SECTION 1 -

New Services: Pro forma Financial Statements and Notes
December, 31, 2009
The net debt deemed to be allocated to New Services for the preparation of the pro forma financial statements amounts to
€1,445 million in 2009, €1,837 million in 2008 and €2,143 million in 2007.
All of the debt allocation entries have been recorded by adjusting equity. The finance costs generated by this additional debt
have been recorded in the pro forma income statements for these years also by adjusting equity.
These amounts break down as follows:
(In € millions)
Dec.
2007
Dec.
2008
Dec.
2009
Bonds 600 600 600
Other long-term financial debt 900 900 900
Long-term finance lease liabilities -
-
-
Short-term financial debt (134) (453) (631)
Bank overdrafts -
1 -
Liabilities derivatives -
-
-
Total financial debt 1 366 1 048 869
Short-term loans 1 213 1 338 1 044
Marketable securities (436) (549) (468)
Cash -
-
-
Asset derivatives -
-
-
Short-term receivables on disposals of assets -
-
-
Current financial assets 777 789 576
Total pro forma adjustments 2 143 1 837 1 445
After deducting the Group’s historical combined net cash position at the end of each year presented, New Services’ total pro
forma net debt amounts to €429 million in 2007, €323 million in 2008 and €303 million in 2009 (see Note 20).
(In € millions)
Dec.
2007
Dec.
2008
Dec.
2009
Historical combined net debt (1 714) (1 514) (1 142)
Pro forma adjustments 2 143 1 837 1 445
Pro forma net debt 429 323 303
During the period presented, historical combined net debt was reduced by a total of €782 million (€85 million in 2007, €307
million in 2008 and €390 million in 2009) through the deduction of the proceeds from sales of shares in Services entities.
The pro forma balance sheets for the three years presented include the tax savings generated by the pro forma adjustments
described above for each period, estimated at the tax rate in force in the country concerned.
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