TIDMAPR
RNS Number : 2167D
APR Energy PLC
26 March 2014
26 March 2014
APR Energy plc
Results for the year ended 31 December 2013
Highlights
-- Record new contract wins in 2013 totalling 740MW and 298MW of
extensions, reflecting 90% renewal rate
-- Full year revenues up 16% to $308 million; Adjusted EBITDA up 15% to $181 million
-- Adjusted profit for the year of $48 million; Adjusted basic
EPS of $0.60 in line with expectations
-- Power generation capacity increased 58% during the year to 2,074MW
-- High fleet utilisation rate of 81% at year end; Average utilisation of 74% across the year
-- Completion of the GE Power Rental Business acquisition
-- Strong start to 2014 with extension of 200MW project in Libya
and 82MW new contract in Myanmar
-- New contract announced today with global mining customer for
60MW turbine plant in South Pacific
-- Libyan customer up to date with all payments; $100 million of
cash received to date in respect of contract
-- Full year dividend maintained at 10 pence per share
APR Energy plc (LSE: APR) (the "Company" and together with its
subsidiaries, "APR Energy" or the "Group"), a global leader in
fast-track power solutions, announces its results for the year
ended 31 December 2013. These results reflect the acquisition of
the GE Power Rental Business from 28 October 2013.
Reported Reported Adjusted(1) Adjusted(1) Adjusted
$ million unless otherwise 2013 2012 2013 2012 change
stated
Revenue 308.3 265.7 308.3 265.7 16%
Operating profit 69.0 9.2 77.8 67.2 16%
Profit/(loss) before
taxation 27.5 (4.9) 56.0 63.3 (12%)
Profit/(loss) for the
year 19.8 (14.9) 48.3 53.3 (9%)
Basic earnings per share
($) $0.24 ($0.19) $0.60 $0.68 (12%)
Adjusted EBITDA - - 181.2 157.0 15%
Adjusted EBITDA margin
(%) - - 59% 59% -
John Campion, Chief Executive Officer, said:
"2013 has been a good year for APR Energy, in which we delivered
continuing strong operating and financial growth. The record number
of new contract wins as well as a renewal rate in excess of 90%
shows the attractiveness of longer-term, larger-scale power
solutions, as well as our ability to deliver against the market
opportunity. The integration of the GE business is proceeding and
we are already seeing marketing opportunities from the strategic
alliance. We remain focused on ensuring that our rapid growth is
matched by a disciplined approach to capital expenditure and cash
management.
We have made a positive start to 2014 with the extension of our
200MW project in Libya and new contract wins of 142MW in Myanmar
and the South Pacific. Today's expectations for 2014 reflect strong
year-on-year growth, including the successful renewal of a number
of contracts and although it is still early in the year, the
business is performing in line with expectations."
(1) The Group uses adjusted financial information in managing
the business and evaluating the Group's underlying performance. The
Group adjusts for certain items including amortisation of
intangibles, founder securities revaluation movements and
acquisition related costs. A reconciliation to their statutory
equivalents is available in the Financial Review on page 11.
Enquiries:
APR Energy plc
Karen Menzel +44 (0) 777 590 6076
Capital MSL
Richard Campbell +44 (0) 20 3219 8800 / +44 (0) 7775 784 933
Nick Bastin +44 (0) 20 3219 8814 / +44 (0) 7931 500 066
Richard Gotla +44 (0) 20 3219 8819 / +44 (0) 7904 122 207
An analyst presentation will be held this morning at 9.30 am at
the offices of Numis Securities, The London Stock Exchange
Building, 10 Paternoster Square, St Pauls, EC4M 7LT.
A webcast will be available on the APR Energy website:
www.aprenergy.com
A conference call can be accessed via:
Conference call: 'APR Energy'
UK Free- Call +44 (0)800 368 0649
US Dial-In: +1 855 287 9927
International Dial-In: +44 (0)203 059 8125
About APR Energy
APR Energy is the world's leading fast-track mobile turbine
power business. We provide large-scale, fast-track power, providing
customerswith rapid access to reliable electricity when and where
they need it. APR combines state-of-the-art, fuel-efficient
technology with industry-leading expertise to provide turnkey power
plants that are rapidly deployed, customisable, and scalable.
Serving both utility and industrial segments, APR Energy provides
power generation solutions to customers and communities around the
world, with an emphasis on Africa, the Americas, Asia-Pacific, and
the Middle East. For more information, visit the Company's website
at www.aprenergy.com.
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.
Chairman's Statement
It is a pleasure to report on a year of transformational change
and significant achievement. APR Energy is a growth business
operating in an attractive and growing market. The value our
customers place on the large-scale, rapidly delivered power that we
provide is reflected in the Group's successful new contract wins
and extensions during the year.
Our mobile turbine technology continues to be key in winning new
customers. The low emission, dual-fuel turbines offer quick
installation, greater reliability, and extended maintenance
intervals, providing maximum operating flexibility. The turbines'
ability to run on diesel or natural gas also makes them available
for a broad range of applications throughout the world.
The demand for our power solutions across our portfolio of
technologies and geographic regions remains strong. This, coupled
with the structural dynamics of the fast-track power market, bodes
well for the Group's continued growth.
During 2013, there were two excellent examples that illustrate
how we are benefitting from the rapidly growing global market for
large-scale power solutions:
-- We successfully installed and commissioned our 450MW project
in Libya, providing power to over a million people. This is the
largest single contract in the fast-track power industry - a
tremendous achievement that was successfully executed across
multiple sites, notwithstanding the challenging operating
environment.
-- Similarly, we commissioned and further extended our contract
in Uruguay to 300MW. Featuring mobile gas turbines, our plants are
now a critical part of the country's power generation
infrastructure.
With a diverse pipeline of opportunities, an experienced
management team, a capable workforce and a focused financial
discipline, the Board believes that the Group is well placed to
continue to fulfil its significant growth potential.
The Board provides active oversight to support the Group in
securing key opportunities and achieving disciplined growth. We
consider the Group's risk appetite and risk management, in the
context of material contracts and extensions, to ensure that any
associated risks, including concentration risk, have been fully
considered. In the case of the Group's significant contract in
Libya, this included entering into an enhanced credit structure,
backed by a leading UK Financial Institution, which affords us the
confidence that all payments will be recovered in full. This
confidence is reflected by the receipt of $100 million from our
Libyan customer since the contract commenced, representing the
receipt of all outstanding payments.
In October, the Board was pleased to announce and complete our
acquisition of GE's Power Rental Business. Following this, APR
Energy became the world's leading provider of fast-track mobile
turbine power. This transformational transaction allows us to move
forward rapidly towards delivering our objectives.
The transaction also offered attractive diversification of our
revenue base into new markets and sectors, which we believe offer
significant potential for the future. The deal creates a long-term
strategic alliance with GE, providing a dedicated supply of new
turbines, a collaborative business development platform, and
expanded access to worldwide support services.
We are excited to be working closely with GE, whose partnership
and equity commitment is testament to our prospects and vision to
be the leader in the large-scale, fast-track power industry. We
welcome GE as a key strategic investor in APR Energy and their
participation on our Board.
The Board continually strives to achieve high standards of
corporate governance and we believe that the observance of these
standards is in the best interests of all our stakeholders. The
Board comprises high calibre individuals, who possess the range of
skills and experience needed to ensure quality contribution to our
decision making. We believe that diversity adds significant value
to the quality of discussion and decision making, as reflected by
the Board's composition in terms of both gender and international
representation.
The Board believes that moving to a Premium listing would be
advantageous for the Company and reflects a positive step in the
Company's maturity. The Board is actively taking steps towards a
Premium Listing, which it expects to achieve within the coming
twelve months.
In recognition of the Board's confidence in the Group's
underlying and future prospects, the Directors are proposing a
final dividend for 2013 of 6.7p (2012: 6.7p) per share. With the
interim dividend of 3.3p (2012: 3.3p), this results in a full year
dividend of 10.0p (2012: 10.0p). Subject to shareholders' approval
at the Annual General Meeting on 20 May 2014, the final dividend
will be payable on 3 June 2014 to shareholders on the register as
at 4 April 2014. The Board will continue to maintain a regular
review of its dividend policy and reiterates its intention to pay
an annual dividend.
2013 was a transformational year for APR Energy and one which we
exited strongly. We have a highly motivated and experienced
management team and have made real progress in advancing our
strategy to deliver power solutions to our increasing customer base
where and when they are needed. We remain confident that the Group
will create significant shareholder value in the future.
Mike Fairey
Chairman
25 March 2014
Chief Executive Officer's Report
2013 was a year of significant change for APR Energy, and I am
pleased to report the progress we have achieved.
Our ability to deploy large-scale power, rapidly, combined with
our turnkey approach and advanced technology, provides customers
with the confidence of having reliable power when they need it. Our
ability to do this consistently has led to great client
'stickiness' - and our contract renewal rate of over 90% in 2013 is
testament to that.
Order intake was strong, driven by record new contract wins of
740MW (2012: 569MW) and contract extensions of 298MW (2012: 724MW),
including in Uruguay, Indonesia, Angola and post year-end Libya,
where clients not only renewed contracts, but expanded them at
similar pricing.
