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REG-Eurocastle Inv. Ltd 1st Quarter Results - Part 1
RNS Number:8714L
Eurocastle Investment Limited
04 May 2005
Contact:
Lilly H. Donohue
Director of Investor Relations
Tel: 001-212-798-6118
EUROCASTLE INVESTMENT LIMITED
FINANCIAL REPORT FOR THE THREE MONTHS ENDED 31 MARCH 2005
First Quarter 2005 Highlights
- Total assets amounted to e1,624.3 million at the quarter end.
- Equity book value total of e209.7 million, or e11.36 per share.
- Net earnings of e6.5 million for the quarter, or e0.34 per diluted
share.
- First quarter dividend of e0.33 per share, payable on 6 May 2005.
- Return on average invested capital during the quarter was 12.96%.
--------------------------------------------------------------------------------
Selected Financial Data Three Months Three Months
Ended Ended
(amounts in e'000, except share data and 31 March 2005 31 March 2004
supplemental data)
Operating Data
-------------------------------- ----------- ------------
Net profit 6,455 2,229
Earnings per diluted share 0.34 0.19
Weighted average number of shares
outstanding, diluted 19,174,094 11,868,150
Balance Sheet Data As of 31 As of 31
March 2005 December 2004
-------------------------------- ----------- ------------
Asset backed securities (includes
cash to be invested and securities
pledged under repurchase agreements) 1,236,615 1,264,484
Real estate loans (includes loans
pledged under repurchase
agreements) 46,356 21,938
Investment properties 318,523 318,514
Cash and cash equivalents 11,484 10,293
Total assets 1,624,329 1,627,619
Debt obligations 1,393,919 1,154,310
Shareholders' equity 209,720 206,420
Supplemental Total Real Estate and Other ABS Securities and Real Estate Loans
Data as of 31 March 2005*
Weighted average asset yield 4.25%
Weighted average liability cost 2.71%
Weighted average net spread 1.54%
Weighted average credit rating BBB+
Weighted average asset credit spread (above 1.99%
Euribor)
Percentage investment grade 90%
Number of securities 87
* excludes short term investments with a maturity of less than 3 months and
rated A-1+ by Standard & Poor's and P-1 by Moody's
EUROCASTLE INVESTMENT LIMITED
CHAIRMAN'S STATEMENT
First Quarter Review
Eurocastle Investment Limited (LSE: ECT) reported net earnings for the quarter
ended 31 March 2005 of e6.5 million or e0.34 per diluted share. As of 31 March
2005, the Company's shareholders' equity was e209.7 million or e11.36 per
outstanding share.
Eurocastle's core business strategy is to invest in a diverse portfolio
consisting primarily of European real estate related assets, including mortgage
backed securities, real estate loans, B-Notes, direct credit leased real estate
as well as other asset backed securities which we finance in a manner designed
to match the terms of our assets and liabilities. In the quarter ended 31 March
2005, Eurocastle purchased approximately e45.8 million of asset backed
securities and e24.4 million of real estate related loans.
The real estate related securities markets are robust. In the first quarter, new
issuance for commercial and residential mortgage backed securities totaled e38
billion. We believe the supply of European commercial mortgage backed securities
will continue to grow as this market has been consistently setting record
issuance year over year, resembling the scale and growth rate of the U.S.
markets a decade ago. Overall credit spreads remain at historically tight levels
due to the low rate environment and improvement in credit quality, but so long
as the new issuance markets stay active, we expect to see a continued supply of
new investment opportunities. In particular, we have seen significant
opportunities to invest in the B-Note and mezzanine loan markets as the
ownership of real estate continues to migrate from the public sector to the
private sector. In addition, the investment pipeline for direct real estate is
also strong and we are optimistic that we can build on our success in December
with additional investments in credit leased real estate.
First Quarter 2005 Dividend
The Board of Directors of Eurocastle declared a dividend of e0.33 per share for
the quarter ended 31 March 2005 on 19 April 2005. The record date for this
dividend is 29 April 2005 and the payment date is 6 May 2005.
Our aim is to pay out all or substantially all of Eurocastle's earnings in the
form of dividends to shareholders. Eurocastle intends to pay quarterly dividends
to shareholders.
