Stable and recurrent revenues from long-term municipal and industrial outsourcing contracts for water- and waste-management, and also energy and transport services; A high degree of diversification, with modest exposure to emerging markets; Top-tier market positions in each of its divisions; No exposure to energy generation, with European energy services benefiting from a strategic alliance with EDF (AA/Negative/A-1+); and An improved, but still modest, financial profile following a €1.5 billion capital increase and divestment of more cyclical U.S. activities in 2002, together with a modest dividend payout policy. Low EBITDA margin (13%) reflecting the company's business of contract outsourcing, which has relatively low capital-intensity, but also low free cash flow generation ability; Positive free cash flow generation (post dividends) expected only