We have focused on delivering a strong operational performance,
with utilisation a key target for management. Across the year the
Group achieved a utilisation rate of 74%. With the commissioning of
a number of significant contracts during the second half and
ongoing renewals, total fleet utilisation increased to 81% at year
end. This reflects a significant improvement in diesel power module
utilisation and almost full utilisation across our turbine fleet,
demonstrating our customers' desire for this technology.
Our acquisition of the GE power rental business in October 2013,
together with our new partnership and supply agreement has
accelerated the pace at which the Group can address the growing
market opportunity. During the year, we continued to invest in our
power generation capacity, increasing it by nearly 60% to 2,074 MW
(31 December 2012: 1,311MW) through a combination of acquisitive
and organic capacity expansion. This investment focused primarily
on our mobile gas turbines, the key technology underpinning our
strategy. As a result of this investment, our fleet at the year end
comprised 56% mobile gas turbines, 39% diesel power modules, and 5%
gas power modules.
2013 financial performance
Through a combination of strong order book growth and successful
project execution, we delivered a strong operating and financial
performance. Our financial results for 2013 reflect the inclusion
of the GE power rental business from the end of October.
Revenue increased 16% to $308 million (2012: $266 million)
driven primarily by new contract wins, contract extensions and high
utilisation levels on an enlarged fleet, following the
commissioning of a number of significant contracts during the year.
The timing of these projects becoming operational resulted in
revenue being heavily biased to the second half of the year, as
expected.
Adjusted EBITDA increased 15% to $181 million (2012: $157
million) resulting in an adjusted EBITDA margin of 59% (2012: 59%).
Over the medium-term, larger-scale, repeatable projects should
benefit from operating efficiencies, which, together with the
growth of our turbine fleet, is expected to enhance margins.
Adjusted basic earnings per share was 60 cents (2012: 68 cents)
based on a weighted average number of shares of 81.0 million (2012:
78.2 million shares), the increase in shares reflecting the 15.5
million shares issued to GE at the end of October 2013.
During the year, the Group increased its credit facilities to
$650 million (31 December 2012: $400 million) to provide
significant liquidity to continue to grow our fleet, expand our
global network, and quickly respond to the growing opportunities in
our market, including the GE acquisition. At the year end, we had
grown our total fleet capacity by 58% to 2,074MW, (31 December
2012: 1,311MW), reflecting the 520MW of additional capacity
acquired through the GE acquisition and 313MW of organic capacity
expansion funded by fleet capital expenditure of approximately $290
million.
The Group's cash flow reflected these high levels of fleet
investment and increased mobilisation costs, together with
investments in working capital arising from the significantly
higher activity in the second half, the timing of receivables and
the acquisition of the GE business in October. As a result, the
Group maintained a good financial position, with year-end net debt
as announced in the January trading update of $556 million (31
December 2012: $184 million) excluding capitalised financing
fees.
Our year end net debt position reflected the timing of the
receipt of receivables, including those in respect of Libya. In the
case of our Libyan project, we established upon contract signing an
enhanced credit structure backed by a leading UK Financial
Institution, through which the Group receives payment. I am pleased
to report that in recent weeks we have seen significant progress -
and have received $100 million to date from our customer in Libya,
reflecting the receipt of all outstanding and due payments and
significantly reducing our current net debt position.
Our provision for bad debts remains at a historic low level
reflecting a strong customer payment record. The Group's use of
letters of credit, contract insurance policies and up front
deposits, support the receipt of contract revenues, notwithstanding
occasional timing issues given the jurisdictions in which we
operate.
Acquisition of GE's Power Rental Business
A key development during the year was our acquisition of GE's
Power Rental Business and GE's investment in our Company. Through
the transaction we acquired 520MW of power generation capacity,
comprising five equipment-only rental contracts in Australia,
Bangladesh, Canada, Iraq and the U.S. Virgin Islands, and four
non-contracted mobile turbines.
In creating the world's leading fast-track mobile turbine
business, the acquisition advances us towards our strategic goals,
strengthening and diversifying our business, while creating a
valuable long-term strategic partnership with GE. The transaction
broadens our revenue base, and reduces our concentration risk,
through exposure to new geographies and an established natural gas
footprint.
While still early days, integration is progressing well. We have
realised our first renewal, with a twelve-month extension on
improved pricing of the 25MW mobile turbine contract in the US
Virgin Islands. We are in discussions with customers in Bangladesh
and Iraq, whose contracts are due for renewal in 2014. We intend to
apply our standard approach and pricing to these contracts,
transferring customers across to our full turnkey offering, which
we believe provides an attractive power solution. In the event
customers do not require this full offering, or we are unable to
reach agreement, we will seek to redeploy these assets onto more
favourable terms, in line with our historic turbine pricing.
The strategic partnership with GE gives us the ability to
collaborate on business development opportunities, where APR Energy
can offer complementary power solutions, while permanent GE plants
are built. We have been pleased with the level of inbound requests
and expect these opportunities to develop over the short to
medium-term. Our partnership provides access to GE's manufacturing
capacity, through which we expect to be able to support our future
growth opportunities more efficiently, reducing the time between
order and delivery, as well as reducing the time between purchasing
new turbines and their commissioning, and hence revenue
generation.
Using our technological advantage to deliver sustainable
growth
We continue to differentiate ourselves by offering a broad
choice of technologies in our fleet, with a particular strategic
focus on dual-fuel mobile turbines, the technology best suited for
the rapid deployment of large blocks of power. Turbines are an
integral part of our growth strategy, providing a stronger offering
into more attractive larger-scale, longer-term projects. This
technology presents a number of advantages to our customers. Its
power density i.e., small footprint-to-megawatt ratio, improves
speed and logistics, while providing greater reliability, requiring
less maintenance, and producing significantly less emissions than
its reciprocating engine counterparts. The fuel flexibility of our
mobile gas turbines provides an additional advantage for the
customer, with the ability to switch quickly between diesel and
natural gas depending on customer needs or preference. Furthermore,
where gas is available to a customer, it can significantly reduce
the generating costs of electricity, as well as reduce
emissions.
Our global strategic partnerships with GE and Caterpillar
provide us with reliable, state-of-the-art technology, around the
clock support across the globe, and beneficial pricing. Our
partnership with GE provides the Group exclusive worldwide rights
to offer its mobile turbines within our market, while deploying
capital in a more timely manner.
Risk management
APR Energy operates in a market with strong structural growth
opportunities. These opportunities often take us to challenging
parts of the world, including countries that experience political,
social, economic and security instability. And, as contracts become
larger, longer and more complex, we recognise the need for ever
more rigorous risk assessment and mitigation.
We are committed to creating a secure working environment for
our people, while ensuring the security of our physical assets and
surety of payment. We are proactive through our contract due
diligence to address these issues through a variety of mitigating
actions, including the purchasing of insurance, bonds, guarantees,
and cash advances to protect both our financial and operational
assets. To mitigate significant receivable risks, we also enter
into enhanced credit structures, which through the use of letters
of credit, guarantee customer payment.
At times, we operate in countries that have recently emerged
from significant political and social upheavals. The emerging
governments often require a period in which they establish the
administrative processes, often via committee, through which they
can effectively operate - this has been the case in Libya. Our
customer, the state owned utility has been through a period of
tremendous change, and it has taken time to establish the requisite
committees and processes. To mitigate risk associated with this
contract, we have an enhanced credit structure in place. Backed by
a leading UK financial institution, our documentary letters of
credit assure payment from a pre-funded escrow account upon
presentation of approved invoices. At the year end date, a
significant proportion of these invoices were outstanding. We
acknowledge shareholders concerns and are pleased to report that
following the receipt of all outstanding and due payments, our
customer is current and our processes to mitigate risk have proved
effective.
A year of progress across our global portfolio
We accomplished a number of achievements around the world that
merit highlighting. The structural growth drivers within the
Group's business are intact and the prospects for fast-track,
large-scale power in all our chosen geographies remain very
strong.
Europe, Middle East and Africa
During the year, our footprint across Africa more than doubled,
with many notable successes. In March, we announced the signing of
a new 250MW mobile turbine contract in Libya to provide a turnkey
power solution, followed by the expansion of our 200MW diesel
project announced in June, making this the largest single contract
in the history of the fast-track power industry.
This 450MW solution provides power to more than one million
homes and helps meet demand during the critical summer high heat
season, as well as provide interim power while the country
continues to rebuild and improve its ageing infrastructure. The
timescale was tight - and not without its challenges - with
commissioning occurring across six sites in the peak heat of the
summer and during Ramadan. Nonetheless, we were pleased to report
that our plants were fully installed and commercially operational
during the third quarter. Notwithstanding our sizeable power
contribution, Libya continues to face a chronic and growing
structural power deficit, requiring significant long-term
investment to address.
We delivered our first cross-border agreement, a 40MW diesel
power module solution, with the Government of Mali. The solution
was installed in Senegal and feeds into the interconnected grid
that connects Mali, Senegal, and Mauritania.
