TIDMAPR
RNS Number : 3569B
APR Energy PLC
16 April 2012
For Immediate Release 16 April 2012
APR Energy plc
Preliminary Results 2011
Pro-Forma Profits Above Expectations. 284MW New Contracts in
2012 to Date. Positive Outlook.
APR Energy plc (LSE: APR) ("APR Energy" or "the Company"), a
global leader in temporary power solutions, today announces its
preliminary results for the fiscal period ended 31 December
2011.
Note, reported financial statements cover a 14 month period from
1 November 2010 to 31 December 2011. The Company is also providing
pro-forma financial data for the 12 month period from 1 January
2011 to 31 December 2011 to aid in both historical and future
comparative analysis.
Reported Pro-Forma (2)
(1)
($ millions) 2011 2010 2011 2010 % Change
Revenue 164.6 -- 212.8 126.1 69%
Operating (loss)/profit (45.2) (10.5) 60.3 34.5 75%
(Loss)/profit
before tax (33.0) (6.0) 57.0 29.8 91%
Net (loss)/profit (41.4) (6.0) 41.4 9.5 336%
Basic loss per
share - cents (70.97) (14.90) -- --
(1) Reported figures cover the 14 month period from 1 November
2010 to 31 December 2011 and include trading results of APR Energy
Cayman Limited and Falconbridge Services LLC and their subsidiaries
(together, the "APR Group") for 7 months post date of
acquisition
(2) Pro Forma figures cover the 12 month period ending 31
December 2011 for the APR Group, and include items of income and
expense of APR Energy plc and APR Energy Holdings Limited for 7
months post acquisition. Figures exclude one-time transaction costs
($30.7M), and non-cash expense for amortisation of intangible
assets ($46.5M) and other exceptional items ($27.9M). Pro-forma net
profit also excludes a pre-acquisition foreign exchange gain
($9.9M). 2010 comparative pro-forma figures are those of the APR
Group for the year ended 31 December 2010.
HIGHLIGHTS
-- Pro-forma revenues of $212.8 million up 69%; Reported revenues of $164.6 million
-- Pro forma profits above expectations:
o Pro-forma Adjusted EBITDA up 70% to $109.1 million
o Pro-forma net profits up 336% to 41.4 million
-- Pro-forma adjusted EBITDA margin of 51%
-- Reported Operating Loss of $45.2 million driven by
exceptional items and non-cash amortisation of acquired
intangibles
-- Strong balance sheet - Net cash balance of $63.1 million; new $400 million credit facility
-- New project awards to date in 2012 of 284MWs - Cyprus (120MW)
and Mexico (100MW) as well as previously communicated wins in
Angola (40MW) and Oman (24MW)
-- Success in contract extensions - all sites in Argentina,
Martinique turbine project with EDF, UN Haiti contract
-- Panama and Dubai hubs operational; Asia hub in Malaysia on track for Q3 2012
-- Reiterate 2012 new fleet investment of $230 to $260 million
John Campion, Chief Executive Officer, said:
"2011 was a year of significant transformation for APR. With our
capital constraints removed, we delivered rapid growth as evidenced
in our fleet more than doubling to 900 MWs and pro-forma revenue
increasing by 69%. Disciplined execution enabled us to maintain
strong underlying margin performance, while building out our
infrastructure to support future growth.
We have had a good start to 2012 with 284 MW's of new contracts
won to date, as well as several contract extensions, and we
maintain a strong commercial pipeline. We are well positioned to
capitalise on the substantial market demand for temporary power
solutions and are confident that 2012 will be a year of continued
transformation and growth for APR."
Enquiries:
APR Energy
Brian Gallagher +44 (0) 20 3427 3747
+44 (0) 7775 906 075
Citigate Dewe Rogerson Consultancy + 44 (0) 20 7638 9571
Anthony Carlisle + 44 (0) 7973 611 888
Lydia-Claire Halliday + 44 (0) 7866 617 671
Analyst Conference
There will be an analyst conference this morning at 9.00 am GMT
at the offices of Citigate Dewe Rogerson at 3 London Wall
Buildings, London EC1R 0HL.
