PagesJaunes: Revenue Growth Rate for the First 9 Months of 2004 Higher Than Targeted.PARIS Paris, in Greek mythology Paris or Alexander, in Greek mythology, son of Priam and Hecuba and brother of Hector. Because it was prophesied that he would cause the destruction of Troy, Paris was abandoned on Mt. -- PagesJaunes (Other OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :PGJUF) --Pro forma forma, adj/n minor elements between the members of a botanical species. (1) consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: revenues up 6.2% on a comparable publication basis(2) in the first nine months --PagesJaunes in France: pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma (1) revenues up 6.0% on a comparable publication basis(2) in the first nine months --Printed directories: improved revenue growth, +3.6% --Online directories: sustained rise in revenues for pagesjaunes.fr, +55.1% --QDQ Media: pro forma(1) revenues up 17.9% on a comparable publication basis(2) in the first nine months --Internet directories (QDQ.com): revenues up 79.7% Pro forma(1) consolidated revenues of PagesJaunes totalled EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 279.7 million in the third quarter of 2004, a rise of 12.6% compared to the third quarter of 2003. On a comparable publication basis(2), pro forma(1) revenues rose 6.1% over the same period (see table 1 attached). In the first nine months of 2004, pro forma(1) consolidated revenues of PagesJaunes totalled EUR 715.1 million, a rise of 7.3% compared to the same period in 2003. On a comparable publication basis(2), pro forma(1) revenues rose 6.2% over the same period (see table 2 attached). On the Publication of PagesJaunes' Revenue Figures for the Third Quarter of 2004, Michel Michel named after Gaston Michel, a French surgeon (1875-1937). Michel clip metal skin sutures in various sizes from 8 to 16 mm long. Each clip is a 2 mm wide band of metal with a downturned sharp prong at each end. Datchary, Chief Executive Officer of PagesJaunes, stated: "PagesJaunes' revenue growth in the first nine months of 2004 should enable us to meet the target we have set. The sustained growth of PagesJaunes in France comes essentially from printed directories, which recorded revenue growth of 3.6%, and from pagesjaunes.fr, which posted a rise of more than 55%. Outside France, QDQ Media achieved double-digit dou·ble-dig·it adj. Being between 10 and 99 percent: double-digit inflation. growth, driven in particular by the rapid advance of online revenues, which rose 79%." PagesJaunes in France Segment: Pro Forma(1) Revenues up 6.0% in the First Nine Months of 2004 on a Comparable Publication Basis(2) Pro forma(1) revenues of the PagesJaunes in France segment advanced 12.0% to EUR 263.3 million in the third quarter of 2004. On a comparable publication basis(2), the revenues of the segment rose 6.2% over the same period (see table 3 attached). In the first nine months of 2004, pro forma(1) revenues of the PagesJaunes in France segment totalled EUR 662.1 million, a rise of 7.2%. On a comparable publication basis(2), the revenues of the segment rose 6.0% over the same period (see table 4 attached). Printed Directories: Revenues up 3.6% on a Comparable Publication Basis(2) in the First Nine Months Pro forma(1) revenues of printed directories advanced 12.9% to EUR 185.3 million in the third quarter of 2004, mainly as a result of a timing difference in the publication of directories. On a comparable publication basis(2), pro forma(1) revenues of printed directories rose 4.7% in the third quarter of 2004. In the first nine months of 2004, pro forma(1) revenues of printed directories advanced 5.2% to EUR 451.8 million. On a comparable publication basis(2), pro forma(1) revenues of printed directories rose 3.6% in the first nine months of 2004. The European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. Association of Directory Publishers (EADP EADP European Association of Directory Publishers EADP Evening Adult Degree Program EADP Economic Analysis Development Plan EADP Emergency Access Demonstration Project ) awarded PagesJaunes a Special Commendation COMMENDATION. The act of recommending, praising. A merchant who merely commends goods he offers for sale, does not by that act warrant them, unless there is some fraud: simplex commendatio non obligat. for the design of the PagesJaunes compact format directory, which was distributed in Paris in June June: see month. . This award endorses PagesJaunes' policy of research and innovation both in the field of printed directories and in online technologies. Online Directories: Revenues up 21.6% in the First Nine Months Pro forma(1) revenues