TIDMAPR
RNS Number : 1701R
APR Energy PLC
23 October 2013
APR Energy PLC
Interim Management Statement
APR Energy PLC
For Immediate Release
23 October 2013
APR Energy plc ("the Group")
Q3 Interim Management Statement
-- Transformational acquisition of GE Turbine Rental Business
and strategic alliance announced today
-- 147MW of new diesel contracts during the third quarter
-- Diesel utilisation at 89%; turbines fully contracted; total fleet utilisation now at 85%
-- Total new contracts announced year to date 740MW, with
contract extensions of 116MW year to date
-- Order book of 13,425 MW-months and pipeline of business opportunities remain strong
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 Interim Management
Statement to the 23 October 2013, including the Q3 trading period.
APR Energy has brought forward its IMS announcement from the 25
October to coincide with today's announcement of the acquisition of
GE Turbine Rental Business, creating the world's leading fast-track
mobile gas turbine power business.
TRADING
The Group has performed well in the period, in-line with
expectations, generating adjusted revenues of $84 million during
the third quarter of the year.
As at 30 September 2013, total fleet capacity was 1,607MW (31
December 2012: 1,311MW) with an order book (backlog of business) of
13,425 MW-months an increase of 60% from 8,372 MW-months in the
same period in 2012.
New contracts of 147MW were won during the quarter, including
Mozambique (40MW), Indonesia (75MW), and Senegal (32MW). These,
together with the 593MW of new contracts announced up to 28 August
2013, bring total new contract wins announced this year to 740MW
(compared to 369MW in the same period of 2012). The Group has also
signed extensions year to date of 116MW.
OPERATIONS
In Libya, all six plants (450MW) were deployed and commissioned
during the third quarter of 2013, despite the challenging
socio-political environment and extreme climactic conditions.
In July, APR Energy successfully deployed 40MW of diesel power
in Mali, its first cross-border agreement.
During the period, APR Energy announced a further 32MW contract
award for diesel power modules in Senegal, supplementing the 66MW
of existing APR Energy power capacity serving the country. The 32MW
of capacity has since become commercially operational.
APR Energy also announced a multi-year 40MW award in Mozambique.
The plant will run solely on natural gas and is APR Energy's second
project in the country.
In Indonesia, APR Energy was awarded its third contract in a
year, for a 75MW fast-track diesel plant, which will bring the
Group's power generation capacity in the country to 130MW. The
contract was awarded in a competitive tender process, based on the
fuel efficiency of the diesel modules.
FINANCIAL POSITION
The Group's balance sheet had gross debt of $475 million
(excluding capitalised finance costs) at the end of Q3. Cash on the
balance sheet as of 30 September 2013 was $25 million resulting in
net debt of $450 million.
OUTLOOK
The Group continues to see strong structural demand for power
solutions in Africa, Latin America, the Middle East, and South East
Asia, resulting in a strong commercial pipeline. There are ongoing
discussions on a significant number of opportunities for both
reciprocating engines and mobile gas turbines. Utilisation rates
are high and are expected to be maintained going forward.
APR Energy believes that the outlook for the mobile gas turbine
market remains very positive. The scalability of mobile gas
turbines, which allow large amounts of power to be deployed swiftly
and efficiently, combined with low emissions and dual-fuel
capability, have made them the technology of choice for customers
requiring large-scale fast-track power.
ACQUISITION AND STRATEGIC ALLIANCE
Separately today, APR Energy has announced its acquisition of
GE's Turbine Rental business, in a cash and stock transaction with
a total consideration of $314 million.
In addition to creating the world's leading mobile turbine power
provider, the acquisition creates a long-term strategic alliance
between APR Energy and GE covering areas such as future supply of
turbine technology, service, and branding. The acquisition also
provides APR Energy with access to new markets and sectors.
More information on the acquisition and strategic alliance can
be found on the Company's website.
COMMENT
John Campion, Chief Executive Officer, said:
"During the quarter, we have maintained high utilisation rates
for our fleet and have successfully commissioned our facilities in
Libya, despite the challenges of that market. We have continued to
win attractive contracts and have seen our order book expand by 60%
year-on-year, highlighting the demand for our services.
"We remain confident in the fundamental attractiveness of mobile
gas turbines, as illustrated by the transaction and strategic
alliance announced today with GE, making APR Energy the world's
leading fast-track mobile turbine power provider. We have seen
turbines rapidly take a significant market share of the large-scale
fast-track power market, and we expect to see this growth continue,
providing more opportunity for our enlarged fleet."
Enquiries:
APR Energy plc +44 (0) 20 3427 3747
Brian Gallagher +44 (0) 7775 906 076
Capital MSL
Richard Campbell +44 (0) 20 7307 5344 / +44 (0) 7775 784 933
Ian Brown +44 (0) 20 7307 5344 / +44 (0) 7908 251 123
About APR Energy
APR Energy specialises in the sale of reliable and efficient
electricity through the rapid global deployment and installation of
scalable turnkey power solutions. APR Energy's solutions, coupled
with comprehensive operation and maintenance services and flexible
commercial terms, have established it as a leader in its industry.
Serving both utility and industrial segments, APR Energy provides
power generation solutions to customers and communities around the
world, with an emphasis on Africa, Latin America, the Middle East,
and Asia. APR Energy also implements philanthropic projects at each
plant location through its Community Development Programme, which
aims to build and maintain close relationships with its neighbours
through projects focused on health, education, and infrastructure.
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.
END
This information is provided by RNS
The company news service from the London Stock Exchange
END
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