/raid1/www/Hosts/bankrupt/TCREUR_Public/040517.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
Monday, May 17, 2004, Vol. 5, No. 96
Headlines
F R A N C E
ALSTOM SA: Government Bats for 'Giant' Debt-to-equity Swap
FRANCE TELECOM: France Calls Latest E.U. Antics 'Outrageous'
G E R M A N Y
CINEMAXX: Senator Film Picks Herbert Kloiber to Assume 25% Stake
DEUTSCHE BAHN: Premier Wants Public Offering Within Two Years
DEUTSCHE TELEKOM: First-quarter Net Income Down Significantly
JENOPTIK AG: Sales Up 10.5% to EUR291 Mln; Income Remains in Red
H U N G A R Y
SYNERGON GROUP: Net Income Surges to HUF79 Mln in First Quarter
I R E L A N D
ELAN CORPORATION: Net Loss from Continuing Operations Down 52%
N E T H E R L A N D S
HEAD N.V.: First-quarter Net Loss Balloons to US$14.4 Million
P O L A N D
JTT COMPUTER: MCI Calls for Creditors Meeting Next Month
R U S S I A
YUKOS OIL: Total Wants Call the Moment Sibneft Becomes Available
S W I T Z E R L A N D
ABB LTD.: Supports Antitrust Probe in Switchgear Business
U K R A I N E
AGROBUDGAZ: Deadline for Proofs of Claim June 6
AGROSERVIS: Kyiv Court Appoints Insolvency Manager
ARKTIKA: Zaporizhya Court Commences Bankruptcy Proceedings
BONA: Declared Bankrupt
HODINSKE: Bankruptcy Supervision Procedure Begins
KONTINENTAL TRADING: Under Bankruptcy Supervision
LEBEDINBUDDETAL: Court Names Insolvency Manager
NAUKOVA: Deadline for Proofs of Claim June 6
OLVEST: Bankruptcy Proceedings Begin
PROGRES: Zhitomir Court Prescribes Bankruptcy Procedure
U N I T E D K I N G D O M
ASW: Government Raises Workers' Hope of Recovering Pension Money
ATMAL COMPANY: Members General Meeting Set June 25
BRISTOL FOYER: Final Meeting of Members June 15
BRITISH SKY: Operating Profit Soars 76% to GBP438 Million
B W PROCESS: In Administrative Receivership
CANARY WHARF: Investors Have Until May 21 to Accept Songbird Bid
CHRISTOPHER ANTHONY: General Meeting Set June 9
DEAN SON: Calls in Liquidator
D. S. INVESTMENTS: Special Winding up Resolution Passed
ELECTRONIC COMMERCE: Names Deloitte & Touche Liquidator
GARTMORE DISTRIBUTION: Winding up Resolutions Passed
G E MORTLEY: Members General Meeting June 11
GMIT SUBSIDIARY: Hires Ernst & Young Liquidator
GSET DEALING: Names Liquidators from Ernst & Young
HOLBORN PROPERTY: Names Tony Freeman & Company Liquidator
JARVIS PLC: Investors Nervous About Strategic Review Status
J.B.F. SERVICES: Appoints Receiver from Sargent & Company
KALAMAZOO COMPUTER: Final Meeting Set June 15
LASMINUTE.COM PLC: 2nd-quarter EBITDA Loss Down 51% Year-on-year
LONDON EYE: Future Clouded by Owners' Squabble
MADEIRA LIMITED: Appoints Duncan Sheard Glass Liquidator
MARKS & SPENCER: Appoints Kate Bostock Head of Womenswear
MAXIFOTO INTERNATIONAL: Hires Liquidator from Marks Bloom
OFG LIMITED: In Administrative Receivership
ROYAL & SUNALLIANCE: Restructuring Boosts Operating Profit
ROYAL & SUNALLIANCE: Keeps Rating Despite Seemingly Weak Results
STONEWIRE CONSTRUCTION: Hires Ideal Corporate Administrator
TELEWEST COMMUNICATIONS: Net Loss Down Sharply to GBP36 Million
U.K. COAL: Appoints Graham Menzies Non-executive Director
WOOD U...: Brings in Receiver from Marks Bloom
ZURICH CAPITAL: Calls in Liquidator
*********
===========
F R A N C E
===========
ALSTOM SA: Government Bats for 'Giant' Debt-to-equity Swap
----------------------------------------------------------
France's Finance Minister Nicholas Sarkozy is confident the E.U.
Competition Commission would eventually acquiesce to the
government's "stand-alone" solution to Alstom's woes.
In an interview last week, he told the Financial Times his talks
with anti-trust commissioner Mario Monti is progressing well.
Earlier, he paid Mr. Monti a visit in Brussels to present three
options to help Alstom, which include a "giant debt-for-equity
swap" that he reportedly favors.
According to French bankers close to the negotiations, Mr.
Sarkozy wants the government and banks to exchange for equity
part of the loans they granted Alstom in last year's EUR3.2
billion bailout.
"This would shore up Alstom's balance sheet and encourage banks
to grant fresh contract guarantees to replace those granted in
last year's bail-out, which are close to being exhausted.
However, approving any further aid to the company could prove
deeply problematic for the Commission," the Financial Times
says.
The banks, however, will only participate in this exchange if
Areva, the state-controlled nuclear energy group, would take up
a 15-25% stake in Alstom. This may not come easy because Areva
CEO Anne Lauvergeon believes this will destroy her hopes of a
public share offering later this year.
In a bid to seek alternative solution, Areva has teamed up with
Siemens, its German joint-venture partner that has long-coveted
the energy business of Alstom. Under their proposal, Areva will
take control of Alstom's transport division, including the high-
speed TGV trains, while Siemens would take over Alstom's energy
concerns. But a senior banker at one of Alstom's biggest
creditors told the Financial Times the dismantling of Alstom was
not an option.
Mr. Sarkozy, meanwhile, will meet with Mr. Monti again today for
further talks. The commissioner is not expected to rule on the
proposals until late June.
FRANCE TELECOM: France Calls Latest E.U. Antics 'Outrageous'
------------------------------------------------------------
The European Commission plans to sue the government for
extending what it calls "psychological state aid" to France
Telecom over the years, the Financial Times reported recently.
The Commission argues that statements guaranteeing the future of
France Telecom amounted to state aid. It cites "legal
precedents that show French courts have put a monetary value on
government officials' gestures of support." Accordingly, French
courts have in the past awarded creditors compensation after
local government officials failed to honor assurances about the
future of troubled firms.
Paris considers the argument outrageous. France Telecom
encountered trouble in 2002 when its debt surged to EUR70
billion and market capitalization dropped to EUR10 billion.
=============
G E R M A N Y
=============
CINEMAXX: Senator Film Picks Herbert Kloiber to Assume 25% Stake
----------------------------------------------------------------
The head and owner of German media group Tele Munchen Gruppe is
poised to acquire Senator Film's stake in cinema operator
Cinemaxx, Europe Intelligence Wire learned from Die Welt.
Herbert Kloiber is reported to have reached agreement with the
German film production company, which owns 25% of Cinemaxx, the
report said. The holding had a book value of EUR5 million at
the end of 2002. Cinemax operates 41 cinemas accommodating
91,000 viewers across Germany. It recorded losses of nearly
EUR10 million in the first six months of 2003.
DEUTSCHE BAHN: Premier Wants Public Offering Within Two Years
-------------------------------------------------------------
German Chancellor Gerhard Schroeder is pushing for an early
initial public offering of Deutsche Bahn shares, Bloomberg News
reported citing the weekly Wirtschaftswoche magazine.
He plans to sell the shares in 2006, despite opposition from
lawmakers. The German parliament's all-party transport
committee had recently decided to suspend a decision on the IPO
until the railway post several years of profit. But Mr.
Schroeder is reportedly keen on pursuing the transaction before
the last year of his second four-year term in office expires.
To ensure backing for the plan by all 16 regional governments,
Mr. Schroeder is expected to extend government funding of local
rail traffic beyond 2008. He will bring up this matter with the
state prime ministers when he meets them on June 17, the report
said.
The weekly magazine notes this plan goes against the
recommendation of Morgan Stanley, which reviewed the company's
outlook and cautioned against an immediate public offering.
DEUTSCHE TELEKOM: First-quarter Net Income Down Significantly
-------------------------------------------------------------
Phone company Deutsche Telekom reported an 80% drop in first-
quarter profits to EUR169 million (US$201 million) from EUR853
million last year. Sales went up slightly to EUR14 billion from
EUR13.6 billion. Previous years' results were helped by sales
from real estate and holdings. Deutsche Telekom expects
adjusted earnings before interest, tax, depreciation and
amortization this year to rise to at least EUR19.2 billion.
Copies of the financial statements are available free of charge
at http://bankrupt.com/misc/DeutscheTelekom_Q12004.pdf
CONTACT: DEUTSCHE TELEKOM AG
Zentralbereich Konzernkommunikation
Postfach 20 00, D-53105 Bonn
Phone: +49 (0) 228 181 - 4949
Fax: +49 (0) 228 181 - 94004
Home Page: http://www.deutschetelekom.com
For further information on the divisions:
http://www.t-com.de
http://www.t-mobile-international.com
http://www.t-systems.com
http://www.t-online.com
Investor Relations, Bonn office
Phone: + 49 (0) 228 181 - 88880
Fax: + 49 (0) 228 181 - 88899
E-mail investor.relations@telekom.de
Investor Relations, New York office
Phone: + 1 212 424 2926
Phone: 1 887 DT SHARE (toll-free)
Fax: + 1 212 424 2986
E-mail: investor.relations@usa.telekom.de
JENOPTIK AG: Sales Up 10.5% to EUR291 Mln; Income Remains in Red
----------------------------------------------------------------
Jenoptik AG achieved new high in order intake and order backlog
in the first quarter of 2004. Quarterly sales were up 10.5%.
Group EBIT and net income for the period up considerably from
the first quarter of 2003.
The Jenoptik Group completed the first quarter of 2004 with a
clear increase in sales, operating and net income for the period
in year-on-year comparison, and new record figures in order
intake and order backlog. The Jenoptik Group saw an increase in
sales of 10.5% for the first quarter of 2004, with group sales
totaling EUR290.7 million (1st quarter 2003: EUR263.1 million).
The Group's operating income and income for the period both
increased considerably year-on-year, while still remaining in
negative figures due to accounting deadlines, which is indeed
the case every first quarter of a fiscal year. Operating income
for the quarter came to -EUR1.8 million (1st quarter 2003:
-EUR8.4 million), period net income to -EUR3.9 million (1st
quarter 2003: -EUR12.8 million). Order intake came to EUR867.0
million, up 31.4 percent year-on-year (EUR659.8 million).
Correspondingly, order backlog reached EUR3,090.0 million as of
March 31, 2004, 10.7% higher than at the end of March 2003
(EUR2,791.6 million).
The Group is expected to improve on its 2003 sales figures,
clearly exceeding EUR2 billion in 2004, with Group operating
income projected at between EUR45 and 60 million. This
presupposes, however, that all engineering projects are fully
paid and accounted for within deadlines. Photonics sales are
expected to exceed EUR350 million with an EBIT margin of between
9 and 10%, all following an excellent first quarter. Clean
Systems plans sales of between EUR1.8 and 1.9 billion. The
Clean Systems business division income is forecast to return to
figures last recorded before the semiconductor crisis, with an
EBIT margin of between 1.5 and 2.5% for Facility Engineering and
between 3 and 3.5% for Facility Management. Clean Systems sales
and income growth will especially reflect increases in
electronics and flat-panel industry business.
(Figures in EUR million) Group Jan.-Mar. 2004 Jan.-Mar. 2003
Sales 290.7 263.1
Operating Income (EBIT) -1.8 -8.4
Net income for period -3.9 -12.8
Order intake 867.0 659.8
Order backlog 3,090.0 2,791.6
CONTACT: JENOPTIK AG
IR
Steffen Schneider
Phone/Fax: ++49 (0) 3641-652290/2157
PR
Markus Wild
Phone/Fax: +49 (0) 3641-652255/2484
Web site: http://www.jenoptik.com
=============
H U N G A R Y
=============
SYNERGON GROUP: Net Income Surges to HUF79 Mln in First Quarter
---------------------------------------------------------------
During the first quarter of 2004, the Synergon Group managed to
meet its business plan and to operate at a profit. By reacting
flexibly to market developments, the Group improved its results
compared to previous periods, including the base period, the
first quarter of 2003. The service content of the sales revenue
of HUF5,029 million achieved by the Synergon Group during the
accounting period grew, and on the Group level there was growth
in terms of revenue from service activities.
During the first quarter of 2004, Group operating profit
increased by 39% to HUF59 million, while profit before tax was
HUF81 million (a 50% increase). Net profit grew to HUF79
million during the period under review. The significant change
in the indicators can be put down to the low base level.