of online services advanced 22.9% to EUR 65.2 million in the third quarter of 2004 compared to the third quarter of 2003. In the first nine months of 2004, revenues of online services rose 21.6% to EUR 188 million. This growth is primarily due to the increase in revenues of pagesjaunes.fr, which rose 51.8% in the third quarter of 2004 (55.1% in the first nine months of 2004), and more than offsets the decline in the Minitel-based service, which saw a 7.7% decrease in revenues in the third quarter of 2004 (-8.5% in the first nine months of 2004). For every EUR 1 of revenues lost on PagesJaunes 3611, pagesjaunes.fr gained EUR 6.3 of additional revenues in the first nine months of 2004. The number of advertisers on pagesjaunes.fr rose 14.8%, from 252,600 at the end of September September: see month. 2003 to 289,900 at the end of September 2004. The audience of pagesjaunes.fr increased by 46% in one year, with 36.5 million visits in September 2004 compared to 25 million in September 2003(4) (see table 5 attached). Pagesjaunes.fr is the eighth most-visited website in France, with a reach rate of 30.9% in September 2004(5), and is the website most frequently consulted by executives in France(6). The monthly reach rate(7) of pagesjaunes.fr among executives has risen 6.3 points in one year, from 23.5% to 29.8% this year. In the target group of corporate executives and managers the rate is even as high as 36%. PagesJaunes has continued its strategy of enriching the content of the pagesjaunes.fr site, almost doubling the number of towns and cities with maps. There are now 2,196 such towns and cities on pagesjaunes.fr. Other Businesses Pro forma(1) revenues of the other businesses decreased by 28.4% in the third quarter of 2004, mainly due to a decline in sales of online access to databases resulting from a substantial cut in selling prices imposed on France Telecom by a court ruling in September 2003. In the first nine months of 2004, revenues of other businesses, which were equivalent to 3% of the revenues of the PagesJaunes in France segment, decreased by 33.7%. International & Subsidiaries Segment: Pro Forma(1) Revenues of QDQ Media up 17.9% in the First Nine Months of 2004 Pro forma(1) revenues of the International & Subsidiaries segment totalled EUR 16.4 million in the third quarter of 2004, a rise of 22.7% compared to the third quarter of 2003 (see table 6 attached). After stripping out the effects of timing differences(2) in the publication of printed directories of QDQ Media in Spain Spain, Span. España (āspä`nyä), officially Kingdom of Spain, constitutional monarchy (2005 est. pop. 40,341,000), 194,884 sq mi (504,750 sq km), including the Balearic and Canary islands, SW Europe. , the growth in this segment amounts to 5.2% over the same period. In the first nine months of 2004, pro forma(1) revenues of the International & Subsidiaries segment totalled EUR 53.1 million, a rise of 8.8% (see table 7 attached). Revenues of QDQ Media advanced 17.9% in the first nine months of 2004 on a comparable publication basis(2). Online revenues of QDQ Media advanced 79.7% to EUR 2.4 million in the first nine months of 2004. The number of Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the advertisers of QDQ Media rose from 11,000 at the end of September 2003 to 19,800 at the end of September 2004. Recent Events: PagesJaunes Strengthens Its Presence in Luxembourg Luxembourg, province, Belgium Luxembourg, Du. Luxemburg, province (1991 pop. 232,813), 1,706 sq mi (4,419 sq km), SE Belgium, in the Ardennes, bordering on the Grand Duchy of Luxembourg in the east and on France in the south. PagesJaunes acquired 50% of the Luxembourg company Eurodirectory for EUR 13.5 million on 14 October October: see month. 2004. As a result of this transaction, PagesJaunes now controls 100% of this company. Eurodirectory holds 49% of Editus Luxembourg, a publisher of telephone directories in Luxembourg, alongside P&T Luxembourg. Editus Luxembourg employs 96 people and reported 2003 revenues of EUR 17.3 million and EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become (3) of EUR 7.3 million, i.e. 42% of revenues. Outlook: Expanded Internet Offering from PagesJaunes PagesJaunes intends to complement its range of website creation services with the launch of a completely new entry-level en·try-lev·el adj. Appropriate for or accessible to one who is inexperienced in a field or new to a market: an entry-level job in advertising; an entry-level computer. service called "En Savoir +" in November November: see month. 