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            T R O U B L E D   C O M P A N Y   R E P O R T E R

                             E U R O P E

                 Monday, February 17, 2003, Vol. 4, No. 33


                              Headlines

* F I N L A N D *

BENEFON OJY: Going Ahead With Financing Negotiations

* F R A N C E *

AIR LIB: Files for Bankruptcy Proceedings in French Court
SA JESTIN: Files for Bankruptcy at Court in Morlaix
VIVENDI UNIVERSAL: Appoints Allain in Labor Relations Team

* G E R M A N Y *

DEUTSCHE BA: Future Uncertain After Talks With Easyjet Collapsed
DRESDNER BANK: Sell-off Will Not Involve Entire Bank
EPCOS AG: Retains Loss-Making Division, Aims for Profit in 2003
UFA-THEATER: Rival Operator to Take Over Most of Cinemas

* H U N G A R Y *

CSEPEL METAL: Company Announces Fall Into Bankruptcy
DAM STEEL: Parent Set to Abandon Ties With Bankrupt Unit

* I T A L Y *

ALITALIA SPA: Considers Entering Alliance With Other Airlines

* L U X E M B O U R G *

MILLICOM INTERNATIONAL: Completes Sale of Colombian Operations

* N E T H E R L A N D S *

BUHRMANN N.V.: To Receive EUR79 MM Cash Claims for Damages
GETRONICS N.V.: Long-term Corporate Credit Rating Down to 'CC'
ROYAL KPN: Completes Sale of Directory Services to 3i and VSS

* P O L A N D *

NETIA HOLDINGS: Objections to Netia's Restructuring Dismissed
NETIA HOLDINGS: Sells Non-Operative Telecom Companies Holdings
NETIA HOLDINGS: Reports 2002 Year-End and Fourth-Quarter Results

* S P A I N *

TERRA LYCOS: Signs Long-Term Strategic With Telefonica

* S W E D E N *

SONG NETWORKS: Restructuring Continues According to Plan

* S W I T Z E R L A N D *

GRETAG IMAGING: Shares to Be De-listed From Swiss Bourse

* U N I T E D   K I N G D O M *

ABERDEEN ASSET: Promotional Material on Split Cap Misleading
ANTISOMA PLC: Presents Interim Results for 2002
BRITISH ENERGY: Likely to Meet Rescue Plan Deadline
EDINBURG FUND: Dismisses Four High-Ranking Executives
EVANS & SUTHERLAND: Posts US $6 MM Net Loss for Fourth Quarter
GLAXOSMITHKLINE PLC: Faces Legal Suit From State of New York
GLAXOSMITHKLINE PLC: Issues Statement Concerning AWP Complaint
GLAXOSMITHKLINE PLC: Patent Issues to Sway Confidence in Shares


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F I N L A N D
=============


BENEFON OJY: Going Ahead With Financing Negotiations
----------------------------------------------------
The reader is advised to take special notice of the following
chapter regarding the state of the company and financing
negotiations.

As informed in the part year report given in November 2002, the
company has continued the program to improve the very tight
financing situation. Reaching a financing solution is a pre-
requisite for continuing operations of the company. The company
is in keen negotiations about arrangements for about 20 Meuro
finance package, which would stabilize the financial position of
the company. Connected with these negotiations, there is an
intent to re-direct the company more into the provision of
services and service solutions. Benefon wants to emphasize that
the negotiations have not been completed yet. An effort is made
to reach a solution by the end of this week. Should a positive
solution, sufficient to stabilize the financing of the company,
not be reached in the next few days, there would not be
foundation for continuing operations of the company. Benefon will
report about the development of the situation without delay.

GENERAL

The company focused sales, marketing and product development
efforts on the mobile telematics market. Benefon is providing
solutions for saving lives, securing assets and improving mobile
business processes, by combining three enabling technologies:
precision location, mobile cellular access and mobile Internet.

Benefon mobile telematics solutions are built around a range of
terminal products and associated software applications and
services. The product range has been extended to cover now in
addition to personal security solutions also applications for
vehicular and machine-to-machine (M2M) environment and for asset
tracking, including animal tracking.

BUSINESS ENVIRONMENT

The business environment stayed quite challenging but mobile
telematics is seen as a promising growth market.

BUSINESS DEVELOPMENT

In 2002 the company continued the build-up of a global
distribution network. North and South America joined in as new
entries to the market area.

The marketing focus was on commercializing complete solutions as
well as on developing client projects and sales prospects in
cooperation with distributors and business partners.

In June the company brought to the market the new NT range of
mobile telematics products. In autumn, this range expanded with
the first tracking device Benefon TrackBox. A special Benefon
Track Box application, the "Pointer Dog GPS" realized for Oy
Pointer Solutions Ltd., essentially comprises Benefon Track Box
tracking device and Benefon Esc! personal navigation phone as the
display unit.

The sales of mobile telematics products Benefon Esc!, Benefon
Track and Benefon TrackBox made already in the fourth quarter 10-
12/2002 over one half of the total revenues.

The sales of GSM products Benefon Twin, Benefon Twin Dual SIM and
Benefon Q as well as of the NMT 450 phone Benefon Exion were very
low in the final quarter causing a significant drop of the total
sales in the final quarter. Even though the down-ward trend of
the NMT 450-market got stronger, the NMT 450 production is
planned to be continued as long as there is reasonable demand.

The main objective of the R&D is to finish the new product range
optimized for mobile telematics markets and complementing the
present NT range so that the first sales deliveries could start
in the second half of this year. R&D-expenditures in the final
quarter made up about 40% of all fixed expenditure and about 105%
of the net sales. In the whole fiscal year 2002, 5.7 Meuro worth
of capitalizations were made of the R&D expenditures. Connected
with the deal with Elcoteq Design Center ("EDC"), 2.7 Meuros
worth of R&D- capitalizations were charged to income.
Expenditures related with the new mobile telematics product range
development were capitalized into intangible assets.

Under the costs saving program decided in May and implemented
over the summer, production personnel was reduced to adjust the
capacity to the estimated near term sales volume.

ELCOTEQ AGREEMENT

In the beginning of August, the company closed an agreement with
Elcoteq Network Corporation about an extensive and close co-
operation in the R&D domain. According to the 11 Meuro deal,
three quarters of the R&D unit of Benefon was transferred into
EDC, a wholly owned subsidiary of Elcoteq. Of the total value of
the deal, 8.5 Meuros were booked in 2002. The operations within
the new framework have started well and the EDC agreement has
carried along a number of significant positive effects to Benefon
regarding finances, cost structure and operational flexibility.

FINANCIAL PERFORMANCE IN THE PERIOD

The result report is made on an going-concern principle assuming
that the financing solution is reached in needed time and amount.

The net sales in the fourth quarter 10-12/2002 were 2.1 Meuros,
which was 50 % less than the net sales of 4.2 Meuros in the third
quarter, and the net sales in the entire period 1-12/2002 were
14.7 Meuros. The net sales in the fourth quarter of the previous
year 2001 were 9.0 Meuros and the net sales in the entire period
1-12/2001 were 47.3 Meuros. The significant sales drop from the
third to the fourth quarter came from the drop of the NMT- and
GSM-products.

The operating result in the fourth quarter 10-12/2002 was -2.3
Meuros, which was 2.9 Meuros less than the operating result 0.6
Meuros in the third quarter, and the operating result in the
entire period 1-12/2002 was -8.1 Meuros. The operating result in
the fourth quarter of the previous year 2001 was -2.6 Meuros and
the operating result in the entire period 1-12/2001 was -10.6
Meuros. All of the operating result figures hereafore comprise
the booked capitalizations of R&D expenses and the effect of the
EDC deal.

Included in the operating result of -2.3 Meuros of the fourth
quarter 10-12/2002 there are booked write-offs of materials and
extraordinary expenditures worth 1.2 Meuros, which significantly
lowered the operating result of the final quarter.

The total of the balance sheet at the end of the third quarter
10-12/2002 was 23.9 Meuros, including R&D-capitalizations of 5.4
Meuros. The total of the balance sheet at the end of the previous
quarter 7-9/2002 was 24.6 Meuros, including R&D-capitalizations
of 3.6 Meuros, and at the end of the same quarter 10-12/2001 a
year before it was 32.5 Meuros, including R&D capitalizations of
2.7 Meuros. The amount of Shareholders' equity at the end of 4Q02
was 4.0 Meuros, ie. 17 percent of the total. The interest-
carrying net debt was 7.8 Meuros, and the gearing ratio was 197
percent at the end of the period. The total liabilities rose by
1.6 Meuros and at the end of the period they were 19.9 Meuros, of
which long term liabilities were 4.2 Meuros and current
liabilities 15.7 Meuros. Cash at hand and in the banks totalled
0.2 Meuros at the end of the period.

INVESTMENTS

The investments in the third quarter 10-12/2002 were 1.8 Meuros
and they consisted almost entirely of the capitalization of the
R&D- expenditures.

PERSONNEL

The number of actively employed personnel at the end of the
fourth quarter was 146 which was 7 % below the corresponding
number 157 at the end of the previous quarter 7-9/2002 and 56 %
below the corresponding number 333 at the end of the fourth
quarter 10-12/2001. This radical change was due to the reduction
program of personnel costs, started in the second quarter, and to
the EDC deal.

SPECIAL MEASURES FOR IMPROVING THE FINANCES

Despite the cost-cutting program and the EDC deal, the financial
situation has stayed very tight and the program for strengthening
the finances further is continuing.

FUTURE OUTLOOK

The continuing operations of the company depend on the successful
financing solution.

PRIOR SHARE ISSUES OF THIS YEAR

At the end of March, the company realized a major directed share
issue which brought in just over 10 Meuros worth of new capital
which was used for reducing the liabilities. As reported before,
the additional directed share issue worth almost 3.5 Meuros that
had been planned to be realized in May did not, however,
materialize because of the last minute announcement of the
largest committed investor Airo Wireless Media Inc., that they
could not fulfill their subscription commitment. As also reported
before, the company arranged in July a separate directed share
issue for other subscribers of the said planned share issue, and
the company continues the negotiations with Airo Wireless Media.

In the mentioned share issue of March, the company's share
capital was raised by EUR 1.358.509,06 with an issue of 4.038.664
new S-shares of the company, each with a book parity of EUR 0,34
(not the exact value). The raise in the share capital was
registered in the trade register on April 15, 2002. As the result
of this issue, the share capital of the company increased from
EUR 1.889.160,80 to EUR 3.247.669,86 and the number of issued
shares from 5.616.220 shares to 9.654.884 shares, of which
9.154.884 are quoted S-shares.

In the July issue the share capital was raised by EUR 35,252.19
with an issue of 104,800 new S-shares, each with a book parity of
EUR 0,34 (not the exact value). The raise in the share capital
was registered in the trade register on July 23, 2002. As the
result of this issue, the share capital of the company increased
to EUR 3,282,922.05 and the number of issued shares to 9,759,684,
of which 9,259,684 are quoted S-shares.

