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| Subject: Tony Shepherd/ Transfield/Transurban/ADI/Electronic tolling./BOOT | |
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Author: Note Australian Defence Industries |
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Date Posted: Saturday, May 03, 10:54:40pm In reply to: Transurban ERG alliance agreement May 2001 (NRMA-1 week before) 's message, "Recent deveopments behind e-Tag--ERG SMH 18/1/03--Official launch 20/1/03" on Saturday, January 18, 09:14:58pm Transfield contracts to fuel growth after 35% boost By Anthony Hughes February 28 2003 ------------------------------------------------------------ Transfield Services expects to weather any economic downturn and post a strong rise in full-year net profit as it benefits from a steady flow of maintenance work and a potential pipeline of some $1.25 billion in contracts from sectors such as utilities, telecommunications and mining. ------------------------------------------------------------ Transfield Services, 35 per cent owned by the Belgiorno-Nettis's Transfield Holdings group, yesterday reported a 35 per cent rise in interim net profit to $12.5 million. Interim dividend is 1c higher at 6c fully franked and payable April 15. ------------------------------------------------------------ Managing director Peter Watson said barring any unforeseen circumstances, the company could deliver similar growth over the full year. ------------------------------------------------------------ "[Most] work that we perform for all of our clients we term as mission critical in that we are integral to their operations. If we stop work, they lose production," Mr Watson said. ------------------------------------------------------------ He said the group had about $3.4 billion of these type of contracts in hand, and only about 10 per cent of the annual workload in "discretionary" type work, whereby the client was more likely to drop the contract in tough conditions. ------------------------------------------------------------ Transfield shares closed steady at $2.70. ------------------------------------------------------------ Fund managers noted the contribution from the infrastructure side of the operations was higher than expected with earnings before interest,tax and amortisation of $10.9 million, up 40.5 per cent. ------------------------------------------------------------ The core services division, which undertakes maintenance and other contracted work on behalf of large companies, saw its contribution rise 29 per cent to $10.5 million. ------------------------------------------------------------ One fund manager said: "They have a business model weighted to services that some others would like to have, more of a service model with annuity-type income." ------------------------------------------------------------ Mr Watson said the group was continuing a relationship with Transfield Construction, sold recently to Leighton Holdings, by forming part of the consortium for the planned Lane Cove tunnel. ------------------------------------------------------------ But Mr Watson stressed that it hadn't generated work off the back of Transfield Construction since listing and the sale of the construction business to Leighton would not affect the ability of Services to win new contracts. "That was always blue sky for us," Mr Watson said. ------------------------------------------------------------ Transfield Services noted good opportunities in the utilities arena, property facilities management and mining and was seeking contracts worth more than $1.25 billion, he said. "I don't think you should underestimate telecommunications either." ------------------------------------------------------------ Leighton wants Walter, and Transfield too maybe by CLAIRE SWEENEY ------------------------------------------------------------ Leighton Holdings' dominance of Australia's $13 billion construction industry is set to intensify with its subsidiary, John Holland, currently preparing to buy the German-controlled Walter Construction Group. ------------------------------------------------------------ John Holland has entered into a non-binding Memorandum of Understanding with Walter to undertake due diligence and negotiations to acquire the Australian operations of the company. ------------------------------------------------------------ While Walter has been rumoured to have a price tag of up to $100 million, John Holland is not expected to pay nearly as much as that to buy the company. ------------------------------------------------------------ Should the acquisition go ahead, John Holland will add $850 million of new work to its order book and will also gain specialist skills such as tunnelling, underground mining and the construction of water infrastructure. ------------------------------------------------------------ A timely move for Leighton having secured several large-scale projects such as the Parramatta Rail Link in Sydney and the Regional Fast Rail contracts in Victoria, which have boosted the company's work in hand to a record $8.4 billion. Leighton was also recently awarded preferred tenderer status to build the $1.5 billion Western Sydney Orbital road project, the largest single road construction project ever awarded in New South Wales. ------------------------------------------------------------ Leighton's work in hand reached $2.1 billion at year-end, boosted by government initiated infrastructure projects. ------------------------------------------------------------ Leighton has also confirmed