Slide 1: 3Q 2004 revenues and TOP program update
3Q 2004 revenues and TOP program update O c t o b e r 2 8 th , 2 0 0 4
Slide 2: Cautionary Statement
Cautionary Statement This presentation contains forward-looking statements about France Telecom. Such statements are not historical facts and include expressions about management’s confidence and strategies and management’s expectations about new and existing programs, opportunities, technology and
Slide 3: Agenda
Agenda Key messages Addressing operational challenges: 3Q 04 results 3Q 04 revenues 3Q 04 TOP Program update Conclusion 3
Slide 4: 3Q 2004 Key messages
3Q 2004 Key messages Q3 revenues at the upper range of the full year objective Pro forma group revenues up 4.5% at 12.05 billion euros Total number of subscribers: 121.5 millions, up 6.5% pro-forma yoy Best quarter since TOP was launched REAA*: 4.86 billion euros, up 5.2% pro-forma REAA margin at 40
Slide 5: 3Q 2004 Key figures
3Q 2004 Key figures YoY YoY Pro -forma revenues Pro-forma revenues trends trends REAA* REAA* margin margin Euro millions 40.1% 40.3% + 4.5% 12,049 39.0% 38.1% 37.5% 36.2% 35.7% 11,535 3Q 2003 PF 3Q 2004 1Q 03 2Q 03 3Q 03 4Q 03 1Q 04 2Q 04 3Q 04 Operating Operating Income * margin Income* margin REAA
Slide 6: 3Q 2004: Key Operational challenges
3Q 2004: Key Operational challenges Î + 140k net adds in 3Q04 for Orange UK Orange Î + 1.3m net additions for Orange in 3Q04 Î 426k unlimited offers sold since Fixed Line In France launch Î + 1 market share point in LD vs 2Q 04 Î Wanadoo France: 40.5% of total market net Broadband adds in 3Q04 Î Wan
Slide 7: Addressing operational challenges
Addressing Addressing operational operational challenges challenges 3Q 3Q 2004 2004
Slide 8: Orange UK: 1H 2004 challenges & Action Plan
Orange UK: 1H 2004 challenges & Action Plan Challenges 3Q Action Plan Product and marketing Focus on increased volume of high Subscriber growth 11 value connections – not growth at any cost Continue to support loyalty leadership Orange churn 22 with targeted retention activity and leading propositio
Slide 9: Orange UK: 3Q 2004 achievements
Orange UK: 3Q 2004 achievements 11 Net Adds (000s) Contract Prepay Overall 110 168 278 84 120 171 54 140 49 51 38 64 56 113 6 1 1Q 03 2Q 03 3Q 03 4Q 03 1Q 04 2Q 04 3Q 04 -53 -61 -112 -55 -74 1Q 0 3 2Q 03 3Q 03 4Q 03 1Q 0 4 2 Q 04 3 Q 04 1Q 03 2Q 03 3Q 03 4Q 03 1Q 04 2Q 04 3Q 04 Contract net addition
Slide 10: Orange UK: 3Q 2004 achievements
Orange UK: 3Q 2004 achievements 22 33 Churn Churn** ARPU* ARPU* (£) (£) 23,8% 20,6% 22,6% 26,1% 26,1% 270 271 273 274 274 42 43 45 46 47 15,7% 16,4% 16,4% 16,1% 16,2% 228 228 228 228 227 3Q 03 4Q 03 1Q 04 2Q 04 3Q 04 3Q03 4Q03 1Q04 2Q04 3Q04 Overall Contract Voice Data Sales Sales and and Services S
Slide 11: Fixed Line, distribution and networks in France: 1H04 challenges and action plan
Fixed Line, distribution and networks in France: 1H04 challenges and action plan Challenges Action Plan Launch new offer PSTN unlimited le Plan Year voice offers: Year on on year year All best FT prices towards all destinations market market share share down down ÎFrom EUR9* “Appel à prix 5.3 5.3 pt
Slide 12: Fixed Line in France: 3Q 04 impacts (1)
Fixed Line, distribution and networks in France: 3Q 04 impacts (1) Quarter Quarter on on quarter quarter market market share share points points gain/loss gain/loss Local 1.0 LD -0.1 -0.4 -0.6 -0.9 -1.1 -1.1 -1.3 -1.5 -2.0 Sept 03 Dec 03 March 04 June 04 Sept 04 Significant improvement in FT’s voice