First Quarter Investment Activity
Total purchases in the quarter were e70.2 million in face amount of real estate
securities, other asset backed securities and real estate loans, excluding short
term investments (asset backed commercial paper). The securities purchased had
an average credit rating of BBB- and an average credit spread above Euribor of
2.21%. Purchases of CMBS amounted to e10.7 million with an average spread of
0.97% and average rating of BBB. RMBS purchases amounted to e25.3 million with
an average spread of 1.82% and average rating of BBB-. Other ABS purchases
amounted to e9.8 million with an average spread of 1.82% and average rating of
BBB. Real estate related loans amounted to e24.4 million with an average spread
of 3.31% and average rating of BB. After allowing for sales of securities and
principal redemptions, the net increase in face amount of real estate and other
asset backed securities during the quarter was approximately e32.1 million.
Capital Markets
Subsequent to quarter end, Eurocastle successfully priced two secured debt
offerings to match-fund credit sensitive real estate securities and other asset
backed securities. CDO II is a £200 million collateralized debt obligation which
is expected to be issued by Eurocastle CDO II PLC on 5 May 2005 to purchase
sterling investments. CDO III is a e400 million financing which was issued by
Eurocastle CDO III PLC on 28 April 2005 to purchase euro investments.
Eurocastle CDO II
£158 million, or approximately 79%, of the issue is expected to be rated AAA/AAA
by S&P and Fitch respectively. The CDO has an expected weighted average life of
7.22 years.
The total collateral value of the portfolio after the end of the investment
period is expected to be approximately £200 million and consist of approximately
40% commercial mortgage backed securities. Once fully invested, the portfolio is
expected to have a weighted average credit rating of BBB-. To date, the CDO has
acquired approximately 72% of the assets that will comprise the completed
portfolio.
Eurocastle has an approximately £17.5 million equity interest in the CDO II
portfolio.
Eurocastle CDO III
e324 million, or approximately 81%, of the e400 million issue is expected to be
rated AAA/AAA by S&P and Fitch respectively. The CDO has an expected weighted
average life of 7.29 years.
The total collateral value of the portfolio after the end of the investment
period is expected to be approximately e400 million and consist of approximately
50% commercial mortgage backed securities. Once fully invested, the portfolio is
expected to have a weighted average credit rating of BBB-. To date, the CDO has
acquired approximately 60% of the assets that will comprise the completed
portfolio.
Eurocastle has an approximately e30 million equity interest in the CDO III
portfolio.
Investment Portfolio
As of 31 March 2005, Eurocastle's total securities portfolio of e1,283 million,
which represents 79% of the Company's total assets, included e526 million of
commercial mortgage backed securities, e199 million of asset backed commercial
paper, e489 million of other asset backed securities, e46 million of loans, and
e23 million of cash held within Eurocastle CDO I pending re-investment in
additional real estate securities and other asset backed securities. The
securities and loans portfolio is well diversified with 87 issues and an average
life of 3.9 years; 96% of the portfolio comprises floating-rate securities. The
portfolio is geographically diversified with direct exposures of 41.0% in the
UK, 24.8% in Italy, 13.6% Pan European, 10.4% in Germany, and 4.5% in France.
The average credit quality of the securities portfolio is BBB+ and 90% of the
securities are rated investment grade. The weighted average credit spread was
1.99% as of 31 March 2005. The weighted average credit spread represents the
yield premium on our securities over Euribor.
Eurocastle also owns a e318 million portfolio of credit leased real estate. The
portfolio consists of 96 German properties, or 300,000 square meters of office
space, which are leased primarily to Deutsche Bank AG. Deutsche Bank continues
to occupy most of the current space on a medium to long-term basis. Since we
acquired the portfolio in December, we have added six new leases. We continue to
work on adding new tenants to our properties as well as managing leases that are
expiring or will expire soon.
Credit
Our real estate securities portfolio continues to perform. As of 31 March 2005,
none of our securities or loans defaulted, and there have been no principal
losses to date. We continue to seek investments that will generate superior risk
adjusted returns with a long-term objective of capital preservation and earnings
stability in varying interest rate and credit cycles.
