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 May, 2001
CENARGO INTERNATIONAL PLC
(Translation of registrant's name into English)
Puttenham Priory
Puttenham
Surrey GU3 1AR
United Kingdom
(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
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Set forth herein is Cenargo International Plc's
quarterly report for the period ended March 31, 2001 containing a
Management's Discussion and Analysis of Financial Condition and
Results of Operation and Unaudited Consolidated Financial
Statements.
2
CENARGO INTERNATIONAL PLC
QUARTERLY REPORT
MARCH 31, 2001
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
GENERAL
Cenargo, an English company, is a diversified international
transportation group specialising in European freight and
passenger ferry services, international ship owning and
chartering, the movement of surface and airfreight and the
management of freight logistics.
RESULTS OF OPERATIONS
Three months ended March 31, 2001 compared to three months ended
March 31, 2000.
Operating Revenues
Operating revenues increased in the second quarter ended March
31, 2001 (the '2001 quarter') by 5.5 million pound sterling to
29.7 million pound sterling compared to 24.2 million pound
sterling in the second quarter ended March 31, 2000 (the '2000
quarter'). The increase comprises a 3.7 million pound sterling
increase in charter hire revenues, 0.3 million pound sterling
increase in Irish Sea revenues, and a 1.5 million pound sterling
increase in logistics and other income. The increase in charter
hire revenues follows delivery of Northern and Midnight Merchant
in March and September 2000 respectively and the charter of those
two vessels to third parties from delivery. The increase of 0.3
million pound sterling in Irish Sea revenues is after taking into
account penalties and liquidated damages of $2.7 million included
in the 2000 quarter. The increase of 1.5 million pound sterling
in logistics' revenues represents increased levels of business
from the group's logistics' operations.
Operating Expenses
Vessel and other operating costs increased by 4.0 million pound
sterling to 22.3 million pound sterling compared to 18.3 million
pound sterling in the 2000 quarter primarily as a result of the
inclusion of the operating costs of Northern and Midnight
Merchant delivered in March and September 2000 respectively and
increased volume of business in the Irish Sea and Logistics'
operations.
Depreciation for the 2001 quarter has increased by 0.3 million
pound sterling to 1.9 million pound sterling compared to 1.6
million pound sterling in the 2000 quarter. This mainly arises as
a result of the inclusion of capital costs relating to the
Northern and Midnight Merchant.
1
General and administration expenses for the 2001 quarter
decreased by 0.3 million pound sterling to 2.1 million pound
sterling compared to 2.4 million pound sterling in the 2000
quarter. The reduction mainly represents the rationalisation of
staffing levels throughout the group.
Primarily as a result of these developments total operating
expenses increased by 4.2 million pound sterling to 26.5 million
pound sterling for the 2001 quarter compared to 22.3 million
pound sterling for the 2000 quarter.
Net Operating Income
As a result of the foregoing factors net operating income
increased by 1.3 million pound sterling to 3.1 million pound
sterling for the 2001 quarter compared to net operating income of
1.8 million pound sterling in the 2000 quarter.
Other Income/ Expenses
Interest expense in the 2001 quarter increased by 0.3 million
pound sterling to 3.3 million pound sterling compared to 3.0
million pound sterling in the 2000 quarter. This mainly
represents the costs of the financing of Lagan and Mersey Viking
purchased during the 2001 quarter.
Net Loss
As a result of the foregoing factors the net loss decreased by
0.6 million pound sterling to breakeven in the 2001 quarter,
compared to 0.6 million pound sterling loss in the 2000 quarter.
Six months ended 31st March 2001 compared to six months ended
31st March 2000.
Operating Revenues
Operating revenues in the six months ended March 31, 2001 (the
'2001 period') increased by 9.7 million pound sterling to 59.7
million pound sterling compared to 50 million pound sterling in
the six months to March 31, 2000 (the '2000 period'). The
increase comprises 7.6 million pound sterling in charter hire
revenues a reduction of 1.4 million pound sterling in Irish Sea
revenues and an increase of 3.5 million pound sterling in
logistics' revenues. The increase in charter hire revenues is
mainly due to the delivery of Northern and Midnight Merchant in
March and September 2000 respectively. Both vessels were
chartered out to third parties following delivery.