Group Results
Important developments during the quarter included the
horizontal expansion of the Group. Infinity became the 100-
percent owner of the Czech information company InfinityData
s.r.o. (formerly BrnoData-IS spol. s.r.o.), specializing in the
sale and implementation of Microsoft Business Solutions-
Navision. The acquisition is completely in line with the
regional expansion strategy of the Synergon Group as well as
with the business and market development efforts in order to
counter the current regional market recession.
Overall, there was slow and fluctuating development on the
operating markets of the Group and the operating companies.
Whereas cost restrictions have continued to determine the
government administration market, their effects were offset by
projects generated by the start of the year and the preparation
for the EU accession. Developments have been carried out in the
telecom sector due to the expansion of broadband Internet use.
Trade and industry have shown increased interest in added-value
solutions (IP telephony, outsourcing). Because of the
restructuring of the sources of income, efficiency-increasing
solutions and solutions ensuring better public access are being
sought in the financial sector. In Croatia, the continuing
effects of the elections held at the end of last year are being
felt on Span's performance and the investment and development
spirit of market operators. The growth rate of the Czech market
continued to decrease.
In Hungary, there was a steady growth in Synergon's sales
revenue, and, of the Group's operating companies, Fibex and Span
achieved significant growth. Infinity's sales revenue declined
compared to the base period.
During the first three months of 2004, Synergon plc increased
its sales, achieving HUF4,066 million. The profitability of the
company was further affected by the market-expanding effect of
the acquisition of the new operating company, Synergon Atos
Origin. The service content of the sales of the company
increased to 33% during the period January-March 2004, due to
the fact that income from services grew at a higher rate than
the overall sales revenue. During the first quarter of 2004,
Fibex increased its sales by 85%, while generating an operating
profit, as opposed to the operating loss it suffered during the
same period last year. Infinity increased its income from
services by 39%, consequently increasing its service ratio to
60%, as a result of contracts entered into with several major
customers. In the first quarter of 2004, Span increased its
sales revenue by 68%, with a 28% service content.
For 2004, the Synergon Group expects steady sales and profit
indicators. While market stagnation is expected to stir and a
minimal recovery to be achieved in the operating markets of the
region, tough competition will continue, which will keep prices
low. With the exception of a few projects, the consequences of
EU accession are still unpredictable. Its effects on profit
will not really be felt before 2005. Since consolidation remains
the main trend on the IT market, the Group will seek potential
target companies for acquisition, in order to increase its
leverage in the region. In order to increase the efficiency of
the Group's operation, integration among operating companies
will be enhanced and the opportunities provided by the EU
accession exploited. On operating company level, increasing
focus will be placed on cost-efficient operation.
Financial Data
During the first three months of 2004, Synergon Information
Systems plc, including the consolidated operating companies,
generated a sales revenue of HUF5,029 million, which, calculated
on HUF basis, essentially equals that of the base period. In a
sector-by-sector breakdown of the sales of the Synergon Group,
the telecom and the financial sectors accounted for 12% and 14%
respectively, industrial companies and the public utilities and
transport industries represented an overall 25%, whereas the
public sector accounted for 24 percent during the period.
Other, unclassified sales amounted to 25%. During the first
three months of 2004, the service content of sales grew to 38%,
compared to the 24% achieved during the same period of 2003,
which indicates a growth tendency.
In the comparison of the first quarters of 2003 and 2004, cost
of sales grew by 3% (HUF3,775 million and 3,879 million
respectively), accounting for 77% of the sales revenue.
Contribution amounted to HUF1,150 million during the first three
months of 2004, as compared to the HUF1,198 million in the same
period of 2003, representing a 4% decrease. During the 2004
accounting period, contribution accounted for 23% in the Group's
sales. The contribution margin achieved by the Group was
affected by the fact that the potentially available contribution
content continued to shrink as a result of the price competition
on the market.
Operating expenses improved by 6% during the first quarter of
2004 (HUF1,091 million), compared to the HUF1,156 million
generated during the same period of 2003.
During the first quarter of 2004, the Group's operating profit
increased by 39% to HUF59 million, as compared to the HUF42
million achieved during the same period of 2003. During the
period under review in 2004, net financial income amounted to
HUF22 million, generating an income 89% higher than during the
same period of the previous year (HUF12 million).
As operating profit, net financial income and extraordinary
income all grew, the Group achieved a profit before tax of HUF81
million during the first three months of 2004, as compared to
the HUF54 million during the same period of. Increasing by 113
percent, net profit grew to HUF79 million during the period
under review, compared to the net profit of HUF37 million
generated during the same period of 2003.
CONTACT: SYNERGON INFORMATION SYSTEMS PLC
H-1047 Budapest
Baross utca 91-95
Phone: +36 1 399 5500
Fax: +36 1 399 5599
E-mail: info@synergon.hu
=============
I R E L A N D
=============
ELAN CORPORATION: Net Loss from Continuing Operations Down 52%
--------------------------------------------------------------
Elan Corporation, plc on Thursday announced its first quarter
2004 results and provided an update on the progress of its
product development activities.
Commenting on the results, Elan President and CEO Kelly Martin
said: "In the first quarter of 2004, we continued our execution
momentum across our core therapeutic areas of neurodegenerative
diseases, autoimmune diseases and severe pain. Our key second-
quarter filings are on track -- Antegren for multiple sclerosis
in the United States and Europe, and Prialt for severe pain in
the United States - and we continue discussions with the United
States and European regulators regarding potential filings for
Antegren as a treatment in Crohn's disease. Operationally, we
are preparing for the anticipated launches of Antegren and
Prialt, with specific targeted investments in the specialized
infrastructure and personnel required for successful product
launches."
The results of the group's discontinued operations under U.S.
GAAP are presented in this press release as a separate component
of net loss for the current and prior periods.
First Quarter 2004 Financial Highlights - Continuing Operations
(a) Total revenue decreased 29% to $159.0 million compared to
$224.7 million in the first quarter of 2003 due principally
to the divestment of a number of products as part of the
completed recovery plan.
(b) Revenue from retained products increased 7% to $75.4 million
from $70.5 million in the first quarter of 2003.
(c) Net loss from continuing operations was reduced by 52% to
$67.1 million ($0.17 loss per share) from $140.2 million
($0.40 loss per share) in the first quarter of 2003.
(d) Total operating expenses were reduced by 29% to $212.6
million from $298.9 million in the first quarter of 2003.
(e) Negative EBITDA was reduced by 57% to $32.4 million from
$75.4 million in the first quarter of 2003.
(f) Net investment related gains of $10.7 million compared to
net investment losses of $39.4 million in the first quarter
of 2003.
(g) Cash and cash equivalents at March 31, 2004 of $910.9
million compared to $807.5 million at December 31, 2003.
(h) The sale of Elan's interests in Zonegran(TM) to Eisai Co.,
Ltd. and Eisai Inc. was completed realizing approximately
$130 million in April 2004. Additional future deferred
purchase payments of up to $110.0 million could be received.
(i) Agreed to terminate the development and license agreements
regarding Frova(TM) and to sell Elan's commercialization
rights for Frova to Vernalis plc for up to $55.0 million.
R&D Highlights
(a) Elan, in collaboration with Biogen Idec is on target to
submit a Biologics License Application (BLA) to the U.S.
Food and Drug Administration (FDA) and a Marketing
Authorisation Application (MAA) to the European Agency for
the Evaluation of Medicinal Products (EMEA) for
Antegren(TM) (natalizumab) as a potential treatment for
Multiple sclerosis (MS) in the second quarter of 2004.
(b) Elan, in collaboration with Biogen Idec, continues its
discussions with the regulatory agencies in the United
States and Europe regarding the timing of filings for
Antegren as a potential treatment in Crohn's disease. Data
from the Phase III induction trial (ENACT-1) and the
maintenance trial (ENACT-2) for Crohn's disease will be
presented at the Digestive Disease Week meeting in New
Orleans next week.
(c) During the first quarter of 2004, two new trials with
Antegren were initiated: A Phase III induction study to
evaluate Antegren in patients with Crohn's disease and a
Phase II trial to evaluate Antegren in patients suffering
from rheumatoid arthritis.
(d) In January 2004, Elan announced that it had met the primary
endpoint in its Phase III trial evaluating Prialt(TM)
(ziconotide) in patients with severe chronic pain. Based on
the positive results, the company is on target to file a
supplement to its New Drug Application (sNDA) with
the FDA in the second quarter of 2004.
Copies of the financial statements are available free of charge
at http://bankrupt.com/misc/Elan_Q12004.htm
CONTACT: ELAN CORPORATION PLC
Investors:
Emer Reynolds
Phone: 353-1-709-4000
Or 800-252-3526
Media:
Anita Kawatra
Phone: 212-407-5755
Or 800-252-3526
=====================
N E T H E R L A N D S
=====================
HEAD N.V.: First-quarter Net Loss Balloons to US$14.4 Million
-------------------------------------------------------------
Head N.V. (NYSE: HED; VSX: HEAD), a leading global manufacturer
and marketer of sports equipment, announced its results on
Thursday. For the three months ended 31 March 2004 compared to
the three months ended 31 March 2003:
(a) Net revenues increased by 28.3% to $94.4 million;
(b) Operating loss before restructuring costs decreased by $4.0
million to $4.4 million;
(c) Operating loss decreased by $4.2 million to $4.6 million;
(d) Net loss increased by $4.5 million to $14.4 million.
Johan Eliasch, Chairman and CEO, commented: "We have made a good
start to 2004, with reported Q1 net revenues up in all of our
divisions and improvements to both our gross margin and
operating profit margin.
"Our net loss for the quarter increased due to increased
interest expenses associated with our 8.5% senior note issuance
in January. This caused a one-time charge of $7.5 million due
to the write-off of the capitalized debt issuance costs and the
premium for early redemption of our old 10.75% senior notes.
"We are encouraged by signs of an improvement in economic
conditions and of increased demand for sporting goods equipment.
In particular, in the first quarter of 2004 TIA data shows that
the market for both tennis racquets and balls in the U.S. showed
the biggest year-on-year quarterly increase for over five years
and for the first time in one and a half years the Japanese
tennis racquet market did not decline."
Revenues
For the Three Months
Ended 31 March,
2003 2004
Product category:
Winter Sports $ 16,451 $ 22,082
Racquet Sports 42,424 49,512
Diving 12,444 19,914
Licensing 2,281 2,891
Total Revenues $ 73,600 $ 94,399
Winter Sports
Winter Sports revenues for the three months ended March 31, 2004
increased by $5.6 million, or 34.2%, to $22.1 million from 16.5
million in the comparable 2003 period. This increase was due to
higher sales volumes of bindings and snowboard products,
increased average sales prices resulting from improved product
mix and the strengthening of the euro against the U.S. dollar.
Racquet Sports
Racquet Sports revenues for the three months ended March 31,
2004 increased by $7.1 million, or 16.7%, to $49.5 million from
$42.4 million in the comparable 2003 period. This mainly
resulted from improved sales prices in tennis racquets, higher
sales volumes in balls and the strengthening of the euro against
the U.S. dollar.
Diving
Diving revenues for the three months ended March 31, 2004
increased by $7.5 million, or 60.0%, to $19.9 million from $12.4
million in the comparable 2003 period, mainly due to increased
sales volumes resulting from earlier shipment of products
compared to last year as a result of better product availability
and delivery efficiency and the strengthening of the euro
against the U.S. dollar. The effect of the earlier shipments
will reverse in the second quarter of 2004.
Licensing
Licensing revenues for the three months ended March 31, 2004
increased by $0.6 million, or 26.8%, to $2.9 million from $2.3
million in the comparable 2003 period due to new licensing
agreements as well as timing impacts, partially offset by run-
offs of licensing agreements and the strengthening of the euro
against the U.S. dollar.
Profitability
For the three months ended March 31, 2004, gross profit
increased by $9.8 million to $36.5 million from $26.8 million in
the comparable 2003 period due to revenue and margin increases.
Gross margin increased to 38.7% in 2004 from 36.3% in the
comparable 2003 period due to improved operating performance and
the product mix of sales.
For the three months ended March 31, 2004, selling and marketing
expenses increased by $3.8 million, or 14.4%, to $30.1 million
from $26.3 million in the comparable 2003 period. This increase
was due to higher revenues as well as the strength of the euro
against the U.S. dollar.
For the three months ended March 31, 2004, general and
administrative expenses increased by $2.0 million, or 23.6%, to
$10.7 million from $8.7 million in the comparable 2003 period.
This increase was mainly due to the strength of the euro against
the U.S. dollar.
For the three months ended March 31, 2004 and 2003,
respectively, we also recorded $0.1 million and $0.2 million of
non-cash compensation expense due to the grant of stock options
under our stock option plans 1998 and 2001 and the resulting
amortization expense.