2004. This attractively priced product will be based on an all-inclusive pack comprising a dedicated business communication area with structured, standardised Adj. 1. standardised - brought into conformity with a standard; "standardized education" standardized standard - conforming to or constituting a standard of measurement or value; or of the usual or regularized or accepted kind; "windows of standard width"; content and links to video clips A short video presentation. , audio spots, maps, directions, contact tools and an update service. The pack will also include a clickable clickable adj (COMPUT) → cliqueable clickable adj → cliccabile link from the pagesjaunes.fr website to the area dedicated to the business concerned. In addition, by the end of 2004, the local area search facility will be available for 900 towns and cities and photos will be available for seven new towns and cities on pagesjaunes.fr. These initiatives will enrich the Internet offering of pagesjaunes.fr and thereby enhance the utility value of the Internet for its advertisers and users. Project of Change to the Organisation PagesJaunes is considering a change to its organisational structure with a view to optimising its operation. The aim would be to place the Group's two operational segments, "PagesJaunes in France" and "International & Subsidiaries", under a holding company responsible for managing and monitoring the Group as a whole. To this end, the operational activities of PagesJaunes SA would be transferred to a new subsidiary by means of a contribution at market value. This new organisational structure would allow: --a rationalisation Noun 1. rationalisation - (psychiatry) a defense mechanism by which your true motivation is concealed by explaining your actions and feelings in a way that is not threatening rationalization of the structure of the Group, by separating Group management responsibilities from operational responsibilities, and better visibility on the operating performance of each of the two segments, --more effective management and control of the various units within the Group. The Works Council Noun 1. works council - (chiefly Brit) a council representing employer and employees of a plant or business to discuss working conditions etc; also: a committee representing the workers elected to negotiate with management about grievances and wages etc of PagesJaunes SA has been consulted on this project, which has also been presented to the competent Possessing the necessary reasoning abilities or legal qualifications; qualified; capable; sufficient. A court is competent if it has been given jurisdiction, by statute or constitution, to hear particular types of lawsuits. authorities. PagesJaunes intends to take a decision on the project shortly. If applicable, it will then be presented to the General Meeting of Shareholders of PagesJaunes SA. This organisational change would not in any way alter the financial objectives announced at the time of the flotation flotation or froth flotation Most widely used process for extracting many minerals from their ores. The method separates and concentrates ores by altering their surfaces so that they are either repelled or attracted by water. of PagesJaunes, particularly with regard to the distribution of all of the distributable profit in respect of the relevant year. If the new legal structure is implemented, this would equate e·quate v. e·quat·ed, e·quat·ing, e·quates v.tr. 1. To make equal or equivalent. 2. To reduce to a standard or an average; equalize. 3. to the amount of distributable profit of the subsidiary carrying out the activities of PagesJaunes in France, in particular for the 2004 financial year. However, this objective in no case constitutes a commitment on the part of PagesJaunes, and future dividends will depend on the Group's results, its financial situation and any other factor which the Board of Directors of PagesJaunes deems relevant. Furthermore, this organisational change would modify neither the financial structure of the Group nor the acquisition policy of the Group announced at the time of its flotation. Finally, it would not alter the other financial targets of PagesJaunes: --Average annual growth in consolidated revenues of between 4% and 6% in 2004, 2005 and 2006, --EBITDA(3) of EUR 400 million before employee profit-sharing profit-sharing Noun a system in which a portion of the net profit of a business is shared among its employees profit-sharing n → participación f de empleados en los beneficios for the PagesJaunes in France segment in 2004, --Continued development of QDQ Media and EBITDA(3) at breakeven breakeven 1. The level of output or sales necessary to cover fixed expenses. Companies in industries that have high fixed costs and, consequently, high breakevens, such