information on debt
| France Telecom Orange ambition is to preserve the Group's financial independence and flexibility. | |
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| financial debt (in millions of euros) | financial years ended December 31 | ||
| 2010 | 2009 historical basis | 2008 historical basis | |
| | |||
| net financial debt | 31,840 | 32,534 | 35,424 |
| average maturity of net financial debt (¹) | 8,5 years | 7,4 years | 7,5 years |
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| average gross financial debt outstanding over the period (²) | 37,272 | 39,011 | 40,041 |
| average weighted cost of gross financial debt maturity of net financial debt (³) | 5,69% | 5,80% | 6,64% |
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| (¹) Excluding perpetual bonds redeemable for shares (TDIRAs). (²) Excludes amounts not bearing interest, such as debts relating to commitments to buy non-controlling equity stakes, and accrued but unpaid interest. (³) The average weighted cost of the gross fi nancial debt is calculated by dividing i) the cost of gross fi nancial debt, adjusted for change in the fair value of commitments to buy non-controlling interests, by ii) the average outstanding of gross fi nancial debt over the period, adjusted for the amounts not giving rise to interest payments (such as liabilities related to commitments to buy out non-controlling interests and accrued interest). | |||
| At December 31, 2010, the liquidity position of France Telecom appeared to be sufficient to cover 2011 obligations linked to the net financial debt, independently of cash flow to be generated in 2011. | |||
| restated ratio of net financial debt to EBITDA (¹) | financial years ended December 31, 2010 | ||
| 2010 | 2009 historical basis | 2008 historical basis | |
| ratio of net financial debt to equity | 1,95 | 1,95 | 1,96 |
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| (¹) (2010, Registration Document see section 9.1.5.4. Financial aggregates not defined by IFRS) | |||
© France Telecom - Orange 2012
