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Press Release: Orange – First quarter in line with full-year 2023 targets
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Press release
Paris, 26 April 2023
Financial information at 31 March 2023
First quarter in line with full-year 2023 targets
The Group confirms its financial guidance as presented at the Capital Market Day
| In millions of euros | 1Q 2023 | 1Q 2022 comparable basis |
1Q 2022 historical basis |
change comparable basis |
change historical basis |
|
| Revenues | 10,619 | 10,484 | 10,582 | 1.3 % | 0.3 % | |
| EBITDAaL | 2,590 | 2,576 | 2,620 | 0.5 % | (1.2)% | |
| eCAPEX (excluding licenses) | 1,493 | 1,570 | 1,610 | (4.9)% | (7.2)% | |
| EBITDAaL – eCAPEX | 1,097 | 1,007 | 1,011 | 9.0 % | 8.6 % |
Orange group revenues grew 1.3% compared with the first quarter of 20221 (+135 million euros) thanks to growth in retail services (+2.8% or 219 million euros), fueled in particular by repricing in Europe and by the growth driver Africa and Middle East.
- Africa & Middle East was the main contributor to this growth with a sharp 9.1% increase in revenues (+141 million euros), followed by Europe with 3.8% growth (+102 million euros), driven by Poland (+7.1%) and Spain, which has confirmed its return to growth (+2.8%) for the third consecutive quarter.
- Revenues in France were 1.8% lower (-78 million euros) as a result of the downward trend in wholesale in line with our expectations (-7.8%). This was partially offset by the increase in retail services excluding STN2 (at +2.1%, its low point for the year). The recent repricing that will be fully effective as of the second quarter will progressively contribute to the growth in retail services.
- The slight 0.7% decrease in Enterprise revenues (-14 million euros) continued to be driven by the sharp decline in fixed voice revenues (-11.6%), partially offset by growth in IT & Integration services revenues (+5.3%). The recovery plan for this segment is ongoing.
- In terms of commercial performance, the Group maintained its leadership position in convergence, with 11.6 million convergent customers across Europe (+0.6%), and its commercial momentum on mobile contracts and very high-speed fixed broadband. Mobile services had 243.4 million accesses (+5.0%), including 95.8 million contracts (+8.5%). Fixed services totaled 45.0 million accesses (down 2.7%), including 14.7 million very high-speed broadband accesses, that continued to grow strongly (+14.7%). Fixed narrowband accesses continued to decline (-14.2%).
At 31 March 2023, Group EBITDAaL stood at 2,590 million euros, up 0.5%, in line with the target of slight growth in 2023. The EBITDAaL margin for telecom activities, traditionally lower in the first quarter, was 24.7% owing to a more severe seasonality effect this year related to the recognition of operating taxes. The next few quarters will further benefit from the price increases introduced in early 2023. EBITDAaL from telecom activities was 2,625 million euros (+0.9%).
eCAPEX totaled 1,493 million euros in the first quarter of 2023, a decrease of 4.9% year on year and in line with the target of a significant reduction in 2023. The number of households connectable to FTTH reached 66.6 million (+13.8%) and the FTTH customer base increased to 14.2 million (+15.1%).
The Group confirms its financial targets, in particular those for 20233, as presented at the Capital Market Day on 16 February:
- Slight growth in EBITDAaL
- Significant reduction in eCAPEX
- Organic cash flow from telecom activities of at least 3.5 billion euros
- Net debt/EBITDAaL ratio for telecom activities unchanged at around 2x in the medium term
- Proposed increase in the dividend for the 2023 financial year to 0.72 euros including an interim dividend of 0.30 euros in December 2023
Commenting on the publication of these results, Christel Heydemann, Chief Executive Officer of the Orange group, said:
“The continued increase in revenues and EBITDAaL, as well as the decrease in eCapex compared to Q1 2022, are in line with our objectives for 2023 and reinforce our ambition for the years to come.
We have started to execute our “Lead the Future” strategic plan with an even more value-oriented commercial strategy thanks to the quality of our networks and services which, combined with our cost controls, allow us to partially offset inflation. Our performance is once again driven by the remarkable growth in Africa and the Middle East and our strong value-driven growth in Europe. This quarter our retail services returned to growth in Spain, a country that has now seen growth for three consecutive quarters, and we’ve had double-digit revenue growth in our Orange Money business in Africa. Both demonstrate the strength of the Group and our ability to respond to increased competitive pressure. In France, retail services continue to grow and this should further accelerate in the second half of the year due to the recent price increases. Finally, in the Enterprise segment, we are executing our transformation plan.
I would like to warmly thank all the Orange teams who strive every day to serve our customers well and are committed to the deployment of our “Lead the Future” strategic plan. Together, we will deliver our ambitions in terms of growth and long-term value creation.”
________________________________________________________________________________
The Board of Directors of Orange SA met on 25 April 2023 to review the consolidated financial results at 31 March 2023.
More detailed information on the Group’s financial results and performance indicators is available on the Orange website www.orange.com/en/consolidated-results.
Review by operating segment
France
| In millions of euros | 1Q 2023 | 1Q 2022 comparable basis |
1Q 2022 historical basis |
change comparable basis |
change historical basis |
|
| Revenues | 4,307 | 4,386 | 4,386 | (1.8)% | (1.8)% | |
| Retail services (B2C+B2B) | 2,751 | 2,733 | 2,733 | 0.6 % | 0.6 % | |
| Convergence | 1,238 | 1,204 | 1,204 | 2.8 % | 2.8 % | |
| Mobile-only | 582 | 571 | 571 | 2.0 % | 2.0 % | |
| Fixed-only | 931 | 958 | 958 | (2.9)% | (2.9)% | |
| Wholesale | 1,100 | 1,193 | 1,195 | (7.8)% | (7.9)% | |
| Equipment sales | 307 | 285 | 285 | 7.7 % | 7.7 % | |
| Other revenues | 149 | 174 | 173 | (14.2)% | (13.8)% |
Retail services, which continued to grow this quarter, will benefit during the rest of the year from the latest price increases.
