FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of June, 2003
A/S STEAMSHIP COMPANY TORM
(Translation of registrant's name into English)
Marina Park
Sundkrogsgade 10
DK-2100 Copenhagen 0
Denmark
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F X Form 40-F
------- -------
Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the information
to the commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act
of 1934.
Yes No X
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INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Set forth herein as 1) Exhibit 1 is a copy of a Statement No. 6 -
2003 issued by A/S STEAMSHIP COMPANY TORM (the "Company") to The Copenhagen
Stock Exchange (the "Exchange") on May 22, 2003 2) as Exhibit 2 is a copy of
Share Statement No.5/2003 issued by the Company to the Exchange on June 3,
2003, and 3) as Exhibit 3 is a copy of Share Statement No.6/2003 issued by the
Company to the Exchange on June 3, 2003.
Exhibit 1
RELEASE TO THE COPENHAGEN STOCK EXCHANGE NO. 6 - 2003
22 May 2003
TORM's first quarter 2003 results - increased expectations for full year
results
o Profit after tax for the first quarter of 2003 was DKK 101 mill. (DKK 3
mill. for first quarter 2002). Profit after tax includes an unrealized
gain of DKK 15 mill. in respect of the Company's holding in
Dampskibsselskabet `NORDEN' A/S.
o Profit after tax was better than expected.
o Expectations for full year 2003 results are increased from the previously
announced forecast made on 24 March 2003 of DKK 190-220 mill, to profit
after tax in the region of DKK 240-270 mill., but subject to considerable
uncertainty in both directions due to the global economic situation.
o EBITDA were DKK 139 mill. for the first quarter 2003 (DKK 60 mill.)
o EBIT were DKK 95 mill. (DKK 21 mill.)
o During the first quarter 2003 the Company took delivery of two MR
product tankers (TORM THYRA and TORM FREYA) and sold TORM GYDA.
o Accounting policies have been changed in order to present the
accounts with USD as the measurement currency, which more accurately
reflects the Company's activities. The change in accounting policies
has resulted in an increase in net income for the period of DKK 5
mill., and a transitional adjustment to reduce shareholders' equity
at 1 January 2003 by DKK 95 mill.
A/S Dampskibsselskabet TORM
Contact person: Klaus Kjaerulff, CEO (tel.: +45 39 17 92 00)
GROUP FINANCIAL HIGHLIGHTS
First
quarter
DKK mill. 2002 2002
First (Restated) (Restated)
quarter Continuing Continuing
2003 operations operations
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INCOME STATEMENT
--------------------------------------------------------------------------------
Net revenue 502 357 1,539
Port expenses, Bunker, Charter hire and
Operating costs (349) (293) (1,236)
---- ---- ------
Gross profit (Net earnings from shipping
activities) 153 64 303
Profit from discontinued activities 0 3 95
Profit from sale of vessels and interests 0 5 17
Administrative expenses (27) (24) (102)
Other operating income 13 12 55
---- ---- ------
Profit before depreciation (EBITDA1) 139 60 368
Depreciation (44) (39) (158)
---- ---- ------
Profit before financial items (EBIT) 95 21 210
Financial items, net 6 (19) (13)
---- ---- ------
Profit/(loss) before tax 101 2 197
Tax 0 1 360
---- ---- ------
Net profits after tax for the period 101 3 557
==== ==== ======
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BALANCE SHEET
--------------------------------------------------------------------------------
Fixed assets 3,263 2,737 3,193
Total assets 4,159 4,003 4,013
Shareholders' equity 1,674 1,367 1,624
Provisions 0 372 0
Debt 2,485 2,264 2,389
Invested capital 2,932 2,352 2,846
Net interest bearing debt 1,562 1,023 1,512
Cash and bonds 574 759 522
CASH FLOW
From operating activities 87
From investing activities (217)
thereof investment in tangible fixed
assets (328)
From financing activities 182
----
Net cash flow 52
1 EBITDA is defined as earnings before income taxes, financial items,
depreciation and amortizations. This does not represent a measure under
Generally Accepted Accounting (GAAP) principles. EBITDA does not represent and
should not be considered as an alternative to net income or cash flow from
operations as determined by generally accepted accounting principles, and our
calculation thereof may not be comparable to that reported by other companies.
