/raid1/www/Hosts/bankrupt/TCREUR_Public/040308.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Monday, March 8, 2004, Vol. 5, No. 47

                            Headlines

F I N L A N D

METSO CORPORATION: Paper Unit Splits into Four Key Operations


F R A N C E

SUEZ GROUP: 'Action Plan' an Overwhelming Success, Says Chair


G E R M A N Y

DEUTSCHE TELEKOM: Substantial Debt Haircut Earns Moody's Upgrade
MG TECHNOLOGIES: GEA Buys Diesel; Boosts Process Engineering Biz


I R E L A N D

CLONDALKIN INDUSTRIES: Recapitalization to Weaken Credit Metrics
ELAN CORPORATION: To Present at SG Cowen Healthcare Conference


I T A L Y

FIAT AUTO: Renews Spare Parts Logistics Contract with TPG
PARMALAT BRAZIL: Local Judge Appoints Administrators
PARMALAT CHILE: Requests Immunity from Creditors' Claims
PARMALAT FINANZIARIA: Threatens to Sue Japanese Banker
PARMALAT FINANZIARIA: Secures Loan to Continue Operations


L U X E M B O U R G

TORUS SA: Rating Lowered Following Default of Solutia Inc.


N E T H E R L A N D S

KONINKLIJKE AHOLD: Shareholders OK All Proposals Raised at EGM
NUMICO N.V.: Cuts Full-year Net Loss to EUR504 Million
VAN DER: Books EUR15.9 Mln Net Loss Due to Impairment Charges


N O R W A Y

PETROLEUM GEO-SERVICES: Secures US$110 Million Credit Facility


P O L A N D

SILESIAN AIR: Applies for Bankruptcy Protection


R U S S I A

AGROCHIMSERVICE: Under Bankruptcy Supervision Procedure
BELSK INDUSTRIAL: Declared Insolvent
IRBA MINE: Court Appoints Insolvency Manager
KHOMYAKOVSKY MINE: Declared Insolvent
METROMEDIA INTERNATIONAL: Sells FX Units for US$16 Million

PEREVOZSELKCHOZCHIMIYA: Under Bankruptcy Supervision Procedure
SHEREGESH MINE: Declared Insolvent
SILICATE: Court Opens Bankruptcy Supervision Procedure
STROYTRANS: Begins Bankruptcy Supervision Procedure
TATENERGOSTROY-NC: Declared Insolvent
VOLGOENERGOMONTAZH: Under Bankruptcy Supervision Procedure
VOROSHILOV MINE: Declared Insolvent


S W E D E N

LM ERICSSON: Board Proposes Long-term Incentive Plan
LM ERICSSON: To Pay for Incentive Program with Own Stocks
LM ERICSSON: Statutory Auditor Carl-Eric Bohlin Resigns
SKANDIA INSURANCE: Nominating Committee Appoints New Chairman


U N I T E D   K I N G D O M

AMP LIMITED: U.K. Exit Results in AU$5.5 Bln Bottom line Loss
BCL TECHNOLOGY: Names Begbies Traynor Receiver
BRITISH ENERGY: Issues February Output Statement
CARMEL DOORS: In Administrative Receivership
CHARNWOOD BRICK: Winding up Resolution Passed

CORPORATE PLANNING: Brings in Administrator from Tenon Recovery
EIKOS LIMITED: Ratings Lowered on Synthetic CDO Deal
FASCIAS DIRECT: Names PKF Liquidator
G & P BUILDING: Appoints Numerica Liquidator
KONAKAI LIMITED: Winding up Resolution Passed

MARQUE PARK: Names Vantis Business Recovery Liquidator
MOTHERCARE PLC: Analyst to Review Impact of Turnaround Strategy
NTL INC.: Quarterly Net Loss Down 79% to GBP130 Mln
PPL THERAPEUTICS: To Announce Recommended Buyout Offer Soon
QUARRY WALK: Winding up Resolution Passed
STANDARD LIFE: Shuts down 10 Branches
UK COAL: Looks Forward to Recovery Before Year-end

* FSCS Declares Seven Firms in Default


                            *********


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


METSO CORPORATION: Paper Unit Splits into Four Key Operations
-------------------------------------------------------------
Metso Paper is streamlining its operating structure.  The target
is to strengthen the resources in customer relationship
management and increase the speed and efficiency of Metso
Paper's and its business lines' strategy implementation both
globally and regionally.

As of April 1, 2004 Metso Paper will be organized into four
business lines, which will be responsible for product units as
well as the entire life cycle of customers' processes covering
new processes, rebuilds and aftermarket services.  These
appointments have been made in the business lines:

(1) Paper business line, headed by Hannu Malkia;

(2) Board business line, headed by Kari Kalliala, who most
    recently has worked for Jaakko Poyry Group.  He will start
    in his new position on March 8, 2004;

(3) Tissue business line, headed by Marco Marcheggiani; and

(4) Fiber business line, headed by Arto Aaltonen.

In addition these appointments have been made for Metso Paper's
main market areas:

(1) Asia-Pacific, headed by Kaj Lindroos,

(2) Europe, headed by Arto Aaltonen,

(3) North America, headed by Jukka Tiitinen, and

(4) South America, headed by Hannu Hakamaki.

The Area Presidents will be responsible for the implementation
of the strategies of Metso Paper and its business lines within
their areas.  Both the Business Line Presidents and the Area
Presidents will report to Bertel Karlstedt, President of Metso
Paper.

Metso Corporation [corporate credit rated 'BB+' by Standard &
Poor's] is a global supplier of process industry machinery and
systems, as well as know-how and aftermarket services.  The
Corporation's core businesses are fiber and paper technology
(Metso Paper), rock and mineral processing (Metso Minerals) and
automation and control technology (Metso Automation).  In 2003,
the net sales of Metso Corporation were EUR4.3 billion and the
personnel totaled approximately 27,400.  Metso Corporation is
listed on the Helsinki and New York Stock Exchanges.

CONTACT:  METSO PAPER
          Bertel Karlstedt, President
          Phone: +358 204 84 3277

          METSO CORPORATION
          Jorma Eloranta, President and CEO
          Phone: +358 204 84 100


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


SUEZ GROUP: 'Action Plan' an Overwhelming Success, Says Chair
-------------------------------------------------------------
Suez Board of Directors meeting on March 3, 2004, chaired by
Gerard Mestrallet, approved the results for the financial year
ended December 31, 2003.  The accounts will be submitted for
approval to the Annual General Shareholders' Meeting on April
27, 2004.  The Board of Directors has approved the Group
strategy based on the simultaneous and sustainable development
of its two business sectors.

Announced January 9, 2003, the 2003-2004 Action Plan has been
executed, and exceeds the announced objectives.  The full cost
of the Plan has been charged to 2003 income.  In a difficult
economic environment, Suez posted good operating performance and
vigorous organic growth in its main business sectors.  With its
divestments in the communications sector (Coditel, Codenet,
Paris Premiere, M6, Noos) and disposals of its equity
investments, the Group has strengthened its core-business focus
and stabilized its corporate structure.

(1) Action Plan: every objective for year-end 2004 met by
    February 2004

    (a) net debt reduced by half, from EUR28.2 billion to EUR15
        billion at the end of 2003, and further to EUR13.9
        billion by the end of February 2004;

    (b) cost reductions: EUR585 million in 2003 (compared with
        the announced objective of EUR500 million).  New
        objective for 2004 of EUR900 million (further impact of
        EUR315 million);

    (c) more selective investment criteria; investments reduced
        by 50%;

    (d) sharp reduction in working capital needs (a decrease of
        EUR769 million in 2003);

    (e) reduction by nearly 30% of capital employed in emerging
        markets.

(2) 2003 results: good operating performances in a year marked
    by the implementation of the Action Plan

    (a) organic revenue growth: EUR39.6 billion (+ 6.1%);

    (b) EBITDA organic growth: EUR6,011 million (+4.9%);

    (c) strong EBIT organic growth: EUR3,203 million (+13.2%);

    (d) net current income Group share growth: EUR747 million
        (+29%, excluding exchange rate fluctuations and changes
        in Group structure);

    (e) positive net cash flow;

    (f) marked improvement in return on capital employed (ROCE):
        + 8.5% (+ 7.6% in 2002);

    (g) the action plan being achieved, all associated costs are
        charged to 2003 income.  Consequently, net result Group
        share is -EUR2,165 million.

(3) Outlook for 2004/2006: strategic focus on energy and
    environment, return to net profit and pursuit of growth of
    operating results

    (a) average organic growth for revenues and EBITDA between
        4% and 7%;

    (b) return to positive net results in 2004, with strong
        growth of net current results Group share during the
        period;

    (c) investments: on average EUR4 billion per year;

    (d) improvement in cash flow generation: self-financing all
        investments and dividends as of 2005;

    (e) strong growth in return on capital employed, with the
        objective of reaching 11% in 2006.

(4) Board of Directors recommends Annual General Shareholders'
    meeting maintain net dividend at EUR0.71 per share. Payment
    May 3, 2004.

Gerard Mestrallet, Suez Chairman and CEO, says: "Our 2003 key
events were the early achievement of the objectives of our
Action Plan, successful financial restructuring and
consolidation, and the focus on the Energy and Environment
businesses.  The significant impact of changes in Group
structure, and exceptional charges arising from the
implementation of the Action Plan were all charged to 2003
income.  Today, Suez has a strong balance sheet, a financial
structure adequate for our needs, and improving financial
ratios.  The Group set challenging objectives for operating
performance improvements, and made adjustments to its business
model which increased its efficiency, improved its
effectiveness, and enhanced its profitability, with a capacity
to generate recurring cash flow.  Suez is ready to seize
selective business opportunities in mature markets."

(1) Action Plan: every objective for year-end 2004 achieved by
    February 2004

    (a) Net debt was reduced by half to EUR13.9 billion in
        February 2004

        By December 31, 2003, net debt was reduced to EUR15
        billion (versus EUR28.2 billion at June 30, 2002).  With
        disposals that occurred at the beginning of the year,
        including the M6 stake, net debt was down to EUR13.9
        billion, a 50% reduction rather than the announced
        target of a third.

    (b) Cost reductions were greater than the announced targets

        Cost reductions for 2003 came to EUR585 million, above
        the objective set in July 2003.

        For the full year 2004, the Group's operating
        performance will benefit from cost savings amounting to
        EUR900 million[1], i.e. an additional impact of EUR315
        million.  At the operating profit level, this figure is
        54% higher than cost reductions achieved in 2003 and by
        70% compared with the target announced in January 2003
        on a comparable structural basis (EUR530 million[2] for
        the full year 2004, excluding Nalco and Puerto Rico
        which contributed EUR50 million and EUR20 million
        respectively).

        Overall, for the 2003-2004 period, total Optimax cost
        reductions come to nearly EUR1.5 billion.

    (c) Investment control

        Investments were reduced by close to 50% during 2003,
        excluding the increased stake in Electrabel, which was
        raised to 50.1% (EUR600 million), without impairing the
        organic growth.  These investments amounted to EUR4.3
        billion in 2003 compared to EUR6.8 billion in 2002 and
        an announced level of EUR4.5 billion. The EUR4.3 billion
        figure is in line with the annual average investment
        level of EUR4 billion and with the investment
        requirements of the Group's new structure.

    (d) Sharp reduction in working capital needs

        The Group's working capital requirements were reduced by
        EUR769 million in 2003.

    (e) Reduction of risk exposure to emerging countries

        The Group's exposure to emerging markets has been
        reduced by nearly 30%: capital employed in these markets
        amounted to EUR6.2 billion at the end of 2003, compared
        with EUR7.9 billion at the end of 2002 and EUR10.3
        billion at the start of 2002.

Among actions implemented:

    (i) refinancing in local currencies (Thailand, Chile)
   (ii) cancellation of insufficiently profitable contracts
  (iii) new partnerships.

----------
Footnotes:
[1] Out of which a 743 million impact on EBITDA
[2] Out of which a 448 million impact on EBITDA
----------

(2) 2003 results: Good operating performance in a year marked by
    the implementation of the Action Plan

    (a) Revenues practically stable, despite asset disposals,
        with a clear progression in organic growth

        Group revenues, with an organic growth of 6.1%, totaled
        EUR39.6 billion for 2003 compared with EUR40.8 billion
        in 2002.  The satisfactory level of organic revenue
        growth within the new redefined Group structure, paved
        the way for a practically stable revenue figure (-2.8%),
        despite the impact of disposals and unfavorable exchange
        rate movements.  Suez has implemented its Action Plan
        without impairing its growth potential.  Most 2003
        revenues (90% of the total) were generated in Europe and
        North America, 80% of which came from Europe.

    (b) Improved operating performance: all the performance
        indicators show growth

        (i) EBITDA growth

        Total EBITDA (EUR6,011 million) produced 4.9% organic
        growth (-17.1% overall due mainly to the sale of Nalco,
        the partial disposal of Northumbrian Water and equity
        method accounting for Elia), versus +3.3 % in 2002.

        Energy EBITDA totaled EUR4,001 million, with 8.3%
        organic growth due principally to EGE's natural gas
        activities and to EGI's strong organic growth (startup
        of new power plants and LNG).  Due to unfavorable
        foreign exchange fluctuations and changes in Group
        structure (Elia being accounted under the equivalent
        method),Energy EBITDA was down slightly (-3%).

        Environment EBITDA apart from Nalco totaled EUR1,944
        million, with 4.7% organic growth.  This performance was
        the result mainly of sustained organic growth in the
        water and waste services businesses in France and
        Europe.  Due to unfavorable foreign exchange
        fluctuations and changes in Group structure, Environment
        EBITDA (excluding Nalco) was down EUR409 million (-
        17.4%), under the effect of the Northumbrian and Cespa
        disposals and unfavorable foreign exchange fluctuations.

        (ii) EBIT shows strong organic growth

        EBIT amounted to EUR3,203 million, with an organic
        growth of +13.2%. Energy and Environment (excluding
        Nalco) EBIT respectively rose +11.9% (EUR2,490 million)
        and + 22.8% (EUR819 million).

        (iii) Net current income grew 29% on the basis of a
        constant exchange rate and Group structure

        Net current income, Group share, totaled EUR747 million,
        a 29% increase on a constant exchange rate and Group
        structure basis. This growth is driven both by Energy
        and Environment activities.

        Including the impact of exchange rate fluctuations and
        changes in Group structure, net current income, Group
        share, was down from 2002 (-14.2%) as a result of
        disposals, unfavorable exchange rate fluctuations, and a
        reduction in dividends received after the sale of equity
        investments.

