France Telecom said that its "underlying" revenues in 2010 should be flat compared with 2009, but it expected the impact of regulation to reduce sales by almost 1 billion euros in the year. In 2009, revenues fell 2% on a like-for-like basis to just under 51 billion euros. As it ramps up its fibre-to-the-home programme in France, France Telecom expects capital spending to be around 12% of revenues in 2010 compared with just over 11% in 2009.
Dragged down by the impact of regulation, France Telecom said that its revenues fell 3% year-on-year to 12.8 billion euros on a like-for-like basis in the fourth quarter of 2009. Group capital spending in 2009 fell 15% to 5.66 billion euros as France Telecom cut investment in 2G mobile networks.
source: France Telecom presentation
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