ISSUE AUTHORIZATION OF THE BOARD

The ordinary Shareholders' Meeting of May 17, 2002, authorized
the Board of Directors, within the time limit of one year from
the meeting granting the authorization, to decide on the increase
of share capital by rights issue, issue of options or convertible
bonds in one or more installments such that in the issue of
convertible bonds or options or in the rights issue, in total a
maximum of 1.930.977 new investment shares with a book parity
value of EUR 0,34 (not the exact value) per share, shall be
entitled to be subscribed for. The share capital may, based on
the authorization, therefore be increased by a maximum of EUR
649.533,97.

This authorization was used in the July new share issue for
104,800 shares meaning that the remaining authority is good for
1,826,177 shares, with which the share capital may be increased
by a maximum of EUR 614,281.85.

In the beginning of year 2003, this authority was offered to be
used in connection of the acquisition bid of Ismap S.A., in which
bid the company offered for subscription 400 000 S-shares for all
shares of Ismap. Overwhelming majority of Ismap shareholders,
owning together 99.51% of all Ismap shares have now accepted the
bid.

The authorization includes the right to deviate from the pre-
emptive right of the shareholders, referred to in Chapter 4,
Section 2 of the Companies Act, to subscribe for new shares,
convertible bonds or options and the right to decide on prices of
the subscriptions, those entitled to subscription, the terms and
conditions of the subscription and the terms and conditions of
the convertible bonds and options. The authorizations may be used
in deviation from the shareholders' pre-emptive right provided
that there is a weighty financial reason from the company's point
of view, such as financing of corporate acquisition or other
arrangement relating to the development of the company's business
operations or strengthening the company's balance sheet, to do
so. When the share capital is increased by a rights issue on
other basis than convertible bonds or options, the Board of
Directors is authorized to decide that the shares can be
subscribed for in kind, using the right of set-off or on other
specific terms.


BENEFON OYJ

Jorma Nieminen
President


CONSOLIDATED FINANCIAL STATEMENT
The result report is made on an going-concern principle assuming
that the financing solution is reached in needed time and amount.

                                  1-12/02       1-12/01
                                EUR million    EUR million

Net sales                           14,7           47,3
Other operating income               5,6            1,6
Costs of operations                -27,2          -58,0
Depreciation                        -1,2           -1,5
Operating result                    -8,1          -10,6
Financial income and expenses       -2,1           -2,1
Result before extraordinary items  -10,2          -12,7
Extraordinary income                 0,0            2,6
Result before income taxes         -10,2          -10,1
Result for the period              -10,2          -10,0

Fixed assets
    Intangible assets                5,7            3,3
    Tangible assets                  0,9            2,2
   Investments                       0,2            0,2
Current assets
   Inventories                      13,7           19,1
   Receivables                        3,2           6,5
   Cash at hand and in the banks      0,2           1,2

Shareholders' equity                  3,9           3,6
Obligatory reserves                   0,1           0,4
Long-term liabilities                 4,2           1,9
Current liabilities                  15,7          26,6
Balance sheet total                  23,9          32,5

Gross investments in fixed assets     5,4           3,0
Average number of personnel           251           366

The order back-log cannot be defined accurate due to the
characteristics of operations.

Pledged assets and contingencies
   Liabilities relating to chattel mortgage
                                      4,9           11,7
   Chattel mortgage nominal value    12,1           12,1
   Pledged investments                0,1            0,2
   Leasing commitments                0,4            1,2
   Other commitments                  1,0            1,2

Earnings/share, EUR                 -1,19          -2,30

Shareholders' equity/share, EUR      0,40           0,64

This consolidated financial statement has not been audited.


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F R A N C E
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AIR LIB: Files for Bankruptcy Proceedings in French Court
---------------------------------------------------------
Troubled French airline Air Lib filed for bankruptcy with a
French commercial court after being grounded for failure to renew
its operating license.

The court said in a statement it will review the case on Monday
with the public prosecutor, management and representatives of
employees, before deciding whether to restructure or liquidate
the carrier.

Air Lib's struggle to stay afloat since it was created in 2001
from the French operations of collapsed Swissair was dealt a
serious blow when the French government decided to stop providing
subsidy to the airline, and demanded the payment of EUR100 in
loans.

The government also demanded the commitment of an investor as a
condition in renewing the airline's license.

Air Lib held negotiations with Dutch group IMCA in a bid to come
up with the government's terms, but talks fell after the latter
failed to gain a discount for the 29 Airbus A319 planes it is
negotiating to acquire from the European consortium Airbus.  IMCA
needed the planes to push with its plans of renewing Air Lib's
fleet if it took over the airline.

The carrier's collapse is expected to affect some 3,200 jobs.

CONTACT:  AIR LIB
          42 Rue F. Forest
          Imm. Le Sommet
          97122 Jarry-Baie Mahault
          Phone: +590-(0)5.90.32.56.00
          Fax: +590-(0)5.90.26.64.02
          Home Page: http://www.air-liberte.fr/


SA JESTIN: Files for Bankruptcy at Court in Morlaix
---------------------------------------------------
French meat trader SA Jestin filed for bankruptcy at the
commercial court in Morlaix after being hit by a series of health
scares and by an overall reduction in the consumption of meat in
Europe.

The French company, which specializes in the import-export of
poultry and pork in 55 countries, was forced stop exporting
poultry from Brazil to Europe because of Aujeszki disease.

Russia's subsequent introduction of a quota system to limit
imports of pork aggravated Jestin's plight.

SA Jestin reportedly reduced its number of employees from 45 to
26.  It reported a loss of EUR2.34 million and a turnover of
EUR74 million in 2001, prompting the company to issue 333,333 new
shares in order to raise about EUR1.5 million to be used to
reinforce the company's standing and help develop its
international commercial potential.

In 2002, sales amounted to EUR50 million and losses are expected
to increase.

CONTACT:  S.A. JESTIN
          Z.I. of Keriven
          29600 - Martin saint of the Fields
          France
          Phone: 02 98 63 80 76
          Fax: 02 98 63 80 74
          Homepage: http://www.jestin.com/


VIVENDI UNIVERSAL: Appoints Allain in Labor Relations Team
----------------------------------------------------------
Vivendi Universal announced on Thursday that Pierre Allain has
been appointed Executive Vice President of Labor Relations.

Mr. Allain is in charge of labor policies and relations with
personnel representatives from around the group and head office
as well as with trade unions.

He reports to Andrew Kaslow, Senior Executive Vice President of
Human Resources.

Mr. Allain will take up his post immediately. He will continue to
be in charge of human resources for VTI. For this position, he
reports to Bruno Curis, Senior Executive Vice President of VTI.

CONTACT: VIVENDI UNIVERSAL
         Paris
         Media
         Antoine Lefort
         Phone: +33 (1) 71.71.1180
         or
         Alain Delrieu
         Phone: +33 (1).71.71.1086
         or
         New York
         Anita Larsen
         Phone: +(1) 212.572.1118


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G E R M A N Y
=============


DEUTSCHE BA: Future Uncertain After Talks With Easyjet Collapsed
----------------------------------------------------------------
Wage talks between pilots of British Airways PLC's loss-making
subsidiary Deutsche BA (DBA) and budget airline EasyJet PLC
collapsed, putting DBA's existence under threat.

DBA chief executive Martin Wyatt said: "It is unlikely at the
moment that easyJet will exercise the option for a takeover."

He added that he couldn't rule out that the business will have to
be closed, and that all options are being examined.

For the pilots' Cockpit Association, easyJet is to blame for the
collapse of their negotiations, since the pilots have agreed to
all of easyJet's demands in return for a guarantee of pilots'
jobs and signing the contract to takeover DBA.

On the other hand, Wyatt accused the pilots of unprofessional
behavior, saying they are not interested in the business or the
800 jobs at risk.

Both sides reportedly said they are willing to continue talks,
with a possible resumption on Monday.

However, the pilots' association said it will not back down from
its demand that easyJet guarantee jobs for the staff.

"We are prepared (to continue talks)," a spokesman for the
association said, "but the question is, what is there left to
talk about?"

EasyJet acquired an option to buy DBA last August.  It can
exercise this option at any time up to April 30 this year,
extendable to August 3.

CONTACT:  DEUTSCHE BA LUFTVERKEHRSGESELLSCHAFT MBH
          Abteilung Kundenbeziehungen
          Postfach 23 16 24
          85325 Munchen
          Fax: 089/975 91 998

          EASYJET AIRLINE COMPANY LIMITED
          easyLand
          London Luton Airport
          Bedfordshire LU2 9LS
          UK
          Home Page: http://www.easyjet.com


DRESDNER BANK: Sell-off Will Not Involve Entire Bank
----------------------------------------------------
Dresdner Bank, the loss-making investment banking unit of Allianz
AG, will not be entirely sold, says Allianz AG chairman Henning
Schulte-Noelle.

Only the problematic aspects of the business, the corporate and
investment banking operations, will be divested at some stage,
AFX reported Mr. Schulte-Noelle saying.

He also admitted there are a lot of work to do in corporate
banking and investment banking.  But only after it is proven that
the operation is not meeting equity capital ratio targets would
he consider examining "all options," that could include a sale of
the business.

He also stressed that Allianz will continue to offer a wide range
of services including banking despite difficult market
conditions.

"In particular the success of retail banking has confirmed that
our strategy is correct," he said.

Dresdner Bank is cutting non-personnel costs by 10% and reducing
non-guaranteed bonus and performance related pay to restore
profitability.

The bank, like other European banks, suffered high loan loss
provisions and asset writedowns in recent quarters.

CONTACT:  DRESDNER BANK AG
          Jurgen-Ponto-Platz 1
          D-60301 Frankfurt/Main, Germany
          Phone: +49-(0) 69/2 63-0
          Fax numbers: General enquiries
                       +49-(0) 69/2 63-48 31
                       +49-(0) 69/2 63-40 04


EPCOS AG: Retains Loss-Making Division, Aims for Profit in 2003
---------------------------------------------------------------
German passive components manufacturer Epcos has no immediate
plans to sell or to close its 'Ferrite' business area, which has
incurred losses of EUR38.1 million in financial year 2001 and
2002.  The amount sustained by the loss-making division accounts
for more than half the total group figure of EUR72.1 million.

Epcos believes that it will be able to turn around the loss-
maker, achieving positive results from the division by the end of
this year or start of next year.

The German manufacturer will spend EUR94 million on R&D, which
equates to 7.2% of turnover, an increase on the average for the
past four years, of 4.6 per cent.

In 2002, Epcos posted a 1.3% fall in turnover, to 1.3bn euros.

