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This excerpt taken from the FTE 6-K filed Aug 6, 2009. Net financial debt Net financial debt (see Section 2.5.6 “Financial Glossary”) of the Group was at 34,374 million euros on June 30, 2009, down by 1,125 million euros compared to December 31, 2008 (35,859 million euros). The ratio of net financial debt to EBITDA reached 1.94 on June 30, 2009 (based on the reported EBITDA for the previous twelve months on a historical basis), compared to 1.96 on December 31, 2008. This excerpt taken from the FTE 6-K filed Aug 3, 2009. Net financial debt Net financial debt (see Section 2.5.6 “Financial Glossary”) of the Group was at 34,374 million euros on June 30, 2009, down by 1,125 million euros compared to December 31, 2008 (35,859 million euros). The ratio of net financial debt to EBITDA reached 1.94 on June 30, 2009 (based on the reported EBITDA for the previous twelve months on a historical basis), compared to 1.96 on December 31, 2008. This excerpt taken from the FTE 6-K filed Apr 14, 2009. 9.1.4.3.1 Net financial debt The France Telecom Group’s net financial debt (see the Financial glossary appendix and Note 21 to the consolidated financial statements) amounted to 35,859 million euros at December 31, 2008 compared to 37,980 million euros at December 31, 2007. Compared to December 31, 2007, net financial debt was thus down by 2,121 million euros at December 31, 2008. For further information on the risks relating to the France Telecom Group’s financial debt, see Section 4.1, Risks relating to France Telecom’s business activities. This excerpt taken from the FTE 20-F filed May 2, 2008. Net Financial Debt France Telecom’s net financial debt (see Section 5.12 “Financial glossary” and Note 20 to the consolidated financial statements) stood at 37.98 billion euros at December 31, 2007 compared with 42.017 billion euros at December 31, 2006. In relation to December 31, 2006, net financial debt was thus reduced by 4.037 billion euros at December 31, 2007.
2007 form 20-F / FRANCE TELECOM 167 This excerpt taken from the FTE 6-K filed Feb 26, 2008. Net financial debt France Telecom’s net financial debt (see Section 5.6 "Financial glossary" and Note 20 to the consolidated financial statements) stands at 37.98 billion euros at December 31, 2007 compared with 42.017 billion euros at December 31, 2006. In relation to December 31, 2006, net financial debt is thus reduced by 4.037 billion euros at December 31, 2007. - 37 - ¢ This excerpt taken from the FTE 6-K filed Feb 21, 2008. Net financial debt France Telecom’s net financial debt (see Section 5.6 "Financial glossary" and Note 20 to the consolidated financial statements) stands at 37.98 billion euros at December 31, 2007 compared with 42.017 billion euros at December 31, 2006. In relation to December 31, 2006, net financial debt is thus reduced by 4.037 billion euros at December 31, 2007. - 37 - ¢ This excerpt taken from the FTE 6-K filed Oct 25, 2007. Net financial debt as defined and used by France Telecom corresponds to the total gross financial debt (converted at the year-end closing rate), less (i) derivative instruments carried in assets for trading, cash flow hedges and fair value hedges, (ii) cash collateral paid on derivative instruments, (iii) cash and cash equivalents and marketable securities held for trading, and (iv) deposits paid on certain specific transactions (if the related debt is included in gross financial debt). The Group has set up derivatives that are eligible for cash flow hedge accounting. The future cash flows underlying the hedges are not included in the calculation of net financial debt. However, the market value of the derivatives used to hedge these cash flows is included in the calculation. The line “Effective portion of cash flow hedges” is added to the net financial debt in order to offset this temporary difference. This excerpt taken from the FTE 6-K filed Aug 2, 2007. Net financial debt as defined and used by France Telecom corresponds to the total gross financial debt (converted at the year-end closing rate), less (i) derivative instruments carried in assets for trading, cash flow hedges and fair value hedges, (ii) cash collateral paid on derivative instruments, (iii) cash and cash equivalents and marketable securities held for trading, and (iv) deposits paid on certain specific transactions (if the related debt is included in gross financial debt). The Group has set up derivatives that are eligible for cash flow hedge accounting. The future cash flows underlying the hedges are not included in the calculation of net financial debt. However, the market value of the derivatives used to hedge these cash flows is included in the calculation. The line “Effective portion of cash flow hedges” is added to the net financial debt in order to offset this temporary difference. This excerpt taken from the FTE 20-F filed Jun 25, 2007. Net financial debt as defined and used by France Telecom S.A. corresponds to the total gross financial debt (converted at the year-end closing rate), less (i) derivative instruments carried in assets for trading, cash flow hedges and fair value hedges, (ii) cash collateral paid on derivative instruments, (iii) cash and cash equivalents and financial assets at fair value, (iv) certain deposits paid on specific transactions (if the related debt is included in gross financial debt), and adjusted for the impact of the effective portion of cash flow hedges. This excerpt taken from the FTE 6-K filed Mar 7, 2007. Net financial debt as defined and used by France Telecom S.A. corresponds to the total gross financial debt (converted at the year-end closing rate), less (i) derivative instruments carried in assets for trading, cash flow hedges and fair value hedges, (ii) cash collateral paid on derivative instruments, (iii) cash and cash equivalents and financial assets at fair value, (iv) certain deposits paid on specific transactions (if the related debt is included in gross financial debt), and adjusted for the impact of the effective portion of cash flow hedges. | EXCERPTS ON THIS PAGE:
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