This is sh%thouse news
ENERGY DEVELOPMENTS LIMITED 2003-02-05 ASX-SIGNAL-G
HOMEX - Brisbane
+++++++++++++++++++++++++
The Board of ENE has considered the financial outlook for the company
for the year ending 30 June 2003 taking account of the unaudited
management results for the first half to 31 December 2002 and the
expected performance of the business for the second half to 30 June
2003.
The Board advises that, based on the unaudited management results,
the operating performance of ENE at the EBIT level for the six months
to 31 December 2002 is broadly in line with market expectations. The
ASX Appendix 4B containing the interim half year result will be
released to the ASX on 5 March.
The Board also advises that ENE's second half results will be
adversely affected by several operating factors. Based on financial
and associated information available at this time, the Board
estimates that ENE's net profit after tax for the year ending 30 June
2003 is expected to be in a range of $3-$4 million below the reported
result for the year ended 30 June 2002 of $20.8 million.
The primary impact on second half profitability is the decision by
the Company to undertake major repair/remedial works on a particular
brand of its reciprocating engines used predominately in overseas
landfill gas power generation since 1998. This brand of engine has
demonstrated, over the operating hours to date, an inability to
perform to expectations which is adversely impacting on project
revenue and operating costs.
The performance problems experienced to date have been largely
identified, are capable of remedy, and a remediation program is
currently being implemented. The work program, which will extend into
2003/04, is expected to enhance the overall reliability of the
relevant engines. ENE continues to work with the engine supplier and
technical advisers on relevant issues.
ENE has beneficial ownership of 100MW of overseas landfill gas
generating capacity utilising this brand of engine. ENE's Australian
power generation capacity (278 MW) utilises other brands of generator
sets with the exception of 8 MW of generating capacity.
The second half results will also be impacted by an unrelated
breakdown of a gas turbine at ENE's Mucking (UK) landfill gas
generation project which occurred in late December 2002. The turbine
breakdown is currently being repaired and is expected to be back on
line by late February 2003.
For additional information contact:
Chris Laurie MANAGING DIRECTOR +61 7 3275 5650
Greg Pritchard FINANCE DIRECTOR +61 7 3275 5650
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