We also extended our 70MW diesel power module contract in
Botswana for a further twelve months in late December. Our facility
in Francistown has been a key component of the country's power
generation infrastructure since 2009, filling a critical gap in its
drive toward permanent energy sufficiency. As part of this renewal,
we expect to sell our installed fleet to the client, with the
expected transfer of assets to occur post the end of the existing
contract in Q4 2014. The sale represents a mutually attractive
opportunity for the client to supplement its owned diesel power
modules, while enabling the Group to dispose of older technology
and legacy equipment. Going forward, we will consider the sale of
other installed assets as opportunities arise.
Our continued presence in Angola exemplifies our market
approach. In 2012, we established our first project in the country,
a 40MW plant located in Luanda using diesel power modules. After
building a positive relationship with the customer and delivering a
strong track-record of reliability, we successfully extended the
contract for another term and expanded our capacity by a further
40MW, doubling our footprint in country. Rather than expanding with
more diesel power modules, the customer specifically requested to
upgrade to mobile gas turbines, resulting in one of the first-ever
semi-permanent mobile turbine projects in Sub-Saharan Africa and
APR Energy's first turbine deal following the GE strategic
alliance. Through this relationship, we have established a strong
platform from which we hope to expand our market for mobile turbine
generation solutions across the region.
Oman's hot summer season puts heavy demand on the country's
power grid from May to August, causing intermittent power outages.
For the second consecutive summer, we provided power to meet this
seasonal demand. Facilitated by our modular system and supported by
our regional hub in Dubai, the Group's 32MW plant in Oman was
operational in under two weeks.
Asia Pacific
Indonesia represents one of the largest fast-track power markets
in the world. During the year, we built on our existing contract,
delivering an additional 40MW and 75MW to bring our total power
capacity in the country to 130MW. Our plants provide much needed,
reliable power to the islands of Nias and Sumatra, and by using the
newest generation diesel power modules, we have been able to
provide fuel-efficiencies to our customer.
Following the year end, we were pleased to announce two new
significant contracts in Asia. Firstly, a landmark contract in
Myanmar for 82MW, with plant capacity to deliver up to 100MW. The
plant, featuring our gas power modules, is expected to be
operational in the second quarter of 2014 and will be one of the
largest thermal plants in the country, providing power to more than
six million people. This bridging power capacity is required whilst
the utility builds a new combined cycle power plant to fulfil the
country's needs.
Today, we have announced our largest industrial contract.
Producing a guaranteed 60MW, the mobile gas turbine plant will
power the customer's critical mining operations in the South
Pacific. This technology was the customer's preferred solution,
meeting strict EU emissions requirements and able to fit within the
challenging space constraints at the mine site. The plant will run
on diesel, while offering our customer the flexibility to
seamlessly switch to natural gas, if needed.
The project adds to APR Energy's track record in the extractive
industry sector that includes successful power projects in
Mozambique, Guatemala, and Botswana. It is also represents the
Group's second large-scale turbine project following its
acquisition of the GE power rental business. The plant is expected
to begin operations in late Q2 2014 and run through to late 2015.
This contract reflects the versatility that mobile gas turbines
provide and the attractiveness of this technology not just to
utilities, but to industrial customers as well.
Recently, we have been informed that our customer in Australia
has filed for protection from its creditors. As such, the assets
allocated to that project are tied up in the receivership process.
Although it is still in the early stages, the Group is working with
the administrators and receivers of Forge Group Limited regarding
possession of those assets.
These contracts, together with our recent installation of 130MW
of new power generation in Indonesia, reflect the success of our
rapidly growing Asia Pacific business following the opening our
Malaysian hub in 2012 and Singapore commercial office in 2013.
The Americas
In Uruguay, we were pleased to announce in late 2012 the
extension of our existing 100MW plant and expansion of an
additional 200MW of mobile gas turbine capacity. The 100MW La
Tablada site commissioning and 100MW Punta del Tigre site expansion
went operational in the second quarter, bringing our total power
generation capacity in the country to 300MW.
In December, we announced the first extension of a contract
acquired as part of the GE transaction - a twelve-month extension
of the 25MW mobile gas turbine contract in the US Virgin Islands,
on improved pricing in line with APR Energy's historic turbine
pricing.
These contracts reinforce our success in, and commitment to, the
provision of power across our global portfolio. We continue to see
customers, including those in emerging markets, come back to APR
Energy time and again, to take repeatable and often enlarged blocks
of power to meet their ongoing needs.
Our people
Our people are the key to APR Energy's success and our
achievements are only possible through their hard work and
dedication. With a rapidly growing business, maintaining and
growing a highly motivated, trained, and efficient workforce is a
top priority and is essential to deliver our vision.
I would like to thank everyone within the Group for their
continued efforts. I am committed to ensuring that we continue to
foster a collaborative working environment. Our employees live and
demonstrate our values every day, helping to make APR Energy a
productive and positive place to work.
We have a reputation for integrity and honesty in all our
business dealings, a factor that contributes positively to our
long-term relationships with customers and suppliers. Maintaining
our good reputation is, therefore, essential for our continued
success.
With the prospect of significant growth ahead, we need to ensure
the organisation is positioned to achieve this in a disciplined
way. This includes investing in our people to enable them to work
to the best of their abilities, supported by systems, policies, and
procedures that ensure that our growth is achieved in a controlled
and repeatable manner. We are evolving the organisation to ensure
our global footprint is aligned to meet the needs of our customers
quickly, while retaining its agility to capture opportunities.
A strong foundation for the future
We have long believed the market opportunity exists to provide
customers with larger-scale power projects on a semi-permanent
basis in a way that helps them to address an often chronic
imbalance in the supply of and demand for electricity in a faster,
smarter way.
Our approach is to build a strong, reliable and repeatable
platform. We have made significant progress in this area in recent
years, building the capabilities to meet our customers' needs. We
have invested in an advanced and scalable fleet. We have developed
our proprietary modular building process and have put regional hubs
in place to serve our strategic markets. All of these investments
enable us to move at pace - winning new contracts and continuing to
achieve high renewal rates, improving mobilisation and installation
time, while retaining flexibility to be both scalable and
customisable.
We have developed strategic partnerships, which provide us with
reliable, state-of-the-art technology and around the clock support
across the world. And, we have deliberately differentiated
ourselves through our broad, technologically advanced and scalable
fleet, with a particular focus on our mobile turbines.
Through major projects such as Uruguay and Libya, we have shown
that mobile turbine technology does, and will continue to, play an
important role in the growth of the fast-track power solutions
market as customers look for reliable technology with greater
power-density and emissions control. We have also seen that, by
employing technologies offering the latest advancements in fuel
efficiency, we can reduce significantly the total operating cost
for the customer over the use of older, more technologically-dated
equipment. This advantage has helped us win projects over the
course of the year.
With this strong foundation, we are focused on extending and
expanding our existing portfolio of contracts and growing our
global footprint via opportunities with new customers and in new
markets. All the while, we continue to evolve and enhance our
platform through a focus on operational excellence and continued
investment in our people and our assets.
Outlook
APR Energy believes that the outlook for the mobile gas turbine
market remains positive. The Group continues to see strong
structural demand for power solutions in Africa, Latin America, the
Middle East, and South East Asia where available new power capacity
significantly lags growing demand.
The scalability of this technology allows large amounts of power
to be deployed swiftly and efficiently. This, combined with low
emissions and dual-fuel capability, makes turbines the technology
of choice for customers requiring large-scale, rapidly delivered
power. The Group is well placed to capture opportunities to provide
larger-scale, longer-term power.
Our focus for the year ahead includes securing a number of key
contracts renewals, transferring the GE contracts that are due for
renewal onto more favourable terms or re-deploying these assets,
developing opportunities through our partnership with GE and
importantly continuing to deliver an improved financial and
operational performance.
Market expectations for 2014 reflect strong year-on-year growth
for the Group. Subject to fluctuations in exchange rates, the
Board's expectations for the current financial year remain
unchanged.
John Campion
Chief Executive Officer
25 March 2014
Financial Review
Reported Reported Adjusted Adjusted
2013 2012 2013 2012
$ million (Audited) (Audited) (Unaudited) (Unaudited)
------------------------------------- ---------- ---------- ------------ ------------
Revenue 308.3 265.7 308.3 265.7
Cost of sales (197.3) (165.0) (197.3) (165.0)
Amortisation of intangible
assets (8.8) (58.0) - -
------------------------------------- ---------- ---------- ------------ ------------
Gross profit 102.2 42.7 111.0 100.7
Selling, general and administrative
expenses (33.2) (33.5) (33.2) (33.5)
------------------------------------- ---------- ---------- ------------ ------------
Operating profit 69.0 9.2 77.8 67.2
Acquisition related costs (14.4) - - -
Founder securities revaluation (3.3) (10.2) - -
Foreign exchange (loss)/gain (0.4) 0.4 (0.4) 0.4
Finance income 0.2 0.3 0.2 0.3
Finance costs (23.6) (4.6) (21.6) (4.6)
------------------------------------- ---------- ---------- ------------ ------------
Profit/(loss) before taxation 27.5 (4.9) 56.0 63.3
Taxation (7.7) (10.0) (7.7) (10.0)
------------------------------------- ---------- ---------- ------------ ------------
Profit/(loss) for the year 19.8 (14.9) 48.3 53.3
------------------------------------- ----------
Total comprehensive profit/(loss)
for the year 19.8 (14.9) 48.3 53.3
------------------------------------- ---------- ---------- ------------ ------------
Earnings per share
------------------------------ ------ -------- ------ ------
Basic earnings per share ($) $0.24 ($0.19) $0.60 $0.68
Diluted earnings per share
($) $0.24 ($0.19) $0.59 $0.68
------------------------------ ------ -------- ------ ------
On 28 October 2013, APR Energy completed the acquisition of the
GE Power Rental Business. In accordance with IFRS 13 "Fair Value
Measurement", the value of the transaction reflected the closing
share price at completion of 1,155p per share. As a result, for
accounting purposes, total consideration was $362 million,
reflecting the issuance of 15,453,129 million new Ordinary Shares
and $73 million in cash, as recognised in the financial
statements.
