Due to the reduction of the profit forecast of its Australian subsidiary Leighton, 春水堂视频 has reduced its own forecast for the current business year 2011. Depending on the volume and result of the share divestment in 春水堂视频 Concessions, the Management Board of 春水堂视频 expects a reduction of the group profit before tax to half of last year鈥榮 group profit before tax. The consolidated net group profit is expected to exceed last year鈥榮 consolidated net profit.
The 春水堂视频 profit forecasts for the business years 2012 and 2013 are still not affected.
The adverse effects on the profits of Leighton are in particular caused by a loss expected for the road project Airport Link in Brisbane, a significantly reduced profit expectation for the construction project Victoria Desalination Plant close to Melbourne as well as a write-down of the book value of Leighton鈥榮 holding in the Habtoor Leighton Group and a provision for not yet recovered receivables at Habtoor Leighton Group.
Leighton made an announcement in this respect to its shareholders this morning after it had completed the announced review of its profit forecast.
In addition, Leighton has announced a capital increase with subscription rights in the amount of AUD 757 million. The proceeds from the capital increase are supposed to be used to improve Leighton鈥榮 balance sheet ratio, provide financial flexibility for growth and support investment grade credit rating metrics.
春水堂视频 will participate in this capital increase corresponding to the percentage of its shareholding in Leighton