Orange Sa · EURONEXT:ORA
Orange Sa — France Telecom — Q3 2004 Earnings Presentation
69 slides from Orange Sa's earnings presentation, Oct 28, 2004
Slide 1: Form 6-K France Telecom
SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 OF THE SECURITIES EXCHANGE ACT OF 1934 October 28, 2004 Commission File No. 1-14712 FRANCE TELECOM (Translation of registrant’s name into English) 6, place d’Alleray, 7
Slide 2: 3Q 2004 revenues and TOP program update
3Q 2004 TOP and October program 28th, revenues update 2004
Slide 3: Cautionary Statement
Cautionary management’s assumptions, expected other business information Form France This authorities’ All 2 figures presentation things, 20-F Telecom and objectives are with Statement recommendations, on the competitive these unaudited expectations the the does success contains potential forward-lo
Slide 4: Agenda
Key04 Agenda Addressing 3Q 3 Conclusion messages TOP revenues Program operational update challenges: 3Q 04 results
Slide 5: Key messages 3Q 2004
3QSee Q3 Pro Total Best REAA*: Operating CAPEX*: REAA * Managing 4 2004 revenues forma quarter number glossary –margin CAPEX: Key 4.86 Income*: group growth 1.154 since atof messages billion atthe subscribers: billion revenues 40.3%, and TOP 3.702 upper 2.96 euros, profitability was euros billion hi
Slide 6: TOP program continues to deliver, targets confirmed
YoY + 11,535 3Q 12,049 Operating REAA* 24.6% 23.2% 22.2% 18.0% 24.2% 21.4% 19.2% REAA*—CAPEX* 40.3% 39.0% 37.5% 35.7% 40.1% 38.1% 36.2% Euro 1Q TOP 3,702 3,399 3,410 2,322 3,573 3,223 3,100 * 5 See 4.5% 2003 2004 03 Pro-forma continues millions glossary 2Qmargin Key PF 03 Income* 3Q figures to reven
Slide 7: Key messages: FT has regained the initiative
3Q11.3m Orange Fixed In 426k + Broadband Wanadoo Following 6 140k France 2004: market unlimited Line netKey France: broadband June adds additions share Operational offers Investor inpoint 40.5% 3Q04 net for sold inOrange adds Day of for LD since challenges total Orange vs announcements, 399k2Q in la
Slide 8: Addressing 3Q 2004 operational challenges
Addressing 3Q 2004 operational challenges
Slide 9: Orange challenges and action plan
Challenges Product Subscriber Orange Stable Sales Increasing 4 8 challenges and voice UK: churn and Services customer growth 3Q marketing revenues 1H to2Action be Continue 2004 solved 1 investment Focus challenges and Plan after to PAYG on support increased 1Hspend & ARPU* 2004 Action loyalty requir
Slide 10: Orange UK: net additions growth
Orange N Overall Prepay Contract PAYG + 4 6 54 84 38 51 110 1Q 56 120 168 64 -112 -61 --53 1 140 -74 171 278 113 * 955 9et See 14003 Adds 000 glossary 000s 2Q base UK: net net (000s) 03new returns adds additions 3Q 3Qcustomers 2004 03 into 3Q 4Qgrowth achievements growth 2004 03 1Q continues: 04 2Q
Slide 11: Orange UK: churn and distribution
Orange C 2 Churn* 3Q Overall 16,2% 26,1% 16,1% 23,8% 22,6% 16,4% 20,6% 15,7% A 3 Voice 3Q03 Sales 227 47 46 274 45 273 43 271 228 42 270 252 Targeting Direct Increase * 10hurn* RPU* See 03 “Orange and glossary 4Q03 Data 4Q distribution UK: Contract (£) ofmore Services 03Contract 1Q04 3Q Shops” 1Q –t
Slide 12: Fixed Line France challenges and action plan
Fixed Year Challenges Action Launch PSTN From to le All “Appel Strengthen Densification Improve * A 11 VAT large Plan EUR33* best on EUR9* Line, unlimited included Plan àset new year FT commercial prix of Sales prices distribution offer market new of Unique” retail voice &towards offers/services Ser
