The Company's Corporate Treasury function operates as a service
centre for the business, coordinating access to capital markets and
managing financial risks. Treasury does not undertake any
speculative trading activity in financial instruments.
Foreign Currency Risk
The APR Group operates in many different countries around the
world, which can expose it to foreign currency risks. In order to
minimise exposure to such risk, the APR Group primarily contracts
in US Dollars or in contracts with a price based on US Dollars at
the date of transaction or payment if possible. Typically, the
local currency conversion for customer payments is immediate. In
some cases, the APR Group transacts in local currencies when
purchasing materials and supplies for project operations.
In limited circumstances, the APR Group may use derivative
instruments to economically hedge against foreign currency risk.
Any hedges are limited in duration and correspond to the applicable
contract payments or receipts to which the derivatives are
associated. As at 31 December 2011 the APR Group held several
contracts in place hedging future receipts in foreign currency.
Interest Rate Risk
The Company is exposed to interest rate risk on its borrowings.
Borrowings issued at variable rates expose the Company to cash flow
interest rate risk. Borrowings issued at fixed rates expose the
Company to fair value interest rate risk. When applicable, the
Company may elect to economically hedge interest rate risk
associated with debt or borrowings under the credit facility by
purchasing derivative instruments.
As at 31 December 2011, the Company had no cash borrowings.
Credit Risk
Credit risk arises from cash and cash equivalents, deposits with
banks and financial institutions, as well as exposures to
outstanding receivables from customers. Due to the nature of the
Company's business in emerging markets, management believes the
most significant of these risks to be exposures to outstanding
receivables from customers.
To minimise the risk of a significant impact on the business due
to a customer defaulting on its commitments, the Company closely
monitors trade receivables. In addition, the Company utilises
letters of credit from customers, contract insurance policies and
up front deposits to mitigate this risk.
Going Concern
The Company's business, along with the key factors that can
potentially impact future performance and the risks and
uncertainties are described in the Business Review. The financial
position as at 31 December 2011 is detailed in the Financial Review
section above, including a net cash position of $63.1 million and
significant capital resources available under the existing credit
facility.
The Company's forecasts and projections, taking into account
sensitivity analysis on various scenarios, show that the Company
has more than sufficient resources to fund operations well into the
future. Having completed this work, the directors are of the
opinion that the Company has sufficient liquidity to continue
operation for the foreseeable future and thus determine that it is
appropriate to prepare the accounts on a going concern basis.
Dividends Proposed
At the upcoming AGM, the Board will recommend to shareholders
that a resolution is passed to approve payment of a final dividend
for the year ended 31 December 2011 of 10 pence per share, payable
on 29 May 2012 to shareholders on the register at 4 May 2012. The
ex-dividend date will be 2 May 2012.
Responsibility statement of the directors on the annual
report
The responsibility statement below has been prepared in
connection with the company's full annual report for the period
ending 31 December 2011. Certain parts thereof are not included
within this announcement.
We confirm that to the best of our knowledge:
- the financial statements, prepared in accordance with the
relevant financial reporting framework, give a true and fair view
of the assets, liabilities, financial position and profit or loss
of the Company and the undertakings included in the consolidation
taken as a whole; and
- the management report, which is incorporated into the
Directors' report, includes a fair review of the development and
performance of the business and the position of the Company and the
undertakings included in the consolidation taken as a whole,
together with a description of the principal risks and
uncertainties that they face.
This responsibility statement was approved by the board of
directors on 15 April 2012 and signed on its behalf by:
John Campion
Chief Executive
Consolidated Statement of Comprehensive Income
For the fourteen month period ended 31 December 2011
14 months ended Year ended
31 December 31 October
2011 2010
$'000 $'000
Note
Revenue 2 164,617 -
Cost of sales (91,519) -
Amortisation of intangible
assets 7 (46,548) -
---------------- -------------------------
Gross Profit 26,550 -
Selling, general and administrative
expenses (71,700) (10,523)
---------------- -------------------------
Operating loss 3 (45,150) (10,523)
Foreign exchange gain 9,948 -
Finance income 4,810 4,592
Finance costs (2,567) (106)
---------------- -------------------------
Loss before taxation (32,959) (6,037)
Taxation 4 (8,480) -
---------------- -------------------------
Loss for the period (41,439) (6,037)
---------------- -------------------------
Total comprehensive loss for
the period (41,439) (6,037)
================ =========================
Loss per share
Basic loss per share - cents 5 (70.97) (14.90)
Diluted loss per share - cents 5 (70.97) (14.90)
Consolidated Statement of Financial Position
As at 31 December 2011
As at 31 As at 31
December 2011 October 2010
Note $'000 $'000
Assets
Non-current assets
Goodwill 6,10 541,046 -
Other intangible assets 7 97,652 -
Property, plant and equipment 8 406,899 -
Capitalised financing costs 5,172 -
Deposits 1,392 -
-------------- ---------------
Total non-current assets 1,052,161 -
Current assets
Derivative asset 2,258 -
Prepayments and other receivables 6,001 -
Trade and other receivables 37,059 2,310
Cash and cash equivalents 63,061 645,540
Deferred tax asset 4 3,551 -
Deposits 27,666 -
-------------- ---------------
Total current assets 139,596 647,850
-------------- ---------------
Total assets 1,191,757 647,850
-------------- ---------------
Current liabilities
Trade and other payables 31,396 812
Deferred tax liability 4 2,939 -
Income tax payable 3,001 -
Deferred revenue 10,479 -
Decommissioning provision 9 17,902 -
-------------- ---------------
Total current liabilities
Non-current liabilities 65,717 812
Borrowings - -
Derivative liability 4,961 16,149
Decommissioning provisions 9 161 -
-------------- ---------------
Total non-current liabilities 5,122 16,149
Apr Energy (LSE:APR)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Apr Energy (LSE:APR)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024