Slide 13: Fixed Line in France: 3Q 04 impacts (2)
Fixed Line, distribution and networks in France: 3Q 04 impacts (2) Unlimited offers For the first clients : ÎUsage up 50% on Most successfull Most successfull offer offer average 426 000s customers at the is unlimited is unlimited 24/7 24/7 ÎMonthly revenue revenue end of September all nbers all nbe
Slide 14: Fixed Line in France: 3Q 04 impacts (3)
Fixed Line, distribution and networks in France : 3Q 04 impacts (3) Dynamism of FT Sales and Services network FT shops: Î 15 new shops opened since the beginning densification of the year & relocation Î 21 shops relocated in high customer traffic on track areas Î Strong success of DECT handsets Devi
Slide 15: Broadband in France: 1H2004 challenges and action plan
Broadband in France: 1H2004 challenges and action plan Challenges Action Plan Livebox launched on July 12th Net VoIP launched in Net adds adds Î Endeavors July convergent services market market share share to come: video- video- telephony, bluetooth (EUR10* the 1st year) &TV between between 32% 32%
Slide 16: Broadband in France: 3Q 2004 impacts
Broadband in France: 3Q 2004 impacts Wanadoo Wanadoo market market share share and net additions and net additions 52% 50% 48% 47% Over 40 000s VoIP: 39% 40.5% Livebox sold 30,000s at the 34% or rented at the 32% end of end of september September 4Q03 1Q04 2Q04 3Q04 Î Strong improvement of Wanadoo’s
Slide 17: 3Q 2004 Revenues
3Q 3Q 2004 2004 Revenues Revenues
Slide 18: Orange: 3Q 04 Key Messages
Orange: 3Q 04 Key Messages Î Orange France: 2.264 Bn euros / + 6.2% pro-forma 5.184 5.184 Bn Bn euros euros +9.1% Î Orange UK: 1.593 Bn euros / + 3.7% pro-forma +9.1% pro pro forma forma ++ 10.0% 10.0% actual actual Î Orange ROW: 1.373 Bn euros / + 21.7% pro-forma Î Strong increase in number of cust
Slide 19: Orange France: 3Q 2004 KPI's
Orange France: 3Q 2004 KPI’s Customer Customer base* base* AUPU* AUPU* (minutes (minutes per per month month)) K customers +5.0% 19,617 20,603 171 57% 61% 167 163 153 158 43% 39% 3Q 2003 3Q 2004 3Q03 4Q03 1Q04 2Q04 3Q04 Prepay Contracts ARPU* ARPU* ((Euros) Euros) Churn Churn** 377 379 382 387 390 1
Slide 20: Orange UK – 3Q2004 KPI's
Orange UK – 3Q2004 KPI’s Customer Customer base* base* AUPU* AUPU* (minutes (minutes per per month month)) K customers +3.9% 13,371 13,886 32.5% 33.3% 145 146 146 146 145 67.5% 66.7% 3Q 2003 3Q 2004 3Q 03 4Q 03 1Q 04 2Q 04 3Q 04 Prepay Contracts ARPU* ARPU* (£) (£) Churn Churn** 23,8% 270 271 273 27
Slide 21: Orange ROW: 3Q 2004 KPI's
Orange ROW: 3Q 2004 KPI’s Revenues* Revenues* Euro millions +14.2% 345 302 -1.1% +41.0% +78.5% 216 214 187 +21.5% 167 +18.4% +26.5% 150 119 123 117 124 104 105 92 Romania Belgium Slovakia Egypt Africa / Netherlands Switzerland Others 3Q 03PF 3Q 04 Customer base up 26.9%, revenues 21.7% pro-forma * S
Slide 22: Wanadoo: 3Q 2004 Key messages
Wanadoo: 3Q 2004 Key messages 733m 733m euros euros Access and Portals: 455m euros / + 6.9 % pro-forma ++ 9.0% 9.0% pro pro forma forma ++ 8.0 Directories: 280m euros / + 11.9% pro-forma 8.0 % % actual actual Î Market share resilience for Broadband Î Decline of narrowband Access&& Access Î Decrease
Slide 23: Wanadoo: 3Q 2004 KPI's France
Wanadoo: 3Q 2004 KPI’s France Customer Customer base base (000s) (000s) ADSL ADSL customers customers (000s) (000s) K customers 2,042 2,234 2,463 + 9.3% 1,738 4,770 1,488 4,363 2,229 3Q 03 4Q 03 1Q 04 2Q 04 3Q 04 2,799 Overall Overall ARPU ARPU ** (in (in euros euros)) BB**: 2,541 17.5 17.8 17.7 17.
