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

                            E U R O P E

               Tuesday, May 20, 2003, Vol. 4, No. 98


                            Headlines


C Z E C H   R E P U B L I C

UNION BANKA: 7,700 Clients Recover Up to 90% of Deposit


F I N L A N D

FINNAIR PLC: Makes Further Adjustments on Beijing Route


F R A N C E

DOUX GROUP: Closes Three Processing Plants and Distribution Hub
RHODIA SA: Senior Notes Rated 'BB'; Sub Debt Affirmed at 'BB-'
SCOR GROUP: Results Show Quadrupling in First Quarter Profits
SUEZ SA: Sells 75% of Northumbrian Water for EUR3.2 Billion

* Fitch: French Life Insurers' Financial Strength Weaker


G E R M A N Y

ALLIANZ GROUP: Posts First Quarter 2003 Performance Update
DEAG ENTERTAINMENT: Achieves Positive EBIT in First Quarter
MANIA TECHNOLOGIE: Turnover in Q1 Drops 16% to EUR17.4 Million
THYSSENKRUPP AG: Rating Placed on Review for Possible Downgrade


N E T H E R L A N D S

COMPLETEL EUROPE: Reports Continuous Improvement of Results
COMPLETEL EUROPE: Shareholders Approve All Proposed Resolutions
HELIX CAPITAL: Issues Notice Regarding Series 2001-9 Notes
HELIX CAPITAL: Issues Notice Regarding Series 2002-12b Notes
HELIX CAPITAL: Issues Notice Regarding Series 2002-12C Notes

IMPRESS HOLDINGS: S&P Assigns Rating to Proposed Senior Notes
KONINKLIJKE AHOLD: Q1 Sales Down 11.3% to EUR17.4 Billion
LAURUS N.V.: Names J.A.N. van Dijk to Supervisory Board


P O L A N D

BANK PEKAO: Announces Sale of Financial Assets by Subsidiary


S W E D E N

LM ERICSSON: Prepares for Employees Stock Option; Buys C-Shares
SAS GROUP: Norwegian Minister Willing to Sell State's 14% Share


S W I T Z E R L A N D

ABB LTD.: Approves Amendments to Articles of Incorporation
AKER KVAERNER: New Ticker, Reverse Split Effective from Monday


U N I T E D   K I N G D O M

ABBEY NATIONAL: Fitch Withdraws Rating on Guaranteed Note
BRITISH AIRWAYS: Records GBP200 Million 4th Quarter Pre-tax Loss
BRITISH ENERGY: Announces Exchange of Fuel Contracts with BNFL
CORDIANT COMMUNICATIONS: Refinancing Runs Through July 15
LE MERIDIEN: Gay Hands Poised to Invest GBP100 Million

ROYAL & SUNALLIANCE: Confirms Settlement Date Shares Issuance
THISTLE HOTELS: BIL Urges Shareholders to Accept Final Cash Offer
SSL INTERNATIONAL: Strasser Resigns as Non-executive Director

* Large Companies with Insolvent Balance Sheets


                            *********


===========================
C Z E C H   R E P U B L I C
===========================


UNION BANKA: 7,700 Clients Recover Up to 90% of Deposit
-------------------------------------------------------
GE Capital Bank paid nearly 7,700 clients of bankrupt Union Banka on the
first day of the payment last May 17, Saturday at 80 of its outlets.

Spokesman Jan Hainz said that the clients present were paid CZK750 million
in compensation for their deposits, with most of the transactions completed
through bank transfers, as recommended by GECB.

Despite the lower interest provided, the situation at the bank's outlets was
calm without major problems and nearly three-quarters of the money returned
were transferred to the GECB accounts. As of Monday, UB clients can use all
188 outlets of GECB.

According to news agency Czech Happenings, clients are entitled to 90% of
their deposits or a maximum of close to CZK800,000.  However, UB clients
want the maximum limit to be raised so that they may get their deposits back
in full.

Some 109,000 individuals and several thousand companies will have to be
paid, with some 20,000 clients having deposits higher than the insured
EUR25,000.  Deposits worth about CZK15 billion have been frozen at UB, Czech
Happenings reported.

The Deposit Insurance Fund (FPV) had to obtain a syndicated loan to
compensate all depositors.  It only had CZK9.7 billion at its disposal and
had to borrow CZK3 billion for the payment of UB clients.  The syndicate of
banks comprises CSOB, Komercni banka, Ceska sporitelna, Zivnostenska banku,
HVB Bank, Interbanka and Vseobecna uverova banka Praha.

Under the contract, the FPV should start repaying the loan on February 15,
2005, and pay it in two installments.  The funds for the repayment should be
generated by regular annual contributions from banks.

As previously reported, two representatives of Demac from the Goldman Sachs
group were in front of GECB outlets trying to persuade clients that it is
more advantageous for the bank to go through settlement, rather than
bankruptcy.  Clients will get 30% more than the insured deposits within two
years if settlement is approved; they'll get less if bankruptcy.  However,
most of the clients were seeking just information promising to make a
decision later.

It is also noted that the clients' association does not agree with the
settlement proposal, saying that they would be deprived of the rest of the
money deposited at the bank.  The association is planning a protest at
Prague's Small Town Square on June 6.  It also threatens with other forms of
protests, including vote against the EU accession in a referendum in
mid-June.

Union Banka closed down on February 21 due to insufficient liquidity.  Its
trouble stemmed from an unmanageable expansion when it took over struggling
financial houses in mid-1990.  A restructuring plan was submitted on March
3, but was later rejected by the Finance Ministry.

CONTACT:  UNION BANKA
          ul. 30 dubna c. 35
          70200 Ostrava
          Phone: 596108111
          Fax: 596120134
          Home Page: http://www.union.cz
          E-mail: union@union.cz


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


FINNAIR PLC: Makes Further Adjustments on Beijing Route
-------------------------------------------------------
Finnair is making further adjustments on the Helsinki-Beijing route due to
the drop in demand.  As of next week, one weekly return flight to Beijing
will be operated instead of the current three flights.  Frequencies were cut
back less than a month ago from five to three weekly flights.  The reason
for the cutbacks is the drastic drop in demand in the Chinese market.

Starting May 22 until the end of July, Helsinki-Beijing flights will be
operated on Thursdays with flights from Beijing to Helsinki flown on
Saturdays.  This allows business passengers also to make a quick visit to
Beijing.  As of August the route will be operated three times a week on
Tuesdays, Thursdays and Sundays.

"Frequencies will be increased as the SARS situation improves and demand
begins to grow again.  Plans to start operations to Shanghai in September
are still going ahead," VP Network Strategies and Management Petteri
Kostermaa says.

CONTACT:  FINNAIR PLC
          Petteri Kostermaa
          VP Network Strategies and Management
          Phone: +358 9 818 8504


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


DOUX GROUP: Closes Three Processing Plants and Distribution Hub
---------------------------------------------------------------
Doux Group, a major poultry exporter to the United Kingdom, will close three
of its processing plants and a distribution platform as a result of
significant decline in duck meat consumption in the country.

The French group has seen its production fall 7-8% in recent months and last
year closed one of its abattoirs in Brittany.  Almost 600 jobs will be lost
with the closure of two of its processing plants, a turkey plant and a
distribution hub.  Europe's biggest chicken and turkey meat processor is
also poised to close 100,000 square meters of chicken runs in Brittany
operated by breeders under contract.

Earlier this week the French government announced a package of aid for the
sector totaling EUR9 million.


RHODIA SA: Senior Notes Rated 'BB'; Sub Debt Affirmed at 'BB-'
--------------------------------------------------------------
Standard & Poor's Ratings Services says it has assigned a 'BB' long-term
rating to France-based specialty-chemicals group Rhodia S.A.'s proposed
senior notes of approximately EUR400 million due 2010.  The amount of the
proposed senior subordinated notes issue has been revised to approximately
EUR600 million and the long-term rating on these notes was affirmed at
'BB-'.  Proceeds from the combined EUR1 billion issue are expected to be
used to refinance bank debt due in 2003 and 2004.

Meanwhile, S&P affirmed the 'BB+' long-term corporate credit and 'B'
short-term ratings on Rhodia. The outlook is stable.

"In line with Standard & Poor's issue ratings methodology, Rhodia's senior
unsecured issues are rated one notch below the corporate credit rating due
to their structural subordination," said Standard & Poor's credit analyst
Nicolas Baudouin.

The group's priority liabilities (including, notably, those at the operating
subsidiaries' level) substantially exceed the limit of 15% of consolidated
assets, which is the threshold for a one-notch differential with the
corporate credit rating in the sub-investment category.

The proposed senior subordinated notes are rated two notches below the
corporate credit rating on Rhodia because they will be contractually
subordinated to the group's senior debt.


SCOR GROUP: Results Show Quadrupling in First Quarter Profits
-------------------------------------------------------------
-- 1st quarter 2003: Gross written premiums: EUR1,262 million - Group net
income: EUR31 million

-- Gross written premiums for Q1 2003 totaled EUR1,262 million. At constant
exchange rates, the decline works out to 12% relative to Q1 2002. (-2% at
constant exchange rates).

-- Technical operating income for Q1 2003: EUR60 million.
Income before tax and goodwill amortization for Q1 2003 amounted to EUR67
million.  Operating cash flow for the first quarter totaled EUR70 million.

-- The Board of Directors of SCOR met on May 15, 2003, with Denis Kessler as
Chairman, to approve the financial statements for the first quarter of 2003.

(1) First-quarter 2003 income shows a clear improvement

Technical operating income for Q1 2003 amounted to EUR60 million, compared
with a loss of EUR11 million for Q1 2002.  Income before tax and goodwill
amortization for Q1 2003 totaled EUR67 million, compared with EUR19 million
for the same period of 2002.

Q1 2003 Group net income totaled EUR31 million (net earnings per share EUR
0.23).  Q1 2003 operating cash flow totaled EUR70 million.  Cash and
equivalents at March 31, 2003 totaled EUR1,701 million.

Technical reserves totaled EUR10,530 million, a rise of EUR149 million, or
2%, between December 31, 2002 and March 31, 2003. At constant exchange
rates, the increase would have been 5%.

Despite a positive result of EUR31 million, Group shareholders' funds
declined from EUR1,070 million at December 31, 2002 to EUR1,053 million at
March 31, 2003, as a result of the weaker dollar.  Group long-term capital
(net assets fully diluted, quasi-equity and long-term borrowings) declined
for the same reasons, falling to EUR2,133 million at March 31, 2003, from
EUR2,183 million at December 31, 2002.

(2) Key operating data for Q1 2003 reflect stricter risk selection and
improved underwriting terms

Gross written premiums for the first quarter of 2003 were down 12% relative
to the same period of 2002, at EUR1,262 million, versus EUR1,434 million in
2002.  At constant exchange rates, premium income would have been down 2%,
in line with the forecast figure at the time of the January/February 2003
renewals. Excluding Commercial Risk Partners, which ceased writing business
in January 2003, gross written premiums for the first quarter of 2003
increased by 4% (at constant exchange rates) relative to the Q1 2002 figure.

Net earned premiums for the first quarter of 2003 amounted to EUR1,220
million, up 8% relative to the comparable figure for Q1 2003 (EUR1,126
million).

Property & Casualty (P&C) reinsurance premium income for the first quarter
of 2003 totaled EUR504 million, down 26% relative to Q1 2002 (-17% at
constant exchange rates).  This segment reported a technical operating
profit of EUR15 million for Q1 2003, compared with a profit of EUR1 million
one year earlier, and with a loss of EUR271 million for full-year 2002.  The
net combined ratio of 107% for the first quarter of 2003 compares with
105.8% for the corresponding period last year, and 117.7% for full-year
2002.