as automobile and steel manufacturing, are likely to exhibit large fluctuations by the end of 2006. About PagesJaunes PagesJaunes, a 62% subsidiary of France Telecom, is France's leading publisher of printed directories (the PagesJaunes directory and L'Annuaire) and online directories (pagesjaunes.fr, PagesJaunes 3611) for the general public, handling their distribution and the sale of advertising space. With more than 561,000 advertisers in 2003, PagesJaunes is the second largest advertising representation in France. PagesJaunes' business also includes website creation and hosting, the publication of the PagesPro BtoB BtoB Business to Business directories, the publication of the QuiDonc reverse directory and the advertising representation in France for the Europages European BtoB directory. Through its various subsidiaries, PagesJaunes also publishes directories for the general public outside France -- in Spain, Lebanon Lebanon, country, Asia Lebanon (lĕb`ənən, –nŏn'), officially Republic of Lebanon, republic (2005 est. pop. 3,826,000), 4,015 sq mi (10,400 sq km), SW Asia. and Luxembourg -- and the Kompass directories (company databases) in France, Spain, Belgium Belgium (bĕl`jəm), Du. België, Fr. La Belgique, officially Kingdom of Belgium, constitutional kingdom (2005 est. pop. 10,364,000), 11,781 sq mi (30,513 sq km), NW Europe. and Luxembourg. It also provides complementary services such as the geographic services of Mappy S For other uses, see Mappy (disambiguation). Mappy is a 1983 arcade game by Namco. In the U.S., it was manufactured and distributed by Bally/Midway. Mappy is a side-scrolling platformer that features cartoony characters, primarily cats and mice. .A. and the sale by Wanadoo Wanadoo is the former name of the ISP division of Orange SA, which is a subsidiary of France Télécom. It operated in France, the United Kingdom, the Netherlands, Spain, Tunisia, Algeria, Morocco, Senegal, Mauritius, Madagascar, Lebanon & Jordan. Data of data files initially created for the production of directories. Notes (1) Pro forma: the pro forma consolidated figures reflect the consolidation of QDQ Media and Mappy as of the date on which they joined the France Telecom Group. These figures do not include the revenues of a number of the Group's businesses which are considered insignificant due to their size or activity (PagesJaunes Outre-Mer, PagesJaunes Liban LIBAN Lebanese International Businessmen Associations' Network and Kompass Belgium). The figures presented are unaudited. (2) The publication basis for the printed directories in the first nine months of 2003 is not comparable to that for the first nine months of 2004. The directories for the Indre Indre (ăN`drə), department (1990 pop. 237,300), central France, in parts of Berry, Orléanais, Marche, Touraine, and Poitou. Châteauroux is the capital. and Seine Seine (sān, Fr. sĕn), Lat. Sequana, river, c.480 mi (770 km) long, rising in the Langres Plateau and flowing generally NW through N France. et Marne Marne, department, France Marne (märn), department (1990 pop. 559,600), NE France, in Champagne. Châlons-en-Champagne is the capital. Marne, river, France Marne, river, c. departements, which were published in September 2003, will be published in October 2004. The directories for the Yvelines Yvelines (ēvlēn`), department (1990 pop. 1,320,000), N central France, W of Paris. Versailles is the capital. and Maine Maine, ship Maine, U.S. battleship destroyed (Feb. 15, 1898) in Havana harbor by an explosion that killed 260 men. The incident helped precipitate the Spanish-American War (Apr., 1898). Commanded by Capt. Charles Sigsbee, the ship had been sent (Jan. et Loire Loire, department, France Loire, department (1990 pop. 747,100), E central France, in part of Beaujolais and Lyonnais. Saint-Étienne is the capital. Loire, river, France Loire, longest river of France, c. departements, which were published in October and November 2003 respectively, were published in September 2004. In Spain, the Barcelona Barcelona (bär'səlō`nə, Catalan bär'səlō`nə, Span. bär'thālō`nä), city (1990 pop. 4,738,354), capital of Barcelona prov. and chief city of Catalonia, NE Spain, on the Mediterranean Sea. directory, which was published in the first half of 2003, has been distributed in September 2004. (3) EBITDA: earnings before interest, tax, depreciation, amortisation Noun 1. amortisation - the reduction of the value of an asset by prorating its cost over a period of years amortization reduction, step-down, diminution, decrease - the act of decreasing or reducing something 2. . (4) Source: Cybermetrie - Mediametrie / eStat for the number of visits to pagesjaunes.fr and the number of requests made at the server interrogation interrogation In criminal law, process of formally and systematically questioning a suspect in order to elicit incriminating responses. The process is largely outside the governance of law, though in the U.S. centres of PagesJaunes 3611. (5) Source: Nielsen Noun 1. Nielsen - Danish composer (1865-1931) Carl August Nielsen, Carl Nielsen Netratings "Home & Work" - domain classification - September 2004. (6) Source: IPSOS