Slide 13: Fixed Line France: market share trends
Fixed in Quarter 1.0 -0.1 -0.6 -1.5 -0.4 -1.3 -2.0 -0.9 -1.1 Dec March June Sept Significant LD Local 12 France: 03 03Line, 04 04 on3Q quarter improvement distribution 04 impacts marketand in (1) share FT’s networks points voice gain/loss market share trends
Slide 14: Fixed Line: unlimited offers success
Fixed in 426 Most For Usage Monthly Le 628 All Higher Neutral Favourable * Unlimited 13VAT France: Plan best the 000s successfull Line, up included loyalty first impact FT revenue customers 50% 3Q offers market prices distribution clients 04 on onincreased offer impacts per average for revenue share
Slide 15: Fixed Line: distribution dynamism
Fixed in Dynamism FT 15 21 Strong Devices 8 Positive Call Cc.70% Towards A 14colored more France new shops shops: Centers Line, success shops efficient of impact integrated relocated :densification screen 3Q “unlimited” of distribution opened FT 04 of ondistribution (15% Sales impacts DECT in usage
Slide 16: Broadband France challenges and action plan
Broadband Net Challenges Action launched Livebox Endeavors VoIP (EUR10* July Promotional 512k Multi-Play * ** A 15VAT large not adds launched for including included Plan set range EUR19.9* market on the convergent of launched inJuly offers 1st new of France: ininnovative share premium year) 12th ADS
Slide 17: Wanadoo broadband: resilience of market share
Broadband Wanadoo 4Q03 Net 47% 40.5% 48% 34% 50% 39% 52% 32% Over 30,000s VoIP: Strong In 16 line adds 40 1Q04 with improvement at 000s MS market the in 45% 2Q04 Market Livebox France: endto share 3Q04 of50% of September Share 3Q sold and Wanadoo’s market 2004 net or rented additions impacts share A
Slide 18: 3Q 2004 Revenues
3Q 2004 Revenues
Slide 19: Orange: continued strong revenue growth
Orange: 5.184 +9.1% Orange Continued Strong Sustained * 18See glossary Bn pro 3rd increase France: UK: ROW: 3Q euros revenue positive forma quarter 04 1.593 1.373 Key 2.264 in+data number growth with Bn trends 10.0% Messages Bn Bn euros revenues*: 1.3 euros euros in actual ofmillion /ARPU* customers
Slide 20: Orange France customer KPIs
Orange Customer K 3Q 39% 61% 20,603 +5.0% 43% 57% 19,617 Prepay ARPU* 53 390 337 50 387 47 382 335 44 379 336 41 377 Voice AUPU* 171 167 163 158 153 3Q03 18.7% 10.3% 18.6% 10.9% 18.3% 11.5% 12.4% 19.6% Churn* Overall Increase * 19See customers 2003 2004 glossary 4Q03 Data Contracts France: Contract
Slide 21: Orange UK customer KPIs
Orange Customer K 66.7% 33.3% 13,886 +3.9% 67.5% 32.5% 13,371 Prepay AUPU* 145 ARPU* 3Q03 227 47 46 274 45 273 43 271 228 42 270 Voice 3Q 16,2% 16,1% 26,1% 23,8% 16,4% 22,6% 15,7% 20,6% Churn* Overall Increase * 20See customers 2003 03 146 glossary 4Q03 Data 4Q Contracts UK Contract (£) (minutes 146
Slide 22: Orange Rest of World revenues
Orange Euro Revenues* Africa Egypt Slovakia Belgium Romania 214 150 216 124 187 105 117 92 123 104 345 302 167 119 -1.1% +21.5% +78.5% +26.5% +18.4% +14.2% +41.0% Switzerland Netherlands 3Q Customer * 21See 03PF 04 millions glossary /Others ROW: base 3Q up 26.9%, 2004 KPI’s revenues 21.7% pro-forma
Slide 23: Wanadoo revenues
