(1)Mainly corresponding to changes in accrued interests.
Schedule of net financial debt by currency

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(equivalent value in millions of euros at year-end closing rate)

    

EUR

    

USD

    

GBP

    

PLN

    

EGP

    

JOD

    

MAD

    

Other

    

Total

Gross financial debt after derivatives

 

24,959

 

4,718

 

3,800

 

25

 

216

 

148

​

594

 

1,937

 

36,397

Financial assets included in the calculation of net financial debt

 

(9,648)

 

(91)

 

(9)

 

(96)

 

(2)

 

(30)

​

(191)

 

(864)

 

(10,931)

Net debt by currency before effect of foreign exchange derivatives (1)

 

15,311

 

4,627

 

3,791

 

(71)

 

214

 

118

​

403

 

1,073

 

25,466

Effect of foreign exchange derivatives

 

9,124

 

(4,677)

 

(5,312)

 

1,505

 

—

 

—

​

—

 

(640)

 

—

Net financial debt by currency after effect of foreign exchange derivatives

 

24,436

 

(50)

 

(1,521)

 

1,435

 

214

 

118

​

403

 

433

 

25,466

​

(1)Including the market value of derivatives in local currency.
Schedule of difference between nominal amount and sum of equity and debt components

​

​

​

​

​

​

​

​

​

(in millions of euros)

    

December 31, 2019

 

December 31, 2018

    

December 31, 2017

 

Number of securities

 

57,981

 

57,981

 

89,398

​

Equity component before deferred taxes

 

196

 

196

 

303

​

Debt component

 

822

 

822

 

1,234

​

o/w accrued interests not yet due

 

4

 

4

 

7

​

Paid interest

 

18

 

27

 

27

​

​

Schedule of consolidated net income of investment

​

​

​

​

​

​

​

​

(in millions of euros)

    

2019

    

2018

    

2017

Impact of 2017 sale

​

—

​

—

​

(126)

Impact of 2018 sales

​

—

​

(2)

​

(22)

Impact of 2019 sale

 

(119)

​

(93)

​

(271)

Dividends received

 

—

​

44

​

47

Effect in the consolidated financial net income of the investment in BT

 

(119)

​

(51)

​

(372)

​

Schedule of derivatives

​

​

​

​

​

​

​

​

​

(in millions of euros)

​

December 31, 2019

​

December 31, 2018

​

December 31, 2017

 

​

    

Net

 

Net

    

Net

 

Hedging derivatives

​

324

​

(162)

​

(447)

​

Cash flow hedge derivatives

 

328

 

(160)

 

(447)

​

Fair value hedge derivatives

 

(4)

 

(2)

 

0

​

Derivatives held for trading (1)

 

(187)

 

(298)

 

(282)

​

Net derivatives(2)

 

138

 

(460)

 

(729)

​

​

(1)Mainly due to the foreign exchange effects of the economic hedges against the revaluation of subordinated notes denominated in pounds sterling (equity instruments recognized at their historical value - see Note 14.4) for (136) million euros in 2019, (246) million euros in 2018 and (203) million euros in 2017.
(2)Of which foreign exchange effects of the cross currency swaps (classified as hedging or held for trading) hedging foreign exchange risk on gross debt notional for 822 million euros in 2019, 512 million euros in 2018 and 125 million euros in 2017. The foreign exchange effects of the cross currency swaps is the difference between the notional converted at the closing rate and its notional converted at the opening rate (or at the trading day spot rate in case of new instrument).
Schedule of maturity analysis

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Notional amounts of hedging instruments per maturity

 

​

​

(in millions of hedged currency units)

​

​

    

2020

    

2021

    

2022

    

2023

    

2024

 

​

​

​

​

​

​

​

​

​

​

and

​

​

​

​

​

​

​

​

​

​

​

beyond

​

Orange SA

​

​

​

​

​

​

​

​

​

​

 

Cross currency swaps

​

  

​

  

​

  

​

  

​

  

 

CHF

​

—

​

—

​

—

​

—

​

500

(1)

GBP

 

238

 

517

 

—

 

—

 

2,512

(2)

HKD

 

—

 

—

 

—

 

1,110

 

939

(3)

NOK

 

—

 

—

 

—

 

—

 

1,300

(4)

USD

 

23

 

1,000

 

—

 

—

 

4,200

(5)

Interest rate swaps

​

​

​

​

​

​

​

​

​

​

​

EUR

​

—

​

255

​

—

​

—

​

100

(6)

FT Immo H

​

​

​

​

​

​

​

​

​

​

​

Interest rate swaps

​

​

​

​

​

​

​

​

​

​

​

EUR

​

13

​

48

​

57

​

—

​

40

(7)

FT Immo H

 

​

​

​

​

​

​

​

​

​

​

Forwards

​

​

​

​

​

​

​

​

​

​

​

EUR

 

158

 

—

 

—

 

—

 

