/raid1/www/Hosts/bankrupt/TCREUR_Public/040427.mbx
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
Tuesday, April 27, 2004, Vol. 5, No. 82
Headlines
F I N L A N D
BENEFON OYJ: Packages Tracking Devices with SVP's Alarm Service
M-REAL CORPORATION: Streamlines Business Structure
F R A N C E
RHODIA SA: Targets EUR400 Mln Asset Sales in First Semester
RHODIA SA: Offers EUR600 Mln Bonds Via Private Placement
G E R M A N Y
COGNIS GMBH: Recapitalization Triggers Moody's Downgrade
TELE COLUMBUS: Receives 'B+' Rating, Stable Outlook
WCM GROUP: Adopts Simplified Equity Structure
H U N G A R Y
BORSODCHEM RT: Long-term Debt Rated 'BB'; Outlook Stable
NABI RT: Founding Chairman Retires
I T A L Y
FIAT AUTO: Strengthens Management Team with New Appointments
FIAT SPA: Books US$380 Mln Pre-tax Gain from GM Shares Sale
FINMATICA SPA: Seizure of Key Documents Precludes Board Meeting
PARMALAT FINANZIARIA: Creditor Protection for Soccer Club Okayed
L U X E M B O U R G
STOLT-OFFSHORE: Absorbs US$11 Mln First-quarter Operating Loss
R U S S I A
ALMETYEVSK STARTING-UP: Court Commences Bankruptcy Proceedings
BORLINSKOYE: Court Sets June 3 Hearing
CEMENT FACTORY: Under Bankruptcy Supervision Procedure
INAL: Kabardino-Balkariya Court Appoints Insolvency Manager
ORSKY PRODUCTION: Proofs of Claim Deadline May 8
PABLIK HOUSE: Succumbs to Bankruptcy
REGIONAL CLEARING: Under Bankruptcy Supervision Procedure
UINSKY DAIRY: Deadline for Proofs of Claim May 8
VENKON: Bankruptcy Supervision Procedure Begins
VOLGO-ENERGO-MONTAZH: Insolvent Status Confirmed
S W E D E N
LM ERICSSON: Reports SEK3 Billion First-quarter Profit
S W I T Z E R L A N D
ADECCO SA: Jim Fredholm Appointed Chief Financial Officer
ASCOM: 2003 Group Net Loss Down 76% to CHF68 Million
U K R A I N E
DNIPRO-POLIMER-MASH: Under Bankruptcy Supervision Procedure
FARFOR: Lviv Court Appoints Insolvency Manager
HRESHATIK: Declared Bankrupt
IKVA: Insolvent Status Confirmed
INTER-KONTEJNER: Declared Insolvent
KALUSHSKA REALBAZA: Falls into Bankruptcy
LUGANSKMISKBUD: Under Bankruptcy Supervision Procedure
NATALKA: Deadline for Proofs of Claim May 20
OMEGA: Insolvent Status Confirmed
PRIZMA-LUKS: Declared Bankrupt
PROMRESURS: Declared Insolvent
RAJDUGA: Proofs of Claim Deadline May 17
SLAVUTICH-KAPITAL: Court Commences Bankruptcy Procedure
UKRAINA: Declared Insolvent
VELIKOCHERNECHINSKA: Files for Bankruptcy
ZHOVTNEVE REPAIR: Insolvent Status Confirmed
U N I T E D K I N G D O M
23/7 RECORDINGS: Appoints Liquidator from Rothman Pantall
ACCIDENT CLAIM: Hires Administrative Receiver
ACTIVE IMAGING: Winding up Resolutions Passed
ATCHLEY LIMITED: Calls in Liquidator
BAE SYSTEMS: Reviews Option for Warship, Submarine Units
BLACKFRIAR PAINTS: Unsecured Creditors to Meet May 7
BLUE SKY: Appoints Stoy Hayward Administrator
CANARY WHARF: Songbird Posts Offer Document for Acceptance
DESIGN Q: Names Kroll Limited Administrator
DYNAMIC SYSTEMS: Hires Numerica Administrator
GB MOTORS: Appoints Receiver from Antony Batty & Company
HALL & RICE: Brings in Liquidator from Stoy Hayward
ISKRA LIMITED: Names Henderson & Co Liquidator
LEXDRUM LIMITED: Names Receivers from Tenon Recovery
MARCONI CORPORATION: Redeems Part of Senior Notes Due 2008
MAYFLOWER CORPORATION: Transbus Prospective Buyer Takes a Hike
MULTI-C LIMITED: Hires Critchleys Liquidator
POWERTEC LIMITED: HSBC Bank Appoints PwC Receiver
REMEDY INTERNATIONAL: Hires Liquidator
SERDIA LIMITED: Appoints Liquidator from Fanshawe Lofts
SKYEPHARMA PLC: Annual Results Conference Call Set April 29
STOCKPLACE PLC: Shareholders Okay Voluntary Winding up
SURGICON RESIDE: Calls in Liquidator
SWIFT TELECOMMUNICATIONS: Hires MRI Equity Administrator
WIDE MAIL: In Administrative Receivership
* Large Companies with Insolvent Balance Sheets
*********
=============
F I N L A N D
=============
BENEFON OYJ: Packages Tracking Devices with SVP's Alarm Service
---------------------------------------------------------------
Benefon, SVP Security and Paamies-shops of Assa-group have
entered into a cooperation deal to sell Benefon devices along
with SVP Security's twenty-four hour alarm center service.
Target groups for this service are professionals who need
constant security, for example security guards, shopkeepers and
professional drivers, etc. This security solution suits well
also for private people with high safety requirements.
As a part of this solution, Benefon Seraph NT or Benefon Track
One NT portable tracking devices will be offered, but the
customer can choose any of the other Benefon GSM+GPS devices.
SVP Security will then offer the around-the-clock alarm center
service. SVP Security has a Benefon Life Line tracking software
installed in their premises where they can see their customer's
exact position. In an emergency situation a call will be
connected directly to the alarm center. SVP Security can then
alert an ambulance or police to the scene or send one of their
security guards to check the situation. Now this service is
easily available as a simple safety solution together with a
Benefon tracking device through Paamies-shops.
"We will gladly offer this safety solution to our customers
since we see the benefits and possibilities of this service to
our clientele," says Markku Santala, CEO of Paamies-shops around
the Turku region.
SVP Security has also expanded their operations lately to cover
also Finnish pensioners living in Spain. These people can now
register to this service for a fee and get help in their own
language. Cooperation with SOS International a/s, which is
owned by insurance companies and a travel insurance in
conjunction with it, secure that expensive and critical illness
and injury cases will not mean the end of holiday.
"We are satisfied that SOS International a/s has started to
support our service because this makes the service more flexible
and it works better in practice. Our customers can be assured
that their insurance will cover all the necessary costs caused
by rescue operations and medical care," says Rainer Malmberg,
CEO of SVP Security. "Unique with this solution is that, you
can be anywhere anytime and help is as close to you as your
Benefon tracking device and its Personal panic button."
"It is really easy to achieve this safety solution through
Paamies-shops, which there are several around Finland. This
solution has also an insurance cover and a twenty-four hour
alarm center, which guarantee even better service to our
customers. Taking care of your personal safety could not be
easier," says Mika Neffling, Key Account Manager at Benefon.
About Benefon
Benefon is the leader in GSM/GPS mobile telematics terminals and
solutions. Headquartered in Salo, Finland, Benefon has designed
and manufactured wireless terminals for GSM and NMT systems
since 1988. For more information, visit http://www.benefon.com
SVP Security
SVP Security Oy is a family-owned company, which has been
operating since 1974 and has been owned by the Malmberg family
since 1981. The company has staff of 30. SVP Security is a
part of a network, which works on a national level. SVP
Security also has an alarm center approved by insurance
companies and follow ISO 9001:2000 certification. For more
information, visit http://www.svp-security.fi/
Assa-group
These limited companies belong to Assa-group; Tele-S Oy Turku,
Turun Tele-porssi Oy, Turun Sahko-Tele Oy, Jussin Tasavalta Oy
Turku, Kymen Radiolaitetukku Hamina and Aribom Oy, Helsinki.
The oldest of the companies, Tele-S Oy, was established in 1986.
The shops sell mainly mobile phones and belong to the national
Paamies-shops. The Paamies-shops of Assa-group and service
points are located in several towns in Finland and there are 25
Assa-group sales offices. The companies have staff of
approximately 100 together and the turnover is about EUR15
million.
CONTACT: BENEFON OYJ
Mika Neffling, Key Account Manager
Phone: +358 40 513 6132
E-mail: mika.neffling@benefon.fi
SVP SECURITY
Rainer Malmberg, CEO
Phone: +358 2 243 7011
E-mail: rainer.malmberg@svp-security.fi
ASSA-GROUP
Vesa Elo, Sales Director
Phone: +358 400 524199
E-mail: vesa.elo@paamies.com
M-REAL CORPORATION: Streamlines Business Structure
--------------------------------------------------
The financial results of M-real's businesses in 2004 will be
reported as:
(a) Cartons
(b) Graphics products and Specialty papers
(c) Offices
(d) Map Merchant Group
M-real's old business area structure was:
(a) Consumer packaging
(b) Commercial printing
(c) Home & Office
(d) Publishing
(e) Map Merchant Group
Metsa Tissue will not be included in the reports for 2004. M-
real will publish the 2004 first quarter results on Thursday,
April 29, 2004 at 1:00 p.m. (EET). Details of M-Real's new
business structure are available free of charge at
http://bankrupt.com/misc/M_Real_Business_Structure.pdf
* * *
Standard & Poor's Ratings Services lowered to 'BB+' from 'BBB-'
its long-term corporate credit rating on the Finland-based
forest products company in December. The outlook is stable. In
2003 M-real Group's operating profit net of non-recurring items
fell to EUR88.5 million from EUR336.3 million in the previous
year. The main reasons for the weakening in profitability were
the fall in the selling price of paper and the strengthening of
the euro.
CONTACT: M-REAL CORPORATION
Thomas Ekstrom, Vice President, Business Control
Phone: +358 10 469 4962
===========
F R A N C E
===========
RHODIA SA: Targets EUR400 Mln Asset Sales in First Semester
-----------------------------------------------------------
Developments regarding Rhodia's divestiture program:
(a) The company divested its 50% share in the Chilean company
Extractos Naturales Gelymar S.A. to Sintex S.A. and Algina
Inversion S.A. Sintex S.A. and Algina Inversion S.A.
currently own 50% of Gelymar;
(b) The company hired Thermphos to negotiate the sale of
Rhodia's European specialty phosphates business;
(c) The company reached an agreement in principle over the sale
of its Rhodia Research property in Aubervilliers, outside
Paris, to the Compagnie des Entrepots et Magasins Generaux
de la Ville de Paris (EMGP).
The specialty phosphates and Rhodia Research property
divestitures should be finalized during the second quarter
2004.
With these three new transactions, together with Rhodia's
divestiture of its food ingredients business to Danisco,
expected to be finalized in May 2004, and with the sale of its
stake in Baikowski Chimie, announced February 19, Rhodia will
have achieved approximately EUR400 million in divestitures
during the first semester of 2004.
The Group confirms its objective of achieving more than EUR700
million of proceeds from disposals in 2004
(a) Divestitures of Rhodia's 50% share in the Chilean company
Extractos Naturales Gelymar
In line with the Group's divestiture of its food ingredients
business, Rhodia announced the sale of its 50% share in the
Chilean company Extractos Naturales Gelymar SA to Sintex
S.A. and Algina Inversion S.A., who currently own the
remaining 50% of Gelymar.
Extractos Naturales Gelymar S.A., posted a turnover of
US$16.9 million in 2003 and is an important Chilean producer
and distributor of carrageenans, seaweed extracts used as
texturing agents in the food industry.
Algina is today the most important producer of cold water
red seaweed for carrageenan in the world, and Sintex
continues to develop as a leader in specialty chemicals in
Chile with subsidiaries in Argentina, Brazil, Venezuela and
China.
(b) Agreement to negotiate exclusively the sale of Rhodia's
European Specialty Phosphates business
Following the formalization of an offer by the Dutch company
Thermphos International, the two companies have entered into
exclusive negotiations concerning the sale of Rhodia's
European Specialty Phosphates business. This business,
which employs approximately 270 people, generated net sales
of EUR75 million in 2003. It produces and sells phosphates
for use in a wide variety of applications, including food,
pharmaceuticals, detergents, water, metal treatment,
horticulture and textile.
The two parties expect to reach an agreement during the
second quarter of 2004. This operation is the first step in
the divestiture of Rhodia's Specialty Phosphates business,
as announced in February 2004. Rhodia also is proceeding
with the sale of its North American specialty phosphates
business.
This operation confirms Thermphos' strategic commitment to
the Specialty Phosphates market. Thermphos International
produces and sells Elemental Phosphorus, Phosphorus
derivatives, Specialty Phosphates and Phosphoric Acid. With
its headquarters in Vlissingen, The Netherlands, Thermphos
also has production sites in Germany, France, Argentina and
China. Worldwide Thermphos employs over 900 people and
generated sales of EUR280 million in 2003.
(c) Agreement in principle for the sale of the Rhodia Research
property in Aubervilliers
Rhodia announced the signing of an agreement in principle
for the sale of its Rhodia Research property located in
Aubervilliers, outside Paris to the Compagnie des Entrepots
et Magasins Generaux de la Ville de Paris (EMGP). The
transaction is expected to be finalized during the second
quarter.
This sale, which is accompanied by a commercial lease for
nine years, will enable Rhodia to obtain value from its
asset, taking advantage of very favorable conditions in the
Paris real estate market.
EMGP is a real estate company that is part of the Group
Caisse des Depots, which is developing a system of tertiary
parks around Paris. EMGP had sales of EUR60.8 million in
2003.
Rhodia is a global specialty chemicals company recognized for
its strong technology positions in applications chemistry,
specialty materials & services and fine chemicals. Partnering
with major players in the automotive, electronics, fibers,
pharmaceuticals, agrochemicals, consumer care, tires and paints
& coatings markets, Rhodia offers tailor-made solutions
combining original molecules and technologies to respond to
customers' needs. Rhodia generated net sales of EUR5.4 billion
in 2003 and employs 23,000 people worldwide. Rhodia is listed
on the Paris and New York stock exchanges.
CONTACT: RHODIA S.A.
