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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

           Thursday, November 6, 2003, Vol. 4, No. 220


                            Headlines


F R A N C E

EURALAIR: Files for Protection after Attempt to Raise Cash Fails
RHODIA SA: Forms Expanded Senior Management Team


G E R M A N Y

BRAU UND BRUNNEN: Sale Not Expected Soon, Say Reports
HVB GROUP: Ups Stake in Vereins- und Westbank Holding
WCM GROUP: Banks Foreclose Collateral on Sirius Debt
WESTLB AG: Issues EUR500 Million Ten-year Floating Rate Notes


I T A L Y

TELECOM ITALIA: Cuts Q3 Net Borrowings by Over EUR3 Billion


N E T H E R L A N D S

IFCO SYSTEMS: Total Debt Down to US$115 Million in Third Quarter


N O R W A Y

FJORD SEAFOOD: Improves Liquidity Via Private Placement


P O L A N D

NETIA SA: Discloses Changes in Share Capital as of November 1


R U S S I A

MDM BANK: Fitch Upgrades Long-term Ratings to 'B+' from 'B'
YUKOS: Chief Executive Announces Resignation from Behind Bars


S W E D E N

LM ERICSSON: Diversifies Debt Maturity Profile Via Bond Exchange


S W I T Z E R L A N D

CLARIANT AG: Sales, Net Profit Grew in Third Quarter
JULIUS BAER: Wins Investment Fund Lawsuit in Germany


U N I T E D   K I N G D O M

AMP LIMITED: Deems it Wise to Keep Cobalt/Gordian Business
BOXCLEVER: Management Buyout Offer Expected this Week
BRISTOL TOOL: Business, Assets for Sale as 'Going Concern'
EDINBURGH FUND: New Owner Aberdeen Asset to Slash Staff
ENDEVA: More than 600 Jobs to go under Restructuring Plan

GOSHAWK INSURANCE: Search for Buyer Turns up Blank
GOVETT: Gartmore Investment Takes over U.K. Management Contracts
HAWTHORN HOLDINGS: Shares Suspended on Takeover Talks
HUGH MACPHERSON: Cheap Imports Choke Business to Death
IT TRAINING: Joint Administrators Offer Business for Sale

MACFARLANE GROUP: Sells Packaging Operations to DS Smith
PREMIER FOODS: S&P Affirms 'B' Ratings; Outlook Stable
SUNDERLAND PLC: Chairman Regrets Disappointing Season
SUNDERLAND PLC: Poor Performance Plunged Club Deeply into Red
SUNDERLAND PLC: Plans to Strike Crucial Deal to Reschedule Debt

SUNDERLAND PLC: Hopes to Climb Back to Premier League Soon
SUNDERLAND PLC: To Pursue Planned Improvements for Academy
SUNDERLAND PLC: Renews Commitments to Supporters, Shareholders
WESTBURY: Strikes Life-saving Deal with Milk Cooperatives


                            *********


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F R A N C E
===========


EURALAIR: Files for Protection after Attempt to Raise Cash Fails
----------------------------------------------------------------
French low-cost airline Euralair Horizons filed for bankruptcy Monday due to
insurmountable debts and heavy losses, according to the Financial Times.

The filing came after Euralair Horizons and two other Euralair subsidiaries
failed in its attempt to raise EUR5 billion of fresh funds to satisfy
regulatory requirements.  The French civil air transport had given it until
the end of September to raise the fund necessary for it to keep its license.

The bankruptcy court is expected to decide in the coming days whether to
liquidate the company or salvage it under court administration, according to
the report.  The company employs 500 staff.

The group based at Paris' Le Bourget airport was founded in 1962 by
Alexandre Couvelaire.  It sustained losses of more than EUR10 million
(US$11.5 million) during the last two years, and has debts of EUR27.5
million.  The airlines' troubles stem from the general crisis in the
industry brought by the combined impact of economic recession, the
post-September 11 downturn in air and holiday travel, the subsequent war in
Iraq, and heightened competition.

Euralair Horizons currently leases five Boeing 737 aircraft that are
operated by two French travel companies.


RHODIA SA: Forms Expanded Senior Management Team
------------------------------------------------
Following on the communication of October 30, 2003, relative to the
simplification and streamlining of Rhodia's organization, Jean-Pierre
Clamadieu announced the composition of his senior management team,
structured around an Executive Committee of six permanent members and an
Expanded Executive Committee of 25 individuals.

The Executive Committee is composed of:

Jean-Pierre Clamadieu, Chief Executive Officer
Gilles Auffret, Chief Operating Officer
Yves Boisdron, Group Executive Vice President, Strategy
Yves Brissy, Group Executive Vice President and General Counsel
Bernard Chambon, Group Executive Vice President, Human Resources,
Communications and Sustainable Development
Pierre Prot, Group Executive Vice President and Chief Financial Officer

In addition to the people listed, the Expanded Executive Committee includes:

The Presidents of the newly created Enterprises:

Nick Green, President of the Pharma Solutions Enterprise

Luc Auffret, President of the Perfumery, Performance & Agro Enterprise

Mike DeRuosi, President of the Home, Personal Care & Industrial Ingredients
(HPCII) Enterprise

Michel Audoin, President of the Acetow Enterprise

Dick Kennedy, President of the Phosphorous, Phosphates & Food Enterprise

Olivier de Clermont Tonnerre, President of the Silicones, Silica & Rare
Earth Systems Enterprise.  He also assumes responsibility for the Group's
Marketing and International Affairs activities.

Norbert Bluthe, President of the Performance Products for Multifunctional
Coatings (PPMC) Enterprise

Jim Harton, President of the Eco Services North America Enterprise

Alberto Pedrosa, President of the Polyamide Enterprise

The Support Function leaders:

Patrick Koller, Group Vice President, Purchasing

Raphael Franchi, Group Vice President, Industrial

Paul-Joel Derian, Group Vice President, Research & Development

Xavier Rambaud, Group Vice President, Information Systems

Jean-Christophe Huertas, Group Vice President, Communications

Jacques Kheliff, Group Vice President, Sustainable Development

The Geographic Zone leaders:

Walter Cirillo, President, Latin America Zone

Philippe Cohet, President, Europe Zone

Myron Galuskin, President, North America Zone

Michel Ybert, President, Asia Pacific Zone

The biographies of the individuals listed in this press release are
available on the Group's Internet in the press release section.

This press release is available on the Rhodia Internet site:
http://www.rhodia.com

Rhodia is one of the world's leading manufacturers of specialty chemicals.
Providing a wide range of innovative products and services to the consumer
care, food, industrial care, pharmaceuticals, agrochemicals, automotive,
electronics and fibers markets, Rhodia offers its customers tailor-made
solutions based on the cross-fertilization of technologies, people and
expertise.  Rhodia subscribes to the principles of Sustainable Development
communicating its commitments and performance openly with stakeholders.
Rhodia generated net sales of EUR6.6 billion in 2002 and employs 23,600
people worldwide.  Rhodia is listed on the Paris and New York stock
exchanges.

CONTACTS:  RHODIA SA
           Investor Relations
           Fabrizio Olivares
           Phone: +33 1 55 38 41 26


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


BRAU UND BRUNNEN: Sale Not Expected Soon, Say Reports
-----------------------------------------------------
Reports over the weekend ruled out a forthcoming sale of HVB Group's 56%
stake in German brewer Brau und Brunnen as earlier reported, according to
just-drinks.com.

German magazine Focus previously said One Equity Partners is set to buy the
stake with a strategic partner, thought to be Anheuser-Busch. The report did
not cite any sources.  But a banking source said, "Negotiations can still be
expected to last several weeks," according to Dow Jones.

An HVB spokesman would not comment on the report, but confirmed that the
bank will try to sell its stake by the end of 2003, according to the report.
HVB banking group is selling the stake to return to profit this year and
strengthen its equity capital by EUR1.7 billion in order to maintain a Tier
1 ratio of at least 7% and prevent further downgrades by ratings agencies.

CONTACT:  BRAU UND BRUNNEN
          Sitz der Verwaltung
          Rheinische Strabe 2
          44137 Dortmund
          Phone: (0231) 1817-0
          Fax: (0231) 1817-30


HVB GROUP: Ups Stake in Vereins- und Westbank Holding
-----------------------------------------------------
HypoVereinsbank will increase its holding in Vereins- und
Westbank AG from the present 76.5% to approximately 91%.  To this end, HVB
has agreed with Volksfursorge Deutsche Lebensversicherung AG, a subsidiary
of AMB Generali, that it will take over the latter's holding in Vereins- und
Westbank AG of 12.2%.  Furthermore, HypoVereinsbank will take over roughly
2% from institutional investors.  The shares will be transferred to HVB in
January 2004 subject to approval of the respective authorities.  A majority
shareholder holding over 90% of the shares of a company may take advantage
of the possibility of a simplified merger (so-called Groupmerger).  These
acquirements were a further step in connection with the
Vereins- und Westbank-integration announced in the summer of this year.

CONTACT:  HYPOVEREINSBANK
          Martin T. Roth
          Phone: 089/378-25801
          E-mail: Martin.roth@hvb.de
          Cornelia Klaila
          Phone: 089/378-26017
          E-mail: Cornelia.klaila@hvb.de


WCM GROUP: Banks Foreclose Collateral on Sirius Debt
----------------------------------------------------
WCM Beteiligungs- und Grundbesitz-AG announces that the banks which finance
the SIRIUS Beteiligungsgesellschaft mbH have given notice that they want to
foreclose on the loan with which SIRIUS finances the IVG shares and to
realize the collateral, i.e. the IVG shares of the SIRIUS GmbH.

At the same time the banks have informed us that for the moment they are
releasing WCM from the joint liability.