France’s revenues were 1.8% lower at 4,307 million euros in the first quarter of 2023 compared with the first quarter of 2022. This translated to the decline in wholesale of 7.8% (-93 million euro), in line with our medium-term expectations and partially offset by an increase in retail services.
Retail services revenues were up 0.6% (+17 million euros) and even rose 2.1% excluding STN. This growth is expected to accelerate during the rest of the year as a result of the recent price increases (both for existing customers and new offers). This will continue to drive convergent ARPO, which grew 2.2% in the first quarter to more than 72 euros.
All our customers affected by base price increases have now been informed. As expected, this led to a limited increase in the mobile churn rate (which reached 12.0% on mobile, +0.8pt compared to Q1 2022) that weighed on net additions in the first quarter of this year with +3,0004 for mobile and -21,000 for fixed-line, but still included very strong volumes for fiber with +287,000 net sales. The price increases, which will only be fully effective in the second quarter, will contribute progressively to revenues during the year.
Lastly, revenues from equipment sales rose 7.7% (+22 million euros).
Europe
| In millions of euros | 1Q 2023 | 1Q 2022 comparable basis |
1Q 2022 historical basis |
change comparable basis |
change historical basis |
|
| Revenues | 2,739 | 2,637 | 2,648 | 3.8 % | 3.4 % | |
| Retail services (B2C+B2B) | 1,869 | 1,804 | 1,811 | 3.6 % | 3.2 % | |
| Convergence | 726 | 697 | 699 | 4.2 % | 3.8 % | |
| Mobile-only | 718 | 697 | 700 | 3.0 % | 2.6 % | |
| Fixed-only | 308 | 308 | 309 | 0.2 % | (0.3)% | |
| IT & Integration services | 116 | 103 | 102 | 13.2 % | 14.1 % | |
| Wholesale | 398 | 430 | 432 | (7.4)% | (7.8)% | |
| Equipment sales | 426 | 363 | 364 | 17.4 % | 17.0 % | |
| Other revenues | 46 | 40 | 42 | 14.8 % | 9.0 % |
Europe confirms its strong momentum in recent quarters with accelerated growth.
Europe revenues grew 3.8% in the first quarter (+102 million euros) driven by retail services, which rose 3.6% (+64 million euros) thanks to the solid performance by Convergence and Mobile revenues which benefitted from the rate increases introduced in all regions in 2022.
Equipment sales also rose sharply by 17.4% year on year (+63 million euros) while the 7.4% decline in wholesale services (-32 million euros) was due to the regulatory reduction in call termination rates which had little impact on margins.
In addition to the good performance of Spain (+2.8%), growth in Other European countries (+4.6%) was driven by Poland (+7.1%).
Indeed Spain confirmed its revenue growth, up 2.8% (+32 million euros) in the first quarter of 2023, with retail services and equipment sales both returning to growth, at +1.2% (+9 million euros) and +18% (+27 million euros), respectively.
In a still highly competitive market, Orange Spain continued to drive value through higher value-added offers, combined with a disciplined marketing policy and growth in B2B activities. This was reflected again this quarter in the 3.5% improvement in its convergent ARPO (after +2.0% in the fourth quarter of 2022), while the level of churn continued to fall.
We are therefore confident in our ability to return to EBITDAaL growth this year.
Africa & Middle East
| In millions of euros | 1Q 2023 | 1Q 2022 comparable basis |
1Q 2022 historical basis |
change comparable basis |
change historical basis |
|
| Revenues | 1,699 | 1,558 | 1,668 | 9.1 % | 1.9 % | |
| Retail services (B2C+B2B) | 1,509 | 1,379 | 1,463 | 9.4 % | 3.1 % | |
| Mobile-only | 1,297 | 1,192 | 1,265 | 8.8 % | 2.5 % | |
| Fixed-only | 202 | 179 | 188 | 13.1 % | 7.4 % | |
| IT & Integration services | 9 | 8 | 9 | 11.1 % | 2.4 % | |
| Wholesale | 158 | 146 | 166 | 8.4 % | (4.5)% | |
| Equipment sales | 23 | 26 | 31 | (11.2)% | (25.2)% | |
| Other revenues | 9 | 7 | 9 | 31.0 % | 7.4 % |
Africa & Middle East again delivered an exceptional performance in the first quarter of 2023.
Africa & Middle East recorded a strong 9.1% rise in revenues (+141 million euros), with growth in all countries in the region, and double-digit growth in nearly half of them. The region thus demonstrated its agility and resilience amid security tensions and currency devaluations in some countries.
This performance was based on the continued rapid development of retail services (+9.4%) due to double-digit growth in the four growth engines, namely mobile data (+19.1%), fixed broadband (+17.9%), Orange Money (+20.7%) and B2B (+15.1%), with positive volume and value effects.
Orange Money’s return to double-digit growth shows the effectiveness of our response plan in the face of increasing competition.
The mobile customer base reached 143.9 million, a year-on-year increase of 5.1%, with a 3.2% increase in average mobile ARPO.
Enterprise
| In millions of euros | 1Q 2023 | 1Q 2022 comparable basis |
1Q 2022 historical basis |
change comparable basis |
change historical basis |
|
| Revenues | 1,951 | 1,965 | 1,945 | (0.7)% | 0.3 % | |
| Fixed-only | 828 | 886 | 876 | (6.5)% | (5.5)% | |
| Voice | 233 | 264 | 262 | (11.6)% | (10.9)% | |
| Data | 595 | 622 | 614 | (4.4)% | (3.1)% | |
| IT & Integration services | 872 | 828 | 818 | 5.3 % | 6.6 % | |
| Mobile | 251 | 251 | 251 | (0.3)% | (0.2)% | |
| Mobile-only | 168 | 159 | 159 | 5.5 % | 5.6 % | |
| Wholesale | 10 | 10 | 10 | (0.3)% | (0.3)% | |
| Equipment sales | 73 | 82 | 82 | (11.4)% | (11.4)% |
Recovery plan ongoing.
Enterprise revenues fell slightly by 0.7% (-14 million euros) to 1,951 million euros in the first quarter of 2023.
The decrease in the legacy fixed activities (-58 million euros), voice in particular, was partially offset by growth in IT & Integration services (+44 million euros).