Press Relations
Anne-Laurence de Villepin
Phone: +33 1 55 38 40 25
Investor Relations
Nicolas Nerot
Phone: +33 1 55 38 43 08
RHODIA SA: Offers EUR600 Mln Bonds Via Private Placement
--------------------------------------------------------
In accordance with its refinancing plan announced in March 31,
2004, Rhodia launched an international private placement of at
least EUR600 million of notes (Euro and dollar tranches).
Based on its current cash position, the estimated improvement in
its operating performance in the first quarter 2004 and the
status of its asset divestiture program, Rhodia is considering
the further extension of the average maturity of its financial
indebtedness. Taking into account market conditions and the
terms of its current credit agreements, Rhodia may:
(a) Increase the target size of the notes offering to around
EUR700 million, and
(b) Increase the prepayment of its outstanding Euro Medium Term
Notes due 2005 up to the full amount of EUR500 million.
* * *
This press release is not an offer of securities for sale in the
United States or any other jurisdiction. Securities may not be
sold in the United States absent registration or an exemption
from registration. Any public offering of securities to be made
in the United States or elsewhere will be made only by means of
a prospectus that may be obtained from Rhodia and that will
contain detailed information about Rhodia and its management, as
well as financial statements. Copies of this announcement are
not being, and should not be, distributed in or sent into the
United States.
This communication is for distribution only to persons who (i)
are outside the United Kingdom or (ii) have professional
experience in matters relating to investments or (iii) are
persons falling within Article 49(2)(a) to (d) ("high net worth
companies, unincorporated associations etc.") of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2001,
as amended (all such persons together being referred to as.
This communication is only directed at relevant persons and must
not be acted on or relied on by persons other than relevant
persons. Any investment or investment activity to which this
communication relates is available only to relevant persons and
will be engaged in only with relevant persons.
CONTACT: RHODIA S.A.
Press Relations
Anne-Laurence de Villepin
Phone: +33 1 55 38 40 25
Investor Relations
Nicolas Nerot
Phone: +33 1 55 38 43 08
=============
G E R M A N Y
=============
COGNIS GMBH: Recapitalization Triggers Moody's Downgrade
--------------------------------------------------------
Moody's Investors Service downgraded Cognis GmbH's senior
implied rating to B1 from Ba2. Moody's also lowered its
unsecured issuer rating to Caa1 from Ba3. The outlook is
stable.
The rating action follows the announcement that Cognis intends
to access the debt capital markets for up to EUR750 million.
This after the closing of the company's leveraged buyout from
Henkel KgaA for approximately EUR2 million. The deal was
financed through EUR1.225 million of senior unsecured
facilities, cash equity of EUR150 million, a shareholder note of
EUR330 million, and a EUR350 million-subordinated vendor loan
note.
Moody's said Cognis' planned recapitalization will translate
into the repayment of the EUR410 million vendor loan note.
Existing shareholders will also receive a cash distribution of
EUR320 million. These payments will be funded through a EUR900
million drawing under the new proposed EUR1.325 million senior
secured bank debt facility, the proposed EUR300 million second
lien notes and the proposed EUR445 million of senior notes,
translating into an increase in total debt of about EUR700
million. Concurrently, the company is expected to amend and
restate its existing bank facilities.
Moody's expects Cognis' leverage to increase and its debt
protection measures to weaken following the proposed
recapitalization. In connection to this, Moody's assigned:
(a) a (P)B1 to the proposed EUR1.325 million senior secured
credit facilities at Cognis Deutschland GmbH & Co. KG;
(b) a (P)B2 to the proposed EUR300 million second lien notes at
Cognis Deutschland GmbH & Co. KG due 2013; and
(c) a (P)B3 to the proposed EUR445 million of senior notes at
Cognis GmbH due 2014.
Meanwhile, the Ba2 rating for Cognis' EUR1.6 billion senior
secured credit facilities will be withdrawn after the closing of
the transaction.
TELE COLUMBUS: Receives 'B+' Rating, Stable Outlook
---------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
corporate credit rating to the German network cable TV provider
Tele Columbus AG & Co. KG. The outlook is stable.
At the same time, Standard & Poor's assigned its 'B' senior
unsecured debt rating to Tele Columbus' proposed EUR195 million
(US$232 million) floating rate notes due 2010 and its 'B-'
senior subordinated debt rating to the company's proposed EUR280
million notes due 2011.
"The ratings principally reflect Tele Columbus' high leverage
and increasing competitive challenges, which are mitigated by a
mature but predictable contract-driven reselling business model
and an adaptable capital structure," said Standard & Poor's
credit analyst Simon Redmond.
The company generated revenues of EUR241 million in 2003 and had
about 2.6 million subscribers at year-end December 31, 2003.
After closing of the company's proposed refinancing, Tele
Columbus' total debt will be EUR535 million.
Pro forma for the refinancing, Tele Columbus' lease-adjusted
total debt to pre-exceptional EBITDA would have been about 5.6x
at Dec. 31, 2003. This credit metric is likely to remain at
high levels in the next few years given the company's modest
free cash flow generation.
Tele Columbus' business model, however, provides significant
short-term downside protection. The long-term nature of
customer contracts and the capacity to pass through content cost
increases gives the company above-average gross and operating
margin visibility. With at most 8% of contracts falling due for
renewal each year, the company's revenue stream is relatively
secure in the near term.
"Tele Columbus is expected to sustain its business profile and
might modestly improve its financial profile over the next two
years," said Mr. Redmond. "Although downward pressure on the
ratings is seen as unlikely in the near term given the stability
of the company's contract-driven business model, however, any
improvement in the ratings is unlikely in the medium term unless
the group deleverages more swiftly than expected."
WCM GROUP: Adopts Simplified Equity Structure
---------------------------------------------
The equity holdings of the WCM Group are to be restructured.
The objective is to achieve a simple structure, which can be
well understood by outsiders. To begin with, WCM will be built
on four pillars.
In the medium-term the two main pillars will remain the
Residential Properties and industrial Equity Holdings divisions.
The residential properties activities will be bundled in a
company under WCM AG. The industrial equity holdings will
remain in Klockner-Werke AG. The remaining WCM equity holdings
and properties will initially be combined in two further
divisions. All commercial property will be brought together in
one company. In the future, WCM may dispose of this division or
manage these activities with a partner.
Other Equity Holdings forms the fourth division, which will also
be placed together from a corporate law perspective. After the
continuation of the consolidation phase, the two business
divisions Residential Properties and Industrial Equity Holdings
will ultimately remain.
Annual Financial Statements 2003
At [last week's] Accounting Press Conference, WCM presented the
complete 2003 annual financial statements of the Group and the
AG, which are available free of charge at http://www.wcm.de. As
announced in March, the consolidated results from ordinary
activity are -EUR286 million after -EUR828 million in the
previous year. The 2003 result was impacted by two non-
recurring factors, which will no longer impact the company in
2004. The non-recurring factors result from the deconsolidation
of GEHAG GmbH to December 31, 2003 and the reduction of risk
positions in connection with SIRIUS/IVG. The results from
ordinary activity before non-recurring factors is plus EUR51
million.
Key factors in the 2003/2004 financial year were the
consolidation measures that resulted in a major reduction of the
company's indebtedness. These included the sale of the
Commerzbank shares in December 2003, not exercising the buy-back
option for GEHAG GmbH in February 2004 and, also in February
2004, the sale of the IVG shares of SIRIUS by the insolvency
administrator. The reduction of indebtedness of EUR1 billion
announced in the autumn of 2003 has been far exceeded, with a
figure of over EUR2 billion. This includes the discontinuation
of the liability for the loan of the SIRIUS subsidiary.
Outlook
In the Equity Holdings division, WCM will concentrate on further
developing the Klockner-Werke operating units. The general
economic situation has improved for the current financial year.
Increasing sales and an improved result are expected in this
area for the 2004 financial year. Across the board, the
Klockner-Werke AG subsidiaries have a good market position. In
addition to organic growth, the purchase of further operating
units to round off the product range is also possible,
particularly in the Filling and Packaging Technology units. No
further acquisitions are to be expected in the Equity Holdings
division in 2004. WCM will initially concentrate on the
consolidation process of existing activities, which has
commenced.
In the Residential Properties division, a range of measures is
to be made in 2004, which should considerably improve the
current results situation. In addition to an increase in rental
income, the privatization rate should be increased to 2.5%.
As a result the Residential Properties division will have a
greater impact on the income and liquidity situation of the
Group.
Annual General Meeting
The agenda of the WCM Annual General Meeting, which will take
place on June 9, 2004, may be viewed free of charge at
http://www.wcm.de
The agenda includes the authorization of the Management Board to
increase the share capital of the company by up to
EUR144,412,690. This corresponds to half the share capital of
WCM. In addition, the Annual General Meeting shall propose the
buyback of outstanding shares. All the documents distributed at
the Press Conference are available free of charge at
http://www.wcm.de. The WCM report for the first quarter of 2004
will be published on May 24, 2004.
=============
H U N G A R Y
=============
BORSODCHEM RT: Long-term Debt Rated 'BB'; Outlook Stable
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' long-term
corporate credit rating to Hungary-based chemicals group
BorsodChem Rt., reflecting the group's position in various
segments of the Central and Eastern European chemicals market.
The outlook is stable.
"The rating is constrained by BorsodChem's limited scale in each
of its competing markets, its exposure to the cyclical
construction industry, and to the very cyclical polyvinyl
chloride and caustic soda markets," said Standard & Poor's
credit analyst Christine Hoarau. These negative rating factors
are partially offset by the group's leading positions in the
polyvinyl chloride, toluene di-isocyanate, and methylene di-
para-phenylene isocyanate markets in the Central and Eastern
European markets, its good profitability and presence in the
growing toluene di-isocyanate and methylene di-para-phenylene
isocyanate markets, and its solid financial profile.
With sales of about EUR530 million in 2003, Hungary-based
BorsodChem is the largest producer of polyvinyl chloride, the
sole producer of methylene di-para-phenylene isocyanate, and the
leading producer of toluene di-isocyanate in Central and Eastern
European.
"The stable outlook reflects that the group is expected to
maintain a solid financial structure, despite the heavy
investments planned over the next two years," said Ms. Hoarau.
The group's net debt-to-capital ratio is expected to peak at
about 30% at year-end 2005, which remains strong for the rating.
The group's FFO-to-net debt ratio is expected to remain in
excess of 25%.
CONTACT: STANDARD & POOR'S
Analyst E-mail Addresses
christine_hoarau@standardandpoors.com
ralf_kortuem@standardandpoors.com
olivier_beroud@standardandpoors.com
CorporateFinanceEurope@standardandpoors.com
NABI RT: Founding Chairman Retires
----------------------------------
NABI Bus Industries Rt (BSE: NABI) accepted the resignation of
Founding Chairman Peter Rona, who plans to retire. Mr. Rona
announced his retirement shortly after the completion of the
debt restructuring agreement with NABI's financiers. The
decision was mutually accepted by the Company and the financial
institutions in the aforementioned agreement, NABI added.
"It has been a distinct personal and professional pleasure
working with Peter this past decade. His talent and leadership
have been invaluable to me and to our Company during its first
decade," said Andras Racz, NABI Group President and CEO, who has
also been named as the interim replacement as Chairman of the
Board.
* * *
Analysts expect bus-maker, NABI Rt, to post a second full-year
loss due to a weak U.S. dollar, according to Budapest Business
Journal. It made a preliminary US$16.5 million yearly loss for
2003, partly for the same reason.
CONTACT: NABI RT
Andras Bodor
Corporate Affairs Director
Phone: +36.1.401.7100
E-mail: andras.bodor@nabi.hu
=========
I T A L Y
=========
FIAT AUTO: Strengthens Management Team with New Appointments
------------------------------------------------------------
Stefan Ketter will be appointed Head of Quality at Fiat Auto,
directly reporting to Fiat Auto's CEO Herbert Demel. Born in
Brazil 44 years ago, Mr. Ketter is a mechanical engineer with
broad professional experience in the automotive field at
international level. From 1986 to 1996 he served at BMW AG,
where he reached the position of General Manager of Quality.
Nine years ago he joined the Volkswagen-Audi Group: in 1996 he
was appointed New Plant Planning Project Manager at Audi AG,
since 1997 he has been Quality Director at Volkswagen in South
America and since 2002 he has been Executive Director, Service
and Quality of Volkswagen America.
Starting May 1, 2004, Mario Mairano will be the new Head of
Human Resources at Fiat Auto. He will replace Paolo Gasca, who
in turn will be in charge of International Affairs at Fiat
S.p.A., within Government Affairs and International Relations
headed by Maurizio Beretta.
Mario Mairano, 52, began his professional career in 1974 at the
Commercial Vehicles Sector of the Fiat Group. He was in charge
of Union Relations firstly at Iveco and then at Fiat Auto. In
1993, he was appointed Head of Personnel of Ferrari and in 1997
of the Ferrari-Maserati Group. In 2000, he was appointed Head
of Human Resources of the Capitalia Group.
These new appointments are part of the Fiat Group's strategy to
strengthen its management team through the recruitment of new
external skills, the enhancement of existing talent and the
turnover of managers in key positions.
FIAT SPA: Books US$380 Mln Pre-tax Gain from GM Shares Sale
-----------------------------------------------------------
In the past months, Fiat has identified opportunities for
capital gains on non-core assets to offset the restructuring
expenses for the current year. These divestments do not form
part of the Relaunch Plan.
The 70% interest held in Fiat Engineering and the direct stake
held in Edison were consequently sold in the first two months of
2004, generating a combined capital gain of approximately EUR87
million. Furthermore, in light of the positive performance of
the General Motors (GM) stock, Fiat has unwound the Equity Swap
on 32.05 million General Motors Corporation shares, which had
been sold to Merrill Lynch International in December 2002. The
transaction generated a pre-tax gain for the Fiat Group of
approximately US$380 million (about EUR305 million), improving
the Fiat Group net financial position by a corresponding amount.
As provided by the Equity Swap Agreement, Fiat received proceeds
equal to the price difference between the average price of the
transaction and the initial reference price of the GM shares,
which was US$36.11 per share.
In addition, Fiat repurchased on the market US$540 million
(notional value) out of a total of US$2.2 billion of the bond
exchangeable into GM shares, for the purpose of cancellation.
Fiat had entered into the Equity Swap Agreement to hedge the
risk exposure implicit in the Exchangeable following the sale of
GM shares. This hedging, for the portion of the Exchangeable
still outstanding on the market and equivalent to approximately
US$1.7 billion, has been provided through the purchase of call
options on GM shares.