Frankfurt am Main, November 4, 2003

The Board of Directors

Issuer's information/explanatory remarks concerning this
ad-hoc-announcement:

The banks financing SIRIUS Beteiligungsgesellschaft mbH, Wackerow, have
informed WCM Beteiligungs- und Grundbesitz-AG that they have called in the
loans of SIRIUS.  The loans were taken out to finance the 49.9% stake in IVG
Immobilien AG, a property company listed on the MDAX.

The banks have also announced that they intend to auction the collateral
submitted to them, the IVG shares.  This only involves the IVG shares owned
by SIRIUS, and not the shares directly owned by WCM.  The direct stake of
WCM in IVG is currently 2.4%.

WCM regrets this decision by the banks concerned.

WCM, which is jointly liable for any default resulting from an auction, is
not to be called upon in the first instance on the basis of this joint
liability.

The IVG share price is currently EUR9.30, the net asset value in excess of
EUR13.  By contrast, the claim of the banks against SIRIUS is just over
EUR10 per share.

Roland Flach, CEO of WCM:  "In the context of investor meetings that WCM is
continuing to hold independently of this process, solutions leaving IVG
Immobilien AG within the sphere of influence of WCM are being investigated."


WESTLB AG: Issues EUR500 Million Ten-year Floating Rate Notes
-------------------------------------------------------------
WestLB AG, Dusseldorf/Munster, is issuing a EUR500 million floating rate
note under its debt issuance program.  The ten-year note, which matures on
November 18, 2013, carries a coupon of 3-month Euribor plus 15 basis points
and has a re-offer price of 99.929%.  WestLB AG is sole lead manager for the
issue.  Co-lead managers are Barclays, Citigroup, Goldman Sachs, HVB and
Merrill Lynch.  The issue, which is available in denominations of EUR10,000,
will be listed on the Frankfurt and Luxembourg Stock Exchanges.  Payment
date is November 18, 2003.

                              *****

WestLB reported a EUR1.67 billion (GBP1.1 billion) loss in 2002,
significantly worse than the bank's initial EUR1 billion estimate.


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


TELECOM ITALIA: Cuts Q3 Net Borrowings by Over EUR3 Billion
-----------------------------------------------------------
At the meeting the Telecom Italia Board of Directors, chaired by Marco
Tronchetti Provera, examined and adopted the Group and Parent company's 2003
third-quarter report and accounts.

Telecom Italia Group earnings and margins for the first nine months of 2003
recorded significant gains compared with the first nine months of 2002.
Revenues, the gross operating result and operating income all posted
underlying growth: of 4.6%, 4.8% and 11.7% respectively.  The consolidated
net result was a EUR1,881 million profit; this compares with a consolidated
net loss of EUR860 million for the first three quarters of 2002.

The Olivetti/Telecom Italia merger was completed during the third quarter of
2003.  The balance sheet effects of this merger first appeared on the
first-half 2003 accounts.  In addition, the new Seat Pagine Gialle company
has been disposed of following the split operation.

Following the European Community Court of Justice's September 18 ruling,
establishing that levies for exercising telecommunications operations
contravene Community law, the Group has not included this payment under its
costs for the first nine months of 2003 (EUR214 million, of which EUR116
million is the Parent company's share); nor has it included the financial
charges accrued during the period on debt from preceding financial years
(EUR28 million, of which EUR19 million is the Parent company's share).  A
EUR1,465 million item was entered under extraordinary income (liabilities
and provisions for risks and charges, of which EUR922 million referring to
the Parent company) equal to the amount of the above mentioned contribution
for which provisions were made but not settled for the 2000, 2001 and 2002
financial years.  Inclusive of its EUR562 million tax repercussions (of
which EUR353 million refer to the Parent company), the Parent company and
Minorities share of the net result for the period has benefited from a
EUR903 million gain.

Telecom Italia Group results for the first nine months of 2003

Revenues fell by 2.2% to EUR22,682 million (EUR23,203 million for the same
period in 2002).  However, underlying growth was equal to 4.6% (up EUR1,004
million), excluding unfavorable exchange-rate fluctuations (EUR684 million)
and changes to the area of consolidation (EUR841 million).  Growth was
driven predominantly by good performances achieved at the Mobile Business
Unit, and by increased Wireline Business Unit revenues.

Third-quarter 2003 revenues decreased by 1.7% to EUR7,533 million (EUR7,066
million in the third quarter of 2002), on equivalent consolidation and
exchange rate terms, the underlying growth was equal to 3%.

The gross operating result, corresponding to EUR10,648 million, posted 1.6%
growth compared with the nine months of 2002 (up EUR169 million).  However,
underlying growth corresponded to 4.8% (up EUR488 million), excluding
unfavorable exchange-rate fluctuations (EUR136 million) and changes to the
area of consolidation (EUR183 million).  This was equivalent to 46.9% of
revenues (45.2% for the first nine months of 2002).

The third-quarter gross operating result amounted to EUR3,727 million
(EUR3,632 million in the third quarter of 2002); as a ratio of revenues,
this corresponded to 49.5% (47.4% for the same period in 2002).  Excluding
gains from the cancellation of the levy for exercising telecommunications
operations, the gross operating result corresponded to 47.9% of revenues.

Excluding the amortization of goodwill arising from consolidation, operating
income rose by 4.8% to EUR6,639 million (up EUR303 million) compared with
the same period in 2002.

Operating income, corresponding to EUR5,214 million, increased by 10.3%
compared with the first three quarters of 2002 (up EUR488 million).
Underlying growth corresponded to 11.7%.  Operating income increased as a
proportion of revenues to 23.0% for the first nine months of 2003, up from
20.4% for the first nine months of 2002.

Third-quarter 2003 operating income amounted to EUR1,933 million (EUR1,739
million for the third quarter of 2002); as a proportion of revenues, this
equated to 25.7% (22.7% for the same period in 2002).  Excluding gains from
the cancellation of the levy for exercising telecommunications operations,
operating income corresponded to 23.8% of revenues.

The consolidated net result for the nine months of 2003 equaled a profit of
EUR1,881 million (EUR2,889 million prior to Minorities).  The consolidated
net result for the first three quarters of 2002 was a EUR860 million loss.
By way of equivalent comparison, adding the Minorities share acquired under
the merger for the first nine months of 2002 - equal to EUR805 million - to
the Parent company figures, the corresponding consolidated net result was a
EUR55 million loss.

The sharply improved result (up EIR2,741 million) may be attributed to
higher operating income, an improved balance of long-term investment income
and charges and equity interests (up EUR755 million), a more favorable
balance of extraordinary income and charges (up EUR1,006 million)
predominantly owing to the extraordinary income from the levy for exercising
telecommunications operations following the European Community Court of
Justice ruling, lower taxes (EUR88 million) and a lower Minorities share of
profits (EUR404 million).

The consolidated net result for the third quarter of 2003 was a EUR825
million profit.  This was a gain of EUR1,174 million on the result for the
same period in 2002 (a EUR349 million loss).

Free cash flow from operations was equal to EUR7,360 million, a EUR670
million rise compared with the first nine months of 2002, corresponding to
32.4% of revenues.

Net financial borrowings were reduced by EUR3,191 million to EUR34,253
million, from the June 30, 2003 figure of EUR37,444 million, while a EUR854
million- increase was noted compared with December 31, 2002 (EUR33,399
million).  However, taking into account the exercising of the of JP Morgan's
put option on Seat shares at December 31, 2002, net financial borrowings
(EUR35,816 million) were reduced by EUR1,563 million compared to December
31, 2002.  The negative repercussions of share withdrawals and the PTO
(EUR5,285 million), dividend payments (EUR1,049 million) and the
cancellation of 41 million shares belonging to the company that was merged
(EUR299 million) were offset by the generation of cash flow from operations,
the disposal of equity in the Nuova Seat company (EUR3,681 million), and
other minor disposals (Telekom Srbjia and a portfolio of real estate assets
to Lastra).

Headcount at September 30, 2003 corresponded to 95,447 employees (down
11,173 compared with December 31, 2002).

Telecom Italia SpA results for the first nine months of 2003

Revenues dropped by 5.5% to 11,872 million euros compared with the
recalculated data for the first nine months of 2002.  However, revenues rose
by 0.8% or 92 million euros when taking into account the effects of the
merger with TI LAB and the transfer to Telecom Italia Sparkle of the
"International Wholesale Services" going concern from January 1, 2002.

The gross operating result, corresponding to EUR5,510 million, posted a 1%
drop compared with the recalculated figures for the first three quarters of
2002.  The gross operating result corresponded to 46.4% of revenues (44.3%
for the same period in 2002 recalculated).  The gross operating result
increased by 2.6% or EUR141 million when taking into account the effects of
the merger with TI LAB and the transfer to Telecom Italia Sparkle from
January 1, 2002.

Operating income rose 3.8% to EUR3,169 million compared with the
recalculated figures for the first nine months of 2002 (up EUR117 million).
Operating income was equal to 26.7% of revenues (24.3% for the same period
in 2002 recalculated).  Operating income increased by 7.2% or EUR212 million
when taking into account the effects of the merger with TI LAB and the
transfer to Telecom Italia Sparkle from January 1, 2002.

The company closed the period with net profits of EUR2,012 million, which
was EUR1,282 million higher than the recalculated figures for the first nine
months of 2002.  This was achieved through operational gains (a EUR117
million improvement), a more favorable balance of extraordinary income and
charges (up EUR898 million) as a result of the extraordinary income from the
telecommunications operations exercise levy, and positive fiscal effects (up
EUR1,418 million) as a result of deferred tax assets of EUR1,286 million for
which the company became eligible following the merger.  This was partially
offset by the balance of financial management (-EUR548 million) and the
balance of income and charges from equity holdings (-EUR603 million).