Strong growth in Life and Accident reinsurance activity. Premium income in
this segment totaled EUR511 million for the first quarter of 2003, a rise of
27% (up 38% at constant exchange rates).  A single major contract accounted
for a significant percentage of this increase.  Technical operating income
in Q1 2003 amounted to EUR10 million, compared with EUR29 million one year
earlier, and EUR26 million for full-year 2002.

Large Corporate Accounts activity for the first quarter of 2003 generated
EUR227 million in premium income, down 10% relative to Q1 2002 (but a rise
of 3% at constant exchange rates).  These figures reflect the full impact of
rate increases in 2002, together with the absence of any exceptional losses
during the quarter.  Technical operating income for Q1 2003 amounted to
EUR52 million, versus a loss of EUR25 million for Q1 2002.  The net combined
ratio for the first quarter of 2003 was 83.5%, compared with 130.8% for the
corresponding period last year.

Credit and Surety activity was down 35% relative to the previous year, at
EUR20 million. Technical operating income worked out to EUR4 million for Q1
2003, compared with a EUR6 million loss in for the first quarter of 2002,
and a loss of EUR111 million for full-year 2002.  The net combined ratio of
100.7% for first-quarter 2003 compares with 119.6% for the corresponding
period last year, and 181.2% for full-year 2002.

CRP ceased writing business in January 2003 and reported a technical
operating loss of EUR21 million for Q1 2003, compared with a Q1 2002 loss of
EUR9 million and a loss of EUR172 million for full-year 2002.

Group operating expenses for the first quarter of 2003 amounted to EUR49.4
million, down 8% relative to Q1 2002. The Group employed 1,270 people at
March 31, 2003, versus 1,286 at December 31, 2002.


Consolidated key figures
In EUR millions      31-03-03    31-03-02   Change    31-12-02
Gross written
premiums              1,262       1,434    -12.0%      5,016
Net earned premiums    1,220       1,126      8.3%      4,269
Group net income          31           7     x3.4        (455)
Net technical
reserves             10,530      10,604     -0.7%     10,381
Investments
(marked to market)    9,568       9,862     -3.0%      9,717
Group shareholders'
equity                1,053       1,321    -20.3%      1,070
Group shareholders'
equity, fully-diluted 1,250       1,591    -21.4%      1,289

In EUR
Earnings per share      0.23        0.19      +21%      (3.33)
Earnings per share,
fully diluted          0.23        0.20      +15%      (3.33)


(3) Investing activities, first-quarter 2003

Total investment income for the first quarter of 2003 amounted to EUR169
million, compared with EUR107 million for the same period in 2002.  Income
from ordinary investing activities for Q1 2003 totaled EUR82 million (EUR99
million in first-quarter 2002), realized capital gains (including allowances
for long term impairment) totaled EUR40 million (compared with a loss of
EUR2 million in first-quarter 2002), with currency translation gains of
EUR47 million (compared with EUR 15 million in first-quarter 2002).

Aggregate unrealized capital gains amounted to EUR271 million at March 31,
2003, versus EUR36 million one year earlier, and EUR303 million at December
31, 2002.  The equity portfolio at March 31, 2003 registered unrealized
losses of EUR38 million, the bond portfolio an unrealized capital gain of
EUR194 million, and real estate unrealized capital gains of EUR115 million.

Investments (marked to market) amounted to EUR9,568 million at March 31,
2003, down 1.5% relative to December 31, 2002, though up 0.6% at constant
exchange rates. These were split between bonds (66.8%), cash and equivalents
(17.8%), cash deposits (8.1%), real estate (4.8%), and equity securities
(2.5%).

(4) Outlook

SCOR Group recovery well under way.  New underwriting planning and control
procedures-covering central actuarial services, internal audit, technical
management controls, preparation of the underwriting plan, and claims
administration-have been defined, and were implemented in April 2003.

At the end of the Board meeting, Denis Kessler, Chairman and Chief Executive
Officer, stated:

"SCOR Group is committed to implementing its Back on Track plan aimed at
restoring profitability and bolstering solvency. Redeployment of the
portfolio toward the most profitable activities on markets with the greatest
upside potential is now in progress. SCOR Group has benefited from the
ongoing reinsurance market upturn. These figures are early evidence of
recovery. Further progress will depend on how far rates continue to reflect
risks, on loss experience in 2003, and on the financial environment in
general."

To See Financials: http://bankrupt.com/misc/Scor_Group.pdf


SUEZ SA: Sells 75% of Northumbrian Water for EUR3.2 Billion
-----------------------------------------------------------
-- The transaction allows SUEZ to reduce debt by EUR3.1 billion and to
divide by 20 its capital employed in the UK water business.

-- Value realized through asset sales since the announcement of the Action
Plan now totals EUR5.4 billion.

-- SUEZ will remain the largest shareholder in Northumbrian with 25%, while
reducing its capital employed by 95%.

-- This transaction represents an enterprise value of EUR3.2 billion for
Northumbrian.

SUEZ agreed on 16 May 2003 to sell 75% of Northumbrian Water, its UK water
and sewerage business, to a consortium of institutional investors.  The
transaction values Northumbrian Water at GBP2,212 million (EUR3.2 billion).

This transaction, which forms part of the Action Plan 2003-2004, will
contribute to:

-- Improving the average return on capital employed by the Group in European
water, with a pro-forma return on capital employed (ROCE) of 13.5%, compared
to 9% prior to the transaction.  In 2002, Northumbrian accounted for 30% of
capital employed but only 6% of revenues for SELS (Suez Environment Local
Services), representing a capital intensity five times the Group average.

-- Improving the Group's cash flows, releasing it from the substantial
ongoing investment program required by the UK regulatory framework
(approximately EUR1.5 billion over 5 years).

-- Reducing the Group's net debt by EUR3.1 billion through cash receipts of
EUR1.3 billion and debt deconsolidation of EUR1.8 billion.

Following the divestitures of the Group's stakes in Axa, Total, Vinci and
Fortis, this transaction is another key milestone in the implementation of
the Action Plan that SUEZ announced on 9 January 2003. It confirms the rapid
execution of the Action Plan, as the Group has disposed of more than EUR5.4
Billion of assets since the start of 2003.

"This transaction is a key milestone in the implementation of the Action
Plan.  It confirms the Group's determination to accelerate its refocusing on
its most profitable activities in Energy and Environment, and on the
activities that present the best balance between profitability/risk exposure
and cash generation.  This transaction also recognizes the quality and
know-how of the employees of Northumbrian, who remain a valuable partner for
SUEZ in the UK.  SUEZ maintains a strong foothold in the UK market while at
the same time reducing its financial constraints," said SUEZ CEO Gerard
Mestrallet.

The Group will be linked with the new owners through its 25% stake in the
Company, i.e. GBP130 million (EUR185 million) after the Company's
refinancing, dividing by 20 its capital employed in the UK water market.
The new business will be listed, in the first instance on the AIM on
completion of the transaction within the next few days.  Beyond SUEZ's
retained capital investment, the SUEZ and Northumbrian teams will have the
opportunity to continue the fruitful technical, commercial and personnel
collaboration they have developed over the past years. Northumbrian
operations are among the best performing in the UK water industry according
to the Regulator's rankings.

The transparent and competitive sale process involved a large number of high
quality potential buyers, which ensured realization of a maximum price for
SUEZ.  The current low interest rates have created a favorable opportunity
for the sale, in parallel with an increase in the company's leverage, so as
to optimize its return on equity (ROE).  The transaction values Northumbrian
's assets at GBP2,212 million.  The regulatory capital value (asset value
employed by the regulator in setting returns) totaled GBP2,170 million at
the end of March 2003.

Following the transaction, Northumbrian will be accounted for under the
equity method from 1st January 2003.  Exchange rate levels, mark-to-market
of the Company's long-term debt (fixed rates) and accounting differences
between French and UK GAAP will however generate an accounting loss of
approximately EUR360 million (for the whole of Suez' stake in Northumbrian).

SUEZ's historic investment in Northumbrian has generated an all-in 12.6%
equity IRR.  Moreover, this transaction represents an EBITDA multiple of
8.8x (compared to 6.6x at the time of the acquisition of Northumbrian Water
Ltd in 1996).

OSUK's contribution towards SUEZ's accounts for 2002 amounted to 1,840
million euros for liabilities, 310 million euros for the current cash flow
and 350 million euros for investments, in other words, a negative net
contribution to the liquid assets, even before dividends were distributed.
In 2002, OSUK contributed 798 million euros to SUEZ's turnover, 399 million
euros to the gross operating profit and 150 million euros to the net current
profit.

In Great Britain, SUEZ is particularly active in purification activities
(Sita UK), industrial services for the environment (Nalco, Ondeo Industrial
Solutions), services for energy and industry (Elyo, Axima, Fabricom) and
water treatment engineering (Degremont) with a turnover of approximately
1,500 million euros for 2002 (excluding OSUK).

SUEZ, an international industrial and service company, provides
corporations, communities and individuals with innovative solutions in the
energy (electricity and gas), and environment (water and purification
sectors).  In 2002, its turnover amounted to 40,218 billion euros (excluding
energy-related trading). The Group is listed on the Paris Euronext, the
Brussels Euronext, in Luxembourg and Zurich, and on the New York Stock
Exchange.

CONTACT:  SUEZ SA
          Home Page: http://www.suez.com
          Investors Contacts
          Catherine Guillon
          Phone: 01 40 06 67 15
          Arnaud Erbin
          Phone: 01 40 06 64 89
          Antoine Lenoir
          Phone: 01 40 06 66 50
          Eleonore de Larboust
          Phone: 01 40 06 17 53
          Bertrand Haas
          Phone: 01 40 06 66 09

          Guy Dellicour
          Phone: 00 322 507 02 77
          Hugh Morrison
          Phone: 00 44 78 15 89 07 20


* Fitch: French Life Insurers' Financial Strength Weaker
--------------------------------------------------------
The financial strength of the French life insurance industry, although in
better shape than its UK or German peers, has weakened and the sector will
face stiff challenges in coming years, Fitch Ratings, the international
rating agency, says in a special report released yesterday.

The French life insurance market has developed rapidly over the last 15
years and is now one of the most concentrated sectors in Europe.  However,
life insurance companies are now under pressure due to the collapse of the
equity markets over the last three years, the structural decline in interest
rates and a slowdown in net premium collections after two decades of
uninterrupted growth.

Fitch has identified five key issues that will affect the prospects of
France's life insurance companies.

(a) Undermined solvency. Due to the poor performance of the
    financial markets, insurance companies could see their
    capital adequacy ratios come under mounting pressure.  If the
    already unfavorable environment persists, or possibly takes a
    turn for the worse, Fitch estimates that the capacity of
    insurance companies to meet their commitments could be
    seriously undermined.  Many industry members, notably the
    most fragile, could find their capital positions under
    pressure.

(b) Growth in premium collections.  Net premium collections show
    signs of stalling after two decades of uninterrupted growth,
    although they remain positive, and 2002 was marked by another
    increase in premiums collected by life insurance companies.
    This is likely to be repeated in the future since life
    insurance products continue to benefit from an advantageous
    tax regime and structural factors favoring their development,
    notably longer life expectancy and concerns about the
    sustainability of state pension plans.

(c) Narrowing margins on traditional euro policies.  The
    structural decline in interest rates has led to a tightening
    of margins, and sound asset-liability management on the part
    of life insurance companies is proving all the more
    important.  Thus asset-liability management could be put to
    the test if low interest rates persist, but also, to a lesser
    extent, if there is a sudden rise.