The Group recognised the provisional fair value of identifiable
assets and liabilities relating to this transaction in accordance
with IFRS 3 Business Combinations. Further details can be found in
Note 9 'Acquisition of Subsidiaries'.
Adjusted financial results and performance review
To provide investors with greater clarity on the performance of
the Group, adjusted unaudited financial information has been
prepared to show the results for the Group, excluding certain
items: amortisation of intangibles, founder securities revaluation
movements, and GE related transaction and integration costs. The
adjusted unaudited financial information has been prepared as
follows:
Revenue Operating Profit
profit for
$ million the year
-------------------------------- -------- ---------- ----------
12 month statutory results
to 31 December 2013 308.3 69.0 19.8
Amortisation of intangible
assets - 8.8 8.8
Founder securities revaluation - - 3.3
Acquisition related costs - - 14.4
Acquisition related finance
costs - - 2.0
-------------------------------- -------- ---------- ----------
12 month adjusted results to
31 December 2013 308.3 77.8 48.3
-------------------------------- -------- ---------- ----------
Revenue Operating Profit
profit for the
$ million year
---------------------------------- -------- ---------- ---------
12 month statutory results to 31
December 2012 265.7 9.2 (14.9)
Amortisation of intangible
assets - 58.0 58.0
Founder securities revaluation - - 10.2
---------------------------------- -------- ---------- ---------
12 month adjusted results to 31
December 2012 265.7 67.2 53.3
---------------------------------------------------------------------
Revenues for the year increased 16% to $308.3 million (2012:
$265.7 million) driven primarily by new contract wins, contract
extensions and high utilisation levels on an enlarged fleet,
following the commissioning of a number of significant contracts
during the year. The timing of these projects becoming operational
resulted in revenue being heavily skewed to the second half of the
year, as expected.
Revenue included $9 million (2012: $nil) from the GE business
post acquisition and $14 million arising from the finance lease
accounting in connection with the planned disposal of assets in
Botswana. Excluding these items, revenue increased 7% year on
year.
Adjusted operating profit increased 16% to $77.8 million (2012:
$67.2 million) reflecting the higher revenue and gross profit
offset by proportionally lower selling, general and administrative
expenses. The depreciation charge as a percentage of revenue
remains in line with the previous year and reflects capital
expenditure on the fleet during the year.
Adjusted net interest expense for the year was $21.4 million
(2012: $4.3 million) reflecting drawings made on the enlarged
credit facility as part of the purchase of fleet capital
expenditure, the timing of receipt of receivables and the $150
million term-loan drawn down in May 2013. This excludes the cash
consideration of $73 million (2012: $nil) for the GE acquisition
and fees associated with the additional $100 million term loan.
The 2013 tax charge on an adjusted basis was $7.7 million (2012:
$10.0 million), reflecting an effective tax rate on adjusted profit
before tax of 14% (2012: 16%). The reduction in the effective tax
rate reflects the Group booking previously unrecognised tax losses
in the UK as a result of contract wins during the year.
Adjusted profit for the year was $48.3 million (2012: $53.3
million) reflecting the increased adjusted operating profit, offset
by the higher adjusted net interest expense.
Adjusted basic earnings per share were $0.60 (2012: $0.68) based
on a weighted average number of shares of 81.0 million (2012: 78.2
million shares). Adjusted diluted earnings per share were $0.59
(2012: $0.68) based on a weighted average number of shares of 81.9
million (2012: 78.2 million shares).
Adjusted EBITDA increased 15% to $181.2 million (2012: $157.0
million), resulting in an adjusted EBITDA margin of 59% (2012:
59%).
As at 31 December 2013, total fleet capacity was 2,074MW, an
increase of over 58% compared to 31 December 2012 (1,311MW),
reflecting the 520MW of additional capacity acquired through the GE
power rental acquisition and 335MW of gross organic capacity
expansion, funded by fleet capital expenditure of $294 million
(2012: $317 million).
Fleet capital expenditure of $294 million (2012: $317 million)
excluding assets acquired through the GE acquisition, reflects
fleet investment primarily in mobile gas turbines resulting in
gross organic fleet capacity expansion of 335MW to support new
projects wins.
As part of the renewal of the 70MW contract in Botswana in late
December, APR Energy has agreed to sell its 70MW installed fleet to
the customer. The transaction has been treated as a finance lease,
with the sale recognised in December 2013, and with the legal
transfer of assets expected to occur post the end of the existing
contract in Q4 2014. The sale represents a mutually attractive
opportunity for the customer to supplement their owned diesel
reciprocating power in country, while enabling APR Energy to
dispose of legacy equipment. In the interim, we continue our strong
relationship with the Botswana Power Corporation.
Financing and bank facilities
The Group has commenced discussions with its existing group of
relationship banks regarding its refinancing strategy and expects
to execute this strategy over the coming nine months, in light of
the term-loan which matures on 1 January 2015.
As at 31 December 2013, the Group had gross debt of $590 million
(excluding capitalised finance costs) (31 December 2012: $205
million) and cash of $34 million (31 December 2012: $21 million),
resulting in a net debt of $556 million (31 December 2012: $184
million). This net debt position partially reflects the timing of
the receipt of receivables in respect of the Libyan contracts.
Receivables of $100 million have been received in respect of the
Libyan contract since contract commencement. As previously
communicated, Management continues to focus on cash management and
balance sheet efficiency. The Group's bad debt position is
unchanged and in line with historical low levels representing less
than 1% of total receivables.
Adjusted Return on Capital Employed
Adjusted Return on Capital Employed (ROCE) is a key performance
metric for the business. Given the significant increase in net
operating assets associated with the growth of the business,
adjusted ROCE decreased to 8% (2012: 11%), primarily reflecting the
timing of the significant asset increase, including the 520MW
acquired through the GE acquisition in the fourth quarter.
Currencies
Nearly all operating costs are matched with corresponding
revenues of the same currency and as such there is minimal
transactional currency risk in the Group.
Reconciliation of adjusted operating profit to adjusted
EBITDA:
Adjusted Adjusted
$ million 2013 2012
---------------------------- --------- ---------
Adjusted operating profit 77.8 67.2
Depreciation 99.0 86.3
Equity-settled share-based
payment expense 4.4 3.5
---------------------------- --------- ---------
Adjusted EBITDA 181.2 157.0
---------------------------- --------- ---------
Statutory financial results and performance review
The statutory results for APR Energy covers the twelve-month
period ended 31 December 2013.
Revenue
Revenue for the year was $308.3 million (2012: $265.7 million),
as described above.
Operating profit
Reported operating profit was $69.0 million (2012: $9.2m)
reflecting increased revenues and the lower charge arising from the
impact of the amortisation of intangible assets.
Acquisition related costs
Expenses of $14.4 million (2012: $nil) were recognised in
respect of the transaction and integration fees associated with the
GE acquisition, which completed during the year.
Amortisation of intangible assets
As a result of the GE acquisition, the Group completed a
provisional fair value analysis of tangible and intangible assets
and liabilities acquired. Combined with historic intangibles, this
resulted in the recognition of a charge of $8.8 million (2012:
$58.0 million). Included within this amount for 2013 is a total of
$3.2 million (2012: $nil) of amortisation expense related to
intangible assets associated with the GE acquisition.
Bad debt expense
In determining the recoverability of a trade receivable, the
Group considers any change in the credit quality of the trade
receivable from the date credit was initially granted up to the end
of the reporting period. There is a concentration of credit risk
because there are a limited number of customers and as at 31
December 2013 the two individually significant aggregate amounts
owed by individual customers were $65 million and $15 million
(2012: $16 million and $10 million). The risk associated with
individual customers is mitigated by the letters of credit we
obtain from customers on commencement of a contract. Management
reviews concentration credit risk on a regular basis and ensures
that where the net exposure exceeds certain thresholds appropriate
actions are taken. This is done on a customer by customer basis and
takes account of the billing terms, letters of credit and local
customs and practices. Bad debt expense was $nil million in the
period (2012: net credit of $1.5 million) reflecting the Group's
use of letters of credit, contract insurance policies and up front
deposits to support receipt of contract revenues.
Share-based payments
In accordance with IFRS 2, a non-cash charge of $4.4 million
(2012: $3.4 million) was recognised related to equity-settled
share-based payment transactions. This expense relates to equity
grants made under the Company's Performance Share Plans.
Interest and finance cost
Net interest expense for the year was $23.4 million (2012 $4.3
million), reflecting drawings made on the enlarged credit facility
as part of the purchase of fleet capital expenditure, the timing of
receipt of receivables, the cash consideration of $73 million
(2012: $nil) for the GE acquisition and fees associated with the
enlarged facility.