        (iv) Positive net cash flow, before assets disposals and
        after more than EUR4 billion in investments

        Cash Flow (EUR3.7 billion) and the sharp reduction of
        working capital requirement (EUR769 million) cover all
        the development and maintenance investments (including
        financial investments), leaving a positive net cash flow
        of EUR137 million, before assets disposals.

        (v) Return on capital employed increased by 1%

        Return on capital employed (ROCE) was up, and attained
        8.5% in 2003 versus 7.6% in 2002.

    (c) Full Action Plan cost fully accounted for in the 2003
        financial results

        (i) The full cost of restructuring, disposals, and
        marking to market charged to 2003 results

        The Action Plan was a one-time expense in 2003.  Its
        benefits will be progressively felt over time, giving
        Suez new opportunities to increase cash flow and enhance
        profitability.

        Exceptional losses in 2003 were EUR2.9 billion.

        The majority of exceptional expenses were recorded
        during first-half 2003 (EUR2.1 billion). Those items
        recorded during the second half related to:

        (i) The impact of additional "Optimax" measures.

        (ii) The cancellation of insufficiently profitable
        contracts (mainly Puerto Rico).

        (iii) Additional provisions marking communications
        assets to market.

        (iv) Value adjustments (USA, Germany essentially).

        (v) Net results Group share

        Consequently, Net losses came to EUR2,165 million.

        Capital gain on the M6 disposal (approximately EUR750
        million) will be booked under exceptional items for the
        first half of 2004.

(3) Dividend maintained

    The Board of Directors has decided to recommend to Annual
    General Shareholders' Meeting on April 27, 2004 that the net
    dividend be maintained at its 2003 level, of EUR0.71.  This
    demonstrates the Board confidence in the Group's profitable
    growth prospects.  Dividend payment will be made May, 3,
    2004.

(4) Outlook for 2004-2006: strategic focus on Energy and
    Environment, return to net profit and pursuit of growth of
    operating results

    (a) Suez, a services Group, with a business strategy based
        on energy and Environment

        The Board of Directors noted that the Group has evolved
        toward a secure profitable growth model and now has
        additional room for maneuver to pursue its development.
        Consequently, the Board of Directors has approved the
        Group strategy based on the simultaneous and sustainable
        development of its two business sectors: Energy and
        Environment.

        In Energy, this strategy is based on bolstered positions
        in Europe (especially France, with the opening of the
        energy market July 1, 2004) and on selective
        international development from strong positions in the
        United States, Brazil, Thailand and LNG.

        In Environment, the priority is organic growth,
        particularly in Europe, sustained in large part by more
        stringent environmental standards.  Internationally,
        emphasis is placed on promising growth markets (China)
        and activities (water engineering).

(5) Outlook for 2004/2006

    (a) average organic growth for revenues and EBITDA between
        4% and 7%;

    (b) return to positive net result in 2004, with strong
        growth of net current result Group share during the
        period;

    (c) investments: on average EUR4 billion per year;

    (d) improvement in cash flow generation: self-financing all
        investments and dividends starting in 2005;

    (e) strong growth in ROCE, with the objective of reaching
        11% in 2006.

Suez (http://www.suez.com)a worldwide industrial and services
Group, active in sustainable development, provides companies,
municipalities, and individuals innovative solutions in Energy
and the Environment.  Suez is listed on the Euronext Paris,
Euronext Brussels, Luxembourg, Zurich and New York Stock
Exchanges.

To see full copy of financial results:
http://bankrupt.com/misc/SUEZ_2003.pdf

CONTACT: SUEZ GROUP
         Press
         France:
         Anne Liontas
         Phone: +331 4006 6654
         Antoine Lenoir
         Phone: +331 4006 6650
         Catherine Guillon
         Phone: +331 4006 6715
         Belgium:
         Guy Dellicour: +322 507 02 77
         Web site: http://www.suez.com

         Financial Analysts
         Amaud Erbin
         Phone: +331 4006 6489
         Eleonore de Larboust
         Phone: +331 4006 1753
         Bertran Haas
         Phone: +331 4006 6609


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


DEUTSCHE TELEKOM: Substantial Debt Haircut Earns Moody's Upgrade
----------------------------------------------------------------
Moody's Investors Service upgraded the long-term debt ratings of
Deutsche Telekom to Baa2 from Baa3 following a review that shows
the company has substantially reduced its debt last year.  The
outlook on the long-term ratings is positive.

The ratings affected are:

Deutsche Telekom AG and Deutsche Telekom International Finance
B.V.:

(a) Short-term rating for US$20 billion CP programme: Upgraded
    to Prime-2 from Prime-3; stable outlook

(b) EUR20 billion MTN programme: Upgraded to Baa2 from Baa3;
    positive outlook

Deutsche Telekom AG:

JPY160 billion Samurai bonds: Upgraded to Baa2 from Baa3;
positive outlook

Deutsche Telekom International Finance B.V.:

(a) EUR2 billion benchmark bond: Upgraded to Baa2 from Baa3;
    positive outlook

(b) US$14.6 billion global bond (EUR, GBP, USD, JPY tranches):
    Upgraded to Baa2 from Baa3; positive outlook

(c) EUR8 billion Eurobond: Upgraded to Baa2 from Baa3; positive
    outlook

(d) EUR4.5 billion and US$0.5 billion global bond: Upgraded to
    Baa2 from Baa3; positive outlook

(e) US$2 billion bond: Upgraded to Baa2 from Baa3; positive
    outlook

(f) EUR2.2885 billion mandatory convertible bond: Upgraded to
    Baa2 from Baa3; positive outlook

Moody's noted that by the end of September 2003, the company had
reduced its net debt to EUR49.2 billion.  After considering
various off balance sheet and contingent liabilities, the rating
agency placed Deutsche Telekom's debt at approximately EUR64.2
billion.  It expects this to fall even further by the end of the
year.

As a result of the debt reduction Deutsche Telekom was able to
report strong improvement in free cash flow.  By the end of
September 2003, the figure is already EUR7.4 billion, up from
its target of EUR6.0 billion for the full year.

Moody's said: "In light of the completion of Deutsche Telekom's
debt reduction programme, Moody's believes that Deutsche Telekom
will now adopt a balanced approach between applying cash for
debt reduction and investing in growth opportunities in order to
enhance shareholder return.  The Baa2 rating reflects Moody's
opinion that Deutsche Telekom is strongly positioned within its
rating category with financial flexibility for further increases
in capex and/or small acquisitions or investments."


MG TECHNOLOGIES: GEA Buys Diesel; Boosts Process Engineering Biz
----------------------------------------------------------------
The Bochum-based GEA Group, a subsidiary of MG Technologies AG,
has agreed to acquire the business of Diessel GmbH & Co. KG,
Hildesheim, Germany.  The agreement is still subject to approval
by the German antitrust authorities.

Established in 1924, Diessel is a leading provider of process
plant for breweries, the beverage industry and for the
pharmaceutical and biotech sectors.  The acquisition constitutes
an ideal fit for the pharmaceutical, food and brewery activities
of GEA's Process Engineering division.  The parties to the deal
have agreed not to reveal the purchase price.

GEA will take on 177 of Diessel's employees, its fixed assets
and the majority of its order book.  Diessel intends to generate
sales -- excluding synergies -- of approximately EUR33 million
in 2004.

GEA also intends, subject to approval by the competent antitrust
authorities, to buy Colby Powder Systems, currently a division
of Siemens Dematic AG.  The company designs and builds
integrated powder-handling and powder-filling equipment for the
milk processing industry and the production of baby food.  Colby
Powder Systems consists of two companies based in Sydney,
Australia, and Auckland, New Zealand, as well as sales
and service activities in the U.S. and Europe.  The company
generates sales of roughly EUR22 million and employs a total of
109 people.

This acquisition will make GEA's Process Engineering division
the world's only supplier able to realize and seamlessly
integrate all stages of the value chain in the production of
powdered milk.  Following the decision taken by MG Technologies
AG on October 2 last year to refocus its strategy, its
subsidiary GEA is continuing to extend its portfolio with these
two acquisitions.  GEA will form the nucleus of the new mg,
generating roughly 80% of its value added.

MG Technologies AG is an international technologies group with
core activities to date in engineering and chemicals.  In the
future, mg will concentrate on special engineering with the
focus on process technology and components as well as plant
engineering.  Preliminary sales in financial 2003 totaled EUR8.2
billion.  At present, the group has a payroll of some 31,000
staff.  In 90% of the fields in which it is active, mg is one of
the market and technology leaders.


=============
I R E L A N D
=============


CLONDALKIN INDUSTRIES: Recapitalization to Weaken Credit Metrics
----------------------------------------------------------------
Moody's Investors Service assigned Irish diversified packaging
group Clondalkin Industries a (P)B1 senior implied rating, and a
(P)Caa1 unsecured issuer rating.  In conjunction, it assigned a
(P)B3 rating to the company's proposed EUR170 million of senior
notes due 2014, and a (P)B1 rating to its EUR460 million senior
secured credit facilities.  The outlook for all ratings is
stable.

Meanwhile, these existing ratings of Clondalkin Industries
Limited remain under review for downgrade:

(a) Senior implied rating at Ba3;

(b) Unsecured issuer rating at B2;

(c) EUR125.0 million 10.625% senior notes due 2010 at B2;

(d) EUR300.0 million senior secured credit facilities (at
    Edgemead Limited) at Ba3.

The rating will be confirmed and withdrawn once Warburg Pincus
successfully acquires Clondalkin Industries from Candover.  On
January 30, 2004, Warburg Pincus entered into a sale and
purchase agreement to acquire control of Clondalkin from
Candover for a total consideration of EUR630 million on a debt
free basis.  Subsequently, Clondalkin Industries will become
indirect owner of Clondalkin Group Holdings Ltd.

Among others, the rating reflects negatively Clondalkin's high
financial leverage and weakened credit metrics following the
proposed recapitalization. Moody's gave the ratings a stable
outlook in expectation that the company will "use its strong
cash flow to reduce existing debt levels and that future
acquisitions will be restricted to bolt-on acquisitions and will
be funded such that the financial leverage of the company will
not increase beyond current levels."

Clondalkin has pro-forma Adjusted Total Debt to EBITDAR of
approximately 5.8x financial leverage for the last twelve months
ending December 2003.  Moody's expects this to increase after
the proposed secondary buyout.


ELAN CORPORATION: To Present at SG Cowen Healthcare Conference
--------------------------------------------------------------
Elan Corporation, plc will present at The SG Cowen 24th Annual
Healthcare Conference in Boston, MA on Thursday, March 11, at
8.00 a.m. Eastern Standard Time, 1.00 p.m. Greenwich Mean Time.
Interested parties may access a live audio Web cast of the
presentation by visiting Elan's Web site at http://www.elan.com
and clicking on the Investor Relations section, then on the
event icon.

About Elan

Elan Corporation, plc is a neuroscience-based biotechnology
company that is focused on discovering, developing,
manufacturing and marketing advanced therapies in neurology,
autoimmune diseases, and severe pain.  Elan (NYSE: ELN) shares
trade on the New York, London and Dublin Stock Exchanges.

CONTACTS: ELAN CORPORATION
          Investors:
          Emer Reynolds
          Phone: 353-1-709-4000
                 or 800-252-3526

          Media:
          Anita Kawatra
          Phone: 212-407-5755
                 or 800-252-3526


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


FIAT AUTO: Renews Spare Parts Logistics Contract with TPG
---------------------------------------------------------
Mail express and logistics company, TPG N.V., through its TNT
Logistics Italy business unit, announced a five-year renewal of
the spare parts contract for Fiat Auto.  The deal is estimated
to be worth EUR1 billion in revenues over the contract term.
The contract will include packaging, storing and delivery of
spare parts to dealers in Europe for Fiat Auto, as well as
warehousing activities in Italy, France, U.K., Spain, Poland,
Austria and Greece.

Under the terms of the renewed contract, TNT Logistics will
provide solutions to Fiat Auto that will optimize its
transportation and distribution between its warehouses and
dealers to ensure faster delivery at the lowest possible cost.
With TNT Logistics expertise and assistance Fiat Auto will also
introduce new packaging methods and will improve its reverse
logistics and the utilization of reusable containers.

Following the successful partnership between the two companies,
TNT Logistics and Fiat Auto have been able to sign the renewed
agreement ahead of the original expiry date in 2005.

Dave Kulik, TNT Logistics' Group Managing Director says, "This
is an extraordinary example of how a customer and its logistics
partner can collaborate openly and in the best interest of both
parties, to develop a unique solution."

Fausto Forti, Managing Director of TNT Logistics Italy states,
"This contract renewal further highlights TNT Logistics'
position as the European market leader in automotive logistics
and shows how our unrivalled expertise continues to be
beneficial to clients."

TPG N.V., with its two brands TNT and Royal TPG Post, is a
global provider of mail, express and logistics services.  The
group employs over 163,000 people in 64 countries and serves
over 200 countries.  For 2003 the company reported sales of
EUR11.9 billion, an increase of 0.7% over the previous year.
TPG N.V. is publicly listed on the stock exchanges of Amsterdam,
New York, London and Frankfurt.


PARMALAT BRAZIL: Local Judge Appoints Administrators
----------------------------------------------------
Sao Paulo Judge Carlos Henrique Abrao of the 42nd District Civil
Court in Sao Paulo ousted the board and management of Parmalat
Brasil S.A. Industria de Alimentos in a move to save the unit,
Bloomberg News says.

Judge Abrao appointed three administrators to manage Parmalat
Brasil S.A. Industria de Alimentos, replacing president Ricardo
Goncalves.  The new administrators are former employees of the
Central Bank in Brazil, Parmalat Brasil spokesman Waldecir
Veldelho said.  The new administrators are Jorge Lobo, Ruben
Salles de Carvalho and Keyler Carvalho Rocha.  Mr. Rocha will
serve as Parmalat Brasil's president.

Judge Abrao pointed out that Parmalat Brasil had been hurt by
engaging in "artificial" financial transactions ordered by the
parent in Italy.  "If we don't do anything at this time, we will
see the collapse of Parmalat Alimentos," Judge Abrao noted in a
57-page decision.

The displaced managers are now appealing the decision. (Parmalat
Bankruptcy News, Issue No. 6; Bankruptcy Creditors' Service,
Inc., 215/945-7000)


PARMALAT CHILE: Requests Immunity from Creditors' Claims
--------------------------------------------------------
Chile's No. 5 dairy firm applied for creditor protection on
Wednesday, a spokeswoman for Parmalat Chile told Reuters.  The
company, which recorded US$45 million in sales last year, owes
more than US$4 million to dairy farmers.