FINMATICA SPA: Seizure of Key Documents Precludes Board Meeting
---------------------------------------------------------------
Finmatica S.p.A. informs that the meeting of the Board of
Directors, previously scheduled to take place on April 25, has
been postponed to May 10, 2004. This decision is due to the
impossibility to access all the supporting documents that were
seized by the Court recently. The Board in fact would not have
been able to receive, as per the previously defined schedule,
adequate documental support to prepare the 2003 accounts.
* * *
In January, Fitch Ratings downgraded Finmatica's Senior
Unsecured rating to 'B-' from 'B+', reflecting concern over
potential pressure on the company's leverage and liquidity from
the current investigations into the company. The Rating remains
on Rating Watch Negative. The downgrade follows the company's
statement of financial position announced on February 5, 2004,
which revealed that as at January 31, 2004 gross debt stood at
EUR215.3 million and cash balances at EUR37.2 million. This
compares with debt of EUR238.4 million and cash of EUR89.1
million at September 30, 2003, a fall of EUR23 million and
EUR51.9 million respectively.
PARMALAT FINANZIARIA: Creditor Protection for Soccer Club Okayed
----------------------------------------------------------------
The Industry Ministry of Italy approved the proposal of Parmalat
Finanziaria to put its football club under extraordinary
administration, Reuters said citing a judicial source.
Parmalat administrator Enrico Bondi will become extraordinary
administrator of the football club once the petition is further
approved by a Parma bankruptcy court this week. The soccer club
is among the assets to be sold under the group's rescue plan.
Leading sports newspaper, Gazzetta dello Sport, has valued the
club at EUR50 million, according to the report.
Creditor protection is expected to enhance the club's chances of
being sold, as this would mean it could reclaim assets
confiscated from it last month. Italy's tax collector, Agenzie
delle, had earlier confiscated assets belonging to the club for
failure to pay taxes amounting to EUR54 million.
===================
L U X E M B O U R G
===================
STOLT-OFFSHORE: Absorbs US$11 Mln First-quarter Operating Loss
--------------------------------------------------------------
Stolt Offshore S.A. (Nasdaq NM: SOSA; Oslo Stock Exchange: STO),
reported unaudited results for the first quarter, which ended on
February 29 2004. These are the highlights:
In $ Millions 1st Quarter Ended
(except per share data) Unaudited Unaudited
Feb. 29, 2004 Feb. 28, 2003
Net Operating Revenue $ 276.4 $ 416.9
Gross Profit 9.2 12.4
Net Operating Loss (11.0) (11.2)
Net Loss (18.5) (18.3)
Loss per Share $(0.18) $(0.20)
Weighted-average Common Shares &
Common Share Equivalents Issued 100.4 93.3
Q1 Highlights
(a) Group-wide operating performance generally in line with
recovery plan objectives;
(b) Resolution and management of legacy issues;
(c) Satisfactory financial settlement of OGGS and Burullus
claims;
(d) Continuing technical and operational issues on Bonga and
Sanha;
(e) US$550 million Greater Plutonio win: largest contract in
Stolt Offshore's history;
(f) Significant financial restructuring achievements: US$100
million new equity, US$100 million Bonding Facility and
US$48 million sale of ROV business
Tom Ehret, Chief Executive Officer, said, "At the close of the
first quarter, Stolt Offshore had achieved the main targets set
in management's 2003 recovery plan. We are encouraged by the
evident progress across all businesses, underpinned by the
stream of recent contract awards. Early 2004 numbers continue
to be negatively impacted by a trail of legacy issues, but we
remain confident that the Group will begin to realize the
benefits of restructuring in the second half of 2004."
Post-period Highlights
(a) Settlement of all outstanding claims on the Duke Energy/AGT
Hubline project;
(b) Settlement of a significant, long-running patent dispute;
(c) US$245 million contract awards in the North Sea including
2006 extension on Langeled
(d) US$150 million contract award offshore Nigeria;
(e) US$130 million contract awards offshore Trinidad;
(f) Debt conversion to equity of US$50 million by a subsidiary
of Stolt-Nielsen S.A.
Backlog
The backlog stands at US$1,225 million of which US$629 million
is for execution in 2004. In addition to this backlog, we have
received US$863 million in signed letters of intent, including
Greater Plutonio, Amenam and various North Sea contracts.
In $ millions as at Apr. 23, 2004 Nov. 30, 2003 Apr. 23, 2003
Backlog (Contracts) $ 1,225 $ 812 $1,482
Operating Review
Despite seasonal low levels of activity, Stolt Offshore's
operations performed according to management expectations across
all regions, with the exception of Bonga and Sanha in West
Africa. In the Africa and Mediterranean Region (AFMED), while
some projects were successfully and profitably progressed or
completed during the quarter, Bonga continues to require close
management attention as it moves through final offshore
operational phases. On Sanha, following the identification of
future potential costs related to hook up and commissioning
work, the Company took swift action to make key management
changes and commence negotiations with the client to contain
cost overruns during the remaining life of the project.
North America and Mexico (NAMEX) and Northern Europe and Canada
(NEC), whilst continuing to perform operationally as expected,
have also delivered noteworthy new contract successes with the
Trinidad and North Sea project wins displaying the local
management's commercial strengths. As expected, both South
America (SAM) and Asia and Middle East (AME) continue to perform
satisfactorily.
Financial Restructuring
During the quarter, Stolt Offshore completed a $100 million
private placement in Europe, the conversion of Class B Shares
into Common Shares and secured a $100 million Bonding Facility.
The conversion by a subsidiary of Stolt-Nielsen S.A. of $50
million of subordinated loans into Common Shares was recently
completed and the Company continues to work towards completion
of the subsequent issue of approximately $50 million in new
equity.
Significant progress was achieved on the disposal program with
the sale of the ROV drill support business for $48 million. Of
the six ship disposal program announced last year, the Seaway
Kingfisher has been placed on long-term charter and two ships
have been scrapped. In addition, the Company has completed on
the sale of minor ships including Annette, American Eagle and
Seaway Pioneer. The Company maintains its expectations of
raising $100-150 million on completion of the disposal program
in 2004.
Outlook & Current Trading
In line with previous announcements, Stolt Offshore anticipates
that its markets, chiefly deepwater engineering and
construction, will be flat in terms of execution through 2004,
although there remain several large contracts to be awarded this
year, for execution in future years. In the medium term, we
continue to see a positive trend in our business with the
strongest growth generated in West Africa, where Stolt Offshore
is traditionally strong.
Stolt Offshore continues to make progress in reducing its cost
base and neutralizing persistent legacy contract problems. The
benefits of restructuring are expected to begin to materialize
in the Autumn of 2004, at which point Stolt Offshore expects its
results to improve. The timing of this transition remains
subject to several operational and commercial factors prompting
the Company to remain cautious on guidance, although the
management team continues to set itself the target of reaching
breakeven in the Full Year.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any securities. Any public
offering of securities will be made by means of a prospectus.
Stolt Offshore is a leading offshore contractor to the oil and
gas industry, specializing in technologically sophisticated
deepwater engineering, flowline and pipeline lay, construction,
inspection and maintenance services. The Company operates in
Europe, the Middle East, West Africa, Asia Pacific, and the
Americas.
A copy of this report is available free of charge at
http://bankrupt.com/misc/StoltOffshore_Q12004.pdf
CONTACT: STOLT-OFFSHORE S.A.
26, rue Louvigny
L-1946 Luxembourg
Societe Anonyme Holding
R.C. Luxembourg B 43172
Home Page: http://www.stoltoffshore.com
Julian Thomson/Fiona Harris
Phone: U.K. +44 1224 718436
U.S. +1 877 603 0267 (toll free)
E-mail: julian.thomson@stoltoffshore.com
BRUNSWICK GROUP
Patrick Handley (U.K.)
Phone: U.K. +44 207 404 5959
E-mail: phandley@brunswickgroup.com
Tim Payne (U.S.)
U.S. +1 212 333 3810
E-mail: tpayne@brunswickgroup.com
===========
R U S S I A
===========
ALMETYEVSK STARTING-UP: Court Commences Bankruptcy Proceedings
--------------------------------------------------------------
The Arbitration Court of Republic of Tatarstan declared state
enterprise, Almetyevsk Starting-up and Adjustment Corporation,
insolvent and introduced bankruptcy proceedings. The case is
docketed as A65-938/2004-SG4-27. Mr. A. Miller has been
appointed insolvency manager.
Creditors have until May 8, 2004 to submit their proofs of claim
to the insolvency manager at: 423461, Russia, Republic of
Tatarstan, Almetyevsk, GOS-11, Post User Box 188, Phone: (8553)
23-16-11.
CONTACT: ALMETYEVSK STARTING-UP AND ADJUSTMENT CORPORATION
423450, Russia, Republic of Tatarstan,
Almetyevsk-10, Maktama
Mr. S. Torbeev, insolvency manager
423461, Russia, Republic of Tatarstan,
Almetyevsk, GOS-11, Post User Box 188,
Phone: (8553) 23-16-11
BORLINSKOYE: Court Sets June 3 Hearing
--------------------------------------
The Arbitration Court of Ulyanovsk region declared state unitary
agricultural industrial complex, Borlinskoye, insolvent and
introduced bankruptcy proceedings. The case is docketed as A72-
904/04-21/6-B. Mr. N. Morsin has been appointed insolvency
manager.
Creditors have until June 8, 2004 to submit their proofs of
claim to the insolvency manager at: 420015, Russia, republic of
Tatarstan, Kazan, B. Krasnaya str.37/2. A hearing will take
place on June 3, 2004, 10:00 a.m. at the Arbitration Court of
Ulyanovsk region.
CONTACT: BORLINSKOYE
433364, Russia, Ulyanovsk region,
Terengulsky district, Bolshaya Borla
Mr. N. Morsin, insolvency manager
420015, Russia, republic of Tatarstan,
Kazan, B. Krasnaya str.37/2
CEMENT FACTORY: Under Bankruptcy Supervision Procedure
------------------------------------------------------
The Arbitration Court of Republic of Buryatiya commenced
bankruptcy supervision procedure on OJSC Cement Factory. The
case is docketed as A10-1033/04. Mr. S. Butyugov has been
appointed temporary insolvency manager.
Creditors have until May 1, 2004 to submit their proofs of claim
to the temporary insolvency manager at: 670002, Russia, Republic
of Buryatiya, Ulan-Ude, Post User Box 2402. A hearing will take
place on May 13, 2004 at the Arbitration Court of Republic of
Buryatiya.
CONTACT: CEMENT FACTORY
Russia, Republic of Buryatiya, Kamensk,
Promyshlennaya str.3
Mr. S. Butyugov, temporary insolvency manager
670002, Russia, Republic of Buryatiya, Ulan-Ude,
Post User Box 2402
INAL: Kabardino-Balkariya Court Appoints Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Republic of Kabardino-Balkariya
commenced bankruptcy supervision procedure on LLC food
integrated works Inal. The case is docketed as A20-5618/2003.
Mr. O. Kiryanov has been appointed temporary insolvency manager.
Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 355000, Russia, Stavropol,
Lenin str.328/9-18, Phone/Fax: (8652) 37-34-94. A hearing will
take place on June 15, 2004, 10:00 a.m. at the Arbitration Court
of Republic of Kabardino-Balkariya.
CONTACT: INAL
Russia, Republic of Kabardino-Balkariya,
Maysky, 9-May str.58A
Mr. O. Kiryanov, temporary insolvency manager
420066, Russia, Republic of Tatarstan,
Kazan, Post User Box 188
ORSKY PRODUCTION: Proofs of Claim Deadline May 8
------------------------------------------------
The Arbitration Court of Orenburg region commenced bankruptcy
supervision procedure on OJSC Orsky Production Plant of
Nonferrous Metals. The case is docketed as A47-2595/04-14GK.
Mr. Y. Osipov has been appointed temporary insolvency manager.
Creditors have until May 8, 2004 to submit their proofs of claim
to the temporary insolvency manager at: 460036, Russia,
Orenburg, Karagandinskaya str.104-117. A hearing will take
place on June 1, 2004, 1:30 p.m. at the Arbitration Court of
Orenburg region.
CONTACT: ORSKY PRODUCTION PLANT OF NONFERROUS METALS
462424, Russia, Orenburg region, Orsk,
Zavodskaya str.6
Mr. Y. Osipov, temporary insolvency manager
460036, Russia, Orenburg, Karagandinskaya str.104-117
PABLIK HOUSE: Succumbs to Bankruptcy
------------------------------------
The Arbitration Court of Moscow commenced bankruptcy supervision
procedure on LLC trading house Pablik House. The case is
docketed as A40-8386/04-73-6B. Mr. T. Khaliullin has been
appointed temporary insolvency manager.
Creditors have until May 8, 2004 to submit their proofs of claim
to the temporary insolvency manager at: 127521, Russia, Moscow,
3-Pr.Maryina Roscha 40, build.1. Phone: (095) 730-28-10. A
hearing will take place on August 19, 2004, 11:00 a.m. at the
Arbitration Court of Moscow, Hall 20.
CONTACT: Mr. T. Khaliullin, temporary insolvency manager
127521, Russia, Moscow, 3-Pr.Maryina Roscha 40,
build.1.
Phone: (095) 730-28-10
REGIONAL CLEARING: Under Bankruptcy Supervision Procedure
---------------------------------------------------------
The Arbitration Court of Saint-Petersburg and Leningrad region
commenced bankruptcy supervision procedure on OJSC Regional
Clearing Center. The case is docketed as A56-5577/04. Mr. I.
Trubin has been appointed temporary insolvency manager.
Creditors have until May 8, 2004 to submit their proofs of claim
to the temporary insolvency manager at: 193318, Russia, Saint-
Petersburg, Post User Box 54. A hearing will take place on June
22, 2004, 11:30 a.m. at the Arbitration Court of Saint-
Petersburg and Leningrad region.
CONTACT: REGIONAL CLEARING CENTER
Russia, Vsevolozhsk, Koltushskoye shosse 138-a
Mr. I. Ziganov, temporary insolvency manager.
192212, Russia, Saint-Petersburg, Belgorodskaya
str.32-15
Arbitration Court of Saint-Petersburg
and Leningrad region
Russia, Saint-Petersburg, Suvorovsky prosp.50/52
UINSKY DAIRY: Deadline for Proofs of Claim May 8
------------------------------------------------
The Arbitration Court of Perm region commenced bankruptcy
supervision procedure on LLC Uinsky Dairy. The case is docketed
as A50-5216/2004-B. Ms. L. Vlasova has been appointed temporary
insolvency manager.