—

​

​

(1)400 MCHF with a maturity 2025 and 100 MCHF with a maturity 2029.
(2)262 MGBP with a maturity 2025, 500 MGBP with a maturity 2028, 750 MGBP with a maturity 2032, 500 MGBP with a maturity 2034 and 500 MGBP with a maturity 2050.
(3)939 MHKD with a maturity 2034.
(4)500 MNOK with a maturity 2025 and 800 MNOK with a maturity 2028.
(5)2,450 MUSD with a maturity 2031, 900 MUSD with a maturity 2042 and 850 MUSD with a maturity 2044.
(6)100 MEUR with a maturity 2030.
(7)40 MEUR with a maturity 2024.
Bonds, financial liabilities [member] | Telecom activities, operating segment [member]  
Disclosure of detailed information about financial instruments [line items]  
Schedule of borrowing

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Notional

​

Initial nominal

​

Maturity

​

Interest rate (%)

​

Outstanding amount (in millions of euros)

 

currency

​

amount

​

​

​

​

​

December 31, 

​

December 31, 

​

December 31, 

 

​

​

(in millions of

​

​

​

​

​

2019

​

2018

​

2017

 

​

    

currency units)

    

​

    

​

    

​

 

​

    

​

 

Bonds matured before December 31, 2019

​

​

​

​

 

4,399

 

7,396

​

EUR

 

25

 

February 10, 2020

 

4.200

 

25

 

25

 

25

​

EUR(1)

 

25

 

February 10, 2020

 

10Y CMS + 0.80

​

25

 

25

 

25

​

EUR

 

1,000

 

April 9, 2020

 

3.875

 

1,000

 

1,000

 

1,000

​

GBP

 

450

 

November 10, 2020

 

7.250

 

280

 

266

 

268

​

EUR

 

1,250

 

January 14, 2021

 

3.875

 

1,250

 

1,250

 

1,250

​

GBP(2)

​

517

​

June 27, 2021

​

0.375

​

608

​

578

​

583

​

USD

 

1,000

 

September 14, 2021

 

4.125

 

890

 

873

 

834

​

EUR

 

255

 

October 13, 2021

 

10Y CMS + 0.69

 

255

 

255

 

255

​

EUR

 

272

 

December 21, 2021

 

10Y TEC + 0.50

 

272

 

272

 

272

​

EUR

​

650

​

January 15,2022

​

0.500

​

650

​

—

​

—

​

EUR

 

1,000

 

June 15, 2022

 

3.000

 

1,000

 

1,000

 

1,000

​

EUR

 

500

 

September 16, 2022

 

3.375

 

500

 

500

 

500

​

EUR(3)

​

150

​

February 6,2023

​

EUR 3M + 5.5

​

150

​

—

​

—

​

EUR

 

500

 

March 1, 2023

 

2.500

 

500

 

500

 

500

​

EUR

​

750

​

September 11, 2023

​

0.750

​

750

​

750

​

750

​

HKD

 

700

 

October 6, 2023

 

3.230

 

80

 

78

 

75

​

HKD

 

410

 

December 22, 2023

 

3.550

 

47

 

46

 

44

​

EUR

 

650

 

January 9, 2024

 

3.125

 

650

 

650

 

650

​

EUR

​

1,250

​

July 15, 2024

​

1.125

​

1,250

​

—

​

—

​

EUR

 

750

 

May 12, 2025

 

1.000

 

750

 

750

 

750

​

EUR

​

800

​

September 12, 2025

​

1.000

​

800

​

800

​

—

​

NOK

 

500

 

September 17, 2025

 

3.350

 

51

 

50

 

51

​

CHF

​

400

​

November 24, 2025

​

0.200

​

369

​

—

​

—

​

GBP

 

350

 

December 5, 2025

 

5.250

 

308

 

293

 

296

​

MAD(4)

​

1,090

​

December 18, 2025

​

3.970

​

87

​

100

​

—

​

MAD(4)

​

720

​

December 18, 2025

​

1Y BDT + 1.00

​

57

​

66

​

—

​

EUR

​

750

​

September 4, 2026

​

—

​

750

​

—

​

—

​

EUR

​

75

​

November 30, 2026

​

4.125

​

75

​

75

​

75

​

MAD(4)

​

1,002

​

December 10, 2026

​

3.400

​

93

​

—

​

—

​

MAD(4)

​

788

​

December 10, 2026

​

1Y BDT + 0.85

​

73

​

—

​

—

​

EUR

 

750

 

February 3, 2027

 

0.875

 

750

 

750

 

750

​

EUR

​

500

​

September 9, 2027

​

1.500

​

500

​

500

​

500

​

EUR

​

1,000

​

March 20, 2028

​

1.375

​

1,000

​

1,000

​

—

​

EUR

 

50

 

April 11, 2028

 

3.220

 

50

 

50

 

50

​

NOK

​

800

​

July 24, 2028

​

2.955

​

81

​

80

​

—

​

GBP

 

500

 

November 20, 2028

 

8.125

 

588

 

559

 

564

​

EUR

 

1,250

 

January 15, 2029

 

2.000

 

1,250

 

—

 

—

​

EUR

​

150

​

April 11, 2029

​

3.300

​

150

​

150

​

150

​

CHF

​

100

​

June 22, 2029

​

0.625

​

92

​

—

​

—

​

​

(1)Bond measured at fair value through profit or loss.
(2)Exchangeable bonds in BT shares (see below).
(3)Bond issued in 2018 by SecureLink at Euribor 3M (floored at 0) + 5.5%.
(4)Bonds issued by Médi Telecom.Bonds bearing 1Y BDT rate corresponds to 52 weeks Moroccan treasury bonds rate (recalculated once a year).

