France Télécom releases H1 2004 results with debts rising to E48bn

The French telecommunications giant France Télécom reported net financial debt of E48bn on 30 June 2004, following the release of the company's half-year results for 2004. The figure is down on the E49.3bn reported one year earlier and up on the E44.2bn registered at 31 December 2003. From 1 January 2004, following the application of new accounting standards, France Télécom consolidated its Tele Invest and Tele Invest II entities as well as those vehicles created within the scope of the programs to divest France Télécom and Orange receivables. In total, the consolidated items amounted to E3.6bn, but when the new accounting standards are not taken into consideration, the increase in net financial debt since 31 December 2003 was limited to E200m, despite the telecommunications company's acquisition of a minority interest in Wanadoo and Orange during H1 2004 for E2.3bn and a E700m distribution to shareholders.

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