Creditors have until May 8, 2004 to submit their proofs of claim
to the temporary insolvency manager at: 601440, Russia, Vladimir
region, Vyazniki, Institutskaya str.1. A hearing will take
place on August 8, 2004 at the Arbitration Court of Perm region.
CONTACT: UINSKY DAIRY
617800, Russia, Perm region, Uinskoye,
Kuybysheva str.56
Ms. L. Vlasova, temporary insolvency manager
601440, Russia, Vladimir region, Vyazniki,
Institutskaya str.1
VENKON: Bankruptcy Supervision Procedure Begins
-----------------------------------------------
The Arbitration Court of Sverdlovsk region commenced bankruptcy
supervision procedure on OJSC Artyemovsky machine-building
factory Venkon. The case is docketed as A60-5533/2004-C3. Mr.
M. Adenin has been appointed temporary insolvency manager.
Creditors have until May 1, 2004 to submit their proofs of claim
to the temporary insolvency manager at: 623785, Russia,
Sverdlovsk region, Artyemovsk, Sadovaya str.12. A hearing will
take place on April 26, 2004, 2:00 p.m. at the Arbitration Court
of Sverdlovsk region.
CONTACT: VENKON
623785, Russia, Sverdlovsk region, Artyemovsk,
Sadovaya str.12
Mr. M. Adenin, temporary insolvency manager
623785, Russia, Sverdlovsk region, Artyemovsk,
Sadovaya str.12
VOLGO-ENERGO-MONTAZH: Insolvent Status Confirmed
------------------------------------------------
The Arbitration Court of Republic of Bashkartostan declared LLC
VOLGO-ENERGO-MONTAZH (TIN 0273038003) insolvent and introduced
bankruptcy proceedings. The case is docketed as A07-812/04-G-
PAV. Mr. V. Ivanov has been appointed insolvency manager.
Creditors have until May 8, 2004 to submit their proofs of claim
to the insolvency manager at: 450057, Russia, Republic of
Bashkartostan, Ufa, Oktyabrskaya Revolyuziya str.65, office 12.
CONTACT: VOLGO-ENERGO-MONTAZH
Russia, Republic of Bashkartostan, Ufa,
Ufimskoye shosse 3
Mr. V. Ivanov, insolvency manager
450057, Russia, Republic of Bashkartostan,
Ufa, Oktyabrskaya Revolyuziya str.65, office 12
===========
S W E D E N
===========
LM ERICSSON: Reports SEK3 Billion First-quarter Profit
------------------------------------------------------
First quarter summary
First quarter Fourth quarter
SEK billion 2004 2003 Change 2003 Change
Orders booked, net 33.0 27.1 22% 29.5 12%
Net sales 28.1 25.9 9% 36.2 -22%
Gross margin (%) 44.7% 34.1% [1] - 41.6% [1]
Operating income 4.5 -2.8 [2] - 6.3 [2]
Income after financial items 4.3 -2.8 [2] - 5.9 [2]
Net income 3.0 -4.3 - 0.1
Earnings per share 0.19 -0.27 - 0.01
Cash flow before financing 2.9 0.7 - 4.6
activities
[1] Adjusted for restructuring charges in the first quarter 2003
SEK1.8 billion and in the fourth quarter 2003 SEK0.8 billion
[2] Adjusted for restructuring charges in the first quarter
2003, net, SEK3.2 billion and in the fourth quarter 2003
SEK4.0 billion
Orders booked in the quarter grew by 22% year-over-year and by
12% sequentially to SEK33.0 billion (SEK27.1 billion). Net
sales in the quarter grew by 9% year-over-year to SEK28.1
billion (SEK25.9 billion) and declined 22% sequentially due to
seasonality. Currency exchange effects have had a negative
impact on sales of 8% year-over-year.
Gross margin improved sequentially by 3.1 percentage points to
44.7% (34.1%), mainly attributable to the benefits of cost of
sales reduction activities and a favorable product mix.
Operating expense reductions are on track, with an annualized
run rate of SEK35 billion (SEK47 billion) in the quarter.
Income after financial items was SEK4.3 billion (-SEK2.8
billion) compared to SEK5.9 billion in the fourth quarter. Net
currency exchange effects, compared to rates one year ago, have
had a negative impact of SEK0.8 billion on operating income in
the quarter.
Cash flow before financing was SEK2.9 billion (SEK0.7 billion)
with positive effects from improved earnings. Cash flow was
however also affected by increased work in progress as a result
of the higher business activity. The financial position
remained strong, with a net of financial assets and liabilities,
i.e. net cash, of SEK26.8 billion.
CEO Comments
"We have clearly strengthened our market position since last
summer," says Carl-Henric Svanberg, President and CEO of
Ericsson. "Our year has started well with a number of contracts
in key growth areas. A stronger customer focus, including our
commitment to operational excellence, is clearly contributing to
this achievement.
"We also continued to improve operating results. Gross margin
development exceeded our earlier expectations. We are
benefiting from our restructuring efforts and going forward we
will continue to strive for best-in-class cost efficiency. Our
financial position is now one of the industry's strongest.
"The rollout of 3G continues. We are a major supplier in close
to 50 networks that will be or have been commercially launched
by year-end.
"EDGE plays an important complementary role and continues to
grow quickly. Over time we expect most GSM networks to be
upgraded with EDGE. In addition, the new Ericsson Expander has
been well received as an enabler for communication in rural
areas in developed as well as in high-growth markets.
"The long-term growth drivers of the industry remain solid. The
business environment is becoming more multifaceted, with new
business models and more advanced solutions. The vendor's
ability to support operators with total solutions that combine
technical know-how with consumer awareness is quickly growing in
importance. As a result, our traditional role as vendor is
transforming more into the role of a strategic partner."
Market View
Last year saw considerably improved financials among operators
and an increased need for investments in capacity and network
quality. This is a result of the underlying growth in mobile
communications, driven by increased voice and mobile data
traffic and operator investment into capacity enhancements of
both 2G and 2.5G. Increased competition among operators is
likely to continue to stimulate traffic growth, especially in
Western Europe.
The 3G rollout is a reality with a large number of initial
commercial launches expected by year-end. In addition, more
than 75 operators in 50 countries are committed to deploy EDGE.
The number of WCDMA subscriptions grew 57% in the quarter to 4.4
million subscriptions.
The number of CDMA2000 1X subscriptions grew 35% to 95 million.
Demand for seamless services will drive the convergence of
mobile and fixed networks, including voice over IP. This will
have a positive impact on advanced mobile services and
applications. Consumer mobility behavior will drive demand and
traffic patterns in such converged seamless networks.
The service market segment continues to show good growth
potential. In the more complex business environment operators
show growing interest in services enabling them to focus on
business development, how to attract and retain customers as
well as driving cost efficiency.
Today, worldwide subscription penetration is only 23% with a
total of 1.4 billion subscriptions. The global number of mobile
subscriptions has been estimated to reach 2 billion during 2008
with particularly strong growth in emerging markets. The
favorable reception of the Ericsson Expander solution in
coverage-driven markets indicates that growth should develop
beyond these projections.
Outlook
We estimate that the global mobile systems market in 2004,
measured in US$, will show slight to moderate growth, compared
to 2003. This improved outlook is mainly driven by growing
traffic, network expansions and continued 3G rollout. There is
also an element of operators catching up on previous years'
limited investments.
Our previous estimate of the global mobile systems market was to
be in line with, or show slight growth, compared to 2003. We
maintain our view that the addressable market for professional
services, also measured in USD, is expected to continue to show
good growth. Through our technology leadership and global
presence we are well positioned to benefit from the market
opportunities.
CONSOLIDATED ACCOUNTS
Financial Review
All comparative numbers are stated excluding restructuring
charges.
Income
Orders booked were SEK33.0 (SEK27.1) billion, an increase by 22%
year-over-year, driven by generally strong development in Asia-
Pacific, Central Europe, Middle East and Africa. Sequentially,
orders booked increased by 12%.
Sales were SEK28.1 billion (SEK25.9 billion), an increase by 9%
year-over-year.
High-growth markets such as China, Brazil and Mexico, were main
contributors to this development. Currency exchange effects
were 8%.
Due to seasonality sales declined by 22% sequentially.
Gross margin improved to 44.7% (34.1%), a sequential increase
from 41.6%. The main reasons for the improvement were better
than anticipated benefits from cost of sales reductions
activities and a favorable product mix.
Operating expenses amounted to SEK8.7 (SEK10.8 billion). The
annualized run rate was SEK35 billion (SEK47 billion), down from
SEK37 billion in the previous quarter.
The earlier announced reduction target of an annualized
operating expense run rate of SEK33 billion by the third quarter
2004 remains.
Operating income was SEK4.5 billion (-SEK2.8 billion) compared
to SEK6.3 billion the previous quarter. Income after financial
items was SEK4.3 (-SEK2.8) billion compared to SEK5.9 billion in
the fourth quarter.
Net effects of currency exchange differences on operating income
compared to the rates one year ago were SEK-0.8 billion in the
quarter.
Excluding effects from currency hedging the effects would have
been -SEK1.0 billion
Net income was SEK3.0 (-SEK4.3) billion for the quarter.
Earnings per share were SEK0.19 (-SEK0.27).
The number of employees amounted to 50,650 (60,940) at the end
of the quarter. Excluding some 2,000 employees added through
managed services contracts as well as employees notified but
still included in the company's payroll, the original headcount
target of 47,000 has been reached.
Balance sheet and financing
The financial position remained strong with net of financial
assets and debt, i.e. net cash, at SEK26.8 billion compared to
SEK27.0 billion at year-end 2003. Cash improved by SEK1.2
billion sequentially to SEK74.4 billion
Days sales outstanding (DSO) for trade receivables were 102
(109), an increase by 23 days sequentially, mainly due to
seasonality.
Inventory, including work in progress, increased by SEK3.5
billion sequentially to SEK14.4 billion (SEK14.5 billion), due
to the higher business activity.
Gross customer financing exposure decreased sequentially by
SEK1.0 billion to SEK11.2 billion (SEK20.1 billion). Net
customer financing credits on balance sheet were reduced
sequentially by SEK0.1 billion to SEK3.9 billion (SEK13.6
billion).
Effective from 2004, Ericsson has adopted Swedish accounting
principles, RR29 Employee benefits, in its financial reporting.
The effect of this accounting change has been reported as
increased pension provisions of SEK1.8 billion and decreased
equity, net after taxes, by SEK1.3 billion.
The equity ratio was 35.0% (34.9%) compared to 34.4% at the end
of the previous quarter. Excluding the change in pension
accounting principles the equity ratio would have been 35.7%.
Cash flow
Cash flow from operations remained strong at SEK3.2 billion.
Cash flow before financing activities amounted to SEK2.9 billion
(SEK0.7 billion). Cash flow from investing activities was
-SEK0.3 billion net. The cash flow is affected by increased
work in progress as a result of the higher business activity.
Payment readiness increased sequentially by SEK3.1 billion to
SEK78.4 billion (SEK66.5 billion), mainly due to improved
earnings.
Cash outlays of SEK5 billion, with regard to restructuring, are
expected during 2004. Of this SEK2.1 billion was paid in the
first quarter.
SEGMENT RESULTS
SYSTEMS
First quarter Fourth quarter
SEKbillion 2004 2003 Change 2003 Change
Orders booked 31.1 25.0 24% 27.6 13%
Mobile Networks 24.9 17.5 43% 20.5 22%
Fixed Networks 1.2 2.0 -41% 1.1 4%
Professional Services 5.0 5.5 -10% 6.0 -17%
Net sales 26.1 24.0 9% 33.6 -22%
Mobile Networks 21.1 17.6 19% 25.7 -18%
Fixed Networks 0.9 1.9 -53% 2.2 -60%
Professional Services 4.1 4.4 -7% 5.7 -28%
Operating income 4.2 -1.5 [1] - 5.8 [1]
Operating margin (%) 16% -6% [1] - 17% [1]
[1] Adjusted for restructuring charges in the first quarter
2003, net SEK3.1 billion and in the fourth quarter 2003 SEK3.6
billion
Systems orders increased sequentially by 13% to SEK31.1
(SEK25.0) billion. Year-over-year Systems orders increased by
24%. Systems sales decreased 22% sequentially to SEK26.1
(SEK24.0) billion due to seasonality. Year-over-year Systems
sales increased by 9%.
Mobile Networks orders increased both sequentially and year-
over-year by 43% and 22% respectively, mainly driven by GSM and
3G. Sales decreased sequentially by 18% due to seasonality.
WCDMA equipment and associated network rollout services share of
total Mobile Networks sales were stable at 12%.
The business development trend for Professional Services
continues with an increasing number of managed services and
hosting contracts.
Sales can however vary between quarters and were flat year-over-
year, adjusted for currency exchange effects. Professional
Services represents 16% of total Systems sales.
OTHER OPERATIONS
First quarter Fourth quarter
SEK billion 2004 2003 Change 2003 Change
Orders booked 2.4 2.6 -8% 2.3 2%
Net sales 2.4 2.4 4% 3.2 -23%
Operating income 0.0 -0.5 [1] - 0.3 [1]
Operating margin (%) 2% -20% [1] - 8% [1]
[1] Adjusted for restructuring charges in the fourth quarter
2003 SEK0.8 billion
Orders booked showed a slight sequential increase. Sales
decreased sequentially mainly as a result of seasonality and
effects of prior restructuring activities. Ericsson Mobile
Platforms had strong sales growth both year-over-year and
sequentially.
SONY ERICSSON MOBILE COMMUNICATIONS
Sony Ericsson Mobile Communications (Sony Ericsson) reported a
strong increase in shipments and record profits for the first
quarter 2004.
Ericsson's share in Sony Ericsson's income after financial items
was SEK0.5 billion compared to SEK0.3 billion in the previous
quarter. In an overall strong mobile phone market, shipments
from Sony Ericsson reached an all-time high as its product
offering in the mid- and entry-level segments continued to gain
momentum. Units shipped in the quarter posted a 63% increase
compared to the same period last year. As average sales price
also increased slightly, sales were up 66% compared to the same
period last year.
Market share is estimated to have increased during the quarter
thanks to strong demand and increased operational excellence.
Sony Ericsson has increased its estimates for the global market
for 2004 from approximately 520 million units to over 550
million units.