(d) Poor equity performance hurts unit-linked policies.  The
    strong correlation between unit-linked policies and the
    equity markets explains why consumer interest in these
    products has waned, and also why life insurers are facing new
    problems, one being the potential exercise of minimum
    guarantees given to policyholders when the equity markets
    were riding high.

(e) Possible boom in new long-term savings products managed on a
    group basis.  The possible cannibalization of existing
    products by retirement savings products benefiting from tax
    incentives could damage margins.  In addition, the
    development of the American open architecture concept could
    spread to France through multi-management policies.  Although
    limited to date, a boom in alternative products could
    increase their appeal as well as intensify competition within
    the sector.

A full copy of the report is available on Fitch's Web site:
http://www.fitchratings.com,or by calling the Ratings Desk: +44 (0) 20 7417
6300.

CONTACTS:  FITCH RATINGS
           Marc-Philippe Juilliard
           Paris
           Phone: +33 (1) 44 29 91 37
           Greg Carter, London
           Phone: +44 (0) 20 7417 6327
           Vanessa Re, London
           Phone: +44 (0) 20 7417 2052


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


ALLIANZ GROUP: Posts First Quarter 2003 Performance Update
----------------------------------------------------------
-- Operating improvements overlaid by high level of write-downs on
securities.

-- Total premium income increased by 9.8 percent.

-- Combined ratio in property and casualty at 97.7 percent.

-- Write-downs on investments in the Group impact on earnings to the tune of
EUR0.8 billion.

During the first three months of the current fiscal year, the Allianz Group
achieved significant improvements in operating business.  The growth trend
in insurance business continued. Overall, global premium income in insurance
business went up by 9.8 percent.  Life and health insurance even recorded an
increase of 17.3 percent.  The combined ratio in property and casualty
business was 97.7 percent.  Costs were reduced in banking business by 10.8
percent.  The positive developments contrast with further write-downs on
investments in the Group totaling 2.3 billion euros.  These exerted a
negative effect of 0.8 billion euros on earnings. The quarter closed overall
with a loss of 520 million euros.

"From an operating point of view, fiscal year 2003 has seen an encouraging
start.  This shows that our homework has paid off. However, in view of the
continuing uncertainties in the performance of the capital markets and the
economy, it's too early to say whether a change in trend is already
underway.  The situation remains serious.  The ongoing review of all
business segments and concentration on improving operating results remain
the key challenge for the rest of the year," commented Dr. Helmut Perlet,
responsible for Controlling and Accounting on the Board of Management of
Allianz.

Global gross premium income in insurance business increased by 9.8 percent
from 22.8 to 25.1 billion euros during the first quarter of 2003 against the
comparable period for the previous year.  Adjusted for exchange rate and
consolidation effects, the growth rate was even 14.2 percent.

In property and casualty insurance, premium income rose by 4.7 percent
during the first three months, from 13.9 to 14.6 billion euros.  This growth
is notable because in individual markets, primarily in the USA, aggressive
portfolio rationalization has been implemented and sales in unprofitable
business areas have been curtailed.  The companies in France and Spain have
been particularly effective in supporting sales performance with significant
growth rates, while credit insurance also played a significant role.

By comparison with the figure for the first three months of the previous
year, the claims ratio fell from 76.2 to 72.6 percent during the first
quarter of 2003.  Significant rises in premiums, a selective underwriting
policy and a reduction in claims arising from natural hazards, particularly
in Germany and Great Britain, were the primary factors responsible for this
improvement.  The expense ratio at 25.1 percent improved by 2.1 percentage
points, because costs were held steady while income increased.  The combined
ratio, i.e. the ratio of claims and expenses to premiums earned was
successfully reduced to 97.7 percent.

"This has taken us a significant step toward achieving our goal for the year
of a combined ratio of less than 100 percent," according to Mr. Perlet.

The overwhelming majority of companies remained below this benchmark.
Considerable improvements were achieved in Germany, France, the USA, in
credit insurance and in international industrial insurance business, which
is bundled in Allianz Global Risks (AGR).  The combined ratio for US
business fell to 99.7 percent, while at Euler Hermes the ratio was 81.6
percent.  The combined ratio at AGR improved to 102.8 percent.  Achievement
of the profit threshold is anticipated during the course of the current
year.

Helmut Perlet: "Restructuring measures in unprofitable areas are making good
progress.  We will also be paying a great deal of attention to prices
commensurate with risk during the course of the current year, and we will be
taking further measures to improve operating business."

Net income in property and casualty insurance after amortization of
goodwill, taxes and minority interests amounted to 27 million euros.

In life and health insurance, the Allianz Group increased total sales by
17.3 percent from 9.1 to 10.7 billion euros; 5.6 billion euros originated
from investment-oriented products.  Despite poor sentiment in the capital
markets, sales were increased by 45.7 percent.  After adjustment for
consolidation and currency effects, the life and health insurance segment
posted growth of 24 percent.  The financial statements drawn up in
accordance with IFRS regulations reported a decrease of 3.9 percent in
premium income to 5 billion euros.

Growth in sales was primarily due to sales successes in the USA, Italy and
Germany.  Premium growth of 46.2 percent was recorded in the USA.
Calculated on the basis of the US dollar, the increase amounted to as much
as 75.9 percent.  Total premium income in Italy rose by 54.6 percent,
primarily due to the successful bancassurance cooperation with Unicredito
and Banca Antoniana Veneta.  New premiums in Germany went up by 36 percent.

Business in company pension provision also continued to undergo outstanding
development.  In the first three months of the year alone, 66,000 new
contracts were concluded in the pension fund.

"Particularly in times of uncertain capital markets, customers recognize the
value of an insurer with a strong financial base," commented Helmut Perlet.

Investment income was heavily influenced by weakness in the capital markets.
It fell from 2.2 to 1.1 billion euros.  After amortization of goodwill,
taxes and minority interests, earnings in the segment of life and health
insurance amounted to minus 13 million euros.

In the banking business, which is primarily influenced by performance at
Dresdner Bank, it proved possible to stabilize operating income at the level
for the previous year.  Total net interest income, net fee and commission
income and trading income amounted to 2.0 billion euros.  Net interest
income fell, primarily as a result of the deconsolidation of Deutsche Hyp
and the disposal of risk weighted assets as planned.  Commission business
continued to suffer from customers' restrained attitude. By contrast,
trading income went up almost threefold by comparison with the first quarter
of 2002.

Administrative expenses were running at 1.6 billion euros during the first
quarter of 2003, and a fall of 10.8 percent was achieved over the
corresponding period for the previous year.  The cost-cutting program
introduced at Dresdner Bank is starting to impact.  Expenses for loan loss
provisions were 355 million euros during the first three months of the
current year and were hence in accordance with expectations.  The banking
segment closed overall with a slightly positive operating result of 69
million euros.

The balance of other expenses and income amounting to minus 303 million
euros was essentially comprised of write-downs on securities and
restructuring costs connected with the Advance Group.  After write-downs on
securities, amortization of goodwill, taxes and minority interests, a
negative result of 424 million euros was reported.

Assets under management of the Allianz Group amounted to 979 billion euros
at the close of the first quarter for 2003.  The Group's own investments
have gone down slightly since the end of 2002 by 3 billion euros to 400
billion euros.  Investments held for third parties totaled 553 billion euros
on March 31, 2003. Despite net inflows of 8 billion euros adjusted for
currency differences, a drop of 8 billion euros was posted by comparison
with year-end 2002.  Falling prices in international equity markets exerted
a negative effect here to largely neutralize the positive development in the
bond markets.  The strength of the euro against the US dollar also exerted a
negative effect on investments managed in the USA and Asia.

Very good growth rates were achieved in particular in business with
fixed-income securities.  New inflows amounted to a total of 11 billion
euros overall.  The PIMCO Total Return Fund made a significant contribution
to this result.  With assets under management totaling 73 billion US
dollars, it has established itself as the world's biggest actively managed
investment fund. Its European equivalent, the dit Euro Bond Total Return
Fund "powered by PIMCO," has already generated new inflows of 3 billion
euros during the first eleven months since its introduction.

Overall, the Group's German mutual fund did achieve significant growth
during the first quarter.  Net inflows of 1.7 billion euros in mutual funds
represented around 16 percent of sales for the sector overall, taking third
place for new business among fund companies in Germany.

Operating profit in the asset management segment was 137 million euros.
After deduction of the loyalty bonuses and retention payments primarily for
management and employees of the PIMCO Group, amortization of goodwill, taxes
and minority interests, a loss of 85 million euros resulted in line with
expectations.

Allianz is assuming that the combined ratio for property and casualty
insurance will be below 100 percent for the current fiscal year.  Dynamic
growth in life and health insurance is expected to continue.  Earnings in
banking business will be heavily dependent on developments in capital
markets and the economy.  Cost-cutting measures are on schedule.  Allianz is
assuming that performance in asset management will continue in accordance
with expectations.  However, overall the Group is anticipating further
substantial write-downs on securities if there is sideways movement in the
capital markets.

To See Interim Report:
http://bankrupt.com/misc/Interim_Report.pdf


DEAG ENTERTAINMENT: Achieves Positive EBIT in First Quarter
-----------------------------------------------------------
DEAG Deutsche Entertainment AG (Security No. 551390) reports a positive
interim EBIT of EUR0.1 million in what, in its line of business, is always a
poor first quarter after last year's first-quarter EBIT of EUR-3.96 million
(taking the consolidation entity change into account and adjusted for
divested shareholdings).

EBITDA at EUR1.1 million was also positive and showed a considerable
year-on-year increase (Q1 2002, taking the consolidation entity change into
account: EUR -2.91 million).  The operating result included EUR0.30 million
earned from sales of shareholdings, but EUR0.46 million in expenditure on
events in the second quarter was not charged to the right accounting period.
Q1 sales at EUR14.7 million were 7% higher than the previous year's EUR13.6
million.

The positive result for the first quarter confirms that the cost reduction
measures undertaken were successful and are having a lasting effect.  In
addition, DEAG will benefit in the course of this year from the weak dollar,
given that many artists are paid in U.S. currency, whereas DEAG sells its
concert tickets mainly in euros or Swiss francs.

Final figures for the first quarter will be published as announced on May
27, 2003.  The Annual General Meeting of DEAG Deutsche Entertainment AG will
be held on June 17, 2003 in Berlin.


MANIA TECHNOLOGIE: Turnover in Q1 Drops 16% to EUR17.4 Million
--------------------------------------------------------------
Mania Technologie AG (ISIN DE0006620701) had a group turnover of EUR17.4
million in the 1st quarter 2003.  This is a drop of EUR3.4 million or 16%,
compared with the 1st quarter 2002.  The operative result (EBIT) was EUR-0.8
million and was clearly improved compared with the same quarter of the
previous year (EUR-4.5 million).

Horst Mueller, Chairman of the Board at Mania Technologie AG, sees mainly
external factors as the reasons for the drop in the turnover: "We expected a
turnover of EUR19.1 million for the 1st quarter 2003.  The difference to the
actual turnover is due by more than two thirds to exchange rate effects
related to the continuing strength of the Euro."

In his opinion it is a positive aspect that despite not achieving the
expected turnover by approximately 9%, the target for the operative result
(EBIT) could nearly be realized.  Horst Mueller attributes this to the
restructuring and consolidation measures implemented in the past months.
The positive effects will have a clear positive influence on the result of
the current business year.  He sticks to the expectation for 2003 that the
total business year will show a positive operative result.