In addition, in the three months ended March 31, 2004 we
recorded restructuring costs of $0.3 million consisting of
dismissal and transportation costs in connection with the
closing of our production facility in Mullingar, Ireland and our
plant in Tallinn, Estonia. In comparison, in the three months
ended March 31, 2003 we incurred restructuring costs of $0.5
million consisting of severance payments, stay bonuses and
excess rent due to the movement of our U.S. winter sports
organization to our U.S. headquarters.
As a result of the foregoing factors, our operating loss for the
three months ended March 31, 2004 decreased by $4.2 million to
$4.6 million from $8.9 million in the comparable 2003 period.
For the three months ended March 31, 2004, interest expense
increased by $9.5 million, or 280.6%, to $12.9 million from $3.4
million in the comparable 2003 period. This increase was mainly
due to the write-off of capitalized debt issuance costs of $3.1
million relating to our former 10.75% senior notes, which were
repaid upon issuance of our new 8.5% senior notes in January
2004; the premium of $4.4 million for the early redemption of
the 10,75% senior notes; and higher interest expenses due to
higher debt of the group. In addition, this increase was also
influenced by the strength of the euro against the U.S. dollar.
For the three months ended March 31, 2004, interest income
increased by $0.1 million, or 53.2%, to $0.4 million from $0.3
million in the comparable 2003 period. This increase was due to
higher cash on hand.
For the three months ended March 31, 2004, we had a foreign
currency gain of $0.1 million compared to a nominal loss in the
comparable 2003 period.
For the three months ended March 31, 2004, other income, net
remained insubstantial as in the comparable 2003 period.
For the three months ended March 31, 2004, income tax benefit
was $2.6 million, an increase of $0.5 million compared to income
tax benefit of $2.1 million in the comparable 2003 period. This
increase relates to a higher loss before income taxes.
As a result of the foregoing factors, for the three months ended
March 31, 2004, we had net loss of $14.4 million, compared to
net loss of $9.9 million in the comparable 2003 period.
2004 Outlook
In terms of guidance for the remainder of 2004, we reiterate the
guidance we gave in February at the time of our 2003 results
announcement. This is that whilst we do not expect conditions
in the sporting goods market to improve dramatically during
2004, we believe the signs are that there will be some growth in
demand in our product categories.
We intend to continue to launch innovative products to help
stimulate market demand and also to grow our market share.
We also expect to largely complete our restructuring program
during 2004 and the benefits of this will be felt from 2004
onwards.
In conclusion, we expect reported revenues and operating
profits, excluding one-time charges, for 2004 to be ahead of the
levels achieved in 2003.
Due to a reduction in the Austrian income tax rate from 34% to
25% we will have to release a proportion of our capitalized tax
losses during 2004. Whilst this will affect the tax charge in
our profit and loss account, it will not impact our cash flow."
Consolidated Results
For the Three Months
Ended 31 March,
2003 2004
REVENUES
Total revenues $ 73,600 $ 94,399
Cost of sales 46,848 57,851
Gross profit. 26,752 36,548
Gross margin 36.3% 38.7%
Selling & marketing expense 26,287 30,080
General & administrative expense
(excl. non-cash
compensation expense) 8,659 10,705
Non-cash compensation expense 164 139
Restructuring costs 530 272
Operating loss (8,888) (4,648)
Interest expense (3,382) (12,871)
Interest income 263 403
Foreign exchange gain (loss) (3) 79
Other income (expense), net 27 (6)
Loss from operations
before income taxes (11,983) (17,043)
Income tax benefit 2,129 2,648
Net loss $ (9,854) $ (14,394)
About Head
Head N.V. is a leading global manufacturer and marketer of
premium sports equipment. Its ordinary shares are listed on the
New York Stock Exchange (HED) and the Vienna Stock Exchange
(HEAD). Its business is organized into four divisions: Winter
Sports, Racquet Sports, Diving and Licensing. It sells products
under the Head (tennis, squash and racquetball racquets, alpine
skis and ski boots, snowboards, bindings and boots), Penn
(tennis and racquetball balls), Tyrolia (ski bindings), and
Mares/Dacor (diving equipment) brands. The company holds
leading positions in all of its product markets and its products
are endorsed by some of the world's top athletes including Andre
Agassi, Gustavo Kuerten, Marat Safin, Hannes Trinkl and Maria
Riesch.
Copies of the financial statements are available free of charge
at http://bankrupt.com/misc/Head_Q12004.pdf
CONTACT: HEAD N.V.
Clare Vincent
Investor Relations
Phone: +44 207 499 7800
Fax: +44 207 491 7725
E-mail: htmcv@aol.com
Ralf Bernhart
Chief Financial Officer
Phone: +43 1 70 179 354
Fax: +43 1 707 8940
===========
P O L A N D
===========
JTT COMPUTER: MCI Calls for Creditors Meeting Next Month
--------------------------------------------------------
MCI Management, the venture capital firm that owns part of JTT
Computer, assured debt restructuring negotiations at the
Wroclaw-based firm are proceeding as planned.
MCI Management President Tomasz Czechowicz, according to the
Warsaw Business Journal, plans to organize a creditors' meeting
in June to discuss, among others, a debt settlement expected to
open the way for further negotiations with other creditors.
JTT's turnaround plan calls for a quick debt restructuring
agreement and an investment coming from Asia that would
jumpstart production. The company became insolvent in the
autumn of 2003 and had been engaged in a legal tax wrangle with
authorities until this year when it won a PLN20.7 million- tax
refund. KredytBank, however, seized the amount from JTT's bank
account without negotiating a debt settlement.
===========
R U S S I A
===========
YUKOS OIL: Total Wants Call the Moment Sibneft Becomes Available
----------------------------------------------------------------
Sibneft has caught the interest of French oil giant Total, which
recently admitted holding informal talks with the 92%-owned
Yukos subsidiary.
"We have held a regular exchange of views with Sibneft since we
negotiated on the Sugmut [oil field] development in 1998. Of
course, we would be interested in any opportunities that arose
but at the moment this is not the case," Total finance chief
Robert Castaigne told the Financial Times last week.
A large part of the reason why he thinks the time is not yet
ripe for buying a stake in Sibneft is the latter's involvement
in a messy 'divorce proceedings' with Yukos. Sibneft's
multibillion-dollar merger with Yukos was completed just last
year and already it is demanding separation.
Yukos reiterated last week that any potential investors in
Sibneft should talk to Yukos and not the prodigal unit. Mr.
Castaigne said no formal talks are underway, but his company is
interested in moving toward a purchase "if the opportunity
arises."
=====================
S W I T Z E R L A N D
=====================
ABB LTD.: Supports Antitrust Probe in Switchgear Business
---------------------------------------------------------
ABB said Thursday it is cooperating in the European Commission
investigation into suspected anti-competitive practices of
companies active in the high-voltage gas insulated switchgear
(GIS) business.
ABB said the European Commission's Directorate-General for
Competition was carrying out investigations at premises of
companies involved in the GIS business. ABB said none of its
premises were being inspected.
The company said that during an internal compliance audit, it
was discovered that certain ABB employees -- together with
employees of other companies active in the GIS business -- were
involved in anti-competitive practices. ABB contacted the
authorities to expose these practices and is now supporting
authorities to help restore effective competition.
ABB is committed to fair and open competition in markets around
the world, and ABB companies and employees are not permitted
under any circumstances to engage in any anti-competitive
practices. ABB enforces zero tolerance of illegal or unethical
behavior, and the company said measures are taken against any
employees involved in anti-competitive practices.
"The company's customers, employees and other stakeholders have
the right to expect that ABB and its employees uphold and
respect the highest standards of business ethics," said Jurgen
Dormann, ABB's chairman and chief executive officer.
ABB (http://www.abb.com)is a leader in power and automation
technologies that enable utility and industry customers to
improve performance while lowering their environmental impact.
The ABB Group of companies operates in around 100 countries and
employs about 113,000 people.
CONTACT: ABB LTD.
Investor Relations:
Switzerland:
Phone: +41 43 317 3804
Sweden:
Phone: +46 21 325 719
Media Relations:
USA:
Phone: +1 203 750 7743
ABB Corporate Communications, Zurich
Wolfram Eberhardt
Thomas Schmidt
E-mail: investor.relations@ch.abb.com
Phone: +41 43 317 6512
Fax: +41 43 317 7958
E-mail: media.relations@ch.abb.com
=============
U K R A I N E
=============
AGROBUDGAZ: Deadline for Proofs of Claim June 6
-----------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
supervision procedure on CJSC Agrobudgaz (code EDRPOU 19278594)
in April. The case is docketed as 25/70. Arbitral manager Mr.
Gerashenko Dmitro (License Number AA 250439 approved April 12,
2002) has been appointed temporary insolvency manager.
Creditors have until June 6, 2004 to submit their proofs of
claim to:
(a) Temporary Insolvency Manager: 69037, Zaporizhya, Rekordna
str., 20
Phone: 8 (0612) 220-91-36
(b) ECONOMIC COURT OF ZAPORIZHYA REGION: 69001, Ukraine,
Zaporizhya, Shaumyana str., 4
Agrobudgaz holds Account Number 26006164201 at JSB AvtoZAZbank,
Melitopol branch, MFO 313281.
CONTACT: AGROBUDGAZ
Ukraine, Zaporizhya region, Melitopol,
Kahovske shose, 1a
Mr. Gerashenko Dmitro, Temporary Insolvency Manager
69037, Zaporizhya, Rekordna str., 20
Phone: 8 (0612) 220-91-36
ECONOMIC COURT OF ZAPORIZHYA REGION
69001, Ukraine, Zaporizhya, Shaumyana str., 4
AGROSERVIS: Kyiv Court Appoints Insolvency Manager
--------------------------------------------------
The Economic Court of Kyiv commenced bankruptcy supervision
procedure on LLC production company Agroservis (code EDRPOU
31482934). The case is docketed as 15/142-b. Arbitral manager
Mr. Shnit Petro (License Number AA 249795 approved October 19,
2001) has been appointed temporary insolvency manager.
Agroservis maintains Account Number 26006301350270 at JSCB
National credit of Mikolaiv, Spas branch, MFO 326665.
CONTACT: AGROSERVIS
Ukraine, Kyiv, Geroi Oboroni str., 10/107
Mr. Shnit Petro, Temporary Insolvency Manager
Ukraine, Kyiv, Knyazhij zaton str., 11/135
ECONOMIC COURT OF KYIV
01030, Ukraine, Kyiv, B. Hmelnitskogo boulevard, 44-B
ARKTIKA: Zaporizhya Court Commences Bankruptcy Proceedings
----------------------------------------------------------
The Economic Court of Zaporizhya region declared LLC Arktika
(code EDRPOU 13608878) insolvent and introduced bankruptcy
proceedings on April 6, 2004. The case is docketed as 19/50.
Arbitral manager Mr. Vasiltsov Sergij (License Number AA 140487)
has been appointed liquidator/insolvency manager.
Creditors have until June 6, 2004 to submit their proofs of
claim to:
(a) Liquidator/Insolvency Manager: 71100, Ukraine, Zaporizhya
region, Berdyansk, Pratsi avenue, 33/55, office # 407;
Phone: (06153) 7-18-00
(b) ECONOMIC COURT OF ZAPORIZHYA REGION: 69001, Ukraine,
Zaporizhya, Shaumyana str., 4
CONTACT: ARKTIKA
Ukraine, Zaporizhya region, Berdyansk,
Halturin str., 10
Mr. Vasiltsov Sergij, Liquidator/Insolvency Manager
71100, Ukraine, Zaporizhya region, Berdyansk,
Pratsi avenue, 33/55, office # 407
Phone: (06153) 7-18-00
ECONOMIC COURT OF ZAPORIZHYA REGION
69001, Ukraine, Zaporizhya, Shaumyana str., 4
BONA: Declared Bankrupt
-----------------------
The Economic Court of Kyiv declared LLC Bona (code EDRPOU
23716801) insolvent and introduced bankruptcy proceedings on
April 9, 2004. The case is docketed as 43/176. Arbitral
manager Mr. Dyachenko Sergij (License Number AA 047796 approved
October 15, 2001) has been appointed liquidator/insolvency
manager. Bona holds Account Number 260054135 at JSPPB Aval, MFO
300335.
CONTACT: BONA
Ukraine, Kyiv, Geroi Stalingradu Avenue, 63A/29
Mr. Dyachenko Sergij, Liquidator/Insolvency Manager
Phone: (044) 236-11-17
ECONOMIC COURT OF KYIV
01030, Ukraine, Kyiv, B. Hmelnitskogo Boulevard, 44-B
HODINSKE: Bankruptcy Supervision Procedure Begins
-------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on LLC Hodinske (code EDRPOU 30902569)
The case is docketed as 7/8. Mr. Sisoyev Oleksij (License
Number AA 315441) has been appointed temporary insolvency
manager.