The reduction in Irish Sea revenue is after taking into account
approximately 4.5 million pound sterling of compensation and late
2
delivery claims in the 2000 period. After taking this into
account there was an increase in revenues of 3.1 million pound
sterling from Irish Sea operations in the 2001 period, mainly
arising from improved volumes. The increase in logistics'
revenues is mainly attributable to increased levels of business.
Operating Expenses
Vessel and other operating expenses increased in the 2001 period
by 9.1 million pound sterling to 47.4 million pound sterling
compared to 38.3 million pound sterling in the 2000 period. This
mainly reflects the inclusion of the operating costs of Northern
and Midnight Merchant delivered in March and September 2000,
respectively together with increased volumes in the group's Irish
Sea and logistics' businesses. Depreciation for the 2001 period
increased by 0.5 million pound sterling to 3.8 million pound
sterling from 3.3 million pound sterling in the 2000 period. This
mainly reflects capital costs associated with the Northern and
Midnight Merchant.
Amortisation of drydocking in the 2001 period increased by 0.3
million pound sterling to 0.9 million pound sterling from 0.6
million pound sterling in the 2000 period, mainly due to higher
cost of drydocking the group's fleet.
General and administrative expenses in the 2001 period reduced by
0.7 million pound sterling to 4.0 million pound sterling from 4.7
million pound sterling in the 2000 period. This mainly reflects
rationalisation of staffing levels throughout the group.
Primarily as a result of these developments the total operating
expenses increased in the 2001 period by 10.8 million pound
sterling to 56.4 million pound sterling compared to 45.6 million
pound sterling in the 2000 period.
Net Operating Income
As a result of the foregoing factors net operating income
decreased by 1.1 million pound sterling to 3.3 million pound
sterling in the 2001 period compared to 4.4 million pound
sterling in the 2000 period.
Other Income / Expenses
Interest expense in the 2001 period increased by 0.3 million
pound sterling to 6.4 million pound sterling compared to 6.1
million pound sterling in the 2000 period. This mainly represents
the cost of the financing of Lagan and Mersey Viking purchased in
March 2001.
3
Breakage costs on termination of capital leases reduced by 0.8
million pound sterling to nil in the 2001 period compared 0.8
million pound sterling in the 2000 period. These were no breakage
costs in the 2001 period.
Net Loss
As a result of the foregoing the net loss for the 2001 period
increased by 0.5 million pound sterling to 1.9 million pound
sterling compared to 1.4 million pound sterling in the 2000
period.
Liquidity and Capital Reserves
Total shareholders' equity at March 31, 2001 was 24.5 million
pound sterling compared to 26.0 million pound sterling at March
31, 2000. The decrease of 1.5 million pound sterling is
represented by a net loss for the twelve months of 0.2 million
pound sterling and a cumulated currency translation adjustment of
1.0 million pound sterling.
Long term debt at March 31, 2001 mainly consists of 121.7 million
pound sterling of 9% First Priority Ship Mortgage Notes, and 41.3
million pound sterling mainly relating to the purchase of the
Lagan and Mersey Viking in March 2001.
On March 31, 2001 the Company had cash and cash equivalents of
10.3 million pound sterling compared to 7.5 million pound
sterling at March 31, 2000. The Company's free cash at March 31,
2001 was 7.2 million pound sterling.
Taxation
The UK Treasury published the Finance Bill in April 2000,
including the proposed UK tonnage tax regime. The bill will
become law in late summer 2000.
The tonnage tax regime will allow UK shipping companies to elect
to pay corporate tax based on a nominal profit derived from the
net tonnage of its ships. Non shipping activities will be "ring
fenced" and taxed as before, based on taxable net income. The
regime is intended to promote the UK shipping industry and its
competitive position.
Cenargo is considering entering the tonnage tax regime from
October 1, 2000 or 2001. This will allow Cenargo to operate its
ferry and shipping business virtually tax-free. Transitional
rules of the regime mean that the majority of the Company's
deferred tax liability (7.6 million pound sterling at March 31,
2001) will be extinguished over a seven year period at
approximately 15% per annum.