CONTACT:  MANIA TECHNOLOGIE
          Martin Toepfer, Manager Corporate Communication
          Phone: +49 (0) 6083 280 521
          E-mail: toepfer@maniagroup.com


THYSSENKRUPP AG: Rating Placed on Review for Possible Downgrade
---------------------------------------------------------------
Moody's Investors Service placed the rating of Thyssenkupp AG on review for
possible downgrade on concerns that continued market weakness in Germany and
in the automotive and steel sectors could slow down an improvement in
operating cash flow generation and debt protection measures.  The rating is
already weak for the rating category, the rating agency said.

The ratings placed on review for possible downgrade are:  ThyssenKrupp AG's
long-term senior unsecured debt ratings (Baa1) and Prime 2 short term
rating.

Moody's indicated to review "the effects of weak economic conditions in
Germany and the US, declining trends in the automotive industry as well as
the potential for a renewed weakening in steel prices after recent gains."

In addition, the rating agency will also assess the impact of the prolonged
cyclical weakness and the considerable earnings volatility in key sectors
particularly the steel, technology and materials businesses.

The group is expected to improve its cost and operating performance profile.
However, Moody's believes that Thyssenkrupp remains exposed to highly
cyclical industries with significant price/volume volatility, overcapacity
as well as intense competition and the strong negotiating power of
customers.  Thus, the review will focus on the group's ability to combat
these challenges so as to return to stronger debt protection measurements.

Although Moody's recognizes that Thyssenkrupp has made progress in debt
reduction, it also emphasizes that a large part of the debt reduction came
from one-time events (largely disposals and working capital reductions).
Financial obligations remain high, and a further widening in the funding gap
of the group's US pension plans should equity markets not recover is
possible.

Moreover, parent debt remains exposed to structural subordination despite
some debt reduction at subsidiaries and anticipated further improvements,
which will be reassessed as part of the review process.  Moody's also notes
the more stable development of debt levels in the first two quarters, which
might give evidence of the group's improved working capital and cash flow
management.

ThyssenKrupp AG is a diversified industrial conglomerate headquartered in
Duesseldorf, Germany.  It is active in carbon and stainless steel,
automotive parts and capital goods as well as materials management and
services with annual sales of approximately EUR36.7 billion in financial
year 2001/02.


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


COMPLETEL EUROPE: Reports Continuous Improvement of Results
-----------------------------------------------------------
Q1 2003 Financial Highlights:

-- 25% growth of total revenue at EUR28.7 million for Q1'03 from EUR23.0
million in Q1'02.

-- 45% growth of retail revenue at EUR22.5 million for Q1'03 from EUR15.5
million in Q1'02.

-- Gross margin of 42.7% in Q1'03 vs. 30.1% in Q1'02.

-- Positive adjusted EBITDA1 of EUR0.6 million in Q1'03 vs. negative of
EUR8.0 million in Q1'02.

Q1 2003 Operational Highlights:

-- Total retail customers connected of 1,262 vs. 981 in Q1'02.

-- Total buildings connected of 1,843 vs. 1,320 in Q1'02.

-- Significant new customers and up-selling wins.

-- ARPU increased to EUR5,400 at the end of Q1'03 from EUR4,615 at the end
of Q1'02.

Recent Events:

-- Re-capitalization process started in September 2002 closed in April 2003.

-- Additional EUR1.7 million of equity raised.

Completel Europe NV, an integrated communications provider serving the
French telecom market, announced recently its results for the quarter ended
March 31, 2003.  Completel reported quarterly revenue of EUR28.7 million
compared to EUR23 million in Q1'02, an increase of 25%, and a first
quarterly positive Adjusted EBITDA of EUR0.6 million compared to negative
EUR8.0 million in Q1'02.

Jerome de Vitry, President and CEO of Completel Europe N.V. commented: "I am
pleased to announce a successful quarter for Completel with continued strong
operational and financial performance.  As anticipated, we generated our
first quarter of positive adjusted EBITDA continuing the steady improvement
of results quarter after quarter since early 2002.  Our success in achieving
this milestone is the direct result of the execution of our on-net strategy:
serving telecom and data services to medium and large companies through
direct fiber connection driving profitability and customer loyalty.

"During the quarter, we continued to grow our on-net retail business with
new significant wins -- such as Auchan and Infineon Technologies -- and with
new services sold to existing large customers such as the Ministry of
Economy and Finance, Renault and Siemens.  I'm also pleased to announce the
renewal and extension of existing contracts with prestigious customers such
as EDF, the French Senate and the city of Nice.  This commercial performance
demonstrates the key competitive advantages offered by direct fiber
connection: a comprehensive and innovative portfolio of services, high
quality of service and customer satisfaction and loyalty.

"As a result of this continuous growth of our on-net business, our
retail/wholesale revenue mix continues to improve, and now stands at 78%/22%
for Q1'03, against 68%/32% in Q1'02.  Wholesale revenue remained unchanged
in Q1'03 compared to Q4'02, despite the difficult environment for ISP and
carrier services.

"We will continue to provide our customers with the best telecom products
and services along with high quality of service and to develop Completel as
a leading alternative operator for the business community in France."

Alexandre Westphalen, Chief Financial Officer, commented: "We remain focused
on profitability and cash management.  As anticipated, we achieved an
important financial milestone this quarter with a first quarterly positive
adjusted EBITDA.  We are now moving towards our second milestone: positive
cash flows from operations.  Our cash balance at the end of the quarter was
EUR55.3 millions.  Our net cash outlays were EUR4.9 million for the quarter.
With our network construction completed, we continue to closely monitor our
success based capital expenditures and thereby, to focus our investments on
customer connections and services."

Summary Financial Information
Financials
In million of Euros       Q1'02   Q4'02   Q1'03    Growth Growth
                                                   Q1'03/ Q1'03/
                                                   Q1'02  Q4'02

Revenue                    23.0    27.4    28.7     25%     5%
Gross Margin 1              6.9    11.4    12.3     78%     8%
Adjusted EBITDA2           (8.0)   (0.3)    0.6     n/a    n/a
Capex                      10.9     4.8     5.3     n/a    n/a

1 Gross Margin is defined as revenue less network costs
2 Refer to Note 1 for definition of Adjusted EBITDA and for reconciliation
to Net Loss from Continuing Operations before Income Taxes

Operating Statistics
ON-NET METRICS                         Q1'02    Q4'02     Q1'03
Cumulative buildings connected         1,320    1,707     1,843
Cumulative total customers connected   1,027    1,256     1,313
Cumulative on-net retail customers       981    1,208     1,262
ARPU (Euros/month) 1                   4,615    5,200     5,400

1 ARPU: Average Monthly Revenue per User for on-net retail customers

Financial Review

Revenue

Completel reported revenue of EUR28.7 million in Q1'03 compared to EUR23.0
million in Q1'02 and EUR27.4 million for Q4'02, an increase of 25% and 5%
respectively.

Revenue Breakdown
In million of Euros              Q1'02 Q4'02 Q1'03 Growth Growth
                                                   Q1'03/ Q1'03/
                                                    Q1'02 Q4'02

Retail: Voice                     11.7  16.3  17.2   47%    5%
Retail: Internet, Data & Hosting   3.8   5.0   5.3   40%    6%
Total Retail Revenue              15.5  21.3  22.5   45%    6%
Carriers Revenue                   3.6   3.5   3.9    8%   11%
ISP Dial Up Termination Revenue    3.9   2.6   2.3  (41%) (11%)
Total Revenue                     23.0  27.4  28.7   25%    5%

Growth of revenue was mostly driven by the growth of retail revenue.  Retail
revenue increased by 45% in the first quarter of 2003 compared to the first
quarter of 2002 and by 6% compared to the previous quarter, reflecting the
continued focus of the company on retail activity.  Retail revenue accounted
for 78% of total revenue in the first quarter of 2003 compared to 68% in Q1'
02.  This continued growth in Retail revenues quarter over quarter
significantly reduces the Completel's exposure to the volatile ISP market
and difficult carrier market.  Both the carrier and the ISP dial up
businesses represent a smaller portion of revenue as the company continues
to develop its retail activity.  In total, the carrier and ISP businesses
represented 22% of revenue in Q1'03, compared to 32% in Q1'02.

During the quarter, Completel continued to expand its business with existing
customers thanks to the key competitive advantages offered by direct fibre
connection: a comprehensive and innovative portfolio of services and high
quality of service.

This allows Completel to fully leverage on the on-net model: offering new
services to a customer already connected to the network generally requires a
limited incremental investment while optimizing initial up-front investment
and profitability.

Significant up-selling wins of the quarter include: Ministry of Economy and
Finance, Renault and Siemens.

Completel also confirmed its strategy to move towards multi-regional and
national accounts. Significant customer wins during the quarter include:
Auchan and Infineon Technologies.

Finally, a number of contracts -- including public tenders -- were renewed
during the quarter, demonstrating high quality of service, customer
satisfaction and loyalty allowed by direct fiber connection.

Renewed contracts include: EDF, the French Senate and the city of Nice.

The increase of retail revenue is driven by solid operational progress.
Completel retail customer base grew to 1,262 retail customers in Q1'03
compared to 1,208 customers in Q4'02.  There were 136 additional buildings
connected to the network bringing the total buildings to 1,843 buildings
connected at the end of the quarter.  In addition, Retail customer ARPU
continued to increase reaching EUR 5,400 at the end of Q1'03 vs. EUR4,615 at
the end of Q1'02.  The quarterly increase reflects the Company's ability to
penetrate larger accounts and to up-sell existing customers.

Wholesale revenue remained unchanged at EUR6.2 million in Q1'03 compared to
the previous period despite a difficult environment.  An 11% increase in
carrier revenues by to EUR3.9 million in Q1'03 offset an 11% decline in
wholesale revenue from the ISP dial-up business to EUR2.3 million.  Demand
for bandwidth services from other carriers continues to be weak.  The
company continues to develop traffic termination leveraging on its
infrastructure and to expand the business with incumbent operators.  More
generally, the carrier market still suffers from lack of visibility.

Gross Margin

Gross margin was 42.7% of revenue in the first quarter of 2003 compared to
30.1% in Q1'02 and 41.6% in Q4'02.

Gross margin improvement was driven by a Completel's optimization of network
costs in 2002, improved utilization levels of initial up-front capacity
investments with volume increase.  The focus on higher margin products
continues to drive the Gross margin improvements.

SG&A

Selling, General and Administrative expenses (SG&A) decreased from EUR14.9
million in Q1'02 to EUR11.6 million in Q1'03, representing a reduction of
22%.  This decrease results from the implementation of our SG&A reduction
program in the second semester of 2002.  SG&A in Q1'03 remained unchanged
compared to the previous quarter.

Adjusted EBITDA (1)

The company reported in Q1'03 its first quarter of positive Adjusted
Earnings Before Interest, Tax, Depreciation and Amortization (Adjusted
EBITDA).

For the first quarter of 2003, positive Adjusted EBITDA was EUR0.6 million,
compared to negative EUR8.0 million in Q1'02 and negative EUR0.3 million in
Q4'02.

(1) Refer to Note 1 for definition of Adjusted EBITDA and reconciliation to
Net Loss from Continuing Operations before
Income Taxes

Operating Losses

For the first quarter of 2003, operating losses were EUR7.9 million,
including EUR0.6 million of non-cash compensation charges, EUR7.6 million of
depreciation and amortization, and EUR0.3 million of restructuring,
impairment and other charges.
In comparison, for the fourth quarter of 2002, operating losses were
EUR14.6 million, including EUR0.6 million of non-cash compensation charges,
EUR8.2 million of depreciation and amortization, EUR(0.3) million of
restructuring and other charges, and finally EUR5.8 million of non-cash
impairment of the entire goodwill in accordance with SFAS 142.