CONTACT: HODINSKE
41476, Ukraine, Sumi region, Gluhiv district, Hodine
Mr. Sisoyev Oleksij, Temporary Insolvency Manager
Ukraine, Sumi, Petropavlovska str., 74, room 49A
ECONOMIC COURT OF SUMI REGION
40030, Ukraine, Sumi, Ribalko str., 2
KONTINENTAL TRADING: Under Bankruptcy Supervision
-------------------------------------------------
The Economic Court of Kyiv commenced bankruptcy supervision
procedure on LLC joint enterprise Kontinental Trading (code
EDRPOU 24587174) in April. The case is docketed as 24/214-b.
Mr. Krikun V. has been appointed temporary insolvency manager.
CONTACT: KONTINENTAL TRADING
Ukraine, Kyiv, Nauki avenue, 52
Mr. Krikun V., Temporary Insolvency Manager
Phone: 244-44-89
ECONOMIC COURT OF KYIV REGION
01030, Ukraine, Kyiv, B. Hmelnitskogo boulevard, 44-B
LEBEDINBUDDETAL: Court Names Insolvency Manager
-----------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on LLC Lebedinbuddetal (code EDRPOU
23999874) in March. The case is docketed as 12/30-04.
Arbitral manager Mr. Sisoyev Andrij (License Number AA 485260
approved April 9, 2003) has been appointed temporary insolvency
manager.
Lebedinbuddetal maintains Account Number 26003275916001 at CB
Privatbank of Sumi region, Lebedin branch, MFO 337546.
CONTACT: LEBEDINBUDDETAL
42200, Ukraine, Sumi region, Lebedin, Gastelo str., 74
Mr. Sisoyev Andrij, Temporary Insolvency Manager
40022, Ukraine, Sumi, Psilska str., 4, office 9
Phone: 22-19-78, 218-421
ECONOMIC COURT OF SUMI REGION
40477, Ukraine, Sumi, Ribalko str., 2
NAUKOVA: Deadline for Proofs of Claim June 6
--------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on scientific-production experimental
agricultural firm Naukova (code EDRPOU 03374617). The case is
docketed as B29/59/04. Arbitral manager Mr. Gorb Volodimir
(License Number AA 140481) has been appointed temporary
insolvency manager.
Creditors have until June 6, 2004 to submit their proofs of
claim to:
(a) Temporary Insolvency Manager: 49000, Ukraine,
Dnipropetrovsk, Komsomolska str., 48, room 2
Phone: (056) 744-19-31
(b) ECONOMIC COURT OF DNIPROPETROVSK: 49600, Ukraine,
Dnipropetrovsk, Kujbishev str., 1a
Naukova holds Account Number 26004104545028 at Privatbank,
Dnipropetrovsk branch, MFO 305299.
CONTACT: NAUKOVA
49131, Ukraine, Dnipropetrovsk, Taromske,
Naukova str., 8
Mr. Gorb Volodimir, Temporary Insolvency Manager
49000, Ukraine, Dnipropetrovsk, Komsomolska str.,
48, room 2
Phone: (056) 744-19-31
ECONOMIC COURT OF DNIPROPETROVSK REGION
49600, Ukraine, Dnipropetrovsk, Kujbishev str., 1a
OLVEST: Bankruptcy Proceedings Begin
------------------------------------
The Economic Court of Harkiv region declared Ukrainian-Hungarian
enterprise Olvest (code EDRPOU 22698647) insolvent and
introduced bankruptcy proceedings on April 20, 2004. The case
is docketed as B-31/157-03. Arbitral manager Mr. Sautenko S.
(License Number AA 419246 approved October 24, 2002) has been
appointed liquidator/insolvency manager.
CONTACT: OLVEST
Ukraine, Harkiv, Moskovskij avenue, 118
Mr. Sautenko S., Liquidator/Insolvency Manager
61002, Ukraine, Harkiv, Sumska str., 102-A
Phone: (057) 715-69-56
ECONOMIC COURT OF HARKIV REGION
61022, Ukraine, Harkiv, Svobodi square, 5,
Derzhprom, 8th entrance
PROGRES: Zhitomir Court Prescribes Bankruptcy Procedure
-------------------------------------------------------
The Economic Court of Zhitomir region commenced bankruptcy
supervision procedure on agricultural LLC Progres (code EDRPOU
05267570) in March. The case is docketed as 4/50 B. Mr.
Shklyar Oleg (License Number AA 630142 approved January 27,
2004) has been appointed temporary insolvency manager.
Creditors have until June 6, 2004 to submit their proofs of
claim to:
(a) Temporary Insolvency Manager: 10014, Ukraine, Zhitomir,
Putyatinski square, 2/304
Phone: 8 (0412) 34-04-44
(b) ECONOMIC COURT OF ZHITOMIR REGION: 10002, Ukraine,
Zhitomir, Putyatinski square, 3/65
Progres maintains Account Number 26004482922001 at CJSC CB
Privatbank, MFO 311744.
CONTACT: PROGRES
Ukraine, Zhitomir region, Chudnivskij district,
Bezpechna
Mr. Shklyar Oleg, Temporary Insolvency Manager
10014, Ukraine, Zhitomir, Putyatinski square, 2/304
Phone: 8 (0412) 34-04-44
ECONOMIC COURT OF ZHITOMIR REGION
10002, Ukraine, Zhitomir, Putyatinski square, 3/65
===========================
U N I T E D K I N G D O M
===========================
ASW: Government Raises Workers' Hope of Recovering Pension Money
----------------------------------------------------------------
The government said it will help workers in bankrupt engineering
firm ASW recover their expected pension benefits, according to
Reuters.
Speaking at a pensions conference, Andrew Smith, secretary for
Work and Pensions, said the government is studying its options,
although he did not say whether one of these was using public
money. Groups such as The National Association of Pension Funds
had earlier urged the government to do so. Mr. Smith, refusing
to spell out details, said: "I am not going to be drawn into
speculation ... I have been careful not to raise false hope."
He added: "And whilst there is no legal liability; whilst we
must avoid setting precedent; and whilst affordability is always
important, if we could provide some help it would be the right
thing to do."
The statement is understood to be equally good news to former
employees of Scottish firms such as Blyth & Blyth and Motherwell
Bridge.
ATMAL COMPANY: Members General Meeting Set June 25
--------------------------------------------------
There will be a General Meeting of the Members of the Atmal
Company Limited on June 25, 2004 at 10:00 a.m. It will be held
at 1 Bentinck Street, London W1U 2ED.
The purpose of the Meeting is to lay before the Members how the
winding up of the Company has been conducted. Members who want
to be represented at the Meeting may appoint proxies. Proxy
forms must be submitted at 1 Bentinck Street, London W1U 2ED not
later than 12:00 noon, June 24, 2004.
BRISTOL FOYER: Final Meeting of Members June 15
-----------------------------------------------
There will be a Final Meeting of the Members of the Bristol
Foyer Limited Company on June 15, 2004 at 10:00 a.m. It will be
held at Bishop Fleming, 19 Portland Square, Bristol BS2 8SJ.
The purpose of the Meeting is to lay before the Members how the
winding up of the Company has been conducted. Members who want
to be represented at the Meeting may appoint proxies. Proxy
forms must be submitted at 19 Portland Square, Bristol BS2 8SJ
not later than 12:00 noon, June 14, 2004.
CONTACT: BISHOP FLEMING
19 Portland Square,
Bristol BS2 8SJ
Contact:
S A J Ramsbottom, Liquidator
BRITISH SKY: Operating Profit Soars 76% to GBP438 Million
---------------------------------------------------------
British Sky Broadcasting Group released last week its latest
quarterly results. These are the highlights:
(a) Net DTH subscriber growth in the quarter of 66,000 to 7.3
million;
(b) Sky+ target reached three months early as customer numbers
increase by 72,000 in the quarter to 322,000;
(c) Total revenue increases by 16% to GBP2,697 million;
(d) Operating profit before goodwill and exceptional items
increases by 76% to GBP438 million;
(e) Net operating cash inflow increases by 131% to GBP518
million;
(f) Profit after tax increases almost tenfold: from GBP28
million to GBP243 million;
(g) Earnings per share before goodwill and exceptional items of
13.2 pence, up 5.9 pence on the comparable period.
James Murdoch, Chief Executive of British Sky Broadcasting Group
plc, said: "Sky continues to deliver improvement in its
financial performance, and remains on track to hit all
operational and financial targets. Slower DTH subscriber growth
during the quarter reflected our decision to pull back on
platform marketing in a seasonally quiet period."
Operating Review
At 31 March 2004, the total number of direct-to-home (DTH)
digital satellite subscribers in the U.K. and Ireland was
7,274,000, representing a net increase of 66,000 subscribers in
the three months to 31 March 2004 (the quarter). Sky remains on
track to achieve its target of eight million DTH subscribers by
the end of calendar year 2005. Following only minimal above-
the-line marketing during the quarter, a new campaign was
launched on the 26th March 2004, the benefits of which will
begin to be felt during the fourth quarter.
The Group's third quarter performance reflects our decision to
avoid adding subscribers at an incrementally high cost, while we
assessed the efficacy of our second quarter Christmas marketing
push, in order to progress towards our medium term targets while
continuing to provide superior financial returns to
shareholders.
The Group's strategy is clear: (1) to drive demand for pay
television services in the U.K. and Ireland, and to continue to
put a competitive customer proposition into the market to meet
that demand; and (2) to manage the pace of growth to deliver
continued margin improvement, long term market positioning, and
sustained profitability.
Management remains focused on the ongoing operational execution
of this strategy and is confident that its medium term targets
will be met.
The number of Sky+ customers continued to grow strongly,
increasing by 72,000 in the quarter to 322,000, achieving Sky's
initial target of 315,000 Sky+ customers three months early.
Sky+ continues to penetrate the existing subscriber base as well
as driving new subscribers to Sky with approximately 16% of new
Sky+ customers, since 1 October 2003, new to Sky digital.
As a direct consequence of the growth in Sky+ penetration, the
number of multi-room (formerly referred to as Extra Digibox)
subscribers increased in the quarter to 270,000, almost double
the number at 31 March 2003. With almost three television sets
in every Sky digital home, growth of multi-room subscription
penetration represents a significant long-term opportunity for
the Group.
Annualized DTH churn for the nine months to 31 March 2004 (the
period) was 9.4%, the same rate as in the six months to 31
December 2003, despite the price rise in the quarter.
Annualized average revenue per DTH subscriber (ARPU) in the
quarter was GBP382, an increase of GBP18 over the three months
to 31 March 2003 and GBP13 on the three months to 31 December
2003. This reflects the changes to U.K. and Ireland retail
pricing that took effect from 1 January 2004. At just over GBP9
per week for the top tier Sky World package and GBP4.50 per week
for the Family Pack with over 200 basic channels, Sky remains
excellent value for money.
Following a strong performance in calendar year 2003, and aided
by the continued growth of Sky digital and other platforms,
multi-channel television networks continued to take viewing
share from the main terrestrial channels, BBC1 and ITV1. Multi-
channel television's combined share of total audience increased
by 6% on the same quarter last year and, during March, multi-
channel attracted a bigger combined audience across all U.K.
television homes than either BBC1 or ITV1.
The third quarter produced a strong set of audience figures for
Sky Sports. UEFA Champions League Football continued to perform
well with a record in-home audience of almost three million
viewers for Sky Sports' exclusive live coverage of the quarter
final first leg between Chelsea and Arsenal. England's
successful cricket tour of the West Indies once again proved to
be very popular with viewers. An outstanding performance by the
England team and the beneficial time differences helped Sky
Sports record some of its best cricket audiences for almost two
years. Record viewing levels were registered for sports as
varied as darts, NFL and Spanish football, and recently
negotiated contracts for Rugby Union's European competition, the
Heineken Cup, and Rugby League's Super League generated robust
viewership across the quarter.
On 16 April 2004, Sky announced that it had won exclusive live
rights to the opening away matches for England and Wales in
qualifying for the Football World Cup 2006. These live matches,
together with another 15 World Cup Qualifiers already in Sky
Sports' schedules, will ensure a wealth of live international
football on Sky over the next four years.
At the Royal Television Society Journalism Awards on 24 February
2004, Sky News was named News Channel of the Year for the third
successive year and won an innovation award for its coverage of
the Hutton Inquiry and the Soham trial. Following on from this
success, on 9 March 2004, Five announced that it had awarded its
news supply contract to Sky News. From January 2005, Sky News
will provide Five's lunchtime and evening bulletins for a period
of five years, replacing the current supplier ITN. Sky News
Ireland began its new service on 10 May 2004.
