Orange (ORAN): H1 net profit -38% to €1.07B, EBITDA €6.42B vs €6.82B. Revenue -9.9% to €20.60B....

Orange (ORAN): H1 net profit -38% to €1.07B, EBITDA €6.42B vs €6.82B. Revenue -9.9% to €20.60B. Earnings hurt by a severe price war in France, where average revenue per user dropped 12.1%. Customers +3.1% to 231.5M. Maintains guidance for operating cash flow to fall to above €7B from €7.97B in 2012. In Poland, revenue -8.6% and EBITDA -19%; Spain revenue +1.7%. To pay French tax authorities €1.95B at the end of this month and a further €190M in September following a court decision on the restructuring of a holding company in 2005. Shares -4.4% in Paris. (PR)

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