Transactions with Sony Ericsson Mobile Communications
SEK million Q1 2004 Q2 2003
Sales to Sony Ericsson 504 576
Royalty from Sony Ericsson 140 56
Purchases from Sony Ericsson 334 265
Shareholder contribution - 1,384
Receivables from Sony Ericsson 45 541
Liabilities to Sony Ericsson 124 115
Parent Company information
Net sales for the first quarter amounted to SEK0.5 billion
(SEK0.5) billion and income after financial items was SEK0.9
billion (SEK1.2) billion. Restructuring costs are excluded in
income after financial items for 2003.
Major changes in the company's financial position for the first
quarter include decreased current and long-term commercial and
financial receivables from subsidiaries of SEK5.3 billion Short-
and long-term internal borrowings decreased by SEK6.5 billion.
At the end of the quarter, cash and short-term cash investments
amounted to SEK69.4 billion (SEK68.4) billion.
In accordance with the conditions of the Stock Purchase Plans
and Option Plans for Ericsson employees, 2,072,000 shares from
treasury stock were sold or distributed to employees during the
first quarter.
The Annual General Meeting decided, as previously announced, to
amend one parameter in the Stock Purchase Plan 2003 (SPP 2003)
by removing the SEK50,000 annual restriction on individual
investments in shares under SPP 2003, while retaining 7.5% of
annual salary as the maximum for investments in shares. The
holding of treasury stock at March 31, 2004 was 304,067,953
Class B shares.
OTHER INFORMATION
The Annual General Meeting decided, as previously announced, in
accordance with the proposal from the Board of Directors that no
dividend will be paid for 2003. The Annual General Meeting also
decided to implement a long-term incentive plan 2004 directed at
4,700 senior managers and key contributors.
For more information regarding the long-term incentive plan 2004
and changed accounting principles regarding pensions see
Accounting policies and reporting.
Stockholm, April 23, 2004
Carl-Henric Svanberg
President and CEO
Date for next report: July 21, 2004
Auditors' Report
We have reviewed the report for the three-month period ended
March 31, 2004, for Telefonaktiebolaget LM Ericsson (publ.). We
conducted our review in accordance with the recommendation
issued by FAR. A review is limited primarily to enquiries of
company personnel and analytical procedures applied to financial
data and thus provides less assurance than an audit. We have
not performed an audit and, accordingly, we do not express an
audit opinion.
Based on our review, nothing has come to our attention that
causes us to believe that the interim report does not comply
with the requirements for interim reports in the Annual Accounts
Act.
Stockholm, April 23, 2004
Bo Hjalmarsson Peter Clemedtson Thomas Thiel
Authorized Public Authorized Public Authorized
Accountant Accountant Public Accountant
PricewaterhouseCoopers AB PricewaterhouseCoopers AB
CONTACT: LM ERICSSON
Henry Ston, Senior Vice President, Communications
Phone: +46 8 719 4044
E-mail: investor.relations@ericsson.com or
E-mail: press.relations@ericsson.com
Investors
Gary Pinkham, Vice President, Investor Relations
Phone: +46 8 719 0000
E-mail: investor.relations@ericsson.com
Lotta Lundin, Investor Relations
Phone: +46 8 719 6553
E-mail: investor.relations@ericsson.com
Glenn Sapadin, Investor Relations
Phone: +1 212 843 8435
E-mail: investor.relations@ericsson.com
=====================
S W I T Z E R L A N D
=====================
ADECCO SA: Jim Fredholm Appointed Chief Financial Officer
---------------------------------------------------------
The Company is pleased to announce the appointment of Jim
Fredholm as Group Chief Financial Officer of the Adecco Group,
with effect from 1 June 2004. He will join Adecco from Deutsche
Post World Net (DPWN), where he served for seven years, most
recently as Managing Director of the STAR Program, the Company's
group-wide value creation program, and Global Integration
Officer of DHL.
Jerome Caille, Chief Executive Officer of the Adecco Group,
said: "We are delighted Jim Fredholm will be joining Adecco as
Group Chief Financial Officer. We believe his strong background
in accounting, finance and controls acquired in several large
global service companies will be invaluable in helping us to
emerge from recent events a stronger company."
After qualifying as a certified public accountant in the U.S.
with Ernst + Whinney, Mr. Fredholm, 51 years old, started his
professional career as European Controller with Datapoint and
occupied similar positions within other technology companies in
Germany, the U.K. and the USA. Between 1987 and 1997, he worked
in senior financial positions based in London for several
British companies including Grand Metropolitan and Somerfield,
before moving to Switzerland to join DANZAS as the Chief
Financial Officer from 1997 until 2002.
Mr. Fredholm played a key role in supporting the strategic
development of this former Swiss quoted global logistics and
freight forwarding company. Acquired by Deutsche Post in 1999
the Danzas Group undertook three major acquisitions in Europe
and the USA, resulting in a 300% revenue increase by 2002 to
EUR9 billion. With the decision to integrate the Danzas Group
into DHL in 2002, Mr. Fredholm's appointment as Managing
Director of STAR positioned him to lead the global DHL
integration process.
About Adecco
Adecco S.A. is a Forbes 500 company and the global leader in HR
Solutions. The Adecco Group network connects 600,000 associates
with business clients each day through its network of 28,000
employees and more than 5,800 offices in 68 territories around
the world. Registered in Switzerland, and managed by a
multinational team with expertise in markets spanning the globe,
the Adecco Group delivers an unparalleled range of flexible
staffing and career resources to corporate clients and qualified
associates.
The Adecco Group comprises three Divisions, Adecco Staffing,
Ajilon Professional and LHH Career Services. In Adecco
Staffing, the Adecco staffing network focuses on flexible
staffing solutions for global industries in transition,
including automotive, banking, electronics, logistics and
telecommunications; Ajilon Professional offers an unrivalled
range of specialized consulting and project management
businesses and LHH Career Services encompasses our portfolio of
outplacement and coaching.
Adecco S.A. is registered in Switzerland and its shares (ISIN:
CH0012138605) are listed on the Swiss Stock Exchange with
trading on Virt-x (SWX/VIRT-X:ADEN), the New York Stock Exchange
(NYSE:ADO) and Euronext Paris - Premier Marche (EURONEXT: ADE).
About Deutsche Post World Net
Deutsche Post World Net (DPWN) is one of the worldwide leading
players in international logistics, parcel service, airfreight,
and global air express. With its high-caliber brands Deutsche
Post, DHL and Postbank, DPWN now serves millions of business
customers worldwide. In 2003 the group posted an EBITA of
almost EUR3 billion on revenue of more than EUR40 billion. DPWN
has some 380,000 employees.
About STAR
The STAR program was established at the end of 2002 as the
group-wide value enhancement initiative of Deutsche Post World
Net. Since its launch it has delivered total contributions to
earnings of EUR423 million, due in particular to organizational
improvements at DHL, ongoing IT and network optimization and the
successful restructuring of the Group's purchasing activities.
* * *
Standard & Poor's Ratings Services recently lowered its long-
term corporate credit rating on the Switzerland-based personnel
services group to 'BB+' from 'BBB-', following the group's
announcement of a further and unspecified delay in the
publication of its 2003 audited accounts. The ratings on Adecco
and related entities remain on CreditWatch with negative
implications, where they were placed on Jan. 20, 2004.
Adecco is again postponing the publication of its 2003 results -
- initially expected April 20 -- pending the completion by law
firm Paul, Weiss, Rifkind, Wharton & Garrison of certain aspects
of its independent inquiry, and continuing audit work by Ernst &
Young.
"The downgrade reflects Standard & Poor's view that the renewed
delay in the publication of Adecco's 2003 audited accounts may
have an adverse impact on the group's liquidity and business
positions, making them inconsistent with investment-grade
ratings. In addition, Adecco has given no timetable of when it
is likely to publish the 2003 results," said Standard & Poor's
credit analyst Melvyn Cooke. "Although the group claims that it
has no indications of major misappropriations or irregularities,
there is very limited information on the reasons for such a
delay."
ASCOM: 2003 Group Net Loss Down 76% to CHF68 Million
----------------------------------------------------
Despite the tough market conditions of 2003, Ascom trebled the
operating result for its four core Divisions of Transport
Revenue, Network Integration, Wireless Solutions and Security
Solutions from CHF19 million to CHF61 million and achieved a 13%
rise in the order intake. Through a series of divestments and
restructuring measures, the company succeeded in reducing the
share of non-core Divisions on total revenues to roughly 15% at
the end of 2003. It also streamlined the product and service
offering according to plans. Ascom ends the financial year with
a significantly reduced Group net loss of -CHF68 million
(previous year -CHF281 million. Net debt was completely
eliminated in the year under review. Cash and cash equivalents
exceeded interest-bearing debt to the tune of CHF55 million.
The equity ratio was strengthened considerably, and is now at
18%.
The core Divisions enjoyed a 13% rise in their order intake
compared with the previous year to CHF1,127 million, and
generated revenues of CHF1,036 million in 2003. In the second
half of 2003, revenues of the core Divisions grew by 10% versus
the first six months of the year.
Group revenues for 2003 were to CHF1,515 million (previous year
CHF2,066 million). Of the CHF551 million drop in revenues,
CHF462 millions stem from business divestments, while CHF39
million is attributable to the core Divisions and CHF50 million
to the continuing non-core Divisions. Adjusted for divestments
and currency exchange impacts, total revenues declined by 10%
from the previous year's level.
The sale of the PBX (Ascotel) and Energy Systems Divisions
enabled Ascom to lower the share of continuing non-core
Divisions to 15% of total revenues in 2003 (previous year 48%).
Trebling of operating result of the core Divisions
Ascom's core Divisions ended the financial year 2003 with a
CHF42 million improvement in operating result to CHF61 million.
The trebling of the result in the core Divisions was achieved
through focusing on profitable niche markets.
The Transport Revenue Division succeeded in enhancing its
profitability. This core Division accomplished a turnaround,
ending financial year 2003 with an operating result of
CHF7million (previous year -CHF28 million), with revenues around
6% lower at CHF267 million. The order intake grew by 24% to
CHF279 million. All except two of the critical, legacy projects
were completed, enabling the Division to reduce risks, improve
margins and expand the maintenance business. In a difficult
period for the Group, the Division won several large-scale
orders from infrastructure operators in Switzerland, France and
North America.
The Security Solutions Division reported a 27% decline in the
operating result to CHF11 million (previous year CHF15 million)
on a 22% lower revenue base of CHF165 million, due to a weaker
order intake in the first half year to be realized in 2003.
Security Solutions nevertheless increased its order intake by
22% in 2003 to CHF221 million. Significant new orders were won
in tunnel and building communications along with passenger
information systems in Germany, Austria and Switzerland,
enabling Security Solutions to expand its civilian business and
to grow internationally.
The Network Integration Division lifted its operating result by
CHF3 million to CHF10 million (previous year CHF7 million) on 6%
lower revenues of CHF333 million. The Division reported a 4%
lower order intake compared to the previous year with CHF354
million. All country subsidiaries achieved a positive result
for the first time, though there was a particularly significant
improvement in profitability in Switzerland, Germany and Italy.
In addition, the Division was successful in winning major orders
from well-known international companies with a considerable
service and outsourcing share. On top of that, Network
Integration was nominated best European partner in 2003 by
leading technology companies.
On around 17% higher revenues, the Wireless Solutions Division
boosted its operating result by 32% to CHF33 million (previous
year CHF25 million). Incoming orders grew by 21% in 2003 to
CHF277 million. The focus on high-growth market segments such as
healthcare and cooperation with strong distribution partners
also led to a marked improvement in profitability in 2003. One
highlight was the conclusion of several projects on behalf of
stock exchanges in the U.S. A number of high-profile
international manufacturing and service companies also opted for
on-site communication solutions from Wireless Solutions. On top
of that, Wireless Solutions became Europe's largest supplier of
business DECT handsets in 2003.
Thus all core Divisions of Ascom ended financial year 2003 with
a positive operating result.
Sharp reduction in share of the non-core Divisions
Third part revenues of the continuing non-core Divisions (Co-
operation -- essentially Payphones, Manufacturing France and
Switzerland -- amounted to CHF225 million (previous year CHF262
million) in the past financial year, and thus represented only
about 15% of total revenues. The very tough market conditions,
the restructuring charges incurred and an inadequate level of
capacity utilization led to a deterioration of the operating
result to -CHF32 million (previous year -CHF20 million).
The restructuring of Payphones was brought to a successful
conclusion in the reporting period. Negotiations regarding the
restructuring of Manufacturing sites in France are at an
advanced stage. In 2003 a manufacturing site in France with 55
employees could be divested. The capacities of Manufacturing
Switzerland were also adjusted to the lower market demand in
2003. The efforts to identify divestment and potential buyers
for these businesses are proceeding apace.
Substantial reduction in Group net loss
The Group's operating result amounts to -CHF27 million (previous
year -CHF107 million). Besides the CHF42 million improvement in
operating result for the core Divisions, the key contributing
factors were a CHF42 million reduction in losses from divested
business to -CHF29 million and a CHF8 million reduced operating
loss of the Group and finance companies.
Ascom ends the financial year 2003 with a significantly reduced
Group net loss totaling -CHF68 million. That compares with a
figure that was four times as high in the previous year at
-CHF281 million. Ascom progressed from a loss of -CHF57 million
in the first half of 2003 to a reduced net loss of -CHF11
million in the second half of the year.
The improvement in the Group's result for 2003 is due to a CHF80
million increase in the operating result, CHF32 million
reduction in financing and tax charges and, above all, sharply
reduced one-time effects compared with the prior year. The
reduction in non-recurring factors primarily comprises CHF24
million lower restructuring charges for divested business areas,
CHF10 million lower gains from the disposal of real estate and
divestments and CHF62 million lower impairments of goodwill and
intangible assets.
Net debt eliminated - working capital reduced
The company continued to strengthen its balance sheet through
disposals of business areas and real estate, further
optimization of net working capital and the successful
implementation of the capital increase in December 2003.
Cash and cash equivalents exceeded interest-bearing debt to the
tune of around CHF55 million (net debt in previous year -CHF264
million) as at 31 December 2003. The significant reduction of
net debt -- in the order of CHF319 million -- was a result of
proceeds from the disposal of businesses and real estate,
together with a reduction in net working capital and the inflow
of funds from the capital increase.