Net financial borrowings, corresponding to EUR35,233 million, a decrease of
EUR900 million compared to 30 June 2003, while posting a EUR4,611 million
increase compared with the recalculated 31 December 2002 figure of EUR30,622
million.  This was impacted predominantly by the PTO and share withdrawals
generated by the merger totaling EUR5,285 million.

Net financial borrowings were also impacted by the payout of EUR794 million
in dividends, against EUR428 million received; the early exercise of JP
Morgan's put/call option mentioned previously (EUR2,272 million); EUR604
million of investments in equity shareholdings (principally Hansenet and SKY
Italia); and EUR2,932 million in receipts from the disposal of the new Seat
company.

Events occurring after 30 September 2003

BONDED LOANS ISSUE

On October 10, as part of the refinancing plan for short and medium-term
debt reaching maturity, the Telecom Italia Board of Directors passed a
resolution regarding the preparation of a Euro Medium Term Note Program for
an aggregate amount of EUR10 billion. When market conditions are favorable,
these bonds shall be issued by Telecom Italia and/or its Telecom Italia
Finance subsidiary (underwritten by Telecom Italia).

At the same time the Board of Directors approved a bond issue plan for
placement principally in the United States of America for an aggregate total
of US$4 billion.  Under this framework, on October 29 Telecom Italia's
wholly-owned subsidiary Telecom Italia Capital SA finished preparations for
a multi-tranche 5, 10 and 30 year fixed-rate 4 billion dollar bond issue,
fully and unconditionally guaranteed by Telecom Italia, to refinance debt
that is reaching maturity.

Business Unit results breakdown for the first nine months of 2002

WIRELINE

Headline data from Wireline, Telecom Italia's fixed-line network services
business unit, show strong growth in operations during the first nine months
of the year compared with the same period during the preceding year.

Revenues up

Revenues continued their positive trend, posting 1.2% growth compared with
the first nine months of 2002 to reach 12,687 million euros.

Growth was driven by an effective presence in the core telephony market,
where flat voice line contract numbers now stand at 5.6 million,
corresponding to a 21% customer base penetration; the call traffic market
share also remained stable during the first nine months of 2003.

Broadband and innovative data service markets continued to register strong
growth.  Broadband accesses rose to 1,625,000 by the end of October 2003, up
91% on the year-end 2002 figure (775,000 new accesses).  Average weekly
acquisitions for the third quarter of 2003 were running at 160% the rate for
the corresponding period in 2002.

Business customer and data services revenue continued to increase, driven by
41% growth in innovative data services growth compared with the first nine
months of 2002.  This more than offset the contraction registered in
traditional data services and leased lines, which were penalized by
regulated pricing and the general migration towards innovative solutions.

VAS services growth - both for telephony and data VAS - was 22% compared
with the same period last year.

Ratios improving

The gross operating result, corresponding to EUR6,047 million, was up 3.9%
compared with the first three quarters of 2002.  This equated to 47.7% of
revenues, compared with 46.4% during the corresponding period last year.

Operating income was equal to EUR3,724 million, following 5.9% growth on the
first three quarters of last year.  As a proportion of revenues, operating
income reached 29.4%; this compares with the 28.1% figure recorded for the
preceding year.

Investment

During the first nine months of the year Wireline invested EUR1,636 million,
confirming its commitment to industrial investments.  A significant
proportion of this investment is targeted at the development of innovative
services.

MOBILE AND INTERNET & MEDIA

Mobile and Internet & Media business unit figures for the first nine months
of 2003 are being issued in press releases circulated on November 3, 2003,
after they have been examined by the relevant Board Meetings at TIM and
Telecom Italia Media.

SOUTH AMERICA (CHILE AND BOLIVIA)

Revenues amounted to EUR844 million, an 18.5% fall compared with the first
three quarters of 2002.  This decrease may be ascribed to currency
fluctuations, which had an overall negative impact of some EUR221 million.

Stripping out these fluctuations, consolidated revenues recorded a 2.8% rise
compared with the same period in 2002.

The gross operating result, corresponding to 293 million euros, was reduced
by EUR53 million (down 15.3%) compared with the first nine months of 2002 as
a consequence of the exchange rate fluctuations.  Excluding these
fluctuations, the gross operating result registered 7.5% growth.  The gross
operating result rose from 33.4% of revenues for the first nine months of
2002 to 34.7%.

Operating income, corresponding to EUR101 million, decreased by EUR15
million (down 12.9%) compared with the first nine months of 2002, as a
result of the exchange rate fluctuations. Excluding these fluctuations,
operating income grew by 8.6%, corresponding to 12% of revenues (11.2% for
the same period in 2002).

INFORMATION TECHNOLOGY MARKET

Following on from the latter part of 2002, the first nine months of 2003
were characterized by Information Technology services market stagnation, as
prices to top clients decreased sharply and new customers were acquired at
rates below those achieved in the past.  In consequence, actions have
continued to enhance overall efficiency and bring down costs, particularly
at Finsiel SpA and its principal subsidiaries.

Revenues from sales and services for the first nine months of 2003
corresponded to EUR521 million, a decrease of EUR22 million compared with
the same period in 2002 recalculated on equivalent terms.  The main factors
underlying this drop were a reduction in Finsiel's turnover owing to lower
business volumes, and a reduction in prices, particularly to Government and
Enterprise clients, in addition to lower volumes of business registered by
Banksiel, Eis and the Webegg Group.  Offsetting this contraction, Tele
Sistemi Ferroviari, Eustema and Agrisian all posted higher turnover.

Third-quarter 2003 revenues of (EUR163 million) were only slightly below the
figures for the preceding year (EUR5 million), as the market-wide problems
were at their most unfavorable during the first half of this year.

The gross operating result and operating income for the first nine months of
2003 reflect reduced earning power as a result of a shrinkage in turnover.
Nevertheless, during the third-quarter gains were registered in the profit
margin (gross operating result unchanged at EUR15 million), while operating
income grew to EUR6 million compared with the figure of EUR4 million posted
for the third quarter of 2002).  Actions to improve overall efficiency and
bring down costs, which have been ongoing at Finsiel since the end of last
year, have helped to produce this turnaround.

Headcount at September 30, 2003 was 5,217, a 289 decrease on December 31,
2002.

INFORMATION TECHNOLOGY GROUP

Consolidated revenues registered 19.2% growth compared with the first nine
months of 2002 to reach EUR703 million (up from EUR590 million).  The gross
operating result, corresponding to 40 million euros, decreased by EUR21
million, as a result of higher external costs occurred for the development
of Value Added Services (VAS) for which the effects will only be felt in the
last quarter of the year, and increased levels of reselling. Industrial
investments of EUR126 million (EUR92 million for the same period in 2002)
were made in ongoing infrastructure projects started in late 2002, and in a
number of new projects commencing in 2003 targeted particularly at Business
Continuity and Group Security.

OLIVETTI TECNOST

Revenues of EUR460 million were 32.5% down on the first nine months of 2002
(EUR221 million).  The gross operating result was EUR19 million (EUR48
million for the same period in 2002), while operating income posted a EUR5
million-loss (against a EUR7 million-profit for the first nine months of
2002).  Industrial investments amounted to EUR12 million (EUR23 million for
the same period in 2002).  Headcount totaled 2,618 employees, 1,909 fewer
than the 31 December 2002 figure: 1,909 employees left the company, of whom
1,588 in Latin America.

The following calendar has been announced for the 2004 Board and
Shareholders' Meetings:

February 17 - Board Meeting to examine the Telecom Italia Group preliminary
full-year 2003 results and 2004 budget;

March 23 - Board Meeting to examine the draft full-year 2003 operating
accounts and consolidated financial statements;

May 6 - Board Meeting to examine the first-quarter 2004 management report
and AGM;

June 15 - Board Meeting to approve the 2003 Annual Report under United
States law;

July 27 - Board Meeting to examine the preliminary first-half 2004 results;

September 8 - Board Meeting to examine the first-half 2004 management
report;

November 9 - Board Meeting to examine the third-quarter 2004 management
report.

Telecom Italia intends to make use of the dispensation from publishing the
fourth-quarter report (2003) and the second-quarter report (2004), and
instead to publish the draft annual company and Group accounts for 2003
within ninety days of closure of the financial year, and the 2004 first-half
report within seventy-five days of closure of the first half of the year.
Dividends shall be paid out in May.

Conference calls presenting the accounts data to the financial community
are, as is customary practice, held on the day following the Board Meeting's
adoption of the accounts.

Any alterations to this timetable shall be announced in good time.


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


IFCO SYSTEMS: Total Debt Down to US$115 Million in Third Quarter
----------------------------------------------------------------
IFCO Systems released this latest financial update recently.  These are the
highlights:

(a) Continuing revenues grew by 4.6% to US$103.6 million during
    Q3 and 2.3% to US$309.9 million YTD.

(b) Adjusted EBITDA grew by 8.6% to US$15.1 million during Q3
    and 16.0% to US$42.5 million YTD.

(c) Adjusted EBIT increased by 46.5% to US$8.6 million during Q3
    and 134.6% to US$19.8 million YTD.

(d) YTD 2003 U.S. GAAP net result of US$8.0 million, or US$0.18
    earnings per share.

(e) YTD 2003 U.S. GAAP operating cash flows grew by US$18.9
    million over YTD 2002 to US$23.0 million.

Note: Significant exchange rate volatility has existed since Q1 2002 between
the Euro, the U.S. dollar, and the Canadian dollar, which are our primary
functional currencies.  Accordingly, unless otherwise indicated, any
references to Q3 2002 or YTD 2002 figures have been translated to U.S.
dollars using applicable 2003 currency exchange rates.  See financial
summary tables below for translation of our revenues and Adjusted EBITDA
from Q3 2002 and YTD 2002 using the Q3 2003 and YTD 2003 weighted average
translation rates as applicable.  Relative comparisons described herein
compare current year results to the similar prior year periods unless
otherwise mentioned.  Following a new RPC supply agreement (effective April
2002), granulate sales, which were US$2.7 million during Q1 2002, are now
excluded from our revenues.

