01 apr: De værste aktier i marts
02 apr: Vinderaktier i 2008
01-04-2008 09:18:00

Bombardier Transportation Welcomes Conclusion to Metronet Negotiations

BERLIN, GERMANY--(Marketwire - April 01, 2008) - Bombardier

Transportation welcomes today's announcement from Metronet which

updates the negotiations on the transfer of Metronet contracts by the

PPP Administrator and brings clarity to the proposed next steps in

the planned modernisation programme for the London Underground.

The difficulties encountered by Metronet and its subsequent entry

into Administration have caused a significant number of problems in

relation to the scheduled modernisation programme for the London

Underground network. Since Metronet entered into administration,

London Underground Ltd (LUL) has been seeking to agree with the

Administrator and the current contractors (including Bombardier) the

basis upon which the Metronet undertaking can be transferred to an

LUL nominee company.

The result of these negotiations, which is subject to a court

decision that will be sought by the PPP Administrator, is that the

Bakerloo, Central and Victoria Lines (BCV) programme, currently

working to upgrade the Victoria Line with Bombardier's new trains and

Westinghouse Rail System's new signalling, will continue and complete

its implementation as originally planned. Bombardier has continued to

work on this contract during the course of Metronet's administration

and work is progressing well.

The Sub Surface Lines (SSL) upgrade programme, which is less advanced

in its implementation, will be re-scoped with regard to the

signalling portion. The signalling portion of Bombardier's SSL

contract, currently sub-contracted to Westinghouse Rail Systems

Limited ("WRSL"), has been transferred to Metronet and re-negotiated

directly between WRSL and Metronet. A payment of pounds sterling 95

million ($189 million) has been agreed between Bombardier and WRSL,

in full and final settlement, to compensate WRSL for the de-scoping

of their signalling contract. As proposed, this payment will have no

material impact on Bombardier's financial results, as the accounting

for the relevant contracts already included estimates for technical

and execution risks, which will be reduced significantly. Bombardier

will continue to supply new rolling stock to the SSL programme, with

a small increase in scope as requested by the customer.

Bombardier's original train maintenance contracts for BCV and SSL

will be amended so that the maintenance work remains with Metronet.

Bombardier will retain a Technical Support and Spares Supply

Agreement (known as a "TSSSA"). These changes were made at the

request of Metronet to assist with the resolution of the industrial

relations issues arising from the proposed transfer of staff to

Bombardier.

The payment of an outstanding receivable of pounds sterling 28

million ($56 million) due to Bombardier will be made. This payment

relates to signalling and rolling stock work performed predominantly

under the original procurement contracts prior to the appointment of

the PPP Administrator, and costs incurred related to the original

maintenance programme. Other work performed has been paid in

accordance with the contracts.

Bombardier wishes to emphasize that these contractual changes are

subject to a Court decision that will be sought by the PPP

Administrator on the transfer of the Metronet contracts to an LUL

nominee company.

The net impact of these proposed changes on Bombardier will be a

reduction in its Metronet order backlog of pounds sterling 1.3

billion ($2.6 billion) from pounds sterling 3.2 billion ($6.4

billion), and a reduction of Bombardier's total backlog from $33.5

billion to $30.9 billion. This adjustment has been reflected as at

January 31, 2008.

The impact on Bombardier's Metronet backlog is broken down as

follows: a reduction in the signalling work subcontracted to WRSL and

integration and project management activities of approximately pounds

sterling 950 million ($1.9 billion); a reduction in the scope of the

maintenance contracts of approximately pounds sterling 400 million

($0.8 billion); and an increase in the rolling stock portion of the

SSL programme of approximately pounds sterling 50 million ($0.1

billion).

Commenting on today's announcement, Andre Navarri, President of

Bombardier Transportation said: "We are pleased that these

negotiations are coming to a conclusion and to have maintained our

contracts for the supply of new rolling stock for both the BCV and

SSL lines. We appreciate the level of confidence in our commitment to

value and service that this decision demonstrates. Bombardier has

always met its contract obligations to date and we will continue to

do so. London Underground is one of the biggest subway systems in the

world and we look forward to delivering the modern vehicles that

London's passengers deserve."