Balance sheet and shareholders' equity
The Group's total asset base declined by -CHF396 million or by
26% compared to 31 December 2002. The sale of businesses and
real estate contributed CHF214 million to this reduction. The
CHF74 million capital increase conducted in December 2003
enabled Ascom to strengthen its balance sheet. The Group's
shareholders' equity increased by CHF7 million compared to 31
December 2003. The equity ratio increased to 18% at the end of
the reporting period (previous year 13%).
Ascom Holding Ltd bond issue
Following the disposal of Energy Systems, PBX and Real Estate,
CHF63 million was deposited in a escrow account in favor of
Ascom Holding Ltd.'s bondholders.
Employees
Ascom employed 4,842 people as at 31 December 2003, representing
a reduction of 2,462 employees or 34% in relation to 31 December
2002. More than two thirds of the jobs were transferred in
conjunction with the sale of businesses.
Outlook for 2004
In the financial year now under way the resources will be geared
even more to the operational aspects of the business. The prime
objective in 2004 will be to strengthen the profitability as
soon as possible and to return to black figures. All necessary
measures will therefore be implemented with the same swift pace
and urgency as until now. These efforts will center on:
extending the strong market position of the core Divisions
through profitable, organic growth, a further increase in
profitability at the core Divisions, the restructuring of
Manufacturing in France, along with the search for cooperation
partners or possible buyers for the non-core areas, the
streamlining and simplification of the Group structure, the
constant adaptation of the cost structure to the market
conditions.
Clear objectives of the core Divisions should lead to growth in
specific areas of the business in 2004:
Transport Revenue intends to expand its service and maintenance
business, and to create more repeat sales based on successfully
implemented solutions.
Security Solutions is increasing its focus on civilian markets,
in particular through communications, information and management
systems for transport infrastructure operators. It will also
selectively exploit new geographical markets in Eastern Europe
and Scandinavia.
Network Integration intends to boost the share of its service
and outsourcing business.
Wireless Solutions will continue to focus on serving hospital,
elderly care, manufacturing and closed establishment markets and
is working on extending the value chain by offering solutions
involving consultancy and other services, as well as
hardware/software. Geographically, the Division is looking to
expand its U.S. business.
About Ascom
Ascom is an international solution supplier with a comprehensive
technology know-how. In the areas Transport Revenue (revenue
collection, toll and parking systems), Security Solutions
(applications for security, communications, automation and
control systems for infrastructure operators, public security
institutions and the army), Network Integration (network
solutions in the data/voice convergence market) and Wireless
Solutions (high quality on-site communications solutions) with
many years of experience in the execution of complex projects
for demanding customers the company has established itself in
important key markets. Ascom's offering covers analysis and
consulting, system design and system integration, project
management, engineering and implementation, and goes right
through to maintenance and support. The company has
subsidiaries in 23 countries and has a staff of around 5,000
employees worldwide. The Ascom registered shares (ASCN) are
quoted on the SWX Swiss Exchange in Zurich.
CONTACT: ASCOM CORPORATE MEDIA OFFICE
Ascom Management AG
Bettina Cohen, Head of Corporate Communications
Belpstrasse 37
CH-3000 Berne 14
Phone: +41 31 999 43 44
Fax: +41 31 999 21 17
E-mail: media@ascom.com
Home Page: http://www.ascom.com
Ascom Corporate Finance and Investor Relations
Ascom Management AG
Rudolf Hadorn, Chief Financial Officer
Stettbachstrasse 6
CH-8600 Dubendorf
Phone: +41 1 631 14 15
Fax: +41 1 631 28 00
E-mail: investor@ascom.com
=============
U K R A I N E
=============
DNIPRO-POLIMER-MASH: Under Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on OJSC Dnipropolimermash (code EDRPOU
00218615) in April. The case is docketed as B29/56/04. Mr.
Zavertajnij Igor Borisovich (license AA 250298 approved February
1, 2002) has been appointed temporary insolvency manager.
Creditors have until May 17, 2004 to submit their proofs of
claim.
Dnipropolimermash holds account number, 26001132195001, with
Privatbank of Dnipropetrovsk, Kirov branch.
CONTACT: DNIPROPOLIMERMASH
49033, Ukraine, Dnipropetrovsk, Geroi Stalingrada
str., 147
Mr. Zavertajnij Igor, Temporary Insolvency Manager
Ukraine, Dnipropetrovsk, Serov str., 1a/12
ECONOMIC COURT OF DNIPROPETROVSK REGION
Ukraine, Dnipropetrovsk, Kuibishev str., 1a
FARFOR: Lviv Court Appoints Insolvency Manager
----------------------------------------------
The Economic Court of Lviv region declared CJSC Farfor (code
EDRPOU 00310404) insolvent and introduced bankruptcy proceedings
on March 25, 2004. The case is docketed as 7/114-39/168. Mr.
Martunuk V. M. (license AA 250333) has been appointed
liquidator/insolvency manager.
Farfor maintains account number, 26002301450238, with PIB,
Borislav branch, MFO 325406.
CONTACT: FARFOR
82300, Ukraine, Lviv region, Borislav, Sosura str., 3
Mr. Martunuk V. M., Liquidator
Ukraine, Ivano-Frankivsk, a/b 582
Phone: (0342) 55-29-18
ECONOMIC COURT OF LVIV REGION
79010, Ukraine, Lviv, Lichakivska str., 81
HRESHATIK: Declared Bankrupt
----------------------------
The Economic Court of Sumi region declared LLC Hreshatik (code
EDRPOU 30902354) insolvent and introduced bankruptcy proceedings
on March 29, 2004. The case is docketed as 6/97. Mrs.
Atamanova Tetyana Mikolajivna (license AA 249718 approved
October 19, 2001) has been appointed liquidator/insolvency
manager.
Creditors have until May 14, 2004 to submit their proofs of
claim.
CONTACT: HRESHATIK
Ukraine, Sumi region, Romensk district,
Kosarivshina, Svitankova str., 36
Mrs. Atamanova Tetyana, Liquidator/Insolvency Manager
Ukraine, Sumi, Suprun str., 3/2
ECONOMIC COURT OF SUMI REGION
40477, Ukraine, Sumi, Ribalko str., 2
IKVA: Insolvent Status Confirmed
--------------------------------
The Economic Court of Hmelnitski region declared STOV Ikva (code
EDRPOU 03728995) insolvent and introduced bankruptcy proceedings
on March 29, 2004. The case is docketed as 2/238-B.
Arbitral manager Mr. Bilik Volodimir Anatoliyovich (license AA
487801 approved as of April 18, 2003) has been appointed
liquidator/insolvency Manager.
CONTACT: IKVA
31400, Ukraine, Hmelnitski region,
Stara Sinyava, Grushevski str., 93
ECONOMIC COURT OF HMELNITSKI REGION
29000, Ukraine, Hmelnitski, Nezalezhnosti square, 1
INTER-KONTEJNER: Declared Insolvent
-----------------------------------
The Economic Court of Odesa region declared LLC Inter-Kontejner
(code EDRPOU 25977997) insolvent and introduced bankruptcy
proceedings on March 25, 2004. The case is docketed as 21/31-
04-1702.
Mrs. Safronova Svitlana Volodimirivna (license AA 250014
approved November 19, 2001) has been appointed
liquidator/insolvency Manager.
INTER-KONTEJNER holds account number,26006314145, with JSB
Pivdennij of Odesa, MFO 328209.
CONTACT: INTER-KONTEJNER
65026, Ukraine, Odesa, Mitna square, 1
Mrs. Safronova Svitlana
Liquidator/Insolvency Manager
65012, Ukraine, Odesa, Risheljevska str., 74/1
ECONOMIC COURT OF ODESA REGION
65032, Ukraine, Odesa, Shevchenko avenue, 4
KALUSHSKA REALBAZA: Falls into Bankruptcy
-----------------------------------------
The Economic Court of Ivano-Frankivsk region commenced
bankruptcy supervision procedure on OJSC Kalushska Realbaza
Hliboproduktiv (code EDRPOU 00954366) in March. The case is
docketed as B-7/28. Arbitral manager Mr. Hlibejchuk Mihajlo
Ivanovich (license AA 047795 approved October 17, 2001) has been
appointed temporary insolvency manager.
Creditors have until May 16, 2004 to submit their proofs of
claim.
Kalushska Realbaza Hliboproduktiv holds account number,
260031186, with APPB Aval, Kalush branch, MFO 336462.
CONTACT: KALUSHSKA REALBAZA HLIBOPRODUKTIV
77300, Ukraine, Ivano-Frankivsk region,
Kalush, Dolinska 52
Mr. Hlibejchuk Mihajlo
Temporary Insolvency Manager
Ukraine, Ivano-Frankivsk region, Tismenski district,
Dragomirchani, Miru str.,10
ECONOMIC COURT OF IVANO-FRANKIVSK REGION
76000, Ukraine, Ivano-frankivsk, Grunvaldska str.,11
LUGANSKMISKBUD: Under Bankruptcy Supervision Procedure
------------------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
supervision procedure on CJSC Luganskmiskbud (code EDRPOU
30516032) in February. The case is docketed as 10/17b.
Mr. Belikov Andrij Viktorovich (license AA 484195 approved
December 29, 2002) has been appointed temporary insolvency
manager.
Creditors have until May 16, 2004 to submit their proofs of
claim.
Luganskmiskbud holds account number, 260430455, with JSB
Ukrgazbank, MFO 304621.
CONTACT: LUGANSKMISKBUD
91000, Ukraine, Lugansk, Tsimlanska str., 5
Mr. Belikov Andrij Viktorovich,
Temporary Insolvency Manager
Ukraine, Lugansk, Komarov quarter. 35/64
ECONOMIC COURT OF LUGANSK REGION
91000, Ukraine, Lugansk, Geroi VVV square., 3a
NATALKA: Deadline for Proofs of Claim May 20
--------------------------------------------
The Economic Court of Dnipropetrovsk region declared ?JSC
Natalka (code EDRPOU 23930701) insolvent and introduced
bankruptcy proceedings on March 30, 2004. The case is docketed
as B24/34/04. Mr. Shmal Volodimir Grigorovich has been
appointed liquidator/insolvency manager.
Creditors have until May 20, 2004 to submit their proofs of
claim at: 53210, Dnipropetrovsk region, Nikopol, Geroi
Chornobilya str.,61/18; Phone: 2-33-26.
CONTACT: NATALKA
53300, Ukraine, Dnipropetrovsk region,
Ordzhonokidze, Petrovski str., 60
Mr. Shmal Volodimir, liquidator/insolvency manager
53210, Ukraine, Dnipropetrovsk region, Nikopol,
Geroi Chornobilya str.,61/18
Phone: 2-33-26
ARBITRATION COURT OF DNIPROPETROVSK REGION
49600, Ukraine, Dnipropetrovsk, Kujbishev str., 1a
OMEGA: Insolvent Status Confirmed
---------------------------------
The Economic Court of Zaporizhya region declared LLC Omega (code
EDRPOU 23284891) insolvent and introduced bankruptcy proceedings
on February 2, 2004. The case is docketed as 21/10. Mr.
Saruhanyan Sergij Rubenovich has been appointed
liquidator/insolvency manager.
Creditors have until May 17, 2004 to submit their proofs of
claim.
CONTACT: OMEGA
71600, Ukraine, Zaporizhya region, Vasilivka,
Chekisti str., 35
Mr. Saruhanyan Sergij, liquidator/insolvency manager
71600, Ukraine, Zaporizhya region, Vasilivka,
Chekisti str., 35
ECONOMIC COURT OF ZAPORIZHYA REGION
69001, Ukraine, Zaporizhya, Shaumyana str., 4
PRIZMA-LUKS: Declared Bankrupt
------------------------------
The Economic Court of Dnipropetrovsk region declared LLC Prizma-
Luks (code EDRPOU 20244922) insolvent and introduced bankruptcy
proceedings on December 8, 2003. The case is docketed as
B26/61/03.
Mrs. Mihajlidi Tetyana Volodimirivna (license AA 249940) has
been appointed Liquidator/Insolvency Manager.
Prizma-Luks maintains account number, 26004153321001, with KF CB
Privatbank, MFO 305750.
CONTACT: PRIZMA-LUKS
50029, Ukraine, Dnipropetrovsk region,
Krivij Rig, Nogin str.,21
Mrs. Mihajlidi Tetyana, Liquidator/Insolvency Manager
50000, Ukraine, Dnipropetrovsk region,
Krivij Rig, K. Libkneht str.,7
Phone/Fax: (0564) 28-39-61
ECONOMIC COURT OF DNIPROPETROVSK REGION
49600, Ukraine, Dnipropetrovsk, Kujbishev str., 1a
PROMRESURS: Declared Insolvent
------------------------------
The Economic Court of Kyiv region declared OJSC Promresurs (code
EDRPOU 21633643) insolvent and introduced bankruptcy proceedings
on February 3, 2004. The case is docketed as 24/514-b.
Arbitral manager Mr. Parhatskij Mikola Grigorovich (license AA
250193 approved December 18, 2001) has been appointed
Liquidator/Insolvency Manager.
PROMRESURS holds account 26008300100118 with JSCB Koral-Bank,
MFO 321696.
CONTACT: PROMRESURS
01000, Ukraine, Kyiv, Iskrivska str., 10
Mr. Parhatskij Mikola, Liquidator/Insolvency Manager
Ukraine, Kyiv, Yasnogirska str., 47
ECONOMIC COURT OF KYIV REGION
01030, Ukraine, Kyiv, B. Hmelnitskogo, 44-B
RAJDUGA: Proofs of Claim Deadline May 17
----------------------------------------
The Economic Court of Hmelnitski region commenced bankruptcy
supervision procedure on Agriculture LLC Rajduga (code EDRPOU
03787147) in March. The case is docketed as 13/80-B. Arbitral
manager Mr. Papaduk Oleksandr Feodosiyovich (license AA 250190
approved as of January 10, 2002) has been appointed temporary
insolvency manager.
Creditors have until May 17, 2004 to submit their proofs of
claim.
Rajduga maintains account number, 26008301210647, with
Prominvestbank, Shepetivsk branch, MFO 315450.
CONTACT: RAJDUGA
30455, Ukraine, Hmelnitski region,
Shepetivsk district, Velika Shkarivka
Mr. Papaduk Oleksandr, temporary insolvency manager
Ukraine, Hmelnitski region, Starokostyantiniv, Miru
str., 3/20, 14
ECONOMIC COURT OF HMELNITSKI REGION
29000, Ukraine, Hmelnitski, Nezalezhnosti square., 1
SLAVUTICH-KAPITAL: Court Commences Bankruptcy Procedure
-------------------------------------------------------
The Economic Court of Dnipropetrovsk region declared OJSC
investment company Slavutich-Kapital (code EDRPOU 21871383)
insolvent and introduced bankruptcy proceedings on April 1,
2004. The case is docketed as B26/21/04. Arbitral manager Mr.
Reva Maksim Oleksandrovich (license AA 419497) has been
appointed as a liquidator/insolvency manager.