4
SEGMENT ANALYSIS
Irish Sea
As in previous years the quarter's results were adversely
effected by the winter weather. Having said that, the RoPax
vessels on the Liverpool - Dublin and Liverpool - Belfast
services only lost one sailing during the quarter. The
reliability of these services is proving to be a strong marketing
point with existing and potential new customers.
Volumes carried during the quarter were as follows:
ETU's
- -----
LIVERPOOL - BELFAST 33,363
LIVERPOOL - DUBLIN 28,465
HEYSHAM - BELFAST 33,044
HEYSHAM - DUBLIN 17,352
------
112,224
-------
Volumes were approximately 8% higher than for the same quarter
last year.
Rate increases averaging 3% have been agreed with customers. The
full impact of this will show through in Quarter 3.
Fuel costs eased during the Quarter and the group took advantage
of the reduced costs by hedging 50% of its requirements for Q3
and Q4 2001.
To date the outbreak of foot and mouth disease has had little
impact on freight and passenger volumes.
The Group purchased Lagan Viking and Mersey Viking in early
March 2001 as previously advised. The benefit of owning these two
vessels, as compared to chartering them, will show through
strongly from and including Quarter 3, 2001.
Two of the group's competitors, Irish Continental Group and
Stena, introduced additional capacity on the Irish Sea during the
quarter. To date little impact has been felt by the Group
following the introduction of this extra capacity. The group does
however expect stiffer competition in the short term.
5
Ferrimaroc
Ferrimaroc had a much stronger Quarter than budgeted. This was in
part due to a substantial growth in the market (c. 23%) and the
failure of the competitor pool to provide a proper service.
Ferrimaroc's carryings in March 2001 were, as a result, 57%
higher for passengers and over a 100% higher for freight.
Discussions have continued in relation to Ferrimaroc joining the
pool. The following agreement has been reached for operations
during Summer 2001:
Scirocco will be time chartered to Comarit, one of the members of
the pool, for the summer season.
An advertised sailing schedule including Ferrimaroc's Mistral and
the pool's three vessels has been agreed.
Passenger and passenger car tariffs are to be increased by 11%.
As a result EBTIDA for fiscal 2001 should be significantly better
than last year.
Discussions continue about Ferrimaroc joining the pool following
Summer 2001.
EUROPEAN MONETARY UNION - EURO
On January 1 1999, eleven member countries of the European Union
established fixed conversion rates between their existing
sovereign currencies, and adopted the Euro as their new common
currency. The Euro is currently trading on currency exchanges
and the legacy currencies will remain legal tender in
participating countries for a transition period between January
1, 1999 and January 1, 2002. During the transition period, non-
cash payments can be made in the Euro and parties can elect to
pay for goods and services and transact business using either
Euro or a legacy currency. Between January 1, 2002 and July 1,
2002 the participating countries will introduce Euro notes and
coins and will withdraw all legacy currencies so that they will
no longer be available.
Although the United Kingdom is currently not participating in the
Euro the Company's businesses trade extensively within the Euro
Zone. The Company will continue to evaluate all pricing,
currency risk, accounting, tax, governmental, legal and
regulatory issues as guidance becomes available. Based on
current information the Company does not expect that Euro
conversion will have a material adverse affect on its business or
financial condition.
6
FORWARD LOOKING STATEMENTS
This release contains forward looking statements (as defined in
Section 21E of the Securities Act 1934, as amended) which reflect
management's current views with respect to certain future events
and performance, including statements relating to multi purpose
vessel charters and Irish sea freight ferry volumes and rates,
logistics and cash. The following factors are among those that
could cause actual results to differ materially from the forward
looking statements, which involve risks and uncertainties, and
that should be considered in evaluating any such statements:
changes in the political environment in Northern Ireland and
Eire, Spain and Morocco, changes in the level of competition in
the Irish Sea and Mediterranean, changes in the ability to
provide a regular scheduled service on the Irish sea and the
company's Mediterranean service.
