European Telecoms companies are generating tens of billions of Euros of additional cash in 2003, but are facing questions from shareholders over what to do with the cash. The industry is expected to have a net inflow of around $47 billion (EUR 42.27 billion) in cash in 2003, compared an outflow of $71 billion in 2000, according to Goldman Sachs. A number of chief executives are looking to make acquisitions with the cash now that they have brought their companies' debt burdens under control. Executives such as Solomon Trujillo, CEO of Orange, affiliate of France Telecom, claim that the mistakes of the past will not be repeated. However, many shareholders are looking for increased dividends or share buybacks to compensate them for the losses they have made in recent years.