As part of an enhanced schedule, Sky One launched several new
program series during the quarter including the highly acclaimed
'Nip/Tuck', the third season of the hit series '24' and the
controversial 'There's Something About Miriam,' each proving
very popular with viewers.
Following major enhancements to its service in November 2003,
Sky Movies increased viewing share by 6% on the same quarter
last year across all U.K. television homes. Premieres on Sky
Movies during the quarter included Spider-Man, Minority Report,
Men in Black II and 8 Mile.
Financial Review
The sustained momentum of Sky's business model continues to
deliver strong profit growth at all levels. Operating profit
before goodwill and exceptional items for the period increased
by 76% on the nine months to 31 March 2003 (the comparable
period) to GBP438 million, more than that reported for the whole
of the previous financial year. Profit after tax increased to
GBP243 million from GBP28 million for the comparable period.
Total revenues grew by 16% on the comparable period to GBP2,697
million, whilst operating expenditure before goodwill and
exceptional items increased by only 9%, generating an operating
profit margin before goodwill and exceptional items of 16%, an
improvement of five percentage points on the comparable period.
DTH revenues for the period increased by 14% from GBP1,726
million for the comparable period to GBP1,973 million. This is
principally due to the 11% growth in the average number of DTH
subscribers and the 4% increase in DTH ARPU.
Advertising revenue continued to outperform the advertising
market, recording an increase of 9% on the comparable period to
GBP223 million. All share deals with advertising agencies for
calendar year 2004 were completed during the quarter and Sky
remains confident of continuing to outperform the market during
this calendar year.
Wholesale revenues were GBP160 million for the period, an
increase of 10% on the comparable period. This was principally
driven by the one-off receipt of audit monies from NTL as
disclosed in the first quarter, increases to wholesale prices
that took effect in January 2004 and the distribution of Sky
Sports Extra to dual sports digital cable homes for the first
time.
Interactive revenues increased by 50% on the comparable period
to GBP219 million, driven by growth in both SkyBet and Sky
Active revenues, to GBP133 million and GBP86 million
respectively. Sky Active has further enhanced its offering with
the launch of services via the new Sky Vegas Live channel on 3
March 2004 and a National Lottery service on 1 April 2004
allowing subscribers to buy tickets for the Wednesday and
Saturday Lotto draws using their Sky digital remote control.
Programming costs for the period increased by GBP80 million on
the comparable period to GBP1,248 million. This was principally
due to increased sports rights costs, including the addition of
UEFA Champions League football this season; increased subscriber
volumes and contractual rates in movies and third party channel
costs, partially offset by savings resulting from the continued
weakness of the U.S. dollar. However, part of this GBP80
million increase was non-recurring due to an evaluation of
entertainment stock balances during the quarter. This resulted
in the acceleration of certain amortization charges totaling
GBP16 million, in accordance with the Group's policy, in respect
of program stock accounting.
Other operating costs before goodwill increased by GBP97 million
on the comparable period to GBP1,011 million. This principally
comprises a GBP56 million increase in betting costs, which is
directly related to the significant growth in SkyBet revenue; a
GBP37 million increase in subscriber management costs,
reflecting the continued growth of Sky+ and multi-room
subscription penetration; and a GBP10 million increase in
administration costs before goodwill and exceptional items due
mainly to technology, facilities and compliance obligation
costs. These increases were partially offset by a GBP13 million
reduction in marketing costs as a result of lower marketing
activity in the quarter and consequently lower subscriber
additions.
Earnings before interest, tax, depreciation and amortization
(EBITDA) before goodwill and exceptional items increased by 61%
on the comparable period to GBP518 million.
After deducting the Group's share of operating losses of joint
ventures, which reduced to GBP4 million in the quarter, and net
interest payable of GBP63 million, the Group made a profit
before tax, goodwill and exceptional items of GBP371 million in
the period.
During the quarter, BSkyB Home Shopping Limited (a wholly owned
subsidiary of the Group) sold its 20% shareholding in QVC (U.K.)
Limited, operator of QVC -- The Shopping Channel, to a wholly
owned subsidiary of QVC, Inc. for cash consideration of GBP49
million. The consideration was received during the quarter and
the sale generated a profit on disposal of GBP49 million which
has been recorded as an exceptional non-operating item.
Other exceptional items in the period include a profit on
disposal of GBP2 million and a provision release of GBP33
million -- both relating to the sale of the Group's 9.9%
shareholding in Manchester United plc -- and a GBP9 million
provision against the Group's remaining football club
investments as disclosed in the second quarter.
The total net tax charge for the period of GBP116 million
includes a current tax charge of GBP98 million, a deferred tax
charge of GBP21 million, offset by a GBP3 million net adjustment
in respect of prior years. Excluding the effect of goodwill,
joint ventures and exceptional items, the Group's underlying
effective tax rate on ordinary activities was 30% during the
period.
After removing the effect of deferred tax, the Group's share of
joint ventures' tax and prior year adjustments, the mainstream
corporation tax liability for the period was GBP95 million. The
Group utilized all its remaining advanced corporation tax to
reduce this to GBP41 million and, in accordance with the
quarterly installment regime, GBP17 million was paid by 31 March
2004 with the balance being due for payment by 31 December 2004.
The profit after tax for the period was GBP243 million,
generating earnings per share before goodwill and exceptional
items of 13.2 pence compared to 7.3 pence (7.5 pence restated
for the application of UITF 38) for the comparable period.
Operating cash flow generation continued to be strong during the
period with an inflow of GBP518 million compared to GBP396
million in the comparable period. The cash conversion ratio
remains healthy with 118% of operating profit before goodwill
and exceptional items converted to operating cash inflow. After
taking into account cash outflows principally comprising
interest payments of GBP76 million; capital expenditure of GBP96
million; corporation tax of GBP41 million (which includes GBP21
million relating to the 2002/03 financial year and GBP3 million
consortium relief), and the one-off receipts from the sale of
the Group's investments in QVC (U.K.) Limited, Manchester United
plc and Chelsea Village plc, the Group reduced net debt by
GBP443 million from GBP1,105 million at 30 June 2003 to GBP662
million at 31 March 2004.
During the quarter the Group purchased a vacant freehold
building at its Osterley site. The building will be fully
refurbished and will provide office accommodation as well as
three new studios for the award winning Sky News channel, one of
which will be dedicated to the new Five news supply contract
awarded in the period. The total capital expenditure required
for the new building and the associated refurbishment is
estimated at approximately GBP40 million, of which GBP9 million
had been incurred by 31 March 2004.
Corporate
On 11 May 2004, after more than nine years on the board, John
Thornton resigned his position as a non-executive director of
the Company. Mr. Thornton had served on the Board of the
Company since its initial public offering in December 1994.
On 11 May 2004 the board of the Company on the recommendation of
the Remuneration Committee also approved the terms of James
Murdoch's service contract with the Company, which is to be a
twelve month rolling contract, deemed to have commenced on 27
November 2003.
Mr. Murdoch's salary under the contract will be GBP750,000 per
annum subject to annual review, plus an annual relocation and
expenses allowance of GBP200,000 per annum, which shall be paid
for a period of three years. Mr. Murdoch will also be entitled
to a discretionary bonus, which will be set by reference to the
achievement of budgetary targets.
Mr. Murdoch will also receive an initial award under the
Company's LTIP of 450,000 shares. The vesting of 70% of this
award shall be subject to internal performance metrics being
outperformed, equally weighting DTH subscriber growth, EPS
Growth and free cash-flow per share, and the vesting of the
other 30% will be subject to TSR performance. The measurement
of these performance conditions will be over a three-year
period. Mr. Murdoch will also be entitled to other benefits,
namely pension benefits, company car, life assurance equal to
four times salary and medical insurance.
The Company received independent advice in relation to the above
terms.
On 11 February 2004, the Directors declared an interim dividend
of 2.75 pence per Ordinary Share. This dividend was paid on 23
April 2004 to shareholders of record on 2 April 2004. The total
amount paid was GBP53 million and this will be recognized in the
consolidated cash flow statement during the fourth quarter.
On 8 August 2003, it was announced that Sky had successfully bid
for all four packages of exclusive live U.K. rights to FA
Premier League ("FAPL") football from the 2004/05 to the 2006/07
seasons. As part of its ongoing investigation into the sale of
rights by the FAPL, the European Commission conducted inquiries
into this most recent auction. On 16 December 2003, the
European Commission announced a provisional agreement with the
FAPL and with Sky under which, among other things, Sky has
agreed to offer to sublicense up to eight live games each season
from 2004/05 to 2006/07 to another broadcaster. The European
Commission has since consulted with third parties on this
provisional agreement and, following further discussions, Sky
published a notice of invitation to tender for these games on 23
April 2004. This tender process has now concluded and a
separate announcement by the Group, issued Thursday, has
published its conclusions.
Further to the termination of the media rights agreement between
attheraces (ATR) and the Racecourse Association (RCA) on 29
March 2004, it was announced, on 30 April 2004, that ATR had
reached agreements with four major racecourse partners, Ascot
Racecourse, Chepstow Racecourse Plc (including Northern Racing),
GG Media Limited and Arena Leisure Plc, for televised meetings
in the U.K., enabling ATR to re-launch its live U.K. racing
service in June 2004. Further to this, on 4 May 2004, it was
announced that Arena Leisure Plc (Arena) and British Sky
Broadcasting Plc (BSkyB) had signed a new Shareholders'
Agreement in relation to attheraces Holdings Limited for the
continuation of the ATR business. At the same time as signing
this arrangement, Arena and BSkyB purchased jointly the 33.33%
equity stake owned by Channel 4 in ATR, together with the GBP23
million Loan Notes advanced to ATR by Channel 4, for a total
consideration of up to GBP1.25 million. As a result, ATR is now
a 50:50 joint venture between Arena and BSkyB, with provision
for racecourses to become equity holders in due course.
Copies of the financial statements are available free of charge
at http://bankrupt.com/misc/BritishSky_Appendix1.htm
CONTACT: BRITISH SKY BROADCASTING GROUP
Analysts/Investors:
Neil Chugani
Phone: 020 7705 3837
Andrew Griffith
Phone: 020 7705 3118
E-mail: investor-relations@bskyb.com
Press:
Julian Eccles
Phone: 020 7705 3267
Robert Fraser
Phone: 020 7705 3036
E-mail: corporate.communications@bskyb.com
Finsbury:
Alice Macandrew
Phone: 020 7251 3801
B W PROCESS: In Administrative Receivership
-------------------------------------------
The B W Process Design Limited has appointed Stephen Lord and
Stephen James Wainwright of Poppleton & Appleby joint
administrative receivers. The appointment was made May 5, 2004.
B W Process is engaged in paper-processing systems. The
Company's registered office is located at 32 High Street,
Manchester M4 1QD.
CONTACT: POPPLETON & APPLEBY
32 High Street,
Manchester M4 1QD
Receivers:
Stephen Lord
Stephen James Wainwright
(IP Nos 3443, 5306)
CANARY WHARF: Investors Have Until May 21 to Accept Songbird Bid
----------------------------------------------------------------
(a) Following the Auction Procedure, the Independent Committee
of Canary Wharf has recommended that Canary Wharf
Shareholders accept Songbird's offer of 295p per Canary
Wharf Share.
(b) In accordance with the Auction Procedure set down by the
Panel, there can be no further revised offers for Canary
Wharf by Songbird or CWGA[1].
(c) The last date on which the Songbird Offer is capable of
becoming unconditional as to acceptances1 is Friday 21 May
2004, by midnight (London time) [2].
(d) Therefore, in order for the Songbird Offer to succeed,
Songbird (and with the consent of the Panel, Songbird
Estates plc) must have acquired or contracted to acquire
(including by acceptance of the Songbird Offer) more than
50% of the Canary Wharf Shares on or before that date[2].
(e) Unless Songbird has received sufficient acceptances by 1:00
p.m. (London time)/8:00 a.m. (New York time) on this
date[2], the Songbird Offer will lapse.
(f) If this happens, as outlined in the letter from Sir Martin
Jacomb sent to shareholders on 29 April 2004, there is a
risk that the Canary Wharf share price will fall to a level
significantly below Songbird's offer price. The Songbird
Offer represents a premium of 87.3% to the Canary Wharf
share price on the day prior to the beginning of speculation
surrounding a potential offer for Canary Wharf.
(g) To ensure that the Songbird Offer succeeds, Canary Wharf
Shareholders should complete the Form of Acceptance which
was posted to them with the Songbird Offer Document dated 23
April 2004 and return it, together with definitive share
certificate(s) and/or other documents of title, as soon as
possible and, in any event, so as to be received by post or
(during normal business hours) by hand at Capita IRG Plc,
Corporate Actions, P.O. Box 166, The Registry, 34 Beckenham
Road, Beckenham, Kent BR3 4TH by no later than 1:00 p.m.