Net Loss

Net loss for the first quarter of 2003 was EUR7.8 million compared to
EUR26.6 million in Q1'02 and EUR14.5 million in Q4'02. As a reminder, the
net loss of Q4'02 included the impairment of the entire goodwill for EUR5.8
million in accordance with SFAS 142, and the net loss of Q1'02 included a
loss of EUR1.4 million related to discontinued German and UK operations sold
in May 2.

Capital Expenditures

Capital expenditures for the first quarter of 2003 were EUR5.3 million vs.
EUR10.9 million in Q1'02 and EUR4.8 million in Q4'02.

As already announced, the company completed the build-out of its MANs at the
end of 2001.  Since then, most asset deployments are success based and thus,
primarily related to customer connections and, to a lesser extent, to
capacity increase in response to traffic growth.

Cash

As of March 31, 2003, Completel had EUR55.3 million in cash and equivalents.
Total cash outlays for the quarter were EUR4.9 million compared to EUR13.1
million in Q4'02.  Net proceeds from the warrants exercised by the public
were EUR0.02 million.

Recent events

The re-capitalization process started in September 2002 is now closed.  The
warrant exercise period for the public ended on March 14, 2003; the warrant
backstop period allowed to Preferred A and B shareholders ended on April 14,
2003 and Deutsche Bank made an incremental investment representing
approximately 51% of the unexercised amount in April 2003.

A total of 170,716 ordinary shares were issued to Deutsche Bank and the
public at EUR10.05 per share.  The resulting net proceeds of approximately
EUR1.7 million were received by the company in April 2003 and are not
reflected in the balance sheet for the quarter.

Note 1:

Adjusted EBITDA: Adjusted Earnings Before Interest, Taxes, Depreciation and
Amortization. Excludes (in addition to interest, taxes, depreciation and
amortization) non-cash compensation charges and foreign exchange loss and
other expenses, including restructuring, impairment and other charges, as
well as other non-recurring operating expenses. Adjusted EBITDA is not
derived pursuant to generally accepted accounting principles and therefore
should not be considered as an alternative to operating income (loss), as an
alternative to cash flows from operating activities, or as a measure of
liquidity. Furthermore, the Company is not aware of any uniform standards
for determining Adjusted EBITDA.  Presentations of Adjusted EBITDA may not
be calculated consistently by different companies in the same or similar
businesses.  As a result, the Company's reported Adjusted EBITDA may not be
comparable to similarly titled measures used by other companies.  Management
believes this non-GAAP financial measure provides useful information.

Reconciliation of Adjusted EBITDA to Net Loss from Continuing Operations
before Income Taxes:

In million of Euros                        Q1'02   Q4'02   Q1'03
Adjusted EBITDA                            (8.0)   (0.3)    0.6
Non-cash compensation charges              (0.4)   (0.6)   (0.6)
Depreciation and amortization              (7.7)   (8.2)   (7.6)
Restructuring, impairment and other charges(3.9)   (5.5)   (0.3)
Operating Losses                          (20.0)  (14.6)   (7.9)
Net Loss from Continuing Operations before Income
Taxes                                     (26.6)  (14.5)   (7.6)

Management considers that Adjusted EBITDA is more an operating measure than
a liquidity measure of its financial performance.
As a result, management reconciles Adjusted EBITDA to its Net Loss from
Continuing Operations before Income Taxes.

To see financial statements: http://bankrupt.com/misc/Completel.pdf

Completel is a leading national infrastructure-based carrier serving medium
and large businesses in France.

CONTACT:  COMPLETEL EUROPE NV (ParisBourse: CTL)
          Paris office: Tour Egee,
          9-11 allee de l'Arche
          92671 Courbevoie Cedex
          FRANCE
          Phone: +33 1 72 92 20 00
          Home Page: http://www.completel.com

          COMPLETEL EUROPE N.V.
          Blaak 16
          3011 TA Rotterdam
          The Netherlands
          Phone: +31 10 43 00 844
          Investor Contact:
          Catherine Blanchet, Director of Investor Relations
          Phone: +33 1 72 92 20 32
          E-mail: ir@completel.fr


COMPLETEL EUROPE: Shareholders Approve All Proposed Resolutions
---------------------------------------------------------------
Completel Europe N.V. announced that the Annual General Meeting of its
Shareholders held recently approved all of the proposed resolutions:

(1) Completel's statutory annual accounts for the fiscal year
    ended December 31, 2002, as required under Dutch law;

(2) The discharge of the Board of Management and Supervisory
    Board for the exercise of their duties during the financial
    year 2002;

(3) A proposal to authorize the Board of Management, for an 18
    month period, to purchase, subject to the approval of the
    Supervisory Board, fully paid up shares in the capital of the
    Company for a per share consideration (1) not less than the
    nominal value of these shares and (2) not more than 100% of
    the highest stock exchange rate quoted on the Bourse de Paris
    in the 30 days period preceding the date on which the shares
    are purchased by the Company, provided that the nominal value
    of the shares to be acquired, together with shares the
    Company already holds or holds in pledge, either directly or
    through a subsidiary, does not exceed one-tenth of the
    Company's total issued and outstanding share capital;

(4) The appointment of Alexandre Westphalen as the second member
    to the Board of Management;

(5) The appointment of Mr. Jean-Marie Descarpentries and
    Dominique Vignon as new Supervisory Directors C;

(6) The appointment of Deloitte & Touche as the Auditors for
    2003;

Completel Europe NV (ParisBourse: CTL) is a leading national
infrastructure-based carrier serving medium and large businesses in France.

CONTACT:  COMPLETEL EUROPE NV (ParisBourse: CTL)
          Paris office: Tour Egee,
          9-11 allee de l'Arche
          92671 Courbevoie Cedex
          FRANCE
          Phone: +33 1 72 92 20 00
          Home Page: http://www.completel.com

          COMPLETEL EUROPE N.V.
          Blaak 16
          3011 TA Rotterdam
          The Netherlands
          Phone: +31 10 43 00 844
          Investor Contact:
          Catherine Blanchet, Director of Investor Relations
          Phone: +33 1 72 92 20 32
          E-mail: ir@completel.fr


HELIX CAPITAL: Issues Notice Regarding Series 2001-9 Notes
----------------------------------------------------------
EUR75,000,000 Notes Series 2001-9 Helix Capital (Netherlands) B.V. January
2007 (ISIN: XS0140088294), Common Code: 014008829)(the 'Notes')

Reference is made to the above Notes and words and expressions used but not
otherwise defined herein shall have the meanings given to them in the terms
and conditions of the Notes.

At the request of Helix Capital (Netherlands) B.V. (the 'Issuer') we hereby
give you notice that a Credit Event Notice and Notice of Publicly Available
Information with respect to Solutia Inc. was given on 28 April 2003 to,
among others, the Issuer pursuant to the Related Agreement entered into in
connection with the Notes.

Notice of the foregoing has duly been given in accordance with the terms of
the Notes to Noteholders.  Any reduction in the Principal Amount of the
Notes, as calculated in accordance with the terms of the Notes, will be
notified upon determination thereof.

                     *****

Moody's downgraded early in May Helix Capital (Netherlands) B.V.'s
EUR25,000,000 Variable Redemption Limited Recourse Notes due January 27,
2007 from Caa1 to Caa2 (Series 2001-9).  The action follows the completion
of the settlement mechanism on a credit event, the occurrence of a new
credit event as well as the deterioration of the credit quality of the
notes' underlying portfolio.


HELIX CAPITAL: Issues Notice Regarding Series 2002-12b Notes
------------------------------------------------------------
EUR 44,000,000 Notes Series 2002-12b Helix Capital (Netherlands) B.V. August
2007 (ISIN: XS0144703872), Common Code: 014470387)(the 'Notes')

Reference is made to the above Notes and words and expressions used but not
otherwise defined herein shall have the meanings given to them in the terms
and conditions of the Notes.

At the request of Helix Capital (Netherlands) B.V. (the 'Issuer') we hereby
give you notice that a Credit Event Notice and Notice of Publicly Available
Information with respect to Solutia Inc. was given on April 28, 2003 to,
among others, the Issuer pursuant to the Related Agreement entered into in
connection with the Notes.

Notice of the foregoing has duly been given in accordance with the terms of
the Notes to Noteholders.  Any reduction in the Principal Amount of the
Notes, as calculated in accordance with the terms of the Notes, will be
notified upon determination thereof.

                     *****

Moody's downgraded early in May Helix Capital (Netherlands) B.V.'s EUR
44,000,000.00 Variable Redemption Limited Recourse Notes due August 31, 2007
(Series 2002-12B) from Baa3 to Ba2.  The action follows the completion of
the settlement mechanism on a credit event, the occurrence of a new credit
event as well as the deterioration of the credit quality of the notes'
underlying portfolio.

The issuer, Helix Capital (Netherlands) B.V. is a special purpose vehicle
incorporated with limited liability under the laws of the Netherlands.
Through a credit default swap Helix provides protection to Bank of America,
N.A. on a EUR1.2 billion reference portfolio containing 120 reference
entities.

The notional value of the portfolio has decreased since the time of issue to
EUR1.17bn from EUR1.2bn following credit events on
Teleglobe, British Energy and Solutia.


HELIX CAPITAL: Issues Notice Regarding Series 2002-12C Notes
------------------------------------------------------------
EUR 44,000,000 Notes Series 2002-12c Helix Capital (Netherlands) BV August
2007 (ISIN: XS014470409-4, Common Code: 014470409)(the 'Notes')

Reference is made to the above Notes and words and expressions used but not
otherwise defined herein shall have the meanings given to them in the terms
and conditions of the Notes.

At the request of Helix Capital (Netherlands) BV (the 'issuer') we hereby
give you notice that a Credit Event Notice and Notice of Publicly Available
Information with respect to Solutia Inc. was given on 28 April 2003 to,
among others, the Issuer pursuant to the Related Agreement entered into in
connection with the Notes.

Notice of the foregoing has duly been given in accordance with the terms of
the Notes to Noteholders.  Any reduction in the Principal Amount of the
Notes, as calculated in accordance with the terms of the Notes, will be
notified upon determination thereof.

                     *****

Moody's downgraded early in May Helix Capital (Netherlands) B.V.'s EUR
44,000,000.00 Variable Redemption Limited Recourse Notes due August 31, 2007
(Series 2002-12C) from Caa1 to Caa3.  The action follows the completion of
the settlement mechanism on a credit event, the occurrence of a new credit
event as well as the deterioration of the credit quality of the notes'
underlying portfolio.


IMPRESS HOLDINGS: S&P Assigns Rating to Proposed Senior Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'B-' credit rating
to the proposed senior guaranteed notes to be issued by Impress Group B.V.,
a fully owned subsidiary of Netherlands-based metal packaging company
Impress Holdings B.V. The credit rating is one notch above that on the
existing subordinated notes, which are rated 'CCC+'.  At the same time, the
'B' long-term corporate credit and bank loan ratings and the 'CCC+'
subordinated debt ratings on Impress Holdings were affirmed. The outlook is
stable.

"The new senior notes will be notched once, reflecting the upstream
guarantees from which they will benefit and which also place them ahead of
the existing unsecured notes but behind the group's pro forma EUR230 million
of secured bank debt," said Standard & Poor's Credit Analyst Vanessa
Brathwaite.

If the transaction takes place, the proceeds of the proposed bonds, which
mature on the same date as the existing bonds (May 29, 2007), will be used
to prepay EUR130 million of bank debt.  In addition, scheduled bank debt
amortization in 2003 will be prepaid and in 2004 will remain broadly
unchanged, and some of the scheduled amortization due in 2005 and 2006 will
be deferred to 2007.  The group's debt amortization in 2007 is expected to
be about EUR275 million.  The new bonds will be more expensive than the bank
debt they replace and will also give rise to additional financing and
arrangement fees for the group.

