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France Telecom As filed with the Securities and Exchange Commission on June 25, 2007 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ‘ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR È ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2006 OR ‘ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ‘ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file no. 1-14712 FRANCE TELECOM (Exact name of Registrant as specified in its charter) Not applicable 6, place d’Alleray French Republic (Translation of Registrant’s 75505 Paris Cedex 15 (Jurisdiction of incorporation name into English) France or organization) (Address of principal executive offices) Securities registered or to be registered pursuant to Section 12(b) of the Act: Title of each class: Name of each exchange on which registered: American Depositary Shares, each representing one Ordinary Share, nominal value €4.00 per share New York Stock Exchange Ordinary Shares, nominal value €4.00 per share* New York Stock Exchange * Listed, not for trading or quotation purposes, but only in connection with the registration of the American Depositary Shares pursuant to the requirements of the Securities and Exchange Commission. Securities registered or to be registered pursuant to Section 12(g) of the Act: None Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report: Ordinary Shares, nominal value €4.00 per share: 2,606,673,130 at December 31, 2006 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes È No ‘ If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Yes ‘ No È Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes È No ‘ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. Large accelerated filer È Accelerated filer ‘ Non-accelerated filer ‘ Indicate by check mark which financial statement item the Registrant has elected to follow: Item 17 È Item 18 ‘ If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ‘ No È TABLE OF CONTENTS PRESENTATION OF INFORMATION ......................................................... 1 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS ................... 2 PART I ............................................................................ 3 ITEM 1 IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS .................... 3 ITEM 2 OFFER STATISTICS AND EXPECTED TIMETABLE ..................................... 3 ITEM 3 KEY INFORMATION ................................................................ 3 3.1 SELECTED FINANCIAL DATA .................................................................... 3 3.2 EXCHANGE RATE INFORMATION ................................................................ 4 3.3 RISK FACTORS ................................................................................. 5 3.3.1 RISKS RELATING TO FRANCE TELECOM ...................................................... 6 3.3.2 RISKS RELATING TO THE TELECOMMUNICATIONS SECTOR ..................................... 10 3.3.3 RISKS RELATING TO FINANCIAL MARKETS .................................................... 12 ITEM 4 INFORMATION ON FRANCE TELECOM .............................................. 15 4.1 HISTORY AND DEVELOPMENT ................................................................... 15 4.1.1 LEGAL NAME AND COMMERCIAL NAME ....................................................... 15 4.1.2 REGISTRATION LOCATION AND NUMBER ...................................................... 15 4.1.3 DATE OF INCORPORATION AND DURATION .................................................... 15 4.1.4 REGISTERED OFFICE, LEGAL FORM AND GOVERNING LAW ..................................... 15 4.1.5 IMPORTANT EVENTS IN THE DEVELOPMENT OF THE COMPANY’S BUSINESS ..................... 15 4.2 STRATEGY ..................................................................................... 16 4.2.1 THE “NEXT” PLAN ........................................................................... 16 4.2.2 THE FRANCE TELECOM STRATEGY: A NEW EXPERIENCE IN TELECOMMUNICATIONS ............. 18 4.2.3 THE PRINCIPAL VECTORS FOR IMPLEMENTATION OF THE GROUP’S STRATEGY .................. 21 4.2.4 INTERNATIONAL STRATEGY ................................................................. 24 4.3 PRESENTATION OF THE BUSINESS .............................................................. 25 4.3.1 GENERAL DESCRIPTION OF THE BUSINESS ................................................... 25 4.3.2 PERSONAL COMMUNICATION SERVICES ...................................................... 26 4.3.3 HOME COMMUNICATION SERVICES ........................................................... 44 4.3.4 ENTERPRISE COMMUNICATION SERVICES .................................................... 57 4.4 ISSUER DEPENDENCY IN RELATION TO PATENTS ................................................. 62 4.5 ACQUISITIONS AND DIVESTITURES .............................................................. 62 4.6 COMPETITION .................................................................................. 62 4.6.1 PERSONAL COMMUNICATION SERVICES ...................................................... 62 i 4.6.2 HOME COMMUNICATION SERVICES ......................................................... 66 4.6.3 ENTERPRISE COMMUNICATION SERVICES ................................................... 70 4.7 REGULATION ................................................................................. 71 4.7.1 APPLICABLE EUROPEAN LAW AND REGULATION ............................................. 71 4.7.2 FRENCH LEGAL AND REGULATORY FRAMEWORK ............................................ 73 4.7.3 LEGAL AND REGULATORY FRAMEWORK IN THE UNITED KINGDOM ............................. 82 4.7.4 POLISH LEGAL AND REGULATORY FRAMEWORK ............................................. 85 4.7.5 SPANISH LEGAL AND REGULATORY FRAMEWORK ............................................ 88 4.8 SUPPLIERS ................................................................................... 91 4.9 INSURANCE .................................................................................. 92 4.10 ORGANIZATIONAL STRUCTURE ............................................................... 93 4.11 PROPERTY, PLANT AND EQUIPMENT .......................................................... 94 4.11.1 NETWORKS .............................................................................. 94 4.11.2 REAL ESTATE ............................................................................ 96 4.12 RESEARCH AND DEVELOPMENT .............................................................. 97 4.13 SEASONALITY ............................................................................... 99 4.14 ENVIRONMENTAL POLICY .................................................................... 100 ITEM 4A UNRESOLVED STAFF COMMENTS ............................................... 100 ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS ............................ 101 5.1 OVERVIEW ................................................................................... 101 5.1.1 GENERAL INFORMATION ................................................................... 101 5.1.2 GROUP BUSINESS AND PROFITABILITY ...................................................... 104 5.1.3 OUTLOOK ................................................................................. 109 5.2 PRESENTATION OF 2006 AND 2005 ............................................................. 110 5.2.1 ANALYSIS OF THE GROUP’S INCOME STATEMENT AND CAPITAL EXPENDITURES ................ 111 5.2.2 ANALYSIS BY BUSINESS SEGMENT .......................................................... 127 5.3 PRESENTATION OF 2005 AND 2004 ............................................................. 155 5.3.1 ANALYSIS OF THE GROUP’S INCOME STATEMENT AND CAPITAL EXPENDITURES ................ 155 5.3.2 ANALYSIS BY BUSINESS SEGMENT ......................................................... 170 5.4 CASH FLOWS, SHAREHOLDERS’ EQUITY AND FINANCIAL DEBT ................................... 198 5.4.1 LIQUIDITY AND CASH FLOWS ............................................................... 198 5.4.2 SHAREHOLDERS' EQUITY .................................................................. 204 5.4.3 FINANCIAL DEBT AND FINANCING RESOURCES ............................................... 205 5.5 OFF-BALANCE SHEET COMMITMENTS AND CONTRACTUAL OBLIGATIONS ......................... 210 5.5.1 INVESTMENT, PURCHASE AND LEASING COMMITMENTS .....................................
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