The Company's revenue from continuing operations from external
customers by location of operations and information about its
non-current assets (excluding any applicable deferred tax balances)
by location of assets is detailed below.
The Japan revenues represent a single customer which
individually formed more than 10% of total revenues. Of the
revenues from major customers, $34.0 million formed part of the net
trade receivables at 31 December 2011 (31 October 2010 - nil).
Revenue by geographic location
14 months ended Year ended
31 December 31 October
2011 2010
$'000 $'000
South America 33,174 -
Africa 48,265 -
Caribbean 7,461 -
Central America 2,087 -
Japan 73,630 -
---------------- -----------
Total 164,617 -
================ ===========
Non-current assets by geographic location
As at 31 As at 31
December 2011 October 2010
$'000 $'000
South America 45,686 -
Africa 120,100 -
Caribbean 19,234 -
Central America 9,121 -
Japan 130,552 -
Corporate 727,468 -
-------------- -------------
Total 1,052,161 -
============== =============
The corporate non-current assets primarily relate to the
goodwill and intangible assets that arose on the date of
acquisition.
Note 3 Operating loss
Operating loss for the period has been arrived at after
charging/(crediting):
14 months
ended Period ended
31 December 31 October
2011 2010
$'000 $'000
Amortisation of intangible assets (note
7) 46,548 -
Depreciation of property, plant and
equipment (note 8) 39,033 -
Payments under operating leases 7,711 -
Transaction costs 16,498 -
Staff costs 9,624 577
Foreign exchange gains (2,258) -
Impairment loss recognised on trade
receivables 1,943 -
Founder shares and securities revaluation 27,678 -
Note 4 Tax
The Company's tax expenses are summarised in the following
tables:
14 months ended Year ended
31 December
2011 31 October 2010
$'000 $'000
Current tax
Current tax expense 9,409 -
---------------- ----------------
9,409 -
Deferred tax
Deferred tax credit recognised
in the current period (929) -
---------------- ----------------
(929) -
---------------- ----------------
Total tax expense recognised
in the current year 8,480 -
================ ================
The tax expense for the year can be reconciled to the accounting
profit as follows:
14 months ended Year ended
31 December 31 October
2011 2010
$'000 $'000
Loss before tax on continuing operations (32,959) -
---------------- -----------
Tax at the Cayman Corporation tax rate
of 0% (2010 UK tax rate - 28%) - -
Withholding taxes 5,460 -
Effect of different tax rates of subsidiaries
operating in other jurisdictions 3,020 -
---------------- -----------
Total tax expense for the period 8,480 -
================ ===========
The APR Group is not taxable in certain jurisdictions where
either the jurisdictions do not impose an income tax or the entity
is treated as a flow-through entity for local country tax purposes.
The difference between the statutory rate and the effective tax
rate is a result of withholding taxes and taxes in foreign
jurisdictions as shown above.
The structure of the APR Group generally results in each entity
or branch operating within only one tax jurisdiction. In general,
income tax is imposed on taxable income earned in the applicable
tax jurisdiction. Withholding taxes are imposed based upon local
country tax laws. In the jurisdictions where the APR Group
operates, these taxes may be imposed on cross border payments to
related parties. In general, withholding taxes are imposed on
payments such as rents, dividends, and certain service payments or
gross receipts from customers.
In the prior year, APR Energy plc was simply a UK incorporated
company subject to UK tax rates and accordingly this rate was most
appropriate. The current year reflects the rate appropriate to the
acquired business.
Deferred income taxes
The deferred tax assets and liabilities as of 31 December 2011
and 31 October 2010 respectively were as follows
2011 2010
$'000 $'000
Deferred tax assets 3,551 -
Deferred tax liabilities (2,939) -
Deferred tax (net) 612 -
-------- ------
The movement in deferred income tax assets and liabilities
during the year, without taking into consideration the offsetting
of balances within the same tax jurisdiction, is as follows:
Deferred tax assets
Deferred
tax asset (Charged)
Balance acquired to the Statement Balance
at 31 October at 13 June of comprehensive at 31 December
2010 2011 income 2011
$'000 $'000 $'000 $'000
Legal contingency expense - 189 23 212
Technical service fees - 231 - 231
Lease equipment fees not
paid - 1,420 1,687 3,107
Holiday provision - 1 - 1
Total deferred tax assets - 1,841 1,710 3,551
================ ============ ================== ================
Deferred tax liabilities
Deferred
tax liability (Charged)to
Balance acquired the Statement Balance at
at 31 October at 13 June of comprehensive 31 December
2010 2011 income 2011
$'000 $'000 $'000 $'000
Withholding taxes - (2,010) (719) (2,729)
Capital allowances and
depreciation - (148) (62) (210)
---------------- --------------- ------------------ -------------
Total deferred tax liabilities - (2,158) (781) (2,939)
================ =============== ================== =============
Deferred tax assets relating to losses carried forward not
recognised are $2.2 million.
Note 5 Loss Per Share
From continuing operations
The calculation of the basic and diluted loss per share is based
on the following data:
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