Group Revenues and Adjusted EBITDA: Continuing revenues, which exclude
granulate sales, grew 4.6% to US$103.6 million in Q3 2003 and 2.3% to
US$309.9 million YTD 2003.

Total Adjusted EBITDA (see definition and reconciliation to reported U.S.
GAAP results below), increased by 8.6% to US$15.1 million in Q3 2003 and by
16.0% to US$42.5 million YTD 2003.  The margin as a percentage of continuing
revenues increased by 1.6 percentage points to 13.7% for YTD 2003.

RPC revenues increased 5.3% to US$45.3 million in Q3 2003 and 3.7% to
US$131.4 million YTD 2003.  The RPC business segment made approximately 62.3
million trips during Q3 2003, an increase of 6.8%.  YTD 2003 trips increased
6.5% to 183.4 million.  The increase in revenues and trips during 2003 are
the result of continuing strength in trip volume in all European countries.
Although the U.S. RPC market continues to grow, our U.S. trip volume has
trailed market development, primarily due to our decision to upgrade the
existing U.S. pool and move to a new RPC design, which is in compliance with
the new U.S. RPC standard (FBA standard).

Adjusted EBITDA increased by 25.3% to US$12.5 million in Q3 2003 and by
26.5% to US$32.9 million YTD 2003.  The related margin as a percentage of
revenues grew by 4.5 percentage points to 25.0% for YTD 2003.  The margin
improvements were entirely generated by our European operations, driven by
strong trip volume related economies of scale, lower washing and logistic
costs and continued aggressive management of SG&A costs.

As a result of the ongoing RPC replacement and upgrade program, our global
RPC pool level at September 30, 2003 decreased slightly to 65.2 million RPCs
from 65.9 million RPCs at June 30, 2003.  The annualized turn rate of the
global RPC pool increased to 3.8 turns in Q3 2003 from 3.4 turns in Q3 2002.

Pallet Services revenues increased by 2.6% to US$53.6 million in Q3 2003 and
1.3% to US$164.9 million YTD 2003.  Our pallet recycling division has
experienced revenue growth in line with market development, while revenues
from our custom crating business have declined slightly.  In line with our
strategy, the share of national sales within our pallet recycling division
continues to grow.  Our national sales program focuses on the development of
accounts with more complex geographic and functional infrastructures, where
we believe we can provide a unique offering.

Adjusted EBITDA decreased by 21.1% to US$3.7 million in Q3 2003 and by 8.1%
to US$12.6 million YTD 2003.  The related margin as a percentage of revenues
declined to 7.6% YTD 2003.  These decreases are a result of stronger
competition in specific regional markets, increased raw material costs,
especially in our custom crating business, and increased energy costs.

Gross Profit as a percentage of related revenues increased to 17.4% in Q3
2003 from 16.5% in Q3 2002.  YTD 2003 gross profit as a percentage of
related revenues increased to 15.9% from 14.1% in 2002.

Selling, general and administrative costs declined to US$9.3 million, or
8.9% of revenues in Q3 2003, compared to US$11.2 million, or 11.3% of
revenues, in Q3 2002.  YTD 2003 costs declined to US$28.9 million, or 9.3%
of revenues, compared to US$34.9 million, or 11.5% of revenues, for YTD
2002.  These decreases reflect continuing aggressive management of all
expense categories.

Headcount: We employed 3,025 personnel in our continuing operations at
September 30, 2003, as compared to 3,132 personnel at September 30, 2002.

Liquidity and Cash Flows: Our cash and cash equivalents decreased to US$13.6
million as of September 30, 2003, from US$16.9 million as of December 31,
2002.  However, we reduced total debt levels, including capital lease
obligations, by approximately US$8.7 million during the nine months ended
September 30, 2003, to US$115.7 million.  As of October 31, 2003, our
unrestricted cash and cash equivalents and restricted cash used to secure
our existing letters of credit were approximately US$40.3 million.

Effective October 10, 2003, we announced the successful placement of a
EUR110 million bond, with a coupon rate of 10.375%.  The proceeds of the
bond were used to refinance our senior credit facility, to pay related fees
and expenses and to provide additional cash resources.  Interest for the
bond will be paid semi-annually on each June 30 and December 31, commencing
December 31, 2003.  No principal payments are due under this bond until it
matures on October 15, 2010.

Operating activities provided US$23.0 million in cash during the first nine
months of 2003 compared to US$4.1 million during the comparable period in
2002, an improvement of US$18.9 million.  While operating cash flows before
changes in operating assets and liabilities were US$31.3 million during
2003, working capital used a total of approximately US$8.3 million in cash
during the nine months ended September 30, 2003.  This increase in net
operating assets and liabilities for the first nine months of 2003 is
principally the result of a reduction in levels of current operating
liabilities, primarily resulting from the funding of certain costs related
to our 2002 debt restructuring in early 2003.

Net cash used by investing activities was US$21.1 million for the first nine
months of 2003 compared to US$23.7 million provided during the comparable
period in 2002.  This variance was primarily the result of the receipt of
US$36.8 million in cash from the sale of a discontinued business segment in
Q1 2002.  Capital expenditures increased 46.5% in 2003 to US$21.1 million,
compared to US$14.4 million in 2002.  This increase in capital expenditures
is due to the accelerating rollout of our upgrade program in Europe and is
in line with management expectations.

Net cash used in financing activities was US$6.5 million during the first
nine months of 2003 compared to US$31.4 million used in financing activities
during the comparable period in 2002.  This variance was primarily the
result of the pay-down of approximately US$36.8 million in debt in Q1 02
following the receipt of cash from the sale of a discontinued business
segment, offset by significant borrowings earlier in Q1 2002.

Karl Pohler, IFCO Systems' CEO, said: "We are very proud with the continuing
year-over-year improvements in our profitability and operating cash flows
during 2003 and are confident that these trends will continue during the
last quarter of 2003.  The recent bond placement and refinancing of our debt
was another milestone in the successful development of our company, which
will enable us to continue to expand our businesses and increase
profitability."

The Third Quarterly Report 2003 will be filed with the Deutsche Borse AG and
the SEC on or about November 4, 2003, and will be available on our homepage
http://www.ifco.deor http://www.ifcosystems.com.

To View Financials: http://bankrupt.com/misc/IFCO_Systems_Financials.htm

CONTACT:  IFCO Systems N.V.
          Investor Relations
          Dariush Yazdani
          Phone: +49 89 74491 223


===========
N O R W A Y
===========


FJORD SEAFOOD: Improves Liquidity Via Private Placement
-------------------------------------------------------
Fjord Seafood ASA has made a private placement of 36,363,636 shares at a
price of NOK2.75 per share.  The private placement has been aimed at private
and institutional investors.  The private placement gives an increase in
capital of NOK97 million after deduction of transaction costs.  Arranger has
been Gjensidige NOR Equities ASA.

The company's share capital will after the registration of the private
placement consist of 474,967,387 shares with a nominal value of NOK1 per
share.

Through the private placement Fjord Seafood has improved its liquidity and
financial position.  At the same time Fjord Seafood's main bank Nordea has
given a waiver on the covenant of EBITDA/NIBD and a reduction of the
liquidity covenant until June 30, 2004.  Nordea has in addition reduced the
maximum margin in accordance with the price-grid down to 250 basis points.
This will in 2004 reduce interest costs by approximately NOK10 million.

This private placement will strengthen Fjord Seafood's liquidity and
financial position and we can in the time ahead continue to focus on the
operations of our business, says President and CEO Helge Midttun.

                              *****

Fjord Seafood is burdened with heavy debt and hard times in the seafood
business.  The company has posted huge losses, but higher prices for salmon
recently has given it some relief.

CONTACT:  FJORD SEAFOOD ASA
          Beddingen 8, N-0250 Oslo, Norway
          Phone: +47 22 82 64 50
          Fax: +47 22 82 64 51
          E-mail: office@fjord.com


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


NETIA SA: Discloses Changes in Share Capital as of November 1
-------------------------------------------------------------
Netia SA (WSE: NET), Poland's largest alternative provider of fixed-line
telecommunications services announced its share capital has increased in
connection with the exercise of certain warrants issued by Netia.

(a) Share Capital

As of November 1, 2003, Netia's issued and outstanding share capital was
PLN344,393,130 and represented 344,393,130 shares, PLN1 par value per share,
each share giving right to one vote at Netia's general meeting of
shareholders.

A motion for the registration of the share capital increase by the Polish
court will be filed on November 6, 2003.

(b) Warrants Issued

As of November 1, 2003, Netia issued 347,918 series J shares pursuant to the
exercise of 220,507 two-year subscription warrants and 127,411 three-year
subscription warrants by their holders at an issue price of PLN2.53 per
share.  Each series J share entitles its holder to one vote at Netia's
general meeting of shareholders.  Netia's series J shares are publicly
traded on the Warsaw Stock Exchange under the same code as all other
ordinary shares of Netia i.e. PLNETIA00014.

The subscription warrants were exercised in accordance with Netia's Polish
prospectus, dated April 17, 2002, as amended.

(c) Outstanding Warrants

As of October 2, 2003, these warrants were traded on WSE:

    (i) 32,203,714 two-year subscription warrants were traded
        on WSE under the ticker "NETPPO2, entitling their
        holders to subscribe for Netia's series J shares by
        April 29, 2005; and

   (ii) 32,296,810 three-year subscription warrants were traded
        on WSE under the ticker "NETPPO3, entitling their
        holders to subscribe for Netia's series J shares by
        April 29, 2006.