About Eurocastle
Eurocastle Investment Limited is an investment company that invests in and
manages a diverse portfolio consisting primarily of European real estate
securities, other European asset-backed securities and other European real
estate related assets. Eurocastle is managed by Fortress Investment Group LLC, a
global alternative investment and asset management firm with approximately US$15
billion of equity capital currently under management.
Conference Call
Management will conduct a conference call on Thursday 5 May 2005 to review the
Company's financial results for the quarter ended 31 March 2005. The conference
call is scheduled for 3 P.M. London time (10 A.M. New York time). All
interested parties are welcome to participate on the live call. You can access
the conference call by dialing US +1-800-762-6067 or International
+1-480-629-9566 ten minutes prior to the scheduled start of the call; please
reference "Eurocastle First Quarter Earnings Call."
For those who are not available to listen to the live call, a replay will be
available until 11:59 P.M. New York time on 11 May 2005 by dialing US
+1-800-475-6701 or International +1-320-365-3844; please reference access code
"780616."
INDEPENDENT REVIEW REPORT TO EUROCASTLE INVESTMENT LIMITED
Introduction
We have been instructed by the Company to review the financial information for
the three months ended 31 March 2005 which comprises Consolidated Income
Statements, Consolidated Balance Sheets, Consolidated Statements of Cash Flows,
Consolidated Statements of Changes in Equity and the related notes 1 to 17. We
have read the other information contained in the interim report and considered
whether it contains any apparent misstatements or material inconsistencies with
the financial information.
This report is made solely to the Company in accordance with guidance contained
in Bulletin 1999/4 'Review of interim financial information' issued by the
Auditing Practices Board. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other than the Company, for our work,
for this report, or for the conclusions we have formed.
Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by the directors. The directors are
responsible for preparing the interim report in accordance with the Listing
Rules of the Financial Services Authority which require that the accounting
policies and presentation applied to interim figures should be consistent with
those applied in preparing the preceding annual accounts except where any
changes, and the reasons for them, are disclosed.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1994/4
'Review of interim financial information' issued by the Auditing Practices Board
for use in the United Kingdom. A review consists principally of making enquiries
of group management and applying analytical procedures to the financial
information and underlying financial data, and based thereon, assessing whether
the accounting policies and presentation have been consistently applied, unless
otherwise disclosed. A review excludes audit procedures such as tests of
controls and verification of assets, liabilities and transactions. It is
substantially less in scope than an audit performed in accordance with United
Kingdom Auditing Standards and therefore provides a lower level of assurance
than an audit. Accordingly we do not express an audit opinion on the financial
information.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the three months
ended 31 March 2005.
Ernst & Young LLP
London
3 May 2005
EUROCASTLE INVESTMENT LIMITED AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENT
Notes Unaudited
Three Months Three Months
Ended Ended
31 March 2005 31 March 2004
e'000 e'000
-------------------------------- ------ ------------- -------------
Operating income
Interest income 14,709 394
Rental income 6,349 -
Unrealised gain on securities
portfolio contract - 2,562
Realised gain on disposal of
available-for-sale securities 921 -
-------------------------------- ------ ------------- -------------
Total operating income 21,979 2,956
-------------------------------- ------ ------------- -------------
Operating expenses
Interest expense 12,392 279
Loss on foreign currency 166 10
translation
Property operating expense 106 -
Other operating expenses 3 2,717 438
-------------------------------- ------ ------------- -------------
Total operating expenses 15,381 727
-------------------------------- ------ ------------- -------------
Profit on ordinary activities
before taxation 6,598 2,229
Taxation expense 143 -
================================ ====== ============= =============
Net profit after taxation 6,455 2,229
================================ ====== ============= =============
Earnings per ordinary share
(adjusted for share consolidation)
Basic 12 0.35 0.19
Diluted 12 0.34 0.19
Weighted average ordinary shares
outstanding
(adjusted for share consolidation)
Basic 12 18,463,670 11,857,670
Diluted 12 19,174,094 11,868,150