CONTACT:  EPCOS AG
          Pc. Martin STR. 53
          81669 Munich
          Germany
          Phone: ++49 89 636 09
          Fax ++49 89 636 2 26 89
          E-Mail: info@epcos.com

          Postal address:
          P.O. box 80 17 09
          81617 Munich
          Germany
          Contacts:
          Gerhard Pegam, Chairman
          Klaus Ziegler, Chairman of Board


UFA-THEATER: Rival Operator to Take Over Most of Cinemas
--------------------------------------------------------
Hope was revived in insolvent German film chain operator Ufa-
Theater when rival and market leader Kieft & Kieft announced
Wednesday that it will be taking over 32 of its 37 cinemas.

The deal, which was made in association with the film marketing
company RoWo Holding, is set to go forward April 1.

Managing director Heiner Kieft said in a statement to the DPA
news agency that the company has signed a preliminary contract
with the insolvency administrator of Ufa.

Reports say that if the sale is approved at the Ufa debtors
meeting on Monday, it will make Kieft & Kieft Germany's biggest
exhibitor, with 96 theaters and a capacity of 145,000 seats. RoWo
Holding will take over marketing duties, while Kieft & Kieft will
run the day-to-day business.

The Luebeck-based exhibitor that operates CineStar-brand
multiplexes throughout the German-speaking world and in the
Netherlands and the Czech Republic started as a local Luebeck
cinema, but shortly after the fall of the Berlin Wall it expanded
by buying up theaters in the former East Germany and renovating
them.

At present, Kieft & Kieft operates a total of 64 cinemas around
the country.

The Ufa name is one of the most historic in German cinema,
although the theatrical chain, based in Hamburg, has only existed
since 1972. The company filed for bankruptcy protection in
October.

CONTACT:  UFA THEATRES GMBH & CO. KG
          East hereditary RPC route 90 C, 22083 Hamburg
          Partner: Antje Seidel
          Phone: 040 - 696 580-33
          Fax: 040 - 696 580-39
          E-mail: a.seidel@ufakino.de

          KIEFT & KIEFT FILMTHEATER GMBH
          Mill bridge 8, 23552 Luebeck
          Phone: 0451/7030200
          Fax: 0451/7030222
          E-mail: info@cinestar.de


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H U N G A R Y
=============


CSEPEL METAL: Company Announces Fall Into Bankruptcy
----------------------------------------------------
Csepel Metal Works Inc., the biggest non-ferrous metal processing
company in Hungary, has succumbed to bankruptcy, the company
announced.

Csepel Metal Works Co. is an independent company within the
Csepel Innovation Industrial Park. The main products of the
company are non-ferrous metal alloys and pre- and semi-products
from their own alloys.

The company was a state property until the end of the nineties
and after the privatization it could stay the biggest non-ferrous
metal producer and trader in Hungary.

It reported after-tax profit of HUF445 million in 2000 but this
declined sharply in H2 2001 and subsequently.  Most of the
company's export goes to the U.S. a market where demand for
copper products has dropped considerably.

CONTACT:  CSEPEL METAL WORKS INC.
          1211 Budapest, Gyepsor u. 1.
          1751 Budapest, PF. 49.
          Phone: (36)1/278-3464
          Fax: (36)1/278-3465
          E-mail:csfemmu@csfemmu.hu


DAM STEEL: Parent Set to Abandon Ties With Bankrupt Unit
--------------------------------------------------------
Cogne Acciai Speciali is set to cut ties with Miskolc-based DAM-
Steel Rt, the steel manufacturer that recently filed for
bankruptcy.

Dam did not resume production in January after Cogne decided the
operation was too expensive.

The parent company's reluctance to restart production, despite an
expected resolution in a dispute with regional electricity
provider Emasz Rt over prices, also forced DAM's only Hungarian
board member, Arpad Szekely, to resign.

The company's filing for bankruptcy last month put 1,500 people
jobless in Diosgyor, and 3,000 more at DAM's suppliers.

In its two years under Italian ownership, DAM posted losses of
HUF6 billion and amassed some HUF1 billion in debts.

Some industry sources say the impending liquidation of DAM may
have been deliberately planned to benefit certain parties.

DAM's management is scheduled to start negotiations with
creditors on February 18.


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I T A L Y
=========


ALITALIA SPA: Considers Entering Alliance With Other Airlines
-------------------------------------------------------------
Alitalia SpA Chief Executive Francesco Mengozzi said the company
is open to possible alliances with other airlines.

Noting the benefits of its connections with Sky Team and Air
France, which generated positive results in 2002, Mr. Mengozzi
said: "We are open to all the possibilities to develop."

He repeated company comments that although the airline will
report a net profit in 2002 after KLM Royal pays EUR171 million
as settlement for arbitration, there are considerable
uncertainties on 2003.

Earlier, TCR-EU reported that KLM Royal Dutch Airlines NV will
settle the suit over its collapsed joint venture with Alitalia by
paying the given amount.

The dispute involves a demand from Alitalia for the recovery of a
EUR293 million costs it made in the joint venture, and a
counterclaim launched by KLM shortly thereafter for the EUR100
million it gave to Alitalia to develop its Milan Malpensa hub.

Seeking support from EU competition authorities for the alliance
action, Mr. Mengozzi added: "I hope the authorities realize that
these demands of the air transport industry don't go against the
market but help the sector survive and defend quality of service
for consumers."

Alitalia has suffered financial problems and has reported a net
loss of $200 million in 2000. It has been seeking a new partner
since KLM Royal Dutch Airlines pulled out of an alliance last
year.

CONTACT:  ALITALIA - LINEE AEREE ITALIANE S.P.A.
          Viale A. Marchetti 111
          00148 Rome, Italy
          Phone: +39-06-6562-2151
          Fax: +39-06-6562-4733
          Toll Free: 800-223-5730
          Homepage: http://www.alitalia.it
          Contacts: Fausto Cereti, Chairman
                    Francesco Mengozzi, Managing Director
                    Giovanni Lionetti, Director Finance


===================
L U X E M B O U R G
===================


MILLICOM INTERNATIONAL: Completes Sale of Colombian Operations
--------------------------------------------------------------
Millicom International Cellular S.A., the global
telecommunications investor, announces it has successfully
completed the sale of its Colombian operation, Celcaribe S.A., to
Comcel S.A., a subsidiary of America Movil.

The net proceeds for Millicom's interest in the equity of
Celcaribe S.A. are USD 9,625,000, which have been paid on
completion.

Millicom International Cellular S.A. is a global
telecommunications investor with cellular operations in Asia,
Latin America and Africa. It currently has a total of 17 cellular
operations and licenses in 16 countries. Millicom's cellular
operations have a combined population under license (excluding
Tele2) of approximately 369 million people. In addition, Millicom
provides high-speed wireless data services in seven countries.

Millicom also has a 6.8% interest in Tele2 AB, the leading
alternative pan-European telecommunications company offering
fixed and mobile telephony, data network and Internet services to
over 16 million customers in 21 countries. Millicom's shares are
traded on the Nasdaq Stock Market under the symbol MICC.

Lazard is acting for Millicom International Cellular S.A. in
connection with the exchange offer and consent solicitation and
no-one else and will not be responsible to anyone other than
Millicom International Cellular S.A. for providing the
protections offered to clients of Lazard nor for providing advice
in relation to the exchange offer or consent solicitation.

                     *****

Falling revenues and asset write-downs caused net losses at
Luxembourg-based multinational mobile holding company Millicom
International Cellular to rise to US$278mn for 2002, compared to
US$138mn for 2001.

CONTACTS:  MILLICOM INTERNATIONAL CELLULAR S.A., LUXEMBOURG
           Marc Beuls, President and Chief Executive Officer
           Phone: +352 27 759 101

           Jim Millstein
           Lazard, New York
           Phone: +1 212 632 6000

           Peter Warner
           Daniel Bordessa
           Cyrus Kapadia
           Lazard, London
           Phone: +44 20 7588 2721

           Andrew Best
           Investor Relations
           Shared Value Ltd, London
           Phone: +44 20 7321 5022
           Home Page: http://www.millicom.com


=====================
N E T H E R L A N D S
=====================


BUHRMANN N.V.: To Receive EUR79 MM Cash Claims for Damages
----------------------------------------------------------
Office products supplier Buhrmann expects damages of EUR79
million cash in a case relating to its acquisition of Agena SA in
1991.

The company has been involved in an arbitration case with Ipfo
Bail SA over the takeover of Agena since 1994.

Buhrmann expects to book an extraordinary gain of EUR58 million
after tax from the claim.

It says possibilities for appeal on the case are limited.

The company is currently undertaking a restructuring that is
expected to result in cost reductions of around EUR30 million and
annualized savings of EUR60 million.

In December, Standard & Poor's lowered its long-term corporate
credit and senior secured debt ratings on Buhrmann to 'B+' from
'BB-', and its subordinated debt ratings on the group to 'B-'
from 'B'.

The rating agency said the office products supplier's financial
constraints stem from declining operating performance and poor
visibility for 2003.


GETRONICS N.V.: Long-term Corporate Credit Rating Down to 'CC'
--------------------------------------------------------------
Proposed changes to Getronics N.V.'s debt restructuring prompted
Standard & Poor's Ratings Services to lower to 'CC' from 'B' its
long-term corporate credit rating on the Ducth infomation and
communications technology group.

The company's subordinated debt rating was at the same time
lowered to 'C' from 'CCC+'.  All of the ratings were placed on
CreditWatch with developing implications.

The group had about EUR615 million in gross debt, including about
EUR530 million of subordinated convertible bonds as of the end of
January.

According to S&P, the restructuring entails:

(i) A substantially higher equity component, giving bondholders
81.5% of the group's ordinary shares (with a maximum of about 2.3
times as many new shares to be created);

(ii) A reduced cash element of up to EUR75 million (versus about
EUR140 million previously); and

(iv) No new convertible bonds (versus about EUR100 million in the
previous offer).

Standard & Poor's credit analyst Patrice Cochelin said the
replacement of the group's existing bond refinancing offer could
force bondholders to suffer a significant loss, given the limited
amount of cash offered, and the very high volatility of the
company's share price.

If completed as proposed, the offer would trigger a downgrade of
the group's subordinated bonds to 'D', while the group's long-
term rating would be lowered to 'SD', in conjunction with the
rating agency's criteria.

The new ratings will reflect the fact some of Getronics'
financial obligations--including a new revolving loan, which is
enhanced by material cash collateralization--are expected to
remain current.  The group's preference shares would also be
converted into ordinary shares, with unpaid preferred dividends
being forfeited.

The rating could be raised to 'B', on the other hand, if the plan
is replaced by a "non-coercive alternative solution, and pending
a review of Getronics' ability to generate operating cash flow
and its contractual arrangements.