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Notional

​

Initial nominal

​

Maturity

​

Interest rate (%)

​

Outstanding amount (in millions of euros)

 

currency

​

amount

​

​

​

​

​

December 31, 

​

December 31, 

​

December 31, 

 

​

​

(in millions of

​

​

​

​

​

2019

​

2018

​

2017

 

​

    

currency units)

    

​

    

​

    

​

 

​

    

​

​

EUR

 

1,000

 

January 16, 2030

 

1.375

 

1,000

 

1,000

 

—

​

EUR

 

1,200

 

September 12, 2030

 

1.875

 

1,200

 

1,200

 

—

​

EUR

 

105

 

September 17, 2030

 

2.600

 

105

 

105

 

105

​

EUR

 

100

 

November 6, 2030

 

0.091

(5)

100

 

100

 

100

​

USD

 

2,500

 

March 1, 2031

 

9.000

(6)

2,191

 

2,150

 

2,052

​

EUR

 

300

 

May 29, 2031

 

1.342

 

300

 

—

 

—

​

EUR

 

50

 

December 5, 2031

 

4.300

(zero coupon)

69

 

67

 

64

​

EUR

 

50

 

December 8, 2031

 

4.350

(zero coupon)

70

 

67

 

65

​

EUR

 

50

 

January 5, 2032

 

4.450

(zero coupon)

68

 

65

 

62

​

GBP

 

750

 

January 15, 2032

 

3.250

 

882

 

—

 

—

​

EUR

 

1,000

 

September 4, 2032

 

0.500

 

1,000

 

—

 

—

​

EUR

 

1,500

 

January 28, 2033

 

8.125

 

1,500

 

1,500

 

1,500

​

EUR

 

55

 

September 30, 2033

 

3.750

 

55

 

55

 

55

​

GBP

 

500

 

January 23, 2034

 

5.625

 

588

 

559

 

564

​

HKD

​

939

​

June 12, 2034

​

3.070

​

107

​

—

​

—

​

EUR

​

300

​

July 11, 2034

​

1.200

​

300

​

—

​

—

​

EUR

 

50

 

April 16, 2038

 

3.500

 

50

 

50

 

50

​

USD

 

900

 

January 13, 2042

 

5.375

 

801

 

786

 

750

​

USD

 

850

 

February 6, 2044

 

5.500

 

757

 

742

 

709

​

EUR

​

750

​

September 4, 2049

​

1.375

​

750

​

—

​

—

​

GBP

 

500

 

November 22, 2050

 

5.375

 

588

 

559

 

564

​

Outstanding amount of bonds

 

  

 

  

 

  

 

30,537

 

26,695

 

25,253

​

Accrued interest

 

  

 

  

 

  

 

532

 

527

 

550

​

Amortized cost

 

  

 

  

 

  

 

(176)

 

(152)

 

(100)

​

Total

 

  

 

  

 

  

 

30,893

 

27,070

 

25,703

​

​

(5)Bond bearing interests at a fixe rate of 2% until 2017 and then at CMS 10 years x 166% (0.091% until November 2020). The variable rate is floored at 0% and capped at 4% until 2023 and at 5% beyond.
(6)Bond with a step-up clause (clause that triggers a change in interest payments of Orange's credit rating from the rating agencies changes). See Note 13.3.
Bank loans and from development organizations and multilateral lending institutions [member] | Telecom activities, operating segment [member]  
Disclosure of detailed information about financial instruments [line items]  
Schedule of borrowing

​

​

​

​

​

​

​

​

​

(in millions of euros)

​

December 31, 

​

December 31, 

​

December 31, 

 

​

    

2019

 

2018

    

2017

 

Sonatel

 

380

 

343

 

289

​

Médi Telecom

 

282

 

335

 

385

​

Orange Côte d’Ivoire

 

237

 

225

 

275

​

Orange Egypt

 

213

​

210

 

183

​

Orange Mali

​

203

​

200

​

64

​

Orange Cameroon

 

82

 

105

 

101

​

Orange Jordanie

​

77

​

31

​

46

​

Other

 

150

 

127

 

130

​

Bank loans

 

1,625

 

1,574

 

1,473

​

Orange SA(1)

 

2,356

​

2,023

​

1,388

​

Orange Espagne

 

33

 

67

 

100

​

Loans from development organizations and multilateral lending institutions(2)

 

2,389

 

2,090

 

1,488

​

Total

 

4,013

 

3,664

 

2,961

​

​

(1)Orange SA negotiated with the European Investment Bank a loan of 350 million euros (maturity in 2026) in 2019 and two loans in 2018 for a total notional of 650 million euros (maturity in 2025).
(2)Primarily the European Investment Bank.