(d) Updated Information on Netia's Share Capital.

Current information on Netia's share capital increases is constantly updated
and made available at the Polish National Depositary for Securities and WSE
as well as on Netia's website (http://www.investor.netia.pl). The share
capital as currently registered by the Polish court, in the amount of
PLN344,382,304, reflects the status as of October 1, 2003, and will be
amended following the consideration of a motion for the share capital
increase to be filed with the court on November 6, 2003.

Share capital increases in connection with the exercise of Netia's
outstanding warrants will be announced both in Poland and in the U.S. in the
form of a press release once a month by the 8th day of each month, and, in
addition, each time in the event of an exercise of warrants constituting 5%
or more of all warrants issued by Netia.

CONTACT:  NETIA SA
          Anna Kuchnio (IR)
          Phone: +48-22-330-2061


===========
R U S S I A
===========


MDM BANK: Fitch Upgrades Long-term Ratings to 'B+' from 'B'
-----------------------------------------------------------
Fitch Ratings upgraded the Long-term ratings of Russia's MDM Bank and MDM
Holding GmbH, Austria, to 'B+' from 'B'.  The Outlooks for both Long-term
ratings are Stable.  The Short-term and Individual ratings of both entities
have been affirmed at 'B' and 'C/D', respectively.  The Support ratings of
MDM Bank and MDM Holding GmbH have also been affirmed at '4' and '5',
respectively.

The rating upgrade reflects the continuing development into a true universal
banking group, strong retail deposit growth, as well as the strong
profitability and adequate capitalization of MDM Financial Group (MDM or the
group).  MDM Bank is the lead operating entity of the group, and MDM Holding
GmbH is the group's parent company.  In addition, integration of the Russian
banks acquired by the group in the last two years appears to have been
progressing well.

However, Fitch notes that there is high, albeit falling, concentration in
the loan portfolio and customer funding, as well as volatility in the
group's earnings resulting from a high level of securities trading.

MDM's profitability continues to compare well with its peers', despite
having fallen significantly in 2002, albeit from a high base.  The decline
in profitability was largely the result of narrowing lending margins, and a
higher cost income ratio, due in part to the acquisition of less efficient
banks.  Although large gains on securities in 1H03 meant strong profits were
reported for the period, Fitch notes that cost control and diversification
of revenue streams are important for MDM in order for it to maintain its
good performance, particularly when interest margins are under pressure
across the banking sector in Russia.

MDM's loan portfolio grew significantly in 2002, although some of this
growth was accounted for by loans made to companies controlled by MDM's
shareholders.  Partly as a result of these, the loan portfolio was
concentrated and related party lending rose.  Nevertheless, loan loss
reserve cover of gross loans was acceptable at end-1H03.  Customer funding
also rose strongly in 2002, thanks both to the acquired banks and to the
increase in MDM Bank's own funding base, before slowing in 1H03.  Partly as
a result of the strong retail growth, concentration by customer has
improved, although it is still high, and customer funding is still very
short-term.  However, the issue of USD200 million of three-year debt in
late-2002 and 1H03 has improved the tenor and diversification of the funding
base.

MDM Bank was established in 1993.  At end-1H03, MDM Financial Group ranked
among the 10 largest Russian banking groups by International Accounting
Standard-defined assets, with total assets of USD3.7 billion and
shareholders' equity of USD614 million.  As of end-3Q03 MDM's subsidiaries
included MDM Bank, MDM Bank St Petersburg, MDM Bank Urals, the Latvian Trade
Bank in Riga, Latvia, and three small banks in the Russian regions.  The
ultimate shareholders of the group are Mr. Andrey Melnichenko, MDM Bank's
founder, and Mr. Sergei Popov.  Together, they also own MDM Industrial
Group, whose interests include large coal extraction and fertilizer
companies.


YUKOS: Chief Executive Announces Resignation from Behind Bars
-------------------------------------------------------------
Yukos CEO Mikhail Khodorkovsky, who was recently jailed for fraud and tax
evasion, among others, has resigned.  The news sent the company's shares up,
although it remained well below their price before his arrest.  The shares
were suspended late last month when their value fell by almost a fifth
following his capture in the Siberian city of Novosibirsk.

Mr. Khodorkovsky, Russia's richest man, is charged of seven criminal
offenses, including fraud and tax evasion.  His imprisonment raised
criticisms from European and American businessmen and diplomats who
perceived his arrest as being politically motivated, according to the
Telegraph.

Mr. Khodorkovsky has openly backed Russia's opposition parties, despite a
supposed informal agreement with President Vladimir Putin to stay away from
politics as a condition for Russian oligarch's keeping their wealth acquired
in the Yeltsin era.


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


LM ERICSSON: Diversifies Debt Maturity Profile Via Bond Exchange
----------------------------------------------------------------
Ericsson announced the launch of a bond Exchange Offer.  The objective of
the Exchange Offer is to diversify the Company's debt maturity profile and
take advantage of current favorable market conditions.

Under the terms of the Exchange Offer, holders of the 6.375% Euro Medium
Term Notes maturing May 31, 2006 will be offered the opportunity to exchange
existing Notes for new Ericsson Exchange Securities maturing in November,
2010.

The securities, as defined in the Exchange Offer Memorandum dated November
4, 2003, will be issued under the Company's existing Euro Medium Term Note
Program.

The Exchange Offer is limited to an exchange of up to EUR0.5 billion of the
Notes.  The Exchange Offer is open only to institutional investors
qualifying as Eligible Participants, as defined in the Exchange Offer
Memorandum.

"We want to capture this good market opportunity for a liability management
transaction, which gives us a more optimal debt structure and flexibility,"
says Vidar Mohammar, Ericsson Corporate Treasurer.  "The Exchange Offer is
further evidence that Ericsson is prudently managing its balance sheet."

The exchange price of the existing Notes and the coupon and price of the new
Ericsson Exchange Securities will be fixed at 12:00 noon (London time) on
November 21, 2003.  The Holders of the existing Notes are asked to submit
acceptances to the Exchange Agent no later than 5:00 pm (London time) on
November 25, 2003.

JPMorgan will act as Dealer Manager of the Exchange Offer, with ABN Amro,
Citigroup and Deutsche Bank as Co-Managers.

For more detailed information: http://www.ericsson.com/investors/

Ericsson is shaping the future of Mobile and Broadband Internet
communications through its continuous technology leadership.  Providing
innovative solutions in more than 140 countries, Ericsson is helping to
create the most powerful communication companies in the world. Read more at
http://www.ericsson.com/press

CONTACT:  LM ERICCSON
          Investors
          Lotta Lundin, Ericsson Investor Relations
          Phone: +46 8 719 65 53
                 +46 730 371 100
          E-mail: lotta.lundin@ericsson.com


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


CLARIANT AG: Sales, Net Profit Grew in Third Quarter
----------------------------------------------------
Clariant increased sales in local currencies by 1% in the first nine months
of 2003 over the same period a year earlier.  Operating profit for the first
nine months improved by 2% to CHF482 million.  The net loss year-to-date
fell to CHF11 million thanks to a net profit of CHF38 million posted in the
third quarter of 2003.

The active management of Clariant's working capital had a positive impact on
operating cash flow, which reached CHF217 million in the third quarter.
Operating Cash flow after nine months increased to CHF164 million.  Clariant
also announced the sale of the Cellulose Ethers business unit to Shin-Etsu
Chemical Co., Ltd. for the price of EUR241 million (around CHF370 million).

Sales Increase

Thanks to a strong September, Clariant lifted sales in local currencies over
the first nine months by 1% versus the year-earlier period.  Four divisions
reported higher revenues, and only the Life Science & Electronic Chemicals
Division recorded a decline in sales in local currencies.  This can be
explained mainly by the ongoing decrease in sales volume in agrochemicals.
Consolidated sales in Swiss francs fell by 5% to CHF6.402 billion because of
the strong appreciation of the Swiss franc against most major currencies.
Clariant CEO Roland Losser said: "Despite the continuing difficult market
environment, we managed to raise our sales in local currencies slightly.
We're particularly pleased by the growth in Asia, especially China, where we
increased revenues by 20%."

Results improved by cost savings

On a comparable basis, operating profit (EBIT) before restructuring came to
CHF482 million after nine months, a 2% advance on the year-earlier period
(CHF471 million Pro forma 2002).  The EBIT margin rose from 7.0% to 7.5% on
the back of lower amortization charges and the cost-savings measures the
company initiated in the second quarter.  In addition to the restructuring
charges of CHF142 million reported in the half-year results, further
restructuring charges of CHF43 million were incurred in the third quarter
for the closure of four agrochemical plants (Life Science & Electronic
Chemicals Division) and one production facility for hydrosulfite (Textile,
Leather & Paper Chemicals Division).  After restructuring charges, EBIT
amounted to CHF297 million.

The net loss year-to-date fell to CHF11 million because of a net profit of
CHF38 million delivered in the third quarter of 2003.

Positive cash flow trend

Operating cash flow increased by CHF217 million in the third quarter because
of a reduction in current assets.  Following negative operating cash flow of
CHF53 million after six months, operating cash flow was positive after nine
months, at CHF164 million.  As a result, Clariant was able to reduce its net
debt to below CHF3.5 billion.  Equity remained virtually unchanged compared
with June 30, 2003 at CHF1.015 billion.

CEO Roland Losser said: "The cash flow and EBIT trends are the first signs
that the measures we have taken are beginning to take effect.  The earnings
situation makes it clear, though, that the cost-cutting measures announced
as part of the Transformation Program are absolutely necessary."