Creditors have until May 17, 2004 to submit their proofs of
claim.
CONTACT: SLAVUTICH-KAPITAL
49038, Ukraine, Dnipropetrovsk, Karl Marks avenue, 98
Mr. Reva Maksim Oleksandrovich
Liquidator/Insolvency Manager
49000, Ukraine, Dnipropetrovsk, Komsomolska str., 48/2
Phone: (056) 744-19-31
ECONOMIC COURT OF DNIPROPETROVSK REGION
49600, Ukraine, Dnipropetrovsk, Kujbishev str., 1-a
UKRAINA: Declared Insolvent
---------------------------
The Economic Court of Harkiv region declared agricultural LLC
Ukraina (code EDRPOU 30886830) insolvent and introduced
bankruptcy proceedings on April 6, 2004. The case is docketed
as B-19/188-03. Arbitral manager Mr. Dralin A. V. (license AA
250090 approved as of November 30, 2001) has been appointed
liquidator/insolvency manager.
CONTACT: UKRAINA
62331, Ukraine, Harkiv region, Dergachivski district,
Veliki Prohodi, Radyanska str., 40
ECONOMIC COURT OF Harkiv REGION
61022, Ukraine, Harkiv, Svobodi square, 5,
Derzhprom, 8-th entrance
VELIKOCHERNECHINSKA: Files for Bankruptcy
-----------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on LLC agrofirm Velikochernechinska (code
EDRPOU 30879996) in February. The case is docketed as 6/17.
Mr. Hovrin Yuriy Andriyovich (license AA 250403 approved March
27, 2002) has been appointed temporary insolvency manager.
Creditors have until May 17, 2004 to submit their proofs of
claim at: 40030, Ukraine, Sumi, a/b 282.
CONTACT: VELIKOCHERNECHINSKA
Ukraine, Sumi region, Sumi district,
village Chernechina
Mr. Hovrin Y., temporary insolvency manager
40030, Ukraine, Sumi, a/b 282
ECONOMIC COURT OF SUMI REGION
40030, Ukraine, Sumi, Ribalko str., 2
ZHOVTNEVE REPAIR: Insolvent Status Confirmed
--------------------------------------------
The Economic Court of Sumi region declared OJSC Zhovtneve
Repair-Transport Enterprise (code EDRPOU 03563226) insolvent
and introduced bankruptcy proceedings on March 15, 2004. The
case is docketed as 6/18.
Ms. Atamanova Tetyana Mikolajivna (license AA 249718 approved
October 19, 2001) has been appointed liquidator/insolvency
manager. Creditors have until May 16, 2004 to submit their
proofs of claim.
CONTACT: ZHOVTNEVE REPAIR-TRANSPORT ENTERPRISE
Ukraine, Sumi region, Konotopsk district,
Zhovtneve, Shevchenko str., 1
Ms. Atamanova Tetyana, Liquidator/ Insolvency Manager
Ukraine, Sumi, Suprun str., 3/2
ECONOMIC COURT OF SUMI REGION
40477, Ukraine, Sumi, Ribalko str., 2
===========================
U N I T E D K I N G D O M
===========================
23/7 RECORDINGS: Appoints Liquidator from Rothman Pantall
---------------------------------------------------------
Name of Companies:
23/7 Recordings Limited
Ministry Magazine Limited
Ministry Of Sound Music Publishing Limited
Ministry Of Sound Promotions Limited
Ministry Of Sound Radio Limited
At an Extraordinary General Meeting of these Companies on April
7, 2004 held at 103 Gaunt Street, London SE1 6DP, the subjoined
Special Resolution to wind up the Company was passed. Stephen
Ryman of Rothman Pantall & Co, Clareville House, 26-27 Oxendon
Street, London SW1Y 4EP has been appointed Liquidator for these
Companies.
CONTACT: ROTHMAN PANTALL & CO
Clareville House,
26-27 Oxendon Street,
London SW1Y 4EP
Contact:
Stephen Ryman, Liquidator
ACCIDENT CLAIM: Hires Administrative Receiver
---------------------------------------------
Name of Company: Accident Claim Protect Limited
Nature of Business: Insurance
Trade Classification: 7
Date of Appointment: April 14, 2004
Joint Administrative Receiver: BDO STOY HAYWARD LLP
Commercial Buildings,
11-15 Cross Street,
Manchester M2 1BD
Receivers:
Dermot Justin Power
David Swaden
(IP Nos 6006/01, 5495/01)
ACTIVE IMAGING: Winding up Resolutions Passed
---------------------------------------------
At an Extraordinary General Meeting of the Active Imaging
Limited Company on March 29, 2004 held at Marlborough House,
Charnham Lane, Hungerford, Berkshire RG17 0EY, the Special.,
Ordinary and Extraordinary Resolutions to wind up the Company
were passed. Susan Margaret Roscoe of Critchleys, Greyfriars
Court, Paradise Square, Oxford OX1 1BB has been appointed
Liquidator of the Company for the purpose of the voluntary
winding-up.
CONTACT: CRITCHLEYS
Greyfriars Court
Paradise Square, Oxford OX1 1BB
Contact:
Susan Margaret Roscoe, Liquidator
ATCHLEY LIMITED: Calls in Liquidator
------------------------------------
Name of Companies:
Atchley Limited
Atchley Tools Limited
At an Extraordinary General Meeting of the Members of these
Companies on April 13, 2004 held at Suite B1, White House
Business Centre, Forest Road, Kingswood, Bristol BS15 8NH, the
Special Resolution to wind up the Company was passed. John
William Lewis has been appointed Liquidator for the purpose of
such winding-up.
BAE SYSTEMS: Reviews Option for Warship, Submarine Units
--------------------------------------------------------
Europe's largest defense company, BAE Systems considers selling
its warship and submarine division, according to the Telegraph.
This is after it received offers for its naval business from
several parties understood to include General Dynamics of the
U.S. and Britain's VT Group.
BAE confirmed Sunday that they are evaluating potential offers.
"There have been expressions of interest. We will be looking at
any approaches or offers on their merits and our priority is
shareholder value," a BAE spokesman said.
According to the report, the business is unprofitable at an
operating level despite an annual turnover of GBP800 million.
This month, the company axed 720 jobs in its Barrow-in-Furness
yard. The division employs 5,000 staff.
Meanwhile, speculations run that the sale of the naval division
might attract a merger or takeover offer from a U.S. defense
group such as Boeing.
BLACKFRIAR PAINTS: Unsecured Creditors to Meet May 7
----------------------------------------------------
There will be a Meeting of the unsecured Creditors of the
Blackfriar Paints Limited Company on May 7, 2004 at 11:00 a.m.
It will be held at 1 Georges Square, Bristol BS1 6BP.
Creditors who want to be represented at the Meeting may appoint
proxies. Proxy forms must be submitted together with debt
claims at Baker Tilly, 1 Georges Square, Bristol BS1 6BP not
later than 12:00 noon, May 6, 2004. Other Creditors whose
claims are wholly secured may not attend nor be represented at
the Meeting.
CONTACT: BAKER TILLY
1 Georges Square,
Bristol BS1 6BP
BLUE SKY: Appoints Stoy Hayward Administrator
---------------------------------------------
Name of Company: Blue Sky Group U.K. Limited
Nature of Business: Insurance Claims Finder
Trade Classification: 7
Date of Appointment: April 14, 2004
Joint Administrative Receiver: BDO STOY HAYWARD LLP
Commercial Buildings,
11-15 Cross Street,
Manchester M2 1BD
Receivers:
Dermot Justin Power
David Swaden
(IP Nos 6006/01, 5495/01)
CANARY WHARF: Songbird Posts Offer Document for Acceptance
----------------------------------------------------------
Songbird Acquisition Limited posted to Canary Wharf Shareholders
the offer document and form of acceptance relating to Songbird's
recommended offer of 295 pence per Canary Wharf Share announced
on 16 April 2004. Shareholders, who may lawfully receive it,
will also receive an AIM document that provides information on
the Class B Shares of Songbird Estates plc that are available to
Canary Wharf Shareholders under the terms of the Songbird Offer.
The Independent Committee is unanimously recommending Canary
Wharf Shareholders to accept the Songbird Offer of 295 pence.
The terms of the Offer enable all Canary Wharf Shareholders to
receive 295 pence per Canary Wharf Share in cash if they so
elect under the Mix and Match Election. Alternatively, Canary
Wharf Shareholders have the opportunity to participate in the
long-term potential of Canary Wharf by choosing to receive
consideration in the form of AIM listed Class B Shares or
unlisted Class C Shares in Songbird's parent company, Songbird
Estates.
The Songbird Offer is being implemented by means of a takeover
offer with an acceptance condition of 50% of the fully diluted
share capital of Canary Wharf. The Songbird Group has received
irrevocable undertakings, or has contracted to acquire,
98,292,663 Canary Wharf Shares, representing 16.8% of the
existing issued share capital of Canary Wharf.
Shareholders are urged to complete, sign and return the Form of
Acceptance (in accordance with the instructions thereon) in
respect of the Songbird Offer, so as to be received as soon as
possible and, in any event, no later than 1.00 p.m. (London
time) on 21 May 2004.
CONTACT: MORGAN STANLEY
Phone: +44 20 7425 5000
Mark Warham
Brian Magnus
ROTHSCHILD
Phone: +44 20 7280 5000
Alex Midgen
Ben Davey
HOARE GOVETT
Phone: +44 20 7678 8000
Nigel Mills
Ranald McGregor-Smith
TULCHAN COMMUNICATIONS
Phone: +44 20 7353 4200
Andrew Grant
Katie Macdonald-Smith
SMITHFIELD FINANCIAL
Phone: +44 20 7360 4900
John Antcliffe
FINSBURY LIMITED
Phone: +44 20 7251 3801
Faeth Birch
LAZARD
Phone: +44 20 7187 2000
William Rucker
Maxwell James
CAZENOVE
Phone: +44 20 7588 2828
Duncan Hunter
Richard Cotton
CSFB
Phone: +44 20 7888 8888
George Maddison
Richard Crawley
BRUNSWICK
Phone: +44 20 7404 5959
James Bradley
Fiona Laffan
DESIGN Q: Names Kroll Limited Administrator
-------------------------------------------
Name of Company: Design Q Limited
Nature of Business: Other Manufacture
Trade Classification: 11
Date of Appointment: April 13, 2004
Joint Administrative Receiver: KROLL LIMITED
5th Floor, Airedale House,
77 Albion Street,
Leeds LS1 5AP
Receivers:
N A Brackenbury
M J Moore
(IP Nos 8269, 5562)
DYNAMIC SYSTEMS: Hires Numerica Administrator
---------------------------------------------
Name of Company: Dynamic Systems International Limited
Nature of Business:
Installation of Sports Surfaces and the Sale of Yachting
Supplies
Trade Classification: 39
Date of Appointment: April 15, 2004
Joint Administrative Receiver: NUMERICA
9 Portland Road, Edgbaston,
Birmingham B16 9HN
Receivers:
Alan Roderick Thompson
Lynn Robert Bailey
(IP Nos 519, 6496)
GB MOTORS: Appoints Receiver from Antony Batty & Company
--------------------------------------------------------
Name of Company: GB Motors (Walton on Thames) Limited
Nature of Business: Vehicle Mechanics
Trade Classification: 7
Date of Appointment: April 5, 2004
Administrative Receiver: ANTONY BATTY & COMPANY
New House,
Suite 24, 67-68 Hatton Garden,
London EC1N 8JY
Receiver:
W A Batty
(IP No 1049)
HALL & RICE: Brings in Liquidator from Stoy Hayward
---------------------------------------------------
At an Extraordinary General Meeting of the Hall & Rice Limited
Company on April 13, 2004 held at 24 The Spinney, Handsworth
Wood, Birmingham, West Midlands B20 1NR, the subjoined Special
Resolution to wind up the Company was passed. Anthony John
Galloway of BDO Stoy Hayward LLP, 125 Colmore Row, Birmingham B3
3SD has been appointed Liquidator for the purpose of such
winding-up.
CONTACT: BDO STOY HAYWARD LLP
125 Colmore Row
Birmingham B3 3SD
Contact:
Anthony John Galloway, Liquidator
ISKRA LIMITED: Names Henderson & Co Liquidator
----------------------------------------------
At an Extraordinary General Meeting of the Members of the Iskra
Limited Company on April 4, 2004 held and constituted at
Affeneys, Clavering, Saffron Walden, Essex CB11 4QU, the Special
Resolution to wind up the Company was passed. Graham Henderson
of Henderson & Co, 12 Tumblewood Road, Banstead, Surrey SM7 1DX
has been appointed Liquidator of the Company for the purpose of
such voluntary winding-up.
CONTACT: HENDERSON & CO
12 Tumblewood Road,
Banstead, Surrey SM7 1DX
Contact:
Graham Henderson, Liquidator
LEXDRUM LIMITED: Names Receivers from Tenon Recovery
----------------------------------------------------
Name of Company: Lexdrum Limited
Nature of Business: Shopfitters
Registered Office of Company:
Highfield Court, Tollgate, Chandlers Ford, Eastleigh, Hampshire
SO53 3TZ
Date of Appointment: April 15, 2004
Joint Administrative Receiver: TENON RECOVERY
Highfield Court, Tollgate,
Chandlers Ford, Eastleigh,
Hampshire SO53 3TZ
Receivers:
Carl Stuart Jackson
Michael Ralph Eastwood Matthews
(IP Nos 8860, 2228)
MARCONI CORPORATION: Redeems Part of Senior Notes Due 2008
----------------------------------------------------------
Marconi Corporation plc (London: MONI and Nasdaq:MRCIY) confirms
to the owners of its 8% guaranteed Senior Secured Notes, due
2008 (the Securities) the parameters of the redemption of
$27,301,668 aggregate principal amount of Securities (the
Redemption Securities) that was announced on 6 April 2004. The
Record Date was at the close of business in London on 21 April
2004. The Redemption Date, as previously announced, was 22
April 2004. In line with the mechanism used for the previous
partial redemptions of the Senior Secured Notes, a pool factor
of 4.4189973% is applied to every holding, calculated with
reference to the revised issue amount of $617,824,951.