The Digital & Data and Orange Cyberdefense activities produced double-digit growth of 12.7% and 10.5% respectively in the first quarter of 2023.
As part of the ongoing recovery plan aimed at implementing a new organization and substantially reducing costs, Orange Business entered into discussions with the trade unions on a collective contract termination agreement to support approximately 670 voluntary departures in its legacy activities in France.
At the same time, to accelerate its digital transformation, Orange Business has initiated a training and retraining program of 5,000 employees for roles in key digital disciplines (virtualization, cloud, data, artificial intelligence and cybersecurity), while also launching an ambitious program to recruit 800 experts in cybersecurity and as many again in the digital services fields of Cloud and Digital & Data.
Totem
| In millions of euros | 1Q 2023 | 1Q 2022 comparable basis |
1Q 2022 historical basis |
change comparable basis |
change historical basis |
|
| Revenues | 174 | 161 | 161 | 8.1 % | 8.1 % | |
| Wholesale | 174 | 161 | 161 | 8.1 % | 8.1 % | |
| Other revenues | – | – | – | – | – |
Revenues for the Totem TowerCo5 reached 174 million euros in the first quarter, an 8.1% increase driven by the 7.0% rise in external hosting revenues.
International Carriers & Shared Services
| In millions of euros | 1Q 2023 | 1Q 2022 comparable basis |
1Q 2022 historical basis |
change comparable basis |
change historical basis |
|
| Revenues | 354 | 381 | 382 | (7.2)% | (7.3)% | |
| Wholesale | 227 | 262 | 262 | (13.2)% | (13.2)% | |
| Other revenues | 127 | 119 | 120 | 6.0 % | 5.6 % |
Wholesale services revenues were down 13.2% (-35 million euros), due primarily to the downward trend in low-margin voice revenues. Mobile (mainly roaming-related services) and data services were on the rise.
The 6.0% increase in other revenues (+7 million euros) was due to a spike in activity at Orange Marine during the quarter.
Mobile Financial Services
Mobile Financial Services had 3.1 million customers at 31 March 2023, including 2.0 million in Europe (Orange Bank) and 1.1 million in Africa (Orange Bank Africa).
In the first quarter, new accounts opened at Orange Bank (Europe) rose 14% and loans disbursed (excluding mortgages) increased 34%.
Calendar of upcoming events
| 23 May 2023 | – Annual Shareholders Meeting |
| 26 July 2023 | – Publication of First-Half 2023 results |
Contacts
Disclaimer
This press release contains forward-looking statements about Orange’s financial situation, results of operations and strategy. Although we believe these statements are based on reasonable assumptions, they are subject to numerous risks and uncertainties, including matters not yet known to us or not currently considered material by us, and there can be no assurance that anticipated events will occur or that the objectives set out will actually be achieved. More detailed information on the potential risks that could affect our financial results is included in the Universal Registration Document filed on 29 March 2023 with the French Financial Markets Authority (AMF) and in the annual report (Form 20-F) filed on 30 March 2023 with the U.S. Securities and Exchange Commission. 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 them in light of new information or future developments.
Appendix 1: financial key indicators
Quarterly data
| In millions of euros | 1Q 2023 | 1Q 2022 comparable basis |
1Q 2022 historical basis |
variation comparable basis |
change historical basis |
|
| Revenues | 10,619 | 10,484 | 10,582 | 1.3 % | 0.3 % | |
| France | 4,307 | 4,386 | 4,386 | (1.8)% | (1.8)% | |
| Europe | 2,739 | 2,637 | 2,648 | 3.8 % | 3.4 % | |
| Africa & Middle-East | 1,699 | 1,558 | 1,668 | 9.1 % | 1.9 % | |
| Enterprise | 1,951 | 1,965 | 1,945 | (0.7)% | 0.3 % | |
| Totem | 174 | 161 | 161 | 8.1 % | 8.1 % | |
| International Carriers & Shared Services | 354 | 381 | 382 | (7.2)% | (7.3)% | |
| Intra-Group eliminations | (605) | (604) | (608) | |||
| EBITDAaL (1) | 2,590 | 2,576 | 2,620 | 0.5 % | (1.2)% | |
| o/w Telecom activities | 2,625 | 2,603 | 2,646 | 0.9 % | (0.8)% | |
| As % of revenues | 24.7 % | 24.8 % | 25.0 % | (0.1 pt) | (0.3 pt) | |
| o/w Mobile Financial Services | (35) | (26) | (26) | (33.0)% | (33.0)% | |
| Ecapex | 1,493 | 1,570 | 1,610 | (4.9)% | (7.2)% | |
| o/w Telecom activities | 1,484 | 1,564 | 1,604 | (5.1)% | (7.4)% | |
| as % of revenues | 14.0 % | 14.9 % | 15.2 % | (0.9 pt) | (1.2 pt) | |
| o/w Mobile Financial Services | 8 | 6 | 6 | 44.4 % | 44.4 % | |
| EBITDAaL – eCAPEX | 1,097 | 1,007 | 1,011 | 9.0 % | 8.6 % |
(1) EBITDAaL presentation adjustments are described in Appendix 2.