ROYAL KPN: Completes Sale of Directory Services to 3i and VSS
-------------------------------------------------------------
Royal KPN NV announced the completion of the transaction
regarding the sale of KPN's directory services Telefoongids Media
B.V. (formerly known as Telemedia Nederland B.V.) to 3i, Europe's
leading venture capital company and Veronis Suhler Stevenson
(VSS) a leading independent media private equity group.

The shares were transferred to the new owners for a cash payment
of Euro 500 million. Bookprofit will amount over Euro 400
million. KPN will use the cash proceeds to reduce its net debt.

As a result of this transaction, the parties have entered into
contractual arrangements to ensure the continuation of the
provision of the Universal Telephone Directory.

Telefoongids Media B.V. is one of the leading directory companies
in the Netherlands. The company's core product portfolio includes
combined white pages and yellow pages-type directories in 50
regional printed editions, CD-Rom technology and online products.
The company has become the country's fastest growing provider of
directories and related services and currently has a market share
of approximately 41% of the Netherlands' directories market. In
the year ended 31 December 2002, Telefoongids Media B.V. had net
revenues of approximately EUR 145 million and Ebitda of EUR 65
million.

3i and VSS are experienced investors in the directories sector.
VSS previously led the acquisition and subsequent disposal of
Yellow Book in the USA and 3i was previously an investor in
Thomson Directories in the U.K. Together they acquired Sonera
Information Communications in Finland, renamed Fonecta, a
directory asset in one of the most technically advanced directory
markets in Europe.


===========
P O L A N D
===========


NETIA HOLDINGS: Objections to Netia's Restructuring Dismissed
-------------------------------------------------------------
Netia Holdings S.A., Poland's largest alternative provider of
fixed-line telecommunications services announced that all
objections to Netia's restructuring previously filed by minority
claimholders in United States Bankruptcy Court had been
dismissed.

The minority claimholders had objected, among other things, to
the turnover of funds to Netia that had been maintained by Netia
for the benefit of certain of its former bondholders. The United
States Bankruptcy Court will now decide when these funds will be
turned over to Netia.

CONTACT:  NETIA HOLDINGS
          Anna Kuchnio (IR)
          Phone: +48-22-330-2061
                  -2407
          or
          Taylor Rafferty, London
          Mark Walter
          Phone: +44-(0)20-7936-0400
          or
          Taylor Rafferty, New York
          Abbas Qasim
          Phone: 212-889-4350


NETIA HOLDINGS: Sells Non-Operative Telecom Companies Holdings
--------------------------------------------------------------
Netia Holdings S.A., Poland's largest alternative provider of
fixed-line telecommunications services, announced Thursday that
in connection with the contemplated internal consolidation of the
Netia group companies, Netia sold to Fiducia Investment Sp. z
o.o. with its seat in Warsaw (the Purchaser) the following
holdings in certain dormant companies pursuant to separate share
purchase agreements, all dated February 12, 2003:

(i) 200 shares, PLN 100 par value per share, of Telekom Ozarow
Mazowiecki Sp. z o.o. with its seat in Warsaw (Ozarow),
constituting 100% of Ozarow's share capital and giving 100% of
the voting power at Ozarow's general meeting of shareholders. The
total value of the transaction equals PLN 15,000;

(ii) 40 shares, PLN 100 par value per share, of Telekom Pomoze
Sp z o.o. with its seat in Warsaw (Pomoze), constituting 100% of
Pomoze's share capital and giving 100% of the voting power at
Pomoze's general meeting of shareholders. The total value of the
transaction equals PLN 100;

(iii) 20 shares, PLN 200 par value per share, of Tedec Sp. z o.o.
with its seat in Warsaw (Tedec), constituting 100% of Tedec's
share capital and giving 100% of the voting power at Tedec's
general meeting of shareholders. The total value of the
transaction equals PLN 100; and

(iv) 40 shares, PLN 100 par value per share, of Telekom Zamosc Sp
z o.o. with its seat in Warsaw ("Zamosc"), constituting 100% of
Zamosc's share capital and giving 100% of the voting power at
Zamosc's general meeting of shareholders. The total value of the
transaction equals PLN 100.

None of the Companies conducted any telecommunications activities
and neither Netia nor any of its affiliates is connected in any
way with the Purchaser.

CONTACT:  NETIA HOLDINGS
          Anna Kuchnio, Investor Relations
          Phone: +48-22-330-2061
          Jolanta Ciesielska, Media
          Phone: +48-22-330-2407
          or
          Taylor Rafferty, London
          Mark Walter, +44-(0)20-7936-0400
          or
          Taylor Rafferty, New York
          Abbas Qasim
          Phone: 212/889-4350


NETIA HOLDINGS: Reports 2002 Year-End and Fourth-Quarter Results
---------------------------------------------------------------
Netia Holdings S.A.,Poland's largest alternative provider of
fixed-line telecommunications services (in terms of value of
generated revenues), announced audited consolidated financial
results for the year and quarter ended December 31, 2002.

Financial Highlights:

-  Revenues for 2002 were PLN 604.4m (US$157.4m), a year-on-year
increase of 12%. Revenues for Q4 2002 were PLN 154.0m (US$40.1m),
an increase of 6% from Q4 2001.

-  Adjusted EBITDA (before the provisions for impairment of long
term assets) for 2002 was PLN 155.2m (US$40.4m), representing an
adjusted EBITDA margin of 26% and a year-on-year increase of
154%. Adjusted EBITDA for Q4 2002 was PLN 34.2m (US$8.9m), with
an adjusted EBITDA margin of 22%.

-  Non-cash exceptional item charges totaling PLN 149.4m
(US$38.9m) affected financial results for 2002. These items were
related to provision for impairment of long term assets of PLN
108.7m (US$28.3m) recorded in Q3 2002 and an additional charge of
PLN 40.7m (US$10.6m) recorded in Q4 2002.

-  Cash at December 31, 2002 was PLN 132.5m (US$34.5m), excluding
restricted cash and cash equivalents of PLN 254.2m (US$66.2m).

-  Successful financial restructuring led to an increase in
consolidated shareholders' equity to PLN 2,802.3m (US$730.0m) at
the end of Q4 2002 compared to shareholders' deficit of PLN
343.2m in Q4 2001. Netia's long-term debt was reduced by PLN
3.9bn (US$1.0bn), and the company's post-restructuring debt
obligations are EUR 49.9m. Details of our debt-for-equity swap
transactions are provided in "Restructuring and Other Highlights"
on page 3.

Operational Highlights:

- Netia's nationwide backbone network is comprised of 3,840 km as
of December 31, 2002.

- Subscriber lines decreased to 341,160 net of churn and
disconnections, a year-on-year decrease of 1%.

- Business customer lines increased to 105,638, a year-on-year
increase of 8%. Subscriber lines for our business segment grewto
31% of total subscriber lines while revenues from business
customers accounted for 57% of telecom revenues in 2002.

- New, more competitive tariff plans for international long-
distance connections were introduced on November 1, 2002and
January 2, 2003.

- Average revenue per line decreased by 6% to PLN 115 inDecember
2002, compared to PLN 122 in December 2001 as a result of a
decrease in tariffs. On the other hand, revenues benefited from
increased sales of data, carrier's carrier another non-direct
voice services.

- Headcount decreased to 1,289 at December 31, 2002 from 1,536 at
December 31, 2001 as a result of management's program of cost
reduction initiated in August 2001.

Wojciech Madalski, Netia's President and Chief Executive Officer
commented: "Netia has emerged from 2002 as a healthy company on
course for solid financial performance. On the operational side,
our 2002 results confirm that our business model works - the
annual revenues continue to grow at double digits, cost reduction
programs show good progress, adjusted EBITDA margin has improved
steadily from the negative level three years ago to a very
respectable 26% and capital spending has been curtailed to focus
on the most relevant projects.

"On the corporate funding side, we have completed the financial
restructuring and can show a very strong balance sheet, and we
are now focused on achieving profitability within a reasonable
timeframe. As a result, I believe that Netia is well positioned
to capitalize on business opportunities presented by the growing
Polish telecoms market."

Avi Hochman, Chief Financial Officer of Netia, added: "Revenues
grew 12% over 2001 and 6% in the fourth quarter as Netia
benefited from the growth of its fixed line services to business
customers. Adjusted EBITDA margin in the fourth quarter dipped
from the levels seen in Q2 and Q3, due to investment in marketing
and advertising and traditional cost increases at the end of the
year.

"We have also seen positive developments for Netia in the
financial markets. The debt-for-equity swap has been completed
and reflected in the consolidated financial statements for 2002.
As a result, the consolidated balance sheet reflects shareholders
equity of PLN 2.8 billion and debt of PLN 161.8 million
(excluding license fee obligations), a reduction of PLN 3.9
billion. The new shares commenced trading on the Warsaw Stock
Exchange on February 13, 2003. In addition, we are pleased that
Nasdaq will permit us to re-apply for a quotation of our shares.

"Netia intends to merge most of its operating subsidiaries into
the parent company due to changes in the legal environment
regarding telecommunications licenses following the introduction
of a new telecommunications law in 2001 (which we expect will
create a cost savings for us). Netia plans to write-off its
telecommunication licenses when the company has started to
implement its plan to consolidate its operating subsidiaries."

Restructuring and Other Highlights:

- The Restructuring Agreement relating to Netia's debt
restructuring, entered into by Netia, Telia AB, certain companies
controlled by Warburg Pincus & Co., certain financial creditors
and the ad hoc committee of noteholders on March 5, 2002 (the
"Restructuring Agreement"), continues to be implemented. Pursuant
to the Restructuring Agreement, the following milestones have
been achieved:

- All necessary share, warrant and notes issuances in Netia's
restructuring have been approved by its shareholders. On December
2, 2002, Netia published its Polish prospectus relating to the
issuance and registration of new shares (series H, J and K
shares) and notes pursuant to the Restructuring Agreement.

- 312,626,040 series H shares at the price of PLN 1.0826241 per
share were allocated to those creditors who opted to subscribe
for them in accordance with the agreed terms of Netia's
restructuring on December 23, 2002. The series H shares represent
approximately 91% of Netia's share capital. Following the
registration of the capital increase on January 30, 2003, Netia
has share capital of PLN 344,045,212 (344,045,212 shares issued
and outstanding at PLN 1 par value per share). Series H shares
commenced trading on the Warsaw Stock Exchange (separately from
Netia's other series of shares and under the ticker "NET2") on
February 13, 2003.

- EUR 49.9m in aggregate principal amount of 10% Senior Secured
Notes due 2008 were issued in exchange for the outstanding notes
of Netia Holdings B.V. and Netia Holdings II B.V. and obligations
from swap transactions entered into by Netia Holdings III B.V. on
December 23, 2002, in accordance with the agreed terms of the
restructuring and the composition plans for each of Netia's Dutch
subsidiaries.