that it is currently negotiating the possible acquisition of Transfield Constructions, however the talks are still in the early stages, with no agreement entered into as yet. ------------------------------------------------------------ 8 November 2002 ------------------------------------------------------------ Old money: A family feud's last episode?By Adele Ferguson ------------------------------------------------------------ The Belgiorno-Nettis family will be praying that the share price of its Transfield Holdings spin-off, Transfield Services, will start to pick up after a turbulent beginning. The spin-off, floated on the Australian Stock Exchange on May 3, was five weeks behind schedule and the issue price had to be reduced to $1.60 from an offer price range of $1.85 to $2.10. ------------------------------------------------------------ Despite its rocky start, the float of Transfield Services has two important functions: it provides an exit strategy for one of the family members, Marco Belgiorno-Zegna, and it has raised enough cash - family members extracted $120 million from the float's proceeds - to repay Transfield's bank debts, following a breach of loan covenants last year. ------------------------------------------------------------ The board of Transfield Services is now under pressure to keep the share price above its issue price. If it fails to do that, the family members will find it harder to buy out Belgiorno-Zegna's 30% stake in Exben, the holding company of Transfield. (Transfield Services has no obligation to meet this payment, but because part of the family's wealth is tied to the performance of the business, it will indirectly affect the family fortune.) ------------------------------------------------------------ The road leading to a Transfield Services spin-off has been long and painful. The float was part of the solution to a difficult succession-planning problem that arose after the Belgiorno-Nettisfamily decided to split with the Salteri family in April 1996. Until then, Transfield was a joint venture between the two families, who founded the company in 1956. ------------------------------------------------------------ Soon after the split with the Salteris, Marco, the elder son of Franco Belgiorno-Nettis, was put in charge of the family business. But Franco failed to make a proper succession plan. That failure culminated in Marco clashing with his brothers, Guido and Luca, over risky projects of which he disapproved. They turned to Franco, who had voting control. ------------------------------------------------------------ One of the projects was the Bakun hydro-electric scheme in the Philippines, which was finalised without Marco's approval. The project, valued at $150 million, was negotiated by Marco's brother Guido, and is expected to cost the business $50 million in losses. ------------------------------------------------------------ Feuds caused by poor succession planning are not unique to the Belgiorno-Nettis family. Australia is littered with family businesses that have been torn apart by infighting. The Morans, the Ainsworths, the Michells and the Murdochs have all experienced generational and sibling conflicts. ------------------------------------------------------------ But there are also families that have managed to overcome conflicts by splitting the business before things get too nasty. Examples include the Smorgon family, which sold its businesses and split the proceeds between the 100 members; Jim Fleming, who sold his Jewel supermarket chain and distributed some of his wealth to his sons; and the Lamb family, which has been selling parts of its businesses and restructuring its wealth over the past couple of years. ------------------------------------------------------------ The Belgiorno-Nettis case became public after a 1999 buyout agreement broke down, and Marco was frozen out of Transfield's operations. He decided to sue his family on the ground of oppression of minorityinterests. The litigation was unsuccessful but he lodged an appeal. ------------------------------------------------------------ In March this year, Marco abandoned the appeal in return for a settlement, in which the family would acquire his 30% interest in Exben, as well as agree to hive off Transfield Services into a separately listed vehicle and take a series of strategic decisions related to the Transfield business. The Transfield assets include 50% of Australian Defence Industries, 30% of the Perisher Blue ski resort, other property assets, and engineering and construction interests. The Transfield business is estimated to be worth more than $150 million., ------------------------------------------------------------ Within two years, Marco will receive an estimated $70 million in return for his shareholding in Exben. The stake can be purchased in a variety of ways, including the sale of Transfield assets or the introduction of a new partner to replace Marco. Until he is fully paid out, he will sit on the board of Transfield. ------------------------------------------------------------ Between now and the share sale, Marco will explore new business opportunities. Guido will remain managing director of Transfield, and Luca will retain his title as associate managing director. Both are non-executive directors of Transfield Services. ------------------------------------------------------------ This supports the theory that it takes only three generations to go from nothing to nothing: the first generation builds the business, the second expands it, and the third destroys