Appendix 2: adjusted data to income statement items
Quarterly data
| 1Q 2023 | 1Q 2022 historical basis |
|||||||
| In millions of euros | Adjusted data, | Presentation adjustments, | Income statement, | Adjusted data, | Presentation adjustments, | Income statement, | ||
| Revenues | 10,619 | – | 10,619 | 10,582 | – | 10,582 | ||
| External purchases | (4,656) | (0) | (4,656) | (4,496) | (7) | (4,504) | ||
| Other operating income | 181 | – | 181 | 186 | – | 186 | ||
| Other operating expense | (83) | 91 | 8 | (127) | (1) | (128) | ||
| Labor expenses | (2,129) | (28) | (2,156) | (2,196) | (37) | (2,233) | ||
| Operating taxes and levies | (894) | (1) | (896) | (895) | (3) | (897) | ||
| Gains (losses) on disposal of fixed assets, investments and activities | na | 36 | 36 | na | 11 | 11 | ||
| Restructuring costs | na | (10) | (10) | na | (30) | (30) | ||
| Depreciation and amortization of financed assets | (27) | – | (27) | (23) | – | (23) | ||
| Depreciation and amortization of right-of-use assets | (370) | – | (370) | (381) | – | (381) | ||
| Impairment of right-of-use assets | – | – | – | (1) | – | (1) | ||
| Interests expenses on liabilities related to financed assets | (2) | 2 | na | (0) | 0 | na | ||
| Interests expenses on lease liabilities | (47) | 47 | na | (29) | 29 | na | ||
| EBITDAaL | 2,590 | 137 | na | 2,620 | (38) | na | ||
| Significant litigation | 96 | (96) | na | (3) | 3 | na | ||
| Specific labour expenses | (28) | 28 | na | (36) | 36 | na | ||
| Fixed assets, investments and business portfolio review | 36 | (36) | na | 11 | (11) | na | ||
| Restructuring program costs | (10) | 10 | na | (30) | 30 | na | ||
| Acquisition and integration costs costs | (6) | 6 | na | (10) | 10 | na | ||
| Interests expenses on liabilities related to financed assets | na | (2) | (2) | na | (0) | (0) | ||
| Interests expenses on lease liabilities | na | (47) | (47) | na | (29) | (29) | ||
Appendix 3: economic CAPEX to investments in property, plant and intangible investment
| In millions of euros | 1Q 2023 | 1Q 2022 historical basis |
|
| eCAPEX | 1,493 | 1,610 | |
| Elimination of proceeds from sales of property, plant and equipment and intangible assets | 91 | 46 | |
| Telecommunication licenses | 314 | 214 | |
| Financed assets | 71 | 30 | |
| Investments in property, plant and equipment and intangible assets | 1,969 | 1,900 |
Appendix 4: key performance indicators
| In thousand, at the end of the period | March 31 2023 |
March 31 2022 |
|||||
| Number of convergent customers | 11,620 | 11,551 | |||||
| Number of mobile accesses (excluding MVNOs) (1) | 243,375 | 231,760 | |||||
| o/w | Convergent customers mobile accesses | 21,336 | 20,986 | ||||
| Mobile only accesses | 222,039 | 210,774 | |||||
| o/w | Contract customers mobile accesses | 95,822 | 88,319 | ||||
| Prepaid customers mobile accesses | 147,552 | 143,441 | |||||
| Number of fixed accesses (2) | 44,970 | 46,201 | |||||
| Fixed Retail accesses | 30,695 | 31,175 | |||||
| Fixed Broadband accesses | 24,401 | 23,841 | |||||
| o/w | Very high‑speed broadband fixed accesses | 14,675 | 12,792 | ||||
| Convergent customers fixed accesses | 11,620 | 11,551 | |||||
| Fixed accesses only | 12,781 | 12,290 | |||||
| Fixed Narrowband accesses | 6,294 | 7,334 | |||||
| Fixed Wholesale accesses | 14,275 | 15,025 | |||||
| Group total accesses (1+2) | 288,345 | 277,960 | |||||
2022 data is presented on a comparable basis.
Key performance indicators (KPIs) by country are presented in the “Orange Investors Data Book Q1 2023,” available on www.orange.com, under Finance/Results: www.orange.com/en/latest-consolidated-results
Appendix 5: glossary
Key figures
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.
EBITDAaL or “EBITDA after Leases”: operating income (i) before depreciation and amortization of fixed assets, effects resulting from business combinations, reclassification of cumulative translation adjustment from liquidated entities, impairment of goodwill and fixed assets, share of profits (losses) of associates and joint ventures, (ii) after interest on debts related to financed assets and on lease liabilities, 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 elements. EBITDAaL is not a financial aggregate as defined by IFRS standards and may not be directly comparable to similarly named indicators in other companies.
eCAPEX or “economic CAPEX”: (i) acquisitions of property, plant and equipment and intangible assets, excluding telecommunications licenses and financed assets, (ii) less the price of disposal of property, plant and equipment and intangible assets. eCAPEX is not a financial performance indicator as defined by IFRS standards and may not be directly comparable to indicators referenced by similarly named indicators in other companies.
Organic Cash Flow (telecoms activities): for the perimeter of the telecoms activities, net cash provided by operating activities, minus (i) lease liabilities repayments and debts related to financed assets repayments, and (ii) purchases and sales of property, plant and equipment and intangible assets, net of the change in the fixed assets payables, (iii) excluding telecommunication licenses paid and significant litigations paid or received. Organic Cash Flow (telecoms activities) is not a financial aggregate defined by IFRS and may not be comparable to similarly named indicators used by other companies.
Retail services (B2C + B2B): aggregation of revenues from (i) Convergent services, (ii) Mobile-only services, (iii) Fixed-only services and (iv) IT & integration services (see definitions). Retail Services (B2C+B2B) revenues include all revenues of a given scope excluding revenues from wholesale services, equipment sales and other revenues (see definitions).
Performance indicators
Fixed retail accesses: 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.
Fixed wholesale accesses: number of fixed broadband and narrowband wholesale accesses operated by Orange.
Convergence
Convergent services: customer base and revenues from B2C Convergent retail offers, excluding equipment sales (see definition) defined as an offer combining at least a broadband access (xDSL, FTTx, cable or Fixed-4G (fLTE) with cell-lock) and a mobile voice contract (excluding MVNOs).
Convergent ARPO: average quarterly revenues per convergent offer (ARPO) calculated by dividing revenues from retail Convergent services offers invoiced to B2C 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.
Mobile-only services
Mobile-only services: revenues from mobile offers (mainly outgoing calls: voice, SMS and data) invoiced to retail customers, excluding convergent services and equipment sales (see definitions). The customer base includes customers with a contract excluding retail convergence, machine-to-machine contracts and prepaid cards.
Mobile-only ARPO: average quarterly revenues from Mobile-only (ARPO) calculated by dividing revenues from Mobile-only retail services (excluding machine-to-machine and IFRS 15 adjustments) generated over the past three months by the weighted average of Mobile-only customers (excluding machine-to-machine) over the same period. The ARPO is expressed as monthly revenues per Mobile-only customer.