Warrants to acquire shares representing 15% of Netia's post-
restructuring share capital (series J shares) will be issued to
the holders of record of Netia's shares on the day preceding the
subscription for series H shares. Additionally, up to 5% of the
post-restructuring share capital, excluding shares to be issued
upon exercise of the warrants related with series J shares, will
be issued under a key employee stock option plan (series K
shares). The issuance of warrants for series J and issuance of
series K shares will complete the restructuring process.

- Changes within Netia's Supervisory Board. Effective January 15,
2003, Netia's Supervisory Board consists of the following 10
members: Nicholas N. Cournoyer (Chairman of the Supervisory
Board), Jaroslaw Bauc, Morgan Ekberg, Richard James Moon, Andrzej
Radziminski, Ewa Maria Robertson Andrzej Michal Wiercinski, Jan
Henrik Ahrnell, Przemyslaw Jaronski and Hans Tuvehjelm. As of the
date of the registration by the Polish court of the changes to
Netia's Statute adopted by the Extraordinary General Meeting of
Shareholders on January 15, 2003, Jan Henrik Ahrnell, Przemyslaw
Jaronski and Hans Tuvehjelm will cease to be members of Netia's
Supervisory Board.

- Changes within Netia's Management Board. Effective February 7,
2003, Dariusz Wojcieszek resigned from his position as member of
Netia's Management Board.

- The Extraordinary Shareholders' Meeting of Netia Holdings S.A.
held on January 15, 2003 adopted resolutions on (i) changes of
Netia's Statute, (ii) changes of the composition of Netia's
Supervisory Board, (iii) rules regulating compensation of members
of Netia's Supervisory Board, and (iv) establishing security
interests over Netia's assets in connection with EUR49.9m Senior
Secured Notes due 2008 issued by Netia Holdings B.V. These
resolutions were adopted in connection with the restructuring of
the Netia group companies.

- Netia's American Depositary Shares may be re-quoted on The
Nasdaq SmallCap Market upon completion of a review of Netia's
application by the Nasdaq Listing Qualifications Department.
Netia's Management Board has decided to file such an application.

- License fee payments totaling approximately PLN 195.4m
(US$50.9m) due on December 31, 2002 were not made. Following the
changes introduced into the Polish telecommunications law in
December 2002, Netia has filed for canceling all outstanding
license fees totaling PLN 323.5m (US$84.3m) based on capital
expenditures it has already incurred.

- The internal consolidation of operating subsidiaries was
approved by Netia's Supervisory Board in December 2002. This
process is expected to result in most operating companies being
merged into the parent company, thus reducing management costs
and simplifying both operational and financing arrangements.

- Redemption of the outstanding Senior Secured Notes due 2008
(the "Notes") with an aggregate principal amount of EUR 49.9m was
approved by Netia's Supervisory Board on February 13, 2003,
following the recommendation of Netia's Management Board. The
decision was driven by the sufficient cash position and concerns
over (i) the high costs of servicing the debt and of establishing
the security for the Notes as required by the Indenture governing
the Notes and (ii) the substantial restrictions imposed by the
Indenture covenants on Netia's flexibility to operate its
business. The Notes were issued on December 23, 2002 in
connection with Netia's financial restructuring. Netia expects to
redeem the Notes by the end of March 2003.

Consolidated Financial Information

2002 vs. 2001

Revenues increased by 12% to PLN 604.4m (US$157.4m) for 2002
compared to PLN 538.9m for 2001.

Revenues from telecommunications services increased by 15% to PLN
588.1m (US$153.2m) from PLN 512.2m in 2001. The increase was
primarily attributable to an increase in the number of business
lines and an increase in business mix of lines as well as
expansion of new products, such as indirect domestic long
distance, data transmission and wholesale services.

Exceptional non-cash items totaling PLN 149.4m (US$38.9m)
impacted the financial results for 2002 and were related to the
provisions for the impairment of long term assets. The provision
of PLN 108.7m (US$28.3m) recorded in Q3 2002 was due to our
investment in 27,350 connected lines and 100,975 ports, which
were located outside the main geographic areas of strategic
interest to Netia. The additional provisions totaling PLN 40.7m
(US$10.6m) recorded in Q4 2002 were related to impairment of
network construction in progress of PLN 29.8m (US$7.8m), computer
equipment of PLN 8.1m (US$2.1m) and other assets the utilization
of which is considered unprofitable.

The above provisions followed the impairment of goodwill and
fixed assets of PLN 317.1m recorded in Q3 2001, as a continued
effort to strengthen our balance sheet.

Adjusted EBITDA (before the provisions for impairment of long
term assets) increased by 154% to PLN 155.2m (US$ 40.4m) for 2002
from PLN 61.2m for 2001. Adjusted EBITDA margin increased to
25.7% from 11.4%. This increase was achieved due to a successful
implementation of Netia's cost reduction program in late 2001,
part of our effort to preserve cash, and increases in revenues
from new products.

Other operating expenses decreased by 7% to PLN 331.2m (US$86.4m)
for 2002, from PLN 355.4m for 2001. Other operating expenses
represented 55% of total revenues for 2002, compared to 66% for
2001, and are constituted primarily of salaries and benefits. In
addition, other operating expenses for 2001 included an allowance
for receivables from Millennium Communications S.A. of PLN 17.0m.

Interconnection charges (net) were PLN 117.5m (US$30.6m) for 2002
as compared to PLN 122.2m for 2001. Interconnection charges as a
percentage of calling charges decreased to 28% from 34%,
reflecting the increased proportion of traffic carried through
Netia's own backbone network.

Depreciation of fixed assets increased by 13% to PLN 194.6m
(US$50.7m) from PLN 172.7m for 2001, as the construction stage of
additional parts of the network was completed.

Amortization of other intangible assets increased by 18% to PLN
74.0m (US$19.3m) from PLN 62.9m for 2001 due to an increased
level of amortization of computer software costs associated with
our information technology systems.

Net financial expenses increased to PLN 417.6m (US$108.8m) for
2002 from PLN 230.0m in 2001, due primarily to foreign exchange
losses resulting from the significant depreciation of the Polish
zloty against the euro and U.S. dollar during 2002. This amount
also includes interest costs on the notes issued by Netia which
were accrued through year 2002 until July 12, 2002, (i.e., the
date of opening the Dutch composition proceedings), although
Netia ceased to pay interest on its notes in December 2001. In
accordance with Dutch law, the financial costs accrued during the
period of the composition proceedings (i.e., from July 12, 2002
to November 6, 2002) were reversed upon ratification of Dutch
moratorium proceedings.

Net loss decreased by 41% to PLN 675.0m (US$175.8m), compared to
a net loss of PLN 1,149.2m for 2001. The loss for the period was
mainly attributable to an increase in net financial expenses
related to unrealized foreign exchange losses. However, a
majority of the financial expenses are non-cash items that do not
impact Netia's cash flows. The amount of net loss for 2001 was
adversely impacted by exceptional items totaling PLN 740.1m.

Cash used in investing activities decreased from PLN 639.2m in
2001 to PLN 468.3m (US$122.0m) for 2002. This includes PLN 199.3m
(US$51.9m) deposited in Q4 2002 in a restricted account as
temporary security for obligations arising under the Notes issued
in 2002. Net cash used for the purchase of fixed assets and
computer software decreased by 54% to PLN 270.5m (US$70.5m) in
2002 from PLN582.8m in 2001, in accordance with the revised
business plan approved in late 2001, aimed at preserving cash.

Cash and cash equivalents at December 31, 2002 amounting to PLN
132.5m (US$34.5m) were available to fund Netia's operations.
Netia also had deposits in restricted accounts in a total amount
of PLN 254.2m (US$66.2m) as of December 31, 2002, which included
PLN 199.3m (US$51.9m) relating to temporary security for
obligations arising under 2002 Notes.

Q4 2002 vs. Q3 2002

Revenues increased by 1% to PLN 154.0m (US$40.1m) for Q4 2002
compared to PLN 152.4m for Q3 2002. This increase was
attributable to a 2% increase in telecommunications revenues to
PLN 151.4m (US$39.4m) in Q4 2002 from PLN 149.1m in Q3 2002
partially offset by a 21% decrease in other revenues,
representing the operations of Uni-Net, a joint venture with
Motorola offering radio trunking services, to PLN 2.6m (US$0.7m)
for Q4 2002 from PLN 3.3m in Q3 2002.

Adjusted EBITDA for Q4 2002 decreased by 30% to PLN 34.2m
(US$8.9m) from PLN 48.7m in Q3 2002. Adjusted EBITDA margin
decreased to 22.2% for Q4 2002 from 31.9% for Q3 2002. The
decrease in adjusted EBITDA and adjusted EBITDA margin was mainly
associated with an increase in marketing and advertising costs
aimed at strengthening Netia's brand awareness and traditional
cost increases at the end of the year.

Net profit amounted to PLN 148.6m (US$38.7m) in Q4 2002, compared
to a net loss of PLN 328.1m in Q3 2002. The improvement was
mainly due to net financial income recorded in Q4 2002 associated
with the reversal of interest expenses of PLN 177.4m (US$46.2m)
recorded in the previous quarter before the Dutch composition
plans were ratified.

Operational Review

Connected lines at December 31, 2002 amounted to 500,552. The
number of connected lines decreased in comparison with the
numbers reported for Q4 2001 due to: (i) provision for impairment
of 27,350 connected lines recorded in Q3 2002 and (ii) decrease
in equivalent of lines by approximately 4,000 connected lines
arising from the reconfiguration of the radio-access system
recorded in Q4 2002.

Subscriber lines in service decreased by 1% to 341,160 at
December 31, 2002 from 343,802 at December 31, 2001 and increased
by 0.3% from 340,232 at September 30, 2002. The number of
subscriber lines is net of customer churn and disconnections by
Netia of defaulting payers, which amounted to 7,706 and 5,279,
respectively, for Q4 2002 and 27,305 and 23,829, respectively,
for 2002. The recorded churn was mostly due to the deterioration
of the Polish economy and customers moving outside the coverage
of Netia's network.

Business lines as a percentage of total subscriber lines reached
31.0%, up from 28.5% at December 31, 2001 and 30.3% at September
30, 2002, reflecting the intensified focus on the corporate and
SME market segments. Business customers accounted for all net
additions in the quarter while the residential segment saw net
disconnections. Revenues from business customers accounted for
57% of telecommunications revenues for 2002.

Business customer lines in service increased by 8% to 105,638 at
December 31, 2002 from 97,994 at December 31, 2001 and by 2% from
103,209 at September 30, 2002.

Average monthly revenue per line decreased by 6% to PLN 115
(US$30) for December 2002, compared to PLN 122 for December 2001
and decreased by 4% from PLN 120 for September 2002.

Average monthly revenue per business line amounted to PLN 200
(US$52) for December 2002, representing an 11% decrease from PLN
225 for December 2001 and a 12% decrease from PLN 226 for
September 2002.