A webcast will available be on the APR Energy website -
www.aprenergy.com
About APR Energy
APR Energy specialises in the sale of reliable and efficient
electricity through the rapid deployment of Customised Turnkey
Power Solutions globally. APR's power generation solutions, coupled
with comprehensive operation and maintenance services and flexible
commercial terms, have established APR as a leader in the utility
and industrial segments. APR Energy provides power generation
solutions to customers and communities around the world, with an
emphasis in Africa, South America, Central America and Asia. In
conjunction to its business of providing these world-class power
solutions, APR Energy also implements philanthropic projects at
each plant location through its Community Development Programme,
which aims to build and maintain close relationships with its
neighbours through projects and donations in health and
education.
Cautionary Statement
This announcement (in particular the Chairman's Statement and
the Chief Executive Officer's Report) has been prepared solely to
provide additional information to shareholders to assess the
Company's strategies and overall performance. Certain statements in
this announcement constitute or may constitute forward-looking
statements. Any statement in this announcement that is not a
statement of historical fact including, without limitation, those
regarding the Company's future expectations, operations, financial
performance, financial condition and business is or may be a
forward-looking statement. Such forward-looking statements are
subject to risks and uncertainties that may cause actual results to
differ materially from those projected or implied in any
forward-looking statement. These risks and uncertainties include,
among other factors, changing economic, financial, business or
other market conditions. These and other factors could adversely
affect the outcome and financial effects of the plans and events
described in this announcement. As a result, whilst they are made
in good faithbased on information available up to the time of their
approval of this announcement, you are cautioned not to place any
reliance on such forward-looking statements. The forward-looking
statements reflect knowledge and information available at the date
of this announcement and the Company undertakes no obligation to
update its view of such risks and uncertainties or to update the
forward-looking statements contained herein. Nothing in this
announcement should be construed as a profit forecast.
-End-
Chairman's Statement
A year ago, I reported to you as Chairman of Horizon Acquisition
Company and expressed confidence we would identify a company which
through the infusion of new equity, would transform its prospects
and have significant advantage in its market. In June 2011, we
acquired the APR Group, a leading provider of fast-track temporary
power solutions. Following the acquisition, we renamed our company
APR Energy plc, suspended trading in our shares until a prospectus
presenting the new company could be prepared, and, in September
2011, successfully re-listed the new entity on the London Stock
Exchange.
You will know that we were delayed in announcing our preliminary
2011 results against our own self-imposed deadline. We misjudged
the time it would take to incorporate the sheer scale and
complexity of issues involving two major capital transactions,
adoption of different reporting requirements, and a London listing.
We apologise for this and I can assure shareholders the Board has
taken the appropriate actions to ensure this does not happen again.
Throughout the period, however, APR Energy fully complied with all
its statutory requirements, and the timing of our soon to be
published annual report is as originally planned.
It is a pleasure to now report on the growth and performance of
APR Energy in its first preliminary announcement as a quoted public
company. We are very pleased with the results achieved in 2011, and
are confident of delivering continued strong growth into 2012 and
beyond.
Performance
The reported figures for APR Energy cover a fourteen month
period to 31 December 2011 and include the consolidation of the
acquired business for 7 months from the date of acquisition. The
statutory results for the enlarged group show revenue of $164.6
million and an operating loss of $45.2 million due to the
transaction costs ($30.7 million) associated with the acquisition,
the amortisation of intangible assets ($46.5 million), and other
exceptional items.
However, on a pro-forma basis, the results of APR (twelve month
period ending 31 December 2011 and adjusted for exceptional items)
show very strong growth with revenue up 69 per cent from 2010 to
$212.8 million, operating profit up 75 per cent to $60.3 million,
and net profit of $41.4 million (2010: $9.5 million). This growth
was fuelled by order intake of over 500 megawatts, and included
eight new contract wins and several extensions of existing
projects.
Given the impact of intangible amortisation and exceptional
items, the Company reported a basic loss per share of 70.97 cents
compared to a loss per share of 14.90 cents in 2010.
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