Slide 24: Wanadoo: 3Q 2004 KPI's - International
Wanadoo: 3Q 2004 KPI’s - International Broadband Broadband customers customers outside outside France France (000s (000s)) 442 429 253 235 123 148 UK Spain Netherlands 3Q 03 3Q 04 Overall Overall ARPU ARPU ** outside outside France France (in (in euros euros)) 10.5 10.7 10.1 10.1 10.2 10.2 8.9 9.1 8
Slide 25: Fixed Line, Distribution and Networks: 3Q 2004 Key messages
Fixed Line, Distribution and Networks: 3Q 2004 Key messages Consumer Services: 2.699 Bn euros / -6.2% pro-forma 5.365 5.365 Bn Bn euros euros -- 1.3% Business Services: 1.566 Bn euros / - 4.7% pro-forma 1.3% pro pro forma forma -- 1.3% 1.3% actual actual Carrier Services: 0.995 Bn euros / + 19.6% pr
Slide 26: Fixed Line: 3Q 2004 KPI's / Voice
Fixed Line, Distribution and Networks: 3Q 2004 KPI’s / Voice Number Number of of lines lines (in (in millions) millions) % % of of consumer consumer with with packages packages 33.8 33.9 33.8 33.7 33.7 40,8% 35,7% 37,8% 39,7% 32,6% 3Q 03 4Q 03 1Q 04 2Q 04 3Q 04 Sept 03 Dec 03 March 04 June 04 Sept 0
Slide 27: Fixed Line: 3Q04 KPI's / ADSL
Fixed Line, Distribution and Networks: 3Q04 KPI’s / ADSL Number Number of of ADSL ADSL lines ** (in lines** (in m) m) ADSL ADSL revenues revenues in in France France 5.25 + 46% yoy 4.7 1.05 275 4.1 269 0.7 239 3.3 0.5 215 1.74 188 0.3 1.7 185 2.5 1.6 0.1 157 1.3 0.9 2.23 2.46 2.0 1.5 1.7 3Q 03 4Q 03
Slide 28: Fixed Line: Business Services
Fixed Line, Distribution and Networks: Business Services Calling Services revenues impacted by strong price Voice pressure from competition and market slowdown • Increasing access volumes driven by FT technology leadership (IPVPN, DSL, Broadband) & bandwidth Data • 100 000 IP MPLS access reached • D
Slide 29: Equant: 3Q 2004 Revenues
Equant: 3Q 2004 Revenues ++ 0.8% 0.8% pro pro forma forma // -- 7.2 7.2 % % actual actual Euro in millions Actual figures Equant statutory revenues: USD 718m 633 583 587 Integration Total Services, Network SITA Other Services (5.3)% Services (8.4) % (USD139m) + 29.6% (USD369m) (USD369m) (USD210m) 3Q
Slide 30: Equant: 3Q 2004 Revenues
Equant: 3Q 2004 Revenues Major contract wins reflecting the business transformation Î US information technology company, IP VPN with project and service management Î 5 year multi-million dollar contract with Akzo Nobel;IP VPN with consultancy,project management, Equant Web Vision Growth in services
Slide 31: TP / Revenues and customers: 3Q 2004
TP / Revenues and customers: 3Q 2004 Customers in m Revenues Fixed Fixed Euro in millions 10.95 11.02 11.12 11.28 11.37 11.34 +2.6% +2.6%pro pro forma forma +2.5% +2.5%actual actual 1,031 1,030 1,057 15 June 03 Sept 03 Dec 03 March 04 June 04 Sept 04 16 15 270 267 332 Mobile Mobile 6.01 6.09 6.59 5.