Average monthly revenue per residential line amounted to PLN 76
(US$20) for December 2002, representing a 6% decrease from PLN 81
for December 2001 and a 4% increase from PLN 73 for September
2002.

New, attractive tariff plans for international long-distance
("ILD") connections were introduced on November 1, 2002 and later
on January 2, 2003. Netia currently offers ILD services both on
standard links and on Voice over Internet Protocol ("VoIP")
technology, according to tariff plans measuring the usage time
both on the per-second and per-minute basis.

Tariff plans measuring the usage time on a per-second basis were
introduced by Netia in June 2002 for indirect domestic long-
distance (Netia's prefix 1055) and ISDN services and then
extended to analog and Internet services in October 2002 and
December 2002, respectively. These new packages supplemented the
existing Netia tariff offerings, providing easy-to-understand
tariff plans. Netia was the first Polish fixed-line operator to
offer tariff plans based on per-second billing.

Product portfolio of Netia's indirect services offered through
Netia's prefix (1055) was extended to international long-distance
calls carried on standard links in January 2003 and currently
includes domestic long distance, fixed-to-mobile and
international long-distance services.

Intelligent Network services (free-phone and split-charge service
offering) were launched in February 2002. Netia is the first
domestic long distance operator to launch the IN services among
three competitors to the incumbent TP S.A.

The integrated customer relationship management ("CRM") system
was launched in April 2002, being the first solution of any
Polish telecommunications operator that fully integrates contact
and account management with operations support and billing. This
new initiative, designed to increase Netia customers'
satisfaction while further reducing operating costs, was
implemented initially with respect to customers of indirect voice
services (Netia 1055). The migration of all Netia's customers
onto this platform is scheduled for completion in Q1 2003.

Netia's nationwide backbone network connecting Poland's largest
urban areas now stretches 3,840 kilometers. The construction of
the duct system of Netia's nationwide backbone network is
completed. In the future, this infrastructure can be extended by
additional fiber optic cables and transmission equipment, in
accordance with the growth of the customer base.

Headcount at December 31, 2002 was 1,289, compared to 1,536 at
December 31, 2001 and 1,283 at September 30, 2002.

The number of active lines in service per employee increased by
28% to an average of 275 in Q4 2002, from 215 in Q4 2001. The
number of active lines in service per employee increased by 24%
to an average of 264 for 2002 from 214 in 2001.

Monthly average telecommunications revenue per employee increased
by 48% to PLN 40,855 in Q4 2002 from PLN 27,523 in Q4 2001.
Monthly average telecommunications revenue per employee increased
by 41% to PLN 38,135 in 2002 from PLN 26,979 in 2001.

The license fee payments totaling approximately PLN 195.4m
(US$50.9m) due on December 31, 2002, were not made. In December
2002, changes were introduced into the Polish telecommunications
law that provided for cancellation of license fee obligations in
exchange for investments in the telecommunications infrastructure
or their conversion for the shares or debt of companies with
outstanding license fees. Following these changes, Netia has
filed for canceling its outstanding license fees, totaling PLN
323.5m (US$84.3m), based on capital expenditures it has already
incurred. Currently, Netia's applications are being reviewed by
the authorities.  Netia plans to reverse license fee obligations
in our statements of operations upon receiving such approvals.
Furthermore, in connection with an approved internal
consolidation of the Netia group by merging most of operating
subsidiaries into the parent company, Netia plans to write-off
its telecommunication licenses when the company has started to
implement its plan to consolidate its operating subsidiaries.

To see financial statements:
http://bankrupt.com/misc/NetiaHoldings.htm


=========
S P A I N
=========


TERRA LYCOS: Signs Long-Term Strategic With Telefonica
------------------------------------------------------
Alliance to boost their leadership in the Internet sector

- The alliance establishes a new relationship model between the
companies that better exploits their respective capabilities in
order to boost their internet growth

- Terra Lycos becomes the Telefonica Group's portal and exclusive
provider of value-added internet services

- The relationships and commitments undertaken will generate a
value of a minimum of 78.5 million euros per year for Terra Lycos

- The alliance is for a period of 6 years and is expected to be
renewed on an annual basis thereafter

- This new alliance replaces the one signed by Telefonica SA,
Bertelsmann and Terra Lycos in May 2000


Terra Lycos and Telefonica announced that they have signed a
strategic alliance that strengthens the ties between the two
companies in order to boost their internet leadership and growth.

The new strategic alliance, which consolidates Terra Lycos' long-
term business model, adapting it to current market conditions,
exploits the fit between Telefonica's fixed line operators and
Terra Lycos in all markets where they operate. The alliance
builds a new relationship model based on common strategies and
takes the maximum advantage of the companies' respective
strengths in order to boost market growth. The agreement will
help Terra Lycos to achieve profitable mid- and long-term growth
and strengthens its ties with the rest of the Telefonica Group.

The signing of this new Strategic Alliance Framework Agreement
between Terra Lycos and Telefonica is in response to the changes
that have taken place in the internet business, especially the
development of broadband, and the need to adapt the products and
services catalogue offered by Terra Lycos Group in the agreement
signed in May 2000 to the new market reality referred to above
and the specific requirements of Telefonica Group in those
markets in which it operates. A steering committee has been
created to promote the full development of this agreement, which
will meet on a quarterly basis to ensure this broad strategic
alliance achieves its full potential.

As a result of this alliance, Terra Lycos is guaranteed the
generation of at least 78.5 million euros per year in value,
which represents the difference between the revenues for the
services provided, as established in the Strategic Alliance
Framework Agreement, and the costs and investment directly
associated to them. This alliance is for a period of six years
and is expected to be renewed on an annual basis thereafter.
This strategic alliance takes full advantage of Telef˘nica's
capacity as a broadband and narrowband connection and access
provider, and Terra Lycos' position as a portal, aggregator,
provider and manager of fixed telephony internet services and
content for the residential, SOHO and, contingent on future
agreements, SME market segments. The aim of this agreement is to
take advantage of synergies and create value for both companies.

Terra Lycos, with enhanced focus on commercial aspects, will
continue to offer its access products (ISP) both in narrowband
and broadband (ADSL) and continually adapt its products to the
market and to its customers' requirements. Telefonica will become
Terra Lycos' exclusive connectivity and wholesale access
provider, services which will be delivered under the most favored
customer treatment allowed by regulations.

The alliance specifically establishes that Terra Lycos becomes
Telefonica Group's exclusive provider of essential portal
elements and brand and content and services aggregator of
broadband and narrowband internet for the residential, SOHO and,
contingent on future agreements, SME market segments. Telefonica
Group access portals that offer connectivity and internet access
to these market segments will be exclusively developed by Terra
Lycos, which will incorporate the company's brand and will be
responsible for managing and operating advertising.

Terra Lycos will preferentially channel through Telefonica Group,
the acquisition, roll out and commercialization of content and
preferentially distribute the online content of Telefonica Group
companies.

At the same time, Terra Lycos will be Telefonica Group's
exclusive provider of communications services (e-mail platforms,
messaging, personal pages, etc.), creating value-added services
on top of Telefonica's access products, especially in broadband.

As regards infrastructure, Terra Lycos will outsource the
management of certain services and network elements to Telef˘nica
Group companies on a global basis, thereby increasing its
operating efficiency.

Terra Lycos will have preference in respect of online
advertising, integrated marketing solutions as well as the
auditing, consultancy, management and maintenance services of the
Telefonica Group's country portals. Telefonica and Terra Lycos
will channel its employees' online training services through
Educaterra.

In addition, Terra Lycos, Telefonica and Bertelsmann have signed
agreements based on preferred relationships, which will allow the
parties to continue to explore opportunities to provide mutual
communication, development and content services in the online
market.

About Terra Lycos
Terra Lycos is the global internet network operating in 42
countries in 19 languages, reaching 118 million unique monthly
visitors worldwide.

It is also one of the most popular websites in the world and the
leading access provider in Spain and Latin America.
Terra Lycos' network of websites includes Terra in 17 countries,
Lycos in 25 countries, Angelfire.com, Atrea.com, Azeler.es,
Direcciona.es, Educaterra.com, Emplaza.com, Gamesville.com,
HotBot.com, Ifigenia.com, Invertia.com, Lycos Zone, Maptel.com,
Matchmaker.com, Quote.com, RagingBull.com, Rumbo.com, Tripod.com,
Uno-e.com and Wired News (Wired.com), among others.

With headquarters in Barcelona and operating centres in Madrid
and Boston, Terra Lycos is listed on the Madrid (TRR) stock
exchange and on the NASDAQ (TRLY) electronic market.

About Telefonica, S.A.

Telefonica S.A. is the leading telecommunications operator in the
Spanish and Portuguese speaking world and the second-largest
European operator in terms of stock market capitalization.
Telefonica provides a complete range of communications services
which includes fixed telephony, mobile telephony, data
transmission and added-value services, business services,
internet access, directories, CRM services and content.

Its customer base exceeds 77 million. Its main markets comprise
16 countries (Brazil, Mexico, Argentina, Peru, Chile, El
Salvador, Guatemala, USA/Puerto Rico, Colombia, Venezuela,
Germany, Italy, Switzerland, united Kingdom and Marocco),
although it is present in almost 50.

Considering 2001 full year, Telef˘nica's turnover reached
31,052.6 million of euros and a net profit of 2,106.8 million
euros.

                      *****

Terra Lycos' net loss for the third quarter of 2002 was EUR99
million.


===========
S W E D E N
===========


SONG NETWORKS: Restructuring Continues According to Plan
-------------------------------------------------------
After the completion of the second subscription period for the
exchange of bonds, issued by the wholly owned subsidiary Song
Networks N.V, for new shares in Song Networks, approximately 3.5
percent of the bonds not held by Song Networks are outstanding.
The bonds surrendered so far, together with the bonds held by
Song Networks, represent a total debt of approximately SEK 4.8
billion (USD 558 million).

The remaining bonds can be exchanged during one of the
subscription periods open until May 2, 2003.

About Song Networks,

Formerly Tele1 Europe, Song Networks is a data and
telecommunications operator with activities in Sweden, Finland,
Norway and Denmark. The company's business concept is to offer
the best broadband solution for data communication, Internet and
voice to businesses in the Nordic region. The company has built
local access networks in the largest cities in the Nordic region.
The company was founded in 1995 in Sweden and have approximately
975 employees per September 2002. The head office is located in
Stockholm and there are an additional 34 offices located in the
Nordic region.
www.songnetworks.net

CONTACT:  SONG NETWORKS HOLDING AB
          Contact: Tomas Franz,n, Chief Executive Officer
          Phone: +46 8 5631 0111
          Mobile: +46 701 810 111
          E-mail: tomas.franzen@songnetworks.net


=====================
S W I T Z E R L A N D
=====================


GRETAG IMAGING: Shares to Be De-listed From Swiss Bourse
--------------------------------------------------------
Gretag Imaging Holding AG, which stopped operating in December
due to excessive debt, advised that its shares and options will
be de-listed from the SWX Swiss Exchange effective February 21.