We believe that it is widely accepted that EBITDA provides useful information
regarding a company's ability to service and incur indebtedness. EBITDA does
not take into account our working capital and debt service requirements, and
accordingly is not necessarily indicative of amounts that may be available for
discretionary use.
KEY FIGURES AND SHAREHOLDERS EQUITY FOR THE GROUP
First
quarter
DKK mill. 2002 2002
First (Restated) (Restated)
quarter Continuing Continuing
2003 operations operations
--------------------------------------------------------------------------------
KEY FIGURES
--------------------------------------------------------------------------------
Gross margin 30.5% 17.9% 19.7%
EBITDA margin 27.7% 16.8% 23.9%
EBIT margin 18.9% 5.9% 13.6%
Share price, end of period (DKK) 65.8 58.6 56.4
Millions of shares, end of period 18.2 18.2 18.2
Earnings per share (DKK) 5.5 0.2 30.6
RoE* 24.5%
RoIC* 13.2%
Equity ratio 40.3% 34.1% 40.5%
Exchange rate USD/DKK, end of period 6.82 8.50 7.08
Exchange rate USD/DKK, average 6.92 8.48 7.89
Shareholders' equity DKK Mill.
Balance at 1 January 2003 1,719
Transitional adjustment (95)
----
Adjusted balance at 1 January 2003 1,624
Exchange adjustment of shareholders'
equity in
subsidiaries and associated companies (15)
Exchange adjustment of loans to
subsidiaries and
associated entities (29)
Adjustment of derivatives and own shares (10)
Exchange adjustment of loans 2
Net profit from profit and loss statement 101
------
Balance at 31 March 2003 1,674
----------
* Annualised
FINANCIAL RESULTS FOR FIRST QUARTER 2003
Gross Profit (Net earnings from shipping activities) for the first quarter of
2003 were DKK 153 mill. (against DKK 64 mill. for the first quarter of 2002).
The higher gross profit was primarily due to improved freight rates within
both the Tanker and Bulk divisions.
Profit before depreciation (EBITDA) was DKK 139 mill. (DKK 60 mill.)
Depreciation was DKK 44 mill. (DKK 39 mill.). The increase was the result of
the delivery of six new buildings during 2002-3.
Financial items, net, totalled DKK 6 mill. (DKK (19) mill.). First quarter
2003 financial items include an unrealized gain relating to the holding in
NORDEN of DKK 15 mill., whilst the remaining reduction in financial items were
primarily due to lower interest rates, coupled with a lower USD/DKK exchange
rate.
Profit before tax was DKK 101 mill. (DKK 2 mill.). Net profit after tax for
the quarter was DKK 101 mill. (DKK 3 mill.).
The Tanker division contributed by far the largest share of the profits, DKK
80 mill. after tax, whilst the Bulk division showed a result of DKK 2 mill.
Other activities (Offshore and unallocated financial items) had profits after
tax of DKK 19 mill.
Cash flow from operating activities was DKK 87 mill., consisting of cash
earnings of DKK 125 mill. less an increase in working capital of DKK 29 mill.
Cash flow from investing activities were DKK (217) mill., consisting of
investments in vessels of DKK 328 mill., especially in relation to the
newbuilding program, less payments received in the amount of DKK 110 mill.
primarily relating to the sale of TORM GYDA.
Cash flow from financing activities was DKK 182 mill. during the quarter. The
amount consists of loans in connection with newbuildings in the amount of DKK
270 mill. less debt repayments of DKK 88 mill., especially in connection with
debt repayment of loans primarily related to TORM GYDA.
Net cash flow was thereby DKK 52 mill. during the quarter, increasing the
Company's cash and bond holdings to DKK 574 mill. at the end of the quarter,
as against DKK 522 mill. at year-end 2002.
Total assets increased during the quarter from DKK 4,013 mill. to DKK 4,159
mill. primarily as a result of the delivery of two newbuildings during the
period. The investment in NORDEN has been valued at DKK 390/share, which was
the closing price on the Copenhagen Stock Exchange at the end of the quarter.
The first quarter result includes an unrealized gain on the NORDEN holding of
DKK 15 mill.