it. ------------------------------------------------------------ The Belgiorno-Nettis family is hoping that Marco's decision to take his money out of the family business will prevent this pattern from being repeated. ------------------------------------------------------------ Transfield Services is an industry leader in the concept of alliancing and partnering - indeed it is our preferred relationship strategy. ------------------------------------------------------------ http://www.transfieldservices.com.au/ ------------------------------------------------------------ TONY SHEPHERD Deputy Chairman ------------------------------------------------------------ Tony Shepherd joined the Transfield Holdings Group in 1978. From 1992 until 2001, Tony was the Chief Executive Officer of the Project Development Division and was responsible for Transfield Holdings Group's entry into the BOOT market with the Sydney Harbour Tunnel Project. Some of his other achievements include project managing the successful $4.2 billion dollar bid for the ANZAC Warship Project, developing further BOOT projects such as Melbourne City Link and the redevelopment of Walsh Bay. He is Vice President of the Australian Council for Infrastructure Development and a Director of the State Rail Authority of New South Wales and ADI Limited. Tony was a foundation Director of Transurban Limited. Tony holds a Bachelor of Commerce from the University of Melbourne. ------------------------------------------------------------ REVOLUTIONARY TOLLWAY SYSTEM ------------------------------------------------------------ CityLink incorporates one of the world's most advanced fully electronic tolling systems -- a revolutionary free flow, multi-lane operation whichenables toll collection at highway speeds. It answers the Victorian Government's brief that the tolling system 'must not impede the flow of traffic on the bypasses" and operate 'so that vehicles can travel at designated speeds when entering, travelling on and leaving the tollways without being required to slow down or stop". This was because CityLink skirts the Melbourne CBD and involves a number of entry and exit points and it was considered impractical, if not counter-productive, to incorporate either manualor automatic cash tolling systems or traditional toll plazas. ------------------------------------------------------------ Vehicles are fitted with e-Tags (transponders) giving individual electronic identification numbers which are read by overhead scanners affixed to gantries straddling the tollways. ------------------------------------------------------------ In the year 2001, it is estimated that on an average weekday 662,000 transactions, involving various categories of vehicles, will occur in this way within the nine toll zones. In the year 2001, the projected revenue from toll collection on the Melbourne CityLink is $187 million. ------------------------------------------------------------ Similar tolling systems have or are being introduced in the US, Canada and Singapore but Melbourne has drawn the interest of city administrators and traffic authorities around the world because of CityLink's size and anticipated large usage. ------------------------------------------------------------ Transfield formed TransLink Systems for CityLink's revolutionary tolling system. TransLink Systems, a division of Transfield Services, is pursuing further opportunities in the provision of large scale, multi-lane electronic tolling systems both in Australia and the South East Asia region. ------------------------------------------------------------ TransLink Systems was responsible for the design, supply, integration, installation and commissioning of the facility - called the Electronic Tolling and Traffic Management System - under a major subcontract to the turnkey constructor, the Transfield-Obayashi Joint Venture. ------------------------------------------------------------ TransLink Operations, a joint venture between Transfield and French company Egis, is responsible for the operation and maintenance of the whole tollway, including both the Electronic Tolling and Traffic Management System and tunnel plant and equipment used on the project, under a long term contract to Transurban. ------------------------------------------------------------ The Electronic Toll and Traffic Management System has been broken down into four major component parts. These are:- ------------------------------------------------------------ The Roadside Equipment (including e-Tags, readers, and separate systems for vehicle detection, classification and enforcement, supplied by Sweden's Saab Combitech); ------------------------------------------------------------ The Communication System (a dedicated dual fibre optic communication system running the full 22km of the City Link route); ------------------------------------------------------------ The Central Toll Computer System (the hardware and software necessary to collect tolls, administer accounts and provide interface to the roadside equipment, banking system, enforcement agency and to customers supplied by Computer Sciences Corporation); and ------------------------------------------------------------ The Traffic Management Systems (incorporating variable message signs, CCTV cameras, video automatic incident detection systems and other componentary). ------------------------------------------------------------ How It Works ------------------------------------------------------------ Regular users of CityLink will need to open a toll account with Transurban and