Wanadoo: 733m + Directories: Access Market broadband 309 Directories High 229.0% 700 single euros and & share pro internet Portals 3Q customer forma Portals: digit 280m resilience 2004 advertisers growth, +euros Key 455m 8.0 base for % /messages despite up +euros actual Broadband 11.9% PagesJaunes.f
Slide 24: Wanadoo customer KPIs
Wanadoo: Customer 3Q03 + 1,564 2,799 4,363 ADSL 2,541 2,229 4,770 62.5% K 2,463 2,234 2,042 1,738 1,488 4Q 1Q 2Q 3Q Overall 17.6 17.7 17.8 17.5 December June September 53% * 23See 9.3% customers 03of 042004 glossary 3Q04 customers client ARPU base 3Q 2003 2003 2004 base 2004 ** *(000s) (in (000s) in
Slide 25: Wanadoo broadband KPIs outside France
Wanadoo: Broadband 3Q 429 235 253 148 442 123 Overall 7 8 Netherlands 10.2 10.1 Spain UK 10.7 10.5 9.1 8.9 September 8.1 8.3 Strong * 24.5See 03glossary 3Q increase ARPU 04 3Q 2003 customers 2004 *ofDecember outside Broadband KPI’s—International outside France 2003 France customers (in June euros) (
Slide 26: Fixed Line, Distribution and Networks revenues
Fixed 3Q -5.365 Consumer Business Carrier Consumer: Business: Carriers: Resilience * 251.3% See 2004 glossary Bn Line, pro actual Services: Key impact Services: euros price Services: confirmed forma access Distribution messages pressure of 0.995 stabilized, 1.566 ADSL 2.699 Bn on and Bn market Bn eu
Slide 27: Fixed Line KPIs: market shares and lines
Fixed 33.8 % 40,8% 3Q Local 76,7% 72,4% 72,5% 73,8% LD Sept 60,7% 59,7% 60,3% 61,8% 62,9% Number * 26See of03 2004 market 33.9 03 consumer glossary market Line, 4Q 35,7% 75,8% Dec of KPI’s 33.8 03 shares lines Distribution 03 1Q shares 37,8% 33.7 /with March (in stabilized, Voice 04 33.7 millions) 2
Slide 28: Fixed Line KPIs: ADSL lines
Fixed 3Q04 Number 0.1 2.5 0.7 4.7 2.0 1.6 0.5 4.1 1.7 1.3 0.3 3.3 1.5 1.05 5.25 3Q Wanadoo ADSL + 1Q 275 269 239 215 188 185 157 ** Strong * 27See 46% This 03 0.9 1.7 1.74 glossary KPI’s Line, 4Q 2Q revenues yoy volume 2.23 includes of2.46 Other 03 ADSL Distribution / 3Q 1Q ADSL growth, ADSL in 139k
Slide 29: Fixed Line: calling, data and voice development
Fixed Calling Voice Increasing Data 100 Development Key Double Launch Sagem, Market * 28See000 initiatives glossary Line, share digit Services TDF, of IPthe access MPLS Distribution growth maintained Elior, of “ZAE” &Internet revenues references volumes access SGS, inplan, services and &in reached S
Slide 30: Equant: revenues
Equant: + Euro 3Q 587 583 633 Actual Equant Total Integration SITA 3Q04 290.8% 03in Network (5.3)% revenues: 3Q figures statutory pro millions 3Q03 Services, forma 2004 (USD139m) PFServices USD718m 3Q revenues: Revenues / - 04 7.2 Other (8.4)% % USD Services actual up 0.8% (USD369m) 718mpro + 29.6%
Slide 31: Equant: major contract wins
Equant: Major US 5 Growth Continued Transformation 30year information contract multi-million in 3Qservices negative 2004wins towards technology Revenues revenues trend reflecting dollar a on service contract company, (+20% Data&IP thecompany business with pro-forma IP Akzo VPNtransformation with Nob
Slide 32: TP revenues and customers
TP 15 Customers 10.95 5.08 Mobile June Euro Revenues +2.6% +2.5% 1,031 791 270 16 3Q Fixed Strong 31 /03 794 267 Revenues 5.35 03 in15 11.02 1,030 Line 3Q pro actual performance millions Sept 762 332 5.70 03 forma in Mobile 11.12 1,057 03 PF m6.01 and Dec 3Q 11.28 customers: Internet 6.09 in 04 03mo
Slide 33: Other International revenues