Transformation drive on course

As Clariant reported, the sale of Cellulose Ethers marks a first milestone
in the disposal program it had previously announced.  The projects in the
first phase of the Clariant Performance Improvement Program have started up.
The aim is to achieve cost savings in the coming year of at least CHF100
million.  "The transformation drive is making good progress," Mr. Losser
said.  "We can confirm our target of reducing net debt by Spring to below
CHF2.5 billion and improving EBIT by CHF400 million in the next three to
four years.  We will thus raise our return on capital to over 12%."

Cautious outlook

Given the uncertain economic situation, Clariant confirms the cautious
outlook for fiscal 2003.  CEO Roland Losser stated the following guidance:
"We expect that our sales in 2003 will be at about the same level as the
previous year in local currencies and we are projecting a net profit for
fiscal 2003."

You can find detailed information on the quarterly result and the divisions,
including tables, on the Internet at http://www.clariant.com/investors

To View Financials:  http://bankrupt.com/misc/CLARIANT_AG_FINANCIALS.pdf


JULIUS BAER: Wins Investment Fund Lawsuit in Germany
----------------------------------------------------
The district appeals court of Frankfurt Tuesday ruled in favor of the appeal
by Julius Baer against the first-instance rulings in the investment fund
lawsuit against Julius Bar Kapitalanlage AG regarding prospectus liability.
This substantiates Julius Baer's position that claims relating to an
allegedly faulty sales prospectus are unenforceable.  Julius Baer therefore
assumes that all compensation claims against the Creativ fund regarding
prospectus liability have no chance of success.

Julius Baer welcomes this ruling.  The judgment confirms Julius Baer's view
that the complaints were without merit from the outset.

                              *****

Julius Baer has been struggling with the difficult markets and resulting
drop in assets under management as well as to falling transaction volumes.
In 2002, the Group's consolidated net profit fell 19% to CHF183 million,
forcing it to chop a substantial percentage of its workforce.  In the
first-half of this year, the Group took various measures to sustainably
improve profitability.

CONTACT:  Jan A. Bielinski, Investor Relations
          Phone: +41 (0) 58 888 5501


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


AMP LIMITED: Deems it Wise to Keep Cobalt/Gordian Business
----------------------------------------------------------
AMP Limited plans to retain its Cobalt/Gordian portfolio of businesses,
following an extensive review of the business announced in December 22.

AMP Chief Executive Officer Andrew Mohl said AMP has determined that it is
in the best interests of shareholders to retain the business.  The review
included consideration of other options for realizing value including a sale
or partial sale, restructuring and/or a reinsurance arrangement.  He said
that while AMP received proposals relating to reinsurance agreements, they
offered negligible benefits to shareholders.

"None of the proposals to date have reflected the inherent value of
Cobalt/Gordian as they would give away all the upside but provide continuing
exposure through indemnities and warranties on sale, or a contingent
exposure through a reinsurance arrangement," Mr. Mohl said.

"We are not prepared to enter into a transaction unless it delivers at least
the value of the business to AMP.  The value to AMP lies in our continued
ability to manage the business tightly through cost control, and claims and
capital management."

Cobalt/Gordian remains a solid business with total pro forma operating
margins for the six months to June 30, 2003 of AU$27 million.  The
Explanatory Memorandum for AMP's proposed demerger includes a forecast for
full year 2003 operating margins of AU$39 million.  These margins do not
include earnings on invested capital.

At June 30, 2003, the business had net assets of AU$725 million which
includes AMP's general insurance runoff companies and the Cobalt management
company.

Cobalt/Gordian has US$333 million in excess of minimum regulatory capital
requirements.  In addition, AMP holds a further AU$140 million provision net
of tax at a corporate level against future adverse variances.

The intention to retain Cobalt/Gordian has no impact on the proposed
demerger.  Cobalt/Gordian will remain part of the Australian-based AMP
operations, reporting through to the Strategy and Development division.
Chief Financial Officer Paul Leaming will remain on the Gordian Board while
Andrew Mohl will also join this Board.

CONTACT:  AMP LIMITED
          Level 24, 33 Alfred Street
          Sydney NSW 2000 Australia
          ABN 49 079 354 519
          Contact: Mark O'Brien
                   Phone: +61 2 9257 7053


BOXCLEVER: Management Buyout Offer Expected this Week
-----------------------------------------------------
The management of Boxclever could this week submit a venture-capital backed
offer to buy the struggling television rentals group which was put into
receivership six weeks ago, according to This is London.
PricewaterhouseCoopers took over most of BoxClever group after WestLB put
the business in administration because of insurmountable debt.

WestLB, which acquired BoxClever in a GBP750 million securitization last
year, itself was forced to take two huge write-downs on its investment in
the business.  The debacle further resulted to the resignation of Chief
Executive Jurgen Sengera, and the bank's withdrawal from several business
areas.

Goldman Sachs is reportedly handling the Boxclever sale process.  Alchemy
Partners is understood to be backing a bid that could emerge this week.


BRISTOL TOOL: Business, Assets for Sale as 'Going Concern'
----------------------------------------------------------
Nigel Mallett and Graham Randall, Joint Administrative Receivers, offer for
sale the business and assets as a going concern of Bristol Tool & Gauge
Engineering Limited.

Key features are: Design and manufacture of toolholding and workholding
solutions for leading CNC lathe and machining center producers; forecast
turnover GBP2.1 million; worldwide sales; and strong current order book.

For further information interested parties should contact Graham Randall,
Numerica, Crown House, 37/41 Prince St, Bristol BS1 4PS; Phone: 0117 934
2823; Fax: 0117 921 5427; E-mail: graham.randall@numerica.blz


EDINBURGH FUND: New Owner Aberdeen Asset to Slash Staff
-------------------------------------------------------
Job-cuts are expected at Edinburgh Fund Managers after Aberdeen Asset
Management completes its GBP36 million buyout of the company.

According to The Scotsman, human resources executives from Aberdeen Asset
arrived in Edinburgh Monday to begin discussions with employees.  The
job-cuts will be made known within the week, the report said.

There are speculations that fund management posts could go first.  An
Edinburgh finance industry insider commented on the anticipated
redundancies: "Whatever the euphemism is today for making people redundant,
that is what is taking place at Edinburgh Fund Managers this week.  If you
look at the two businesses, there are a number of areas of crossover.  It's
not going to be pretty."

He further said fund management people could take the brunt of the cuts,
while "the guys running the investment trusts and the Asia and U.K. teams
should be safe."

Edinburgh Fund previously lost important asset management contracts,
including that of Bank of Scotland pension fund and Edinburgh Small
Companies Trust.  It is now left with GBP3.2 billion trusts under
management, mainly investment trust, unit trust and venture capital funds.

It has been in trouble since rejecting a takeover approach last year by
Hermes, the BT pension fund manager and its biggest shareholder.  Four
non-executives and the chief executive resigned in the wake of that move.


ENDEVA: More than 600 Jobs to go under Restructuring Plan
---------------------------------------------------------
About 621 jobs are in line for axing at the Swindon center of Endeva, the TV
rentals repair business that was put into administration in September,
according to reports.  Endeva, the servicing and delivery arm of troubled TV
rental business BoxClever, currently employs 4,000 staff.

Administrative receiver PricewaterhouseCoopers is initiating a restructuring
of the company.  Under the plan, the administration, operations, finance and
call center functions will be merged into a single location at Bedford.
This will see several hundred more jobs put under threat in the coming
months.  Some are expected to be offered chance to move to Bedford, or be
made redundant as the Swindon center is closed.  The process is expected to
take a year.

PricewaterhouseCoopers also plans to terminate its loss-making repair
service contracts with private companies.  Endeva will in the future focus
on providing services and call center support for all outlets of rental
chain Boxclever.

PricewaterhouseCoopers said efforts to sell Endeva were ongoing.

Unions, meanwhile, vowed to oppose job-cuts at the company, according to The
Telegraph.  Main union Amicus is particularly irked by the fact that the 621
staff will be offered no more than Government statutory redundancy payments.
It also believes there is lack of proper consultation with the staff on the
process.

Administrator Tony Lomas said some staff have claims for greater payment but
there's simply no money to pay them.  He said under insolvency law they
would be treated as unsecured creditors, according to the report.

Also, according to Mr. Lomas, there is an incentive package provided to
encourage the remaining Swindon-based staff to stay on and help with the
move to Bedford.  They will also receive an immediate 3% pay rise while
Bedford staff will get 2%.


GOSHAWK INSURANCE: Search for Buyer Turns up Blank
--------------------------------------------------
Taking into consideration the strategic review announced by Goshawk
Insurance Holdings PLC on July 3, 2003, the Takeover Panel informed the
Company's advisers on Monday that the Company was deemed to have gone into a
bid period with immediate effect.  The Company has, to date, not received an
approach that has resulted in substantive discussions with regard to a
possible offer.  In common with all listed companies, however, the Company
expects to continue to receive expressions of interest from time to time and
will continue to assess any such expressions on their merits.

As and when appropriate, a further announcement will be made.

November 4, 2003

                              *****

In accordance with rule 2.10 of the City Code on Takeovers and Mergers, the
Company announces that as at November 3, 2003 it had (175,924,079) ordinary
shares of 5 pence each in issue.  The international securities
identification number is GB0003779195.

Goshawk said last month that following a review by joint advisers Dresdner
Kleinwort Wasserstein and Numis Securities, it is considering a number of
options open to the Group including the possibility of a sale of all or part
of the Group.

It said: "Following the September 18 trading statement the scope of the
strategic review has been broadened to assess available options to provide
the necessary capital for the Group to trade in line with its revised
business plan."

Predicting no upturn in the industry, it said the board will continue to
actively pursue all options to recover and then maximize shareholder value.

