Orange Q1 Revenues Rise; To Propose Dividend Reduction - Quick Facts

French telecommunications operator Orange SA (ORAN) reported Thursday that its first-quarter revenues rose 2.1 percent on a historical basis to 10.39 billion euros from 10.19 billion euros last year. On a comparable basis, revenues increased 1.0 percent.

The company noted that the increase in revenues was driven by solid growth in Africa and Middle East and improvement in the Enterprise, France and Europe segments.

Group EBITDAaL was 2.60 billion euros in the first quarter, up 0.5 percent on a comparable basis. EBITDAaL from telecom activities which reached 2.64 billion euros, was up 0.1 percent on year.

Based on currently available information, Orange said it does not expect a significant deviation from its financial objectives for the fiscal year 2020, but will closely monitor developments.

The Group will therefore consider an update of its 2020 financial objectives while publishing its second-quarter results when it has the benefit of greater visibility on the impact of the crisis linked to Covid-19.

Orange said that due to the uncertainties generated by the Covid-19 epidemic, its board of directors will propose to the Shareholders' Meeting of May 19, 2020 that the dividend for fiscal year 2019 be reduced from 0.70 euros to 0.50 euros per share, and that the distribution of a dividend of 0.50 euros per share be approved.

Given the payment of an interim dividend of 0.30 euros on December 4, 2019, the balance of the dividend will be 0.20 euros per share and will be paid in cash on June 4, 2020, with an ex-dividend date of June 2, 2020.

The company noted that for the period 2020 to 2023, its plan to distribute a dividend of 0.70 euros per share will be reviewed at a later date due to the evolving situation.

The company's board has provided for the right to offer shareholders the option of being paid a 2020 interim dividend in Orange shares.

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