Fixed assets increased during the quarter from DKK 3,193 mill. to DKK 3,263
mill. as a result of the delivery of two newbuildings.
The Company's net debt increased during the quarter from DKK 1,512 mill. to
DKK 1,562 primarily due the financing of newbuildings.
Equity increased from DKK 1,624 mill. to DKK 1,674 mill. primarily due to the
addition of net profit after tax for the quarter.
At 31 March 2003, the Company owned 881,368 of its own shares, equivalent to
4.8% of the Company's share capital. The number of owned shares was unchanged
from 31 December 2002.
--------------------------------------------------------------------------------
First quarter 2003 by division (DKK mill.)
--------------------------------------------------------------------------------
Tanker Bulk
division division Others Total
Net Revenue 316 182 4 502
Port expenses, bunker, charter hire
and operating costs (174) (171) (3) (349)
Net earnings from shipping activities
(gross profit) 141 11 1 153
Administrative expenses (19) (6) (2) (27)
Other operating income 13 0 0 13
Profit before depreciation (EBITDA) 135 5 (1) 139
Depreciation (38) (5) (0) (44)
Profit before financial items (EBIT) 96 0 (1) 95
Financial items, net (16) 2 20 6
Profit/(loss) before tax 80 2 19 101
Tax 0 0 0 0
Net profit for the year 80 2 19 101
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TANKER DIVISION
The tanker division achieved a net profit after tax of DKK 80 mill. during the
quarter.
During the quarter, the Company's three Pools, of which the LR2 Pool is
jointly managed with A.P. M0ller, achieved significantly higher rates than in
the first quarter of 2002. Rates for the first quarter of 2003 were on average
59%, 36% and 21%, respectively higher than first quarter 2002 for the three
pools; LR2 (Aframax), LR1 (Panamax) and MR (Handymax).
Earnings data for the tanker division
USD/Day 2003 2002
First First % Change
quarter quarter q1-q1
LR2/Aframax vessels
-------------------------------------------------------------------------------
Available earning days 270 270 0%
Average number of vessels 3.0 3.0 0%
TCE per earning days *) 31,237 19,875 57%
OPEX per earning days **) -5,651 -4,732 -19%
Operating C/F per earning days ***) 16,931 4,668 263%
-------------------------------------------------------------------------------
LR1/Panamax vessels
-------------------------------------------------------------------------------
Available earning days 210 357 -41%
Average number of vessels 2.3 4.0 -41%
TCE per earning days *) 23,630 17,569 35%
OPEX per earning days **) -5,691 -6,951 18%
Operating C/F per earning days ***) 17,939 5,958 201%
-------------------------------------------------------------------------------
MR vessels
-------------------------------------------------------------------------------
Available earning days 1,004 523 92%
Average number of vessels 11.2 5.8 92%
TCE per earning days *) 18,355 15,305 20%
OPEX per earning days **) -5,701 -5,046 -13%
Operating C/F per earning days ***) 12,653 10,166 24%
-------------------------------------------------------------------------------
*) TCE = Time Charter Equivalent Earnings = Gross freight income less bunker,
commissions and port expenses
**) Operating expenses for own vessels.
***) TCE earnings less operating expenses and charter hire.
The significantly higher rates were the result of a number of factors, all of
which contributed to the increased charter rates. These included a lengthy
general strike in Venezuela that has now ended, resulting in longer
transportation required for refined products, especially for cargoes destined
for the U.S., uncertainty about the war in Iraq, low inventories globally of
refined products, along with an increasing focus on modern, quality tonnage in
reaction to the "Prestige" sinking in November 2002.
Following the delivery of six newbuildings in 2002-3, the Company had
considerably more `operating days' during the first quarter of 2003 than in
the first quarter of 2002, whilst the number of operating days in the LR1
segment fell due to the redelivery of time chartered vessels.
The higher operating costs incurred during the first quarter of 2003 compared
to first quarter 2002 were principally due to the lower USD/DKK exchange rate,
as wages to Danish crew on board the Company's vessels are paid in DKK.
As part of TORM's on -going expansion, a new office has been opened in
Singapore. The office will serve to strenghen the marketing and profile of
TORM's three Pools in this strategically vital area.
