In the original version of this analysis, published on Sept. 22, 2003, data in table 3 was based on nonlease-adjusted figures. This data has now been amended to reflect lease-adjusted figures. Accordingly, certain figures stated in the seventh paragraph of the 'Profitability and cash flow protection' section have also been amended. Global reach and wide product diversification combined with a strong brand name in Europe and several world-leading positions; Strong positions in certain stable cash-generative businesses such as medical systems, lighting, and domestic appliances and personal care; and Solid financial flexibility enhanced by a substantial amount of disposable, listed financial assets. High leverage compared with current profitability margins and volatile cash flow generation capacity; Strong exposure to certain capital-intensive, cyclical