No details were available, according to the report.  But under
Chilean law, Magistrate Juan Polanco of Santiago's 18th Civil
Court has a period of several days to call a meeting of
creditors and to assign a temporary outside administrator for
the firm.

Parmalat Chile earlier held talks with Chilean investment firm,
Bethia, about a possible offer for the company.  This latest
development adds to the hurdle potential buyers would face:
Bids will now need the approval of a committee of creditors.
According to the report, other interested parties in the company
include businessman Max Marambio, and some dairy farmers, who
might make a joint offer.

The filing for creditor protection of Parmalat Chile follows
that of Parma-based Parmalat S.p.A. and of Parmalat group's
Brazilian and Dutch companies.


PARMALAT FINANZIARIA: Threatens to Sue Japanese Banker
------------------------------------------------------
Parmalat Finanziaria S.p.A. threatens to take legal action
against Japanese bank, Sumitomo Mitsui Banking Corp., if
Parmalat Brasil S.A. Industria de Alimentos collapses, Dow Jones
reports.

Parmalat administrator Enrico Bondi indicated in a letter that
Parmalat Finanziaria S.p.A. and Parmalat S.p.A. would hold
Sumitomo responsible for "any damages caused to the subsidiary
and its creditors by the management which has been empowered to
act pursuant your request."  The note was faxed from Italy to
Sumitomo.

Parmalat Brazil owes Sumitomo US$10,000,000 in unpaid loans.
The Japanese bank won a court injunction in mid-January blocking
Parmalat Brazil from selling any businesses or transferring
funds abroad.  At Sumitomo's request, a Sao Paulo judge also
appointed an administrator to take over Parmalat's operations in
Brazil.  (Parmalat Bankruptcy News, Issue No. 6; Bankruptcy
Creditors' Service, Inc., 215/945-7000)


PARMALAT FINANZIARIA: Secures Loan to Continue Operations
---------------------------------------------------------
Insolvent dairy company Parmalat Finanziaria S.p.A. said
Thursday it had secured a EUR$105.8 million (US$128 million)
loan, which should help keep production running at its main
operating unit Parmalat S.p.A., the Associated Press reports.

Separately, the company's court-appointed administrator Enrico
Bondi asked a Parma court to sequester the personal assets of
all those who served as board members and internal auditors
since the company listed in 1990, sources close to prosecutors
told Dow Jones newswires.  Bondi is seeking to recover as many
assets as possible in order to keep the insolvent dairy company
running. A recent audit found its net debt exceeds EUR$14.3
billion (US$17.3 billion).

Parmalat filed for protection from creditors last December after
the company revealed that previous management had declared
EUR$3.95 billion (US$4.77 billion) in assets that never existed.
Prosecutors in Milan and Parma are now investigating alleged
corporate fraud. The EUR$105.8 million (US$128 million) loan
announced Thursday will help keep the company going for the next
year while Bondi and his aides implement a restructuring plan,
details of which are expected to be released next week.

Parmalat said the loan will be divided into two tranches:
EUR$52.4 million (US$63.4 million) in the form of a current
account overdraft while the other EUR$53.4 million (US$64.6
million) will be issued against advanced trade receivables,
Parmalat said in a statement. Unicredit Banca d'Impresa is
acting as the agent bank for the 21-bank syndicated loan.

In addition to the Italian probe, the U.S. Securities and
Exchange Commission is investigating Parmalat and has filed suit
against the company in New York.  American officials are looking
into what role U.S. banks may have had in the scandal and what
part they played in helping Parmalat sell US$1.5 billion in
bonds and notes to U.S. investors. (Class Action Reporter Mar. 8
issue Vol. #6, Issue# 47)


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


TORUS SA: Rating Lowered Following Default of Solutia Inc.
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit rating on
the class 'B' credit-linked floating-rate notes issued by TORUS
S.A., an SPE.  At the same time, the ratings on the class A and
B notes were placed on CreditWatch with developing implications.

The rating actions follow some minor credit migration in the
reference portfolio, and the issuance of a credit event notice
on a defaulted reference entity, Solutia Inc.  The credit
enhancement levels available to the notes have been calculated
assuming the loss on Solutia is commensurate with the asset-
specific recovery rate set at closing.  The ratings have been
placed on CreditWatch with developing implications to address
uncertainty regarding the future variance of final valuation
from this calculation.

This transaction closed in March 2001 but was restructured in
January 2003 following the declaration of credit events on Enron
Corp., Teleglobe Inc., and WorldCom Inc.  The additional credit
enhancement that was provided to the class A and B notes at the
time of restructuring resulted in the ratings on the class A and
B notes being reset to 'BBB-' and 'B+', respectively.  In
October 2003, the default of British Energy PLC resulted in a
downgrade for both classes of notes.

Standard & Poor's will continue to monitor closely the
recoveries due on the defaulted entity, and the performance of
the transaction in its entirety, to ensure that the credit
ratings assigned to both classes of notes remain consistent with
the credit enhancement available.

RATINGS LIST
Class                 Rating
            To                      From

TORUS S.A.
$171.5 Million Floating-Rate Asset-Backed Notes

Rating Lowered and Placed on CreditWatch Developing
'B'           'B-'/Watch Dev          'B'

Rating Placed on CreditWatch Developing
'A'           'BB+'/Watch Dev         'BB+'

CONTACT: STANDARD AND POORS RATING SERVICES
         Analyst E-mail Addresses
         james_gayer@standardandpoors.com
         simon_collingridge@standardandpoors.com
         StructuredFinanceEurope@standardandpoors.com


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


KONINKLIJKE AHOLD: Shareholders OK All Proposals Raised at EGM
--------------------------------------------------------------
Ahold on Thursday announced that all agenda items were adopted
during its Extraordinary General Meeting of Shareholders in The
Hague on March 3, 2004.  This means the shareholders adopted
each of these items:

(a) Proposal to amend the articles of association;

(b) Approval of terms and conditions of conversion rights of
    cumulative preferred financing shares; adoption of the
    Corporate Executive Board's general remuneration policy.

CONTACT: AHOLD CORPORATE COMMUNICATIONS
         Phone: +31 75 659 5720

         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


NUMICO N.V.: Cuts Full-year Net Loss to EUR504 Million
------------------------------------------------------
Numico N.V. has successfully completed the reshaping of its
Clinical Nutrition division.  The division, along with Baby
Food, posted solid growth and strong performance.  These are the
financial highlights of Full Year 2003 (on a comparable basis):

(a) Baby and Clinical combined: net sales and EBITA (incl. non-
    allocated costs) up 7.1% and 11.7%.

(b) EBITA Baby, Clinical and GNC (including non allocated costs)
    at EUR388 million.

(c) Baby Food: net sales and EBITA up 5.6% and 6.8%.

(d) Clinical Nutrition: net sales and EBITA up 10.0% and 24.6%.

(e) Trade working capital reduced by EUR138 mln (since Q3 02)
    to 13.7% of net sales.

(f) Strong free cash flow of EUR1,196 million; net debt
    position reduced to EUR1,069 million.

(g) Net result of EUR(504) million, including write-offs of
    EUR912 million, compared to EUR(1,642) million in 2002.

(h) Intention to abolish depositary receipts and the related
    foundation "Stichting Administratiekantoor".

CEO Jan Bennink says: "We are pleased to announce positive
results for 2003, having met or exceeded all targets set at the
beginning of 2003 and raised in November 2003.  Sales in the
Baby and Clinical divisions increased by 7.1%, at the high end
of the 5-7% target.  EBITA for Baby, Clinical and GNC was at
EUR388 million, exceeding the target of EUR375-385 million.
Trade working capital was reduced by EUR138 million to 13.7% of
sales, compared to the targeted reduction of EUR100 million.

"The solid results are evidence of the intrinsic strength of
Numico, given that they were achieved in the context of a
strategic and organizational reshaping of the Company: Complete
renewal of the Executive Board and the implementation of a
divisional structure.

(a) Divestiture of all non-core assets.

(b) Two successful debt refinancings.
(c) Optimization of the European Baby Food production platform
in progress.  Especially on the latter point, I am proud to say
that we did not experience any disruptions of our business,
having finalized social plans for all factories and the transfer
of products has started.  With the sales and organizational
achievements of 2003, we feel confident to raise our net sales
targets for Numico in 2004 to 6-8%, with EBITA growth of
approximately 10%, excluding currency effects.

"These targets signal that we are building towards our goal of
becoming the leading high-growth, high margin, specialized
nutrition Company."

(a) Comparable basis is at constant exchange rates.

(b) All comparisons exclude exceptional items. For consolidated
    figures, please refer to the table on page 2.

Outlook

"We have set the overall organic comparable net sales growth
target for 2004 at 6-8%, barring unforeseen circumstances.  We
expect Baby Food to reach an organic comparable net sales growth
of 5-7% and Clinical Nutrition to achieve 8-12% in 2004.  In
summary, our mid-term objectives stated last year have become
our 2004 targets.  We also expect EBITA growth of approximately
10% in 2004 on a comparable basis and excluding exceptional.

"Accordingly, we have raised our mid-term objectives to an
organic net sales comparable growth of 8-10% in 2007 and an
EBITA margin of at least 20%."

To see full copy of financial results:
http://bankrupt.com/misc/Numico_2003.pdf


VAN DER: Books EUR15.9 Mln Net Loss Due to Impairment Charges
-------------------------------------------------------------
Van der Moolen -- specialist, market maker and proprietary
trader on several important U.S. and European equity, option and
fixed income exchanges -- earned a net income from ordinary
activities, before impairment charges on intangible assets and
an exceptional provision to cover settlement with the NYSE/SEC,
of EUR25.8 million in 2003.  This was a decline of 62% compared
with 2002.  The impairment charges consist of a write down of
intangible fixed assets of EUR19.9 million after tax.  Further,
our net income for 2003 was reduced by an exceptional charge of
EUR43.5 million gross, which funds a provision to cover our
expected settlement liabilities arising from the investigation
of trading violations on the NYSE over the period 1999 to 2003.
The effect of this latter charge was to reduce net income by
EUR21.8 million after tax and minority interests.

Van der Moolen was able to close 255 (or 99%) of its 258 trading
days in 2003 with a positive trading result.

It is proposed that no dividend be paid on common shares for
2003.  On the proposal of the Executive Board, the Supervisory
Board recommends payment of a EUR2.9 million dividend on 2003 to
holders of financing preferred shares, to be drawn from Other
Reserves.

Key Figures

Euros millions 4th quarter   4th quarter 3rd quarter   12 months
               2003         2002 1)     2003 1)     2003 2002 1)

--------------------   -------------------    ------------------
Revenues    35.5        77.4  -54% 43.3  -18%  174.7 327.6  -47%
--------------------   -------------------    ------------------
Operating
income    (78.6)       12.5 -729% 12.7 -719%  (38.3)120.1 -132%
--------------------   -------------------    ------------------
Net income from
ordinary activities
before impairment
charges and before
exceptional expense
relating to
provision
NYSE/SEC    5.5        16.8  -67%  5.5    0%   25.8  68.6  -62%
------------------    -------------------    ------------------
Impairment charges
after tax (19.9)      (10.1)  97%    -        (19.9)(10.1)  97%
------------------    -------------------    ------------------
Exceptional expense
relating to
provision NYSE/SEC
after tax     (21.8)          -          -        (21.8)    -
------------------    --------------------   ------------------
Net income from
ordinary
activities  (36.2)      6.7 -640%  5.5 -758%  (15.9) 58.5 -127%
------------------    --------------------   ------------------
Guarantee
capital    386.2       573.6  -33%488.7  -21%  386.2 573.6  -33%
------------------    --------------------   ------------------
Per common share data
(Euros x 1)
------------------    ---------------------  ------------------
Net income from
ordinary activities
before impairment
charges and before
exceptional expense
relating to
provision
NYSE/SEC   0.21        0.42  -51% 0.13   61%   0.68  1.71  -60%
------------------     --------------------   ------------------
Net income from
ordinary
activities  (0.91)     0.15 -690% 0.13 -811%  (0.42) 1.45 -129%
------------------     --------------------   ------------------
Cash earnings   0.57    0.48   19% 0.20  184%   1.30  2.07  -37%
------------------     ---------------------   -----------------

(a) Adjusted for purposes of comparison

Fred Bottcher, CEO of Van der Moolen, commented, "We have posted
modest net results before exceptional items for 2003.  This was
achieved under difficult market conditions, while the on-going
NYSE investigation has absorbed a great deal of both
management's and our staff's time and attention.  Although the
net result was clearly unsatisfactory, and was very negatively
influenced by exceptional charges we made at year-end, we
believe that we will be able to post more acceptable results in
2004.  The cost savings and reorganization measures we took over
the course of 2003 give Van der Moolen a sound foundation for
realizing this goal."

Results for the Fourth Quarter of 2003

Net income in the fourth quarter of 2003, before impairment of
intangibles and exceptional charges to fund the provision for
the NYSE/SEC settlement, was EUR5.5 million, a 67% decrease from
the same period in 2002.  The impairment charge of EUR19.9
million after tax and minority interests, consists of EUR9.8
million related to the closure of our option activities on the
American and Philadelphia stock exchanges, which was announced
on December 17, 2003.  A further EUR10.1 million relates to a
write down of the capitalized value of VDM Specialists' NYSE
specialist assignments.  The additional exceptional charge to
fund a provision for the NYSE/SEC settlement came to EUR21.8
million after tax and minority interest. At the net level, the
fourth quarter saw a loss of EUR36.2 million.

Earnings from ordinary activities (i.e., before impairment and
provisioning) of EUR5.5 million in the fourth quarter exceeds
the amount given as a preliminary net income figure on February
17, 2004 by EUR1.6 million.  The difference results from the
effect on net income after taxes and minority interest of a
downward adjustment of bonus accruals.

Income from ordinary activities (before impairment charges and
exceptional provisioning for the NYSE/SEC settlement) per common
share declined 51% compared with the fourth quarter of 2002,
from EUR0.42 to EUR0.21.

Van der Moolen closed 64 (or 98%) of the 65 trading days during
the quarter with a positive trading result.

Results for the full year 2003

Revenues came to EUR174.7 million in 2003, a decrease of 47%
compared with the EUR327.6 million achieved in 2002.  The
decrease was the result of the combined effects of a 39% organic
decline in revenue generation and an 8% negative translation
effect due to currency movements.