The revised issue amount follows cancellation of an original
issue amount of $99,314,633 of Marconi Corporation plc's
holdings of its Senior Secured notes. As at 22 April 2004 the
total pool factor, including the previous redemptions, is
27.0414793% calculated with reference to the revised issue
amount of $617,824,951. On the Redemption Date, the Redemption
Price, together with accrued interest, becomes due and payable.
The Redemption Securities ceased to bear interest from and after
the Redemption Date.
Any queries in respect of payment, pool factor or related
matters should be directed to Emma Wilkes at Bank of New York on
(+44) 20 7964 7662, who are the Registrar, the Depositary and
the Paying Agent.
About Marconi Corporation plc
Marconi Corporation plc is a global telecommunications
equipment, services and solutions company. The company's core
business is the provision of innovative and reliable optical
networks, broadband routing and switching and broadband access
technologies and services. The company's customer base includes
many of the world's largest telecommunications operators. The
company is listed on the London Stock Exchange (MONI) and on
Nasdaq (MRCIY). Additional information about Marconi
Corporation can be found at http://www.marconi.com
MAYFLOWER CORPORATION: Transbus Prospective Buyer Takes a Hike
--------------------------------------------------------------
Scottish businessman Hugh Nash is no longer bidding for Transbus
International, the bus making business of Mayflower Corporation.
Mr. Nash was leading a group of Scottish businessmen, which is
believed willing to offer between GBP140 million and GBP20
million for the bus maker.
But according to the Sunday Herald a spokesman for Noble Group,
with which Mr. Nash is a director, said: "[T]he consortium has
withdrawn..."
Prospective buyers have until Wednesday to lodge bids to the
company's administrator, Deloitte's Nick Dargan. Mr. Dargan
expects the transaction to close next month. He is confident
the business could be sold as a going concern after receiving a
considerable number of offers.
One interested party for part of Transbus is private equity firm
Aberdeen Murray Johnston. It is supporting a management buy-out
of Transbus' Scarborough-based Plaxton unit. Transbus' other
divisions are Dennis and Walter Alexander.
MULTI-C LIMITED: Hires Critchleys Liquidator
--------------------------------------------
At an Extraordinary General Meeting of the Multi-C Limited
Company on March 29, 2004 held at Marlborough House, Charnham
Lane, Hungerford, Berkshire RG17 0EY, the Special, Ordinary and
Extraordinary Resolutions to wind up the Company were passed.
Susan Margaret Roscoe of Critchleys, Greyfriars Court, Paradise
Square, Oxford OX1 1BB has been appointed Liquidator of the
Company for the purpose of the voluntary winding-up.
CONTACT: CRITCHLEYS
Greyfriars Court
Paradise Square, Oxford OX1 1BB
Contact:
Susan Margaret Roscoe, Liquidator
POWERTEC LIMITED: HSBC Bank Appoints PwC Receiver
-------------------------------------------------
Name of Company: Powertec (HVAC & Electrical) Limited
Reg No 2963591
Nature of Business: Heating and Air Condition Engineers
Trade Classification: 21
Date of Appointment of Administrative Receivers:
April 8, 2004
Name of Person Appointing the Administrative Receivers:
HSBC Bank PLC
Administrative Receivers: PRICEWATERHOUSECOOPERS LLP
Plumtree Court,
London EC4A 4HT
Receivers:
Julia Elizabeth Branson
Michael David Gercke
(Office Holder Nos 7487, 2360)
REMEDY INTERNATIONAL: Hires Liquidator
--------------------------------------
Name of Companies:
Remedy International Limited
Remedy U.K. Limited
At an Extraordinary General Meeting of these Companies on April
5, 2004 held at No 1 Riding House Street, London W1A 3AS, the
subjoined Special Resolution to wind up the Companies were
passed. Anthony Cliff Spicer of Smith & Williamson Limited has
been appointed Liquidator of these Companies.
CONTACT: SMITH & WILLIAMSON LIMITED
Anthony Cliff Spicer, Liquidator
SERDIA LIMITED: Appoints Liquidator from Fanshawe Lofts
-------------------------------------------------------
At an Extraordinary General Meeting of Serdia (U.K.) Limited on
March 31, 2004 held at 31 Palace Street, London SW1E 5HW, the
Special Resolution to wind up the Company was passed. Stephen
John Adshead of Fanshawe Lofts, 41 Castle Way, Southampton SO14
2BW has been appointed Liquidator for the Company.
CONTACT: FANSHAWE LOFTS
41 Castle Way,
Southampton SO14 2BW
Contact:
John Adshead, Liquidator
SKYEPHARMA PLC: Annual Results Conference Call Set April 29
-----------------------------------------------------------
SkyePharma PLC (LSE: SKP; Nasdaq: SKYE) will announce the
financial results for the year ended 31 December 2003 to the
London Stock Exchange at 07:00 a.m. BST on Thursday 29 April
2004. Later that day the Company will host an analyst
presentation, which will be Web cast live, and a U.S. conference
call to review these results.
Michael Ashton, SkyePharma's Chief Executive Officer, will host
the analyst presentation. Investors and other interested parties
may view the live Web cast at 10:00 a.m. BST on the Company's
Web site at http://www.skyepharma.comunder the Investor
Relations tab.
U.S. Investors and other interested parties may access the
conference call at 10:00 a.m. EDT (3:00 p.m. BST) by dialing
(888)-577-0767 for U.S. participants and +1-303-242-0015 for
international participants. The slides of the presentation will
be available on the Company's Web site at
http://www.skyepharma.comunder the Investor Relations tab.
For those unable to listen to the live broadcast, a replay will
be available shortly after the conference call by dialing (800)-
475-6701 for U.S. participants and +1-320-365-3844 for
international participants and entering Access Code 728710.
About SkyePharma
SkyePharma PLC uses its world-leading drug delivery technology
to develop easier-to-use and more effective formulations of
drugs. The majority of challenges faced in the formulation and
delivery of drugs can be addressed by one of the Company's
proprietary technologies in the areas of oral, injectable,
inhaled and topical delivery, supported by advanced
solubilisation capabilities. For more information, visit
http://www.skyepharma.com
* * *
SkyePharma PLC (Nasdaq: SKYE; LSE: SKP) said in its Trading
Update for the year ending December 31, 2003 that as a result of
delays in concluding a number of key deals in 2003, revenues for
the year will be substantially below the GBP85 million to GBP100
million range indicated at the time of the Interim Results in
September and below the GBP70 million achieved in 2002.
With revenues below our budgeted revenue target, coupled with
greater than expected research and development costs (arising
from delays to completion of agreements involving the transfer
of costs to the partner), the Company now expects to report a
loss for the second half of 2003 albeit less than the loss we
reported for the first half.
CONTACT: SKYEPHARMA PLC
Phone: +44 207 491 1777
Michael Ashton, Chief Executive Officer
Peter Laing, Director of Corporate Communications
Sandra Haughton, U.S. Investor Relations
Phone: +1 212 753 5780
BUCHANAN COMMUNICATIONS
Phone: +44 207 466 5000
Tim Anderson/Mark Court
STOCKPLACE PLC: Shareholders Okay Voluntary Winding up
------------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Stockplace PLC Company on April 14, 2004 held at 7 Devonshire
Square, Cutlers Gardens, London EC2M 4YH, the Special Resolution
to wind up the Company was passed. S R Thomas and Steven John
Parker of Tenon Recovery, Sherlock House, 73 Baker Street,
London W1U 6RD have been appointed Joint Liquidators for the
purpose of winding-up the Company.
CONTACT: TENON RECOVERY
Sherlock House
73 Baker Street,
London W1U 6RD
Contact:
S R Thomas, Liquidator
Steven John Parker, Liquidator
SURGICON RESIDE: Calls in Liquidator
------------------------------------
At an Extraordinary General Meeting of the Surgicon Reside group
Limited Company held at the offices of BWC Business Solutions, 8
Park Place, Leeds LS1 2RU, the Special, Ordinary and
Extraordinary Resolutions to wind up the Company were passed.
David Leighton Cockshott of BWC Business Solutions has been
appointed Liquidator for the Company.
CONTACT: BWC BUSINESS SOLUTIONS
David Leighton Cockshott, Liquidator
SWIFT TELECOMMUNICATIONS: Hires MRI Equity Administrator
--------------------------------------------------------
Name of Company: Swift Telecommunications (U.K.) Limited
Nature of Business: Telecommunications
Trade Classification: 32
Date of Appointment: April 7, 2004
Administrative Receiver: MRI EQUITY LTD
Suite 5, 1st Floor,
Tunsgate Square, 98-110 High Street,
Guildford, Surrey GU1 3HE
Receiver:
Michael Bowell
(IP No 7671)
WIDE MAIL: In Administrative Receivership
-----------------------------------------
Name of Company: World Wide Mail Limited
Nature of Business: Courier Services and Delivery
Trade Classification: 32
Date of Appointment: April 6, 2004
Joint Administrative Receiver: Colin Ian Vickers
(IP No 008953)
4th Floor, Southfield House,
11 Liverpool Gardens, Worthing,
West Sussex BN11 1RY
Nicholas Hugh O'Reilly
(IP No 008309)
66 Wigmore Street,
London W1A 3RT
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Shareholders Total Working
Equity Assets Capital
Ticker (US$MM) (US$MM) (US$MM)
------ ----------- ------- --------
AUSTRIA
-------
Libro A.G. (111) 174 (182)
BELGIUM
-------
Carestel 178 (68)
Real Software 216 10
CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
Danek Praha Holding (89) 192 (2,186)
DENMARK
-------
Elite Shipping (28) 101 19
FRANCE
------
Banque Nationale
de Paris Guyane BNPG (41) 352 N.A.
BSN Glasspack (101) 1,151 179
Charbo de France 4,738 2,868
Compagnie Francaise de
l'Afrique Occidentale (65) 256 21
Cofidur S.A. (5) 102 19
Dollfus-Mieg 187 28
European Computer System (110) 682 377
Grande Paroisse S.A. (927) 629 330
Immobiliere Hoteliere (68) 233 29
Pneumatiques Kleber S.A. (34) 480 139
SDR Picardie (135) 413 N.A.
Soderag 404 N.A.
Sofal S.A. (305) 6,619 N.A.
Spie-Batignolles (16) 5,281 75
St Fiacre (FIN) (1) 111 (33)
Trouvay Cauvin TRCN (0) 134 10
Usines Chauson (23) 249 35
GERMANY
-------
Dortmunder
Actien-Brauerei DABG (13) 118 (29)
F.A. Guenther & Sohn A.G. GUSG (8) 111 N.A.
Kaufring A.G. KAUG (19) 151 (51)
Mania Technologi MNI (11) 101 (46)
Nordsee A.G. (8) 195 (31)
Schaltbau A.G. SLTG (16) 163 20
Vereinigter
Baubeschlag-Handel
Holding A.G. VBHG (24) 307 (63)
ITALY
-----
Binda S.p.A. BND (11) 129 (20)
Credito Fondiario
e Industriale S.p.A. CRF (200) 4,218 N.A.
LUXEMBOURG
----------
Millicom International 1,523 4
NETHERLANDS
-----------
Baan Company N.V. BAAN (8) 610 46
Numico N.V. 2,030 83
United Pan-Euro Air UPC (5,266) 5,180 (8,730)
NORWAY
------
Pan Fish ASA 807 (259)
Petroleum-Geo Services PGO (32) 2,963 (5,250)
POLAND
------
Animex S.A. ANX (1) 108 (86)
Exbud Skanska S.A. EXBUF (9) 315 (330)
Media Capital 399 (85)
Mostostal Zabrze (6) 227 (366)
Stalexport S.A. (57) 229 (51)
RUSSIA
------
Kamchatskenergo 273 (7,870)
Zil Auto 333 (10,769)
SPAIN
-----
Altos Hornos de Vizcaya S.A. (116) 1,283 (278)
Santana Motor S.A. (46) 223 41
Sniace S.A. (11) 137 (34)
Tableros de Fibr 2,107 (125)
SWITZERLAND
-----------
Kaba Holding A.G. KABZN (47) 572 278
UNITED KINGDOM
--------------
Abbott Mead Vickers (2) 168 (16)
Alldays Plc (120) 252 (202)
Amey Plc (49) 932 (47)
Bonded Coach
Holiday Group Plc (6) 188 (44)
Blenheim Group (153) 198 (34)
Booker Plc BKRUY (60) 1,298 (8)
Bradstock Group BDK (2) 269 5
Brent Walker Group BWL (1,774) 867 (1,157)
British Nuclear Fuels Plc (2,627) 36,359 (1,948)
British Sky PLC 3,347 (144)
Center Parcs (UK)
Group Plc (77) 423 (227)
Compass Group CPG (668) 2,972 (298)
Costain Group 329 12
Dawson Holdings DWSN (29) 142 (29)
Dignity PLC 485 (76)
Easynet Group 323 38
Electrical and Music EMI
Industries Group (885) 3,053 (435)
Gallaher Group GLH (543) 6,304 116
Gartland Whalley (11) 145 (8)
Global Green Tech Group (156) 408 (18)
Heath Lambert
Fenchurch Group PLC (10) 4,109 (10)
HMV Group PLC HMV (211) 762 (66)
Intertek Testing Services ITRK (134) 508 77
IPC Media Ltd. (685) 254 16
Lambert Fenchurch Group (1) 1,827 3
Lattice Group (1,290) 12,410 (1,228)
Leeds United 144 (29)
Manchester City (17) 154 (21)
Misys PLC MSY (161) 949 41
Mytravel Group 2,551 (533)
Orange PLC ORNGF (594) 2,902 7
Rentokil Initial Plc RTO (1,130) 3,245 (68)
Saatchi & Saatchi SSI (119) 705 (41)
Seton Healthcare (11) 157 0
Yell Group PLC (196) 3,964 289
Each Tuesday edition of the TCR-Europe contains a list of
companies with insolvent balance sheets based on the latest
publicly available balance sheet available to our editors at the
time of publication. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell
short. Don't be fooled. Assets, for example, reported at
historical cost net of depreciation may understate the true
value of a firm's assets. A company may establish reserves on
its balance sheet for liabilities that may never materialize.
The prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.
*********
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
Liv Arcipe, Editors.
Copyright 2004. 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 photocopying) is strictly prohibited without
prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.
* * * End of Transmission * * *