[PDF] Middle East & Africa - Solid engine of growth

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Ramon Fernandez

Deputy CEO, Finance, Performance and Europe

Alioune Ndiaye

CEO of Orange Middle East and Africa

London, June 21st 2019

Middle East & Africa

Solid engine of growth

#Orange MEA Day2019

Disclaimer

This presentation may contain forward-looking statements about Orange, notably on objectives and trends related to

2UMQJHpV financial situation, investments, results of operations, business and strategy. These forward-looking

statements do not constitute a forecast as defined in EU Commission Regulation No. 809/2004 and 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. Important factors that could cause

actual results to differ from the results anticipated in the forward-looking statements include, among others: the

success of 2UMQJHpV strategy, risks related to information and communications technology systems generally, in

particular technical failures of networks, the deterioration of the economic conditions prevailing in particular in France,

in Europe and in Africa and in certain other markets in which Orange operates ,fiscal and regulatory constraints and

changes, growing banking and monetary regulations requirements and the results of litigation regarding regulations,

competition and other matters. More detailed information on the potential risks that could affect our financial results is

included in the Registration Document filed on 21 March 2019 with the French Autorité des Marchés Financiers (AMF)

and in the annual report (Form 20-F) filed on 16 April 2019 with the U.S. Securities and Exchange Commission. Other

than as required by law, Orange does not undertake any obligation to update them in light of new information or future

developments. 2

Over 20 years in the region, a key growth

asset for the group

2 What drives growth and our

sustainable competitive advantage

3 Well-positioned for continued superior performance

4 Q&A #Orange MEA Day 1

Orange MEA at a glance

Orange MEA footprint (2) Key Figures 2018 W consolidated perimeter

Ø 5.2bn

Revenues

+ 5.1% yoy

Ø 0.66bn

Op. Cash Flow

+ 12.5% yoy

Ø 1.66bn

Adj. EBITDA

+ 5.2% yoy 121m
mobile customers 15.1m

Orange Money

active customers 1.0m fixed broadband customers

Mauritius

2000
4 (1)Under the equity method (2)Mauritius not included in the Orange MEA consolidated perimeter

Guinea

2007

Senegal 1997

Morocco

2010

Cameroon

2000
Mali 2003
#ÌTNŸM)VOIRN 1996

Niger (2)

2008

Burkina Faso

2016

Liberia

2016

Sierra Leone

2016

Guinea-B.

2007

Tunisia (1)

2009

Botswana

Jordan

2000
Egypt 1998

Central African

Republic

2008

D.R.C.

2011

Madagascar

1996
1998

OMEA country

Date of entry

OMEA k Key driver of growth, margin and operating cash flow 87%
54%
13% 46%

Share of

growth (cb)

Share of

Group

544 41,381

87% 76%

13% 24%

Share of

Group

Share of

growth (cb)

344 13,005

88%
22%
12% 78%

Share of

growth (cb)

Share of

Group

5,563 94

in Øm

Orange MEA Rest of Group

2018 group revenues 2018 group adj. EBITDA 2018 group OpCF

5 Over past 10 years, OMEA revenues(1) grew on average faster than GDP

2009201020112012201320142015201620172018

5.1% 2.2%

6.7% 6.3%

OMEA revenue growth current perimeter (%)(1)

GDP growth current perimeter (%)(1)

6 (1) Current perimeter: excludes disposals. 2016 acquisitions excluded before 2017 and included thereafter on a proforma basis

Presence in 19 countries with 17 controlling interests

Leadership position in 7 markets

First challenger position in 10 markets

Relative Value market shares

(points in value, 2018) BUR GUI BIS LIB

0.6 x 0.8 x

MAL RCA OCI EGY SIE CAM 3.6 x NIG BOT MAD SEN RDC JOR 1.2 x MAR 4.0 x 0.5 x 2.0 x 1.9 x 1.6 x 1.3 x

0.8 x 0.8 x 0.7 x 0.7 x 0.6 x 0.4 x

0.9 x

2UMQJHpV 1 PMUNHP VOMUH UHOMPLYH PR POH

second competitor in the market

2UMQJHpV PMUNHP VOMUH SRVLPLRQ UHOMPLYH PR POH

market leader (1) (1) (1) #1 or #2 positions built up over 20 YNARSu 7 Note: FY18 figures and year-on-year growth between 2017 and 2018

Source: Orange MEA

(1)Countries estimates based on volume market share

1/3 2018 contribution to revenues

growth (cb) +3.5m 2018 yoy evolution in mobile customer base

3/4 2018 contribution to growth

in Orange Money user base growth

Bubble size proportional to revenues in bm

-8 pt -4 pt 0 pt 4 pt 8 pt 12 pt 16 pt 20 pt

0%2%4%6%8%10%12%14%16%18%20%22%24%

Democratic

Republic

of Congo

Revenue growth Q1-19 vs. Q1-18

EBITDAaL margin growth

Q1 -19 vs. Q1 -18

Sierra

Leone Burkina

Faso

Liberia

OMEA Growth : 5%

(1) 8

Key success factors

#LUSTNRSŸINVOLVNÓNNTŸ

Skills in fast integration to Orange standards

(1) Normalised EBITDAaL

Healthy balance sheet

funded mostly with local debt 28%
72%

Intra-group Debt External funding

0.9x

OMEA 2018 net

debt / Adj.

EBITDA

Operations

monetary areas 47%
6% 47%

XOF Other XAF

Local debt

(in local currencies)

Intra-group debt

(in euros)

Ø5.2bn

2018 OMEA

revenues 9

OMEA Operating ROCE* evolution

Year n

FY 18 FY 16 FY 17

+2.6pt +3.6pt

OMEA Adj. EBIT evolution

Year n

FY 17 FY 16 FY 18

+63%
+47%
quotesdbs_dbs22.pdfusesText_28

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