Total 2003 revenues earned in the U.S. declined by 47% relative
to 2002, primarily as a result of a lower contribution from VDM
Specialists, partially compensated by better results from our
U.S. option activities.  In 2003, 81% of our revenues were
earned in the U.S., compared with 82% in 2002.

VDM Specialists' revenues declined by 50% in 2003 compared with
2002, primarily as a result of a 42% decrease in organic
revenues and negative translation effects from dollars to euros
(-9%).  The timing of the acquisition of Lyden, Dolan, Nick in
March, 2002 had a positive effect on 2003 revenues of 1%.

Our U.S. option activities achieved revenues of EUR4.1 million
in 2003, compared with a negative EUR2.0 million in 2002.

Revenues from European equity trading declined by 48%, with
pressure on revenues at each of our operations in Amsterdam,
Cologne and London.  Extremely low levels of volatility on the
exchanges where these units are active contributed to this
performance.

Transaction costs fell by 31%, from EUR42.8 million in 2002 to
EUR29.4 million in 2003, but as a percentage of revenues they
rose from 13% to 17%.  The increase relative to revenues was
largely due to the lower revenue productivity of the trades we
executed, but was also influenced by increases in transaction,
clearing and membership costs on exchanges where we are active.

Total operating charges, including ordinary amortization of
intangibles, impairment of intangibles and the exceptional
charge to fund the provision for the NYSE/SEC settlement, rose
11% from 164.7 million in 2002 to 183.6 million in 2003.
Excluding amortization, impairment and provisioning, operating
costs declined by 35% to EUR87.4 million (EUR134.1 million in
2002). Contributing to this decrease were dollar weakness
(EUR12.6 million), reduction in bonus accruals (EUR29.3 million)
and cost reductions (EUR9.1 million), partially offset by
increases in one-time advisory, reorganization and closure
costs.

Bonus accruals declined by EUR29.3 million (86%) compared with
2002.  As a percentage of total revenues this represented a
decrease from 10% in 2002 to 3% in 2003.

Operating income for 2003 (before amortization of intangibles,
the impairment of intangibles and exceptional provisioning for
the NYSE/SEC settlement) came to EUR57.9 million, 62% less than
the EUR150.7 million earned in 2002.

Our operating margin before amortization of intangibles, the
impairment of intangibles and exceptional provisioning for the
NYSE/SEC settlement was 33% in 2003, compared with 46% in 2002.
This was primarily the result of the decline in organic revenues
on a comparatively stable relative transaction cost base, which
could only partially be compensated by decreases in other
variable costs and fixed cost items as a result of
reorganization and other cost saving measures.

Amortization of intangible assets was EUR5.8 million, EUR3.3
million less than the EUR9.1 million charge in 2002.  The
impairment of intangible fixed assets charged to 2003 earnings
was EUR46.9 million gross, compared with a similar charge of
EUR21.5 million gross charged in 2002.

On February 17, 2004, VDM Specialists U.S.A LLC reached an
agreement in principle with the staff of the United States
Securities and Exchange Commission and with the Enforcement
Division of the New York Stock Exchange over a settlement
related to the investigation of trading violations by NYSE
specialists from 1999 to 2003.  In this connection, VDM
Specialists USA LLC has submitted a proposal for settlement to
the SEC in the range of $51.8 million to $57.7 million.  On
March 2, 2004, VDM Specialists submitted a new range for
settlement, of between $55 million and $57.7 million.  A
definitive agreement awaits the decision of the Commissioners of
the SEC.  We have taken a provision of EUR43.5 million for this
settlement, equivalent to $55.0 million.  Of this, EUR27.6
million has the character of restitution, and EUR15.9 million is
fines and penalties.

Net interest income in 2003 was a EUR10.6 million charge,
compared with a EUR14.1 million charge in 2002.

The effective tax rate on our income from ordinary activities
(before the impairment of intangibles and exceptional
provisioning for the NYSE/SEC settlement) declined from 29% in
2002 to 16% in 2003.  This relatively low tax burden results
from the fiscal deductibility of goodwill write downs in the
U.S., and from the tax-reducing effect of our Concern Financing
Company, which allows us to create a tax-efficient financing
structure for the Group.  The effect of these influences was
reinforced by the relatively low level of operating results.
Including the impairment of intangible assets and the
exceptional provisioning charge related to the NYSE/SEC
settlement, the tax burden on 2003 earnings was 59%.

Minority interest in our earnings, relating to the portion of
our earnings from ordinary activities attributable to the
partners in our American subsidiaries, was a credit of EUR8.3
million compared to a charge of EUR27.8 million in 2002.  The
credit posted in 2003 is explained by the portion of the
impairment of intangible assets and the exceptional provision
for settlement with the NYSE/SEC that is attributable to our
partners.

Net income from ordinary activities (before the impairment of
intangibles and exceptional provisioning for the NYSE/SEC
settlement, but after minority interest) fell 62% from EUR68.6
million in 2002 to EUR25.8 million in 2003.  The net result for
2003 was a loss of EUR15.9 million compared to a profit of
EUR58.5 million in 2002.

The net loss per common share was EUR0.42 in 2003, calculated on
the basis of the average number of common shares outstanding.
This compares to a profit of EUR1.45 in 2002.  Excluding the
impairment of intangible fixed assets and the exceptional
provision for settlement with the NYSE/SEC, earnings per common
share were EUR0.68 in 2003, compared with EUR1.71 in 2002, a
decline of 60%.

Cash earnings per common share were EUR1.30 in 2003, 37% less
than the EUR2.07 earned in 2002.

Discontinued activities

Our net income for 2003 included the results of activities that
were discontinued during 2003 or will be disposed of in the
first quarter of 2004.  The net losses of these activities
amounted to EUR10.7 million in 2003, excluding amortization of
intangible fixed assets and the portion of the impairment charge
related to them.  Included in this amount is a EUR6.6 million
net loss from our U.K. fixed income trading unit.  On the basis
of the agreement in principle to sell this latter activity,
which was signed on January 7, 2004, and the closure of the
other operations, this net loss has a non-recurring character.

Cash flow and investment

Cash flow from operational activities declined by EUR210.8
million in 2003 to EUR20.2 million, primarily as a result of
increased working capital.  Cash from investment activities was
a positive EUR1.8 million, compared with a negative EUR63.6
million in 2002.  The outflow in 2002 was in connection with the
acquisition of Lyden, Dolan, Nick.  Cash flow from financing
activities in 2003 was a negative EUR19.6 million in 2003.  This
outflow was largely the result of share repurchases during the
year and payment of a cash dividend on 2002 earnings, and was
only slightly offset by increased recourse to external
financing.

Balance sheet

Our balance sheet total declined from EUR1,494.7 million at the
end of 2002 to EUR884.4 million on December 31, 2003.  The
decrease is largely the result of closure of option activities
in the U.S. and Europe and the associated reduction in their
contribution to assets and liabilities, the impairment of
intangible fixed assets and the depreciation of the dollar
relative to the euro.

Shareholders' equity declined from EUR312.2 million to EUR201.5
million.  This decline is largely explained by the net loss
booked for the year, repurchase of shares, payment of a cash
dividend on 2002 earnings, the EUR2.9 million dividend to
holders of financing preferred shares to be drawn from Other
Reserves and the reconciliation of negative currency effects on
equity interests and inter-company loans to entities outside the
euro-zone.  Our accounts are drawn up before allocation of
income, in conformity with international standards.

Solvency, defined as Group equity divided by the balance sheet
total, rose from 25% at the end of 2002 to 27% on December 31,
2003.  If the portion of our reported assets and liabilities
that relate to the U.K. fixed income operation had been disposed
of as of that date, our solvency ratio would be 36%.

Guarantee capital, which consists of Group equity plus the non-
current portion of our subordinated indebtedness, declined from
EUR573.6 million to EUR386.2 million during 2003.  Of this
decrease, EUR110.7 million resulted from the decrease in
Shareholders' equity, EUR29.0 million from the reduced value of
minority interests and EUR47.7 million from reduced subordinated
indebtedness.  The depreciation of the U.S. dollar relative to
the euro played a substantial role in causing these decreases.
As a percent of the balance sheet total, guarantee capital rose
from 38% at the end of 2002 to 44% at the end of 2003.  If the
portion of our reported assets and liabilities that relate to
the U.K. fixed income operation had been disposed of as of
December 31, 2003, our guarantee capital would have equaled 59%
of our balance sheet total.

The decrease in subordinated indebtedness resulted from
repayment on debt outstanding, a reduction in the number and
carried value of exchange seats contributed by our partners and
negative currency effects.

Dividend proposal

At the Annual General Meeting of Shareholders on April 14, 2004,
it will be proposed that no dividend on 2003 earnings be paid to
holders of common shares of Van der Moolen Holding N.V.  The
cash payment on 2002 earnings was EUR0.72.

On the proposal of the Executive Board, the Supervisory Board
recommends payment of a EUR2.9 million dividend on 2003 to
holders of financing preferred shares, to be drawn from Other
Reserves.

For more information about Van der Moolen, please visit
http://www.vandermoolen.com.

Van der Moolen trades on the leading U.S. and European equity,
option and fixed income exchanges.  The group trades in open
outcry and electronic markets in several time zones. On the
NYSE, Van der Moolen currently has a market share of more than
10% of transaction volume for which it acts as specialist. Van
der Moolen's traders worldwide execute an average of 75,000
trades a day.  Turnover and price volatility are the most
important factors influencing its results.

Van der Moolen's shares are listed on Euronext Amsterdam
(VDMN.AS).  American Depositary Receipts (ADRs) representing Van
der Moolen shares are listed on the NYSE (VDM).

To see financial statements:
http://bankrupt.com/misc/VanderMoolen_2003.htm

CONTACT: VAN DER MOOLEN
         Investor Relations
         Corporate Communications
         Phone: +31 (0)20 535 6789
         Home Page: http://www.vandermoolen.com
         Contact: Fred M.J. Bottcher, CEO


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


PETROLEUM GEO-SERVICES: Secures US$110 Million Credit Facility
--------------------------------------------------------------
Petroleum Geo-Services ASA (OSE: PGS; OTC: PGEOY) has entered
into a $110 million secured working capital facility, $70
million of which can be used for general corporate purposes.
The remaining $40 million will be available for issuance of
letters of credit to support bid and performance bonds
associated with Petroleum Geo-Services' day-to-day operations.
This 2-year secured working capital facility will bear interest
at the London Interbank Offering Rate, plus 2%.

The Company will utilize a portion of the $40 million letter of
credit availability to release cash collateral securing
outstanding letters of credit.  Such released cash plus cash
collateral previously released upon the expiration of other
letters of credit will, as formerly disclosed, be distributed to
holders of the Allowed Class 4 Claims (Petroleum Geo-Services'
former bondholders and bank debt holders) as a $22.7 million
second distribution of excess cash under the Company's Modified
First Amended Plan of Reorganization dated October 21, 2003.

Petroleum Geo-Services is a technologically focused oilfield
service company principally involved in geophysical and floating
production services.  Petroleum Geo-Services provides a broad
range of seismic- and reservoir services, including acquisition,
processing, interpretation, and field evaluation.  Petroleum
Geo-Services owns and operates four floating production, storage
and offloading units.  Petroleum Geo-Services operates on a
worldwide basis with headquarters in Oslo, Norway.  For more
information on Petroleum Geo-Services visit http://www.pgs.com.

CONTACT: PETROLEUM GEO-SERVICES
         Sam R. Morrow
         Svein T. Knudsen
         Phone: +47 6752 6400
         Suzanne M. McLeod
         Phone: +1 281-589-7935


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


SILESIAN AIR: Applies for Bankruptcy Protection
-----------------------------------------------
The management of low-cost Silesian Air filed for bankruptcy
after failing to renew its license last month.  According to
Warsaw Business Journal, TSB President Janusz Sitarz, whose
company holds a 51% stake in Silesian Air, said the board had
been given time until the end of February to get a license but
did not meet the deadline.   Most of the company's employees
have already resigned.  The company was unable to pay them
regular salaries since 2002.

Polish Silesian Air airline, renamed into Get Jet, had
previously planned to launch cheap air connections from Poland
to London and other airports.  It was scheduled to begin regular
flights in the first half of 2004.

CONTACT:  SILESIAN AIR
          Wolnosci 90, Pyrzowice
          49-960 Ozarowice
          Phone: 48/32/2845921
          Fax: 48/32/2845926

          Janusz Sitarz
          31-516 Krakow, ul.
          Mogilska 1
          Phone/Fax: (0-12) 421-32-83


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


AGROCHIMSERVICE: Under Bankruptcy Supervision Procedure
-------------------------------------------------------
The Arbitration Court of Republic of Tatarstan commenced
bankruptcy supervision procedure on Agriculture chemical service
company OJSC Agrochimservice.  The case is docketed as A65-
18039/2003-SG4-27.  V. Lesnoy, a member of TP Privolzhskaya
self-regulated organization of arbitral managers, has been
appointed temporary insolvency manager.  Creditors are asked to
submit their proofs of claim to the temporary insolvency manager
at: 183017, Russia, Murmansk, Pozdnyakova str.4.

A hearing will take place on May 25, 2004 at the Arbitration
Court of Republic of Tatarstan.

CONTACT:  AGROCHIMSERVICE
          423060, Russia
          Republic of Tatarstan
          Aksubayevo', Schosseynaya str.1

          V. Lesnoy, Temporary Insolvency Manager
          420132, Russia, Kazan
          Post User' Box 131


BELSK INDUSTRIAL: Declared Insolvent
------------------------------------
The Arbitration Court of Tver region declared Industrial combine
OJSC Belsk PromCombinat insolvent and introduced bankruptcy
proceedings on the company.  The case is docketed A66-6065-03.
A. Shumsky, a member of TP Interregional self-regulated
organization of arbitral managers, has been appointed insolvency
manager.

Creditors have until April 21, 2004 to submit their proofs of
claim to the insolvency manager at: Russia, Tver, Pochtamt/Main
Post, Post User Box 169.  Phone: 0822-42-88-43.

CONTACT:  BELSK INDUSTRIAL COMBINE
          172530, Russia, Tver region
          Beliy, Oktyabrskaya str.6

          A. Shumsky, insolvency manager
          Russia, Tver, Pochtamt/Main Post
          Post User Box 169
          Phone: 0822-42-88-43


IRBA MINE: Court Appoints Insolvency Manager
--------------------------------------------
The Arbitration Court of Krasnoyarsk region declared OJSC Irba
Mine Group insolvent and bankruptcy proceedings were introduced
on the company.  The case is docketed as A33-13826/03-C4.  M.
Kolesnikov, a member of TP Moscow self-regulated organization of
arbitral managers, has been appointed insolvency manager.