Taxation
The Group's reported tax charge for the year was $7.7 million
(2012: $10.0 million). The charge primarily comprises withholding
taxes of $3.2 million (2012: $4.8 million) and foreign income taxes
in overseas jurisdictions of $4.5 million (2012: $6.7 million).
Earnings per share
Basic earnings per share was $0.24 (2012: loss per share of
$0.19) based on a weighted average number of shares of 81.0 million
(2012: 78.2 million shares). Diluted earnings per share was $0.24
(2012: loss per share of $0.19) based on a weighted average number
of shares of 81.9 million (2012: 78.2 million shares).
Liquidity and capital resources
Net debt (excluding capitalised finance fees of $10.7 million)
as at 31 December 2013 was $556.1 million (2012: $184.0 million).
This reflects the Group's continued investment in its fleet and is
consistent with the Group strategy. A summary analysis of cash
flows is set out in the table below.
$ million 2013 2012
Net cash from operating activities 57.8 117.3
Net cash used in investing activities (410.8) (347.1)
Net cash from financing activities 365.9 187.8
--------------------------------------- -------- --------
Net increase/(decrease) in cash
and cash equivalents 12.9 (42.0)
Cash and cash equivalents at
beginning of the year 21.0 63.0
--------------------------------------- -------- --------
Cash and cash equivalents at
end of the year 33.9 21.0
--------------------------------------- -------- --------
During the period, net cash flow from operating activities
totalled $57.8 million (2012: $117.3 million). The reduction
reflected investments in working capital as a result of the
significantly higher activity during the second half and the
acquisition of the GE business in October 2013.
Cash flow used in investing activities primarily comprised the
increased purchases of property, plant and equipment due to higher
levels of organic investment in the fleet and increased
mobilisation costs arising from projects commencing operations
during the year and the $73.1 million due to the acquisition of the
GE Power Rental Business.
Cash from financing activities included a net $385.0 million of
debt draw-downs. The cash balance at year end was maintained at a
level commensurate with the month ahead forecasted cash flows, plus
leaving a sufficient amount of cash on hand to cover any
eventualities and to minimise borrowing costs.
Acquisition of GE Power Rental Business
On 28 October 2013, the Group acquired the GE Power Rental
Business. The total consideration for the acquisition was $361.5
million payable in cash ($73.1 million) on completion and
15,453,129 ordinary shares allotted and issued credited as fully
paid up to the sellers. The fair value of this share issue was
$288.4 million, which was equal to the share price on the closing
date of the transaction multiplied by the number of shares issued.
The GE Power Rental Business contributed $9.2 million revenue and
$2.4 million to the Group's profit for the period between the date
of acquisition and the 31 December 2013. Further details can be
found in Note 9 'Acquisition of Subsidiaries'.
Statement of financial position
As at 31 December 2013, the Group had goodwill of $622.6 million
(2012: $547.1 million), the increase reflecting goodwill of $75.5
million acquired through the acquisition of the GE Power Rental
Business in October 2013. Further details can be found in Note 9
'Acquisition of Subsidiaries'.
Property, plant and equipment
As at 31 December 2013, the Group held property, plant and
equipment of $1,194.3 million (2012: $671.5 million), reflecting
significant additions of $536.2 million including $242.3 million
arising from the acquisition of the GE Power Rental Business and
$293.9 million from fleet capital expenditure. Disposals of $14.4
million (2012: $0.4 million) primarily relate to the expected sale
via a finance lease of 70MW of legacy diesel reciprocating power
modules in Botswana, as part of the December 2013 renewal.
Equity
As at 31 December 2013, the Group's total equity increased 28%
to $1,396.6 million (31 December 2012: $1,091.8 million)
principally as a result of the share capital issuance in respect of
the GE acquisition of $286.6 million, and the profit for the
year.
Treasury policies and risk management
The Group's activities give rise to a number of financial risks,
particularly market risk comprising foreign exchange and interest
rate risk, credit risk, liquidity risk, and capital risk
management.
Market risk
Market risk includes foreign exchange risk and interest rate
risk. The Group seeks to manage these risks to acceptable levels by
maintaining appropriate policies and procedures. In its
determination to enter into a contract, the Group will carry out a
risk assessment and determine the appropriate risk mitigation
strategies. Market risk also includes the risk that cash derived
from income for services fulfilled under contract terms will become
restricted and not available for use in the on-going activities of
the business.
Foreign exchange risk
The Group has an exposure to transactional foreign exchange from
purchases or sales in currencies other than US dollars. In order to
minimise exposure to foreign exchange risk, the 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. In some
cases, the Group transacts in local currencies when purchasing
materials and supplies for project operations.
In limited circumstances, the Group may use derivative
instruments to economically hedge against foreign exchange risk.
Any hedges are limited in duration and correspond to the applicable
contract payments or receipts to which the derivatives are
associated.
Interest rate risk
The Group is primarily exposed to interest rate risk on its
borrowings. Borrowings issued at variable rates expose the Group to
cash flow interest rate risk. Borrowings issued at fixed rates
expose the Group to fair value interest rate risk. When applicable,
the Group may elect to hedge interest rate risk associated with
debt or borrowings under the credit facility by purchasing
derivative instruments. As at 31 December 2013 and 2012 there were
no interest rate hedges in place.
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
Group's business in emerging markets, management believes the most
significant of these 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 Group closely
monitors trade receivables. In addition, the Group utilises letters
of credit, contract insurance policies and up front deposits to
mitigate this risk.
Liquidity risk
Liquidity risk results from insufficient funding being available
to meet the Group's funding requirements as they arise. The Group
manages liquidity risk by maintaining adequate reserves of cash and
available committed facilities to meet the Group's short and
long-term funding requirements. The Group monitors the short-term
forecast and actual cash flows on a daily basis and medium- and
long-term requirements in line with the Group's long-term planning
processes.
Financing and bank facilities
In 2013, the Group extended its committed, secured credit
facility by $250 million to $650 million comprising a $400 million
revolving credit facility and a $250 million term-loan. The
facility, with an expanded group of international banks, provides
significant liquidity to allow the Group to continue to grow its
fleet, expand its global network and respond quickly to
opportunities in the market. The $250 million term-loan is due for
repayment on 1 January 2015. The Group has commenced discussions
with its group of existing relationship banks regarding its
refinancing strategy and expects to execute this strategy over the
coming nine months.
Going concern
The Group has committed, secured credit facilities of $650
million comprising a $400 million revolving credit facility and a
$250 million term-loan. The $250 million term-loan is due on 1
January 2015, within the timeframe of the going concern review. The
Group is currently forecasting to meet the repayment of the
term-loan and, while the Group expects to refinance the $250
million term-loan, the Group's forecast cash flow headroom is
sufficient to allow repayment of the loan on the maturity date.
In order to ensure it remains within the terms of this facility
(including covenant requirements), the Group regularly produces
cash flow statements, and forecasts and sensitivities are run for
different scenarios including, but not limited to, changes to
contract start dates, pricing and expected contract duration. In
the event of unexpected adverse changes to the Group's cash flows,
the Directors are confident that the Group could manage its
financial affairs, portfolio management and deferring of
non-essential capital expenditure, so as to ensure that sufficient
funding remains available for the next twelve months.
Accordingly, the Directors believe that the Group's forecasts
and projections, taking account of reasonably possible changes in
assumptions, show that the Group will be able to operate within the
terms of its financing and bank facilities for the foreseeable
future, being twelve months from the date of this report.
After making enquiries, the Directors have a reasonable
expectation that the Company and the Group have adequate resources
to continue in operational existence for the foreseeable future.
Accordingly, they continue to adopt the going concern basis in
preparing the Annual Report and consolidated financial
statements.
Dividends proposed
At the upcoming Annual General Meeting on 20 May 2014, the Board
will recommend to shareholders that a resolution is passed to
approve payment of a final dividend for the year ended 31 December
2013 of 6.7 pence per share (2012: 6.7 pence per share). With the
interim dividend of 3.3p (2012: 3.3p) this results in a full year
dividend of 10.0p (2012: 10.0p). Subject to shareholders' approval
at the Annual General Meeting on 20 May 2014 the final dividend
will be payable on 3 June 2014 to shareholders on the register as
at 4 April 2014. The Board will continue to maintain a regular
review of its dividend policy and reiterates its intention to pay
an annual dividend.
Responsibility statement of the Directors on the Annual
Report
The responsibility statement below has been prepared in
connection with the Company's Annual Report for the year ending 31
December 2013. Certain parts thereof are not included within this
announcement.