Fixed-only services
Fixed-only services: revenues from fixed retail offers, excluding B2C convergent offers and equipment sales (see definitions). It includes (i) fixed narrowband services (conventional fixed telephony), (ii) fixed broadband services, and (iii) business solutions and networks (with the exception of France, for which essential business solutions and networks are supported by Enterprise). For the Enterprise segment, Fixed-only service revenues include sales of network equipment related to the operation of voice and data services. The customer base consists of fixed narrowband and fixed broadband customers, excluding retail convergence customers.
Fixed-only Broadband ARPO: average quarterly revenues from Fixed-only Broadband (ARPO) calculated by dividing the revenue from Fixed-only Broadband retail services (excluding IFRS 15 adjustments) generated over the past three months by the weighted average of Fixed-only Broadband customers over the same period. ARPO is expressed as monthly revenues per Fixed-only Broadband customer.
IT & integration services
IT & Integration services: revenues from unified communication and collaboration services (Local Area Network and telephony, advising, integration and project management), hosting and infrastructure services (including Cloud Computing), applications services (customer relations management and other applications services), security services, video conferencing offers, machine-to-machine services (excluded connectivity) as well as sales of equipment related to the above products and services.
Wholesale
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 (fibre access, unbundling of telephone lines and xDSL access sales) and the sale of telephone lines on the wholesale market.
Equipment sales
Equipment sales: revenues from all mobile and fixed equipment sales, excluding (i) equipment sales associated with the supply of IT & Integration services, (ii) sales of network equipment related to the operation of voice and data services in the Enterprise operating segment, and (iii) equipment sales to dealers and brokers.
Other revenues
Other revenues: revenues including (i) equipment sales to brokers and dealers, (ii) portal, (iii) on-line advertising revenues, (iv) corporate transversal business line activities, and (v) other miscellaneous revenues.
1 Unless otherwise stated, percentage changes are on a year-on-year basis, calculated against the first quarter of 2022 and on a comparable basis.
2 Revenue from the Switched Telephone Network
3 These objectives are on a comparable basis and do not take into account mergers and acquisitions not yet finalized.
4 Excluding M2M (machine-to-machine exchange of information)
5 European company within the Orange group that owns and manages the passive mobile infrastructure portfolio of telecommunication towers, initially in France and Spain. It has been presented as a separate business segment since January 1, 2022.
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More than $9 Million Awarded to High School Scientists and Engineers at the Regeneron International Science and Engineering Fair 2024
Grace Sun, 16, receives $75,000 Top Award for a new kind of organic electrochemical transistor at the world’s largest pre-college science, technology, engineering and math (STEM) competition.
TARRYTOWN, N.Y. and WASHINGTON, May 17, 2024 /PRNewswire/ — Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) and Society for Science (the Society) announced that Grace Sun, 16, of Lexington, Kentucky, won the $75,000 top award, the George D. Yancopoulos Innovator Award, named in honor of the pioneering drug researcher and Regeneron co-Founder, Board co-Chair, President and Chief Scientific Officer, in the 2024 Regeneron International Science and Engineering Fair (Regeneron ISEF), the world’s largest pre-college science and engineering competition. Other top prizes went to projects in second-order cone programming, microplastics filtration and multi-sensory therapy for dementia.
The top winners were honored during two award ceremonies: the Special Awards on May 16 and the Grand Awards Ceremony on the morning of May 17. In total, over $9 million USD was awarded to the finalists based on their projects’ creativity, innovation and depth of scientific inquiry. The competition featured nearly 2,000 young scientists representing 49 U.S. states and nearly 70 countries, regions and territories across the world.
Grace Sun, 16, of Lexington, Kentucky, won first place and received the $75,000 George D. Yancopoulos Innovator Award for her research on building a better organic electrochemical transistor that she hopes will be used to develop new electronic devices that could help detect and treat serious illnesses like diabetes, epilepsy and organ failure. To overcome the problems that have previously prevented such devices from working effectively inside the body, Grace developed a new way of chemically treating their organic components, which greatly improved their laboratory performance.
Michelle Wei, 17, of San Jose, California, received one of two Regeneron Young Scientist Awards of $50,000 for her research to improve the speed and efficiency of a type of software that is useful in many fields such as machine learning, transportation and financial systems. Michelle’s new approach involved determining a quick approximate solution to the second-order cone programming problem, then splitting the initial cone into smaller cones, which enabled her new algorithm to greatly outperform previous approaches.
Krish Pai, 17, of Del Mar, California, received the second Regeneron Young Scientist Award of $50,000 for his machine-learning research to identify microbial genetic sequences that can be modified to biodegrade plastic. His new software, called Microby, scans databases of microorganisms and determines which ones can be changed genetically to biodegrade plastics. In tests, he identified two microorganisms that can be genetically modified to degrade plastic at a cost he believes would be ten times less than traditional recycling.
“Congratulations to the Regeneron International Science and Engineering Fair 2024 winners,” said Maya Ajmera, President and CEO, Society for Science and Executive Publisher, Science News. “I’m truly inspired by the ingenuity and determination shown by these remarkable students. Coming from around the world with diverse backgrounds and academic disciplines, these students have shown that it is possible to come together in unity to tackle some of the toughest challenges facing our world today, and I could not be prouder.”
Regeneron ISEF provides a global stage for the world’s best and brightest young scientists and engineers. Through this competition, Regeneron and the Society are fostering the next generation of STEM leaders who are pioneering solutions to improve our world. Since 2020, Regeneron has provided STEM experiences to approximately 2.4 million students, on track to meet its goal of 2.5 million by 2025.
“The talent, intelligence and potential of this year’s Regeneron ISEF finalists is truly inspiring, and I congratulate each on their remarkable achievements,” said George D. Yancopoulos, M.D., Ph.D., co-Founder, Board co-Chair, President and Chief Scientific Officer of Regeneron. “Science competitions like ISEF were pivotal in shaping my own career and fueling my passion to fight back against disease. I look forward to seeing these students continue to push the boundaries of science and technology to create positive and sustainable change for all humanity.”
