Dominant position as a vertically integrated supplier of fixed-line and mobile telephony services in Italy, boasting high EBITDA margins and strong cash flow generation; Enhanced cash flow visibility, thanks to the focus on the cash-generative fixed-line business and on majority-controlled wireless subsidiaries; Solid liquidity and rapidly improving debt-protection measures, resulting from substantial discretionary cash flow generation (about €4 billion annually expected over the next two years); and Management's success in meeting its commitment to reduce debt through asset disposals and to streamline the shareholding structure. High leverage following the merger with parent company Olivetti SpA, which increased debt by about €20 billion. The merger will, however, enable the group to reduce dividend leakage and enhance debt-reduction potential; Substantial dividend payments,