CONTACT:  GOSHAWK INSURANCE HOLDINGS PLC
          Chris Fagan, Chief Executive
          Phone: 020 7621 0777
          Andrew Castell, Finance Director

          COLLEGE HILL ASSOCIATES
          James Henderson
          Phone: 020 7457 2020


GOVETT: Gartmore Investment Takes over U.K. Management Contracts
----------------------------------------------------------------
Allied Irish Banks, plc (NYSE: AIB) announced its intention to sell the
management contracts of Govett, its U.K. asset management business, to
Gartmore Investment Management plc.  Associated with this transaction Govett
is closing down its operations in Singapore.  Certain management contracts
are excluded from the sale and will be managed by Allied Irish Banks' Irish
based asset management company, Allied Irish Banks Investment Managers.  The
operations of Allied Irish Banks Investment Managers are otherwise
unaffected by this transaction.

Govett was purchased by Allied Irish Banks Investment Managers in 1995,
primarily as a Far East/emerging markets asset management specialist, and it
contributed satisfactorily to Group profits for several years.  However,
changed market conditions, notably the Asian crisis of 1997/8, fundamentally
impaired the business and led to a significant reduction in funds under
management.  Despite substantial restructuring and some significant
investment performance across Govett's range of products the business lacks
the scale required for a U.K. based asset management operation and it will
not return to profitability in the near future.  Govett currently has assets
under management of EUR2.3 billion (GBP1.6 billion), of which the management
of EUR1.5 billion (GBP1.0 billion) Allied Irish Banks intends to transfer to
Gartmore.  Govett incurred a loss before taxation of EUR7m (GBP5m) for the
six months to 30 June 2003.

Consideration for the business will be in cash and will include an initial
payment which is likely to be in the region of EUR6 million (GBP4 million)
plus further payments over three years based on the level of funds retained
and management fees earned by Gartmore on the Govett management contracts
over that period.  The total consideration is expected to be up to EUR20
million (GBP14 million).  Once off business closure costs of EUR17 million
(GBP12 million) will also be recorded in Allied Irish Banks' 2003 accounts.

Goodwill of EUR140 million (GBP97 million) having been previously written
off to reserves on the purchase of Govett will be charged as a loss on
disposal in Allied Irish Bank's 2003 profit and loss account but will have
no impact on Allied Irish Bank's capital ratios.

Colm Doherty, Managing Director of Allied Irish BankCapital Markets, said
"AIB is transferring the management of Govett funds to one of the U.K.'s
leading investment companies which we believe has the resources and
commitment to continue to offer first class investment services to Govett's
clients.

This decision follows Allied Irish Banks' review and restructuring of our
overall asset management business to ensure that it is well equipped to
continue to contribute to AIB Group profits as it has done over the last 25
years.

The Asset Management business is a key part of the Allied Irish Bank Capital
Markets mix and will remain so as we continue to invest in the people,
systems and processes of the business in Ireland.'

CONTACT:  AIB GROUP
          Alan Kelly, Head of Group Investor Relations
          Dublin 4
          Phone: +353-1-6600311 ext. 12162

          Catherine Burke
          Head of Corporate Relations
          Dublin 4
          Phone: +353-1-6600311 ext. 13894


HAWTHORN HOLDINGS: Shares Suspended on Takeover Talks
-----------------------------------------------------
The Company notes the recent movement in its share price.  Hawthorn Holdings
plc is currently a cash shell and as such is exploring options on how best
to utilize its listing, including potential reversal opportunities.

The Company has held preliminary discussions with a third party but no terms
have been agreed.  As any transaction would be classified as a reverse
takeover for the purposes of the AIM Rules and given the substantial
movement in the Company's share price, for that reason, dealings in the
ordinary shares will be suspended pending the outcome of these discussions.


HUGH MACPHERSON: Cheap Imports Choke Business to Death
------------------------------------------------------
A top kilt-maker, which has designed outfits for stars including Madonna and
Julia Roberts, is being forced out of business by cheap imports from Asia.

Online news agency just-style.com, citing The Herald, said Scots family
tartan firm, Hugh MacPherson, will close this Christmas after nearly 60
years because owner Jean MacPherson is retiring and could not find anyone to
take over the company.  The 64-year-old has struggled to find a buyer,
blaming a fall in business on shops buying in cheap kilts from Pakistan and
the Far East.

The owner was quoted as saying: "A few years ago, selling the business would
have been no trouble.  But now there are lots of cheap kilts coming in from
the Far East and Pakistan.  They seem to be selling them in shops and on the
net as genuine.  In truth, they are dreadful. I would not even call them
kilts."

Meanwhile, Chairman of the Kiltmakers' Association, Duncan Chisholm,
commented: "Scottish companies can't compete with cheap foreign kilts.
Costs here are much higher."

"It is sad to see Hugh MacPherson closing as it is a fine example of a
historic family kilt shop," he added.


IT TRAINING: Joint Administrators Offer Business for Sale
---------------------------------------------------------
David Swaden and Dermot Justin Power, Joint Administrators of Informatics
Group (U.K.) Ltd., offer for sale the business and assets of a market
leading IT Training business.

Key features include: 6 training sites around the U.K. providing training
for IT Professionals and End Users; Blue Chip customer base in both public
and private sectors; 4 regional sales teams.

Available in whole or in parts.

For further details please contact Mark Wardrop on 0161 817 3712, E-mail:
mark.wardrop@bdo.co.uk


MACFARLANE GROUP: Sells Packaging Operations to DS Smith
--------------------------------------------------------
Macfarlane Group PLC announces that formal completion of the agreement for
the disposal of the business and certain assets and liabilities of
Macfarlane's Northern packaging manufacturing operations in Dundee, Govan
and North Shields to DS Smith PLC for a cash consideration of GBP0.9 million
has been effected on Tuesday.

                              *****

In the year ended December 31, 2002, the business incurred losses before
interest and tax of GBP1.5 million on turnover of GPB12.9 million.  In the
nine-month period to September 2003, the business incurred losses before
interest and tax of GBP1.3 million on turnover of GBP7.3 million.


PREMIER FOODS: S&P Affirms 'B' Ratings; Outlook Stable
------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B+' long-term
corporate credit and 'B-' senior unsecured debt ratings on U.K.-based food
manufacturer Premier Foods PLC, following the group's announcement that it
is to acquire the Ambrosia and Brown & Polson businesses from Unilever PLC
(A+/Stable/A-1).  The outlook is stable.

"Although the sum for the acquisitions is undisclosed, Standard & Poor's
does not expect Premier Foods' debt protection measures to weaken materially
from the levels achieved in June 2003, which were in line with the ratings,"
said Standard & Poor's credit analyst Christian Wenk.

Including these acquisitions, the group's combined businesses will continue
to generate steady cash flow, allowing Premier Foods to deleverage
gradually.  The group had GBP431 million ($714 million) of net debt
outstanding at June 30, 2003.

From a business perspective, the acquisitions marginally enhance the quality
of Premier's existing business portfolio, and are in keeping with the
group's strategy of improving the sales mix of branded products versus
private-label products.  The integration presents little risk given the
small size and complimentary nature of the acquisitions in the ambient food
product segment.

"Premier Foods is expected to comfortably meet its debt repayments in the
near term," said Mr Wenk.  "The group is expected to continue to grow cash
flows, however, to meet its increasingly demanding debt amortization
schedule and covenants in the medium term, through the evolution of its
sales mix, the ongoing restructuring of its manufacturing operations, and
the moderation of its cash outflows."


SUNDERLAND PLC: Chairman Regrets Disappointing Season
-----------------------------------------------------
Chairman's Statement

Our relegation from the Premier League was not a surprise following the
thoroughly inadequate performance on the field throughout the season.  It
was nevertheless a major blow for our shareholders and supporters and my
first task is to apologize to them for a failure to deliver the prime
objective of any football club -- success on the field of play.  The
management of the team and of the acquisitions in the transfer market was
unacceptable and has cost your company dearly.  In particular a large part
of the GBP18 million squad purchases to try and save our Premiership status
added little or no value.

Relegation from the Premiership in today's environment is traumatic.  Your
company was effectively required to re-position itself in the space of two
to three months, i.e. the summer transfer window, to reflect the loss of
close to half of its revenue.  This required frequent, sometimes weekly, PLC
Board meetings and enormous commitment from the executive.  We were anxious
to ensure a continuing stable operation with the executive and non-executive
directors demonstrating a common purpose and commitment.  It is inevitably
something of a
Pyrrhic victory but we believe that the company has demonstrated that it is
possible to re-position the financial base, which is now on a firmer footing
and secure key staff without resorting to more drastic measures.  We now
believe we have the financial support, playing management and at the very
least the nucleus of the squad needed to return quickly to Premiership
football.  We have far more upside than downside potential.

The difficult task of course has not been the conceptualization of what
needed to be done but its implementation.  The necessary cost reduction was
achieved in all operating areas by a professional and highly motivated top
executive team, which I cannot praise too highly.  It is not easy to
accomplish a task where success is measured at least in part by staff
reduction.  To the 70 non-playing staff we were obliged to release go our
regrets, and our thanks and good wishes for the future.  This part of the
re-structuring was completed by the end of May.  On the playing side we took
swift and decisive action to reduce the wage bill from GBP34 million to a
current projected GBP17 million by reducing the size of the squad, focusing
particularly on high cost players.  Some had under-performed; a few we would
have preferred to retain but could no longer afford.  Inevitably losses were
taken, especially on some of the recently acquired players, in part because
of the weak state of the transfer market.

In August the Club and the Professional Footballers' Association also
confirmed that all players, directors and senior managers had agreed to
accept a deferral on part of their salaries until August 2004.

It has been inspiring and heartening to see everyone working so closely
together and with such a great team spirit so that the Club can move forward
positively again.  The deferral says an enormous amount about the people at
the Club and their personal loyalty and commitment.

We are all extremely determined to bring about recovery and revival and to
give our stakeholders a Club to once again be proud of.


