A dominant supplier of fixed-line and mobile telecoms services in France (with 33.9 million fixed-line and 20.3 million mobile subscribers at year-end 2003), allowing for solid margins and cash flow surpluses; A large Pan-European mobile-telephony supplier, with a well-know brand and 37.1 million subscribers outside France, spanning 21 countries. About 36% of these subscribers were based in the U.K., however, at year-end 2003; Now solid profitability measures and substantial discretionary cash flow generation, mostly owing to significant productivity gains and reduction in both working capital and capital expenditures since mid-2002; and Management's continued focus on debt reduction (with debt reduction targets) and prudent financial policy, which provide adequate visibility on the evolution of credit metrics for the next two years.
