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Date Posted: 10:51:55 02/23/03 Sun
Author: ERG Group acquired Proton on March 15th 2002
Subject: Signed up for spam mail from Hahaha and associates banned
In reply to: HERE IT IS 's message, "YOU WANT SHARE PRICE ANALYSIS? 14.5" on 19:15:46 02/20/03 Thu

Signed up for spam mail from Hahaha and associates banned from Australian Investment forum ERG 10c--Regards,--BK.
From: bonkers
Subject: ERG---AGM 28/11---Technological benefits of Proton acquisition.

This is the only article in this thread
View: Original Format
Newsgroups: aus.invest
Date: 2002-11-24 15:53:01 PST

ERG Group acquired Proton on March 15th 2002----in the last reporting
period which covers June 3oth 2001 to June 30th 2002---which was
reported to the ASX 12/9 audited on the 1/10---and goes for legal
ratification shortly on the 28/11---the Group--incurred a loss of
approximately 2.1 million---for the whole of the above period---with
the exception of three months---(the last 3) ERG Group only owned 10%
of Proton-----the technological benefits from it's patented processes
did not flow through till late in June (June 26th)--the
commercialisation of those technological benefits has now in
estimation begun (see things like American Express Prisma--and other
recent events worldwide) with ERG group the next time it reports
getting a full six months of revenues from 100% ownership of
Proton---Proton has expensed all of it's research and development
costs--this effects the balance sheet in the year it is done---once
done however it leaves everything looking good from day one as far as
making profits go. (rather than capitalising) The next financial
period will cover the 30/6/2002 to the 30/12/2002---reporting on or
around (going on last years date) March 11th 2003.
http://www.erg.com.au/invst_relations/prospectus/prospectus_for_lodgement.pdf
------------------------------------------------------------
PWI was formed in 1998 and its current shareholders are Banksys (60%),
Amex (10%), Interpay (10%), Visa (10%)
and ERG Card Systems Ltd (10%). Following completion of the
acquisition ERG will own 100% of PWI.
------------------------------------------------------------
4.1.8 PWI Financial Information The financial performance of PWI to
date has been based largely on licence fees from the licensing of its
core technology to customers globally.
------------------------------------------------------------
Over the past 12 to 18 months those customers have provided PWI with
specific details of the functionality and
products they require. As a result, PWI set out to develop Proton
Prisma and the Proton Conquesta range of
products. These products will only become available to the market at
the end of this year and the beginning of next
year.
------------------------------------------------------------
At that time PWI will move from a basic technology developer to a
commercial organisation capable of exploiting its technology and
providing a range of services to its customer base. Many of the
licences taken up will only see cards issued for the first time in
2002.
------------------------------------------------------------
Based upon its own estimates and estimates provided by the existing
licensees, PWI expects to see the number of
cards issued globally incorporating its technology grow from 36
million today to over 100 million within two to three years. That card
base should generate increasing revenue for PWI.ERG LIMITED ABN 23 009
112 725
-----------------------------------------------------------
The research component of PWI�s business will progressively move
to development and support of its customer base
on a fee-for-service basis.PWI Profit and Loss Statement (� 000)
6 months to 12 months to 19 months to 30 June 2001 31 Dec 2000 31 Dec
1999(Unaudited) (Audited) (Audited)Revenues 4,935 18,278
30,816Operating charges (13,487) (24,327) (31,049)Operating profit
(loss) (8,552) (6,049) (233)Financial income 57 464 896Financial
charges including interest � (234) (767)
Profit (loss) on ordinary activitiesbefore tax (8,495) (5,819) (104)
In the financial year ended 31 December 2000, PWI's total revenue was
�18.3m. PWI shareholders (including ERG) and related companies
represented �7.2m or 39.4% of this revenue, and royalties and
card fees made up 6.7% of thisrevenue.
------------------------------------------------------------
In the past 12 months, PWI has focused on the development of its new
technology. PWI incurred losses prior to 30
June 2001 as a result of:� the benefits of these new technology
developments not flowing through PWI�s accounts (these
benefits are not expected to flow through until June 2002);
and� PWI�s policy of expensing all R&D costs as incurred.
------------------------------------------------------------
PWI�s transition from a predominantly R&D focused company to a
commercially driven organisation is evidenced by
the new agreements PWI has entered into, or is expecting to enter
into, with its shareholders, as set out in
Section 7.4.PWI Statement of Financial Position
-----------------------------------------------------------
N.E. Renton "Understanding The Stock Exchange Chapter 823 page
157.
-----------------------------------------------------------
1) Where less than 20% of another company is owned, then the
shareholding is treated as an investment and credit is taken only for
the dividends actually received or receivable.
-----------------------------------------------------------
2) If between 20 and 50 percent is owned then "equity accounting" can
be used, meaning that credit can be taken for all the profits, less
the proportion belonging to the outside minority shareholders. (if
any)
-----------------------------------------------------------
3) If more than 50% is owned, then the company becomes a subsidiary
and this latter principle again applies: credit is taken for all
the profits, less the proportion belonging to the outside minority
shareholders. (if any)
-----------------------------------------------------------
http://www.xrefer.com/entry/163281
-----------------------------------------------------------
equity accounting
-----------------------------------------------------------
The practice of showing in a company's accounts a share of the
undistributed profits of another company in which it holds a share of
the equity (usually a share of between 20% and 50%). The share of
profit shown by the equity-holding company is usually equal to its
share of the equity in the other company. Although none of the profit
may actually be paid over, the company has a right to this share of
the undistributed profit.
------------------------------------------------------------
The accounts of ERG group for the last financial period contained
within 30/6/2001 and 30/6/2002--as reported 12/9 audited
1/10---ratification on the 28/11---subject to shareholders ratifying
them.
----------------------------------------------------------------------
The next financial period is 30/6/02 to 30/6/03---the half yearly
within that period ends December 31st.
----------------------------------------------------------------------
1)On May 30th 2002--ERG Group received from the Melbourne Scopes Creep
Claim from the Victorian Government the first part of a staggered
settlement 25m.
30th Media Release: ERG announces Melbourne Settlement (2
parts)
----------------------------------------------------------------------
2)Within ten days of signing from the 25/10/2002 the entity received
another 20 million which is the second stage of the monies due.
The significance was ERG satisfied it's customer legally---this will
be just one of many things that will be ratified on the 28/11, that
will have a positive impact on ERG financials.
25th Signs Melbourne Settlement Contracts
----------------------------------------------------------------------
Most of the cost savings/synergies from the Proton acquisition,
interest savings have occured post June 30th 2002---so the benefits of
these things should start to be felt when the entity next reports it's
half yearly in March 2003.
----------------------------------------------------------------------

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Replies:

if you are either shorting to downside or covering to upside my only purpose (NT) -- in posting is to record the entity factually and truthfully, 14:50:39 02/23/03 Sun

to do anything other than that on a BB is delusional (NT) -- Steve, 14:51:57 02/23/03 Sun