"Overall, however, the effect of the proposed transaction on the ratings on
the group would be neutral because the group has already renegotiated the
financial covenant package that has been constraining its liquidity and
financial flexibility in recent years, subject to the proposed bond being
launched," added Ms. Brathwaite. "Impress Holdings' credit protection
measures should remain adequate for the ratings if the proposed transaction
takes place and the group continues to generate sufficient cash flow to fund
working capital and debt amortization."


KONINKLIJKE AHOLD: Q1 Sales Down 11.3% to EUR17.4 Billion
---------------------------------------------------------
-- Sales of joint ventures are excluded due to reporting according to the
equity accounting method.

-- 1Q 2002 sales numbers have been restated.

-- Consolidated 1Q 2003 sales amounted to Euro 17.4 billion, a decline of
11.3% compared to the same period last year.

-- Sales are significantly impacted by lower currency exchange rates; sales
excluding currency impact increased by 4.6%

-- Organic sales growth, excluding currency impact, amounted to 2.7%.

Ahold announced Friday consolidated sales (excluding VAT) for the first
quarter of the year (16 weeks through April 20, 2003) of Euro 17.4 billion,
a decline of 11.3% compared to the Euro 19.6 billion generated in the 2002
first quarter (16 weeks).  In a difficult trading environment, sales
excluding currency impact increased by 4.6% and organic sales growth
excluding currency impact amounted to 2.7%.  All numbers exclude sales of
joint ventures and are, as usual, unaudited.

Ahold 1st quarter sales
                                      1st Quarter
x 1 million Euro                2003      Change in     2002*
(unless otherwise indicated)                in %

Sales to third parties
- USA Retail (in dollars)     8,286.5       4.8        7,904.3
- USA Foodservice (in dollars)5,301.9      (1.5)       5,381.6
- Europe                      4,059.1       2.6        3,955.7
- South America                 580.5      42.7          406.9
- Asia                          108.5     (10.0)         120.5
Total sales                  17,406.0     (11.3)      19,614.8
*Restated to exclude sales of joint ventures

Weighted average exchange rates
U.S. Dollar (USD)               0.932     (18.2)         1.139
Brazilian Real (BRL)            0.272     (43.6)         0.482


Ahold USA - retail

In the United States, retail sales increased by 4.8% to USD 8.3 billion
(2002: USD 7.9 billion).  Organic sales growth also amounted to 4.8%.
Comparable sales growth amounted to 2.4% and identical sales growth amounted
to 1.5%.

Ahold USA - foodservice

Foodservice sales in the United States declined by 1.5% to USD 5.3 billion
(2002: USD 5.4 billion).  Organic sales growth also amounted to -1.5%.

Europe

In Europe (The Netherlands, Spain and Central Europe), sales rose 2.6% to
Euro 4.1 billion (2002: Euro 4.0 billion). Organic sales growth, excluding
currency impact, amounted to 2.7%.

South America

In South America (Brazil, Argentina, Chile, Peru and Paraguay), sales
amounted to Euro 580 million (2002: Euro 407 million), up 42.7% from last
year mainly due to the acquisition of the remaining shares in Disco Ahold
International Holdings.  Organic sales growth, excluding currency impact,
amounted to 12.1%.

Asia

In Asia (Thailand, Malaysia, Indonesia), sales declined 10.0% to Euro 109
million (2002: Euro 120 million). Organic sales growth, excluding currency
impact, amounted to 7.6%.

Accounting for joint ventures

All current and previous joint ventures will be accounted for using equity
accounting instead of proportionate consolidation as announced in February
of this year.  As a consequence, the income from these joint ventures will
be accounted for as income from unconsolidated subsidiaries.  Previously,
these joint ventures were fully consolidated in Ahold's financial statements
with the minority share in earnings and equity then deducted.  The main
reason for the change from proportionate consolidation to equity accounting
is to be better aligned with especially US GAAP and to a lesser extent
International Accounting Standards.

This accounting change applies to ICA Ahold in Scandinavia and Jeronimo
Martins in Portugal in the 2003 and 2002 first quarters and Disco Ahold
International Holdings (which became 100% owned by Ahold in July 2002) in
the 2002 first quarter.

Historical financial statements also will be restated to reflect this
accounting change for these three joint ventures, as well as for Bompreco in
Brazil and Paiz Ahold in Central America for the periods in which they were
50% owned by Ahold.

Ahold Corporate Communications: +31 75 659 5720

Set forth below are the unaudited sales figures for fiscal years 2002 and
2001 restated to account for Ahold's joint ventures on an equity basis.
These figures, as well as those for the first quarters 2003 and 2002
contained above, do not include any other adjustments resulting from
investigations currently underway at Ahold as announced previously.

Ahold restated unaudited sales for fiscal years 2002 and 2001

                 1st      2nd      3rd       4th      Full year
              quarter   quarter   quarter   quarter     2002
                2002      2002     2002      2002

x 1 million Euro
(unless otherwise indicated)

Sales to third parties

- U.S. Retail
(in dollars)   7,904.3  6,162.5  5,974.5   6,214.4     26,255.7
- U.S. Foodservice
(in dollars)   5,381.6  4,114.9  4,021.1   3,918.6     17,436.2
- Europe       3,955.7  3,286.4  3,232.3   3,419.0     13,935.4
- South America  406.9    503.9    586.0     646.5      2,143.3
- Asia           120.5    109.6    109.2     118.4        457.7
Total sales   19,614.8 14,834.7 14,093.2  14,343.2     62,885.9

                 1st      2nd      3rd       4th      Full year
              quarter   quarter   quarter   quarter     2001
                2001      2001     2001      2001

x 1 million Euro
(unless otherwise indicated)

Sales to third parties

- U.S. Retail
(in dollars)   6,804.4  5,402.7   5,357.4   5,647.2    23,211.7
- U.S. Foodservice
(in dollars)   3,433.3  2,756.8   2,806.1   3,137.6    12,133.8
- Europe       3,700.8  3,114.4   3,065.2   3,358.4    13,238.8
- South America  257.9    237.5     195.4     226.9       917.7
- Asia           101.3     96.7      93.5     108.0       399.5
Total sales   15,223.3 12,883.6  12,411.1  13,524.3    54,042.3

Definitions

Organic sales development:
[Sales year n] divided by [Sales year (n-1)(i) Ahold base + sales year
(n-1)(i) of acquired companies(ii)]

(i) Adjusted for currency impact.

(ii) Applies to acquisitions dating back less than one year and to the
extent that the sales of the acquired company represent > 5% of the sales of
the acquiring entity, or that the acquisition is an entry into a new
business channel or market area.

Identical sales compare sales from exactly the same stores.
Comparable sales are identical sales plus sales from replacement stores.

Currency impact: the impact of using different exchange rates to translate
the financial figures of our subsidiaries to Euros. The financial figures of
the previous year are restated using the actual exchange rates in order to
eliminate this currency impact.

CONTACT:  ROYAL AHOLD N.V.
          P.O. Box 3050 1500
          HB Zaandam Netherlands
          Phone: +31 (0)75 659 57 20
          Fax: +31 (0)75 659 83 02
          Home Page: http://www.ahold.com


LAURUS N.V.: Names J.A.N. van Dijk to Supervisory Board
-------------------------------------------------------
Laurus N.V. announces that as of May 17, 2003 J. (Jacques) A. N. van Dijk
(65) joined the Supervisory Board of Laurus.

Mr. van Dijk has held commercial and management positions in the
international food industry for more than 37 years.  From 1989 to 1999, Mr.
van Dijk was a member of the Board of Management of Sara Lee/DE NV, part of
the Sara Lee Corporation.  From 1961 until 1988, Mr. van Dijk worked at Van
Nelle, latterly as Chairman of the Board of Management.  At the end of 1988,
Van Nelle was acquired by Sara Lee/DE NV.

Principal current positions:
- Chairman of the Supervisory Board of the University of Utrecht
- Chairman of the Supervisory Board of Delta Lloyd NV
- Member of the Supervisory Board of Koninklijke Wessanen NV
- Chairman of the Supervisory Board of Bloemenveiling Aalsmeer
- Chairman of the Supervisory Board of Transavia Airlines

Mr. Van Dijk does not hold any shares in Laurus.  The Supervisory Board
appointed Mr. Van Dijk because of his conversance with international
business affairs.  Mr. Van Dijk also has retailing and marketing expertise
from the perspective of the international food industry.

The general meeting as well as the central works council did not object to
the proposed appointment.  The appointment of Mr. Van Dijk is connected with
the resignation of Mr. Ververs from the Supervisory Board.  Mr. Ververs
informed Laurus that he does not wish to be eligible for reappointmant at
the end of his term. Laurus thanks Mr. Ververs for his commitment.

                     *****

Laurus said last month consumer sales from its Dutch core activities dropped
6.4% to EUR1.425 billion for the first quarter of 2003 compared with figures
for 2002.  The company said the overall Dutch food retail market is
difficult compared with 2002.


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


BANK PEKAO: Announces Sale of Financial Assets by Subsidiary
------------------------------------------------------------
The Management Board of Bank Polska Kasa Opieki Spolka Akcyjna announces
that the sale price of Jarocinskie Fabryki Mebli S.A. shares -- a subject of
conditional agreement concluded on 8th of May 2003 between Pekao Fundusz
Kapitalowy Sp. Z o.o. (subsidiary of the Bank) and Swarzedz Meble S.A
located in Swarzedz -- is PLN5,150,000.

This information constitutes an additional information to the current report
of Bank Polska Kasa Opieki Spolka Akcyjna no. 47/2003, dated 8th of May 2003
and it is released in accordance with the decision of the President of
Securities and Exchange Commission dated 10th of May 2003.

                     *****

Fitch said the present negative macroeconomic environment in Poland has
materially affected Pekao's loan portfolio quality.
The bank reported a net loss for 2Q 2002, caused by high loan loss
provisions.


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


LM ERICSSON: Prepares for Employees Stock Option; Buys C-Shares
---------------------------------------------------------------
As part of preparing for the Stock Purchase Plan 2003 for employees,
Ericsson repurchases the previously issued C-shares in order to expand its
treasury stock.

The Board of Telefonaktiebolaget LM Ericsson decided on April 28, 2003,
based on an authorization given by the Annual General Meeting, to direct an
offer for the acquisition of shares to all owners of C-shares in Ericsson,
i.e. to Nordinvest AB, a subsidiary to AB Industriven, and Investor AB.  The
offer was a part of the implementation of Ericsson's Stock Purchase Plan
2003 and included all 158 million C-shares, which Ericsson has issued.

Ericsson has acquired all 158 million shares, which the offer included and
has made payment amounting to a total of SEK158,435,158.

Ericsson is shaping the future of Mobile and Broadband Internet
communications through its continuous technology leadership.
Providing innovative solutions in more than 140 countries, Ericsson is
helping to create the most powerful communication companies in the world.

CONTACT:  LM ERICSSON
          Investors and financial analysts
          Anna Dimert, Investor Relations, Ericsson Corporate
          Communications
          Phone: +46 8 719 44 14
          E-mail: investor.relations@lme.ericsson.se
          Home Page: http://www.ericsson.com/press


SAS GROUP: Norwegian Minister Willing to Sell State's 14% Share
---------------------------------------------------------------
The Norwegian Minister of Trade and Industry Ansgar Gabrielsen is willing to
sell the state's shares in troubled airline SAS Group.

Mr. Gabrielsen said the state's decision to retain its 14% share of SAS is
historically based.  However, he believes that the current state of affairs
is a transition to a time when it will be wisest to sell out.  He also
supports SAS boss Joergen Lindegaard's desire to run the company on a purely
commercial basis, something the current ownership structure does not
encourage.