will be supplied with an e-Tag at no extra cost. ------------------------------------------------------------ Customers can open Pre-Pay or Pay-as-you-Go accounts and various payment options, including cash, cheque and credit card are available. ------------------------------------------------------------ Motorists who expect to use CityLink only infrequently can purchase a Day Pass which enables unlimited travel on CityLink on a nominated day. Late Day Passes can be purchased up until noon the day following travel on CityLink. ------------------------------------------------------------ Accounts can be opened and Day Passes purchased over the phone, in person at the CityLink Customer Centre and at Australia Post Offices, and at selected Shell Service Stations. ------------------------------------------------------------ Motorists who use CityLink without a valid CityLink toll account or Day Pass and do not subsequently purchase a Late Day Pass, will be fined by a Government Enforcement Agency. ------------------------------------------------------------ Our joint venture partners assist us to introduce and adapt world's best practice ideas to the Australian market for the most effective result locally. Joint ventures (JVs) are an important part of our business. Our JV partners assist us to introduce and adapt world's best practice ideas to the Australian market for the most effective result locally. As the market leader within the Australian services industry, Transfield Services has been able to form close working relationships with some of the world's leading operators in their respective industries. ------------------------------------------------------------ These companies include General Electric (USA) for power, Transdev (France) for public transport, Rail Infrastructure Corporation(Australia) for rail and Worley Engineering Ltd (Australia) for oil and gas. ------------------------------------------------------------ Transfield Services - RIC (previously RSA) ------------------------------------------------------------ The core business of this JV with Rail Infrastructure Corporation is railway traction motor and generator rewinds and repairs in New South Wales. Over the past 12 months, the business expanded its market share in existing market sectors, as well as the new sectors of power generation, coal and oil and gas. ------------------------------------------------------------ Significant achievements included: ------------------------------------------------------------ _ Major overhaul and rewind work from the NASA tracking station at Tidbinbilla ACT _ Re-entry into the coal industry _ Significant orders from Tranz Rail New Zealand _ New mechanical refurbishment contracts ------------------------------------------------------------ This business has improved its performance in the past financial year and we believe that further improvements will be forthcoming. ------------------------------------------------------------ Translink Operations ------------------------------------------------------------ Translink Operations, a joint venture with Egis, was established to provide operations and maintenance to Melbourne CityLink. Its current responsibilities in the operation and maintenance of the Melbourne CityLink involve significant emergency management, including the Traffic Control Room, incident response, routine maintenance and environmental management. ------------------------------------------------------------ Translink Operations manages the performance of CityLink assets which involves routine and emergency maintenance in a way that optimises traffic flow, ensures safety and maintains a professional image of CityLink. The maintenance activities on CityLink include the routine maintenance of all mechanical, electrical and electronic field equipment together with road pavements, roadside furniture and structures. ------------------------------------------------------------ Since commencement, Translink Operations has maintained its ISO9002 accreditation and in addition, in 2001/02, it achieved ISO14001 environmental accreditation and WorkCover Safety Map accreditation. ------------------------------------------------------------ We continue to work with our client to improve performance and service levels in this joint venture. ------------------------------------------------------------ TGE Energy Services ------------------------------------------------------------ The Transfield Services and General Electric JV (TGE) has consolidated its position as a leader in the provision of maintenance support services for the power generation, railway, mining and associated heavy industries. We have improved performance in the Gas Turbine, Coil and Bar manufacture and Hydro sectors. ------------------------------------------------------------ TGE has won several large contracts including upgrades at Roxburgh Hydro Power Station (NZ), installation of new equipment at Mananpori (NZ) and maintenance at the Snowy Mountains Hydro Electric Authority. ------------------------------------------------------------ In addition, TGE has provided large generator coils to 10 sites in the United States of America, Canada and Singapore. TGE also provides specialist technicians to both TGE and General Electric work sites in Chile, Taiwan, Japan, Malaysia and New Zealand. ------------------------------------------------------------ We look forward to this joint venture delivering further improvements in the current financial year. ------------------------------------------------------------ Yarra