(London Time)/8:00 a.m. (New York Time) on 21 May 2004[2].
(h) If you are in any doubt as to the procedure for acceptance
of the Songbird Offer or if you have lost your Form of
Acceptance, please contact Capita by telephone on 0870 162
3100 or +44 20 8639 2157 if calling from outside the U.K.
(i) An accepting Canary Wharf Shareholder may withdraw his
acceptance of the Songbird Offer at any time by written
notice received by Capita IRG Plc on behalf of Songbird at
the address and in the manner referred to in paragraph 3
(A) of Part B of Appendix I to the Songbird Offer Document
before the earlier of (a) the time when the Songbird Offer
becomes or is declared unconditional as to acceptances and
(b) the final time for lodgement of acceptances of the
Songbird Offer, which can be taken into account in
accordance with paragraph 1(B) of Part B of Appendix I to
the Songbird Offer Document.
----------
Footnotes:
[1] Other than with consent of the Panel.
[2] Or such later time(s) and/or date(s) as Songbird may, with
the consent of the Panel, decide.
CONTACT: HOARE GOVETT
Nigel Mills
Ranald McGregor-Smith
Phone: +44 20 7678 8000
MORGAN STANLEY
Mark Warham
Brian Magnus
Phone: +44 20 7425 5000
ROTHSCHILD
Alex Midgen
Ben Davey
Phone: +44 20 7280 5000
TULCHAN COMMUNICATIONS
Andrew Grant
Katie Macdonald-Smith
Phone: +44 20 7353 4200
SMITHFIELD FINANCIAL
John Antcliffe
Phone: +44 20 7360 4900
FINSBURY LIMITED
Faeth Birch
Phone: +44 20 7251 3801
LAZARD
William Rucker
Phone: +44 20 7187 2000
CAZENOVE
Duncan Hunter
Richard Cotton
Phone: +44 20 7588 2828
CSFB
George Maddison
Richard Crawley
Phone: +44 20 7888 8888
BRUNSWICK
James Bradley
Fiona Laffan
Phone: +44 20 7404 5959
CHRISTOPHER ANTHONY: General Meeting Set June 9
-----------------------------------------------
There will be a General Meeting of the Christopher and Anthony
Cook Ltd Company on June 9, 2004 at 10:30 a.m. It will be held
at 28 Church Road, Stanmore, Middlesex HA7 4XR.
The purpose of the Meeting is to lay before the Members how the
winding up of the Company has been conducted. Members who want
to be represented at the Meeting may appoint proxies.
DEAN SON: Calls in Liquidator
-----------------------------
At an Extraordinary General Meeting of the Members of the Dean
and Son (Builders) Limited Company on May 5, 2004 held at 4 St
Giles Court, Southampton Street, Reading RG1 2QL, the Special
Resolution to wind up the Company was passed. P R Boyle of
Harrisons, 4 St Giles Court, Southampton Street, Reading RG1 2QL
has been appointed Liquidator for the purpose of winding-up the
Company.
CONTACT: HARRISONS
4 St Giles Court
Southampton Street,
Reading RG1 2QL
Contact:
P R Boyle, Liquidator
D. S. INVESTMENTS: Special Winding up Resolution Passed
-------------------------------------------------------
At an Extraordinary General Meeting of the Members of the D.S.
Investments Limited Company on May 4, 2004 held at 1 Great
Cumberland Place, London W1H 7AL, the Special Resolution to wind
up the Company was passed. Alan Maurice Cushnir and Laurence
Josef Baehr of Baehr Lubbock Fine, Russell Bedford House, City
Forum, 250 City Road, London EC1V 2QQ have been appointed Joint
Liquidators for the purpose of winding-up the Company.
CONTACT: BAEHR LUBBOCK FINE
Russell Bedford House
City Forum, 250 City Road,
London EC1V 2QQ
Contact:
Alan Maurice Cushnir, Liquidator
Laurence Josef Baehr, Liquidator
ELECTRONIC COMMERCE: Names Deloitte & Touche Liquidator
-------------------------------------------------------
Name of Companies:
Electronic Commerce Group Limited
Sterling Electronic Commerce (U.K.) Limited
The Electronic Data Exchange Service Limited
At the General Meetings of these Companies on April 28, 2004
held at 1 More London Place, London SE1 2AF, the Ordinary
Resolution to wind up the Company was passed. James Robert
Drummond Smith and Nicholas James Dargan of Deloitte & Touche
LLP have been appointed Joint Liquidators of the Company
replacing Elizabeth Anne Bingham and Michael David Rollings of
Ernst & Young LLP.
CONTACT: DELOITTE & TOUCHE LLP
180 Strand
London WC2R 1BL
Phone: +44 (0) 20 7936 3000
Fax: +44 (0) 20 7583 1198
Web site: http://www.deloitte.com
Contact:
James Robert Drummond Smith, Liquidator
Nicholas James Dargan, Liquidator
GARTMORE DISTRIBUTION: Winding up Resolutions Passed
----------------------------------------------------
At an Extraordinary General Meeting of the Gartmore Distribution
Trust PLC Company on April 30, 2004, the Special and
Extraordinary Resolutions to wind up the Company were passed.
Patrick Joseph Brazzill and Margaret Elizabeth Mills both of
Ernst & Young LLP, of 1 More London Place, London SE1 2AF have
been appointed Joint Liquidators with the power to act jointly
and severally for the purpose of such winding-up.
CONTACT: ERNST & YOUNG LLP
1 More London Place,
London SE1 2AF
Phone: +44 [0] 20 7951 2000
Fax: +44 [0] 20 7951 1345
Web site: http://www.ey.com
Contact:
Patrick Joseph Brazzill, Liquidator
Margaret Elizabeth Mills, Liquidator
G E MORTLEY: Members General Meeting June 11
--------------------------------------------
There will be a General Meeting of the Members of the G E
Mortley, Sprague & Co Limited on June 11, 2004 at 10:00 a.m. It
will be held at the offices of Sutcliffe & Co, 288 High Street,
Dorking, Surrey RH4 1QT.
The purpose of the Meeting is to lay before the Members how the
winding up of the Company has been conducted. Members who want
to be represented at the Meeting may appoint proxies. Proxy
forms must be submitted at Sutcliffe & Co, 288 High Street,
Dorking, Surrey RH4 1QT not later than 12:00 noon, June 10,
2004.
CONTACT: SUTCLIFFE & CO
288 High Street,
Dorking, Surrey RH4 1QT
Contact:
M Sutcliffe, Liquidator
GMIT SUBSIDIARY: Hires Ernst & Young Liquidator
-----------------------------------------------
At an Extraordinary General Meeting of the GMIT Subsidiary
Limited Company on April 30, 2004 held at 8 Fenchurch Place,
London EC3M 4PB, the Special Resolution to wind up the Company
was passed. Patrick Joseph Brazzill and Margaret Elizabeth
Mills of Ernst & Young LLP, 1 More London Place, London SE1 2AF
have been appointed Joint Liquidators for the purpose of such
winding-up.
CONTACT: ERNST & YOUNG LLP
1 More London Place
London SE1 2AF
Phone: +44 [0] 20 7951 2000
Fax: +44 [0] 20 7951 1345
Web site: http://www.ey.com
Contact:
Patrick Joseph Brazzill, Liquidator
Margaret Elizabeth Mills, Liquidator
GSET DEALING: Names Liquidators from Ernst & Young
--------------------------------------------------
At an Extraordinary General Meeting of the GSET Dealing Limited
Company on April 30, 2004 held at 8 Fenchurch Place, London EC3M
4PB, the Special Resolution to wind up the Company was passed.
Patrick Joseph Brazzill and Margaret Elizabeth Mills of Ernst &
Young LLP, 1 More London Place, London SE1 2AF have been
appointed Joint Liquidators for the purpose of such winding-up.
CONTACT: ERNST & YOUNG LLP
1 More London Place,
London SE1 2AF
Phone: +44 [0] 20 7951 2000
Fax: +44 [0] 20 7951 1345
Web site: http://www.ey.com
Contact:
Patrick Joseph Brazzill, Liquidator
Margaret Elizabeth Mills, Liquidator
HOLBORN PROPERTY: Names Tony Freeman & Company Liquidator
---------------------------------------------------------
At a General Meeting of The Holborn Property Company Limited,
the Special and Ordinary Resolutions for winding up the Company
were passed. Tony Freeman of Tony Freeman & Company, New Maxdov
House, 130 Bury New Road, Prestwich, Manchester M25 0AA has been
appointed Liquidator to the Company for the purpose of the
winding-up.
CONTACT: TONY FREEMAN & COMPANY
New Maxdov House
130 Bury New Road, Prestwich,
Manchester M25 0AA
Contact:
Tony Freeman, Liquidator
JARVIS PLC: Investors Nervous About Strategic Review Status
-----------------------------------------------------------
Shares in Jarvis on Wednesday fell 17% to 71 3/4, its lowest
value since early 1996, on shareholders fear about a possible
rescue rights issue and after a 21% cut in profits forecast by
its broker.
Dresdner Kleinwort Wasserstein in a research note on Friday
lowered its earnings prediction for the engineering group from
GBP51 million to GBP40.4 million for 2004. The company is
currently trying to raise cash under a strategic review that
includes the possible disposal of the company's 50% stake in the
Tube Lines consortium. The rumors about a rights issue raise
suspicions Jarvis is not realizing sufficient proceeds from the
review.
According to the report, Jarvis declined to comment on plans for
a rights issue, while one adviser said it is not currently under
consideration.
J.B.F. SERVICES: Appoints Receiver from Sargent & Company
---------------------------------------------------------
The J.B.F. Services Limited has appointed Peter Sargent of
Sargent & Company Limited as joint administrative receiver. The
appointment was made May 7, 2004.
J.B.F. Services fabricates sheet metals. The Company's
registered office is at Southedge Works, Hipperholme, Halifax,
West Yorkshire HX3 8EF.
CONTACT: SARGENT & COMPANY LIMITED
36 Clare Road, Halifax HX1 2HX
Receiver:
Peter Sargent
(IP No 8636)
KALAMAZOO COMPUTER: Final Meeting Set June 15
---------------------------------------------
Name of Companies:
Kalamazoo Computer Solutions (Holdings) PLC
Kalamazoo Development PLC
Kalamazoo Software Services Limited
Midas Systems Limited
There will be Final Meetings of the Members of these Companies
on June 15, 2004 at 11:00 a.m. It will be held at 8 Salisbury
Square, London EC4Y 8BB.
The purpose of the Meeting is to lay before the Members the
account how the winding up of the Companies had been conducted.
Members who want to be represented at the Meeting may appoint
proxies. Proxy forms must be submitted to KPMG Corporate
Recovery, 8 Salisbury Square, London EC4Y 8BB not later than
12:00 noon, June 14, 2004.
CONTACT: KPMG CORPORATE RECOVERY
8 Salisbury Square
London EC4Y 8BB
Contact:
S Spratt, Joint Liquidator
Fax: 020 7311 3311
LASMINUTE.COM PLC: 2nd-quarter EBITDA Loss Down 51% Year-on-year
----------------------------------------------------------------
Lastminute.com on Thursday announced Quarter 2 2004 and interim
results for the period ending 31 March 2004.
Highlights:
(a) 93.9% increase in Total Transaction Value to GBP178.8
million (Q2 2003: GBP92.2 million);
(b) 36.2% pro forma organic like-for-like growth in Quarter 2
(Q1 2004: 23.2%);
(c) 106.8% increase in gross profit to GBP30.9 million (Q2 2003:
GBP15.0 million);
(d) Gross margin for the Quarter improved by 1.1 percentage
points to 17.3% (Q2 2003: 16.2% Q1 2004: 17.1%);
(e) 51.4% improvement in EBITDA from a loss of GBP3.1 million
(Q2 2003) to a loss of GBP1.5 million;
(f) Quarter 2 loss per share of 7.03p (Q2 2003: loss 6.07p);
(g) Overall net cash balances remain strong at the end of
Quarter 2 2004 at GBP52.5 million (Q2 2003: GBP42.3
million);
(h) Completed the acquisition of First Option and Gemstone
Travel in the Quarter and Online Travel Corporation at the
start of Quarter 3.
Brent Hoberman, Chief Executive Officer, said: "Lastminute.com
has continued to make significant progress during Quarter 2
especially in the overall improvement in gross margins. Strong
organic like-for-like growth of 36.2% has been supplemented by
key acquisitions in strong gross margin product categories.
Industry trends, particularly the offline to online share shift
seen in this Quarter, continue to move in our favor. Overall we
remain confident of delivering a further year of substantially
improved financial metrics."
Copies these financial results are available free of charge at
http://bankrupt.com/misc/Lastminute_Q22004.htm
LONDON EYE: Future Clouded by Owners' Squabble
----------------------------------------------
The Tussauds Group, part owner of the London Eye Company, denied
it is blocking a crucial refinancing deal for the designer of
the city's famous giant wheel, according to The Telegraph.