Slide 32: Other International Operations revenues: 3Q 2004
Other International Operations revenues: 3Q 2004 + 8.7% pro forma + 8.7% pro forma -- 16.6% 16.6% actual actual Euro in millions 3Q 03 3Q 04 416 Main International activities Pro forma 347 Uni 2 (Spain) 119 107 319 Sonatel (Senegal) 78 111 CI TelCom (Ivory Coast) 48 43 Jordan Telecom 38 43 Mauritius
Slide 33: TOP Program Update
TOP TOP PROGRAM PROGRAM UPDATE UPDATE
Slide 34: TOP program: key messages
TOP program: key messages Capex: 9.6% of revenues Î Acceleration of mobile network related capex Î ADSL capex : volume up more than compensated by price decline Î Between 10 to 12% capex to sales ratio target for the full year maintained, stronger 4Q expected. Balancing growth and profitability Î RE
Slide 35: TOP program: Increase in operating margins
TOP program: Increase in operating margins Actual figures 51.6% 51.4% 51,1% 52,6% 48.5% 49.7% 46.4% 40.1% 39,0% 40,3% 36.2% 38.1% 37.5% 35.7% 1Q 03 2Q 03 3Q 03 4Q 03 1Q 04 2Q 04 3Q 04 REAA margin before commercial expenses* expenses* REAA margin* margin* * See glossary Highest REAA margins over 21 m
Slide 36: 3Q2004: OPEX analysis
3Q2004: OPEX analysis Group Group key key OPEX* OPEX* items items Euros in millions 3Q03 3Q03 3Q04 3Q04/3Q03 actual Pro forma actual Pro forma Labour Costs** 2,197 2,175 2,115 - 2.7% Non Labour Costs*** 4,775 4,744 5,078 + 7.1% External purchases 1,338 1,341 1,483 + 10.6% commercial expenses Other E
Slide 37: 3Q2004: CAPEX analysis
3Q2004: CAPEX analysis CAPEX* CAPEX* by by key key item item Euros in millions 3Q03 3Q03 3Q04 3Q 04/3Q 03 actual pro forma actual pro forma Total Group CAPEX 1,102 1,085 1,154 +6.3% % of revenues 9.5% 9.4% 9.6% o/w radio mobile 2G + 327 332 465 +40.2% 3G Equipment o/w ADSL 47 46 43 -7.5% o/w IT 249
Slide 38: The integrated model: Main initiatives and 3Q2004 impact
The integrated model: Main initiatives and 3Q2004 impact Description Description 3Q 3Q 4Q 4Q &&Objectives Objectives Achievements Achievements Expectations Expectations ¾ Increased efficiency of ¾ Share Mass Market & ¾ One single Sales and Sales and Services Customer Customer Enterprise channels ¾ J
Slide 39: Conclusion
Conclusion Conclusion
Slide 40: Conclusion
Conclusion Keeping the best balance between growth and profitability Î Over 40% REAA margin achieved in 3Q 04 while hitting the upper range of revenue growth objectives Improved commercial performance Î 40.5% share of net adds for broadband in France Î Market share increase for LD voice in France qu
Slide 41: Slide 41
Slide 42: Glossary (1)
Glossary (1) ¾ Contributive Consolidated Revenues: consolidated revenues excluding intra-group transactions ¾ Pro forma figures: figures of the preceding period adjusted to reflect the same scope of consolidation and exchange rates as in the current period ¾ Market Share of fixed line telephony in F
Slide 43: Glossary (2)
Glossary (2) ¾ Mobile AUPU: Monthly average usage per user (AUPU) is defined as total usage (including outgoing traffic, incoming traffic and roaming) for the 12 previous months divided by the weighted average number of Orange Group's customers during the same period. AUPU is quoted in minutes on a
Slide 44: Glossary (3)
Glossary (3) ¾ REAA: Operating income before depreciation and amortization of tangible and intangible assets and before amortization of actuarial adjustments in the early retirement plan ¾ Capex: acquisitions of intangible and tangible assets, excluding GSM and UMTS licenses ¾ Opex: operating charge
Slide 45: Other Data