SAS Group, the Scandinavian travel conglomerate, recently posted a wider
first-quarter loss as weak economic conditions and fears of SARS and the war
in Iraq caused travel demand to decline.  The group lost 1.6 billion kronor
($201.6 million), or 9.7 kronor ($1.22) a share, for the three months ended
March 31.  A year earlier, the company had a loss of 1.3 billion kronor, or
8.1 kronor a share.  Revenue was nearly unchanged from a year ago at 13.7
billion kronor ($1.7 billion).

In its report, SAS' board went along with management recommendations to move
most aircraft maintenance operations to the Arlanda airport in Stockholm.
The move is expected to save SAS around SEK500 million, and SAS executives
say it's necessary to ensure SAS' survival.  Predictably, the move sparked
outcry in Norway, both among workers and politicians.

According to Norway's Aftenposten, the minister did not share opposition
sentiment that the movement of SAS' technical headquarters to Sweden was a
development worthy of strong protest.  Instead, he cited high wages and a
strong currency difference as arguments against Norway.

Mr. Gabrielsen followed parliament's recommendation that a legal
investigation be made of the agreement, which defines the role of each of
the owner nations.

CONTACT:  SAS GROUP
          Investor Relations
          Sture Stoelen
          Phone: +46 8 797 14 51
          E-mail: investor.relations@sas.se


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


ABB LTD.: Approves Amendments to Articles of Incorporation
----------------------------------------------------------
At the group's annual general meeting recently, ABB shareholders approved
amendments of its articles of incorporation providing for authorized share
capital and an extension in contingent share capital.

The amendments include the creation of CHF250 million in authorized share
capital, replacing CHF100 million that expired in June 2001.  This entitles
ABB's board of directors to issue up to 100 million new ABB shares, of which
some 30 million are reserved for use with the pre-packaged plan of
reorganization of ABB's U.S. subsidiary, Combustion Engineering Inc.

The amendments also include an increase of contingent capital from CHF200
million to CHF750 million, allowing the issue of up to a further 300 million
new ABB shares.

Shareholders also elected two new board members, Louis R. Hughes and Michael
Treschow.  Re-elected to the board of directors were Jurgen Dormann, ABB
chairman and CEO; Roger Agnelli, Hans Ulrich Märki, Michel de Rosen, Bernd
W. Voss and Jacob Wallenberg.

A total of 1193 shareholders attended the annual general meeting,
representing 41.9 percent of the total share capital entitled to vote.

ABB (http://www.abb.com)is a leader in power and automation technologies
that enable utility and industry customers to improve performance while
lowering environmental impact. The ABB Group of companies operates in around
100 countries and employs about 135,000 people.


AKER KVAERNER: New Ticker, Reverse Split Effective from Monday
--------------------------------------------------------------
May 16, 2003 was the last day the share was quoted with a par value of 1
NOK.  May 19, 2003 is the first day the share will be traded with a par
value of 20 NOK.  From Monday May 19, the new ticker at the Oslo Stock
Exchange of Aker Kvaerner will be AKVR (Reuters AKVR.OL, Bloomberg AKVR NO).
After the transaction, the company's share capital will be NOK894,133,920,
distributed on 44,706,696 shares with a par value of NOK 20.  The change in
ticker for Aker Kvaerner reflects the company's new legal name -- Aker
Kvaerner ASA -- approved by the shareholders meeting May 6, 2003.

                     *****

Aker Kvaerner recently posted a Loss before tax of NOK38 million, down from
previous quarters but in line with earlier outlook statements.

CONTACT:  KVAERNER ASA
          Prof. Kohtsvei 15
          1325 Lysaker, Norway
          Phone: +47 67 51 30 00
          Fax: +47 67 51 30 10

          Group Communications:
          Geir Arne Drangeid, Senior Vice President
          Phone: +47 913 10 458

          Tore Langballe, Vice President,
          Aker Kvaerner, Group Communications
          Phone: +47 67 51 31 06
          Email: tore.langballe@akerkvaerner.com



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


ABBEY NATIONAL: Fitch Withdraws Rating on Guaranteed Note
---------------------------------------------------------
Standard & Poor's Ratings Services said recently it withdrew its 'A-1+'
short-term commercial paper (CP) ratings on Abbey National Treasury Services
PLC's C$1 billion note program at the request of Abbey National PLC
(AA-/Negative/A-1+), the guarantor of the program.  At the same time,
Standard & Poor's withdrew its 'A-1 (HIGH)' Canadian Scale CP ratings on the
program.

The program has now terminated, with no debt outstanding.  The termination
of the program reflects Abbey National PLC's ongoing strategic review, which
is focusing on activities in core markets, and does not affect the
counter-party credit ratings on Abbey National PLC.


BRITISH AIRWAYS: Records GBP200 Million 4th Quarter Pre-tax Loss
----------------------------------------------------------------
-- Pre-tax profit of GBP135 million for the full year.

-- Operating profit of GBP295 million for the full year.

-- Operating cash flow of GBP1,185 million for the full year.

-- Pre-tax loss for the quarter of GBP200 million.

-- Operating loss for the quarter of GBP80 million (excluding exceptional
charges).

-- Total costs down 7.3 percent and unit costs improve 4.5 percent for the
quarter (excluding exceptional charges).

-- Net debt reduced by GBP1,145 million for the year.

British Airways posted a pre-tax profit of GBP135 million (2002: GBP200
million loss) for the full year to March 31, 2003. There was a pre-tax loss
for the fourth quarter of GBP200 million (2002: GBP85million loss).

The operating profit for the full year is GBP295 million including a GBP84
million exceptional operating charge relating to Concorde.  The operating
loss for the fourth quarter is GBP164 million, GBP119 million worse than
last year.

Group turnover for the full year is GBP7,688 million, down 7.8 percent on a
flying program 7.9 percent smaller in available seat kilometers (ASKs).  For
the quarter, group turnover dropped 14.2 percent on a flying program 3.6
percent lower in ASKs. Revenue passenger kilometers dropped 5.8 percent for
the full year and down by 7.1 percent for the quarter.  Seat factor rose 1.5
points to 71.9 percent for the full year and down by 2.6 percentage points
to 69.5 percent in the quarter.

Excluding exceptional charges, total overall costs for the full year fell
11.9 percent and unit costs improved by 5.6 percent. Total costs slipped 7.3
percent for the quarter and unit costs improved by 4.5 percent in the same
period, excluding exceptional charges.

Operating cashflow for the full year is GBP1,185 million, up GBP319 million
on last year.  Cash inflow, before financing, is GBP1,231 million.  Net debt
fell by GBP1,145 million to
GBP5,149 million, its lowest level since September 1998, down GBP1.4 billion
from the December 2001 peak.  The Future Size and Shape program has exceeded
targets in all areas including manpower costs, distribution, procurement and
information technology.

The FRS17 accounting valuation will report a GBP1.2 billion deficit for the
group pension schemes, in line with analysts' expectations.  An actuarial
review will be completed later this year to determine changes to company
contribution levels.

Rod Eddington, British Airways' chief executive, said: "These are good
results in one of the toughest years in living memory. Despite the war and
SARS, our people have made a tremendous contribution in delivering all of
our first year Future Size and Shape targets.

"However, we cannot be complacent. The timing of economic recovery is not
clear. We must deliver further cost efficiencies in the coming year."

Lord Marshall, British Airways' chairman, said: "We expect the business
environment will continue to be challenging in 2003/04 ahead of an economic
recovery.

"Forecasting revenue against a backdrop of continuing global economic
weakness, SARS, and Middle East developments is very difficult, however, the
outlook is that revenue in quarter one will be lower than last year.
Visibility beyond the first quarter is not clear."

The board has recommended no final dividend.


BRITISH ENERGY: Announces Exchange of Fuel Contracts with BNFL
--------------------------------------------------------------
British Energy announces that it has exchanged the last of the suite of
contracts covering front-end and back-end fuel services, required to give
effect to the non-binding heads of terms entered into with BNFL on 28
November 2002.

The front-end contracts became effective on 1 April 2003 but may be
terminated if the proposed restructuring is not completed.  The back-end
contracts are conditional on completion of the restructuring but under the
terms of the Standstill Agreement announced on 14 February 2003, pending
formal implementation of the new back-end contracts, payments from British
Energy to BNFL will be made as if the new back-end contracts had become
effective on 1 April 2003.  These arrangements reflect the heads of terms
announced on 28 November 2002.

As signposted on 14 February 2003, new contracts have also been entered into
by British Energy for the sale of all of its enriched and natural uranium
stocks to BNFL and their on-going supply and procurement by BNFL.

BNFL has purchased from British Energy the majority of its existing uranics
stocks for c. GBP50 million and will provide British Energy with a full
uranics supply service in the future. The remaining stocks will be purchased
by BNFL later this year for an expected price of c. GBP15 million.

Under the new lifetime arrangements, which are terminable after an initial
period of 7 years, BNFL will supply the uranics required for British
Energy's AGR stations in England and will also supply enriched uranium for
PWR fuel fabrication. BNFL will continue to supply uranics for British
Energy's AGR stations in Scotland under existing arrangements until 2006,
when similar arrangements to those applicable in England will take effect.

In addition, British Energy has entered into an agreement whereby it will
provide implementation support services to the BNFL Group for a fee of GBP10
million per annum plus certain incremental costs. The project is expected to
be completed by 31 March 2005.

In view of the recent rise in the Company's share prices the Company wishes
to draw the following statement to shareholders' attention. The proposed
restructuring remains subject to a large number of significant
uncertainties. If for any reason British Energy is unable to implement the
restructuring it may be unable to meet its financial obligations as they
fall due in which case it may have to take appropriate insolvency
proceedings. If British Energy were to commence insolvency proceedings,
distributions, if any, to unsecured creditors may represent only a small
fraction of their unsecured liabilities and it is highly unlikely that there
would be any return to shareholders. If the restructuring is completed, even
then the return, if any, for shareholders will represent a very significant
dilution of their existing interests.
                     *****

As announced on 28 November 2002, the principal payment terms of the new
front-end and back-end fuel services contracts with BNFL are as follows:

With respect to the front-end fuel fabrication services:

-- A payment of GBP28.5 million fixed per annum until 2006, but discounted
on a variable basis in accordance with wholesale baseload electricity prices
to a minimum payment of GBP13.5 million per annum at a market price of
GBP15/MWh. The fixed starting price falls to GBP25.5 million thereafter and
is also subject to the discounting mechanism; and

-- A payment of GBP191,000 per tonne of AGR fuel delivered.

With respect to the back-end fuel services (for fuel loaded into British
Energy's AGR reactors after the restructuring has become effective - i.e.
new spent fuel):

-- A payment of GBP150,000 per tonne of uranium in AGR fuel, payable on
loading of such new spent fuel into one of British Energy's AGR reactors;

-- A rebate/surcharge against the payment equivalent to 50% of the
difference between the market baseload price in a year and GBP16.00 per MWh
multiplied by the MWh produced by the AGR fleet in that year. The market
baseload price used in the calculation will not be less than GBP14.80 and
not more than GBP19.00 per MWh;

-- If the market baseload price exceeds GBP19.00 per MWh, a surcharge
against that payment equivalent to 25 percent of the difference between the
market baseload price in a year and GBP19.00 per MWh multiplied by the MWh
produced in the AGR fleet in that year.  The market baseload price used in
that calculation will not be less than GBP19.00 and not more than GBP21.00
per MWh; and

-- BNFL will assume title to new spent fuel on delivery to BNFL from British
Energy.

All of the above monetary amounts are indexed to the Retail Price Index.