About Bombardier UK

Bombardier Transportation employs around 4,500 people at production

facilities in Derby and Plymouth and at 24 maintenance, refurbishment

and overhaul centres across the UK. Bombardier currently maintains

approximately 2500 vehicles in Great Britain. In the UK's rail

transportation industry, Bombardier is the leader in the

manufacturing, refurbishment and maintenance of rolling stock.

Bombardier's rail transportation products are in operation in all

major UK regions, providing efficient, reliable, rapid, modern and

state-of-the-art transportation-from intercity travel, urban and

suburban railways, to metros and light rail systems.

London in particular benefits from many Bombardier products and

services. In addition to the new trains for London Underground's

Victoria and Sub-Surface lines, Bombardier's products provide many of

the transport links for the capital.

Bombardier's award winning ELECTROSTAR electric multiple units are

the most reliable new generation EMUs currently operating in the UK,

with the star performers consistently proving to be the class 357

ELECTROSTAR operated by c2c. ELECTROSTAR trains are also proving

popular with passengers on South Eastern Trains and Southern

Railways, where they help to bring thousands of commuters to and from

London daily. Bombardier will soon be providing CAPITALSTAR trains to

Transport for London. These new units will be operated on the London

Overground services and will be delivered during 2008 and 2009.

Traffic congestion in the city of Croydon has been significantly

reduced through the use of Bombardier FLEXITY Swift light rail

vehicles on the city's Tramlink system. The first of 55 new

generation Bombardier built Docklands Light Railway cars will also

start to enter passenger service during 2008, joining the current

Bombardier manufactured fleet of 94 automatically guided light rail

cars.

Current Status of supply contracts for Metronet

Bombardier's supply contracts for Metronet are all proceeding well

and are to schedule.

For the Victoria Line upgrade programme, two pre-production trains

have already been produced, with one of these running in test in

London and the second at Bombardier's test track in Derby. The second

train is running successfully in conjunction with the Westinghouse

Rail System's new signalling system. Manufacture of the "series

build" for the rest of the fleet will begin in Q2 2008. The

installation of all signalling equipment along the Victoria Line and

in the control centre required for overlay running have now been

completed and testing of the system is on-going. The Victoria Line

upgrade is on schedule to be completed in 2012 when the full new

fleet of 47 eight-car trains will be in service

For the Sub-Surface Lines upgrade programme, Bombardier will build

1,395 new cars (191 trains), the first of which will enter service on

the Metropolitan Line in 2010. The first pre-production train will be

completed during 2008 and will begin its testing programme later in

the year. Already, the first cars have been produced and are

undergoing initial testing.

About Bombardier Transportation

Bombardier Transportation has its global headquarters in Berlin,

Germany with a presence in over 60 countries. It has an installed

base of over 100,000 vehicles worldwide. The Group offers the

broadest product portfolio and is recognized as the leader in the

global rail sector.

About Bombardier

A world-leading manufacturer of innovative transportation solutions,

from regional aircraft and business jets to rail transportation

equipment, systems and services, Bombardier Inc. is a global

corporation headquartered in Canada. Its revenues for the fiscal year

ended Jan. 31, 2007, were $14.8 billion US, and its shares are traded

on the Toronto Stock Exchange (BBD). Bombardier is listed as an index

component to the Dow Jones Sustainability World and North America

indexes. News and information are available at www.bombardier.com.

BOMBARDIER, FLEXITY, CAPITALSTAR and ELECTROSTAR are trademarks of

Bombardier Inc. or its subsidiaries.

Contacts:

Americas

David Slack

+ 1 450 441 3190

Germany, Austria

Jurgen Kornmann

+ 49 30 986 07 1138

Switzerland

Fiona Flannery

+41 44 318 29 91

Central and Eastern Europe

Vicki Luther

+ 49 30 986 07 1139

Nordic Countries

Jonny Hedberg

+ 46 8 681 5062

Russia

Alexander Bocharov

+ 7 495 775 1830

UK, Ireland, Australia, New Zealand, other countries

Neil Harvey

+ 44 1332 266470

Benelux

Guy Hendrix

+32 2289 7341

France

Anne Froger

+ 33 6 07 78 95 38

Spain, Portugal, Italy, Greece, Turkey, India

Luis Ramos

+ 35 1 919 693 728

Copyright © Hugin AS 2008. All rights reserved.

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