TIDMAPR
RNS Number : 6142E
APR Energy PLC
14 May 2013
14 May 2013
APR Energy plc ("the Company")
Q1 Interim Management Statement
-- Announcing 72MW of new diesel contracts
-- Total contracts announced year to date 353MW (284MW in equivalent period in 2012)
-- Contract extensions of 100MW year to date
-- Strategic partnership agreement signed with Hertz Dayim
Equipment Rental for large scale power in Saudi Arabia
In advance of its Annual General Meeting to be held at 11.00 am
today, APR Energy plc (LSE:APR), a global leader in fast-track
power solutions, issues the following Interim Management Statement
to the 14(th) May 2013, including the Q1 trading period.
TRADING
APR Energy today announces 72MW of new contracts won since 21
March 2013. The new contracts, comprising a 32MW contract in Oman
and a 40MW contract award in Indonesia, are for diesel
reciprocating engines and further expand APR Energy's business in
those countries. The contracts are expected to start generating
power in Q2 this year.
This, together with the 281MW of new contracts announced on 21
March 2013, brings total new contract wins announced this year to
353MW (compared to 284MW in the same period of 2012). An additional
20MW of extensions have been signed, bringing total extensions year
to date to 100MW (Senegal, Martinique, and Gabon).
As at 31 March 2013, total fleet capacity was 1,386MW (December
2012: 1,311MW) with order book (backlog of business) of over 14,114
MW-Months - an increase of 22% from the end of 2012 and ahead by
117% from the end of March 2012.
Pro forma revenues for the quarter totalled $43 million compared
to $78 million for Q1 2012. However, the 200MW Uruguay contract,
announced on 17 December 2012, is scheduled to start generation
later this month and the Libyan contract of 250MW, announced on 21
March 2013, is scheduled to come on stream in early Q3 2013. All of
APR Energy's dual-fuel turbines from the Japan contract, which
ended in Q1, are being redeployed directly from Japan to Libya.
FINANCIAL POSITION
The Company's balance sheet had gross debt of $270 million
(excluding capitalised finance costs) at the end of Q1. Cash on the
balance sheet as of 31 March 2013 was $24 million resulting in net
debt of $246 million.
OPERATIONS
The new diesel contract wins announced today are the result of
the focus APR Energy has placed on increasing utilisation of its
diesel fleet, and complement the 100% utilisation of our dual-fuel
turbines.
The new 32MW contract in Oman follows APR Energy's successful
execution of a similar project in the country last year. Among the
power providers selected to share in the fulfilment of the tender,
APR Energy was the only large, global fast-track power solutions
company chosen.
The 40MW award in Indonesia, APR Energy's second in the country
this year, will bring our total power capacity in the country to
55MW. The recent success in Indonesia, one of the largest
fast-track power markets in the world, is the result of APR
Energy's increased focus in Asia, following the opening of our
regional hub in Malaysia in September 2012.
Also, we are pleased to announce today a strategic partnership
with Hertz Dayim Equipment Rental in the Kingdom of Saudi Arabia
("KSA"). The agreement provides APR Energy with immediate access to
one of the largest power markets in the Middle East by leveraging
Hertz' business network, trusted global brand name, and established
industry experience within the country. Through the partnership
agreement, APR Energy and Hertz Dayim Equipment Rental will
collaborate on business development opportunities for large-scale,
fast-track power projects, as well as cooperate on various
co-branded marketing activities within the KSA.
OUTLOOK
We continue to see strong structural demand for power solutions
in Africa, Latin America, the Middle East, and South East Asia,
resulting in a strong commercial pipeline. There are ongoing
discussions on a significant number of opportunities for both
reciprocating engines and turbines.
The Company expects to continue its progress on improved
operating efficiencies and reiterates its medium-term guidance on
EBITDA margins. APR Energy remains confident in the medium- and
long-term trends of structural growth within the fast-track power
market and expects to capitalise upon these.
The Company anticipates fleet capital expenditure of
approximately $225-240 million in 2013 for further expansion of its
gas turbine fleet and associated infrastructure and total capital
expenditure to be in line with analysts' expectations. The Company
is focused on making additional operational improvements during
2013 and on further increasing utilisation of its diesel fleet.