Creditors have until April 20, 2004 to submit their proofs of
claim to the insolvency manager at: 127422, Moscow, Dmitrovsky
prosp.8, -141, for M. Kolesnikov.

CONTACT:  IRBA MINE GROUP
          662943, Russia, Krasnoyarsk region
          Kuragin Area, Bolsh. Irba', Energetikov str.4.

          M. Kolesnikov, Insolvency Manager
          127422, Moscow
          Dmitrovsky prosp.8, -141


KHOMYAKOVSKY MINE: Declared Insolvent
-------------------------------------
The Arbitration Court of Tula region declared Unitary Enterprise
Khomyakovsky Mine insolvent and introduced bankruptcy
proceedings on the company.  The case is docketed as A68-37/B-
03.  Denis Kutlin, a member of TP Interregional self-regulated
organization of arbitral managers in Central Federal District,
has been appointed insolvency manager.

Creditors have until April 21, 2004 to submit their proofs of
claim to the insolvency manager at: Tula, Arsenalnaya str.1D.

CONTACT:  KHOMYAKOVSKY MINE
          302010, Russia, Tula region
          Lenin Area, 40th Oktyabrya 1

          Denis Kutlin, Insolvency Manager
          Russia, Tula region
          Tula, Arsenalnaya str.1D


METROMEDIA INTERNATIONAL: Sells FX Units for US$16 Million
----------------------------------------------------------
Metromedia International Group, Inc. (currently traded as:
OTCPK:MTRM - Common Stock and OTCPK:MTRMP - Preferred Stock),
the owner of interests in various communications and media
businesses in Russia, Eastern Europe and the Republic of
Georgia, has completed the sale of its interests in FX
Communications S.R.L. (a.k.a. Romsat Cable TV) and FX Internet
S.R.L., to a consortium of buyers that includes Romania Cable
Systems S.A. and Astral Telecom S.A. in a transaction that has
resulted in net cash proceeds of $16.0 million.

The Company held a 100% equity interest in both FX
Communications and FX Internet and had extended loans with an
aggregate principal and interest outstanding balance of $9.9
million.  In the sale transaction, the Company assigned the
outstanding loans to the Consortium for a cash payment of the
loan's full face value of $9.9 million and conveyed its equity
interest in each of FX Communications and FX Internet to the
Consortium for an aggregate of $6.6 million in cash.  The net
cash proceeds of $16.0 million to be received from the
Consortium reflects a $0.5 million withholding tax payment,
attributable to the outstanding interest on the loans extended
to FX Communications and FX Internet, which has been disbursed
directly to the Romanian government.

FX Communications has 107,170 subscribers with a 4% share of the
Romanian market.  In Bucharest, Romania's capital, FX
Communications maintains a 20% market share.  FX Internet, a
Romanian based ISP that is fully integrated into FX
Communications, offers broadband as well as dial-up Internet
services to 13,101 subscribers.

FX Communications and FX Internet financial results have
historically been and are currently being reported on by the
Company within its public filings based on a three-month lag.
Accordingly, the financial results of FX Communications and FX
Internet that were included in the Company's recently filed 2003
third quarter Form 10-Q financial results for the three and nine
month periods ended September 30, 2003 reflect the operating
performance of FX Communications and FX Internet for the three
and nine month periods ended June 30, 2003.

The table highlights the combined financial results of FX
Communications and FX Internet:

(In millions)                   Twelve Months     Twelve Months
                                       Ended             Ended
                               September 30, 2002  June 30, 2003

Revenue                                   $6.5              $6.6
Gross margin                               5.0               4.9
Selling, general and administrative
expenses                                  3.3               3.3

Depreciation and amortization              1.6               1.4
Operating income                           0.1               0.2
EBITDA [1]                                 1.6               1.7


In making this announcement, Ernie Pyle, Executive Vice
President and Chief Financial Officer of the Company, commented:
"We are pleased with the price we obtained for our ownership in
FX Communications and FX Internet.  The sale of FX
Communications and FX Internet in exchange for the repayment of
the $9.9 million of indebtedness owed to MIG by these companies,
together with an additional $6.6 million in respect of the
Company's equity is a very substantial multiple of EBITDA (1),
approximately 9.7 times EBITDA (1), and represents approximately
$133 for each cable and Internet subscriber."

Mr. Pyle added: "The receipt of the $16 million in cash
significantly strengthens the Company's liquidity position.
These funds, when combined with cash already on hand, should
support the Company's planned operating, investing and financing
cash flows through December 30, 2004, including the Company's
$8.0 million semi-annual interest payment due on September 30,
2004 on its 10 1/2 % Senior Discount Notes due 2007."

Mark Hauf, Chairman, President and Chief Executive Officer of
MIG, commented further: "The sale of FX Communications and FX
Internet is the latest step in our strategy of divesting non-
core businesses to provide cash to solidify our financial
position and enable further development of our core businesses.

"The Company remains committed to the sale of its remaining non-
core cable television and radio broadcast businesses and we
continue to expect this process to be completed during the first
half of 2004; however, we will keep to a measured pace in
marketing these non-core businesses to enable the Company to
negotiate terms providing maximum value for our stakeholders."

About Metromedia International Group

Through its wholly owned subsidiaries, the Company owns
communications and media businesses in Russia, Eastern Europe
and the Republic of Georgia.  These include mobile and fixed
line telephony businesses; wireless and wired cable television
networks and radio broadcast stations.  The Company has focused
its principal attentions on continued development of its core
telephony businesses in Russia and the Republic of Georgia,
while undertaking a program of gradual divestiture of its non-
core media businesses.  The Company's remaining non-core media
businesses consist of three cable television networks, including
operations in Russia, Belarus and Lithuania.  The Company also
presently owns interests in nineteen radio businesses operating
in Finland, Hungary, Bulgaria, Estonia, Latvia and the Czech
Republic.  The Company's core telephony businesses include
PeterStar, the leading competitive local exchange carrier in St.
Petersburg, Russia, and Magticom, the leading mobile telephony
operator in the Republic of Georgia.

---------
Footnote:

[1] EBITDA is defined as operating income plus depreciation and
amortization.  This measure is not defined by U.S. generally
accepted accounting principles (U.S. GAAP) and is a measure of
operating performance commonly used in the telecommunications
and media industries, but should not be construed as an
alternative to operating income determined in accordance with
U.S. GAAP as an indicator of operating performance or as an
alternative to cash from operating activities determined in
accordance with U.S. GAAP as a measure of liquidity.  A
reconciliation of EBITDA to operating income is included within
this press release.

CONTACTS: METROMEDIA INTERNATIONAL GROUP, INC.
          Ernie Pyle
          Phone: 704-321-7380, Ext. # 103
          E-mail: investorrelations@mmgroup.com
          Home Page: http://www.metromedia-group.com
          Mark Hauf, Chief Executive Officer


PEREVOZSELKCHOZCHIMIYA: Under Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Arbitration Court of Nizhny Novgorod region commenced
bankruptcy supervision procedure on Agriculture chemical company
OJSC Perevozselkchozchimiya.  The case is docketed as A43-
20441/03-24-205.  Vladimir Matveev, a member of TP Privolzhskaya
self-regulated organization of arbitral managers, has been
appointed temporary insolvency manager.  Creditors are asked to
submit their proofs of claim to the temporary insolvency manager
at: 603016, Russia, Nizhny Novgorod, Post User Box 102.

A hearing will take place on May 22, 2004, 10:00 a.m., at the
Arbitration Court of Nizhny Novgorod region.

CONTACT:  PEREVOZSELKCHOZCHIMIY
          423060, Russia, Nizhny Novgorod region,
          Perevoz', Selkchoztechnika str.55

          Vladimir Matveev, Temporary Insolvency Manager
          603016, Russia, Nizhny Novgorod
          Post User Box 102

          TP PRIVOLZHSKAYA
          Russia, Nizhny Novgorod
          Pochainskaya str.20


SHEREGESH MINE: Declared Insolvent
----------------------------------
The Arbitration Court of Kemerovo region declared OJSC Sheregesh
Mine Group insolvent and bankruptcy proceedings were introduced
on the company.  The case is docketed as A27-8668/2003-4.
Alexandr Avdeev, a member of TP Kuzbass self-regulated
organization of arbitral managers, has been appointed insolvency
manager. Creditors have until April 20, 2004 to submit their
proofs of claim to the insolvency manager.

CONTACT:  SHEREGESH MINE GROUP
       652971, Russia, Kemerovo region
          Tashtagol, Sheregesh', Sovetskaya str.1A


SILICATE: Court Opens Bankruptcy Supervision Procedure
------------------------------------------------------
The Arbitration Court of Ulyanovsk region commenced bankruptcy
supervision procedure on OJSC Silicate.  The case is docketed as
A72-8874/03-R9-B.  S. Pelevin, a member of TP Ulyanovsk region
self-regulated organization of arbitral managers, has been
appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 433870, Russia, Ulyanovsk
region, Novospasskoye', Gagarina str.25.

CONTACT:    OJSC SILICATE
            433870, Russia, Ulyanovsk region
            Novospasskoye', Zavodskaya str.57

            S. Pelevin, Temporary Insolvency Manager
            433870, Russia, Ulyanovsk region
            Novospasskoye', Gagarina str.25


STROYTRANS: Begins Bankruptcy Supervision Procedure
---------------------------------------------------
The Arbitration Court of Novosibirsk region has commenced
bankruptcy supervision procedure on Closed JSC Stroytrans.  The
case is docketed as A45-130/04-CB/2.  D. Patrushev, a member of
TP Siberian Self-regulated organization of arbitral managers,
has been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager.  A hearing will take place on June
2, 2004, 10:00 a.m., at the Arbitration Court of Novosibirsk
region.

CONTACT:  CJSC STROYTRANS
          630110, Russia, Novosibirsk region
          B. Kchmelnizkogo str.82

          D. Patrushev, Temporary Insolvency Manager
          TP SSROAM: 630099, Russia
          Novosibirsk, Potaninskaya str.3A, 48
          Phone 383-2-221-844


TATENERGOSTROY-NC: Declared Insolvent
-------------------------------------
The Arbitration Court of Republic of Tatarstan declared
electrical component manufacturer OJSC Tatenergostroy-Nc
insolvent and introduced bankruptcy proceedings on the company.
The case is docketed as A65-10318/2003-SG-27.  A. Valeev has
been appointed insolvency manager.

Creditors have until April 21, 2004 to submit their proofs of
claim to the insolvency manager at: 420110, Russia, Republic of
Tatarstan, Kazan, Post User Box 151.

CONTACT:  TATENERGOSTROY-NC
          423570, Russia, Republic of Tatarstan
          Nizhnekamsk, Achtubinskaya str.2

          A. Valeev, Insolvency Manager
          420110, Russia, Republic of Tatarstan
          Kazan, Post User Box 151


VOLGOENERGOMONTAZH: Under Bankruptcy Supervision Procedure
----------------------------------------------------------
The Arbitration Court of Republik of Chuvashia commenced
bankruptcy supervision procedure on electrical component
manufacturer Closed JSC Volgoenergomontazh, Cheboksary Branch.
The case is docketed as A79-8540/03-CK1-8149.  E. Gorbunov has
been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 428000, Russia, Republik of
Chuvashia, Cheboksary, Enthuziastov str. 35-160.  A hearing will
take place at 1:15 p.m. on April 22, 2004 at the Arbitration
Court of Republik of Chuvashia.

CONTACT:  E. Gorbunov, Temporary Insolvency Manager
          428000, Russia, Republik of Chuvashia
          Cheboksary, Enthuziastov str. 35-160

          ARBITRATION COURT OF REPUBLIK OF CHUVASHIA
          Cheboksary, Lenina str. 4, office 207


VOROSHILOV MINE: Declared Insolvent
-----------------------------------
The Arbitration Court of Kemerovo region declared JSC Mine
Voroshilov insolvent and introduced bankruptcy proceedings on
the company.  The case is docketed as A27-1586/2002-4.  Alexandr
Samokchin has been appointed insolvency manager.

Creditors have until April 21, 2004 to submit their proofs of
claim to the insolvency manager at: 653000, Russia, Kemero
region, Prokopyevsk, Revoluziya str.2.

CONTACT:  VOROSHILOV MINE
          653000, Russia, Kemerovo region
          Prokopyevsk, Revoluziya str.2

          Alexandr Samokchin, Insolvency Manager
          653000, Russia, Kemerovo region
          Prokopyevsk, Revoluziya str.2


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


LM ERICSSON: Board Proposes Long-term Incentive Plan
----------------------------------------------------
The Ericsson Board of Directors will present a Long Term
Incentive Plan 2004 at its annual general meeting of
shareholders.  The Long Term Incentive Plan 2004 will be
directed at senior managers and other key contributors and is
based on the Stock Purchase Plan 2003.  The proposal also
includes amendment of one parameter in the Stock Purchase Plan
2003 and transfer of own shares.

As stated in connection with the implementation of the Stock
Purchase Plan 2003 the Board of Directors has during the past
year evaluated previous incentive programs.  The Board of
Directors has decided, in light of this evaluation, to propose
at the annual general meeting of shareholders in 2004 a
resolution on a Long Term Incentive Plan 2004 for senior
managers and other key contributors.  The LTI 2004 is based on
the SPP 2003 and it will be added to the SPP 2003, i.e. include
the same structure and provisions, except for certain specific
features, and follow the same contribution and investment
cycles.

The Board of Directors is convinced that continuation of annual
long-term incentive programs is essential to retain and in the
future recruit key personnel and to develop conditions for the
company's future development and creation of value.  The
proposed LTI 2004 is designed to best meet the company's needs
and the shareholders' interest.

The LTI 2004 will be directed at 4,500 key contributors and 200
senior managers.  Participation in the LTI 2004 presupposes that
the employees participate in the SPP 2003, i.e. save money for
the purchase of shares in Ericsson.  If the shares purchased in
accordance with the SPP 2003 are retained by the employee for
three years from the investment date and the employment with the
Ericsson Group continues during that time, the employee will be
entitled to one matching share free of consideration for each
one purchased pursuant to the SPP 2003.  In addition to the
regular one matching share under the SPP 2003, participants in
the LTI 2004 will be entitled to additional matching of shares
free of consideration.  4,500 key contributors are entitled to
an additional match of one share for each one purchased.  150
senior managers may be entitled to an additional performance
match of up to four shares for each one purchased and 50 top
senior managers may be entitled to an additional performance
match of up to six shares for each one purchased.

