ERG 0.00% 4.4¢ eneco refresh ltd

looks ok

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    Highlights of the Report

    ERG today announced that it was making progress in the delivery of its business model of generating consistent, recurrent revenue streams from the supply and operation of integrated fare collection systems during this past financial year.

    Small Project division is performing well.

    The OPCO division is also doing well. ERG is very happy with this because increasingly this is where they see differentiation from their competitors. The Operating Companies Division provides services and management in relation to installed Automated Fare Collection Systems. It delivered excellent results for the year. In summary:
    • Divisional revenue grew 12.6% to $116.8 million while divisional EBITDA increased
    approximately 144% to $26.0 million.
    • The early operational stages of contracts in Sydney, San Francisco and Washington DC continued to build and the division’s results were enhanced by positive results in established businesses in Melbourne, Hong Kong and Singapore. There is no mention of income from ROME.
    • The division secured a new agreement in Sydney to maintain existing rail-based ticketing equipment – supplied by others - in the lead up to the full transition to the Company’s smartcard based system and equipment expected to commence in calendar 2007.
    • The year’s activities in Washington DC exceeded volume projections by 200%. Despite the unexpected volume, the Company and its partner, Northrop Grumman managed the activities to the customer’s demanding service standards.
    • The Company, together with its controlled entity OneLink Transit Systems Pty Ltd (“OneLink”) entered into a new agreement with its Melbourne customer to support the transition between OneLink’s existing AFC system and a new system to be supplied by an external consortium, Kamco. The agreement has secured a framework for continued strong profitability for both ERG and Onelink during the transition period. In addition as announced by the Victorian State Government ERG will participate in the Kamco consortium by managing the installation and maintenance of fare collection equipment under a new 12-year agreement.
    • Delays in the settlement of the transfer of the Company’s operating company activities in Rome to the local municipality provided some short-term benefits to the Company. However, these activities are now scheduled to be transferred in full to the municipality by the end of September 2005 at which time the Company’s activities will be focused on software support and maintenance.

    Large Projects Division

    i. Sydney. ERG wants to change the sequence of project delivery , but expects the project to be delivered on time in 2007.1. ERG still expects Phase 1 Revenue Service: November 2005 (I think)
    2. But Milestones that were initially agreed have not been met, and are being renegotiated. But revenue delay.
    ii. San Francisco, some delays, but on track
    iii. Washington DC…seems to be ERG’s shining light. Everything Hunky Dory. I expect that ERG is getting full revenue service
    iv. Seattle fine.
    v. A full phase one rollout is now scheduled for September 2005.
    vi. Rome …disaster.

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