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Subject: ERG seals the deal on its Rome project/ERG Group shares were down 1c to $1.01 at 1525 AEST Author: re 3/9/03 1.00ERG shares exceeded 1 dollar 25/9/03 1.03 26/9/03 1.05-- [ Next Thread | Previous Thread | Next Message | Previous Message ] Date Posted: 27/09/03 2:29:46am In reply to: ERG 's message, "The Group are tendering for Berlin and New York.Lazio receivable still to collect San Francisco partially complete." on 27/08/03 6:37:15pm ERG seals the deal on its Rome project 26/09/03 By: Rikki Bannan ERG Group (ERG) today announced that the contracts for the restructure of its Rome-ATAC project have been signed. The project is expected to generate revenue of $35-40 million annually for the company. The project with Rome’s public transport agency will see the establishment of a new company to operate the Rome public transport system. Being 30% owned by ERG, the joint venture company will have an 8-year contract to operate the ticketing system, and will pay ERG an annual license and software maintenance fee of $1.9 million. ERG will be paid a total of $50.8 million within the next 12 months, comprising of $27.9 million as a first instalment of the purchase of the ticketing hardware, $10 million for the rights to use ERG’s software, and $5.1 million for additional software and training services. ERG currently owns the fare collection equipment installed in Rome, and incurs annual depreciation on the asset. The equipment is being depreciated at an annual rate of $6.8 million over the term of the existing operating contract. The new project with ATAC will remove the asset from ERG’s balance sheet, as well as eliminating any future depreciation expense on the equipment. Although the immediate profit and loss impact of the restructure will be neutral, ERG said that it will reduce annual depreciation charges by around $7 million. ERG Group develops and supplies integrated fare management and software systems for the transit industry, and for its smart card systems and services. It recently reported a net loss of $198.3 million compared to a loss of $243.4 million in the previous year. ERG Group shares were down 1c to $1.01 at 1525 AEST [ Next Thread | Previous Thread | Next Message | Previous Message ]