7
Unaudited Consolidated Statements of Income
Three Months Ended March 31, 2001, 2000
(Expressed in 000 pound sterling)
2001 2000
Operating revenues
Charterhire income 3,746 -
Ferry service income (3b) 21,256 20,953
Logistics and other income 4,719 3,233
Brokers' commission - -
-------- --------
29,721 24,186
-------- --------
Operating expenses
Vessel and other operating costs 22,316 18,322
Depreciation 1,903 1,591
Amortisation of drydocking 303 271
Goodwill amortisation 289 284
General and administrative exps 2,069 2,408
Foreign exchange (gain) loss (312) (532)
-------- --------
26,568 22,344
-------- --------
Operating income 3,153 1,843
Other income (expense)
Interest income 117 100
Interest expense (3,284) (3,004)
Loss on disposal of assets (76) (28)
-------- --------
(3,243) (2,932)
-------- --------
Loss before income taxes (90) (1,089)
Income taxes 68 521
Minority Interests - (21)
-------- --------
Net Loss (22) (589)
-------- --------
Additional financial information
EBITDA (note 4) 5,572 3,961
EBITDA to interest expense, net 1.8x 1.4x
8
Unaudited Consolidated Statements of Income
Six Months Ended March 31, 2001, 2000
(Expressed in 000 pound sterling)
2001 2000
Operating revenues
Charterhire income 7,613 -
Ferry service income (3b) 41,499 42,933
Logistics and other income 10,620 7,074
-------- --------
59,732 50,007
-------- --------
Operating expenses
Vessel and other operating costs 47,440 38,300
Depreciation 3,830 3,284
Amortisation of drydocking 866 614
Goodwill amortisation 592 562
General and administrative exps 3,998 4,745
Foreign exchange (gain)/loss (347) 71
-------- --------
56,379 45,576
-------- --------
Operating income 3,353 4,431
Other income (expense)
Interest income 307 264
Interest expense (6,372) (6,128)
Breakage costs on
termination of capital leases - (765)
Gain on disposal of assets (74) 55
-------- --------
(6,139) (6,574)
-------- --------
Loss before income taxes (2,786) (2,143)
Income taxes 882 796
Minority Interests - (33)
-------- --------
Net Loss (1,904) (1,380)
-------- --------
9
Additional financial information
EBITDA (note 4) 8,566 8,945
EBITDA to interest expense, net
(excluding capital lease
breakage costs) 1.4x 1.5x
10
Unaudited Consolidated Balance Sheets
As of March 31, 2001, 2000
(Expressed in 000 pound sterling)
2001 2000
Assets
Current assets
Cash and cash equivalents 7,179 5,433
Cash held in escrow
and blocked deposits 3,124 2,091
Trade accounts receivable 19,047 17,831
Other receivables 2,000 1,071
Inventories 883 1,240
Prepaid expenses and accrued income 4,044 3,539
-------- --------
36,277 31,205
Land and buildings 12,070 11,854
Vessels and equipment 137,855 88,478
Vessels under construction - 22,426
Loans to joint ventures 2,620 2,483
Other investments 1 351
Goodwill, net 20,114 19,188
Deferred charges, net 7,083 5,800
Pension fund debtor 3,467 3,375
Total assets -------- --------
219,487 185,160
-------- --------
Liabilities and shareholders' equity
Current liabilities
Current maturities of long-term debt 4,375 922
Capital lease obligations 683 345
Trade accounts payable 5,964 5,928
Accrued expenses 5,584 3,688
Accrued interest - ship mortgage notes 3,534 3,135
Due from joint ventures - 48
Other creditors 2,767 1,726
-------- --------
22,907 15,792
-------- --------
Long-term liabilities
Long-term debt 41,320 24,483
Ship mortgage notes 121,704 108,289
Capital lease obligations 909 1,702
Other creditors 524 1,239
11
Deferred taxation 7,578 7,689
-------- --------
Total liabilities
194,942 159,194
-------- --------
Shareholders' equity
Share capital 13 13
Accumulated other comprehensive income:
cumulative translation adjustment (1,691) (688)
Retained earnings 26,223 26,641
-------- --------
Total shareholders' equity 24,545 25,966
-------- --------
Total liabilities
and shareholders' equity 219,487 185,160
-------- --------
12
Unaudited Consolidated Statements of Cash Flows
Six Months Ended March 31, 2001, 2000
(Expressed in 000 pound sterling)
2001 2000
Operating Activities
Net income (loss) (1,904) (1,381)
Amortisation of drydocking
and deferred charges 866 614
Amortisation of ship mortgage
notes discount 93 83
Depreciation 3,737 3,284
(Gain) loss on disposition
of fixed assets 74 (54)
Foreign exchange adjustment 1,852 (904)
Goodwill amortisation 592 561
(Increase) decrease in pension debtor - (68)
(Increase) decrease in trade debtors 525 1,047
(Increase) decrease in other debtors (425) 2,457