Other Other Data Data
Slide 46: Key figures
Key figures EUR Millions 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q03 PF 3Q04 Revenues 11376 11476 11646 11623 11447 11735 11535 12049 REAA 4116 4368 4674 4144 4292 4576 4616 4856 REAA margin 36.2% 38.1% 40.1% 35.7% 37.5% 39.0% 40.0% 40.3% Operating Income 2189 2456 2822 2087 2545 2728 2828 2961 Op. income ma
Slide 47: Key figures - Costs
Key figures - Costs EUR Millions 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q03 PF 3Q04 Revenues 11376 11476 11646 11623 11447 11735 11535 12049 Labor costs 2449 2360 2197 2232 2329 2211 2175 2115 Non labor costs 4810 4748 4775 5246 4826 4948 4744 5078 REAA 4117 4368 4674 4144 4292 4576 4616 4856 47
Slide 48: Group Consolidated Revenues by segment
Group Consolidated Revenues by segment EUR Millions 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q03 PF 3Q04 Orange 4255 4360 4714 4612 4678 4858 4750 5184 Wanadoo , 567 660 679 711 636 724 673 733 Distribution and Networks 5449 5467 5435 5410 5409 5389 5436 5365 Equant 685 656 633 638 563 604 583 587 TP Group 10
Slide 49: Orange: subscribers
Orange: subscribers 000 customers 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q2004 Orange France 19 230 19 368 19 617 20 329 20 371 20 396 20 603 Orange UK 13 310 13 258 13 371 13 649 13 820 13 747 13 886 Orange ROW 12 380 12 994 13 957 15 161 15 891 16 746 17 714 ow Belgium 2 359 2 418 2 508 2 615 2 620 2 662
Slide 50: Orange: Revenues
Orange: Revenues EUR Millions 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q03 PF 3Q04 Orange France 1 864 1 942 2 132 2 045 2 031 2 108 2 133 2 264 Orange UK 1 429 1 423 1 477 1 490 1 500 1 549 1 535 1 593 Orange ROW 1 002 1 042 1 151 1 120 1 187 1 242 1 129 1 373 ow Belgium 265 281 302 318 314 331 302 345 ow Ro
Slide 51: Orange: Network Revenues
Orange: Network Revenues EUR Millions 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 Orange France 1745 1797 1923 1906 1921 1995 2082 Orange UK 1295 1296 1335 1296 1354 1431 1447 Orange ROW 905 945 1041 1039 1064 1147 1265 ow Belgium 234 245 268 271 276 296 307 ow Romania 92 104 125 125 122 145 162 ow Slovakia
Slide 52: Orange: Non voice revenue trends – Quarter on quarter
Orange: Non voice revenue trends – Quarter on quarter Non- Non-voice revenues as % of network revenues % 1Q03 2Q03 3Q2003 4Q2003 1Q2004 2Q2004 3Q2004 Orange France 11.3% 10.7% 11.6% 12.9% 14.0% 12.8% 13.7% Orange UK 15.8% 15.4% 15.5% 17.1% 17.2% 17.0% 17.1% Orange ROW 10.3% 10.2% 9.6% 10.8% 12.4% 11
Slide 53: Orange: Churn in key markets
Orange: Churn* in key markets Annual rolling churn in % % 1Q03 2Q03 3Q2003 4Q2003 1Q2004 2Q2004 3Q2004 Orange France Overall churn 21.1% 20.4% 19.6% 18.3% 18.3% 18.6% 18.7% Contract churn 13.9% 13.2% 12.4% 11.5% 10.9% 10.3% 10.3% Prepaid churn 29.8% 29.2% 29.0% 27.2% 28.2% 30.1% 30.6% Orange UK Over
Slide 54: Orange: Usage in Key Markets
Orange: Usage in Key Markets AUPU* in minutes Minutes per month 1Q03 2Q03 3Q2003 4Q2003 1Q2004 2Q2004 3Q2004 Orange France Overall AUPU 146 150 153 158 163 167 171 Contract AUPU 227 231 235 240 247 252 254 Prepaid AUPU 48 49 48 49 50 50 52 Orange UK Overall AUPU 142 144 145 146 146 146 145 Contract
Slide 55: Orange: France and UK ARPUs – Annual rolling
Orange: France and UK ARPU*s – Annual rolling 1Q03 2Q03 3Q2003 4Q2003 1Q2004 2Q2004 3Q2004 Orange France in Euros Overall ARPU 375 376 377 379 382 387 390 Contract ARPU 552 548 549 546 546 549 547 Prepaid ARPU 162 163 158 160 163 164 165 Voice ARPU 340 338 336 335 335 337 337 Data ARPU 35 38 41 44 4