The terms of the additional performance match for senior
managers are based on an average annual percentage growth rate
in earnings per share between July 1, 2004 and June 30, 2007,
with annualized first half 2004 EPS as the starting point.
Maximum matching shares will be allocated if the average annual
EPS growth is at or above 25%.  No allocation of matching shares
will occur if the average annual EPS growth is at or below 5 %.
Matching of shares between an average annual EPS growth 5 and
25% is linear.

The Board of Directors proposes to remove the SEK 50,000 annual
restriction on individual contributions and investment in shares
under the SPP 2003, while retaining the 7.5 % of annual salary
as the maximum.   This is in order to avoid too wide a gap
between senior employees selected to participate in the
additional performance match under the LTI 2004 and those who
are not.

In order to implement the LTI 2004 as outlined above and as a
consequence of the removal of the SEK50,000 restriction on
individual contributions and investment in shares under the SPP
2003, the Board of Directors has also decided to present the
following proposal to the annual general meeting:

Transfer of own stock

No more than 24,600,000 shares of series B may, during the
period from November 15, 2004 up to and including November 15,
2008, be transferred, free of consideration, to employees
covered by the terms of the LTI 2004 and the SPP 2003, of which
23,500,00 shares are related to the LTI 2004 and 1,100,000
shares to the SPP 2003.  However, of these shares it shall be
possible to transfer, prior to the annual general meeting of
shareholders in 2005, no more than 4,900,000 shares of series B
at Stockholmsborsen (the Stockholm Stock Exchange) at a price
within the, at each time, registered price interval for the
share, in order to cover inter alia social security payments, of
which 4,700,000 shares are related to the LTI 2004 and 200,000
shares to the SPP 2003.

In respect of shares related to the SPP 2003, the number of
shares is an addition to the 158,000,000 shares of series B that
was resolved to be transferred in connection with the
implementation of the SPP 2003.

Dilution and costs

In order to implement the LTI 2004 and as a consequence of the
removal of the SEK50,000 restriction on individual contributions
and investment under the SPP 2003, a total of 24,600,000 shares
are required, corresponding to approximately 0.16 % of the total
number of outstanding shares.  The number of potential shares
covered by existing incentive programs, including shares to
cover social security payments, amounts to 327 million shares,
corresponding to approximately 2.07 % of the number of
outstanding shares.  As per February 20, 2004, Ericsson held
304,938,458 own shares.

The LTI 2004 will generate administration costs, compensation
costs and social security costs in the range of SEK230 million
to SEK 551 million unevenly distributed over the years 2004-
2008.  Only administration costs of approximately SEK10 million
will affect the cash flow.  The costs shall be compared with
Ericsson's total remuneration costs, which 2003 amounted to
approximately SEK 36 billion, including social security fees.

The complete proposal of the Board of Directors will be
available on Ericsson's Web site,
http://www.ericsson.com/Investors,as from March 23, 2004.

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
         Media
         Ase Lindskog,
         Head of Media Relations Communications
         Phone: +46 8 719 9725
               or +46 8 719 6992
         E-mail: press.relations@ericsson.com

         Investors
         Lotta Lundin,
         Investor Relations Communications
         Phone: +46 8 719 0000
         E-mail: investor.relations@ericsson.com


LM ERICSSON: To Pay for Incentive Program with Own Stocks
---------------------------------------------------------
The Board of Directors of Ericsson (NASDAQ: ERICY) proposes the
Annual General Meeting in accordance with previous decisions
that the Company transfers its own stock in order to cover
certain payments that occur in relation to the Company's Global
Stock Incentive Program 2001 for employees.

The Annual General Meeting in 2001 resolved to approve transfer
of own stock in relation to the introduction of a Global Stock
Incentive Program.  The Resolution comprised, inter alia a right
for the Company to transfer a maximum of 31,000,000 shares of
series B to cover certain payments, mainly for social security
charges that may occur in relation to the Program.  According to
the resolution by the Annual General Meeting, transfer should
take place prior to the Annual General Meeting 2002.  No such
transfer had been made pursuant to the resolution prior to the
Annual General Meeting 2002, at which the Meeting made a new
resolution that the Company should be able to transfer own
stock, as described above prior to the Annual General Meeting
2003.  In accordance with the resolution, 460,535 shares have
been transferred up to Thursday's date.

Therefore, the Board of Directors proposes the Annual General
Meeting to resolve that the Company shall have the right to
transfer, prior to the Annual General Meeting 2004, a maximum of
30,539,465 shares of series B or the lower number of shares,
which, as per March 25, 2003, remains of the original 31,000,000
shares, for the purpose of covering certain payments, primarily
for social security charges that may occur in relation to the
Company's Global Stock Incentive Program 2001.  Transfer of the
shares shall be effected at Stockholmsborsen at a price within
the, at each time, registered price interval for the share.

Based on the share market value and the Company's financial
statement by December 31, 2002, a transfer of 30,539,465 shares
would add SEK186 million to the liquidity and increase the
equity ratio by 0.1 percentage points.  The transfer of shares,
as proposed, would not affect the Company's result, as the
consideration would be transferred to the equity.  The number of
outstanding shares would increase, corresponding to 0.19 % of
the outstanding shares per December 31, 2002.  As per Thursday,
Ericsson holds 152,993,689 own shares.

The complete proposal of the Board will be available on
Ericsson's Web site, http://www.ericsson.com,as from March 25,
2003.

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

CONTACTS: ERICSSON CORPORATE COMMUNICATIONS
          Media:
          Peter Olofsson, External Relations
          Phone: +46 8-719 18 80
                 +46 70 267 34 45
          E-mail: peter.olofsson@lme.ericsson.se

          Investors and analysts:
          Helene Rickeby, Investor Relations
          Phone: +46 8 719 17 90
          E-mail: helene.rickeby@lme.ericsson.se
          Home Page: http://www.ericsson.com
          Contact:
          Carl-Henric Svanberg, CEO


LM ERICSSON: Statutory Auditor Carl-Eric Bohlin Resigns
-------------------------------------------------------
It is proposed that Ericsson annual general meeting of
shareholders on April 6, 2004 elects Peter Clemedtson auditor,
presently deputy auditor, Ohrlings PricewaterhouseCoopers, and
Robert Barnden, Ohrlings PricewaterhouseCoopers, deputy auditor
for the remaining mandate period, i.e. up to and including the
annual general meeting of shareholders 2007.

Carl-Eric Bohlin has informed the Board of Directors that for
personal reasons he will resign from his position as auditor of
Ericsson effective from the close of the annual general meeting
of shareholders 2004.

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
         Media
         Ase Lindskog, Head of Media Relations Communications
         Phone: +46 8 719 9725
                +46 8 719 6992
         E-mail: press.relations@ericsson.com

         Investors
         Lotta Lundin, Investor Relations Communications
         Phone: +46 8 719 0000
         E-mail: investor.relations@ericsson.com


SKANDIA INSURANCE: Nominating Committee Appoints New Chairman
-------------------------------------------------------------
Skandia's nominating committee decided that Bo Eklof, who
represents Robur, will take over as chairman of the committee
after Bjorn Wahlroos, who has left his seat on the committee as
a result of Sampo's sale of its shares in Skandia.

At the meeting, the committee also decided to co-opt Lars
Idermark, CEO of the Second National Pension Insurance Fund, to
the committee.

CONTACT: SKANDIA INSURANCE
         Corporate Communications
         S-103 50 Stockholm, Sweden
         Phone: +46-8-788 10 00
         Fax:   +46-8-788 23 80
         Web site: http://www.skandia.com


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


AMP LIMITED: U.K. Exit Results in AU$5.5 Bln Bottom line Loss
-------------------------------------------------------------
AMP Limited announced a consolidated bottom line loss of A$5,542
million for the year to December 31, 2003, primarily reflecting
writedowns and the loss on the demerger from its U.K.
operations.

For the demerged AMP, profit after tax before other items rose
to AU$619 million, compared with AU$257 million in the previous
corresponding period.  This was 16% higher than the forecast of
up to AU$535 million provided in the Explanatory Memorandum (EM)
for the demerger.

Total operating margins rose by 28% to AU$508 million with
underlying return on equity up to 18%.  Controllable costs fell
by 13%to AU$803 million, resulting in a fall in the Group cost
to income ratio to 46%.

Business results were higher than anticipated in the EM due to
improved business performance and one-off items.  AMP Financial
Services and AMP Capital Investors had strong finishes to the
year, while borrowing costs and Corporate office costs were both
lower.  One-off benefits included the impact of a favorable tax
ruling in AMP Financial Services.

To see full copy of financial results:
http://bankrupt.com/misc/AMP_2003.pdf

To see open briefing by AMP CEO Andrew Mohl:
http://bankrupt.com/misc/AMP_CEOBriefing.pdf


BCL TECHNOLOGY: Names Begbies Traynor Receiver
----------------------------------------------
Name of Company: BCL Technology Limited

Reg No 04235240

Nature of Business: Manufacturer of Metal Structures and Parts

Trade Classification:
2811, Manufacturer of Metal Structures and Parts

Date of Appointment of Joint Administrative Receivers:
February 23, 2004

Name of Person Appointing the Joint Administrative Receivers:
Cattles Invoice Finance Limited

Joint Administrative Receivers: BEGBIES TRAYNOR
                                Elliot Houe, 151 Deansgate,
                                Manchester M3 3BP
                                Receivers:
                                Gary N Lee
                                Paul Stanley
                                (Office Holder Nos 9204, 8123)


BRITISH ENERGY: Issues February Output Statement
------------------------------------------------
A summary of net output from British Energy's power stations in
February is given in the table, together with comparative data
for the previous financial year:


                                      2002/03
                         February                Year to Date
                   Output    Load        Output      Load
                    (TWh)  Factor (%)    (TWh)     Factor (%)

  U.K Nuclear         5.79      90          58.17      76
  U.K. Other          0.53      41          5.23       34

                                      2003/04
                        February                Year to Date
                     Output     Load       Output       Load
                     (TWh)      Factor      (TWh)       Factor
                                  (%)                     (%)
U.K. Nuclear         5.34       80         59.05        77
U.K. Other           1.15       85         6.94         45

Planned Outages

(a) A refueling outage was completed on one reactor at
    Hartlepool and another carried out on one reactor at
    Dungeness B
(b) Low load refueling was carried out on one reactor each at
    Hinkley Point B and Hunterston B.

Unplanned Outages

(a) Both reactors at Heysham 1 returned to service following the
    seawater cooling pipe failure outage
(b) One reactor at Torness was shutdown as a precautionary
    measure for an exchange of a potentially defective fuel
    assembly before returning to service late February.

CONTACT: BRITISH ENERGY
         Media Inquiries
         Andrew Dowler
         Phone: 020 7831 3113

         Investor Relations
         Paul Heward
         Phone: 013552 62201
         Web site: http://www.british-energy.com


CARMEL DOORS: In Administrative Receivership
--------------------------------------------
Name of Company: Carmel Doors Limited

Nature of Business: Manufacturer of Furniture

Trade Classification: 09

Date of Appointment: February 18, 2004

Administrative Receiver: HJS RECOVERY
                         12-14 Carlton Place,
                         Southampton SO15 2EA
                         Receiver:
                         Gordon John Johnston
                         (IP No 8616)

Company Address: Grimsdyke Granneries
                 Blandford Road
                 Coombe Bissett
                 Salisbury
                 SP5 5RL
                 Phone: 01725 519350


CHARNWOOD BRICK: Winding up Resolution Passed
---------------------------------------------
At an Extraordinary General Meeting of the Members of the
Charnwood Brick Holdings Limited Company on February 20, 2004
held at the Exhibition House, 23 Spa Road, Gloucester GL1 1UY,
the subjoined Resolutions to wind up the Company were passed.

B G Mitchell, is appointed Liquidator for the Company.

Company Address: Shipshed, Nr Loughborough,
                 Leicester, LE12 9NJ
                 Phone: 01509 503203


CORPORATE PLANNING: Brings in Administrator from Tenon Recovery
---------------------------------------------------------------
Name of Companies:
Corporate Planning Group PLC
Corporate Planning (Fareham) Limited
Corporate Planning Limited
Corporate Planning Consulting Limited

Nature of Businesses: Holding Company plus Head Office together
with Other Business Activities

Trade Classifications: 7415 and 7487

Date of Appointment: February 23, 2004

Joint Administrative Receiver: TENON RECOVERY
                               Sherlock House, 73 Baker Street,
                               London W1U 6RD
                               Receivers:
                               S R Thomas
                               S J Parker
                               (IP Nos 8920, 8989)


EIKOS LIMITED: Ratings Lowered on Synthetic CDO Deal
----------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
the class 'A1', 'A2', and 'A-2' floating-rate notes issued by
Eikos Ltd. and placed them on CreditWatch with developing
implications.  At the same time, the rating on the class A3
notes was affirmed.

The primary reason for these rating actions is the declaration
of final recoveries on several entities on which credit events
were declared in the last quarter of 2003.  The recoveries
attained saw losses on three names total $32.715 million,
bringing the total erosion of credit enhancement to date to
$101.3 million in a pool originally totaling $1.5 billion.

Nine credit events have been resolved to date with an additional
one currently in the valuation process.  The credit enhancement
levels available to the notes have been calculated assuming the
loss on this current credit event is commensurate with the
asset-specific recovery rate set at closing.  The ratings have
been placed on CreditWatch with developing implications to
address uncertainty regarding the future variance of final
valuation from this calculation.

The rating on the class 'A3' notes has not been placed on
CreditWatch as this rating cannot be affected by the current
recovery process.

Eikos is a partially funded synthetic arbitrage CDO managed by
Mizuho International PLC.  The transaction is a securitization
of a portfolio of credit default swaps between Eikos and Mizuho
International.  The underlying reference assets consist mainly
of subinvestment-grade senior unsecured corporate bonds
domiciled in the U.S. and continental Europe.  Currently there
are 103 entities in the portfolio, two of which have defaulted
but on which no credit event has been issued.

Standard & Poor's will continue to monitor closely the
recoveries due on the defaulted entity, and the performance of
the transaction in its entirety, to ensure that the credit
ratings assigned to the classes of notes remain consistent with
the credit enhancement available.

Related media releases can be found on RatingsDirect, Standard &
Poor's Web-based credit analysis system, at
http://www.ratingsdirect.com. Alternatively, call one of the
following Standard & Poor's numbers: London Ratings Desk
(44) 20-7176-7400; London Press Office Hotline (44) 20-7176
3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225;
Stockholm (46) 8-440-5916; or Moscow (7) 095-783-4017. Members
of the media may also contact the European Press Office via e-
mail: media_europe@standardandpoors.com.