BULK DIVISION
The bulk division achieved a net profit after tax of DKK 2 mill. during the
quarter.
This was brought about by better rates for both the Panamax and Handysize
ships, which improved 25% and 50% respectively as compared with the first
quarter of 2002. Hedging of freight rates reduced TORM's results in the Bulk
division in the first quarter of 2003.
The higher rates were primarily the result of strong demand from China,
together with the shutdown of Japanese nuclear power stations leading to
greater demand for coal. Furthermore, growth in the global fleet was very
limited.
TORM took a number of ships on time charter during 2002 at attractive rates,
resulting in a 30% increase in the number of operating days in the Panamax
segment, and a 13% increase in the Handysize segment, compared to the first
quarter of 2002.
Earnings data for the bulk division
q1 q1 change
Panamax vessels 2002 2003 q1-q1
--------------------------------------------------------------------------------
Available earning days 891 1,161 30%
Average number of vessels 9.9 12.9 30%
TCE per earning days *) 7,332 9,166 25%
OPEX per earning days **) -6,238 -5,208 17%
Operating C/F per earning days ***) -1,487 606 141%
--------------------------------------------------------------------------------
Handysize vessels
--------------------------------------------------------------------------------
Available earning days 315 356 13%
Average number of vessels 3.5 4.0 13%
TCE per earning days *) 5,014 7,526 50%
OPEX per earning days **) -3,451 -3,442 0%
Operating C/F per earning days ***) 161 2,664 1558%
--------------------------------------------------------------------------------
*) TCE = Time Charter Equivalent Earnings = Gross freight income less bunker,
commissions and port expenses
**) Operating expenses for own vessels.
***) TCE earnings less operating expenses and charter hire.
OTHER ACTIVITIES
The Company's other activities consist of one remaining offshore platform
supply vessel which is due to be redelivered in the second half of 2003, as
well as certain small adjustments related to the Company's Liner activity
prior to the sale of this division in 2002. This activity is operating in
accordance to plan. The figures for "other activities" include unallocated
financial items of DKK 20 mill.
FLEET DEVELOPMENT
As part of the Company's strategy to retain a fleet amongst the youngest in
the industry, two further newbuildings were delivered during January 2003,
TORM THYRA and TORM FREYA. The vessels are MR product tankers and were
delivered from the STX yard in South Korea. In January 2003, TORM GYDA was
sold.
At the end of the quarter, the Company owned 16.5 product tankers and 4 dry
bulk vessels.
The Company's order book consists of four newbuildings of which two are LR2
product tankers to be delivered during the second half of 2003 and two are LR1
product tankers for delivery in 2004. A second-hand dry bulk vessel is due to
be delivered to the Company mid-2003.
POOLS
TORM's three product tanker pools consisted of 12 partners with a total of 58
vessels at the end of the quarter. Four vessels were added to the fleet since
the end of 2002. During the quarter, Pacific Carriers Limited notified the MR
Pool of its wish to leave the pool with 3 vessels, which will take effect up
to October 2003.
There are on-going discussions with potential pool partners to join the
existing pools.
DAMPSKIBSSELSKABET "NORDEN" A/S
TORM continues to evaluate all possibilities in respect of the Company's
holding in NORDEN, including selling the holding, increasing the offer price
or adopting a wait and see attitude.
EXPECTATIONS FOR THE REMAINDER OF THE YEAR
Charter rates for the product tankers have been at very high levels for the
first quarter and into the second quarter of 2003. This is the effect of a
number of individual factors the effects of which are now diminishing. The
limited growth of the world economy, coupled with a substantial growth in the
world fleet is expected to negatively impact charter rates in the second half
of the of 2003, although relatively low inventories of refined products and an
increasing focus on environmental aspects are expected to provide a floor for
the rate levels. Consequently, the Company expects significantly lower product
tanker freight rates in the second half of 2003.
Bulk rates have, as expected, been firm during the first quarter and are
expected to remain at reasonable level for the remainder of the year, given a
relatively modest growth in the world fleet. Hedging of freight rates reduced
TORM's results in the Bulk division in the first quarter of 2003, but the
effect of hedging is expected to decrease in the remainder of 2003. Lower
economic growth globally, coupled with the effects of the SARS virus on the
Chinese economy could, however, negatively impact the bulk market for the
remainder of the year.