We confirm 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
Director's 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 25 March 2014 and signed on its behalf by:
John Campion
Chief Executive Officer
25 March 2014
Condensed Consolidated Statement of Comprehensive Income
For the year ended 31 December 2013
$ million Note 2013 2012
Revenue 308.3 265.7
Cost of sales (197.3) (165.0)
Amortisation of intangible assets (8.8) (58.0)
Gross profit 102.2 42.7
Selling, general and administrative
expenses (33.2) (33.5)
------------------------------------- ----- -------- --------
Operating profit 69.0 9.2
Acquisition related costs 9 (14.4) -
Founder securities revaluation (3.3) (10.2)
Foreign exchange (loss)/gain (0.4) 0.4
Finance income 0.2 0.3
Finance costs (23.6) (4.6)
Profit/(loss) before taxation 27.5 (4.9)
Taxation (7.7) (10.0)
------------------------------------- ----- -------- --------
Profit/(loss) for the year 19.8 (14.9)
------------------------------------- ----- -------- --------
Total comprehensive profit/(loss)
for the year 19.8 (14.9)
Earnings per share
Basic earnings per share 4 $0.24 $0.19
Diluted earnings per share 4 $0.24 $0.19
Condensed Consolidated Statement of Financial Position
As at 31 December 2013
$ million Note 2013 2012
Assets
Non-current assets
Goodwill 5 622.6 547.1
Intangible assets 6 70.3 39.8
Property, plant and equipment 7 1,194.3 671.5
Deferred tax asset 3 7.8 0.4
Other non-current assets 5.5 5.4
------------------------------- ----- -------- --------
Total non-current assets 1,900.5 1,264.2
------------------------------- ----- -------- --------
Current assets
Inventories 43.0 9.4
Trade and other receivables 183.1 53.1
Cash and cash equivalents 33.9 21.0
Income tax receivable 3.9 0.9
Deposits 7.3 24.8
------------------------------- ----- -------- --------
Total current assets 271.2 109.2
------------------------------- ----- -------- --------
Total assets 2,171.7 1,373.4
------------------------------- ----- -------- --------
Liabilities
Current liabilities
Trade and other payables 83.4 28.9
Income tax payable 10.8 4.7
Deferred revenue 27.5 9.0
Derivative liability - 0.3
Borrowings 8 50.0 -
Decommissioning provisions 18.0 12.2
------------------------------- ----- -------- --------
Total current liabilities 189.7 55.1
------------------------------- ----- -------- --------
Non-current liabilities
Founder securities 18.5 15.2
Deferred tax liability 3 6.5 4.3
Borrowings 8 529.3 199.5
Decommissioning provisions 31.1 7.5
------------------------------- ----- -------- --------
Total non-current liabilities 585.4 226.5
------------------------------- ----- -------- --------
Total liabilities 775.1 281.6
------------------------------- ----- -------- --------
Equity
Share capital 15.2 12.6
Share premium 674.9 668.1
Other reserves 770.0 485.9
Equity reserves 6.9 4.5
Accumulated losses (70.4) (79.3)
Total equity 1,396.6 1,091.8
------------------------------- ----- -------- --------
Total liabilities and equity 2,171.7 1,373.4
------------------------------- ----- -------- --------
Condensed Consolidated Statement of Changes in Equity
For the year ended 31 December 2013
$ million Share Share Other Equity Accumulated Total
capital premium reserves reserves losses
Balance at 1 January 2012 12.7 668.1 485.8 1.8 (48.7) 1,119.7
------------------------------------ -------- -------- --------- --------- ----------- -------
Loss for the year - - - - (14.9) (14.9)
------------------------------------ -------- -------- --------- --------- ----------- -------
Total comprehensive loss
for the year - - - - (14.9) (14.9)
------------------------------------ -------- -------- --------- --------- ----------- -------
Issued share capital - - - (0.7) 0.7 -
Redemption of deferred shares (0.1) - 0.1 - - -
Credit to equity for equity-settled
share-based payment expense - - - 3.4 - 3.4
Dividends - - - - (16.4) (16.4)
------------------------------------ -------- -------- --------- --------- ----------- -------
Balance at 31 December 2012 12.6 668.1 485.9 4.5 (79.3) 1,091.8
------------------------------------ -------- -------- --------- --------- ----------- -------
Profit for the year - - - - 19.8 19.8
Total comprehensive profit
for the year - - - - 19.8 19.8
Acquisition of subsidiaries
(note 9) 2.5 - 284.1 - - 286.6
Exercise of equity-settled
share-based payment 0.1 6.8 - (2.0) 2.0 6.9
Credit to equity for equity-settled
share-based payment expense - - - 4.4 - 4.4
Dividends - - - - (12.9) (12.9)
------------------------------------ -------- -------- --------- --------- ----------- -------
Balance at 31 December 2013 15.2 674.9 770.0 6.9 (70.4) 1,396.6
------------------------------------ -------- -------- --------- --------- ----------- -------
Condensed Consolidated Cash Flow Statement
For the year ended 31 December 2013
$ million Notes 2013 2012
Cash flows from operating activities
Profit/(loss) for the year before taxation 27.5 (4.9)
Adjustments for:
Depreciation and amortisation 6, 7 107.8 144.3
(Profit)/loss on sale or disposal of
fixed assets 7 (2.4) 0.4
Provision for bad debt - (1.5)
Equity-settled share-based payment
expense 4.4 3.4
Founder securities revaluation 3.3 10.2
(Gain)/loss on derivative financial
instruments (0.3) 2.6
Finance income (0.2) (0.3)
Finance costs 23.6 4.6
Movements in working capital:
Increase in trade and other receivables (100.3) (10.9)
Increase in inventories (26.5) (7.2)
Increase in other current and non-current
assets (0.4) (3.6)
Increase in trade and other payables 48.9 0.8
Settlement of decommissioning provisions (10.7) (9.4)
Increase/(decrease) in other liabilities 9.6 (1.5)
-------------------------------------------- ------ -------- --------
84.3 127.0
Interest paid (15.5) (3.2)
Interest received 0.2 0.3
Income taxes paid (11.2) (6.8)
-------------------------------------------- ------ -------- --------
Net cash from operating activities 57.8 117.3
Cash flows from investing activities
Purchases of property, plant and equipment (358.4) (351.0)
Proceeds on sale or disposal of property,
plant and equipment 2.8 -
Decrease in deposits 17.9 3.9
Acquisition of subsidiaries 9 (73.1) -
-------------------------------------------- ------ -------- --------
Net cash used in investing activities (410.8) (347.1)
-------------------------------------------- ------ -------- --------
Cash flows from financing activities
Cash from borrowings 567.8 219.5
Repayment of borrowings (182.8) (14.5)
Dividends paid 10 (12.9) (16.4)
Debt issuance costs (11.3) (0.8)
Proceeds from the issue of ordinary shares
(net of transaction costs) 5.1 -
Net cash from financing activities 365.9 187.8
-------------------------------------------- ------ -------- --------
Net increase/(decrease) in cash and
cash equivalents 12.9 (42.0)
Cash and cash equivalents at beginning
of the year 21.0 63.0
-------------------------------------------- ------ -------- --------
Cash and cash equivalents at end of
the year 33.9 21.0
-------------------------------------------- ------ -------- --------
Notes to the Condensed Consolidated Financial Statements
For the year ended 31 December 2013
1. Basis of accounting and presentation of financial information
Whilst the financial information in this preliminary
announcement has been prepared in accordance with International
Financial Reporting Standards (IFRS) and International Financial
Reporting Interpretation Committee (IFRIC) interpretations adopted
for use by the European Union, with those parts of the Companies
Act 2006 applicable to companies reporting under IFRS and with the
requirements of the United Kingdom Listing Authority (UKLA) Listing
Rules, this announcement does not contain sufficient information to
comply with IFRS. The Group will publish full financial statements
that comply with IFRS in April 2014.
The financial information for the year ended 31 December 2013
does not constitute statutory accounts as defined in sections 435
(1) and (2) of the Companies Act 2006. Statutory accounts for the
year ended 31 December 2012 have been delivered to the Registrar of
Companies and those for 2013 will be delivered following the
Company's Annual General Meeting. The auditor has reported on these
accounts; their reports were unqualified, did not include a
reference to any matters to which the auditor drew attention by way
of emphasis of matter and did not contain a statement under section
498 (2) or (3) of the Companies Act 2006.
The accounting policies applied are consistent with those
adopted and disclosed in the Group's financial statements for the
year ended 31 December 2012. There have been a number of amendments
to accounting standards and new interpretations issued by the
International Accounting Standards Board which were applicable from
1 January 2013; however these have not had a material impact on the
accounting policies, methods of computation or presentation applied
by the Group.
2. Geographical information
The Group'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.
Libya, Uruguay and Botswana revenues represent single individual
customers which individually form more than 10% of total revenues.
Of these revenues, there was $65.3 million, $15.4 million and $1.5
million of trade receivables outstanding at 31 December 2013 (2012:
$nil, $3.0 million and $3.1 million).
Revenue by geographic location
------------------------------- ------------
$ million 2013 2012
------------------------------- ----- -----
Libya 78.5 -
Uruguay 66.4 13.8
Botswana 35.6 20.9
Other Africa 31.7 10.8
Other South America 23.5 34.8
Middle East 20.7 7.1
Senegal 16.7 43.4
Caribbean 9.9 18.8
Japan 9.0 106.9
Other Asia Pacific 5.1 -
Other 11.2 9.2
=============================== ===== =====
Total revenues 308.3 265.7
=============================== ===== =====
Non-current assets by geographic location
-------------------------------------------- ------- -------
$ million 2013 2012
-------------------------------------------- ------- -------
Libya 376.1 -
Other Asia Pacific 212.9 -
Uruguay 213.1 72.5
Middle East 173.1 50.4
Senegal 69.0 81.1
Other Africa 57.6 60.6
North America 26.7 91.8
Caribbean 26.5 16.4
Central America 25.6 19.2
Other South America 25.0 43.7
Europe - 114.9
Japan - 89.9
Corporate and other 687.1 623.3
============================================ ======= =======
Total non-current assets 1,892.7 1,263.8
============================================ ======= =======
The corporate non-current assets primarily relate to the
goodwill and intangible assets that arose on acquisitions.