SUNDERLAND PLC: Poor Performance Plunged Club Deeply into Red
-------------------------------------------------------------
Results And Dividends

The results for the year to July 31, 2003 emphasize the importance of pitch
performance to our business.  Fifty percent of the Premier League domestic
television money is based on performance - 25% based on final league
position, and 25% on television appearances.  After January 1, 2003 we did
not appear in any live television games and only appeared four times as a
highlight game on ITV's 'The Premiership'.

Our final league position resulted in the minimum merit award of only GBP0.5
million, out of a potential GBP10 million.  Turnover for the financial year
fell to GBP42.5 million (2002 - GBP43.8 million) with on-field performance
minimizing the expected step in the television distribution monies.  Most
areas of the business suffered, notably gate receipts and sponsorship and
hospitality.

Operating expenses increased significantly, reflecting increased player
costs and the costs associated with changes in team management.  Total wage
costs, as a percentage of turnover, was an unacceptable 80% (2002 - 59%).
Our income levels were much lower than expected and we also failed to reduce
the playing squad in the January transfer window despite considerable
efforts.

Operating losses before player trading and amortization were GBP6.2 million
(2002 - GBP4.6 million profit).  With player amortization charges of GBP17.4
million (2002 - GBP11.8 million) we had an operating loss of GBP23.5 million
(2002 - GBP7.2 million).  Profits on sale of players and fixed assets
reduced this to a loss before interest and tax of GBP19.1 million (2002 -
GBP2.0 million).

Losses after tax and interest were GBP20.3 million (2002 - GBP3.5 million)
with losses per share of 237.6p (2002 - 41.3p).

With the current debit on reserves we are unable to pay a dividend and
therefore the Board is recommending that no final dividend be paid (2002 -
nil).  Until we can deliver profits, hopefully as a Premiership club, this
policy will not change.


SUNDERLAND PLC: Plans to Strike Crucial Deal to Reschedule Debt
---------------------------------------------------------------
Financial Position

Our net-debt reached almost GBP40 million during the financial year and was
GBP36.1 million at the year-end following GBP15 million player expenditure,
GBP6 million spent to complete the Academy of Light and trading losses due
to poor on-pitch performance.  Our business, however, enjoys two of the
finest facilities in world football in the Stadium of Light and the Academy
of Light.  With combined land and construction costs of almost GBP45 million
our debt position does not look out of place compared to other clubs with
greater debt levels and much inferior assets.

In some quarters the level of football club debt has come as a surprise, but
our level is commensurate with our assets.  Nevertheless, because of high
profile problems in our industry -- clubs such as Leicester, Ipswich,
Chelsea and Leeds ---
the appetite to lend money to football clubs is almost non-existent.  We
have taken all possible actions to retain the support of our bank, Barclays,
from whom we have had support to carry out the actions necessary to deal
with relegation from the Premiership and the downturn in Football League
revenues after the collapse of ITV Digital.

Our debt is still at a manageable level but it is important that we look to
refinance a large part of our debt to longer-term and this is something we
are working on with our banks and advisors.  Rescheduling our debt is a key
priority for us in the next twelve months.


SUNDERLAND PLC: Hopes to Climb Back to Premier League Soon
----------------------------------------------------------
After a poor start to the season and following on from a 17th place finish
the season before, a management change was effected and involved a full
review of available candidates at the time.  However, results proved that
the dual appointment of Howard Wilkinson and Steve Cotterill was a mistake.
It was a difficult, but necessary, decision to make a second managerial
change during the season and we were delighted to secure the services of
former Republic of Ireland manager Mick McCarthy.  It was important that we
acted swiftly to secure the services of a manager who would undoubtedly have
been pursued by several clubs during the summer months.  By appointing Mick
in March he had the crucial opportunity to get to know the players and form
a long-term development strategy for the summer and beyond.

Had Mick joined us in the summer months he would not have had the chance to
assess his squad in competitive match conditions.  He would also not have
met his players until they returned in July, which would have significantly
delayed any re-structuring program and therefore our ability to trade
players.

Mick has confirmed his backroom team, which includes his former Republic of
Ireland Assistant Ian Evans, ex- Aberdeen coach Jocky Scott, and past
Sunderland captain Kevin Ball.

In Mick McCarthy I feel we have the man to help us on our journey; he is a
fighter and single minded in his determination to get us back into the
Premiership as quickly as possible.  One of the reasons Mick joined the club
was that he believes Sunderland is a proper football club with real fans.
And it is the Club's loyal and true supporters, that have backed the team in
good and bad times before, that are a vital component of this journey.

Our reserve team deserves a mention for winning the Premier League reserve
league with a young squad.  This was one small bright spot in an awful year
and gives promise for the future.


SUNDERLAND PLC: To Pursue Planned Improvements for Academy
----------------------------------------------------------
We officially opened the Academy of Light on July 15, 2003, arguably one of
the finest facilities in Europe.  Planning applications for an indoor
training barn, hostel, revised grounds-man's store and perimeter fencing at
the Academy of
Light were refused in August 2002.  Appeals were made in September 2002, and
the proposals were considered at a public inquiry held on various dates
between April and June 2003.  The Inspector's report on the appeals was
submitted to the Office of the Deputy Prime Minister in September 2003, and
decisions are now awaited.  The inquiry heard a range of views on the
planning issues raised by the proposals -- the issue of Green Belt policy
and visual impact being central to the debate.  Various outcomes are
possible.  In the event that one or more of the appeals is unsuccessful, the
Club's next steps will be dependant to a large extent on the reasoning
behind each individual decision.


SUNDERLAND PLC: Renews Commitments to Supporters, Shareholders
--------------------------------------------------------------
Whilst acting early and decisively was crucial to sustain the business the
human cost has been very sad because we lost some very talented and
professional individuals.  Sadly, many of the staff who left had made
considerable and valued contributions to the football club and we are
extremely grateful to them.

The Club places great value on the loyal backing of its supporters and other
stakeholders and continues to champion ticketing policies which allow
individuals, families and low income groups to attend football matches; to
price goods fairly over an appropriate lifespan; to allow supporters to have
their say and many initiatives which involve the community.

The Club remains committed to its policy to allow all to enjoy its
facilities.

In this 2003-04 season it continued a season ticket price freeze for the
fourth consecutive year.  In addition, at every home game the Club offers
over 20,000 tickets at concession prices and strives to promote affordable
and accessible football for all.

With gate receipts, sponsorship and hospitality forming a larger percentage
of our total income in the First Division, the support of our fans and
corporate customers is now more important than ever.  We are working hard to
increase attendances in all areas of the Stadium.

Television And Media Income

The drop in TV and media income in the First Division is considerable and
this is particularly difficult to counter as it translates directly to the
bottom line.  Premier League TV and media income for season 2003/2004
includes a 'basic award' of approximately GBP10 million (Sunderland will
receive half of this as a parachute payment this year), as well as
GBP600,000 for each live TV appearance, and a merit award of GBP500,000 per
final league position (i.e. GBP500,000 for 20th and GBP10 million for the
Champions).

This season in the Football League, the amount of TV and media as well as
central sponsorship income is fixed to a greater extent -- as there are no
merit awards for final league position.  In addition, TV appearance fees are
limited to
GBP10,000 for an away game and GBP60,000 for a home game.  After the
collapse of ITV Digital, the total income from the Football League for each
club for TV, media and sponsorship is less than GBP1 million.  In contrast,
Premier League Clubs will receive over GBP1 million for central sponsorship
alone in season 2003/2004, before taking television and radio into account.

Future Prospects

The whole football industry is facing a time of adjustment as a consequence
of the depressed transfer market, the imposition of transfer windows,
player's wage levels and uncertainty over TV and media income.  Performance
related contracts are becoming more prevalent and this will certainly be a
key factor for the future profitability of our business.  In the midst of
these issues we have taken great strides to stabilize the business and must
thank the support of our bank, Barclays, through what has been a difficult
time.

Finally, our supporters and other stakeholders are vitally important to us
and we realize that the onus is on the Club, the players, and the management
to improve performance on and off the pitch and win back promotion to the
Premier League.  We are determined to do this.

I would sincerely like to thank our supporters for their tremendous backing
in the most difficult circumstances.  It is crucially important for the
future that the Club and its supporters can stay together and move forward
positively, and I hope this will be possible.

B K Sanderson (CBE)
Chairman
3 November 2003

To See Financial Results: http://bankrupt.com/misc/Sunderland_Results.htm


WESTBURY: Strikes Life-saving Deal with Milk Cooperatives
---------------------------------------------------------
A consortium of farmer-owned milk cooperatives, Westbury Dairies, said last
week it had secured a leasing agreement that would sustain operations of
Westbury plant, U.K.'s largest farmer-controlled milk processor.

The deal was secured after the three farmer-owned cooperatives that made up
the consortium put in an initial investment of GBP1 million to GBP2 million
(US$1.7 million - US$3.4 million) each, according to Reuters.

"The deal marks a milestone for the U.K. dairy industry, with the three
leading cooperatives, Dairy Farmers of Britain, First Milk and Milk Link,
working together in a unique joint venture to secure vital access to
intervention markets," a group spokeswoman was quoted by Reuters as saying,
according to just-foods.com.

The Westbury plant was under the management of United Milk before the latter
went into receivership earlier this year.  It employs 125 people and
processes 2.4 million liters of milk daily.  Annual turnover of the company
is GBP100 million.


                            *********


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-published by
Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and
Beard Group, Inc., Frederick, Maryland USA.  Larri-Nil Veloso, Ma. Cristina
Canson, and Laedevee Gonzales, Editors.

Copyright 2003.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or publication
in any form (including e-mail forwarding, electronic re-mailing and
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Information contained herein is obtained from sources believed to be
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