Bombardier Transportation notes that today, the directors of Metronet BCV Ltd and Metronet SSL Ltd, the Public Private Partnership (PPP) concession companies responsible for the upgrade and maintenance of approximately 75% of London Underground’s rail system under the PPP, have asked the Mayor of London to appoint a PPP Administrator for these companies. Bombardier has a 20% interest in these companies.
This announcement will have no impact on Bombardier’s consolidated financial statements as it has already announced the write-down of the total carrying value of its investment in Metronet Rail BCV Limited and Metronet Rail SSL Limited to be recorded in the second quarter of fiscal year 2008.
Bombardier Transportation will work closely with Metronet, the PPP Administrator and London Underground in order to ensure that the daily operations of the tube remain unaffected over the coming period. Bombardier’s turnkey supply contracts currently valued at approximately £3.3 billion ($6.7 billion US), are for new trains, signalling, refurbishment of trains and fleet maintenance activities. These supply contracts are progressing well and Bombardier will continue to work on them as per the requirements contained in its contracts. Bombardier remains fully committed to deliver a world class, safe and reliable Tube for London.
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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.
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). News and information are available at www.bombardier.com.
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