Gretag's formal bankruptcy filing, which opened on December 30,
came after the company admitted that efforts to resuscitate the
company had failed.

Analysts say Gretag had struggled to adjust capacity and staffing
levels in the face of a slump in demand for its printing and
developing products. Last year, Gretag's sales dropped by 48% to
SFR460.7 million and the operating loss amounted SFR257 million,
compared with a loss of SFR35.3 million in 2000.  It sacked 400-
Swiss based workers in December.

The company, which employs another 600 abroad, conducts business
from its headquarters in Regensdorf, near Zurich.


===========================
U N I T E D   K I N G D O M
===========================


ABERDEEN ASSET: Promotional Material on Split Cap Misleading
------------------------------------------------------------
The all-party Treasury select committee commented on the report
of the collapse of split trusts that Aberdeen Asset Management's
promotional material and statements on "zero" split capital
trusts were "recklessly misleading."

The committee said fund managers had engaged in a "deplorable"
form of pyramid selling by investing in each other's products,
creating a more complex structure than previously expected.

The members deemed the transactions "more volatile, often more
highly geared than was apparent and certainly more difficult to
understand and to monitor."

They wanted to probe further into the establishment and
management of trusts in the late 1990s and to subsequently
ascertain clearly the improper practices conducted in the
process.

Split capital trusts worked by offering two or more
classifications of shares, one set offering high incomes to
certain investors and others steady capital returns.

Aberdeen's shares have crashed more than 90% since the start of
the year as sliding stocks, heavy borrowing and cross-
shareholdings in other trusts hit the split capital sector.

Aberdeen's three split caps went into receivership along with
eight others among the 19 that were suspended from the stock
market.

CONTACT:  ABERDEEN ASSET MANAGEMENT
          1 Albyn Place
          Aberdeen, Grampian AB10 1YG
          United Kingdom
          Phone: +44-1224-631-999
          Fax: +44-1224-647-010
          Home Page: http://www.aberdeen-asset.com


ANTISOMA PLC: Presents Interim Results for 2002
-----------------------------------------------
Antisoma plc, the U.K.-based biopharmaceutical company, announces
its interim results for the period ended 31 December 2002.

Highlights

-   Antisoma and Roche establish groundbreaking oncology alliance

-   Upfront payments of US$35 million plus EUR4.15 million equity
investment received from Roche in Q2; further US$2 million
received in January 2003

-   Losses for the three and six months to 31 December 2002
reduced to EUR0.6 million and EUR3.6 million, respectively (Q2
2001: EUR3.8 million; H1 2001: EUR6.1 million)

-   Cash and cash equivalents at 31 December 2002 of EUR37.6
million (30 September 2002: EUR15.4 million)

-   Pemtumomab pivotal phase III study in ovarian cancer reaches
recruitment target; study predicted to complete during the second
half of 2004

Glyn Edwards, Chief Executive Officer of Antisoma, commented:

'This has been a remarkable quarter for Antisoma, culminating in
our landmark deal with Roche, a world leader in oncology. With
the alliance in place, we join the select group of European
biotechnology companies that have both significant cash reserves
and a promising late-stage pipeline.'

Chairman's report

The six months to the end of December was a period of
transformation for Antisoma, marked by our landmark alliance with
Roche in November 2002. The agreement provides Antisoma with
upfront payments and future development and success-based
milestone and royalty payments, as well as access to Roche's
expertise in developing and marketing oncology products. In
return, Antisoma has granted Roche worldwide rights to drugs from
our oncology pipeline. The formation of the alliance is an
endorsement of both our products and our approach from a world-
leader in oncology.

Completion of the deal in December provided a welcome
strengthening of our cash position, and we finished 2002 with
almost o38 million in cash and short-term investments. The
agreement will also lead to a fall in our cash burn, since
Antisoma will receive payments equivalent to the costs incurred
in future development of Pemtumomab and Therex.  Antisoma now has
cash reserves sufficient to last well beyond the expected
completion of the pivotal trial of Pemtumomab in ovarian cancer
during 2004.

Our priority going forward will be to use our increased resources
to advance and broaden our product pipeline. This will meet two
needs: reduction of risk for investors and  provision of a stream
of products to feed the collaboration with Roche, which provides
a clear route to market and favourable terms for our products.

We expect to advance DMXAA and Therex into new phase I studies
during 2003 and to start clinical trials on AngioMab, a niche
product for brain cancer. This will bring the number of drugs in
clinical development at Antisoma to five. We intend to present
results from our phase I imaging study of TheraFab in lung cancer
this year and will also complete the pilot phase II study of
Pemtumomab in gastric cancer.

We plan to supplement our current pipeline through acquisition of
new products or intellectual property or generation of new
products from within our current portfolio, and we have set
ourselves a goal of in-licensing one new product during 2003.

With our improved financial position, solid pipeline and strong
alliance with Roche, we are well placed to fulfil our potential,
and look forward to reporting future developments to
shareholders.

Financial Review

Revenue Recognition

Non-refundable upfront payments totalling $37 million (o23.15
million), of which $35 million was received by 31 December 2002,
are payable by Roche as consideration for the grant and exercise
of rights in relation to four clinical products and for the grant
of an exclusive option to any new compound (within the field of
oncology) that enters the clinic for a period of five years.
These upfront payments are allocated to the various products in
accordance with the terms of the contract and will be recognised
as revenues over the estimated period for completion of the
relevant phase of clinical development for each product. In the
case of Pemtumomab, for example, the 'end of study' date is
projected to fall during the second half of 2004, and the upfront
payment for Pemtumomab will therefore be recognised as revenue
over the period to 31 December 2004. The payment relating to the
five-year exclusive option will be recognised over five years.

Total revenues recognised from these upfront payments for the
current quarter are EUR0.7 million. We estimate that these will
increase to EUR2.2 million per quarter from 1 January 2003 until
31 December 2004, falling thereafter.

In addition to the upfront payments, Roche will make payments
equivalent to the costs incurred by Antisoma in the continued
development of Pemtumomab and Therex. These amounts will be
payable quarterly in arrears but will be recognized in the same
quarter as the expenditure to which they relate.

The Development and Licence Agreement with Abbott Laboratories
relating to Pemtumomab was terminated on 13 December 2002 and
accordingly the balance of deferred revenue under this contract,
amounting to o0.9 million, has been recognised in the quarter
ended 31 December 2002.

Future success-based payments will be made by Roche contingent
upon the commencement of phase III studies and upon launch of any
product by Roche. Sales- based royalties will also be paid
following the launch of any product covered by the collaboration.

Results of operations - three months ended 31 December 2002

As a result of the strategic alliance with Roche, upfront
payments of EUR4.15 million relating to the share subscription
and US$35 million in relation to product rights were received
during the period, with a further US$2 million received in
January 2003.

Revenues for the three months ended 31 December 2002 totaled
EUR2.5 million, representing EUR0.9 million from the Development
and License Agreement with Abbott (see above), and an initial
EUR1.6 million recognized under the Roche agreement. The EUR1.6
million comprises EUR0.7 million revenue recognized in relation
to the upfront payments and EUR0.9 million accrued in relation to
the costs of development of Pemtumomab and Therex for the six
week period following signature of the Roche agreement on 16
November 2002.

Revenues for comparative periods were EUR0.6 million for the
three months to 31 December 2001 and EUR0.4 million for the three
months ended 30 September 2002. All revenues for comparative
periods were generated under the Development and License
Agreement with Abbott.

Operating expenses of EUR4.4 million (Q2 2001/02: EUR4.4 million;
Q1 2002/03: EUR3.5 million) include research and development
spending of EUR3.4 million (Q2 2001/02: EUR3.5 million; Q1
2002/03: EUR2.65 million).

The company received a payment of o1.1 million in relation to
Research and Development tax relief on qualifying expenditure for
the year ended 30 June 2002.

As a result of the increased revenue from Roche and Abbott, as
set out above, and the receipt of its first tax credit, Antisoma
reported reduced losses for the three months to 31 December 2002
of EUR0.65 million (Q2 2001/02: EUR3.8 million; Q1 2002/03:
EUR3.0 million)

Results of operations - six months ended 31 December 2002

Revenues for the six months ended 31 December 2002 totaled EUR2.9
million (H1 2001/02: EUR1.1 million), representing EUR1.3 million
(H1 2001/02: EUR1.1 million) of revenue recognized from the
Development and Licence Agreement with Abbott together with
EUR1.6 million from Roche as detailed above.

The EUR1.3 million Abbott revenue represents the remainder of the
deferred revenue from the Abbott agreement, which has been
recognized in full as the agreement with Abbott has been
terminated.

Operating expenses were EUR7.9 million (H1 2001/02: EUR7.3
million) and included research and development expenses of EUR6.0
million (H1 2001/02: EUR5.5 million). Research and development
expenditure was slightly higher as a result of the increased pre-
clinical development and manufacturing costs.

Losses for the six months ended 31 December 2002 fell sharply to
EUR3.6 million (H1 2001/02: EUR6.1 million) as a result of the
increased revenues and research and development tax credit.

Liquidity and capital resources

Cash at bank and held in short-term investments totaled EUR37.6
million at 31 December 2002, EUR15.4 million at 30 September
2002, EUR18.9 million at 30 June 2002 and EUR5.2 million at 31
December 2001. In the quarter ended 31 December 2002 Antisoma
received EUR4.15 million as consideration for the purchase of
20,733,240 ordinary 1p shares by Roche and upfront payments for
the purchase of product rights totaling $35 million, which were
converted into EUR21.9 million at an exchange rate of EUR1=
$1.598. EUR0.7 million out of the EUR21.9 million were recognized
as revenue; the balance of EUR21.2 million is shown as a creditor
and will be released to revenue as described above in Revenue
Recognition.  The payment for the shares is also shown as a
creditor at 31 December 2002 since the shares were not issued
until 14 January 2003.

Net cash inflow from operating activities for the quarter was
EUR20.9 million (Q2 2001/02: EUR1.6 million outflow; Q1 2002/03:
EUR3.5m outflow). The cash inflow from operating activities for
the six month period was EUR17.4 million (H1 2001/02: EUR3.7
million outflow.)

Debtors have increased to EUR1.6 million (Q2 2001/02: EUR0.7
million; Q1 2002/03: EUR0.8 million) due in part to the accrual
of amounts due from Roche relating to the development costs of
Therex and Pemtumomab as outlined above.

Creditors have increased to EUR28.0 million (Q2 2001/02: EUR6.0
million; Q1 2002/03: EUR4.4 million), largely as a result of the
deferred income relating to the upfront payments received from
Roche and the cash received in advance of the share subscription.

