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Ceteco News



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 Monday August 21 2000
Ceteco sells unit to management
Ailing durable consumer goods retailer Ceteco Holding said on Monday it had sold its subsidiary Unicon to the unit's management. The unit is based in Aruba in the Dutch Antilles to the north of Venezuela. Unicon has about 100 employees, Ceteco said. It did not disclose financial details of the transaction.

Wednesday March 1 2000
Ceteco sells Surinamese unit
Ceteco said on Wednesday that it reached an agreement to sell its unit CHM Suriname to a group of businesses in Dutch Guyana for an undisclosed sum. CHM, which operates a travel agency and distributes cars as well as other white and brown goods in Dutch Guyana, will be taken over by several companies also active in these retail sectors, Ceteco said. Financial details on the sale will be provided in Ceteco's credit report, set to be released at the end of the month, the company said.

Friday December 24 1999
Ceteco receivers reject Benelux bank terms
The official receivers of Ceteco have rejected the terms of insolvency credit conditions for a USD 15 mln loan set jointly by Generale Bank, ABN Amro and ING. Instead the official receivers have chosen to borrow from Citibank of the US. In their second creditors report, the official receivers indicated that the Benelux banks demanded so many terms and conditions that the receivers could not use the loan.

Monday December 20 1999
Ceteco sells Marijn Trading to mgt
Ceteco announced on Monday that it has reached agreement for a management-led buy-out of its Marijn Trading Group in the Netherlands Antilles. Ceteco said that Marijn's general manager Huub Hammerstein will lead the buy-out with the aid of several financial partners. Marijn employs about 95 people. Financial details were not disclosed.

Monday October 18 1999
Ceteco sells subsidiary in Ecuador
The bankrupt retailing concern Ceteco has sold its loss-making subsidiary in Ecuador to a group investors for an undisclosed sum. Iseca Orve owns 17 stores and various warehouses in Ecuador. Ceteco officials are still searching for buyers for the company's units in Peru and Venezuela.

Friday October 1 1999
Ceteco H1 net loss USD 138 mln
Ceteco reported on Friday a net loss of USD 138 on turnover of USD 208.9 mln. For 1998 the company booked a net profit USD 294,000 on turnover of USD 345.5 mln. The decline is mainly due to the continuing crisis in South America and the in the second-half of 1998 divested activities. Huricanes Mitch and Georges worsened the situation for Ceteco.

Monday September 6 1999
Ceteco brings in strategic advisors
Ceteco is asking advice from US financial advisory company Violy, Byorum & Partners on selling its various operations. Violy, Byorum & Partners specialises in strategic financial planning, particularly in Latin America.

Friday August 27 1999
Ceteco sells Argentinian unit
Ceteco announced on Friday it has sold its Argentinian subsidiary Ceteco Argentinia ('Ventura') to Expert for an undisclosed sum. Expert is a franchise chain of household appliances. For the divestment a provision of some USD 50 mln will be set aside, Ceteco said. The sale of the Argentinian arm, which booked a loss of NLG 80 mln lat year, is part of the plan to continue Ceteco in a slimmed-down form. Ceteco wants to continue in Mexico and aims to divest all its South American activities.

Wednesday August 11 1999
Mexico's Elektra eyes Ceteco stores
Mexican non-food chain Elektra confirmed on Wednesday its interest in the Central American stores of Ceteco. The company said that it would need to access Ceteco's books before it can make a formal bid. Electra said it had tried to contact Ceteco several times but has received no answer yet. Elektra has annual turnover of USD 1 bn. The company operates 931 stores selling white goods, electronic equipment and furniture.

Wednesday August 4 1999
Ceteco receivers optimistic on survival
Ceteco's official receivers said on a news conference on Wednesday that they are optimistic about Ceteco's chances of survival. The receivers aim for the continuation of the company in a slimmed-down form, retaining 3,000 of its current 8,000 workforce. The company would be cut back to its original business in its core territories of Latin America.

Wednesday July 28 1999
Ernst & Young failed to sell Ceteco unit
Consultancy firm Ernst & Young failed to sell Ceteco's Argentinean subsidiary earlier this year after focussing exclusively on one offer from the highest bidder who had less capital than two other candidate buyers, according to media reports. Earlier this month the Argentinean arm of Ceteco requested court protection from its creditors.

Tuesday July 13 1999
Ceteco Argentina seeks court protection
The Argentine arm of Ceteco has requested court protection from creditors following major losses in 1998 and in the first-half of 1999. Last week, its parent company Ceteco also requested court protection from creditors.

Monday July 5 1999
Hagemeyer writes off Ceteco stake
Hagemeyer is taking a NLG 395 mln provision this year, of which three-quarters will be used to fully write off its 66% stake in Ceteco. Ceteco requested court protection from creditors on Friday. The other 25% is necessary for the implementation of a news strategy, Hagemeyer said. The company has set aside a NLG 68 mln provision against a subordinated loan furnished to its ailing subsidiary.

Friday July 2 1999
Ceteco requests court protection from creditors
Ceteco has requested court protection from its creditors after a group of international banks closed its credit line. With the move, Ceteco is creating some breathing space to look at the alternatives after talks with the banks reached an impasse earlier this week. The banks refused to cancel a portion of debt in exchange for shares in Ceteco after months of talks about Ceteco's credit lines.

