Major Projects Push Leighton Work In Hand To Record Level

Issue Date:  17 July 2002
Issued By:  Leighton Holdings Limited

Company Announcements Office
The Australian Stock Exchange
Level 4
20 Bridge Street
Sydney NSW 2000

Re: Major Projects Push Leighton Work In Hand To Record Level

Dear Sir,

Please find attached a copy of a media release to be issued today by Leighton Holdings Limited.

Yours faithfully

A.J. MOIR
Company Secretary

Major Projects Push Leighton Work In Hand To Record Level

Issue Date: 17 July 2002
Issued by: Leighton Holdings Limited

Leighton Holdings Limited today announced that the award of major infrastructure projects worth over $1 billion at year-end had brought work in hand to a record $8.4 billion at 30 June.

Leighton Holdings’ Chief Executive, Mr Wal King AM, said that the awarding of other major projects in the next month should push the value of the Leighton Group’s work in hand to around $9.5 billion.

“A consortium including Thiess has been awarded construction of the $850 million Epping to Chatswood segment of the Parramatta Rail Link. Thiess’ share of the contract, the largest single infrastructure project ever to be awarded by the NSW government, will be worth approximately $430 million.

“Thiess has also been shortlisted as part of a consortium on another major NSW project, the $1.5 billion Western Sydney Orbital.

“In Victoria, Thiess was awarded two of the design and construct packages of the Regional Fast Rail project. The packages, for the Ballarat and Geelong corridors, have a combined value of $200 million and Thiess’ share is worth $100 million.

“John Holland was also successful in being awarded the Bendigo and Latrobe Valley packages of the Regional Fast Rail project which have a combined value of $298 million. John Holland’s share is worth approximately $200 million,” he said.

“The recovery in the engineering and infrastructure market, which has been forecast for some time now, is occurring as a number of major projects are being progressed by government and the private sector,” he said.  

“Leighton Contractors has commenced work on the $1 billion Stanwell magnesium project in Queensland under an interim EPC (engineering, procurement and commissioning) agreement with Australian Magnesium Corporation. The final EPC contract is expected to be signed within one month.

“In Victoria, a consortium including Leighton Contractors has been selected to redevelop Melbourne’s Spencer Street Station at a cost of $350 million. Construction of the new transport interchange and associated facilities will be worth around $300 million to Leighton Contractors over a three-year period.

“Leighton Contractors is also shortlisted in the other remaining consortium bidding for the Western Sydney Orbital. An announcement awarding this project is expected within the next two months,” said Mr King.

“Following the execution of the Australian Magnesium and Spencer Street Station contracts, work in hand should rise to about $9.5 billion,” said Mr King.

“The Leighton Group’s financial position remains strong with a net cash balance of around $500 million at year end. Revenue is likely to increase to approximately $5.2 billion for the full financial year.

“We will be announcing our full year profit for the 2001/2002 financial year on the 15th August and are on track to deliver another strong performance,” said Mr King.

Issued by:
Leighton Holdings Limited
A.C.N. 004 482 982  A.B.N. 57 004 482 982

For further information:
MR WAL KING
Chief Executive Officer
Ph:  (02) 9925 6912

MR DIETER ADAMSAS
Deputy Chief Executive Officer & CFO
Ph:  (02) 9925 6923