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| Subject: Re: Triumphant Launch net realisables recoverables 11/3 to 12/9 | |
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Author: anonymous |
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Date Posted: 10:32:30 11/09/02 Sat In reply to: anonymous 's message, "Re: Triumphant Launch no material effect March 11-2002." on 19:15:35 11/08/02 Fri http://www.erg.com.au/invst_relations/news/index.cfm ------------------------------------------------------------ 11/3/2002 ------------------------------------------------------------ As previously noted, the Directors decided not to recognise non-cash licence fees attributable to ERG’s technology of $55 million. In addition, delays have been experienced on certain tenders and the commencement of major projects, notably Sydney. ERG has also been carrying costs in anticipation of Manchester, Rome, San Francisco and Singapore projects commencing full-scale operations. ------------------------------------------------------------ http://www.erg.com.au/invst_relations/news/index.cfm ------------------------------------------------------------ 12/9/2002----audited 1/10/2002 The Singapore system – one of the world’s most advanced – is fully operational and a great success, processing more than 1.5 million transactions per day. The customer has entered a three-year maintenance contract with ERG. Rome is now EBITDA and cash flow positive, despite continued delays in the Lazio area joining the system. The Group has significant compensation claims lodged in respect to these delays which are outside the Group’s control. Refinancing of the Rome project has been deferred due to these delays. Melbourne is EBITDA and cash flow positive and the revised contract arrangements are due to be finalised this month. Further payments of approximately $20 million are due from the customer in September. ERG will receive an additional $3 million per annum for management of the system. Overall performance of the system has improved significantly with improved cooperation between both the operators and Government lowering the impact of vandalism on the system. San Francisco Phase 1 has been extremely successful. Phase 1 is continuing with the large operator, MUNI, extending the system to its entire rail network during Phase 1. A decision to move to Phase 2 is due before year-end. TKE – a new contract in Hong Kong – was delivered ahead of time and with better profit than budgeted. ------------------------------------------------------------ [ Next Thread | Previous Thread | Next Message | Previous Message ] |