(7) Monthly reach rate: number of Internet users Internet user n → internauta m/f Internet user Internet n → internaute m/f visiting the site at least once in the month in question as a proportion of the actual number of active Internet users during this period. Appendices ap·pen·di·ces n. A plural of appendix. : Table 1: Pro Forma(1) Consolidated Revenues of the PagesJaunes Group in the Third Quarter of 2004
Period from 1/07 to 30/09
-------------------------------
2004 2003 Change 2004/2003
------ ------ -----------------
In millions of euros
PagesJaunes in France 263.3 235.1 12.0%
On comparable publication basis(2) 263.3 248.0 6.2%
International & Subsidiaries 16.4 13.4 22.7%
On comparable publication basis(2) 16.4 15.6 5.2%
-------------------------------------- ------ ------ -----------------
Revenues 279.7 248.5 12.6%
On comparable publication basis(2) 279.7 263.6 6.1%
-------------------------------------- ------ ------ -----------------
Table 2: Pro Forma(1) Consolidated Revenues of the PagesJaunes Group in the First Nine Months of 2004
Period from 1/01 to 30/09
-------------------------------
2004 2003 Change 2004/2003
------ ------ -----------------
In millions of euros
PagesJaunes in France 662.1 617.7 7.2%
On comparable publication basis(2) 662.1 624.3 6.0%
International & Subsidiaries 53.1 48.8 8.8%
On comparable publication basis(2) 53.1 48.8 8.8%
-------------------------------------- ------ ------ -----------------
Revenues 715.1 666.5 7.3%
On comparable publication basis(2) 715.1 673.1 6.2%
-------------------------------------- ------ ------ -----------------
Table 3: PagesJaunes in France Segment - Pro Forma(1) Revenues in the Third Quarter of 2004
Period from 1/07 to 30/09
-------------------------------
2004 2003 Change 2004/2003
------ ------ -----------------
In millions of euros
Printed directories 185.3 164.1 12.9%
-------------------------------------- ------ ------ -----------------
The PagesJaunes directory 152.5 132.8 14.8%
L'Annuaire 32.8 31.3 4.9%
Online services 65.2 53.0 22.9%
-------------------------------------- ------ ------ -----------------
Internet 38.0 25.0 51.8%
Minitel 21.3 23.1 -7.7%
Websites 5.9 4.9 19.3%
Other businesses 12.8 17.9 -28.4%
-------------------------------------- ------ ------ -----------------
QuiDonc 1.7 1.9 -12.6%
Others (a) 11.2 16.0 -30.3%
(a) including PagesPro, sale of online
access to databases, Europages
-------------------------------------- ------ ------ -----------------
Revenues 263.3 235.1 12.0%
-------------------------------------- ------ ------ -----------------
Table 4: PagesJaunes in France Segment - Pro Forma(1) Revenues in the First Nine Months of 2004
Period from 1/01 to 30/09
-------------------------------
2004 2003 Change 2004/2003
------ ------ -----------------
In millions of euros
Printed directories 451.8 429.4 5.2%
-------------------------------------- ------ ------ -----------------
The PagesJaunes directory 367.8 347.0 6.0%
L'Annuaire 83.9 82.4 1.8%
Online services 188.0 154.7 21.6%
-------------------------------------- ------ ------ -----------------
Internet 106.5 68.7 55.1%
Minitel 64.3 70.3 -8.5%
Websites 17.2 15.7 9.6%
Other businesses 22.3 33.6 -33.7%
-------------------------------------- ------ ------ -----------------
QuiDonc 5.6 6.2 -9.7%
Others (a) 16.7 27.5 -39.0%
(a) including PagesPro, sale of
online access to databases,
Europages
-------------------------------------- ------ ------ -----------------
Revenues 662.1 617.7 7.2%
-------------------------------------- ------ ------ -----------------
Table 5: Trend in the Number of Consultations of Online(4) Directories
(in millions per Sep Dec Mar Jun Sep
month) 2003 2003 2004 2004 2004
-------- -------- -------- -------- --------
PagesJaunes 3611 24 21 21 19 18
Pagesjaunes.fr 25 24 32 35 37
--------------------- -------- -------- -------- -------- --------
Total 49 45 53 54 55
--------------------- -------- -------- -------- -------- --------
Table 6: International & Subsidiaries Segment - Pro Forma(1) Revenues in the Third Quarter of 2004
Period from 1/07 to 30/09
-----------------------------
2004 2003 Change 2004/2003
----- ----- -----------------
In millions of euros
QDQ Media 7.0 4.3 63.0%