================================ ====== ============= =============
See notes to the consolidated interim financial statements
EUROCASTLE INVESTMENT LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
Notes Unaudited 31 December
31 March 2005 2004
e'000 e'000
-------------------------------- ------ ------------- ---------------
Assets
Cash and cash equivalents 11,484 10,293
Restricted cash 949 2,812
Asset backed securities,
available-for-sale
(includes cash to be invested) 4 831,492 796,522
Asset backed securities pledged
under repurchase agreements 4 405,123 467,962
Real estate related loans 5 22,512 21,938
Real estate related loans pledged
under repurchase agreements 5 23,844 -
Investment property 7 318,523 318,514
Other assets 6 10,402 9,578
-------------------------------- ------ ------------- ---------------
Total assets 1,624,329 1,627,619
================================ ====== =============== ==============
Equity and Liabilities
Capital and Reserves
Issued capital, no par value,
unlimited number of shares
authorised, 18,463,670 shares
issued and outstanding at 31
March 2005 13 192,309 192,309
Net unrealised gain on
available-for-sales securities
and hedge instruments 4, 14 10,255 7,317
Accumulated profit 6,756 6,394
Other reserves 13 400 400
-------------------------------- ------ ------------- ---------------
Total equity 209,720 206,420
-------------------------------- ------ ------------- ---------------
Minority Interests 2 2
Liabilities
CDO bonds payable 8 347,973 347,877
Bank borrowings 9 642,738 608,849
Repurchase agreements 10 403,208 197,584
Taxation payable 143 -
Trade and other payables 11 20,545 266,887
-------------------------------- ------ ------------- ---------------
Total liabilities 1,414,607 1,421,197
-------------------------------- ------ ------------- ---------------
Total equity and liabilities 1,624,329 1,627,619
================================ ====== ============= ===============
See notes to the consolidated interim financial statements
EUROCASTLE INVESTMENT LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
Unaudited
Three Months Three Months
Ended Ended
31 March 2005 31 March 2004
e'000 e'000
---------------------------------------- ------------- -------------
Cash Flows From Operating Activities
Net profit before taxation 6,598 2,229
Adjustments for:
Unrealised gain on securities portfolio
contract - (2,562)
Unrealised loss on foreign currency
contracts 753 10
Accretion of discounts on securities (1,645) (33)
Amortisation of borrowing costs 355 -
Gain on disposal of available-for-sale
securities (921) -
Net change in operating assets and
liabilities:
Decrease in restricted cash 1,863 -
Increase in other assets (1,814) (618)
Increase in trade and other payables 6,474 289
---------------------------------------- ------------- -------------
Net cash flows used in operating
activities 11,663 (685)
---------------------------------------- ------------- -------------
Cash Flows From Investing Activities
Refund of securities portfolio contract
deposit - 5,422
Addition to investment property (9) -
Net purchase of available-for-sale
securities/loans (279,938) (81,878)
Proceeds from sale of
available-for-sale-securities 36,314 -
---------------------------------------- ------------- -------------
Net cash flows used in investing
activities (243,633) (76,456)
---------------------------------------- ------------- -------------
Cash Flows From Financing Activities
Borrowings under repurchase agreements 205,624 75,810
Proceeds from bank borrowings 33,630 -
Dividends paid to shareholders (6,093) -
---------------------------------------- ------------- -------------
Net cash flows from financing activities 233,161 75,810
---------------------------------------- ------------- -------------
Net Increase/(Decrease) in Cash and
Cash Equivalents 1,191 (1,331)
Cash and Cash Equivalents, Beginning of
Period 10,293 1,690
Cash and Cash Equivalents, End of Period 11,484 359
---------------------------------------- ------------- -------------
EUROCASTLE INVESTMENT LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Ordinary Share Other Net Hedging Accumulated Total
Shares Capital Reserves Unrealised Reserves Profit Equity
(adjusted for Gains/ (Loss)
share consolidation) (Losses)
e'000 e'000 e'000 e'000 e'000 e'000
----------------------------------------------------------------------------------------------------------------
At 1 January 2004 (as
previously reported) 11,857,670 59,027 - - - (98) 58,929
----------------------------------------------------------------------------------------------------------------
Effect ofadopting IFRS 2 - - 200 - - - 200
Costs related to issuance
of shares on IPO - (200) - - - - (200)
----------------------------------------------------------------------------------------------------------------
At 1 January 2004
(restated) 11,857,670 58,827 200 - - (98) 58,929
Net unrealised
loss on available-for-
sale securities - - - (254) - - (254)