RATINGS LIST
Class                 Rating
                To                  From
Eikos Ltd.
5 Billion and $11.25 Million Secured Callable Floating-Rate
Notes

Ratings Lowered and Placed on CreditWatch Developing
'A1'              'BB-'/Watch Dev       'BB+'
'A2'              'CCC'/Watch Dev       'CCC+'
'A-2'             'CCC'/Watch Dev       'CCC+'

Rating Affirmed
'A3'              'CCC-'

CONTACT: STANDARD AND POORS RATING SERVICES
         Analyst E-mail Addresses
         james_gayer@standardandpoors.com
         katrien_vanacoleyen@standardandpoors.com
         simon_collingridge@standardandpoors.com
         StructuredFinanceEurope@standardandpoors.com


FASCIAS DIRECT: Names PKF Liquidator
------------------------------------
At an Extraordinary General Meeting of the Members of the
Fascias Direct Midlands Limited Company on February 20,2004 held
at St Andrews House Hotel, Worcester Road, Droitwich,
Worcestershire, the subjoined Extraordinary Resolutions to wind
up the Company were passed.

Ian J Gould and Brian J Hamblin, of PKF, New Guild House, 45
Great Charles Street, Queensway, Birmingham B3 2LX, are
appointed Joint Liquidators for the Company.

CONTACT: PKF
         New Guild House
         45 Great Charles Street,
         Queensway, Birmingham B3 2LX
         Contact:
         Ian J Gould, Liquidator
         Brian J Hamblin, Liquidator
         Phone: 0121 212 2222
         Fax:   0121 212 2300
         Web site: http://www.pkf.co.uk


G & P BUILDING: Appoints Numerica Liquidator
--------------------------------------------
At an Extraordinary General Meeting of the G & P Building &
Civil Engineering Contractors Limited Company on February 23,
2004 held at The Sherlock Holmes Hotel, 108 Baker Street, London
W1U 6LJ, the subjoined Extraordinary Resolutions to wind up the
Company were passed.

Colin Ian Vickers and Nicholas Hugh O'Reilly, of Numerica, 4th
Floor, Southfield House, 11 Liverpool Gardens, Worthing, West
Sussex BN11 1RY, and 66 Wigmore Street, London W1A 3RT, are
appointed Joint Liquidators for the Company.

CONTACT: NUMERICA
         4th Floor, Southfield House
         11 Liverpool Gardens, Worthing,
         West Sussex BN11 1RY
         Phone: 01903 222500

         66 Wigmore Street,
         London W1A 3RT
         Contact:
         Colin Ian Vickers, Liquidator
         Nicholas Hugh O'Reilly, Liquidator
         Phone: 020 7467 4000
         Web site: http://www.numerica.biz


KONAKAI LIMITED: Winding up Resolution Passed
---------------------------------------------
At an Extraordinary General Meeting of the Konakai Limited
Company on February 17, 2004 held at The Ranch, Landulph,
Saltash, Cornwall PL12 6QQ, the Special Resolution to wind up
the Company was passed.

Derek A Jeal, of Parkway House, 1 Pityme Business Centre, St
Minver, Wadebridge, Cornwall PL27 6NU is appointed Liquidator
for the Company.

CONTACT: Derek A Jeal
         Parkway House
         1 Pityme Business Centre
         St. Minver, Wadebridge,
         Cornwall PL27 6NU


MARQUE PARK: Names Vantis Business Recovery Liquidator
------------------------------------------------------
At an Extraordinary General Meeting of the Marque Park Limited
Company on February 27, 2004 held at the Torrington House, 47
Holywell Hill, St Albans, Hertfordshire AL1 1HD, the subjoined
Extraordinary Resolution to wind up the Company was passed

Michael W Young, of Vantis Business Recovery, Torrington House,
47 Holywell Hill, St Albans, Hertfordshire AL1 1HD, is appointed
Liquidator for the Company.

CONTACT: VANTIS BUSINESS RECOVERY
         Torrington House
         47 Holywell Hill,
         St. Albans,
         Hertfordshire AL1 1HD
         Contact:
         Michael W. Young, Liquidator
         Phone: 01727 811111


MOTHERCARE PLC: Analyst to Review Impact of Turnaround Strategy
---------------------------------------------------------------
Mothercare plc is hosting a store visit for sell-side analysts.
The purpose of the visit is to demonstrate the impact that the
turnaround strategy is having on Mothercare's high street stores
by showing an example of the new High Street refit proposition,
which is currently being rolled-out.

The visit comprises a tour of the refitted store in Peckham.
There will be no update on current trading.

                              *****

Mothercare last month said it expects to make a pre-close
statement on March 31, 2004 ahead of its preliminary results
announcement for the 52 weeks to March 27, 2004.

CONTACT: MOTHERCARE PLC
         Brunswick
         Philippa Power
         Chi Lo
         Phone: 0207 404 5959


NTL INC.: Quarterly Net Loss Down 79% to GBP130 Mln
---------------------------------------------------
NTL Inc. recently disclosed these results for the three months
and year ended December 31, 2003:

(a) Revenues increased 8% to GBP577 million for the quarter,
totaling GBP2,230 million for 2003, principally reflecting
continued broadband and telephony customer growth

(b) Combined segment profit grew 26 % to GBP205 million for the
fourth quarter, full-year at GBP734 million driven by higher
revenues and expanding margins

(c) NTL turned FCF positive* in the fourth quarter, following
successful rights offering and improved financial performance

(d) NTL Home added 181,500 net customers and 513,900 RGUs in
2003 ending the year with 2,867,900 customers and 5,497,800
RGUs, and NTL is now serving over 1 million broadband customers

(e) Triple-play enabled network drives Average Revenue Per User
to GBP41.96 per month, GBP503.52 annualized

(f) Debt refinancing proposed to extend debt maturity, and
reduce the weighted average cost of debt

(g) Net loss decreased by 79% to (GBP130 million) for the
    quarter, and totaled (GBP584 million) for 2003

Financial            Annual Results            Results Quarterly
Highlights        ------------------         -------------------
                                    unaudited
                          GBP                   GBP
(In millions)            2003       2002     Q4-2003     Q4-2002

Revenues
Home               1,494.1    1,423.7      390.7        352.7
Business             282.1      312.7       66.5         74.9
Broadcast            268.6      257.3       71.9         63.2
Carriers             112.4      119.6       28.9         26.8
Ireland               72.5       59.9       18.7         15.8

Total revenues     2,229.7    2,173.2      576.7        533.4

===============================================

Segment profit (loss)
Home                 673.8      590.1      181.5        144.3
Business             104.3       69.9       32.5         10.9
Broadcast            115.5      110.3       32.0         23.6
Carriers              92.2       98.9       23.0         22.4
Ireland               25.4       14.8        7.4          3.5
Shared services     (277.7)    (235.7)     (71.8)       (41.7)


Combined segment
profit              733.5      648.3      204.6        163.0

===============================================

Combined segment
profit margin %      32.9%      29.8%      35.5%        30.6%

Net (loss)          (583.6)  (1,581.2)    (130.2)      (604.9)

* FCF (Free Cash Flow) defined as combined segment profit and
interest income less fixed asset additions, working capital
movements, interest paid & other charges.  Nearest U.S. GAAP
measure is net cash provided by operating activities.

NTL Incorporated (NASDAQ: NTLI) announced on Thursday its fourth
quarter and year-end 2003 results.  Commenting on the results,
Simon Duffy, Chief Executive Officer of NTL, said:

"I am very pleased to announce NTL's fourth quarter and year-end
2003 results which demonstrate a significant return to growth
for the Company.  2003 was a year of strong cash flow growth,
driven by increasing revenues, underlying margin expansion and
more focused capital expenditures.

NTL Home continued to deliver strong customer growth with its
fourth consecutive quarter of customer additions, adding 58,400
net customers and 133,700 Revenue Generating Units (RGUs).  The
customer growth continues to be led by broadband, which has
achieved 33 % penetration of our existing customers and resulted
in our recently obtaining our 1 millionth broadband customer.
In addition, NTL Home returned to growth in the television
product line, increasing television subscribers by 13,900 in Q4
2003 after eight quarters of television customer losses.

NTL Home reduced churn from 15.9% in Q4 2002 to 13.2% in Q4
2003, which reflects increasing customer satisfaction with our
range of products and services.  Customers are subscribing to
more services than ever before, with an average of 1.92 RGUs per
customer in Q4 2003 compared to 1.86 RGUs per customer in Q4
2002.  The increase in RGUs per customer, together with an
improved product mix, has favorably impacted ARPU, which
increased over the period by GBP1.93 per month, or GBP 23.16
annually.

NTL Business has completed its internal restructuring and has
significantly improved profitability, increasing its segment
profit margin to over 35% in 2003 from 22.4% in 2002.  It is
expected to return to growth in 2004.

Both NTL Broadcast and NTL Carriers grew revenues Q4 2003 over
Q4 2002.  Both divisions also grew segment profit over the same
period, NTL Broadcast more strongly than NTL Carriers.  NTL
Broadcast remains the supplier of choice in a number of sectors,
with over 90% market share of the digital radio transmission
market and 75% market share of public safety analogue-to-digital
replacement services.

NTL Ireland more than doubled its segment profit Q4 2003 over Q4
2002 by growing its digital TV customer base, raising basic
prices and reducing bad debt.

The achievements in revenue, combined segment profit and cash
flow growth place NTL in a strong position for continued growth
in 2004 and beyond."

Scott Schubert, Chief Financial Officer of NTL added: "2003 saw
a focus on combined segment profit growth and margin expansion
through improving the customer mix, reducing headcount by
approximately 1,500 employees and other efficiencies.  In
addition, we successfully completed a rights offering in the
fourth quarter of 2003 which reduced the Company's debt by GBP
719 million, lowered interest payments by GBP126 million and
helped turn NTL free cash flow positive.  These themes will
continue in 2004 as we pursue additional margin expansion, and
further improvement in the capital structure.  The next and
final major step in restructuring the balance sheet will focus
on refinancing the current bank facility, thereby rescheduling
the maturity of the remaining debt and lowering its weighted
average cost."

Group Highlights

Quarter ended December 31, 2003

Revenue

For the three months ended December 31, 2003, consolidated
revenues increased by 8.1% in U.K. pounds to GBP576.7 million
($982.7 million) from GBP533.4 million ($839.1 million) for the
same period of 2002.

The revenue increase was mainly due to customer and RGU growth
within NTL Home, where revenues rose by GBP 38.0 million over Q4
2002.  Revenues also increased in NTL Broadcast, NTL Carriers
and NTL Ireland.  These gains were partly offset by a fall in
NTL Business revenues, as the division completed its
restructuring.

Combined segment profit

For the three months ended December 31, 2003 combined segment
profit increased by 25.5% in U.K. pounds to GBP204.6 million
($346.9 million) from GBP163.0 million ($256.0 million) for the
same period of 2002.

Contributing to the improvement in combined segment profit were
greater revenues associated with a growing customer base and an
expansion in profit margins.  The expanding margins reflect
increased ARPU due to the favorable customer mix resulting from
an increased number of high-margin broadband and telephony
customers in NTL Home, and the ongoing focus on reducing cost
across the Company.  In the fourth quarter of 2003, NTL Home and
NTL Business also benefited from a release of approximately GBP
18.0 million ($29.4 million) of accruals in respect of the
favorable resolution of billing matters with certain providers
of interconnect-related services.

Net loss

For the three months ended December 31, 2003, net loss decreased
by 78.5% in U.K. pounds to GBP130.2 million ($223.9 million)
from GBP604.9 million ($931.3 million) for the same period of
2002.  This improvement was primarily due to the absence of
charges recorded in 2002 relating to the impairment of long-
lived assets of GBP278.3 million ($418.5 million), together with
a reduction in other charges due to lower restructuring costs.
NTL also benefited from foreign currency transaction gains due
to the effect of the change in exchange rates on the U.S. dollar
denominated debt of our subsidiary companies Diamond Holdings
and NTL Triangle.

Fixed asset additions (accrual basis)

Fourth quarter 2003 fixed asset additions (accrual basis) were
GBP63.6 million ($109.0 million).  Approximately 40% of the
fourth quarter's fixed assets additions (accrual basis) were for
customer premises equipment (CPE), in support of NTL Home's
customer growth.

Year ended December 31, 2003

Revenue

For the year ended December 31, 2003, consolidated revenues
increased by 2.6% in U.K. pounds to GBP 2,229.7 million
($3,645.2 million) from GBP 2,173.2 million ($3,265.1 million)
in the prior year.

Revenue increases were primarily driven by NTL Home where an
increase in overall customers, particularly broadband customers,
improved revenues by GBP70.4 million year over year.  NTL
Ireland grew revenues by GBP12.6 million year over year
primarily through increasing digital television customer
penetration.  Higher revenues from public safety contracts
contributed to a GBP11.3 million increase in NTL Broadcast
revenues.  These increases were partly offset by a decline of
GBP30.6 million in NTL Business, as the division completed the
restructuring of its product and customer base in order to
enhance profitability, and a decrease of GBP7.2 million in NTL
Carriers mainly as a result of excess capacity in the wholesale
market that has adversely affected pricing during 2003.

Combined segment profit

For the year ended December 31, 2003, combined segment profit
increased by 13.1 % in U.K. pounds to GBP733.5 million ($1,199.1
million) from GBP648.3 million ($974.1 million) in the prior
year.

Higher revenues and expanding margins from broadband and
telephony growth in NTL Home, together with a reduction in our
cable television program costs and telephone interconnect costs,
contributed to an GBP83.7 million increase in NTL Home combined
segment profit in 2003.  NTL Business' focus on more profitable
customers and products, together with reduced headcount
contributed to a GBP34.4 million increase in combined segment
profit year over year.  In addition, increased revenues together
with lower bad debt in NTL Ireland resulted in a GBP10.6 million
improvement in 2003 combined segment profit.  NTL Broadcast grew
combined segment profit by GBP5.2 million.

These increases were partly offset by a GBP6.7 million decline
in NTL Carriers segment profit due to lower revenues and a GBP
42.0 million increase in Shared Services costs, which were
largely due to employee related costs and the absence of 2002's
favorable balance sheet provision releases.

