APR Apr Energy

o APR Energy LLC,

o APR LLC,

o APR Energy SRL Argentina Company,

o 3-102-488241 SRL Costa Rica Company,

o APR Ecuador,

o APR Energy LLC Sucursal del Peru,

o APR Energy II LLC,

o APR Energy III LLC; and

   --     Falconbridge Services LLC and its subsidiary First Coast Travel International LLC. 

The Company was created with the specific purpose of acquiring a fundamentally strong business which was previously constrained by its lack of access to capital. The APR Group met this criterion and through the Company's injection of capital, will be able to substantially grow its business.

The APR Group provides temporary, fast track power solutions to a variety of customers, including government (and quasi-governmental customers), utility and industrial customers.

These power solutions primarily cover the following situations:

   --     Supporting seasonal demand (known as "peak shaving"); 
   --     Distributed generation (for areas with limited distribution such as remote/rural areas); 

-- Supplemental power (for increased electricity on a fast track basis, for instance, to offset electricity shortages due to increased demand/disrupted supply);

   --     Grid stability and support (for improving efficiency and reliability); 
   --     Emergency generation (for instance, for disaster relief and unscheduled outages); and 
   --     Industrial power generation (for instance for mining and dedicated on-site power). 

The services offered by the APR Group includes a full assessment of the customer's requirements (including engineering and pre-installation site surveys), the rapid deployment of equipment (via air, sea and road transport), full installation and commissioning to allow rapid commercial turnkey operation, as well as ongoing maintenance and decommissioning services.

The provisional amounts recognised in respect of the identifiable assets acquired and liabilities assumed are as set out in the table below:

 
                                                            $'000 
 
 Cash                                                      30,371 
 Deposits                                                  13,014 
 Accounts receivable                                       17,883 
 Other assets                                               4,928 
 Property, plant and equipment(including mobilisation 
  and installation)                                       249,042 
 Identifiable intangible assets                           144,200 
 Trade and other payables                                (37,556) 
 Decommissioning provision                                (8,874) 
 Other liabilities                                       (22,854) 
 Borrowings                                              (80,993) 
                                                        --------- 
 Total identifiable assets                                309,161 
 Goodwill                                                 541,046 
 Total consideration                                      850,207 
 
 
  Cash                                                    359,266 
 Equity instruments (31,841,071 Ordinary shares of 
  the parent company)                                     490,941 
 
 Total consideration transferred                          850,207 
 

The goodwill of $541.0 million arising from the acquisition is reflective of the recent track record of APR Group and expected strong growth prospects. None of the goodwill is expected to be deductible for income tax purposes.

The fair value of the 31,841,071 Ordinary shares issued as part of the consideration paid for the APR Group of $490.9 million was determined on the basis of the share price as at 13 June 2011, being the date the subsidiary was acquired.

Acquisition-related costs (included in administrative expenses) amounted to $16.5 million. These costs were primarily related to legal and professional fees and early termination fee of the operator's fees.

The APR Group contributed $164.6 million revenue and $6.6million to the Group's loss for the period between the date of acquisition and the balance sheet date.

If the acquisition of the APR Group had been completed on the first day of the financial period, Company revenues for the period would have been $236.5 million and loss would have been $55.2 million.

Key Financial Definitions:

Adjusted EBITDA

Operating Profit adjusted to add back depreciation of property, plant and equipment, 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 revenue

Return on Capital Employed (ROCE)

Operating profit for the previous twelve months adjusted to add back amortisation of intangible assets and exceptional items divided by the average of net operating assets at 1 January and 31 December. "Net Operating Assets" is defined as net assets adjusted to add back borrowings, 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

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