Slide 56: Orange: ROW ARPUs
Orange: ROW ARPU*s Euros 1Q03 2Q03 3Q2003 4Q2003 1Q2004 2Q2004 3Q2004 Belgium 407 409 411 416 422 431 437 Romania 190 177 170 169 162 158 152 Slovakia 194 196 197 198 200 201 205 Switzerland 724 710 717 712 701 688 669 Netherlands 356 379 397 402 395 381 364 Denmark 354 370 376 373 371 371 376 Egypt
Slide 57: Wanadoo: Revenues
Wanadoo: Revenues EUR Millions 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q03PF 3Q04 Wanadoo 567 660 679 711 636 724 673 733 ow access & portals 393 417 431 467 455 475 426 455 ow directories 175 247 251 245 183 252 250 280 57
Slide 58: Wanadoo: Number of customers
Wanadoo: Number of customers 000s 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 France 4130 4230 4363 4520 4664 4682 4770 Broadband 1240 1394 1564 1816 2123 2315 2541 Narrowband 2890 2836 2799 2704 2541 2367 2229 UK 2666 2639 2604 2580 2597 2497 2442 Broadband 68 91 123 158 192 316 442 Narrowband 2598 2548 248
Slide 59: Wanadoo: ARPU trends
Wanadoo: ARPU* trends Euros 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 France 17.0 17.3 17.5 17.8 17.4 17.7 17.6 UK 8.1 8.5 8.9 9.1 10.4 10.5 10.7 Spain 10.4 10.2 10.1 10.1 10.2 10.2 10.2 Netherlands 7.9 7.8 8.0 7.5 8.9 8.3 8.1 59
Slide 60: Fixed Line, Distribution and Networks: Revenues
Fixed Line, Distribution and Networks: Revenues EUR Millions , 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q03PF 3Q04 Distribution and Networks 5449 5467 5435 5410 5409 5389 5436 5365 ow Consumer Services 2825 2853 2880 2746 2736 2677 2876 2699 ow Business Services 1719 1670 1638 1669 1645 1604 1642 1566 ow Carr
Slide 61: Fixed Line: Number of Lines, Market shares, Consumer with packages
Fixed Line, Distribution and Networks: Number of Lines, Market shares, Consumer with packages In % 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 Local 79.1% 77.8% 76.7% 75.8% 73.8% 72.5% 72.4% Long Distance 63.3% 63.3% 62.9% 61.8% 60.3% 59.7% 60.7% In millions 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 Number of lines
Slide 62: Headcount trends
Headcount trends Headcount, End of period End of the period 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q03PF 3Q 04 FTSA 115 992 114 234 112 488 110 814 110 231 108968 112 588 108 377 French Subsidiaries 19 622 19 375 19 122 19 083 17 771 17914 18 987 17 066 International 96 368 92 373 91 888 88 626 84 279 82900
Slide 63: TP Group: Number of customers
TP Group: Number of customers 000s 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 Mobile 4739 5083 5353 5702 6011 6090 6593 Fixed Line 10880 10948 11021 11118 11278 11371 11339 * See glossary. 63
Slide 64: Forex Impact
Forex Impact: Adverse EUR 9 million impact Revenues Revenues by by currency currency Other --3.1% 3.1% on 5.63% GBP on group group 14.0% REVENUE REVENUE USD 5.77% 10% 10% --2.35% 2.35% on on group group REAA REAA strengthening strengthening PLN 8.71% of of Euro Euro has has an an --1.35% 1.35% on on
Slide 65: Main acquisitions/disposals since June 2004
Main acquisitions/disposals since June 2004 Closing Closing date date Equant CVRs : payment of EUR2.015bn July 8, 2004 PagesJaunes IPO: Sale of 36.93% of the company for July 8, 2004 EUR 1.443 Bn. (1st day of trading) Wanadoo public offering : EUR563m July, 2004 Thaïland: Orange stake reduced to 10%
Slide 66: Operating working capital trends
Operating working capital trends DPO* DPO* DSO* DSO* 92.7 91.5 52.3 88.6 83.9 86.3 47.8 46.2 45.1 46.9 3Q 03 4Q 03 1Q 04 2Q 04 3Q 04 3Q 03 4Q 03 1Q 04 2Q 04 3Q04 * See glossary 66
Slide 67: Slide 67