Other -+ Euro 416 3Q Main Uni Sonatel CI Jordan Mauritius Perimeter Salvador Menatel Strong 3216.6% 8.7% TelCom 03 2319 in International (Spain) International 3Q Telecom pro-forma pro millions (Senegal) actual 347 (-(-Telecom impact 03 Eur (Ivory Eur forma PF 119 12 80 38 3Q on growth 78 m) 107 Coas
Slide 34: TOP Program Update
TOP PROGRAM UPDATE
Slide 35: TOP program: capex acceleration and REAA margin
TOP program: Capex: Acceleration ADSL Between Balancing Over REAA 34 40% capex –margin 9.6% CAPEX 10growth REAA toof : volume before key 12% mobile revenues up margin, and messages capex 4.8% commercial profitability up network more highest to at sales 3.7than related Bn since expenses ratio euros c
Slide 36: TOP program: actual operating margins
TOP Actual 35.7% 40.1% 38.1% 36.2% 37.5% 51.4% 51.6% 48.5% 46.4% 49.7% 40,3% 39,0% 52,6% 51,1% 4Q 1Q 2Q 3Q REAA * Highest 35See 03program: 04 glossary figures margin margin* REAAbefore Increase margins commercial in over operating 21 months expenses* margins
Slide 37: 3Q2004: Group operating expenses
3Q2004: Group Euros 3Q03 actual Labour Non External commercial Other Total % * ** *** Continuing 36net of including including Labour revenues of OPEX 3Q03 External Charges*** in Pro key Costs** capitalized millions purchases OPEX forma OPEX* labour 3Q04 expenses Costs*** 6,972 employee bad 59.9% Pur
Slide 38: 3Q2004: Group CAPEX
3Q2004: CAPEX* Euros 3Q03 actual Total % 327 3G o/w * Despite 37excluding ofEquipment ADSL radio 332 IT revenues Group 3Q03 in pro 249 higher 465 millions CAPEX by mobile forma 47 248 mobile 3Q04 CAPEX +40.2% key 46 9.5% capex 284 actual item 43 2G analysis 3Q licenses—see +14.1% -7.5% 9.4% +1,102 f
Slide 39: The convergence and customer support
Theconvergence Customer Support IT&Network Description Share Define 3Q One Alignment 23 4Q Increased IT Target Action 38 convergent in Achievements Expectations integrated single Sept Mass organisation aplans functions target efficiency Facing for Committees Sales Market &defined France) application
Slide 40: Conclusion
Conclusion
Slide 41: Conclusion: keeping guidance
Keeping Conclusion Over 40.5% Market Stabilization Improved Guidance Revenue REAA Capex Full * 40Seeyear 40% glossary /share over share sales the growth 2004 maintained commercial trends REAA EUR best of for increase ratio guidance net local for pro balance 18Bn margin between adds Orange forma for
Slide 42: Slide 42
Slide 43: Glossary
Glossary Contributive Pro Market Secured services ADSL “ADSL business Network Mobile the year network Internet period. opening Wanadoo 42 average forma basis. Revenues: activated The ARPU: Share Network Connect ARPU: revenues and as accounts Revenues (1) connectivity figures: Orange in of weighted c
Slide 44: Glossary
Glossary Mobile average Orange Churn, involuntarily churn Customer those treated For channel. 43 Orange connections differs as the AUPU: World number Prepaid (2) having disconnections measure UK, France, between (excluding subscribers Monthly of customers customers churned which, Orange churn of Ora
Slide 45: Glossary
Glossary REAA: Capex: Opex: Labour Commercial Operating DSO: DPO: Sourcing: 44 Days operating acquisitions Costs: Operating (3) implementation working ofexpenses: net Sales Payables charges of income capital of Outstanding capitalized intangible includes Outstanding before of before requirement: a n
Slide 46: Other Data
Other Data