Net loss

For the year ended December 31, 2003, net loss decreased by
63.0% in U.K. pounds to GBP583.6 million ($954.2 million) from
GBP1,581.2 million ($2,375.8 million) for 2002.  This
improvement primarily reflected the absence of charges recorded
in 2002 relating to the impairment of long-lived assets of GBP
296.2 million ($445.1 million), together with a reduction in
other charges of GBP234.1 million caused by lower restructuring
costs and the absence of provisions for uncollectable amounts
due from NTL's former ultimate parent company (NTL Europe Inc.)
recorded in 2002.  Segment profit increases also reduced NTL's
net loss by GBP85.2 million.  In addition recapitalization costs
of GBP101.8 million ($152.9 million) incurred in 2002 relating
to NTL's Chapter 11 reorganization did not recur in 2003.

Finally NTL benefited from foreign currency transaction gains of
GBP33.0 million ($54.0 million) as compared with losses of GBP
62.6 million ($94.1 million) for 2002.  These gains in 2003 were
primarily because of the effect of changes in exchange rates on
the U.S. dollar denominated debt of our subsidiaries Diamond
Holdings and NTL Triangle.

Fixed asset additions (accrual basis)

In order to provide comparable data to the U.S. Cable industry,
and in accordance with NCTA (National Cable & Telecommunications
Association) reporting guidelines*, NTL has allocated fixed
asset additions (accrual basis) to the standard NCTA reporting
categories.

For the year ended December 31, 2003, fixed asset additions were
GBP 277.2 million ($453.2 million).  Overall, between 70 and 75
% of NTL's fixed asset additions were growth oriented, with the
largest component related to CPE, in support of NTL Home's
customer growth.  CPE includes cable modems, set top boxes and
remote controls as well as the costs incurred in connecting
previously unwired homes.

Scaleable infrastructure expenditures reflect non-CPE related
costs including head end equipment, telephone switches, data and
voice traffic costs in addition to product development costs.
This expenditure is necessary in order to increase capacity in
the network and enhance our products, permitting future customer
growth.

Commercial expenditures include the network and infrastructure
costs incurred when providing high-speed data and voice services
to business customers.

Support capital includes GBP22.6 million ($36.9 million)
associated with NTL's Harmony billing system integration
together with other IT costs.

We expect to spend approximately GBP370.0 million ($660.0
million) on fixed asset additions during 2004.

To see full copy of financial results:
http://bankrupt.com/misc/NTL_2003.htm

CONTACT: NTL INCORPORATED
         Investor Relations:
         U.S.: Patti Leahy
         Phone: +1 610 667 5554
         U.K.: Virginia Ramsden
         Phone: +44 (0) 20 7967 3338

         Media:
         Justine Parrish
         Phone: +44 (0) 20 7746 4096
                or  (0)7966 421 991

         BUCHANAN COMMUNICATIONS
         Richard Oldworth
         Mark Edwards
         Phone: +44 (0) 20 7466 5000


PPL THERAPEUTICS: To Announce Recommended Buyout Offer Soon
-----------------------------------------------------------
On February 25, 2004 the Company announced that 'With regard to
discussions in connection with maximizing short-term value for
Shareholders, the Company has been in exclusive discussions with
one party since early February and is hopeful of announcing
shortly proposals for an offer around the current share price,
which reflects the Company's realizable asset value.'

The Company announces further details of the proposals and an
update to those discussions.

The non-executive Directors of the Company (Chris Greig and Hugh
Thompson), together with its advisers, have reviewed a wide
range of options over an extended period, including indicative
offers from Lindsay Dunsmuir and Adam Christie, respectively the
Chief Financial Officer and Business Development Director of the
Company (the 'Continuing Directors'), indicative offers from
third parties and a members' voluntary liquidation.  The
Independent Committee has concluded that, subject to sufficient
support being received from major shareholders, a proposal
should be recommended to shareholders, under which 5.5 pence per
share in cash would be returned to shareholders by way of a
scheme of arrangement and the Company would be de-listed and
become wholly owned by the Continuing Directors.

Under the Proposal, the Continuing Directors would seek to
dispose of the Group's remaining assets, other than those assets
relating to Fibrin I.  If the Proposal becomes effective PPL's
operations will comprise Fibrin 1 and sufficient cash and
realizable assets to satisfy only PPL's short term funding
requirements (including the payment of existing liabilities).

The Independent Committee believes that the Proposal offers
shareholders both more certainty and a higher financial value
than would have been achieved under the other proposals
received.   Further it believes that the cash distribution which
could be made to shareholders under the lengthy and uncertain
process of a members' voluntary liquidation is unlikely to be
materially higher, if it were to be higher, than the cash
distribution offered under the Proposal.

In order for the Proposal to be completed, it will require
(amongst other things) the support of a majority in number of
shareholders holding at least three quarters in value of the
Ordinary Shares for which votes are cast at a shareholders'
meeting.   In light of the need for this level of shareholder
support and before formally putting the Proposal to
shareholders, the Independent Committee has sought the backing
of the Company's largest shareholders.   Shareholders with an
interest in approximately 30% in aggregate of the Ordinary
Shares have verbally indicated their support for the Proposal.
However, one key shareholder has not yet given its support to
the Proposal.  Unless this key shareholder decides to support
the Proposal, the Independent Committee believes it to be likely
that the Proposal will be withdrawn and not be able to be made
to shareholders with the result that the Group would almost
certainly go into a members' voluntary liquidation.

Discussions with this shareholder continue to bring this matter
to a conclusion as quickly as possible.  The Independent
Committee will update shareholders in due course.

CONTACT: PPL THERAPEUTICS PLC
         Chris Greig, Chairman
         Phone: 0131 440 4777

         KPMG CORPORATE FINANCE
         (financial advisers to the Independent Committee)
         David McCorquodale, Partner
         Phone: 020 7311 8493

         DEUTSCHE BANK
         (corporate broker to the Company)
         Phil Cowdy
         Phone:  020 7547 6936

         Alistair Mackinnon-Musson
         Philip Dennis
         Hudson Sandler  (PR advisers to the Company)
         Phone: 020 7796 4133
         E-mail: ppl@hspr.co.uk


QUARRY WALK: Winding up Resolution Passed
-----------------------------------------
At an Extraordinary General Meeting of the Quarry Walk Limited
Company on February 18, 2004 held at the held at Brelaides,
Peacock Lane, Hanchurch, Stoke on Trent, the subjoined Special
Resolutions to wind up the Company were passed.

Philip John Gorman, of Hazlewoods, Windsor House, Barnett Way,
Barnwood, Gloucester GL4 3RT, is appointed Liquidator of the
Company.

CONTACT: HAZLEWOODS
         Windsor House,
         Barnett Way, Barnwood
         Gloucester GL4 3RT
         Contact:
         Philip John Gorman, Liquidator
         Phone: +44 (0) 1452 634800
         Fax:   +44 (0) 1452 371900
         Web site: http://www.hazlewoods.co.uk


STANDARD LIFE: Shuts down 10 Branches
-------------------------------------
Standard Life announced a restructuring of its direct sales
business to provide greater efficiency and stronger growth in
key markets.  The changes will ensure that the company can
continue to offer quality advice and service to customers who
deal direct with the company, either by telephone or face-to-
face.

As a result, the existing Direct Customer Division will be
divided into three separate business units: Telesales, Corporate
Account Management and Direct Client Management.  Each unit will
have a strong focus on its respective market with the objective
of significant future sales growth.  The three businesses will
be collectively known as Standard Life Direct.

The restructuring will lead to a reduction in the number of
people employed in direct sales from 630 to around 270, which
could result in up to 360 job losses across the U.K.  The number
of direct sales branches will reduce from 21 to 11.

Announcing the restructuring, Nathan Parnaby, Managing Director,
Sales, said: "We are fully committed to creating a strong and
successful direct sales business as part of our overall
distribution strategy.  By having three dedicated direct
business units, each with a focus on efficient sales growth in
their respective markets, our aim is to secure the future of our
direct sales operations.  As cost effective businesses, these
operations will require fewer employees.  The company will
ensure those staff facing redundancy will receive support and
assistance in finding alternative employment."

Key objectives for the newly created Standard Life Direct will
be to develop more efficient ways of selling business direct to
customers and to reduce operating costs.  The outcome will be a
stronger direct sales business, which will be developed further
by selling simple products by telephone, maximizing the
potential of existing group pension schemes and building long-
term face-to-face relationships with clients who have more
complex financial needs.

                              *****

(a) Standard Life has in excess of GBP90 billion in funds under
    management.

(b) The number of direct branch locations will reduce from 21 to
    11 area offices, located in Birmingham, Bristol, Cambridge,
    Edinburgh, Glasgow, Leeds, London (City), Manchester,
    Reading, Redhill (Surrey) and Watford.  As a result,
    branches in Belfast, Chester, Colchester, Dundee, Leicester,
    London (West End), Maidstone, Newcastle, Sheffield and
    Southampton will close.

(c) The number of sales consultants and consultant support staff
    will reduce accordingly.  In addition, telephone operations
    will be scaled down by around 25%.  These changes will have
    an impact on the number of head office support staff, where
    numbers will also be reduced.

(d) The three distinct businesses within Standard Life Direct
    will be:
    Telesales, a telephone-based sales unit focused on
    individual clients Corporate Account Management, whose main
    focus will be on growing membership and contribution levels
    within existing group pension schemes, while continuing to
    source new schemes; and Direct Client Management, which will
    focus on offering financial advice to high net worth
    individuals

(e) Direct Customer Division accounts for 5% of U.K. new
    business, as at November 15, 2003.


UK COAL: Looks Forward to Recovery Before Year-end
--------------------------------------------------
U.K. COAL PLC, the coal mining and property group, announces its
preliminary audited results for the year ended December 31,
2003.

(a) Loss before tax and operating exceptional items GBP7.6
    million (2002: profit GBP8.4 million) (Note a)

(b) Profit after tax GBP3.9 million (2002: loss GBP81.8 million)
    (Note a&b)

(c) Cash inflow before use of liquid resources, financing and
    dividends of GBP39.1 million (2002: outflow GBP25.2 million)

(d) Final dividend maintained at 5 pence per share, giving total
    dividend for the year of 10 pence per share

(e) U.K. sales volumes maintained at 18.9 million tones (2002:
    18.9 million tones)

(f) Unit costs in deep mines reduced despite continuing losses
    at the Selby Complex

(g) Property sales increased, generating a profit of GBP5.8
    million (2002: GBP2.0 million)

(h) Investment aid accepted worth GBP35.4 million over the
    period 2003/05

Note a: Includes net provision charge of GBP7.5 million (2002:
Release GBP21.1 million)

Note b: After crediting GBP4.4 million in respect of operating
exceptional items (2002: GBP88.4 million charge)

Commenting on the results, Gordon McPhie, Chief Executive of
U.K. COAL, said:

"The sharp rise in world coal prices in September 2003, offset
to some degree by the reduced value of the US$, has been
maintained.  However, with forward contracted sales of 90% of
production in 2004 and 50% of planned output in 2005 there will
be limited benefit from the current high international prices
over the next two years.

"Progress was made during the year in reducing unit operating
costs, with costs of circa GBP1.09 per gigajoule being achieved
at the ongoing collieries in the last quarter.  Costs for 2004
will be affected by increases in line with inflation and the
effect of geological problems at Rossington and Welbeck,
resulting in revised mining plans, which are expected to add
around 3% to unit costs.

"The Company continues to focus on its extensive property
portfolio, with proceeds from sales and rental income both
showing increases.

"We have had a slow start to production in 2004, but expect to
recover this later in the year.  The continued efforts to reduce
unit costs with our Project 105 initiatives and the closure of
the loss-making Selby complex of mines augur well for the
future.  In addition the year ahead should see further progress
in adding value to the Company's property assets".

To see financial statement:
http://bankrupt.com/misc/UKCoal_2003.htm

CONTACT: UK COAL PLC
         Gordon McPhie, Chief Executive
         Phone: 020 7554 1400
         Phone: 01302 751 751

         GAVIN ANDERSON & COMPANY
         Financial
         Liz Morley
         Phone: 020 7554 1400
         Ken Cronin
         Phone: 020 7554 1400

         Operational
         Stuart Oliver
         Phone: 01525 381 759


* FSCS Declares Seven Firms in Default
--------------------------------------
The Financial Services Compensation Scheme (FSCS) is encouraging
consumers who may have lost money as a result of their dealings
with any one of seven firms recently declared in default by the
Scheme to get in touch.

Declaring a firm in default opens the way for anyone who has
lost money, as a result of dealings with such a firm, to make a
claim for compensation to FSCS.  The limit for investment
compensation is GBP48,000.  Consumers who believe they may have
a claim, should contact the Scheme on +44 (0) 20-7892-7300.

"As the Scheme of last resort, this should be good news for
those consumers who would otherwise have nowhere else to turn,"
says Suzanne McCarthy, Chief Executive of the FSCS.

The declaration of default is the final part of a process
whereby a regulated firm (for example, an independent financial
adviser) is deemed unable to pay claims for compensation against
it.  This is usually because it has insufficient assets, for
example, because it has ceased trading or is insolvent.

FSCS is the single compensation scheme covering investments,
deposits and insurance.  It provides a safety net for consumers
who have claims against regulated firms that are unable to pay
them.

A list of the seven investment firms is attached, and a list
containing the full address of each of the firms is available
from FSCS' Web site at http://www.fscs.org.uk. Consumers can
also use the default database on the Web site to check to see if
a firm they have dealt with previously has already been declared
in default.

FSCS became the single compensation scheme in the financial
services sector on December 1, 2001, when the Financial Services
and Markets Act came into force.  All previous compensation
schemes, including the Investors Compensation Scheme, ceased to
operate at this time.

                        Default Declarations by FSCS
                                March 4, 2004

(A) Midlands

Wellard Shaw Financial Services Limited (in liquidation), Ross-
on-Wye HR9 5NU

(B) North

Insure Direct Limited, formerly Cumbria Investment Brokers
Limited, Cumbria CA3 8EN

Patrick McGreevy & Alan Mellor, trading as M M Insurance
Services, Manchester M41 6QY

(C) South East

Harrow Finance Mortgage Services Limited, formerly in
liquidation, Harrow HA1 2EW

Neil Monk trading as W M C Financial, Littlehampton BN17 5HD

(D) Yorkshire and the Humber

Michael Howey, formerly trading as Icthos Insurance Consultants,
formerly Icthos Insurance Brokers, Normanton WF6 2AB

Kevin James Raymond Birks, trading as Gables Independent
Financial Advisors, Leeds LS18 5PJ


                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Larri-Nil Veloso, Ma. Cristina Canson, and
Liv Arcipe, Editors.

Copyright 2004.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.

                 * * * End of Transmission * * *