Regular payments under the contracts relating to fuel loaded into British
Energy AGR reactors prior to the restructuring becoming effective (historic
spent fuel) will, subject to completion of the restructuring, be met by the
UK Government.

CONTACTS:  BRITISH ENERGY
           Paul Heward, Investor Relations
           Phone: 01355 262 201
           Home Page: http://www.british-energy.com


CORDIANT COMMUNICATIONS: Refinancing Runs Through July 15
---------------------------------------------------------
The Company announced May 1, 2003 that it had reached agreement in
principle, subject to contract, for continuing support arrangements with its
lenders.  The Company has now signed a definitive agreement with its lenders
to provide continuing financing arrangements to July 15, 2003.

The Board continues to evaluate a range of proposals for the business and is
in constructive discussions with its lenders to provide long-term funding
for the Group.

                     *****

Cordiant Communications, which reported pre-tax loss of GBP228.2 million
(2001: GBP270.8 million loss), is rescheduling GBP150 million of debts with
its banks.  It is selling parts of its business to reduce debts.

CONTACT:  CORDIANT COMMUNICATIONS
          Phone: +44 (0) 20 7457 2020
          David Hearn, Chief Executive Officer
          Andy Boland, Finance Director

          COLLEGE HILL
          Phone: +44 (0) 20 7457 2020
          Alex Sandberg
          Adrian Duffield


LE MERIDIEN: Gay Hands Poised to Invest GBP100 Million
------------------------------------------------------
Guy Hands, the man who led Le Meridien's buy-out two years ago, might just
hold the key to the rescue of the troubled upmarket hotel chain.

According to the Financial Times, Mr. Hands is believed prepared to invest
about GBP100 million into the luxury-hotels group saddled with GBP1.0
billion of debt.

Japanese bank Nomura Holdings Inc., whose principal finance group is headed
by Mr. Hands, bought Le Meridien for GBP1.9 billion less than two years ago.
It remains the hotel group's majority equity investor.

Royal Bank of Scotland Group PLC, Abbey National PLC and private equity
house Alchemy Partners, are Le Meridien's other investors.

Le Meridien hotels include the Grosvenor House and Waldorf hotels in London.
The assets are worth between GBP600 million and GBP700 million, a source
earlier told Dow Jones.

The group has 20 financial creditors, including most of the major lending
banks.  It breached its banking covenants last month.  It had to be put into
the control of its banks, which include RBS, Merrill Lynch and CIBC.

FT said the hotel chain was due to repay GBP100 million to its senior
lenders but missed its deadline.  Repayments have since been made with the
use of proceeds from hotel sales in Madrid and in the UK.  Suffering from
falling income during what is one of the worst downturns in the hotel
industry, Le Meridien's value is thought to have plunged to GBP700 million.

However, insiders caution that any rescue deal will take some time to work
out. "This sort of restructuring could take months," said one.


ROYAL & SUNALLIANCE: Confirms Settlement Date Shares Issuance
-------------------------------------------------------------
Royal & SunAlliance confirmed Monday that last Friday, May 16, was the
settlement date for the issue and transfer of shares in Promina Group
Limited, the holding company for Royal & SunAlliance's former Australian and
New Zealand operations. Trading in those shares on the Australian and New
Zealand stock exchanges is now unconditional.  It further confirmed that the
over allotment option over 100 million shares has been exercised in full
and, therefore, the Group has disposed in full of its holding in Promina.
Proceeds have been received.

                     *****

Royal & Sun last year doubled the amount it set aside to meet
asbestos-related liabilities.  The insurer is launching an Initial Public
Offering of its Australian arm Promina in an effort to raise cash to
refurbish its finances and fund asbestos claims in the U.S.


THISTLE HOTELS: BIL Urges Shareholders to Accept Final Cash Offer
-----------------------------------------------------------------
BIL (UK) announces that the Increased Offer Document containing details of
the recommended unconditional increased and final cash offer for Thistle,
made on its behalf by HSBC, was dispatched to Thistle Shareholders last
Friday.

As at 3.00 p.m. (BST) on 15 May 2003 valid acceptances under the Increased
Offer had been received in respect of a total of 127,920,509 Thistle Shares,
representing approximately 26.5 percent of the existing issued share capital
of Thistle.

Accordingly, the BIL Group now either owns, or has received valid
acceptances in respect of, a total of 349,015,149 Thistle Shares,
representing approximately 72.4 percent of the existing issued share capital
of Thistle.  Thistle Shareholders who have not already done so are urged to
accept the Increased Offer without delay.

                     *****

Thistle has long been considered a takeover target, with its management
coming under fire for poor performance, and a reluctance to return cash to
investors.

CONTACT:  BIL INTERNATIONAL
          Arun Amarsi
          Phone: +65 6228 1427

          HSBC
          Neil Goldie-Scot
          Phone: +44 (0)20 7991 8888
          Jan Sanders
          Marcus Ayre

          BRUNSWICK
          Jonathan Glass
          Phone: +44 (0)20 7404 5959
          Simon Sporborg

          THISTLE HOTELS PLC
          Phone: 020 7895 2304
          Ian Burke, Chief Executive Officer


SSL INTERNATIONAL: Strasser Resigns as Non-executive Director
-------------------------------------------------------------
SSL International plc, the manufacturer and distributor of healthcare
products, announces that Alain Strasser, a non-executive director, has
resigned from the Board with immediate effect.

Mr. Strasser joined the Board in October 2000.  In light of his increasing
executive responsibilities as CEO at Harry's Group, and other corporate
opportunities, Mr. Strasser has decided to concentrate his efforts on those
businesses.

Ian Martin, Chairman, said: "On behalf of the Board I would like to thank
Alain for all of the valuable input he has given during his time on the
Board. There can be no doubt that we have derived significant benefit from
his international business perspective, and he leaves with our best wishes."

                     *****

SSL International is selling its medical division after several years of
underperformance by the company's shares, which were badly hit by an
accounting scandal.  The asset includes the profitable Regent Biogel
business, which makes surgical gloves, the hospital antiseptic brand, Hibi,
and a wide range of wound management, products.

CONTACT:  SSL INTERNATIONAL PLC
          Phone: (020 7367 5760)
          Brian Buchan, Chief Executive
          Garry Watts, Group Finance Director
          Jan Young, Head of Investor Relations

          THE MAITLAND CONSULTANCY
          Phone: (020 7379 5151)
          William Clutterbuck or Brian Hudspith


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                Shareholders  Total    Working
                                   Equity     Assets   Capital
                        Ticker     (US$MM)    (US$MM)   (US$MM)
                        ------   -----------  ------   --------
AUSTRIA
-------
Libro AG                            (120)         189     (182)

BELGIUM
-------
Mobistar SA               MOSG       (33)       1,167       (61)
Real Software             REAL       (39)         275        (1)

CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding            (3,337)       7,175    (2,186) Prazske
Pivovary AS               (1,275)       3,398       190




DENMARK
-------
Elite Shipping                      (176)         642        19

FRANCE
------
Banque Nationale
   de Paris Guyane                   (33)         286       N.A
BSN Glasspack                       (114)       1,293       179
Bull SA                   BULP       (44)       1,698       (17)
Centrest Societe
   de Developpement
   Regional                         (131)         250       N.A.
Compagnie
   des Machines Bull                  (7)         259        (3)
Compagnie Francaise de
   l'Afrique Occidentale             (49)         192        21
Cofidur SA                            (6)         114        19
Docks Des Alcool                     (31)        (162)       46
European Computer System            (539)       3,347       377
France Telecom            FTE       (171)     106,587   (31,035)
Grande Paroisse SA                  (949)         430       107
Immobiliere Hoteliere     HOIN       (70)         197       (54)
Pneumatiques Kleber SA              (198)       2,843       139
Sa des Usines Chausson               (17)         187        35
SDR Picardie                        (722)       2,206       N.A.
Soderag                               (2)         329       N.A.
Sofal SA                            (248)       5,385       N.A.
Spie-Batignolles                     (13)       4,297        75
Trouvay Cauvin            TRCN         0          147        10

GERMANY
-------
Brau Und Brunnen AG       BBAG       (16)         570      (210)
Dortmunder
   Actien-Brauerei        DABG       (14)         125       (29)
Edel Music AG             EDLG       (72)         388      (159)
Eurobike AG               EUBG       (35)         173       (31)
F.A. Guenther & Sohn AG   GUSG        (8)         102       N.A.
Kaufring AG               KAUG       (20)         161       (51)
Nordsee AG                           (18)         431       (31)

ITALY
-----
Binda SpA                 BND        (10)         110       (20)
Credito Fondiario
   e Industriale SpA      CRF       (199)       4,190       N.A.
Vemer Siber Group SpA     VEM         (3)         264       (79)

NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         606        46

NORWAY
------
Loki ASA                  LOI        (39)         699      (265)
NETnet International SA              (12)         225      (134)
Northern Oil ASA          NOI        (83)       1,830      (272)

POLAND
------
Animex SA                             (2)         447       (86)
Centrozap                            (82)         262      (102)
Exbud Skanska SA          EXBUF      (35)       1,250      (330)
Ocean Company SA                    (128)         149      (145)

RUSSIA
------
Samson                              (124)         386      (304)

SPAIN
-----
Altos Hornos de Vizcaya SA          (100)       1,104      (278)
Santana Motor SA                     (36)         174        41
Tableros de Fibras SA     TFI        (41)      (2,006)      116

SWEDEN
------
Infinicom AB              INFIb      (15)         150       (74)
Nordifagruppen                       (18)         107        70

SWITZERLAND
-----------
Kaba Holding AG           KABZN      (95)         765       252

UNITED KINGDOM
--------------
Abbot Mead Vickers                    (1)         102       (16)
Alldays Plc               ALD        (84)         176      (202)
Amey Plc                  AMY        (30)         578       (47)
Bonded Coach
   Holiday Group Plc                  (4)         114       (44)
Blenheim Group                       (98)         128       (34)
Booker Plc                BKRUY      (38)         816        (8)
Bradstock Group           BDK         (1)         171         5
Brent Walker Group                (1,034)         506    (1,157)
British Nuclear Fuels Plc         (1,843)      25,510     1,948
British Sky Broadcasting  BSY       (301)       2,202       (40)
British Telecom Group               (286)      27,673       732
Compass Group             CPG       (452)       2,011      (298)
Costain Group             COST       (21)         204       (12)
Easynet Group Plc         ESY         (7)         206      (53)
Electrical and Music      EMI
   Industries Group                 (889)       1,916    (1,158)
Euromoney Institutional   ERM        (76)         110        20
Gallaher Group            GLH       (337)       3,432        68
Global Green Tech Group              (96)         251       (18)
Heath Lambert
   Fenchurch Group PLC                (7)       2,883       (10)
HMV Group PLC             HMV       (416)         456      (133)
Imperial Tobacco Group    ITY        (75)       6,472      (190)
Intertek Testing Services ITRK       (83)         264       (67)
IPC Media Ltd.                      (463)         172        16
Lambert Fenchurch Group               (1)       1,132        (3)
Lattice Group                       (905)       8,707    (1,228)
Misys PLC                 MSY        (59)         658        (7)
Orange PLC                ORNGF     (358)       1,749         7
Rentokil Initial Plc      RTO       (702)       1,744       (37)
Saatchi & Saatchi         SSI        (74)         436       (41)
Yell Group PLC                       (50)       2,201       325


                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter co-published by
Bankruptcy Creditors' Service, Inc., Trenton, NJ USA, and Beard Group, Inc.,
Washington, DC USA. Kimberly MacAdam, Larri-Nil Veloso, Ma. Cristina Canson,
and Laedevee Gonzales, Editors.

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

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