Given the higher than expected freight rates for the year to date, the Company
has increased its original forecast of a profit after tax of DKK 190-220 mill.
for the year as a whole, to a profit after tax in the region of DKK 240-270
mill. The forecast is subject to considerable uncertainty in both directions
due to the global economic situation.
This forecast includes an unrealized gain on the Company's holding in NORDEN
of DKK 15 mill. and is based on a USD/DKK exchange rate for the remainder of
the year of DKK 6.50 to the USD, giving an average rate for the year as a
whole of 6.64.
SAFE HARBOUR STATEMENT - FREMADRETTEDE UDSAGN
This release contains forward-looking statements concerning future events (as
defined in ss. 21E in Securities Exchange Act of 1934 with changes) and the
Company's operations, performance and financial conditions, including, in
particular, statements regarding: Spot and TCE rates in the near and long
term, operating days, tanker and bulker supply and demand, supply and demand
for oil and refined products, expectations about the Company's future capital
requirements and capital expenditures, the Company's growth strategy and how
it is implemented, the number of partner and the number of vessels the
partners have in the pools, environmental changes in regulation, cost savings
and other benefits. Words such as "expects", "intends", "plans", "believes",
"anticipates", "estimates", "outlook" and variations of such words and similar
expressions are intended to identify forward-looking statements.
These statements involve known and unknown risks and are based on a number of
assumptions and estimates, which are inherently subject to significant
uncertainties and contingencies, many of which are beyond the control of the
Company. In addition to the factors and matters discussed elsewhere in this
report, important factors that, in TORM's view, could cause actual results to
differ materially from those discussed in the forward looking statements
include the strengths of world economies, currencies and interest rate levels,
general market conditions, including fluctuations in charter hire rates and
vessel values, changes in demand in the shipping market, including the effect
of changes in OPEC's petroleum production levels and worldwide oil consumption
and storage, changes in the Company's operating expenses, including bunker
prices, dry-docking and insurance costs, changes in governmental rules and
regulations or actions taken by regulatory authorities, potential liability
from pending future litigation, general domestic and international political
conditions, potential disruption of shipping routes due to accidents or
political events, and other important factors described from time to time in
the reports filed by TORM with the Copenhagen Stock exchange and the
Securities and Exchange Commission.
ACCOUNTING POLICIES
The report for first quarter 2003 has been prepared in accordance with the
same accounting policies as applied in the annual report for 2002 with the
exception, that from 1 January 2003 USD is applied as the Company's
measurement currency in the operating entities, while DKK still is the
measurement currency in the administrative entity.
As the shipping industry and not least the Company is USD-based, the Company
considers that the application of USD as measurement currency to a greater
extent reflects the economic realities behind the events and conditions
relevant to the Company. Thus the application of USD as measurement currency
will give a more true and fair view of the Company's activities.
Change in accounting policies
Almost all the Company's transactions are in USD, as revenues from shipping
activities as well as shipping related costs, such as port expenses, bunkers
etc. are almost exclusively are settled in USD. Furthermore, all material
investments in tangible fixed assets, the vessels, are in USD, and the market
values of the vessels depends on the exchange rate on USD. Mortgage debts
related to vessels are also in USD.
Thus the Company meets the criteria that qualify for applying USD as
measurement currency in accordance with SIC 19 (IAS' interpretation of:
"Reporting Currency - Measurement and Presentation of Financial Statements
under IAS 21 and IAS 29").
Hereafter translation from USD to DKK is made in accordance with SIC 30's
("Reporting Currency - Translation from Measurement Currency to Presentation
Currency") directions regarding translation from measurement currency to
presentation currency, which implies that:
>> all transactions in the income statement are translated based on the
average DKK exchange rate for the period,
>> assets and liabilities are translated based on the DKK exchange rate as
at the balance sheet date,
>> all foreign exchange rate gains or losses arising upon translation from
measurement currency to presentation currency are recognized directly to
shareholders' equity.