---------------------------------------- ----- ----- -----------------
Other subsidiaries 9.4 9.1 3.8%
---------------------------------------- ----- ----- -----------------
Kompass France 6.1 5.8 4.4%
Wanadoo Data 2.6 2.6 1.3%
Mappy (formerly Wanadoo Maps) 0.7 0.7 9.2%
---------------------------------------- ----- ----- -----------------
Revenues 16.4 13.4 22.7%
---------------------------------------- ----- ----- -----------------
Table 7: International & Subsidiaries Segment - Pro Forma(1) Revenues in the First Nine Months of 2004
Period from 1/01 to 30/09
-----------------------------
2004 2003 Change 2004/2003
----- ----- -----------------
In millions of euros
QDQ Media 25.1 21.3 17.9%
---------------------------------------- ----- ----- -----------------
Other subsidiaries 28.0 27.5 1.7%
---------------------------------------- ----- ----- -----------------
Kompass France 18.3 17.9 2.1%
Wanadoo Data 7.8 7.8 -0.3%
Mappy (formerly Wanadoo Maps) 2.0 1.8 6.3%
---------------------------------------- ----- ----- -----------------
Revenues 53.1 48.8 8.8%
---------------------------------------- ----- ----- -----------------
Table 8: Comparative Revenue Growth in the First Half of 2004 and in the First Nine Months of 2004
9 months 3rd quarter 1st half
2004 / 9 2004 / 3rd 2004 /
months quarter 1st half
2003 2003 2003
----------- ----------- ---------
Printed directories 5.2% 12.9% 0.4%
------------------------------------ ----------- ----------- ---------
On comparable publication basis(2) 3.6% 4.7% 2.9%
Online services 21.6% 22.9% 20.9%
------------------------------------ ----------- ----------- ---------
Internet 55.1% 51.8% 57.0%
Minitel -8.5% -7.7% -8.9%
Websites 9.6% 19.3% 5.2%
Other revenues -33.7% -28.4% -39.7%
------------------------------------ ----------- ----------- ---------
Quidonc -9.7% -12.6% -8.5%
Others -39.0% -30.3% -51.3%
PagesJaunes in France 7.2% 12.0% 4.2%
On comparable publication basis(2) 6.0% 6.2% 6.0%
------------------------------------ ----------- ----------- ---------
QDQ 17.9% 63.0% 6.6%
------------------------------------ ----------- ----------- ---------
On comparable publication basis(2) 17.9% 7.1% 22.7%
Other subsidiaries 1.7% 3.8% 0.6%
------------------------------------ ----------- ----------- ---------
Kompass France 2.1% 4.4% 0.9%
Wanadoo Data -0.3% 1.3% -1.2%
Wanadoo Maps 6.3% 9.2% 4.6%
International & Subsidiaries 8.8% 22.7% 3.5%
On comparable publication basis(2) 8.8% 5.2% 10.4%
------------------------------------ ----------- ----------- ---------
Total Group revenues 7.3% 12.6% 4.2%
On comparable publication basis(2) 6.2% 6.1% 6.3%
------------------------------------ ----------- ----------- ---------
This document contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Although PagesJaunes believes its expectations are based on reasonable assumptions, these statements are subject to numerous risks and uncertainties. Important factors that could cause actual results to differ materially from the results anticipated in the forward-looking statements include, among other things: the effect of competition; PagesJaunes usage level; the success of PagesJaunes' investments in France and abroad. A description of the risks borne by PagesJaunes appears in section 4.9 "Analyse an·a·lyse v. Chiefly British Variant of analyze. analyse or US -lyze Verb [-lysing, -lysed] or -lyzing, des risques du Groupe" of the "Document de Base" of PagesJaunes S.A. filed with the French financial markets authority (AMF AMF ACE (Allied Command, Europe) Mobile Force AMF Autorité des Marchés Financiers (French) AMF Action Message Format AMF Arab Monetary Fund AMF Asian Monetary Fund AMF Autocrine Motility Factor ) under the number I. 04-104 on 3 June 2004. A description of the objectives of the PagesJaunes Group appears in chapter VII of the "Document de Base". The forward-looking statements contained in this document apply only from the date of this document, and PagesJaunes does not undertake to update any of these statements to take account of events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or arising after the date of the said document or to take account of the occurrence of unexpected events. Unless stated otherwise in this document, all the accounting data are presented on a pro forma consolidated basis (including PagesJaunes S.A., Kompass France, QDQ Media, Mappy S.A., Wanadoo Data and Eurodirectory S.A.); QDQ Media and Mappy S.A. are consolidated with effect from their date of entry in the France Telecom consolidated group and the pro forma financial data reflect the cash acquisition prices of these entities. |
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