AJ Lucas Group Limited Annual Report 1999

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ContentsThe year’s highlights......................................................................................................1Introducing Lucas...........................................................................................................1Chief Executive’s Review ..............................................................................................2Projects for 1999...........................................................................................................4Lucas history ...................................................................................................................8A year as president of APIA ........................................................................................8Concise financial reportCorporate Governance Statement .....................................................................9Director’s Report..................................................................................................12Financial statements............................................................................................16Directors’ Declaration .........................................................................................22Independent Audit Report .................................................................................22Shareholder Information ....................................................................................23Offices and officers..............................................................................................24A copy of A J Lucas Group Limited and its controlled entities’ 1999 AnnualFinancial Report, including the independent audit report, is available to allshareholders, and will be sent to shareholders without charge uponrequest.The 1999 Annual Financial Report can be requested by telephone(Australia: 1800 096 866, Overseas: +61 2 9809 6866) and is availableon the company’s Web site at www.lucas.com.au.Annual General MeetingThe Annual General Meeting of AJ Lucas Group Limited will be held at theoffices of Johnson Taylor, Level 3, 7 Macquarie Place, Sydney at 11:30amon 29 November 1999.Front cover:The Lucas Hercules rig at work on the Ma Wan directional drillin Hong Kong. See page 9 for details of this world-record drilling project.Back cover: New CAD systems are a key component of Lucas Networks’effectiveness.
AJ Lucas Group LimitedIntroducing LucasLucas is an infrastructure technologycompany, providing outsourced servicesto Australia’s energy, water and telecommunicationsindustries.the year’shighlightsThe Group’s activities are:• Pipelines – principally major high pressuregas pipelines;• Hydrostatic testing of major pipelines;• Directional drilling – an advanced technologyfor installing underground pipesand telecommunications conduits withoutsurface excavation;• Specialist infrastructure projects – compressorstations, tank farms and otherinfrastructure engineering;• Utility networks design, installation andmaintenance – for gas, water andtelecommunications.The Group’s business was founded over 40years ago. Today, it has a strong reputationin its industries and is a market and technologyleader in pipelines, directionaldrilling and hydrostatic testing.Lucas’ clients are principally major infrastructurecompanies including AGL, BHP,Envestra, Epic Energy, Sydney Water andTelstra. Lucas also provides specialised servicesto leading contractors such as CloughEngineering, Leightons and Transfield.The Group’s management has a broadrange of experience: engineering, business,finance and project management.The Group’s revenue has grown from $6.9million in Financial Year 1997 to $21.2 millionin 1998 and to $24.1 million in 1999.$68.1 million is forecast for 2000.• Successful flotation as a public companyand listing on ASX.• Winning a place in the 5 year AGL Allianceand completion of its first projects: the365km Geraldton to Windimurra Pipelineand two compressor stations, on budget andahead of schedule.• Establishment of Lucas Networks, winningcontracts with Telstra for its customer accessnetwork over a large area of NSW in jointventure with Downer Construction.• One of the world’s most technicallydemanding directional drillingprojects in Hong Kong.• Revenue within 1.25% of forecast at$23.8 million:• Profit growth of over 40%:12% above our prospectus forecast.PAGE 1
Page 1: AJ Lucas Group LimitedACN 060 309 1
Page 5 and 6: Lucas’ Herculesdirectional drilli
Page 7 and 8: Apart from its technical and commer
Page 9 and 10: winning two regions of NSW in Telst
Page 11 and 12: AJ Lucas Group Limited (formerly AJ
Page 13 and 14: cessfully minimise vulnerabilities
Page 15 and 16: inated in foreign currencies. It is
Page 17 and 18: Directors’ interestsThe relevant
Page 19 and 20: Discussion and analysis of the bala
Page 21 and 22: Discussion and analysis of the stat
Page 23 and 24: GuaranteesThe consolidated entity h
Page 25 and 26: Shareholder informationShareholding
Page 27 and 28: Writing, design & production by Ad

AJ Lucas Group Limited Annual Report 1999

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