Slide 47: Key figures
Key EUR Revenues REAA Operating Op. CAPEX In 46 %income figures of Millions 4116 margin revenues 1016 11376 Income margin 4368 1145 1Q03 36.2% 11476 8.9% 4674 2189 19.2% 1103 2Q03 38.1% 10.0% 11646 4144 2456 1822 21.4% 3Q03 40.1% 4292 2822 9.5% 11623 8824Q03 24.2% 4576 1177 2087 35.7% 15.7% 11447 1Q
Slide 48: Key figures: revenues and costs
Key figures EUR 1Q03 Revenues Labor Non REAA 47 labor Millions 2Q03 costs 4117 11376 costs 2449 -3Q03 4368 Costs 4810 11476 2360 4674 4Q03 4748 2197 11646 4144 1Q04 4775 2232 4292 11623 2Q04 5246 2329 4576 3Q03 11447 4826 2211 4616 PF 11735 4948 2175 4856 3Q04 4744 11535 21155078 12049
Slide 49: Group consolidated revenues by segment
Group EUR Orange Wanadoo Distribution Equant TP Other Inter Total 48 Group segment Millions consolidated International Consolidated 685 4255 567 1070 656 and 4360 Eliminations 660 1Q03 1053 633 Networks 679 Revenues 4714 Operations 638 Revenues 2Q03 1031 711 4612 5633Q03 5449 1010 636 -1085 11376 60
Slide 50: Orange: subscribers
Orange: 000 Orange ow 49 Belgium Romania Slovakia Switzerland Netherlands Denmark Egypt other customers France UK ROW subscribers 11602 739 13 212511 12 359 767 1Q03 377 310 19 1988 1380 702 546 037 826 230 21213 1418 852 2Q03 590 12 1585 003 1258 19 797 057 984 994 212368 576 113 508 979 3Q03 905 2
Slide 51: Orange: revenues
Orange: EUR Orange ow 50 Belgium Romania Slovakia Switzerland Netherlands Denmark Egypt other Millions France UK ROW Revenues 99 931100 265 91 97 84 59 429 11Q03 194 192 002 106 109 103 68 108 864 281 1100 68 423 193 1114 130 92 2Q03 113 1302 042 63 942 107 93 1216 124 131 125 318 65 477 13Q03 106 2
Slide 52: Orange: network revenues
Orange: EUR Orange ow 51 Belgium Romania Slovakia Switzerland Netherlands Denmark Egypt other Millions France UK ROW Network 85 881295 88 234 84 92 82 46 905 1Q03 1745 88 89 177 99 104 52 245 1296 Revenues 945 112 96 107 86 54 178 125 2Q03 1797 268 101 88 51 112 1041 1335 116 195 125 99 271 50 1923
Slide 53: Orange: non-voice revenue trends
Orange: Non-voice % Orange ow 52 1Q03 Belgium Slovakia Switzerland Netherlands Denmark France UK ROW Non 2Q03 revenues 15.8% 15.9% 10.1% 11.4% voice 10.3% 3Q2003 11.3% 12.8% 11.0% 15.4% revenue 15.6% 9.4% 11.6% as 10.2% 10.7% 12.8% 11.2% % 4Q2003 9.5% of 15.5% 15.5% 11.3% trends 9.6% network 11.6% 1
Slide 54: Orange: annual rolling churn
Orange: Annual % Orange Overall Contract Prepaid * 53See 1Q03 glossary France UK rolling churn Churn* 2Q03 churn19.0% 21.1% 29.8% 3Q2003 churn 13.9% 15.9% in key 20.4% 19.9% in 29.2% 22.6% 13.2% 15.8% markets 4Q2003 % 20.6% 19.6% 29.0% 23.7% 12.4% 15.7% 1Q2004 18.3% 22.6% 27.2% 26.5% 11.5% 16.4% 2Q2
Slide 55: Orange: AUPU minutes
Orange: AUPU* Minutes Orange Overall Contract Prepaid * 54See glossary. France UK AUPU Usage in per AUPU minutes month 146 142 in 48 56 227 329 Key 49 57 1Q03 150 144 231 329 48 58 Markets 153 145 49 58 235 330 2Q03 50 57 158 146 240 330 50 56 3Q2003 163 146 247 331 52 146 54 167 252 331 4Q2003 171
Slide 56: Orange: ARPUs
Orange: 1Q03 Euros Orange Overall Contract Prepaid Voice Data * 55SeeARPU glossary. ARPU 2Q03 France UK ARPU France ARPU in 3Q2003 35 39 340 224 £263 375 in 162 125 38 40 and 552 563 338 227 41 42 376 267 163 126 UK 548 568 4Q2003 44 43 336 228 377 270 158 127 ARPU*s 47 45 549 572 335 228 50 46 379
Slide 57: Orange: ARPUs in other markets
