TIDMAPR
RNS Number : 7324Z
APR Energy PLC
20 March 2012
For Immediate Release March 20 2012
APR Energy plc
Financial Results for the Fourteen Months to 31 December
2011
Strong Operational and Financial Performance.
APR Energy plc (LSE:APR) ("APR Energy" or "the Company")
announces it will issue its audited financial results for the
fourteen month period ended 31 December, 2011, on Monday 16th
April, 2012. This is later than was originally scheduled due to the
complexities in reporting and accounting for the various corporate
transactions which have taken place during the period.
As a result, APR Energy issues today's statement, which confirms
that the financial results for 2011 are fully in line with the
current consensus, intends to propose an inaugural dividend,
announces continuing momentum in the business with new contracts
gained since end December 2011, reiterates investment plans in new
fleet capacity and expects continued revenue growth for 2012 and
beyond, with high margins and a high return on capital
employed.
Pro Forma Financial Highlights for twelve months to 31 December
2011 (See notes)
-- Revenues up over 65% to over $209 million (2010: $126.1m)
o Revenues for the three months ending 31 December 2011 over $93
million, including $13 million associated with a one-time asset
sale
-- *Adjusted EBITDA up over 63% to over $105 million (2010: $64.2m)
-- **Adjusted EBITDA margin of over 50% (2010: 51%)
-- Net cash $63 million as of 31 December 2011. $400 million
credit facility closed with expanded bank group
-- Intends to propose inaugural dividend per share of 10 pence
Operational Highlights
-- Fleet capacity up 151% in 2011 to 900MW at 31 December 2011 (2010: 358MW)
-- 513MW of new order intake in 2011 (2010: 78MW)
-- 64MW new contracts gained since end December 2011
-- Current Order book nearly 6,500MW-months - 73% up over March 2011
-- Panama and Dubai hubs operational. Southeast Asia hub operational in Q3 2012
-- 2012 new fleet investment expected to be $230 to $260 million
John Campion, CEO, said:
"We regret that complexities of work have delayed our originally
intended timetable for publishing our financial results, but this
should not take away from the remarkable change and growth APR
Group has achieved with the delivery of a strong operational and
financial performance and confidence in continued growth for 2012
and beyond.
"The successive investments by first Soros Fund Management and
Albright Capital in April last year, and then the reverse
acquisition by Horizon Acquisition Company in June, have removed
the cash constraint from which we suffered before and has enabled
us to accelerate our growth and maintain high margins and a high
return on our capital employed, through consistently pursuing our
disciplined approach to investment and sales.
"We have also strengthened our growth potential by completing a
$400 million credit facility to add to our net cash position of $63
million and by taking key strategic steps. These include our
beneficial supply partnerships with Caterpillar and Pratt &
Whitney and putting in place the first two of our regional hubs,
with the third due to be operational in the third quarter of this
year. These steps are already standing us in good stead.
"Our momentum has carried over into the current year, as the
market demand for temporary power continues to expand rapidly and
as our competitive position is strengthened. Recent wins and
additional extensions have further strengthened the order book. Our
tender pipeline also continues to be strong. We therefore reiterate
our expected investment in new fleet during 2012 of between $230
million to $260 million.
"We are confident of delivering further growth and shareholder
value in the current year and beyond."
Current Trading and Outlook:
Recent commercial activity has translated into new contract
awards from end December 2011 to 20 March 2012 totalling 64 MWs.
These awards reflect the continued diversification of our global
footprint and comprise projects in Angola (40MW) and Oman (24MW) In
addition, several existing contracts have been extended, including
all five plant sites in Argentina for an additional 2 to 3 years
each and the turbine contract in Martinique with EDF. As such, the
current order book (backlog of business) stands at nearly 6,500
MW-months, an increase of 73% over the prior year.
We continue to see strong demand for temporary power solutions
across all regions and we maintain an active commercial pipeline of
[tenders / opportunities]. We are aligning the intake of new fleet
with current inventory, known roll-off of assets and projected
demand. We reiterate our expected investment in new fleet capital
expenditures in the range of $230 to $260 million, as we execute on
the deployment of our regional hub strategy and position for future
growth. We remain confident we will continue strong revenue growth
for 2012 and beyond.
Dividend
The Board intends to recommend a dividend for 2011 of 10 pence
per share. Any such dividend will be subject to approval by
shareholders at the forthcoming AGM. The proposed dividend payment
date, register date and ex-dividend date will be announced on April
16th.
There will be a conference call for analysts today at 5.30pm
GMT. Please see below details:
Dial in: +44 (0) 20 3003 2666
Password: APR Energy
A replay of the call will be active for 14 days:
Dial in: +44 (0) 20 8196 1998
Access PIN: 4203951
Enquiries:
APR Energy
Rick Greene, CFO Office +1 (904) 223 2288
Brian Gallagher, Investor Relations Director Office +44 (0) 203 427 3747
Mobile: +44 (0) 777 590 6076
Citigate Dewe Rogerson Consultancy
Anthony Carlisle Mobile: +44 (0) 7973 611 888
Lydia Claire-Halliday Mobile: +44 (0) 7866 617 671
Numis +44 (0) 20 7260 1000
Alex Ham
Stuart Skinner
Ben Stoop
Notes:
On 13 June 2011 APR Energy through its subsidiary APR Energy
Holdings Limited acquired the entire issued share capital of APR
Energy Cayman Limited and all of the membership interests of
Falconbridge Services, LLC (together, the "APR Group").
Pro forma information presented here relates to the APR Group
for the 12 months ended 31 December 2011 and includes items of
income and expenditure of APR Energy and APR Energy Holdings for
the 7 months post acquisition. For the avoidance of doubt, this pro
forma information will differ from the statutory financial
statements of APR Energy plc which will include the results of the
APR Group only subsequent to the date of acquisition and will
further include income and expenses of APR Energy and APR Energy
Holdings Limited for the 14 month period ended 31 December 2011,
which include significant expenses in relation to the
acquisition.
* Adjusted EBITDA
Adjusted EBITDA is defined as operating profit adjusted to add
back depreciation of property, plant and equipment, amortisation of
intangible assets and exceptional items. Exceptional items are
those items believed to be exceptional in nature by virtue of their
size and/or incidence.
**Adjusted EBITDA margin is calculated by dividing Adjusted
EBITDA by revenue.
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.
Across every continent, the need for a reliable supply of
electricity plays a universal and vital role. If the lights go out,
whether due to natural disaster, an ageing infrastructure, or the
surging demands of a developing nation, communities and businesses
suffer. Without a stable source of electricity to power progress,
it is hard for a country to grow. By providing large-scale
fast-track temporary power solutions to countries and industries
around the globe, APR Energy helps meet the need for electricity
and generates economic growth.
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 Financial Results 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 Financial Results 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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