3. Income and deferred taxes
The Group's tax expenses are summarised in the following
tables:
$ million 2013 2012
---------------------------------------------------- ------------- -------------------
Current tax
Current tax expense
Current tax expense 14.5 9.3
==================================================== ============= ===================
Capitalisation of 2011 intra-Group lease charges - (1.2)
Prior year adjustments (0.2) (0.3)
==================================================== ============= ===================
14.3 7.8
==================================================== ============= ===================
Deferred tax
Deferred tax expense (6.6) 2.2
==================================================== ============= ===================
(6.6) 2.2
==================================================== ============= ===================
Total tax expense 7.7 10.0
==================================================== ============= ===================
The tax expense for the year can be reconciled to the accounting
profit/(loss) as follows:
$ million 2013 2012
----------------------------------------------------- ------------- -------------------
Profit/(loss) before tax on continuing operations 27.5 (4.9)
Tax at the Cayman Corporation tax rate of - -
0% (2012: 0%)
Withholding taxes 3.2 4.8
Effect of different tax rates of subsidiaries
operating in other jurisdictions 4.7 6.7
Capitalisation of 2011 intra-Group lease charges - (1.2)
Prior year adjustments (0.2) (0.3)
===================================================== ============= ===================
7.7 10.0
===================================================== ============= ===================
The 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 Group generally results in each entity or
branch operating within only one tax jurisdiction. In general,
income tax is imposed on taxableincome earned in the applicable tax
jurisdiction. Withholdingtaxes are imposed based upon local country
tax laws. In the jurisdictions where the 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. rns@lseg.com
Deferred income taxes
The deferred tax assets and liabilities as of 31 December 2013
and 2012 respectively and the associated movements were as
follows:
31 December Credit/(charge) Acquisition 31 December
$ million 2012 to the statement of subsidiaries 2013
of comprehensive (note 9)
income
-------------------------------- --------------------- --------------------- --------------------- -----------
Deferred tax assets
Decommissioning provisions
Decommissioning provisions 0.2 - - 0.2
================================ ===================== ===================== ===================== ===========
Losses recognised 0.2 7.4 - 7.6
================================ ===================== ===================== ===================== ===========
0.4 7.4 - 7.8
================================ ===================== ===================== ===================== ===========
Deferred tax liabilities
-------------------------------- --------------------- --------------------- --------------------- -----------
Withholding taxes (4.0) 1.1 - (2.9)
Other timing differences - (0.6) (1.4) (2.0)
Capital allowances in excess
of depreciation (0.3) (1.3) - (1.6)
========================================= ============ ===================== ===================== ===========
(4.3) (0.8) (1.4) (6.5)
========================================= ============ ===================== ===================== ===========
(3.9) 6.6 (1.4) 1.3
========================================= ============ ===================== ===================== ===========
Losses carried forward that have not been recognised are $nil
million (2012: $13.8 million) due to a lack of future anticipated
profits in that jurisdiction. During the year the Group recognised
the UK losses due to future anticipated profits in that
jurisdiction.
4. Earnings per share
From continuing operations
The calculation of the basic and diluted earnings per share is
based on the following data:
$ million 2013 2012
----------------------------------------------------- -------------- -------------------------
Profit/(loss) for the purposes of basic and
diluted earnings per share
being net profit/(loss) attributable to the
owners of the Company ($ million) 19.8 (14.9)
===================================================== ============== =========================
Weighted average number of ordinary shares
for the purpose
of basic earnings per share (number of shares) 81,044,059 78,229,262
===================================================== ============== =========================
Weighted average number of ordinary shares
for the purpose of diluted earnings per share(1)
(number of shares) 81,884,709 78,229,2622
===================================================== ============== =========================
Earnings per ordinary share
Basic earnings per share (cents) 24.4 (19.1)
===================================================== ============== =========================
Diluted earnings per share (cents) 24.2 (19.1)
===================================================== ============== =========================
(1) Founder securities are not considered dilutive for the years
ended 31 December 2013 and 2012 as the exercise price was above the
year end share price. The Founder securities are also not
considered dilutive as the associated performance conditions had
not been met at 31 December 2013 or 2012.
5. Goodwill
$ million 2013 2012
------------------------------------- ----- -----
Opening 547.1 547.1
Acquisition of subsidiaries (note 9) 75.5 -
===================================== ===== =====
Balance at 31 December 622.6 547.1
===================================== ===== =====
Goodwill acquired in a businesscombination is allocated, at
acquisition, to the cash generating units (CGU's) that are expected
to benefit from that business combination. The Directors have
determined the business to have one CGU and the goodwill is
allocated to this unit.
The Group tests goodwill annually for impairment or more
frequently if there are indications that goodwill might be
impaired. The recoverable amount of the CGU is determinedfrom a
value in use calculation. The key assumptions for the value in use
calculation are:
-- Revenue -
Management uses current contract portfolio pricing for the
relevant portion of the forecast period and pricing guidelines
for expected future contract wins. The timing and size of new
contracts is based on historic data and also the sales and
opportunities pipeline. The downtime between contracts and
contract duration are based on Management's best expectations
using historical data, whilst factoring in recent developments
in creating our proprietary modular building system.
-- Costs - Management has a good understanding of historic
realised margins and use this to estimate expected future
margins
achievable, which are used to drive direct costs in the model.
Corporate and administrative overheads are then factored in
and adjusted for expected future growth. Also included in the
model is the forecasted capital expenditure, which is based off
supplier schedules from contractual arrangements and the growth
profile.
-- Growth rate - Short-term growth rates are based on
management's internal forecasts. A terminal cash flow was
calculated using a long-term growth rate of 3.0% (2012: 3.0%) which
is based on long-term economic growth and industry forecasts.
-- Discount rate - Management estimates discount rates using
pre-tax rates that reflect current market assessments of the time
value of money and the risks specific to the CGU.
The assumeddiscount rate used was 14.3% (2012: 14.6%) before tax
which in the view of management best reflects the
premium the market would require for such cash flows.
The Group has conducted a sensitivity analysis on the impairment
test of the CGU carrying value and have determined that there is no
reasonably possiblechange in the key assumptions utilised in the
impairment calculations that would give rise to an impairment.
6. Intangible assets
The intangible assets shown in the table below have arisen
through fair value accounting for the GE Power Rental Business in
2013 and the APR Group in 2011.
$ million Customer Trademark Brand Total
contracts
-------------------------- ------------------------------ ----------------------- --------------- ----------------
Cost:
At 1 January 2012 106.4 - 38.1 144.5
Additions - - - -
========================== ============================== ======================= =============== ================
At 31 December 2012 106.4 - 38.1 144.5
Acquisition of
subsidiaries
(note 9) 23.2 16.1 - 39.3
========================== ============================== ======================= =============== ================
At 31 December 2013 129.6 16.1 38.1 183.8
========================== ============================== ======================= =============== ================
Accumulated amortisation:
At 1 January 2012 45.9 - 0.8 46.7
Charge for the year 56.5 - 1.5 58.0
========================== ============================== ======================= =============== ================
At 31 December 2012 102.4 - 2.3 104.7
Charge for the year 7.0 0.3 1.5 8.8
========================== ============================== ======================= =============== ================
At 31 December 2013 109.4 0.3 3.8 113.5
========================== ============================== ======================= =============== ================
Net book value:
========================== ============================== ======================= =============== ================
31 December 2013 20.2 15.8 34.3 70.3
========================== ============================== ======================= =============== ================
31 December 2012 4.0 - 35.8 39.8
========================== ============================== ======================= =============== ================
Customer contractsare amortised over the contract term. The
brand and trademark are amortised over their estimated useful
economic lives of 25 years and 10 years respectively.
7. Property, plant and equipment
Machinery Mobilisation Demobilisation Other Total
$ million and equipment Mobilisation Demobilisation equipment Total
--------------- ---------------------- -------------------- ---------------------- --------------- --------------
Cost:
At 1 January
2012 383.5 37.7 16.9 1.4 439.5
Additions 316.5 27.3 10.5 1.4 355.7
Disposals (2.6) (21.6) (15.2) - (39.4)
=============== ====================== ==================== ====================== =============== ==============
At 31 December
2012 697.4 43.4 12.2 2.8 755.8
Acquisition of
subsidiaries
(note 9) 242.3 - - - 242.3
Additions 293.9 67.9 31.3 1.7 394.8
Disposals (25.3) (24.1) (8.0) (0.1) (57.5)
=============== ====================== ==================== ====================== =============== ==============
At 31 December
2013 1,208.3 87.2 35.5 4.4 1,335.4
=============== ====================== ==================== ====================== =============== ==============
Accumulated
depreciation:
At 1 January
2012 15.4 10.1 11.3 0.2 37.0
Charge for the
year 42.2 32.9 10.5 0.7 86.3
Disposals (2.2) (21.6) (15.2) - (39.0)
=============== ====================== ==================== ====================== =============== ==============
At 31 December
2012 55.4 21.4 6.6 0.9 84.3
Charge for the
year 67.3 21.3 10.6 0.7 99.9
Disposals (11.0) (24.1) (8.0) - (43.1)
=============== ====================== ==================== ====================== =============== ==============
At 31 December
2013 111.7 18.6 9.2 1.6 141.1
=============== ====================== ==================== ====================== =============== ==============
Net book value:
=============== ====================== ==================== ====================== =============== ==============
At 31 December
2013 1,096.6 68.6 26.3 2.8 1,194.3
=============== ====================== ==================== ====================== =============== ==============
At 31 December
2012 642.0 22.0 5.6 1.9 671.5
=============== ====================== ==================== ====================== =============== ==============
Depreciation is presented within the cost of sales in the
statement of comprehensive income.