Other top honors from the competition include:
Justin Huang and Victoria Ou, both 17, of Woodlands, Texas, received the Gordon E. Moore Award for Positive Outcomes for Future Generations of $50,000 for their new prototype filtration system that uses ultrasonic waves to remove microscopic plastic particles from water. In lab tests, the acoustic force from the high-frequency sound waves removed between 84% and 94% of the suspended microplastic particles in a single pass. The students are now working to scale up and fine-tune their experimental system.
Ingrid Wai Hin Chan, 17, of Hong Kong, China received the Craig R. Barrett Award for Innovation of $10,000 for her research on using a multi-sensory therapy for dementia patients. Her mixed therapy app would allow patients to practice physical and cognitive skills through a personalized, immersive environment using virtual reality headsets. Ingrid conducted an eight-week study with six people living with dementia and found that the cognitive function of patients who used her prototype improved in several areas. She believes her app could serve as a viable option for dementia patients with limited access to in-person professional therapy.
Tanishka Balaji Aglave, 15, of Valrico, Florida, received the H. Robert Horvitz Prize for Fundamental Research of $10,000 for her investigation into a natural alternative treatment against citrus greening, a disease that threatens citrus farming in many parts of the world and is currently only treated with antibiotics. Tanishka injected the trunks of infected trees with an extract from the curry leaf tree, and found through tests that this potential method could effectively and sustainably manage citrus greening disease.
Maddux Alexander Springer, 18, of Honolulu, Hawaii, received the Peggy Scripps Award for Science Communication of $10,000 for his research into fibropapillomatosis (FP), a disease that is the primary cause of death in green sea turtles. Some turtles he studied in Kaneohe Bay, Hawaii, were stricken with a disease that causes internal and external tumors that inhibit their everyday lives. After analyzing the turtles’ diet of green algae, Maddux concluded that this disease, wastewater, invasive algae and the amino acid arginine all pose a grave risk to these endangered sea creatures.
Ria Kamat, 17, of Hackensack, New Jersey; Anna Oliva, 17, of Houston, TX; and Shuhan Luo, 18, of Worcester, MA, received the Dudley R. Herschbach SIYSS Award, which provides finalists an all-expense paid trip to attend the Stockholm International Youth Science Seminar during Nobel Week in Stockholm, Sweden.
Jack Shannon, 18, of Clane, Kildare, Ireland, and Nikhil Vemuri, 17, of Cary, North Carolina, received the EU Contest for Young Scientists Award. Their projects will represent Regeneron ISEF at the EU Contest for Young Scientists to be held this September in Katowice, Poland.
For more information about the top winners and access to visual assets visit: https://www.societyforscience.org/isef-2024-media-kit.
The full list of Special Award ISEF 2024 Finalists can be found at https://www.societyforscience.org/press-release/regeneron-isef-2024-special-awards-winners.
In addition to the Top Award winners, more than 450 finalists received awards and prizes for their innovative research, including “First Award” winners, who each received a $5,000 prize.
The following lists the First Award winners for each of the 22 categories, from which the Top Awards were chosen:
Animal Sciences, sponsored by Society for ScienceMaddux Alexander Springer, Honolulu, Hawaii
Behavioral and Social Sciences, sponsored by Society for ScienceAndrew Y. Liang, San Jose, California
Biochemistry, sponsored by RegeneronAmy Hong Xiao, Garden City, New York
Biomedical and Health Sciences, sponsored by RegeneronRia Kamat, Hackensack, New Jersey; Kevin Xuan Lei, Shanghai, China
Biomedical Engineering, sponsored by Alfred E. Mann CharitiesAyush Garg, Dublin, California; Divij Motwani, Palo Alto, California; Akash Ashish Pai, Portland, Oregon
Cellular and Molecular Biology, sponsored by RegeneronLara and Maya Sarah Hammoud, Beverly Hills, Michigan
Chemistry, sponsored by Society for ScienceAkilan Sankaran, Albuquerque, New Mexico; Arjun Suresh Malpani and Siddharth Daniel D’costa, Portland, Oregon
Computational Biology and Bioinformatics, sponsored by RegeneronKun-Hyung Roh, Bronx, New York
Earth and Environmental Sciences, sponsored by Google.orgNikhil Vemuri, Durham, North Carolina; Justin Yizhou Huang and Victoria Ou, The Woodlands, Texas
Embedded Systems, sponsored by HPChloe Rae and Sophie Rose Filion, Welland, Ontario, Canada
Energy: Sustainable Materials and Design, sponsored by Siemens EnergyAlia Wahban, Hamilton, Ontario, Canada
Engineering Technology: Statics and Dynamics, sponsored by Howmet Aerospace FoundationChiyo Nakatsuji, Bunkyoku, Tokyo, Japan; Kevin Shen, Olympia, Washington
Environmental Engineering, sponsored by JacobsKrish Pai, San Diego, California; Jack Shannon, Clane, Kildare, Ireland
Materials Science, sponsored by Howmet Aerospace FoundationGrace Sun, Lexington, Kentucky
Mathematics, sponsored by Akamai FoundationAnna Oliva, Houston, Texas
Microbiology, sponsored by Schattner FoundationMatthew Chang, Irvine, California
Physics and Astronomy, sponsored by Richard F. Caris Charitable Trust IIHarini Thiagarajan and Vishal Ranganath Yalla, Bothell, Washington; Shuhan Luo, Worcester, Massachusetts
Plant Sciences, sponsored by Society for SciencePauline Estrada, Fresno, California; Tanishka Balaji Aglave, Dover, Florida
Robotics and Intelligent Machines, sponsored by RegeneronMichal Lajciak, Dubnica nad Vahom, Trenciansky kraj, Slovakia; Anthony Efthimiadis, Oakville, Ontario, Canada
Systems Software, sponsored by MicrosoftMichelle Wei, San Jose, California
Technology Enhances the Arts, sponsored by Society for ScienceAnant Khandelwal, Sritan Motati and Siddhant Sood, Alexandria, Virginia
Translational Medical Science, sponsored by RegeneronZheng-Chi Lee, West Lafayette, Indiana; Ingrid Wai Hin Chan, Hong Kong, China
The full list of all award-winning ISEF 2024 finalists is available here: https://www.societyforscience.org/press-release/regeneron-isef-2024-full-awards.
