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Technology Stocks : MONI - Marconi Nasdaq ADR

MONI 0.00400

-9.1%

Nov 3 3:47 PM EST

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To: danofthebes who started this subject	5/16/2002 1:19:24 PM
From: David Hansen	Read Replies (5) of 129

Marconi's Annus Horribilis Unveiled -------------------------------------------------------------------------------- LONDON -- Marconi (London and NASDAQ: MONI) today announced financial results for the twelve months to 31 March 2002. Commenting on the results, Mike Parton, chief executive, said 'The last year has been an extremely challenging period across the telecommunications sector and our disappointing full year results reflect this. However, the Board believes Marconi has made considerable progress over the last seven months of the year in refocusing around our Core business and in reducing net debt and our cost base. Most importantly, we have generated significant operating cash during the period.' 'Our on-going three-way restructuring discussions with our syndicate banks and bondholders have entered a new phase and are being conducted in a focused and constructive environment.' Group Sales £4.6 billion, of which £3.1 billion in the Core Group and joint venture operating loss (before exceptional items and goodwill amortisation): £463 million; significant operating cost savings achieved during the year offset by gross margin decline Pre-tax loss: £5,664 million (after exceptional items and goodwill amortisation) Operational Review targets, set by the new management team in September, achieved - Core business operating expenses at year-end consistent with £1 billion annualised target - All major Capital business disposals completed; cash proceeds over £1.5 billion since September (including Medical Systems) - Net debt £2.9 billion well within target range £365 million operating cash inflow since 1 September 2001 Mobile Division to be transferred to Capital and managed for value; planned IPO of Strategic Communications announced Debt restructuring discussions ongoing with syndicate banks and certain bondholder representatives regarding the appropriate capital structure for the Group; could lead to a dilution of value for existing shareholders marconi.com

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