Interim Management Statement (9214Q)
27 Outubro 2011 - 4:00AM
UK Regulatory
TIDMAPR
RNS Number : 9214Q
APR Energy PLC
27 October 2011
For Immediate Release 27 October, 2011
APR Energy plc
Q3 INTERIM MANAGEMENT STATEMENT
Continued rapid growth
Exclusive global partnership with Pratt and Whitney on dual fuel
turbines
-- Complements recent similar agreement with Caterpillar and Ring Power
APR Energy plc ("APR" or "the Company"), a global leader in
temporary power solutions, today issues its Interim Management
Statement covering the period from 30 June 2011 to 27
October2011.
TRADING
The Company has continued to deliver rapid growth throughout
2011 and experienced further acceleration during the three month
period ending 30 September 2011. Group revenues in this three month
period totalled $57.5 million, a 63.5% increase over the same
period last year. The monthly revenue run rate continued to
increase through the quarter as additional contracted MWs came on
line. Adjusted EBITDA margin for the period exceeded margin levels
achieved for the full year in 2010. Adjusted net income for the
same three month period was $13.8 million. Given the strength of
our recent trading performance and expectations for the fourth
quarter, the Company now believes that adjusted net income for the
full year will be ahead of the consensus of current market
expectations.
In the period, the Company achieved new contract wins of 85MWs
with additional projects in Peru and Argentina, both of which are
expected to be operational in 2012. The Company was also successful
in extending its existing contract in Peru and is in discussions
with several other customers regarding extensions.
As at 30 September 2011, total fleet capacity was 804 MW, (Q3
2010: 358 MW).
FINANCIAL POSITION
The Company maintains a strong financial position given the
influx of capital following the recent Horizon transaction in June
of this year. During the three month period ending 30 September
2011, the Company repaid $37.7 million of existing terms loans,
leaving the total debt balance at the end of the period at $42.5
million. Cash as of 30 September 2011 totalled $176 million
dollars.
Progress continues in negotiating a new, expanded credit
facility with a syndicate of banks that will add additional
liquidity and capacity to further expand the Company's fleet. It is
expected that this new facility will be completed prior to the end
of the year.
OPERATIONS
The Company continues to make significant progress on key
strategic initiatives that will enhance its capability to meet
customer needs with rapid deployment of temporary power
solutions.
Today's announcement of an exclusive global partnership with
Pratt & Whitney focused on the deployment of dual-fuel turbines
in temporary power applications is another important strategic
milestone. The agreement solidifies the Company's supply chain and
aftermarket infrastructure for this key technology. (A parallel
press release gives further detail of the agreement.)
The new Pratt & Whitney agreement coupled with the recent
Caterpillar/Ring Power global framework agreement for both diesel
and gas reciprocating engines creates a comprehensive supply
network for all power generation requirements and enhances the
Company's infrastructure to efficiently maintain assets on a global
basis, as well as providing additional sources of new temporary
power contract tenders.
The Company also progressed the implementation of its regional
hub strategy in the quarter and remains on schedule to open its
first facility in Panama early in 2012, followed shortly thereafter
with a regional facility in Dubai.
Outlook
The rapid growth of the Company, robust order book and strength
of its new business pipeline, places APR Energy in a good position
to meet market expectations for the full year and the Company
remains well positioned to continue delivering strong growth in the
future.
Chief Executive Officer John Campion stated: "We are very
pleased with the progress the Company has made in the short period
since re-listing. The recent agreements with Caterpillar and now
Pratt & Whitney position us to accelerate our growth strategy
and deliver world-class temporary power solutions with an
unparalleled breadth of technologies supported by truly global
partners. The strength of our current project pipeline gives us
continued confidence in our future performance."
Enquiries to:
Anthony Carlisle, Citigate Dewe Rogerson Consultancy
+44 (0) 20 7638 9571
+44 (0) 7973 611 888
anthony.carlisle@citigatedr.co.uk
Notes:
1. The profit figures used in this statement have been adjusted
for the costs of the the] recent Horizon transaction and the
subsequent re-listing of APR's shares in September 2011.
2. All financial information used in this statement is unaudited.
About APR Energy plc:
Based in Jacksonville, Florida, and quoted on the London Stock
Exchange, APR is a fast growing, pure play fast track provider of
large scale, temporary power solutions. It is focused on the
rapidly growing power plant market in emerging markets, where the
supply/demand imbalance is most acute, as well as event-led
opportunities. APR designs, installs, operates and maintains
turnkey power solutions, used for applications, including peak
shaving, distributed generation, supplemental power, grid stability
and support, emergency generation and Industrial power generation.
Its fleet is technologically advanced and is differentiated by its
ability to provide dual fuel turbine generators as well as diesel
and natural gas modules. Additional information can be found at:
www.aprenergy.com.
Forward looking statements
All statements other than statements of historical fact included
in this Interim Management Statement are forward-looking
statements. Such forward-looking statements, which reflect
management's assumptions made on the basis of information available
to it at this time, involve known and unknown risks, uncertainties
and other important factors which could cause the actual results,
performance or achievements of APR Energy plc, or the market and
economies in which APR Energy plc operates, to be materially
different from future results, performance or achievements
expressed or implied by such forward-looking statements. Without
limitation to the foregoing, nothing in this Interim Management
Statement is to be regarded as a profit forecast.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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