Trams ------------------------------------------------------------ Yarra Trams has continued as a leader in Melbourne's public transport sector. The Tram 109 project, which is a joint initiative with the Department of Infrastructure and VicRoads, places Yarra Trams at the forefront of modernisation in the industry, with the introduction of low-floor trams, superstops and the 2.2 kilometre extension of track from Mount Albert to Box Hill. Yarra Trams also leads the way in making the Victorian public transport system accessible for the whole community. ------------------------------------------------------------ Passenger growth for Yarra Trams improved five percent to 62 million and independently monitored customer satisfaction levels reached all time highs being mainly attributed to improvements in service delivery, punctuality, comfort and customer communication. ------------------------------------------------------------ Other innovative improvements Yarra Trams has introduced, include the installation of rubber-booted tracks at key intersections to reduce noise and improve tram ride comfort, and the development of a specialist welding machine to improve the life of rail curves. ------------------------------------------------------------ Yarra Trams, along with the other Victorian transport operators, is currently working with the Department of Infrastructure and the Victorian Government to improve the public transport system. This includes resolving issues such as fare evasion, ticketing and traffic management. ------------------------------------------------------------ Transfield Services Worley ------------------------------------------------------------ The Transfield Services Worley Joint Venture (TWJV) has continued to build on its reputation as the leading supplier of complete support services to the process industry in Australia and New Zealand.Currently employing over 895 direct employees, TWJV also employs an additional 500 people through subcontracts. ------------------------------------------------------------ Its major integrated services alliance contracts with Woodside (NW Shelf Assets), Shell Todd Oil Services (New Plymouth NZ), Mobil refineries (Melbourne and Adelaide) and New Zealand Refining Company (Whangerei, NZ) continue to set performance benchmarks for the industry. ------------------------------------------------------------ The TWJV conducts an annual best practice sharing and benchmarking forum for all of its alliance partners. This unique industry forum is mobilising the collective talents and resources of TWJV and its clients to develop value-adding solutions. Achievements in 2001/02 included the introduction of new tank-cleaning techniques (providing a 30 percent saving over current practice), a number of safety and environmental initiatives and the implementation of small project benchmarking across nine alliances. ------------------------------------------------------------ While alliances typically focus on the delivery of small capital projects and maintenance support, TWJV's major clients are increasingly choosing to use the strength of the alliance relationship to support more significant capital projects. During the next twoyears TWJV is well placed to participate in projects including the Shell Todd Pohokura gas field development in New Zealand, M Goodwyn Low Pressure project (WA), New Zealand Refining Company Clean Fuels project and Shell Todd AD sands prospect development. These opportunities represent further examples of the mutual value of long-term TWJV client relationships. ------------------------------------------------------------ Author:Transurban ERG alliance agreement May 2001 (NRMA-1 week before) ------------------------------------------------------------ Date Posted: 21:14:58 01/18/03 Sat ------------------------------------------------------------ NRMA Member Services/Joint venture and alliance agreement ERG 30/5/2001Transurban Group(owneroperator Citylink Melbourne) alliance agreement ERG May 2001week before NRMA December 8th 2002 850,000 e-TAGŪ agreement Transuban NSW RTA e-TAGŪ interoperable QLD's Toll Aug 02 Benefit freight companies/significant/no need to carry multiple electronic devices Transurban Group NSW RTA-e-TAGŪ Harbour Bridge Tunnel- Sydney Harbour Bridge December 8th 2002. ------------------------------------------------------------ Sydney has many different toll roads with only limited electronic tolling. Just an extract on Transurban--recent report alliance agreement ERG May 2001. ------------------------------------------------------------ ERG Completes Proton Sale and Appoints Independent Non-ExecutiveDirectorERG Group (ERG) today announced that the sale of Proton World toSTMicroelectronics of Switzerland on the terms announced in March 2003Following completion of the sale of Proton, ERG discharged debts of Euro5.25 million(A$9.8 million) to European banksERG will also pay out in full itsfacility with Babcock and Brown.. remaining cash applied Company's smart card ticketing core busi.Transfield ServicesDirector/ADI Limited & the NSW State Transit AuthorityVice President of OzCouncil for Infrastructure Development. ------------------------------------------------------------ [ Next Thread | Previous Thread | Next Message | Previous Message ] |
| Subject | Author | Date |
| Major smart card suppliers Keycorp and ERG both said they were not in discussions about this project with CSC. | Note Tony Shepherd/ADI/Computer Science Corporation/ (South East Queensland)Defence E project/smartcard. | Saturday, May 03, 11:07:53pm |