Previously exchange rate translations regarding the Parent Company, including
integrated entities, were made in accordance with the principles for
integrated entities as prescribed in the Danish Accounting Standard no. 9 (and
IAS 21), which essentially implied that:
>> depreciation expenses regarding vessels and capitalized dry-docking
recognized in the income statement, primarily were translated based on
historical USD exchange rates,
>> non-monetary items in the balance sheet, such as vessels and capitalized
dry-docking, were primarily translated into DKK based on historical USD
exchange rates,
>> mortgage debts relating to the financing of vessels were translated into
DKK based on the USD exchange rate as at the balance sheet date, and that
foreign exchange rate gains or losses arising upon translation of the
mortgage debts at the balance sheet date were recognized directly in
shareholders' equity, as the mortgage debts were considered hedges of the
currency risk relating to the vessels,
>> monetary items were translated into DKK based on the USD exchange rate as
at the balance sheet date, and that foreign exchange rate gains or losses
were recognized in the income statement.
The application of USD as the measurement currency and the method concerning
translation from measurement currency to presentation currency in accordance
with SIC 30, is a deviation from the Danish Financial Statements Act ss.39,
stk. 1 which prescribes that non-monetary items must be translated into DKK
based on the exchange rate at the transaction date. The deviation is adopted
with reference to the Danish Financial Statements Act ss.11, stk. 3 concerning
the true and fair view.
The change in accounting policies has resulted in an increase in net income of
DKK 5 mill. for the three-month period ended 31 March 2003, and a transitional
adjustment to reduce shareholders' equity at 1 January 2003 by DKK 95 mill.
Comparative figures have been restated in accordance with the change in
accounting policies. The following provides a summary of the impact on the
income statement and balance sheet for the three-month period ended 31 March
2003:
Historical New
accounting accounting
policies Adjustments policies
DKK mill. DKK mill. DKK mill.
INCOME STATEMENT
Profit before financial items 94 1 95
Profit before taxes 96 5 101
Income taxes 0 0 0
Profit for the period 96 5 101
Total assets 4,425 -265 4,160
Deferred taxes 0 0 0
Shareholders' equity 1,940 -265 1,674
RECONCILIATION TO US GAAP
Reconciliation to United States Generally Accepted Accounting Principles (US
GAAP) at 31 March 2003.
Net income
----------
DKK Mill. USD Mill.
Net Income under Danish GAAP 101 15
Dry dock costs (1) (0)
Write-down of vessels - -
Unrealised gains(losses) on marketable
securities (12) (2)
Derivative financial instruments (4) (1)
Share options 1 0
Tonnage taxation (deferred tax) (7) (1)
----- ----
Net income in accordance with US GAAP 79 12
DKK/USD exchange rate at 31 March 2003 of 6.82 has been used for the
translation.
EXHIBIT 2
K0benhavns Fondsb0rs
Nikolaj Plads 6
1067 K0benhavn K
04 June 2003 Share statement no. 5/2003
Contact Person: Klaus Nyborg, CFO, (Phone +45 3917 9200)
This is to notify you of changes in the shareholdings of the company's
insiders pursuant according to the Danish Securities Trading Act.
Securities Trade Holding Market Total Holding Total market
Code date number value number value
----- ---- ------ ----- ------------- ------------
DK0010281468 22 May 2003 -950 -82,650.00 1,178,273 98,515,392.00
Yours faithfully
A/S Dampskibsselskabet TORM
Klaus Nyborg
EXHIBIT 3
K0benhavns Fondsb0rs
Nikolaj Plads 6
1067 K0benhavn K
04 June 2003 Share statement no. 6/2003
Contact Person: Klaus Nyborg, CFO, (Phone +45 3917 9200)
This is to notify you of changes in the shareholdings of the company's
insiders pursuant according to the Danish Securities Trading Act.
Securities Trade Holding Market Total Holding Total market
code date number value number value
---- ---- ------ ----- ------------ -------------
DK0010281468 23 May 2003 -8,690 -782,680.00 1,169,583 105,157,200.00
Yours faithfully
A/S Dampskibsselskabet TORM
Klaus Nyborg
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
A/S STEAMSHIP COMPANY TORM
(registrant)
Dated: June 4, 2003 By:
--------------------------
Klaus Nyborg
Chief Financial Officer
03810.0001 #408597