Net profit - - - - - 2,229 2,229
----------------------------------------------------------------------------------------------------------------
At 31 March
2004 (restated) 11,857,670 58,827 200 (254) - 2,131 60,904
----------------------------------------------------------------------------------------------------------------
At 1 April
2004 (restated) 11,857,670 58,827 200 (254) - 2,131 60,904
Second call on capital - 59,288 - - - - 59,288
Issuance of ordinary
shares on IPO 6,600,000 79,200 - - - - 79,200
Effect of adoption of
IFRS 2 - fair value of
shares options - - 200 - - - 200
Costs related to issuance of
ordinary shares on IPO
(including £200k relating
to adoption of IFRS 2) - (5,078) - - - - (5,078)
Issuance of ordinary
shares to Director 6,000 72 - - - - 72
Net unrealised gain on
available for sale securities - - - 6,858 - - 6,858
Net unrealised gain on hedge
instruments - - - - 713 - 713
----------------------------------------------------------------------------------------------------------------
Net gains not recognised in
the income statement - - 200 6,604 713 - 7,517
----------------------------------------------------------------------------------------------------------------
Net profit for the period - - - - - 9,802 9,802
----------------------------------------------------------------------------------------------------------------
Total income and expense
for the year - - 200 6,604 713 12,031 19,548
----------------------------------------------------------------------------------------------------------------
Dividends paid - - - - - (5,539) (5,539)
----------------------------------------------------------------------------------------------------------------
At 31 December
2004 (restated) 18,463,670 192,309 400 6,604 713 6,394 206,420
----------------------------------------------------------------------------------------------------------------
EUROCASTLE INVESTMENT LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (cont'd)
Ordinary Share Other Net Hedging Accumulated Total
Shares Capital Reserves Unrealised Reserves Profit Equity
(adjusted for Gains/ (Loss)
share consolidation) (Losses)
e'000 e'000 e'000 e'000 e'000 e'000
----------------------------------------------------------------------------------------------------------------
At 1 January 2005 18,463,670 192,309 400 6,604 713 6,394 206,420
----------------------------------------------------------------------------------------------------------------
Net unrealised
gain on available-for-
sale securities - - - 4,823 - - 4,823
Realised gains
reclassified to the
income statement - - - 2 - - 2
Realised losses
reclassified to the
income statement - - - (415) - - (415)
Net unrealised loss on
hedge instruments - - - - (1,472) - (1,472)
----------------------------------------------------------------------------------------------------------------
Net gain/(loss) not recognised
in the income statement - - - 4,410 (1,472) - 2,938
Net profit for the period - - - - - 6,455 6,455
----------------------------------------------------------------------------------------------------------------
Total income and expense
for the period - - - 4,410 (1,472) 6,455 9,393
----------------------------------------------------------------------------------------------------------------
Dividends paid - - - - - (6,093) (6,093)
----------------------------------------------------------------------------------------------------------------
At 31 March 2005 18,463,670 192,309 400 11,014 (759) 6,756 209,720
================================================================================================================
EUROCASTLE INVESTMENT LIMITED AND SUBSIDIARIES
UNAUDITED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. BACKGROUND
Eurocastle Investment Limited (the "Company") was incorporated in Guernsey,
Channel Islands on 8 August 2003 and commenced its operations on 21 October
2003. The principal activities of the Company include the investing in,
financing and managing of European real estate securities, other European asset
backed securities, and other European real estate related assets. The Directors
consider the Company to operate in three business segments, being real estate
and other asset backed securities, real estate related loans, and investment
properties, and one geographical segment, being Europe.
The Company is externally managed by its manager, Fortress Investment Group LLC
(the "Manager"). The Company has entered into a management agreement (the
"Management Agreement") under which the Manager advises the Company on various
aspects of its business and manages its day-to-day operations, subject to the
supervision of the Company's Board of Directors. The Company has no direct
employees. For its services, the Manager receives an annual management fee
(which includes a reimbursement for expenses) and incentive compensation, as
described in the Management Agreement. The Company has no ownership interest in
the Manager.