David Marks, director at Marks Barfield, one of the owners of
the company said Tussauds is ruining its effort to renegotiate
the terms of the GBP56 million fund borrowed from British
Airways, another investor in the firm. The London Eye Company
is equally controlled by London-based architect Marks Barfield,
Tussauds and British Airways.
Mr. Marks said: "Tussauds is blocking [the refinancing]. At
every turn [Tussauds] have sought to gain overall control of the
company we created."
The company designed the GBP70 million London Eye tourist
attraction, voted as the number one visitor's destination in
2000. It makes a trading profit, but has to pay 25% interests
on a GBP130 million-loan incurred when the cost of the project
overrun. Consequently, it reported a post-interest and tax loss
of GBP11 million in 2002. Revenues at the time were GBP38
million.
The payment is preventing the company from undertaking GBP4
million-worth of improvements in a new shop and ticketing system
over the past two years, according to Mr. Marks. He said:
"These things have stalled because we cannot find the finance.
Unless it is refinanced, the London Eye is not going to be able
to develop. Tussauds is now threatening the long-term financial
future of the Eye."
While admitting it tried to buyout its two shareholders twice,
in 2004 and 2003, it denied getting in the way of a fund-
raising. It said that no alternative financing arrangements had
been proposed.
MADEIRA LIMITED: Appoints Duncan Sheard Glass Liquidator
--------------------------------------------------------
At an Extraordinary General Meeting of the Madeira Limited
Company on April 30, 2004 held at the offices of Duncan Sheard
Glass, Castle Chambers, 43 Castle Street, Liverpool L2 9TL, the
subjoined Special Resolution to wind up the Company was passed.
Michael Dalziel Dye of Duncan Sheard Glass, Castle Chambers, 43
Castle Street, Liverpool L2 9TL has been appointed Liquidator
for the purpose of such winding-up.
CONTACT: DUNCAN SHEARD GLASS
Castle Chambers
43 Castle Street,
Liverpool L2 9TL
Contact:
Michael Dalziel Dye, Liquidator
MARKS & SPENCER: Appoints Kate Bostock Head of Womenswear
---------------------------------------------------------
Marks & Spencer appointed Kate Bostock as Director of
Womenswear, reporting to Board Director for General Merchandise,
Vittorio Radice. Steve Longdon, who currently holds the
position of Director of Womenswear, will be leaving the Company
at the end of the month.
Vittorio Radice said: "I'm delighted that Kate is joining us.
She has outstanding retail flair and excellent all-round skills
across design, buying and merchandising as well as a strong
appreciation of technology, product quality and sourcing. She
also brings unrivalled experience in large-scale retailing.
Steve has made an important contribution to the business over
the past few years and both Roger and I are very grateful to him
for all he has done."
Kate Bostock said: "I'm very excited to be joining Vittorio and
his team. I've always admired what Marks & Spencer stands for,
particularly its focus on product quality. With this new role,
I will have the opportunity to help build one of the most
compelling womenswear offers on the high street."
Kate Bostock has been Product Director for the George Global
Brand at ASDA since 2001, covering all areas of clothing and
footwear. In this role she has been responsible for design,
buying and technology and, in particular, she was responsible
for the launch of the standalone George concept and the launch
of George globally. She was previously Product Director for
Childrenswear at Next.
In addition, the Company is announcing that Vittorio Radice is
strengthening the senior line-up within General Merchandise with
the following appointments: Jack Paterson moves into the newly-
created position of Director of Home; Matt Hudson becomes
Director of Lingerie and Beauty and Andrew Skinner becomes
Director of Menswear. The Menswear appointment takes place with
immediate effect and the Home and Lingerie and Beauty Directors
will take up their roles by the end of May.
CONTACT: MARKS & SPENCER
Corporate Press Office:
Phone: 020 7268 1919
Investor Relations:
Tony Quinlan
Phone: 020 7268 4195
David Sharkey
Phone: 020 7 268 6193
Damian Evans
Phone: 020 7268 1563
MAXIFOTO INTERNATIONAL: Hires Liquidator from Marks Bloom
---------------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Maxifoto International Limited Company on May 6, 2004 held at
60-62 Old London Road, Kingston upon Thames, Surrey KT2 6QZ, the
Special Resolution to wind up the Company was passed. Andrew
John Whelan of Marks Bloom, 60-62 Old London Road, Kingston upon
Thames KT2 6QZ has been appointed Liquidator.
CONTACT: MARKS BLOOM
60-62 Old London Road,
Kingston upon Thames KT2 6QZ
Contact:
Andrew John Whelan, Liquidator
OFG LIMITED: In Administrative Receivership
-------------------------------------------
Cattles Invoice Finance (Oxford) Limited has appointed Carl
Stuart Jackson and Tina Yearsley both of Tenon Recovery as joint
administrative receivers of OFG Limited Company. The
appointment was made May 5, 2004.
OFG Limited is trading under the name of Orange Food Group. The
Company's registered number is 4813843.
CONTACT: TENON RECOVERY
Highfield Court, Tollgate,
Chandlers Ford, Eastleigh,
Hampshire SO53 3TZ
Contact:
Carl Stuart Jackson
Tina Yearsley
(Office Holder Nos 8860, 9298)
ROYAL & SUNALLIANCE: Restructuring Boosts Operating Profit
----------------------------------------------------------
Highlights of results for three months to March 31, 2004:
(a) Group combined operating ratio (COR) 98.7%;
(b) Group operating result GBP148 million;
(c) Group operating profit GBP100 million -- up 30%;
Strong performance from ongoing operations
(a) Ongoing business -COR 94.5%;
(b) U.K. business COR 96.4% -- strong commercial result and
improvement in personal line performance;
(c) Strong performance in Scandinavia -- COR 90.6% -- with
benefits of rate increases and benign weather;
(d) Significant improvement in Canada -- COR 101.7% -- following
remedial action;
(e) U.S. non-standard auto COR 90.9% Capital position;
(f) Post Solvency capital position GBP130 million better then
previously indicated;
(g) Reviewed debt to ensure optimal structure.
Strengthened financial position of U.K. Life funds & certainty
on capital position
(a) Removal of GBP500 million of specific risks set out in
rights issue prospectus;
(b) Release of GBP225m of FSA buffers & margins;
(c) Temporary finance of GBP114 million to support enhanced
policyholder benefits.
Business transformation on track
(a) Benefits flowing through from portfolio restructuring &
underwriting and claims actions;
(b) Annualized cost savings now GBP156 million; on track to
deliver GBP270 million target;
(c) Further U.K. site consolidation and offshore pilot
commenced;
(d) Over half U.S. book of business actioned - challenging;
Restated
3 Months 3 Months
2004 2003
General business
net premiums written GBP1,214 million GBP1,945 million
Combined Ratios
- Ongoing operations 94.5% -
- Overall 98.7% 99.0%
Group operating result
(based on LTIR) GBP148 million GBP175 million
Group operating profit
(based on LTIR) GBP100 million GBP77 million
Profit/(loss)
after taxation GBP66 million GBP(9)million
Balance sheet Restated
31 March 31 December
2004 2003
Net asset value
per share 107p 107p
Andy Haste, Chief Executive of Royal & Sun Alliance Insurance
Group plc commented: "Our performance in the quarter has been
good, with the best news coming from the performance of our
ongoing businesses and the continued progress we've made with
our business transformation program. The good result reflects
the actions we have taken and we now have a cleaner portfolio of
businesses from which to exploit selective opportunities for
profitable growth.
"We continue to restructure and rebuild the business but more
remains to be done. While the process will continue to be
challenging, we now have the right team and the right strategy.
We're focused on what we have to do to de-risk and improve the
operational performance of the business."
A full copy of the financial results is available free of charge
at: http://bankrupt.com/misc/RoyalSun_Q12004.pdf
CONTACT: ROYAL & SUNALLIANCE
Analysts Press Requests for Interview
Helen Pickford
Richard Emmott
Nicola Hobday (Finsbury)
Phone: +44 (0) 20 7569 6212
Phone: +44 (0) 20 7569 6023
Phone: +44 (0) 20 7251 3801
Mobile: +44 (0) 7739 235436
Mobile: +44 (0) 7801 234169
Phil Wilson-Brown
Phone: +44 (0) 20 7569 4027
Mobile: +44 (0) 7834 005605
ROYAL & SUNALLIANCE: Keeps Rating Despite Seemingly Weak Results
----------------------------------------------------------------
Standard & Poor's Ratings Services said its ratings on U.K.-
based insurer Royal & Sun Alliance Insurance PLC (A-/Negative/A-
2) and related subsidiaries of Royal & Sun Alliance Insurance
Group PLC (R&SA) are not affected by the reported decline in the
group operating result to GBP148 million ($270 million) from
GBP175 million for the first quarter of 2004. Underlying
operating performance continues to improve despite the published
results, which reflect management action to reduce premium
writings through disposals and discontinuance of unprofitable
lines of business.
Standard & Poor's expects retained earnings at R&SA to improve
substantially in 2004, and for the group to demonstrate earnings
capacity consistent with the current ratings going forward.
Standard & Poor's also expects R&SA to rebuild capital adequacy
to a strong level in 2004. The negative outlook continues to
reflect the execution risks in restructuring U.S. operations,
and the possibility that U.S.-related losses may prevent R&SA
from meeting Standard & Poor's expectations.
CONTACT: STANDARD AND POORS RATING SERVICES
Analyst E-mail Addresses
ashley_gill@standardandpoors.com
rowena_potter@standardandpoors.com
InsuranceInteractive_Europe@standardandpoors.com
STONEWIRE CONSTRUCTION: Hires Ideal Corporate Administrator
-----------------------------------------------------------
The Stonewire Construction Limited Company has appointed Andrew
David Rosler of Ideal Corporate Solutions Limited as joint
administrative receiver. The appointment was made April 27,
2004. The Company is into building and construction.
CONTACT: IDEAL CORPORATE SOLUTIONS LIMITED
Tarleton House,
112A-116 Chorley New road,
Bolton, Lancashire BL1 4DH
Receiver:
Andrew David Rosler
(IP No 9151)
TELEWEST COMMUNICATIONS: Net Loss Down Sharply to GBP36 Million
---------------------------------------------------------------
Telewest Communications plc (LSE:TWT) on Thursday reported
financial results for the first quarter ended 31 March 2004.
Barry Elson, Acting Chief Executive Officer of Telewest
Communications plc commented: "[The] results reflect a good
first quarter with customer and RGU growth, increased ARPU and
continued cost control producing positive cash flow before
financing. Broadband growth, successful marketing and the value
of our product bundles are helping us to deliver good results in
an increasingly competitive environment.
"We are building on our broadband leadership in our addressable
areas and have 498,000 broadband Internet subscribers as at 12
May 2004. We believe we now offer a comprehensive and
compelling range of services and we have now increased broadband
connection speeds by around 50 percent, at no additional cost to
customers.
"Growing "triple play" penetration, now at 18.9% and improving
customer care are reducing churn, with household churn down at
less than 1% per month.
"Our content segment and our business sales division are also
both showing strong growth in advertising and data revenues,
respectively.
"We expect our focus on customer care, broadband and cost
control will help us continue to produce customer growth, good
operating results and positive free cash flow for the full year.
We are also pleased that we have now posted documents and set
dates for meetings of our shareholders and bondholders to seek
approval for our proposed financial restructuring and look
forward to the completion of this process."
Operating Results
Comparison of Three-Month Periods ended 31 March 2004 and 2003
Except where otherwise stated in this section, all comparisons
compare the three-month period ended 31 March 2004 to the three-
month period ended 31 March 2003. All quarterly financial
information is unaudited.
Total turnover (including our share of UKTV, our joint venture
with the BBC) increased GBP9 million or 3% from GBP335 million
to GBP344 million. This increase reflects growth in cable
segment revenue of GBP9 million or 3%.
Cable segment
Consumer sales division
Three months Three months %
ended ended
inc/(dec)
Revenue (in GBP millions) 31 Mar 2004 31 Mar 2003
Cable television 81 79 3%
Telephony 117 117 -
Internet 37 26 42%
------ -------
Total Consumer Sales Division 235 222 6%
Consumer sales division revenue increased 6% from GBP222 million
to GBP235 million, primarily due to an GBP11 million growth in
internet revenues.
Overall, the consumer sales division's Average Revenue Per User
(ARPU) for the quarter was up 8% to GBP45.05 reflecting price
rises and increasing broadband internet and "triple play"
penetration. During the quarter, customer growth continued and
the number of household customers increased by 12,000.
