Swarzedz Meble sees little comfort in the coming year

The management of stock-listed furniture holding Swarzedz Meble S.A. has no doubts that 2003 will be another tough year, but claim that restructuring, paying off their creditors and selling some of the company's assets are all possible. "I do not see any signs of improvement in our sector, but we are prepared for it. We have already managed to decrease costs and lower them in line with our revenues," said the president of Swarzedz, Julian Nuckowski. The holding recorded almost zl. 24 million in consolidated net losses on revenues of zl. 87 million after 3 quarters of 2002. Last year Swarzedz planned to issue convertible bonds worth zl. 15 million but failed to reach an agreement with its investors and the permission procedure was suspended due to low stock value. (Parkiet, p. 5) M.M.