Costs relating to Sydney ERG -- Erg Powerlan

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Date Posted: 13:57:55 02/28/03 Fri
Author: Sydney contract ITS of 6,637,533 as at June 30
Subject: Costs relating to Sydney ERG

Oct15thnotes (ID#: 418407) Costs relating to Sydney 6,637,533 (30/6/02) 3/10/02 9:43:08 AM 5589171
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Subject: Sydney contract ITS of 6,637,533 as at June 30

Author:
anonymous
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Date Posted: 14:46:36 10/02/02 Wed

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The consolidated entity has incurred costs relating to the delay of the Sydney contract ITS of 6,637,533---as at the 30/6/2002---could be higher since then---note the use of the word consolidated---ITS was not written down.
12 million pounds payable to Banksys for Proton acquisition has been restructured as follows--1 million pounds to be paid on the 30th of November 2002 5 million pound was deffered for 1 year and 6 million pounds that was due and payable on the 15th of March 2003---has been deffered to the 15th of March 2004.
Net assets 151,747 (total assets 676,014) (total non current liabilities 319,184)
A payment up fron for Sydney would halve approximately---if the entity chose to spend it that way---current liabilities which are stated as 205,083---this is dated though June 30th---the entity since then has received payments from various sources and also freed up working capital (which seems to be Babcock and Browns job) Cash at the end of the year was 28,984 compared to the prior period of 20,512. The entity repaid 20 million to restructure debt owed to various banking syndicates.
Included in sales revenue for the previous year were two amounts one was the sale of the telecomunications business to SCI systems for 48,590,000 which is the amount of money relating to work in progress and other things the entity was entitled to up to a certain period.
The other is a sum of 16,377,000 which is broken down into 7,505,000 sale of non current assets and 8,832,000 proceeds from sale of business assets. Which made the last result when normailised only a 1% improvement whereas if you did not do it that way (and excluded the telecommunications business) would have shown a 25% improvement.

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