APR Energy PLC Market Update (6864W)
21 Agosto 2015 - 3:00AM
UK Regulatory
TIDMAPR
RNS Number : 6864W
APR Energy PLC
21 August 2015
21 August 2015
APR Energy plc
Market Update
APR Energy plc (LSE: APR), a global leader in fast-track power
solutions, (the "Group") today updates the market on several
developments that will impact its upcoming half-year financial
results.
The Group has received a payment of $8.4 million from its
terminated project in Yemen. This represents payment in full on the
outstanding project balance. The Group will reverse its previously
recorded provision of $8.4 million in the half-year results. In
addition, during the past week, the Group has gained access to the
Yemen project sites and its equipment, which will result in a
re-evaluation of the $24 million impairment taken in the second
quarter due to its inability to safely enter the sites at that
time.
Following its 12 August announcement about the receipt of $10.7
million in receivables for its terminated Libya projects, the Group
continues to work diligently to recover all of the remaining
outstanding balance. At the same time, the Group is making
significant progress in its Libya demobilisation and has, to date,
removed successfully the vast majority of assets from the country.
The Group anticipates that the demobilisation will be completed in
the third quarter. However, due to rising security expenses, it
expects to record higher than anticipated demobilisation costs.
In addition, as part of a broader review of its receivables, the
Group has provided for additional provisions, related primarily to
outstanding payments for its ongoing project in Angola. The Group
is working closely with its customer and is confident in its
ability to recover its receivables as demonstrated by a successful
track record of collections in very difficult environments such as
Yemen and Libya.
"We are encouraged by the significant progress we have made with
the removal of Libya assets and the recent payments of more than
$19 million in outstanding receivables from challenging
environments, and we will continue to be relentless in our
collection efforts and protection of our assets," said Chief
Executive Officer Laurence Anderson.
Ends
Enquiries:
APR Energy plc
Lee Munro (investors) + 1 904 404 4576
Manisha Patel (investors) + 1 904 517 5135
Alan Chapple (media) + 1 904 223 2277
CNC Communications
Richard Campbell +44 (0) 20 3219 8801 / +44 (0) 7775 784 933
Michael Kinirons +44 (0) 20 3219 8803 / +44 (0) 7827 925 090
About APR Energy
APR Energy is the world's leading provider of fast-track mobile
turbine power. Our fast, flexible and full-service power solutions
provide customers with rapid access to reliable electricity when
and where they need it, for as long as they need it. Combining
state-of-the-art, fuel-efficient technology with industry-leading
expertise, our scalable turnkey plants help run cities, countries
and industries around the world, in both developed and developing
markets. 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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August 21, 2015 02:00 ET (06:00 GMT)
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