(Increase) decrease in stock 144 (115)
(Increase) decrease in prepayments
and accrued income (464) (2,999)
Increase (decrease) in trade creditors (202) (86)
Increase (decrease) in other creditors (1,862) (1,405)
Increase (decrease) in accrued expenses 2,556 (1,224)
Increase (decrease) in
deferred tax liability (3,121) (568)
-------- --------
Net cash (used) in operating activities (2,461) ( 758)
-------- --------
Investing activities
Additions to vessels and equipment (44,007) (962)
Additions to vessels under construction - (11,741)
Additions to land and buildings (3,761)
Purchase of subsidiary companies,
net of cash acquired - (21,867)
Proceeds from sale of capital assets - 27,636
-------- --------
(44,007) (10,695)
-------- --------
Financing activities
Proceeds from long-term debt 41,991 10,719
Repayment of long-term debt - (27,286)
Due to joint ventures 246 490
Repayments of capital leases (425) (8,361)
Proceeds from capital leases - -
Deferred charges paid - (41)
13
-------- --------
41,812 (24,479)
-------- --------
Net increase (decrease)
in cash and cash equivalents 266 (35,932)
Cash and cash equivalents
at beginning of period 10,037 43,455
-------- --------
Cash and cash equivalents
at end of period 10,303 7,523
-------- --------
14
Notes to Unaudited Consolidated Financial Statements
March 31, 2001, 2000
1. Interim accounting policy
In the opinion of management of Cenargo International Plc
(the "Company") the accompanying unaudited consolidated
financial statements include all adjustments, consisting only
of normal recurring adjustments, necessary to present fairly
in accordance with accounting principles generally accepted
in the U.S. the financial position of the Company and the
results of operations and cash flows for the six months ended
March 31, 2001 and 2000. Although the Company believes that
the disclosure in these financial statements is adequate to
make the information presented not misleading, certain
information and footnote information normally included in
interim financial statements prepared in accordance with
generally accepted accounting principles has been condensed
or omitted pursuant to the rules and regulations of the
Securities and Exchange Commission. Results of operations
for the six months ended March 31, 2001 and 2000 are not
necessarily indicative of what operating results may be for
the full year.
2. Changes in shareholder's equity
Cumulative Ordinary
translation share Retained
adjustment capital earnings
---------- -------- --------
(in pound sterling)
Balance at September 30, 1999 260 13 27,822
Net income (loss) (948) - (1,381)
-------- -------- --------
Balance at March 31, 2000 (688) 13 26,441
======= ======== ========
Balance at September 30, 2000 (2,643) 13 28,127
Net income (loss) 952 - (1,904)
-------- -------- --------
Balance at March 31, 2001 (1,691) 13 26,223
======== ======== =======
15
3. Contingent liabilities and assets
(a) The company insures the legal liability risks for its
shipping activities with the Steamship Mutual, UK Mutual
and North of England mutual protection and indemnity
associations. As a member of mutual associations, the
company is subject to calls payable to the associations
based on the company's claims record in addition to the
claims record of all other members of the associations.
A contingent liability exists to the extent that the
claims records of the members of the associations in the
aggregate show significant deterioration which result in
additional calls on the members.
(b) The Company has entered a claim for damaged in the
amount of Spanish Pesetas 3,800,000 against Ministeria
de Comunicaciones, Transportes y Medio Ambiente now
Ministreria De Fomento relating to the company being
prevented from operating a ferry service between Spain
and Morocco. The Company continues to pursue the case.
The Company under an agreement with the Spanish
Government has received two billion pesetas on delivery
of RoPax three and four as partial settlement of the
claim.
4. Segment Information
The Company has adopted FASB Statement No. 131, "Disclosures
about Segments of Business Enterprise and Related
Information". The Company is managed in three operating
segments: Irish Sea Ferries, Ferrimaroc and Logistics and
Other Activities. Corporate includes certain central overhead
costs, central financing costs and other general corporate
income and expenditure.