View all the finalists’ research here: https://projectboard.world/isef.
About the Regeneron International Science and Engineering FairThe Regeneron International Science and Engineering Fair (Regeneron ISEF), a program of Society for Science for over 70 years, is the world’s largest global science competition for high school students. Through a global network of local, regional and national science fairs, millions of students are encouraged to explore their passion for scientific inquiry. Each spring, a group of these students is selected as finalists and offered the opportunity to compete for approximately U.S. $9 million in awards and scholarships.
In 2019, Regeneron became the title sponsor of ISEF to help reward and celebrate the best and brightest young minds globally and encourage them to pursue careers in STEM to positively impact the world. Regeneron ISEF is supported by a community of additional sponsors, including Akamai Foundation, Alfred E. Mann Charities, Aramco, Caltech, Google.org, Gordon and Betty Moore Foundation, Howmet Aerospace Foundation, HP, , Jacobs, King Abdulaziz & his Companions Foundation for Giftedness and Creativity, Microsoft, National Geographic Society, Richard F. Caris Charitable Trust II, Rise, an initiative of Schmidt Futures and the Rhodes Trust, Schattner Foundation, Siemens Energy, Annenburg Foundation, Ballmer Group, Broadcom Foundation, Cesco Linguistic Services, Conrad N. Hilton Foundation, Edison International, Insaco, Oracle Academy, The Eli and Edythe Broad Foundation, The Ralph M. Parsons Foundation and US Army ROTC. Many are entrepreneurs across a wide range of industries. Learn more at https://www.societyforscience.org/isef/.
About Society for ScienceSociety for Science is a champion for science, dedicated to promoting the understanding and appreciation of science and the vital role it plays in human advancement. Established in 1921, Society for Science is best known for its award-winning journalism through Science News and Science News Explores, its world-class science research competitions for students, including the Regeneron Science Talent Search, the Regeneron International Science and Engineering Fair and the Thermo Fisher Scientific Junior Innovators Challenge, and its outreach and equity programming that seeks to ensure that all students have an opportunity to pursue a career in STEM. A 501(c)(3) membership organization, Society for Science is committed to inform, educate and inspire. Learn more at www.societyforscience.org and follow us on Facebook, Twitter, Instagram and Snapchat (Society4Science).
About RegeneronRegeneron (NASDAQ: REGN) is a leading biotechnology company that invents, develops and commercializes life-transforming medicines for people with serious diseases. Founded and led by physician-scientists, our unique ability to repeatedly and consistently translate science into medicine has led to numerous approved treatments and product candidates in development, most of which were homegrown in our laboratories. Our medicines and pipeline are designed to help patients with eye diseases, allergic and inflammatory diseases, cancer, cardiovascular and metabolic diseases, neurological diseases, hematologic conditions, infectious diseases and rare diseases.
Regeneron believes that operating as a good corporate citizen is crucial to delivering on our mission. We approach corporate responsibility with three goals in mind: to improve the lives of people with serious diseases, to foster a culture of integrity and excellence and to build sustainable communities. Regeneron is proud to be included on the Dow Jones Sustainability World Index and the Civic 50 list of the most “community-minded” companies in the U.S. Throughout the year, Regeneron empowers and supports employees to give back through our volunteering, pro bono and matching gift programs. Our most significant philanthropic commitments are in the area of early science education, including the Regeneron Science Talent Search and the Regeneron International Science and Engineering Fair (ISEF).
For more information, please visit www.Regeneron.com or follow Regeneron on LinkedIn, Instagram, Facebook or X.
More information about the top winners and access to visual assets visit: https://www.societyforscience.org/isef-2024-media-kit.
Media ContactsJoseph Brown, [email protected]
Gayle Kansagor, Society for [email protected]
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Artificial Intelligence
J.P. Morgan Life Sciences Private Capital, Blue Horizon Advisors and United Al Saqer Announce Winner of Inaugural 2024 Life Sciences Innovation Summit
In conjunction with Abu Dhabi Global Healthcare Week 2024
ABU DHABI, UAE, May 17, 2024 /PRNewswire/ — J.P. Morgan Life Sciences Private Capital, Blue Horizon Advisors and United Al Saqer Group announced today Rayees Rahman of Harmonic Discovery as the winner of the inaugural J.P. Morgan Asset Management: Life Sciences Innovation Summit. Harmonic Discovery is a precision pharmacology company applying its generative chemistry platform to advance next-generation kinase inhibitors.
In partnership with the Department of Health – Abu Dhabi (DoH), the Summit took place on May 14-15, 2024 at Cleveland Clinic Abu Dhabi and showcased the 11 innovative finalists, as well as highlighted existing innovators and opportunities in the Emirate of Abu Dhabi. The event also featured keynote speeches from Dr. Laurie Glimcher of Dana-Farber Cancer Institute, Dr. Shahrukh Hashmi of the Department of Health – Abu Dhabi, and Dr. David Ho of Columbia University Medical Center and provided attendees networking opportunities to gain valuable insights into the future of life sciences innovation.
In addition, the jury designated Chun-Hao Huang of Algen Biotechnologies as honourable mention. Algen Biotechnologies is a platform therapeutics and drug discovery company using world-leading CRISPR and AI to find treatments for cancer, inflammation and metabolic diseases.
The winners were selected by an esteemed, international panel of judges, which included:Laurie Glimcher, MD, President and CEO at Dana-Farber Cancer InstituteJorge Guzman, MD, CEO at Cleveland Clinic Abu DhabiProf. Shahrukh Khurshid Hashmi, MD, Director of Research, Department of Health, Abu DhabiYasmine Hayek Kobeissi, PhD, CQF, BSc., Executive Director at Blue Horizon AdvisorsAnya Schiess, Managing Partner at J.P. Morgan Life Sciences Private CapitalWalid Zaher, PhD, Co-Founder and CEO, Carexso
Dr. Asma Al Mannaei, Executive Director of the Research and Innovation Centre at the Department of Health – Abu Dhabi said: “Under the directives of the UAE’s wise leadership, and renowned for its world-leading medical infrastructure, Abu Dhabi stands at the forefront of healthcare excellence, offering an unparalleled opportunity for advancement in healthcare for global partners. It was our utmost pleasure hosting the J.P. Morgan Asset Management Life Sciences Innovation Summit 2024 on the sidelines of Abu Dhabi Global Healthcare Week and we commend the winners for their pioneering efforts in driving impactful advancements in healthcare; their dedication to innovation not only transforms the landscape of medicine, but also holds the promise of improving lives worldwide.”