Tuesday June 29 1999
Ceteco's credit talks in impasse
Ceteco said on Monday that negotiations with its main creditors reached an impasse. Ceteco has proposed its creditors to convert part of its debt in shareholders equity, which was refused by the banks. The Latin American market is not performing up to expectations and Ceteco is seeking to bolster its shareholders equity to form a buffer against further setbacks. On the Amsterdam stock exchange Ceteco dropped 10% to a close of EUR 9.05.

Tuesday June 1 1999
Ceteco receives new credit lines
Ceteco announced on Tuesday it had set a major step in the negotiations with its creditors about the continuation of its credit lines for one year. Majority shareholder Hagemijer has invested another USD 33 mln in the company, while the banks have converted USD 17 mln in outstanding loans into subordinated loans.

Wednesday May 5 1999
Banks extend Ceteco's credit line
Ailing trading company Ceteco has had its credit line extended by a month instead of a year, as planned earlier, according to a report in De Telegraaf newspaper. The company yesterday said it would give definitive details about the financing within the next two to three weeks.

Wednesday April 14 1999
Ceteco seeks partner in Argentina
Ceteco is seeking a strategic partner in Argentina to help restore its fortunes in Latin America where its has been hard hit by the ongoing financial crisis and tropical storms. Chairman Ton Houben said he expects additional extraordinary charges from reorganisations in Argentina and Venezuela will adversely affect the group's 1999 earnings.

Tuesday April 6 1999
Bankers to review Ceteco loans
Retail stores group Ceteco is to receive clarity over the continuation of its financing before April 30, according to the group's 1998 annual report. The company, which is active in Latin America, faced problems last year after a series of natural disasters and the resultant collapse of local economies.

Tuesday February 16 1999
Ceteco net loss down NLG 123.7 mln
Ceteco reported on Tuesday a net loss for 1998 of NLG 83.8 mln, compared with net profit of NLG 39.9 mln the company booked for 1997. The loss includes a reorganisation provision of over NLG 66 mln. Turnover decreased 15% from NLG 1,361.5 mln to NLG 1,154.1 mln. Operating income fell 36% from NLG 127.6 mln to NLG 81.3 mln.

Tuesday February 2 1999
No funds for Ceteco rescue
Ceteco is finding it difficult to persuade banks to join in a USD 50 mln rescue package, despite the fact that Hagemeyer, which holds 66% of Ceteco shares, has agreed to grant the company NLG 63 mln in subordinated loans. Banks must supply the remaining NLG 32 mln. The USD 50 mln is to bolster Ceteco's balance sheet which has been adversely affected by Hurrican Mitch in Central America and the financial crisis in Brazil.

Thursday January 28 1999
Ceteco hurt by Latin American crisis
Ceteco has announced a radical reorganisation in response to the economic downturn in South America. Ceteco announced on Thursday, the measures will result in an extraordinary charge of USD 35 mln for 1998. Last year, the company booked operating losses og USD 10 mln. Company chairman P. Houben said the policy of expansion pursued in recent months had increased the company's risk profile and that this would now be brought back to acceptable proportions.

Tuesday November 10 1998
Ceteco new chairman
Ceteco's chairman F. Eigenveld has resigned. Ceteco is to reorganise and may suffer sharp losses arising in the wake of Hurricane Mitch which devastated parts of Latin America, a major Ceteco market. The company issued a profit warning and the news of Eigenveld's departure simultaneously on Tuesday. Ton Houben, head of Philips'treasury department, is to replace Eigenveld. It is unclear whether Ceteco will end the year in profit.

Monday November 9 1998
Little hurricane damage for Ceteco
Ceteco said there was little material damage from Hurricane Mitch to its many stores in heavily-damaged Central America. All Ceteco's stores remain open. However, a spokeman said it was impossible to estimate thr hurricane's effect on sales. Ceteco employs 3,546 people in Central America and booked 1997 sales of NLG 384.2 mln in the region. This represents 28% of group sales.

Tuesday August 25 1998
Ceteco H1 net profit down USD 3.5 mln
Ceteco reported on Tuesday net profit for the first-half of 1998 fell USD 3.5 mln to USD 0.3 mln, compared with net profit of USD 3.8 mln the company booked in the comparible period of 1997. Turnover increased 5% from USD 264.4 mln to USD 277.8 mln. Operating income increased 33% from USD 21.5 mln to USD 28.7 mln.

Thursday July 9 1998
Ceteco issues profit warning
Ceteco has issued a profit warning on Thursday. The company said it had major problems in its operations in Argentina and Venezuela. Consumer confidence has fallen in Argentina. The International Monetary Fund has forced the government to announce austerity measures. Ceteco chairman Frits Eigenfeld said Argentina's economic growth slowed from 7% in the first quarter to 4% in the second quarter and is likely to be flat in the second-half.

Friday February 13 1998
Ceteco reports net profit of NLG 39.9 mln
Ceteco has reported a net profit of NLG 39.9 mln for 1997, compared with NLG 28.1 mln the company booked in 1996. In US-dollars, the net profit increased 22.6% from US$ 16.1 in 1996 to US$ 19.7 mln in 1997. Turnover increased with 30% from US$ 48.5 mln in 1996 to US$ 63.2 mln in 1997. Despite a 9.8% growth of shares, Earnings per share rose with 29.3% at NLG 4.81, compared with NLG 3.72 for 1996.

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