The Company utilises EBITDA as a measure of segmental
performance. The Company defines EBITDA as net income (loss)
before taxes, interest expense, interest income,
depreciation, provision for impairment in value of vessels,
amortisation of dry-docking and special survey costs,
amortisation of goodwill, gain or loss from joint ventures
and minority interest.
Certain financial information is presented below: amounts are
in thousands of US Dollars.
16
Irish Sea Logistics Shipowning
Ferries Ferrimaroc and Other & Chartering Total
--------- ---------- --------- ------------ -----
Three Months to March 31, 2001
Revenue 19,221 2,035 4,719 3,746 29,721
EBITDA 4,157 172 442 801 5,572
Tangible assets 124,580 10,585 5,623 9,137 149,925
Capital expenditure 43,879 - 128 - 44,007
Three months to March 31, 2000
Revenue 19,834 1,119 3,233 - 24,186
EBITDA 4,015 (333) 53 226 3,961
Tangible assets 98,976 10,254 6,075 7,452 122,757
Capital expenditure 6,303 - 696 - 6,999
Six months to March 31, 2001
Revenue 37,859 3,639 10,620 7,613 59,731
EBITDA 6,419 (171) 810 1,508 8,566
Capital expenditure 43,879 - 128 - 44,007
Six months to March 31, 2000
Revenue 40,614 2,318 7,074 - 50,006
EBITDA 10,075 (670) 230 (690) 8,945
Capital expenditure 11,596 - 4,665 - 16,261
EBITDA for all reportable segments differs from consolidated
income (loss) before income taxes reported in the
consolidated statements of income as follows: amounts are in
thousands of US Dollars:
Three months Six months
Ended March 31 Ended March 31
2001 2000 2001 2000
---- ---- ---- ----
EBITDA 5,572 3,961 8,566 8,945
Reconciling items:
Depreciation (1,903) (1,591) (3,829) (3,284)
Amortisation of goodwill (289) (284) (592) (562)
Amortisation of drydocking (303) (271) (866) (614)
Net interest expense (3,167) (2,904) (6,065) (5,865)
--------- --------- ----------- ---------
Loss income before income taxes (90) (1,089) (2,786) (1,380)
--------- --------- ----------- ---------
17
FLEET LIST AT MARCH 31, 2001
Year
Vessel Name Vessel Type Capacity Built Flag
MERCHANT BRAVERY C RoRo 40 cars 1978 Bahamas
100 trailer units
MERCHANT BRILLIANT C RoRo 40 cars 1979 Bahamas
100 trailer units
MERCHANT VENTURE C RoRo 55 trailer units 1979 British (Isle of
Man)
RIVER LUNE C RoRo 49 cars 1983 Bahamas
93 trailer units
SAGA MOON C RoRo 50 cars 1984 British
72 trailer units (Gibraltar)
MISTRAL C Passenger/Car 2,386 passengers 1981 Bahamas
Ferry 700 cars
SCIROCCO C Passenger/Car 1,315 passengers 1974 Bahamas
Ferry 296 cars
30 trailer units
DAWN MERCHANT C RoPax 250 passengers 1998 British (Isle of
136 trailer units Man)
BRAVE MERCHANT C RoPax 250 passengers 1999 British (Isle of
136 trailer units Man)
NORTHERN MERCHANT* RoPax 250 passengers 2000 British
136 trailer units
MIDNIGHT MERCHANT* RoPax 250 passengers 2000 British
136 trailer units
LAGAN VIKING RoPax 330 passengers 1997 Italian
180 trailer units
MERSEY VIKING RoPax 330 passengers 1997 Italian
18
180 trailer units
C Collateral vessel securing 9% Ship Mortgage Notes
* Operated under an operating lease.
CENARGO INTERNATIONAL PLC
HEAD OFFICE - Puttenham Priory Puttenham Surrey GU3 1AR
Telephone + 44 1483 241000 Facsimile + 44 1483 241010
19
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.
CENARGO INTERNATIONAL PLC
(registrant)
Dated: May 18, 2001 By: /s/ Michael Hendry
___________________
Michael Hendry
Chairman
20
02442003.AA9