Orange made a net profit - a first - of €633m in 2002 and declares Earnings before Bad Stuff of €15.1bn for the year. Of course, there's a lot of Bad Stuff - asset writedowns for Wind and Dutchtone, closure of Sweden etc. contributing to $5.2bn in exceptional costs.

Add this to the mix and the France Telecom-owned mobile network operator is declaring a real loss of €4.54bn, more or less the same as the loss of 4.52bn for 2001, on revenues up 11 per cent to €17.1bn.

The company also generated positive cashflow in Q4 2002 and reckons that it has passed peak funding requirements. Which is just as well, as its heavily-indebted parent has placed a collar on capex, cutting budgets by 25 per cent to 2005 end. Orange reckons that it will wring out an extra €5bn - €7bn from the programme.

It also reckons that it can get data revenues to 25 per cent of turnover by 2005.

Orange's press statement is here (pdf). ®