In October 2003, the Company issued 118,576,700 ordinary shares through a
private offering to qualified investors at a price of e1 per share. Pursuant to
a written resolution of the Company dated 18 June 2004, the shareholders
resolved to receive one share in exchange for every ten shares previously held
by them. Immediately following this resolution, the Manager and its employees
held 1,356,870 ordinary shares. In June 2004, the Company issued 6,600,000
ordinary shares in its initial public offering at a price of e12.00 per share,
for net proceeds of e74.3 million.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Statement of Compliance
The consolidated financial statements of the Company have been prepared in
accordance with International Financial Reporting Standards (IFRS). The
financial statements are prepared in accordance with IAS 34 "Interim Financial
Statements". In preparing interim financial statements, the accounting
principles applied reflect the amendments to IAS and the adoption of new IFRS
which became effective from 1 January 2005. Other than in respect of these
changes, explained further below, the interim financial statements have been
prepared under the same accounting principles and methods of computation as in
the financial statements as at 31 December 2004 and for the year then ended. The
consolidated financial statements are presented in euros, the functional
currency of the Company, because the Company conducts its business predominantly
in euros.
The changes to IFRS effective 1 January 2005 have had the following impact on
the Company's consolidated interim financial statements:
IFRS 2 "Share-based payments" - Share options granted in 2003 and 2004 for the
purpose of compensating the Manager for its successful efforts in raising
capital for the Company have been accounted for at the fair value on grant date.
The fair values of such options at the date of grant have been debited to equity
as the costs of issuance of ordinary shares with corresponding increases in
other reserve.
IAS 39 Financial Instruments: Recognition and Measurement - Asset backed
securities, available for sale at fair value of e405.1 million (31 December
2004: e468.0 million) and real estate loans of e23.8 million (31 December 2004:
nil) have been pledged to third parties in sale and repurchase agreements. In
accordance with the revisions to IAS 39 these securities have been reclassified
as pledged securities and loans in the balance sheet.
Both of the above changes in the accounting policies have been made in
accordance with the provisions of IAS 8, Accounting Policies, Changes in
Accounting Estimates and Errors with the corresponding adjustments reflected in
the prior period comparatives.
Basis of Preparation
The consolidated financial statements are prepared on a fair value basis for
derivative financial instruments, investment property, financial assets and
liabilities held for trading, and available-for-sale assets. Other financial
assets and liabilities and non-financial assets and liabilities are stated at
amortised or historical cost.
Basis of Consolidation
The consolidated financial statements comprise the financial statements of
Eurocastle Investment Limited and its subsidiaries for the three-month period
ended 31 March 2005. Subsidiaries are consolidated from the date on which
control is transferred to the Company and cease to be consolidated from the date
on which control is transferred from the Company.
At 31 March 2005, the Company's subsidiaries consisted of Eurocastle Funding
Limited ("EFL"), Eurocastle CDO I PLC ("CDO I"), Eurocastle CDO II PLC ("CDO
II") and Eurocastle CDO III PLC ("CDO III"), all limited companies incorporated
in Ireland. The ordinary share capital of EFL is held by outside parties and has
no associated voting rights. The Company retains control over EFL as the sole
beneficial holder of secured notes issued by EFL. In accordance with the
Standing Interpretations Committee Interpretation 12 Consolidation - Special
Purpose Entities, the Company consolidates CDO I, CDO II and CDO III as it
retains control over these entities and retains the residual risks of ownership
of these entities.
Eurocastle acquired its investment properties through two German limited
liability companies, Longwave Acquisition GmbH ("Longwave") and Shortwave
Acquisition GmbH ("Shortwave") which are held through two Luxembourg companies
(Eurobarbican and Luxgate), set up as societes a responsabilite limitee.
Longwave and Shortwave each own German companies which have been used to hold
one or several of the investment properties. These companies were established as
special purpose vehicles limited to holding the single or multiple real estate
investment properties acquired at the end of December 2004. Longwave has 60
subsidiaries and Shortwave has 2 subsidiaries. Luxgate owns all of the ordinary
share capital of Eurobarbican which in turn owns all of the share capital of
Longwave and Shortwave.
More to follow, for following part double-click [nRN1D8714L]
small e before a number denotes euros