8. Borrowings
$ million Revolving Term- Total
credit facility loan
-------------------------------- ---------------- ----- -------
At 1 January 2013 205.0 - 205.0
Cash from borrowings 317.8 250.0 567.8
Repayment of borrowings (182.8) - (182.8)
================================ ================ ===== =======
At 31 December 2013 340.0 250.0 590.0
Capitalised debt issuance costs (10.7)
================================ ================ ===== =======
579.3
Current - 50.0 50.0
Non-current 340.0 200.0 540.0
================================ ================ ===== =======
In 2011, the Group entered into a committed,secured revolving
credit facility of $400 million with a group of international
banks, with a maturity date of 28 November 2016.
In May 2013, the Group entered into a committed,secured term
loan of $150 million with several of the existing group of
international banks involved with the revolvingcredit facility.
This term loan was then subsequently extended in October 2013 by an
additional $100 million to $250 million, with a maturity date of 1
January 2015, with quarterly repayments of $12.5 million commencing
on 31 March 2014.
As of 31 December 2013, $9.8 million (31 December 2012: $19.4
million) of letters of credit have been drawn against the revolving
credit facility. As of 31 December 2013, the available amount of
the undrawn facilities was $50.2 million (31 December 2012: $175.6
million).
The facilities provide for funding of capital expenditures,
working capital requirements and letters of credit. Key
financialcovenants include a Total LeverageRatio (Total
Indebtedness/Adjusted EBITDA) at a maximum of 5.00:1 which reduces
to 2.50:1 by 30 June 2014, and an Interest Coverage Ratio (Adjusted
EBITDA/Net Interest) at a minimum of 4.00:1.The LIBOR spread is
LIBOR plus 2.25% - 3.75% dependenton the Total Leverage Ratio.
The revolving credit facility and term loan are secured with the
equity and assets of the majority of the Group's subsidiary
undertakings. The Directors believe that the carryingvalue of
borrowings approximate their fair value.
If the interest rates had been 50 basis points higher/lower and
all other variables were held constant, the Group's total
comprehensive profit would have increased/decreased by $1.5 million
(2012: $0.4 million). This is mainly due to the Group's exposure to
interest rates on its variable rate borrowings.
Bid/performance bonds
The Group has a need to post bid or performance bonds associated
with customer contracts. These bonds are typically issued from the
Group's revolving credit facility or backed by a cash deposit.As of
31 December 2013 the Group had $8.9 million (2012: $5.1 million)
backed by cash depositsand $nil (2012: $1.6 million) with other
international banks.
9. Acquisition of subsidiaries
On 28 October 2013, the Group acquired 100% of the issued share
capital and obtained control of the following companies (comprising
the "GE Power Rental Business"):
-- Power Rental Op Co One LLC,
-- Power Rental Op Co Australia LLC,
-- Power Rental Asset Co One LLC,
-- Power Rental Asset Co Two LLC,
-- Power Rental Op Co Canada ULC, and
-- Power Rental Op Co Bangladesh Limited.
The acquisition advances APR Energy towards its stated strategic
goals, creating the world's leading fast-track mobile turbine fleet
of 1.2GW, significantly strengthening and diversifying APR Energy's
business, and creating a long-term strategic alliance with GE. The
provisional amounts recognised in respect of the identifiable
assets acquired and liabilities assumed are as set out in the table
below, and are considered to be provisional, due to the use of
estimates in valuing the intangible assets.
$ million Provisional fair value
------------------------------------------- -----------------------------------------
Property, plant and equipment 242.3
Intangible assets 39.3
Trade and other receivables 15.8
Inventory 7.2
Trade and other payables (0.3)
Deferred tax liability (1.4)
Decommissioning provisions (7.9)
Deferred revenue (9.0)
=========================================== =========================================
Total identifiable assets and liabilities 286.0
=========================================== =========================================
Goodwill 75.5
=========================================== =========================================
Total consideration 361.5
=========================================== =========================================
Satisfied by:
Cash 73.1
Equity instruments (15,453,129 ordinary
shares of the Company 288.4
------------------------------------------- -----
Total consideration 361.5
=========================================== =====
The total consideration for the acquisition was $361.5 million
payable in cash ($73.1 million) on completion and 15,453,129
ordinary shares allotted and issued credited as fully paid up to
the sellers.
The fair value of this share issue was $288.4 million which was
equal to the share price on the closing date of the transaction,
multiplied by the number of shares issued. Acquisition related
costs amounted to $14.4 million (2012: $nil) and were primarily
related to legal and professional fees and early termination fees
and were charged to the Statement of Comprehensive Income.
The goodwill of $75.5 million arising from the acquisition is
reflective of the expected strong growth prospects of the GE Power
Rental Business. None of the goodwill is expected to be deductible
for income tax purposes.
The GE Power Rental Business contributed $9.2 million revenue
and $2.4 million to the Group's profit for the period between the
date of acquisition and the 31 December 2013. If the acquisition of
the GE Power Rental Business had been completed on the first day of
the financial year, Group revenues for the period to 31 December
2013 would have been $376.6 million and profit would have been
$45.1 million.
10. Dividends
$ million 2013 2012
----------------------------------------------- ------- ----
Declared and paid during the year 547.1
Final dividend for 2012: 6.7 pence (2011: 10.0
pence) per ordinary share 7.9 12.5
Interim dividend for 2013: 3.3 pence (2012:
3.3 pence) per ordinary share 5.0 3.9
----------------------------------------------- ------- ----
Dividends paid 12.9 16.4
----------------------------------------------- ------- ----
Proposed for approval by the shareholders at
the AGM
----------------------------------------------- ------- ----
Final dividend for 2013: 6.7 pence (2012: 6.7
pence) per ordinary share 9.9 8.5
----------------------------------------------- ------- ----
The proposed final dividend is subject to approval by the
shareholders at the Annual General Meeting and has not been
included as a liability in these financial statements.
11. Events after the balance sheet date
On 10 January 2014, the Group announced the extension of its
200MW diesel power module project in Libya on the same
terms as the original contract.
On 12 February2014, the Group announced the signing of a
large-scale, turnkey power contract in Myanmar. The facilitywill
provide the Myanmar Electric Power Enterprise(MEPE) with a
guaranteedminimum of 82MW of power generation.
As part of the acquisition of the GE Power Rentals Business, the
Group acquired a number of contracts as well as additional fleet.
As disclosed at the time, some of those contracts are held with
corporate, not sovereign, counterparties. We have been informed
that one of those parties in Australia, Forge Group Limited, filed
for protection from its creditors post year end. As such, the
assets allocated to that project are tied up in the receivership
process. Although it is still in the early stages, the Group is
working with the administrators/receivers of Forge Group Limited
regarding possession of those assets.
On 26 March 2014, the Group announced the signing of a mobile
gas turbine contract to provide fast-track power to an industrial
customer in the South Pacific. The plant will comprise mobile gas
turbines producing a guaranteed 60MW and will power the customer's
mining operations.
Key financial definitions:
Adjusted EBITDA
Operating profit adjusted to add back depreciation of property,
plant and equipment, equity-settled share-based payment expense,
amortisation of intangible assets and exceptional items.
Exceptional items are those items believed to be exceptional in
nature by virtue of size and/or incidence.
Adjusted EBITDA margin
Adjusted EBITDA divided by adjusted revenue.
Adjusted earnings per share
Adjusted net income divided by the weighted average number of
ordinary shares. The weighted average number of ordinary shares
used to calculate the 2013 adjusted basic earnings per share was
81,044,059. Adjusted net income is net income adjusted to add back
amortisation of intangible assets, Founder securities revaluation
and exceptional items. Exceptional items are those items believed
to be exceptional in nature by virtue of size and/or incidence.
Adjusted ROCE (return on capital employed)
Operating profit for the previous twelve months adjusted to add
back amortisation of intangible assets,and exceptional items
divided by the average of the net operating assets at the previous
three balance sheet dates (for 31 December 2013 this comprises the
31 December 2013, 30 June 2013 and 31 December 2012 and for 31
December 2012 this comprises the 31 December 2012, 30 June 2012 and
31 December 2011). "Net operating assets" is defined as total
equity adjusted to exclude goodwill, intangible assets, borrowings,
Founder securities, deferred tax assets and liabilities and current
tax assets and liabilities.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR FMGZFVVDGDZG
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