Loss per share

The loss per share for the quarter has decreased to 0.3p from
3.9p (restated to take account of the bonus element of the Rights
Issue) in Q2 2001/02 and 1.5p in Q1 2002/03, reflecting increased
revenues. Loss per share has decreased from 6.4p (restated to
take account of the bonus element of the Rights Issue) in the six
months ended 31 December 2001 to 1.8p in the six months ended 31
December 2002.

Dr Barry Price
Chairman

To see financials: http://bankrupt.com/misc/Antisoma.htm

CONTACT: ANTISOMA PLC
         Phone: +44 (0)20 8799 8200
         Contacts:
         Glyn Edwards, Chief Executive Officer
         Raymond Spencer, Chief Financial Officer

         Jonathan Birt/Ben Atwell
         Financial Dynamics
         Phone: +44 (0)20 7831 3113


BRITISH ENERGY: Likely to Meet Rescue Plan Deadline
----------------------------------------------------
British Energy is likely to come up with a rescue plan that could
meet a government deadline for a GBP650 million bailout, sources
close to the negotiations say.  The loan will cover British
Energy's nuclear liabilities of up to GBP200m a year for the next
ten years.

City sources told the Herald the chance for a debt for equity
swap being signed is "90-10".

But the plan that could save the Kilbride-based nuclear generator
still depends on bondholders, banks, and creditors, who were
still arguing about the final form of the bailout.  British
Energy bondholders are in line to receive 30 p in the pound, and
the banks, which have lesser rights in the restructuring, are
demanding for equal treatment.

British Energy's bondholders are represented by Close Brothers.
Barclays Capital led the consortium of banks, which included
Royal Bank of Scotland, HBOS and Lloyds.

Included in the talks is the fate of Eggborough power station,
which British Energy bought for GBP650 million in November 1999
using a debt facility provided by the banks.

Following collapse of power prices in the region as a result of
the liberalization of the wholesale power market, the British
government provided the group with GBP650 million emergency loan
to sustain operations while it negotiates with lenders and
shareholders.

The expiration of the funding in November has already been
extended to March this year.

CONTACT:  BRITISH ENERGY PLC
          3 Redwood Crescent, Peel Park
          East Kilbride, Strathclyde G74 5PR,
          United Kingdom
          Phone: +44-135-526-2000
          Fax: +44-135-556-5656
          Home Page: http://www.british-energy.com
          Contact:
          Paul Heward, Investor Relations
          Phone: 01355 262201


EDINBURG FUND: Dismisses Four High-Ranking Executives
-----------------------------------------------------
Edinburgh Fund Managers fired four top-level executives as part
of a cost-cutting drive in the embattled company, The Herald
reports.

The executives fired were Alistair Currie, head of EFM's U.K.
smaller companies office; Iain Beattie, head of global equities;
Alex Gowans, a business development executive who headed EFM's
GBP1.4 billion investment trust division; and George Renouf, head
dealer and derivatives expert.

Mr. Currie managed GBP500 million, including EFM's GBP56 million
Edinburgh Small Companies investment trust. Beattie ran GBP350
million, including the GBP97 million Edinburgh Worldwide
Investment Trust.

The move surprised industry observers and fueled rumors of
possible client defections from the fund manager.  The departure
of Mr. Currier and Mr. Beattie also raised questions over EFM's
future strategy, according to The Herald.

EFM's small companies desk is to be integrated into its main U.K.
equities department led by Robert Waugh, while Beattie's
international equity responsibilities will be split between
individual country and region desks.

The shakeup will see David McCraw handling relationships with
EFM's 11 investment trust boards, and Steven Whitehead being
promoted to head dealer.

CONTACT:  EDINBURGH FUND MANAGERS GROUP
          Donaldson House
          97 Haymarket Terrace
          Edinburgh
          EH12 5HD
          United Kingdom
          Phone: (0131) 313 1000
          Tlx: 72453
          Fax: (0131) 313 6300


EVANS & SUTHERLAND: Posts US $6 MM Net Loss for Fourth Quarter
-----------------------------------------------------------------
Evans & Sutherland Computer Corporation reported financial
results for the fourth quarter and year ended December 31, 2002.

Sales for the 2002 fiscal year were $122.6 million, down 15.6%
from sales of $145.3 million in 2001. Net loss for 2002 was $11.7
million, or $1.12 per share, compared to a net loss of $27.5
million, or $2.70 per share, in 2001. For the fourth quarter
ended December 31, 2002, sales were $29.2 million, compared to
sales of $27.9 million for the fourth quarter of 2001. Net loss
for the fourth quarter of 2002 was $6.0 million, or $0.58 per
share, compared to a net income of $0.1 million, or $0.01 per
share, in 2001.

Comments from James R. Oyler, President and Chief Executive
Officer

"While the company had a loss for the fourth quarter and for the
year, we made significant progress in a number of important
areas.

"The military programs which have produced major losses are now
99% complete, with nearly all systems in training service. With
the approaching completion of these programs, we have reduced
total employment by almost half from our recent peak headcount.
Nearly half of the full year operating loss before one-time gains
came from restructuring and impairment charges, while continuing
operations showed substantial improvement. Taken together, we
believe the operating improvements and restructuring completed in
2002 will allow us to return to profitability on lower revenue in
2003.

"We have also significantly strengthened the balance sheet. By
year- end, the company had sufficient cash to retire all short-
term debt, which should reduce financing costs in 2003.

"The market environment in which we operate was exceptionally
difficult during 2002, and the book-to-bill ratio fell below one
for the full year. However, orders increased substantially from
the third quarter to the fourth quarter, contributing to an
increase in fourth quarter revenue compared to 2001. We believe
we are now gaining market share on the strength of new products
introduced in the fourth quarter, which will contribute to higher
orders in 2003."

About Evans & Sutherland

Evans & Sutherland produces professional hardware and software to
create highly realistic visual images for simulation, training,
engineering, and other applications throughout the world. E&S
visual systems are used in both military and commercial systems,
as well as planetariums and interactive theaters. Visit the E&S
Web site at http://www.es.com

To view Evans & Sutherland Financial Results:
http://bankrupt.com/misc/Evans&Sutherland.htm

                      *****

In November the company announced job reductions affecting
approximately 140 employees at the company's Salt Lake City
headquarters as well as its locations in Orlando, Fla., and
Horsham, United Kingdom. As previously announced, E&S is
completing several large military programs that have incurred
excess costs. In addition, these reductions will help bring the
company's total staffing in line with projected business for
2003.

Evans & Sutherland lost millions in the last quarter and has not
been profitable since early 1999.

CONTACT:  EVANS & SUTHERLAND
          William Thomas
          Phone: 801/588-1508
          E-mail: bthomas@es.com


GLAXOSMITHKLINE PLC: Faces Legal Suit From State of New York
------------------------------------------------------------
GlaxoSmithKline Plc faces legal action from New York State for
consumer fraud, commercial bribery and making false statements to
government health plans, according to AFX.

The state, which joins the move to stem hundreds of millions of
dollars of losses from the scheme, alleged that GlaxoSmithKline
as well as Parmacia, reported inflated average wholesale price in
relation to the price charged to doctors, pharmacists and other
healthcare providers.

New York Attorney General Eliot Spitzer filed the lawsuit against
the companies in a state court in Albany.

"As a result of such inflated prices, government health plans and
consumers nationwide have grossly overpaid for drugs -- as much
as hundreds of millions of dollars," a statement of the filing
said.

The news follows the charging of 40 GlaxoSmithKline employees in
its Italian unit for allegedly bribing doctors to prescribe their
medicines.


GLAXOSMITHKLINE PLC: Issues Statement Concerning AWP Complaint
--------------------------------------------------------------
We are disappointed that the State of New York has chosen
litigation in an effort to shift blame for public policy
decisions and for budget shortfalls to the pharmaceutical
industry.

Those who designed and administered the New York Medicaid and
EPIC programs as well as the federal Medicare program have known
for decades that tying reimbursements to AWP causes the programs
to pay doctors and pharmacies more for certain drugs than the
doctors and pharmacies paid for the medicines themselves. The
federal government has urged state Medicaid programs for years
not to reimburse for drugs at AWP (a price calculated and
reported by third-party vendors) for that very reason.

Now the Attorney General is trying to hold GSK and other
pharmaceutical companies accountable for the state's own
conscious decision to reimburse doctors and pharmacies more for
drugs than they paid for them.

GSK is proud of the commitment we have made to the health of the
people of New York.

Over the last 12 years, GSK has paid more than $585 million into
New York's health programs, such as Medicaid and EPIC;

GSK was the first in the industry to offer a prescription-savings
card (the Orange Card) to seniors and the disabled who lack
prescription drug benefits. GSK now offers both the Orange Card
and the Together Rx cards to help these patients save up to 40%
on their GSK prescription medicines.

GlaxoSmithKline fully supports the efforts of Congress and the
states to look into the complex issue of government drug
reimbursement to find a solution that's fair to all. We support
changes in government reimbursement methodologies that accomplish
the following overriding goals:

Patient care remains of the highest quality and meets each
patient's individual needs.

Oncologists and other providers are adequately compensated for
the cost of delivering cancer care to patients.
The government sets a fair reimbursement rate, whether based on
AWP or not.

Litigation is not the remedy for past policy choices or current
budget shortfalls. GSK will defend itself vigorously against this
litigation, while we continue to work with state and federal
policymakers to develop reimbursement systems that ensure quality
care for patients and are fair to all.


GLAXOSMITHKLINE PLC: Patent Issues to Sway Confidence in Shares
---------------------------------------------------------------
Commerzbank analyst Marc Booty sees patent issues relating to
Wellbutrin and Paxil as likely to affect the short-term
performance of GlaxoSmithKline's shares.

Mr. Booty cut his recommendation of Glaxo's shares down to
'accumulate' from an outright 'buy' reflecting reduced confidence
on the stock pending the Wellbutrin court case decision and the
resolution of the current Paxil court case.  He noted that no new
information regarding the litigations was provided.

He also placed his price target under review and said 2003
numbers 'are likely' to be downgraded also, due to the adverse
impact of forex on reported sales and earnings growth.

He also warned that market may be disappointed by the lack of a
firm date for the company's R&D day, despite assurance from the
company to hold the update.

GlaxoSmithKline failed to win total confidence despite reporting
2002 results at the top end of expectations and reassuring the
market that it will be able to meet forecast of high single-digit
earnings per share growth for 2003.

The company has pretax profit before exceptionals of GBP 6.517
billion, compared with market expectations of between GBP6.35
billion and 6.58 billion.

Earnings per share before exceptionals were up 13% at constant
currency rates to 78.3 pence and sales rose 7% to GBP21.2
billion.

The group saw strong pharmaceutical growth, with global sales of
nearly GBP18 billion and U.S. growth of 13%.


                                  *************

       S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
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