Mantengo le azioni che avevo comprato a 16m96 e oggi ho incrementato a 16,85.
Mi allettano soprattutto gli alti dividendi che la società sembra riconoscere agli azionisti.
First quarter 2009 financial informationParis, April 29, 2009
revenues grow 0.4% on a comparable basis despite deteriorating economic conditions
customer base grows 6.3% year-on-year
cash flow increases on favourable cost performance
guidance of 8 billion euros in organic cash flow for 2009 confirmed
total number of customers up 6.3% year-on-year to 183.5 million at 31 March 2009, driven by:
mobile services: 122.9 million customers at 31 March 2009, a 9.5% increase year-on-year. The number of contract customers continued to grow rapidly, up 9.0% in one year. The number of 3G broadband customers was up nearly 80% in one year, with 20.6 million customers at 31 March 2009
ADSL broadband services: 13.2 million customers at 31 March 2009, an increase of 8.7%. Multiservice contracts continued to grow rapidly, particularly digital TV (ADSL and satellite), with 2.5 million customers at 31 March 2009, a year-on-year increase of 75%
first quarter 2009 revenues rose 0.4% on a comparable basis. As announced, growth in revenues was greater than average GDP growth in the Group's geographic footprint, estimated at -1.7% for the quarter
strong performance in France with revenues up 2.1%, in Africa and Middle East (+5%) and in Enterprise services (+0.4%)
United Kingdom trend unchanged from fourth quarter of 2008 (-0.6%); as anticipated, revenues dropped in Spain ( 4.1%) and in Poland (-4.7%)
EBITDA was down 4.4% on a comparable basis, at 4.3 billion euros. The EBITDA margin dropped 1.7 points from the first quarter of 2008 mainly due to increasing content purchases following the launch of Orange TV channels in France in the second half of 2008
Capex was 1.23 billion euros : the Capex-to-revenue ratio was down slightly on a comparable basis, at 9.7%, versus 10.4% in the first quarter of 2008
EDITDA-Capex was 3.07 billion euros, up 1.1% on a comparable basis
• organic cash flow target for 2009 remains 8 billion euros, the same level as in 2008, with action plans initiated to further adapt the Group's offers and cost structure to changes in the economic environment...