Stephen Squinto, PhD, Chief Investment Officer, J.P. Morgan Life Sciences Private Capital said: “We are thrilled with the level of biotech passion and innovation that we observed at this year’s Summit in Abu Dhabi. The energy was truly palpable we are thrilled to announce Rayees Rahman as the winner of our first Life Sciences Innovation Summit. Harmonic Discovery’s approach embodies the next generation of drug discovery and development. We appreciate the time and effort of all participants and cannot wait for our next event in the region.”
Nabil Kobeissi, Chief Executive Officer of Blue Horizon Advisors, said: “As the main sponsor, we are committed to nurturing and fostering the growth of all 11 finalists in this vibrant biotech ecosystem. This Summit marks the beginning of a transformative journey, and we are confident that it will pave the way for a flourishing hub in the region. We are also pleased to announce that we will commit to invest in and partner with the winner, Harmonic Discovery, to support its future growth in the region.”
Sponsors for the event included J.P. Morgan Life Sciences Private Capital, J.P. Morgan Commercial Bank, Blue Horizon Advisors, United Al Saqer Group, Thermo Fisher Scientific, and Salam Capital. The Summit organisation, logistics and finalist recruitment were facilitated by Lyfebulb.
Of importance, at the Summit, Mr. Mohamed Al Breiki, Executive Director of Sustainable Development at Masdar City, announced that Masdar City Free Zone would award all 11 Finalists complimentary business licenses to further support their establishment in the region. Masdar City is one of the world’s most sustainable urban developments and innovation hubs with a growing focus on life science entrepreneurship in Abu Dhabi.
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Artificial Intelligence
Congregating in the Lion City for a Win-Win Future of Intelligent Computing at the Global Data Center Facility Summit 2024
SINGAPORE, May 17, 2024 /PRNewswire/ — On May 17, 2024, the Global Data Center Facility Summit 2024 was held in Singapore with the theme of “Power the Digital Era Forward.” At the summit, over 600 data center industry leaders, technical experts, and ecosystem partners gathered to discuss new trends and opportunities of the global data center industry in the intelligent computing era. The attendees also got to experience all-scenario, all-ecosystem, and all-service end-to-end (E2E) solutions, share innovative practices of green data centers in the Asia Pacific and Europe, and experience the exhibition vehicle to unveil the mystery of Outdoor PowerPOD that features one power system per container. By fully embracing the intelligent computing era, Huawei strives to power the digital era forward.
Seizing Opportunities Brought by AI and Jointly Building Green & Reliable Computing Infrastructure
At the opening speech, Charles Yang, Senior Vice President of Huawei and President of Marketing, Sales and Services, Huawei Digital Power, noted that since ChatGPT ushered in the AI era, large models keep pushing the limits of computing power and the intelligent computing industry is witnessing an unprecedented construction boom. As predicted, 100 GW will be added to the global data center installed capacity and the market value will exceed US$600 billion in the next five years.
According to Charles, with opportunities come challenges. The primary challenge concerning the data center industry is reliability and electricity. Data centers are scaling up from the MW-level to the GW-level. E2E reliability of data centers is becoming even more important than ever. In response to the opportunities, Huawei will work with customers and partners to expand the industry space.
Steering Data Centers to the AI Era with Product + Service + Ecosystem
During the summit, Sun Xiaofeng, President of Huawei Data Center Facility & Critical Power Business, delivered a speech titled “Power the Digital Era Forward. ” He stated that as AI large models are penetrating, the surging compute demands drive the expansive growth in data center.
To address the challenges, Huawei strives to build product + service + ecosystem E2E data center solutions that feature fast deployment, flexible cooling, green energy, and ultimate reliability.
Fast deployment: Data centers are fully modularized and prefabricated to ensure high quality and efficient construction.Flexible cooling: Air-liquid fusion and integrated cooling source emerges as the optimal cooling architecture for intelligent computing.Green energy: New generation-grid-load-storage integrated solution is built to ensure the sound operations of intelligent computing centers.Ultimate reliability: Data centers are safeguarded through reliable products and preventive protection.Currently, Huawei’s global service network covers more than 170 countries with over 1800 professional engineers, providing 24/7 technical support. With N+ flagship service centers, Huawei has built a one-hour service radius for its customers.
The ecosystem is a key part for a win-win future of intelligent computing. Huawei works with partners to develop comprehensive E2E solutions and provide customers with one-stop data center services.
During the summit, Huawei and the ASEAN Centre for Energy released a white paper on “Building Next Generation Data Center Facility in ASEAN.” The document provides insights into the status quo, challenges, and trends of data centers in the ASEAN region, and emphasizes that efficient and energy-saving products and solutions should be applied. It also proposes future-oriented policy recommendations for data center markets.
In the ecosystem exhibition area, Huawei showcased scenario-based solutions for large-, medium-, and small-sized data centers, and demonstrated data center consulting, design, integrated development, and delivery capabilities with dozens of ecosystem partners including CIMC, Weichai, CSCEC, and Huashi.
On a special note, the Huawei Outdoor PowerPOD exhibition vehicle made its global debut. The Huawei Outdoor PowerPOD features one power system per container, outdoor deployment, plug-and-play, and high protection rating and reliability. It has become the preferred choice for decoupling the power supply architecture.
A single tree cannot make a forest.
AI is presenting great opportunities. By delving into the industry, aggregating partner ecosystems, and making innovations applicable to transformations, Huawei will continue to help customers build reliable computing infrastructure, accelerating the industry to embrace AI and powering the digital era forward.
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