Compagnie des Machines Bull SA made a horrendous loss equivalent to $581m before restructuring charges last year, up from a $386m loss in 1992.The operating loss before interest and financial charges, was $321m, up from $109m. Bull pointed out that as a result of its latest recapitalisation – Brussels calls it a state subsidy – and reduction in working capital requirements, it was able to bring down its debt to $756m in December, compared with $1,751m a year earlier. The gross margin fell five percentage points to 31.3% of turnover – which totalled $4,802m, down 6.4%. The fall in gross margin was blamed on far more personal computers with their low margins in the mix. The decline in turnover slowed to a fall of 2.8% in December compared with a fall of 9.4% in the first half. In personal computers, it says that unit sales worldwide were up by 47% and revenues by 31%, with Zenith Data Systems moving up to tenth in North America during the fourth quarter, up from 16th in 1992. Net research and development investments were $433m, or 9% of revenues. The company did not give any updated projections for 1994, although it has pledged to get back to the break-even point by the end of this year in preparation for privatisation.
