Free Cash Flow to Equity (FCFE)
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France Telecom, FCFE calculation
USD $ in millions, translated from EUR €
| 12 months ended | Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | Dec 31, 2007 | |
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Net income attributable to owners of the parent | |
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Add: Non-controlling interests | |
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Add: Net noncash charges | |
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Less: Changes in working capital requirements | |
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Net cash provided by operating activities | |
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Less: Purchases of property, plant and equipment and intangible assets | |
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Add: Proceeds from sales of property, plant and equipment and intangible assets | |
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Add: Increase (decrease) in bank overdrafts and short-term borrowings | |
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Add: Issuance of bonds | |
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Less: Redemption or repayment of bonds | |
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Add: Issuance of other long-term debt | |
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Less: Repayment of other long-term debt | |
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Free cash flow to equity (FCFE) | |
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| Item | Description | The company |
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| FCFE | Free cash flow to equity is the cash flow available to France Telecom's equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made. | France Telecom's FCFE declined from 2009 to 2010 but then increased from 2010 to 2011 exceeding 2009 level. |