John Campion, CEO said: "Our group strategy remains unchanged;
APR Energy continues to target strong year-to-year revenue growth
and remains committed to improving the utilisation of our diesel
fleet. Today's new contracts demonstrate that our highly
fuel-efficient diesel engines position us very well to compete for
new fast-track power contracts, providing fuel savings that help
drive an overall lower cost to the customer."
FORTHCOMING ANNOUCEMENTS
Q2 Interim Management Statement 24 July 2013
2013 Interim Results Week of 26 August 2013
Enquiries:
APR Energy plc +44 (0) 20 3427 3747
Brian Gallagher +44 (0) 7775 906 076
Citigate Dewe Rogerson Consultancy + 44 (0) 20 7638 9571
Anthony Carlisle + 44 (0) 7973 611 888
About APR Energy
APR Energy specialises in the sale of reliable and efficient
electricity through the rapid global deployment of customised,
turnkey power solutions. APR's fast-track approach, flexible
offerings, and comprehensive operation and maintenance services
have established it as a leader in the utility and industrial
segments. APR Energy provides its power generation solutions to
customers and communities around the world, with an emphasis in
Africa, South America, Central America, the Middle East, and Asia.
APR Energy also implements philanthropic initiatives at each plant
location through its Community Development Programme, which aims to
build and maintain close relationships in the areas in which it
works through projects and donations in health and education.
Certain statements included 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, statements 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.
Although any such forward-looking statements reflect knowledge and
information available at the date of this announcement, reliance
should not be placed on them. Without limitation to the foregoing,
nothing in this announcement should be construed as a profit
forecast.
END
Notes to Editors
1. Management has been focused on improving the utilisation
rates within our highly efficient, mainly Caterpillar, diesel
fleet. The primary drivers of the contract wins announced today
have been the proven superior fuel efficiency of our diesel fleet,
the overall service quality we have been able to provide following
the formation of our partnership with Caterpillar, and the
establishment of our hub infrastructure last year.
2. The Indonesian projects (40MW and 15MW) represent an
important milestone in the evolution of APR Energy. Penetrating one
of the world's largest temporary power markets validates the Hub
strategy we initiated during 2012, in particular, the opening of
our Malaysian hub in the autumn of 2012. The most recent 40MW award
will provide supplemental power to cover demand requirements on the
island of Sumatra.
3. On 17 December 2012, APR Energy announced a new 200MW
contract in Uruguay, running into late 2014. This contract is in
addition to APR's existing 100MW contract in the country.
4. In March 2012, APR Energy announced that it had signed a new
250MW contract in Libya to provide a turnkey power solution. It was
the largest single contract win in its history, and one of the
largest single temporary power contracts ever to be signed. The
initial term of the contract will run into mid-2014. The power
solution, which showcases APR Energy's highly mobile, dual-fuel
turbines, will help cover anticipated power demand during the
critical summer high-heat season, as well as provide interim power
while the country continues to rebuild and improve its
infrastructure.
5. The strategic partnership between APR Energy and Hertz Dayim
Equipment Rental provides APR Energy with immediate access to the
Saudi power market, one of the largest in the Middle East. Saudi
Arabia offers substantial potential for growth, with plans to
increase generating capacity from 55GW to 120GW by 2020 in order to
meet rising demand. The country also has the fifth largest natural
gas reserves in the world, but has not yet fully utilised its
natural gas potential, providing opportunities for both gas
reciprocating engine and dual-fuel turbine technologies.
Through the partnership agreement, APR Energy and Hertz Dayim
Equipment Rental will collaborate on business development
opportunities for large-scale, fast-track power projects. APR
Energy will gain from Hertz' business network, trusted global brand
name, and established industry experience within the country.
Equally, Hertz Dayim Equipment Rental will gain immediate entry
into the lucrative fast-track power solutions market within the
KSA, leveraging APR Energy's expertise and leadership in fast-track
power solutions, as well as APR's modern fleet of diesel and
natural gas reciprocating engines and dual-fuel turbines.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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