Growth was also helped by the reduction in quarterly annualized
household churn from 14.1% to 11.6% (1.0% per month) as we
continued to concentrate on improving customer care and
improving the quality of customers acquired. These improvements
are also reflected in our call center statistics. Our average
speed of answer is 13 seconds and we are answering 90% of calls
in under-30 seconds.
Our customer care improvements have recently been noted by Good
Housekeeping magazine, which placed Telewest top of a survey of
call center performance for speed of answer, helpfulness and
efficiency of service.
Cable television revenue
Cable television revenues increased GBP2 million to GBP81
million due mainly to an improvement in TV ARPU, which grew to
GBP21.18 from GBP20.50. This was due to a basic price increase
in April 2003, together with increased premium channel
penetration.
The number of TV subscribers rose by 14,000 in the first quarter
of 2004 compared to losses of 20,000 in the first quarter of
2003 as a result of successful marketing, particularly for
product bundles. TV churn has fallen to 14.4% from 18.6%.
At the quarter-end, 80% of our TV subscribers took our digital
service compared with 70% at the end of the first quarter of
2003. 94% of our network has been upgraded for broadband and
digital. We have started to upgrade the last remaining sections
of our network that have been unable to receive digital
television or broadband.
Telephony revenue
Telephony revenues remained level at GBP117 million as revenue
increases resulting from customers migrating to flat rate
packages were offset by loss of revenue due to the sale of our
Indirect Access telephony business in July 2003.
The number of telephony subscribers increased by 12,000 in the
first quarter compared to losses of 13,000 in the comparative
period in 2003. Telephony ARPU per subscriber increased to
GBP24.20 from GBP23.88 due to the increased proportion of
customers on flat rate "Talk" packages. Telephony churn fell
from 14.1% to 11.7%.
Internet revenue
Internet revenues increased 42% from GBP26 million to GBP37
million due to growth in the number of broadband Internet
subscribers.
The success of our broadband Internet products was reflected in
an acceleration of subscriber growth with net broadband
additions of 51,000 in the first quarter. At the quarter end,
we had 465,000 broadband Internet subscribers. Growth has
remained strong since the quarter end and as at 12 May 2004, we
had 498,000 broadband Internet subscribers. 71% of broadband
customers subscribe to the full "triple play" and 94% to at
least one other product.
We believe that we are the broadband Internet market leader in
our addressable areas -- those areas of the country where
consumers are able to receive our broadband Internet services.
We are moving to strengthen our leadership position further and
during the quarter we added a new tier of broadband Internet
service at 256Kb in order to broaden the appeal of our range of
broadband Internet products. In addition, on 26 April 2004, we
announced plans to increase by around 50% the connection speeds
of our top three broadband tiers at no additional cost to our
customers. The standard blueyonder broadband service will
increase in speed from 512Kb to 750Kb. The 1Mb and 2Mb services
will increase to speeds of 1.5Mb and 3Mb respectively.
Broadband continues to prove successful in attracting new
customers to Telewest. In the first quarter, 34% of broadband
installations were for customers who were not existing customers
of the Company.
Broadband ARPU was GBP22.57, up marginally from GBP22.50.
Broadband churn at 12.0% was down from 12.1% in the first
quarter of 2003.
Business sales division
The business sales division's revenue decreased GBP4 million to
GBP65 million. GBP2 million of this reduction resulted from
lower Carrier Services sales. Within the business sales
division, our shift in emphasis towards the faster growing data
market t hat provides a better margin has seen data revenues
grow by 21%. In the business voice market, competitive pressures
have remained strong, negatively impacting growth.
Content segment
Three Three
months months
ended ended %
Revenue (in GBP millions) 31 Mar 31 Mar
inc/(dec)
2004 2003
Programming, transactional and interactive
revenues 26 27 (4%)
Share of joint ventures' turnover (UKTV) 18 17 6%
------ ------
Total Content segment 44 44
Content segment revenues remained flat at GBP44 million as
increases in the main revenue streams of advertising and
subscription were offset by a decline in other non-core
revenues. Advertising revenues of GBP23 million (including our
50% share of UKTV) were up 15% compared to a 2% growth in the
overall market. The content segment grew its market share with
a 4.5% share of the TV advertising market in the U.K., up from
3.9%. Subscription revenues of GBP19 million (including our 50%
share of UKTV) were up 12%.
Combined Cable and Content segments
Three Three Three Three Three Three
months months months months months months
ended ended ended ended ended ended
31 Mar 31 Mar 31 Mar 31 Mar 31 Mar 31 Mar
2004 2004 2004 2003 2003 2003
Before Before
Operating
Costs
and Expenses Except'l Except'l Except'l Except'l %
(in GBP Items Items Total Items Items Total
inc/(dec)
millions)
Cable
programming
expenses 33 - 33 32 - 32 3%
Cable telephony
expenses 46 - 46 51 - 51 (10%)
Content segment
cost of sales 16 - 16 17 - 17 (6%)
Depreciation of
tangible fixed
assets 114 - 114 116 - 116 (2%)
SG&A expenses 110 9 119 118 3 121 (2%)
Amortization of
goodwill and
intangible
assets 5 - 5 6 - 6 (17%)
Total operating
costs 324 9 333 340 3 343 (3%)
Total operating costs were GBP333 million, down 3% from GBP343
million.
Total operating costs and expenses (excluding the exceptional
SG&A expenses) decreased by GBP16 million or 5% from GBP340
million to GBP324 million.
Gross margin (Group revenue less cost of sales before deducting
depreciation) increased from 69% to 71% with improvements in
telephony margins and the growing number of high margin
broadband subscribers offsetting declines in television margins.
Telephony margins improved from 73% to 75% due to lower
telephony interconnection costs. Television margins fell from
60% to 59% due to increases in the cost of premium programming.
Reflecting our continued focus on reducing costs, selling,
general and administrative expenses ("SG&A") decreased 7% to
GBP110 million excluding exceptional items, due mainly to
headcount reductions, lower redundancy costs and enhanced bad
debt savings achieved through improved credit policies.
Including the impact of exceptional SG&A expenses, SG&A
decreased by GBP2 million to GBP119 million, despite an increase
of GBP6 million relating to exceptional legal and professional
costs of the Company's Financial Restructuring.
Group operating profit/(loss)
Group operating loss was GBP7 million, down GBP18 million from a
GBP25 million loss. The improvement resulted from increased
revenues and lower operating costs offset by increased
exceptional charges in relation to the Company's Financial
Restructuring.
Before exceptional items the Group made an operating profit of
GBP2 million compared to an operating loss before exceptional
items of GBP22 million.
Net loss
Net loss for the quarter decreased from GBP187 million to GBP36
million. The movement resulted principally from foreign
exchange losses on our dollar-denominated debt in the first
quarter of 2003 being replaced by exchange gains in the first
quarter of 2004 resulting in an improvement of GBP125 million.
Net loss for the quarter before exceptional items decreased from
GBP181 million to GBP21 million. The movement resulted
principally from the movement in net foreign exchange gains
described above as a result of the decreasing value of the U.S.
dollar versus the pound sterling.
Liquidity and Capital Resources
Net cash inflow before use of liquid resources and financing for
the quarter was GBP17 million compared to GBP7 million in 2003.
Capital expenditure, on an accruals basis, declined by 20% to
GBP52 million. The reduction was due mainly to improved
utilization of our network assets and falling electronic
equipment prices. We have included disclosure of capital
expenditure in accordance with National Cable and
Telecommunications Association guidelines in note 9.
As at 31 March 2004, net debt was GBP5,357 million. This
consisted of GBP3,640 million of notes and debentures,
(including GBP400 million of unpaid accrued interest), GBP144
million of lease financing, GBP7 million in other loans and
GBP2,000 million drawn down on our bank facility (Senior Secured
Facility), offset by cash balances and term deposits of GBP434
million.
We are currently in default on our outstanding notes and
debentures, certain of our finance leases and our bank facility.
As a result of these defaults, the senior lenders under our bank
facility and many of our other creditors have the right to
accelerate obligations and demand immediate repayment. In
current conditions, we have been able to continue to operate and
meet our working capital needs as a direct result of the
continued support of our creditors (in generally not calling
defaults or accelerating their claims) and the Directors' belief
that a financial restructuring is likely to be implemented.
Because we are not making current interest payments on our notes
and debentures we have been able to finance our remaining
working capital needs through available cash and cash generated
by operations. However, we do not believe that our creditors
will continue to forebear from declaring defaults if our
financial restructuring is not implemented or it is not
implemented in a timely manner.
Going Concern
The financial statements included in this press release have
been prepared on a going concern basis and do not include any
adjustments that would arise as a result of the going concern
basis of preparation being inappropriate. As previously
announced, the Company continues to pursue a financial
restructuring of its balance sheet (the Financial Restructuring)
as the Directors consider that the Company will not be able to
meet all of its debts as they fall due. However, the Board of
Directors has confidence in the successful conclusion of the
Financial Restructuring and, together with and on the basis of
cash flow information that they have prepared, the Directors
consider that the Group will continue to operate as a going
concern for a period of at least 12 months from the date of
issue of these financial statements. Any restructuring will
require the continued approval of a number of our bankers and
various stakeholders. Inherently, there can be no certainty in
relation to any of these matters.
The Financial Restructuring
We have now scheduled meetings of certain of our creditors,
principally our bondholders, and our shareholders to seek
approval of various aspects of our Financial Restructuring. The
creditors' meetings are scheduled for 1 June 2004 and our
shareholder meeting is scheduled for 21 May 2004. Successful
completion of our Financial Restructuring remains subject to a
number of conditions, including the approval of our creditors
and our shareholders.
The terms of our Financial Restructuring would result in:
(a) the cancellation of all of the outstanding notes and
debentures of the Company and its finance subsidiary in
return for the distribution of 98.5% of the common stock of
Telewest Global Inc. (Telewest Global), and the
distribution of the remaining 1.5% of Telewest Global's
common stock to our eligible shareholders;
(b) the execution of an amended Senior Secured Facility or an
alternative refinancing;
(c) the reorganization of the Company's corporate structure
under Telewest Global, a holding company incorporated in
Delaware; and
(d) the cessation of dealings in the Company's shares on the
London Stock Exchange and the quotation of Telewest Global's
common stock on the Nasdaq National Market.
Copies of the financial statements are available free of charge
at http://bankrupt.com/misc/Telewest_3Months2004.htm
U.K. COAL: Appoints Graham Menzies Non-executive Director
---------------------------------------------------------
The Board of U.K. COAL PLC is pleased to announce the
appointment of Mr. Graham Menzies as a non-executive director of
the Company from 1 June 2004. Mr. Menzies will sit on the
Property, Nomination and Remuneration Committees of the Board.
Graham Menzies, 56, is Chief Executive of Senior plc, the
specialist international engineering group that supplies high
technology components and systems to the aerospace, automotive
and industrial markets. Since the beginning of this year he has
been non-executive director at Heywood Williams plc.
Previously Mr. Menzies was Chief Executive of Adwest Automotive
plc and non-executive director on the boards of St Ives plc
(1997 -2003) and Howden plc (1996-1997).
David Jones, Chairman of UK COAL PLC, commenting on the
appointment said: "I am delighted to welcome Graham to the board
of U.K. Coal. He is a respected industrialist with a strong
engineering and operational background and has huge experience
in the management of change. His industrial experience will
complement the financial and property skills of the other non-
executive members of the Board."
There are no details to be disclosed under paragraph 6.F.2 (b)
to (g) of the Listing Rules of the U.K. Listing Authority.
CONTACT: GAVIN ANDERSON & COMPANY
Liz Morley
Ken Cronin
Phone: +44 (0) 20 7554 1400
WOOD U...: Brings in Receiver from Marks Bloom
----------------------------------------------
The Wood U... Limited Company has appointed Philip Weinberg of
Marks Bloom as joint administrative receiver. The appointment
was made on April 21, 2004. The Company sells furniture.
CONTACT: MARKS BLOOM
60-62 Old London Road,
Kingston Upon Thames KT2 6QZ
Receivers:
Philip Weinberg
(IP No 5325)
ZURICH CAPITAL: Calls in Liquidator
-----------------------------------
At an Extraordinary General Meeting of the Members of Zurich
Capital Markets (U.K.) Limited on April 30, 2004 held at The
Zurich Building, 90 Fenchurch Street, London EC3M 4JX, the
Special, Ordinary and Extraordinary Resolutions to wind up the
Company were passed. Bijal Shah of ShaSens, Suite 215, Signal
House, Lyon Road, Harrow, Middlesex HA1 2AQ has been appointed
Liquidator for the purpose of such winding-up.
CONTACT: SHASENS
Suite 215, Signal House,
Lyon Road, Harrow,
Middlesex HA1 2AQ
Contact:
Bijal Shah, Liquidator
*********
S U B S C R I P T I O N I N F O R M A T I O N
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Copyright 2004. All rights reserved. ISSN 1529-2754.
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