Orange: Euros Belgium Romania Slovakia Switzerland Netherlands Denmark Egypt * 56See glossary. 1Q03 271 ROW 407 194 190 354 232 724 2Q03 356 409 196 177 370 ARPU*s 208 710 379 411 197 170 376 3Q2003 194 717 397 416 198 169 373 158 712 402 422 200 162 371 4Q2003 176 701 395 431 201 158 371 172 688 38
Slide 58: Wanadoo: revenues
Wanadoo: EUR Wanadoo ow 57 access directories Millions 567 & Revenues portals 660 1Q03 175 679 247 393 2Q03 711 251 417 3Q03 636 245 431724 183 4Q03 467 673 252 455 1Q04 733 250 475280 2Q04 426 455 3Q03PF 3Q04
Slide 59: Wanadoo: number of customers
Wanadoo: 000s France UK Spain Netherlands Total Broadband Narrowband * 58See2666 1Q03 8786 glossary. 1509 4130 2639 Number 8807 2Q03 1240 68 120 184 1613 1454 471 4230 2890 2598 1389 287 7173 91 2604 131 203 8893 476 1394 1819 273 1417 3Q03 123 4363 2836 2548 1323 6988 of 148 235 2580 500 265 158 cu
Slide 60: Wanadoo: ARPU trends
Wanadoo: Euros France UK Spain Netherlands 59 8.110.4 1Q03 17.0 8.5ARPU* 10.2 8.9 17.3 2Q03 7.99.1 10.1 7.8 17.5 3Q03 trends 10.4 8.0 10.1 17.8 7.5 10.5 4Q03 10.2 17.4 8.9 10.7 1Q04 10.2 8.3 17.7 8.1 10.2 2Q04 17.6 3Q04
Slide 61: Fixed Line, Distribution and Networks: revenues
Fixed EUR Distribution Networks Services ow revenues 60 Consumer Business Carriers others Millions Line, 2825 1719 824 80 5449 Distribution 96 and 847 2853 1670 1Q03 86 5467 832 133 2880 1638 2Q03 5435 863 102 and 2746 1669 926 3Q03 5410 120 Networks: 987 2736 1645 86 5409 4Q03 106 832 2677 1604 538
Slide 62: Fixed Line: lines and market shares
Fixed Local Long Number In customers Consumer packages 61 millions % 1Q03 of Distance 79.1% Line, total of28.90% 1Q03 with lines 1Q03 2Q03 Distribution 77.8% 63.3% 34.075 2Q03 2Q03 3Q03 31.30% 76.7% 63.3% 3Q03 3Q03 4Q03 33.964 and 32.60% 75.8% Networks: 4Q03 62.9% 4Q03 1Q04 33.831 73.8% 35.70% 1Q04
Slide 63: Headcount
Headcount, Headcount End FTSA French International Total 62 ofGroup 115 the Subsidiaries 992 period trends End 231 96114 368 of 982 1Q03 period 234 19 92 225622 112 373 2Q03 982 19 488 91223 3Q03 375 888 110 498 19 88 4Q03 814 122 218 626 110 1Q04 19 523 84231 083 279 212 2Q04 108968 17 82900 281 77
Slide 64: TP: number of customers
TPSee 000s Mobile Fixed * 63 Group: 1Q03 glossary. Line 4739 Number 10880 2Q03 50833Q03 10948 5353 of customers 4Q03 5702 110211Q04 6011 11118 6090 2Q04 11278 6593 3Q04 11371 11339
Slide 65: Forex impact on group figures
Forexstrengthening -3.1% -2.35% -1.35% -1.99% 10% Other GBP USD PLN EUR Revenues 64 8.71% 14.0% 65.83% 5.77% 5.63% Impact: on ongroup by group currency Adverse REVENUE Operating REAA of Euro EUR - CAPEX has Income 9 million an Impact impact of…
Slide 66: Main acquisitions/disposals
Main Closing Equant PagesJaunes Wanadoo Thaïland: Orange Polish Radianz: July July, Sept. Oct.11, Oct. By 65 YE 8, 12, 2004 29, acquisitions/disposals entities 2004 CVRs 2004 Denmark: date 2004 2004 Sale public Orange (1st (subject IPO: to :(“Kulczyk payment offering Reuters day stake Saleof toof re
Slide 67: Operating working capital trends
Operating * DPO* DSO* 88.6 83.9 86.3 92.7 91.5 3Q 47.8 46.2 52.3 45.1 46.9 4Q 1Q 2Q 66 3Q04 See 03glossary 04 working capital trends
Slide 68: Slide 68
Slide 69: Signature
SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. FRANCE TELECOM Date: October 28, 2004 By: / S/ PIERRE HILAIRE Name: Pierre Hilaire Title: Director of Fi