TIDMAPR
RNS Number : 5531N
APR Energy PLC
29 July 2014
29 July 2014
APR Energy plc
Q2 Interim Management Statement
Strong Q2 performance with revenues up 203%;
Extension of key contracts in Uruguay and Libya
APR Energy plc (LSE: APR) (the "Group"), a global leader in
fast-track power solutions, announces its Interim Management
Statement to 29 July 2014, including its three-month trading
period, which ended on 30 June 2014.
-- Strong financial and operational performance with Q2 revenue
of US$134m, up 203% compared to the equivalent period last year
-- Contract renewals of 253MW during quarter, including first
100MW tranche of Uruguay mobile gas turbine contract, aligning
renewal dates with the remaining 200MW
-- Successful commissioning of mobile gas turbine power plants
in Angola and the South Pacific, and the natural gas power module
power plant in Myanmar
-- Utilisation remains high at 70% across the fleet as at 30
June 2014, reflecting fleet expansion of 37% to 2,194MW compared to
same period in 2013
-- Net debt as at 30 June 2014 of $518 million, reflecting a
leverage ratio comfortably within financial covenants
-- Post period, awarded extension of the Libyan 450MW contract,
through first quarter 2015, on similar terms to the original
contract
John Campion, Chief Executive Officer, said: "The Group has
continued to perform well, delivering strong financial and
operational results for the quarter. Renewals have been a major
focus for us and continue to be a highly critical and strategic
part of our business. With a sustained renewal rate in excess of
80%, our efforts are paying off and reflect the inherent longevity
of our service. This can clearly be seen in the extension of the
full 450MW contract in Libya, as well as in the extension of the
first 100MW tranche of the Uruguay contract. These reflect the
strong long-term relationships we have built with these customers
and their preference for mobile gas turbines to deliver
large-scale, semi-permanent power."
Trading
Year to date, APR Energy has signed 142MW of new contracts,
together with contract extensions of 1,063MW, representing a
contract renewal rate exceeding 80%. This includes the renewal of
the first 100MW tranche of the 300MW Uruguay mobile gas turbine
contract. Extended until late 2014, the tranche is now aligned with
the renewal dates of the remaining 200MW of the contract. Other
renewals during the quarter include contracts in Indonesia and
Senegal. Post period, the Ministry of Electricity and GECOL have
awarded APR Energy an addendum to the 450MW Libyan contract,
comprising both the 250MW mobile gas turbine project and the 200MW
diesel power module project, extending through first quarter
2015.
At the end of the quarter, the Group commenced demobilisation of
its 95MW mobile gas turbine contract in Bangladesh, freeing the
units for placement into higher-value contracts.
As at 30 June 2014, total fleet capacity increased 6% to 2,194MW
(31 March 2014: 2,074MW), providing the Group with capacity needed
to position itself for new large-scale opportunities.
Group revenue for the quarter ending 30 June 2014 was $134
million, up 203% over the equivalent period last year (Q2 2013: $44
million).
Operations
The Group successfully commissioned three power plants during
the quarter. APR Energy's 82MW gas power module plant in Myanmar
commenced operations in May, while the new 40MW mobile gas turbine
plant in Angola and the 60MW mobile turbine plant in the South
Pacific both commenced operations during June.
Average utilisation across the first half remained strong at
77%, with quarter end utilisation of 70%. This reflects the timing
of the demobilisation of the Bangladesh contract, fleetexpansion
during the period and thetermination of the original Australian
contract with Forge, which is now being negotiated directly with
the Australian utility.
Financial position
The Companyreduced its gross debt by $23 million over the
quarter (excluding capitalised finance costs), ending Q2 2014 at
$570million (31 March 2014: $593 million). Cash on the balance
sheet as of 30 June 2014 was $52 million(31 March 2014: $78
million),resulting in net debt of $518million (31 March 2014: $515
million), comfortably within financial covenants.
The Group's refinancing strategy is well advanced, with active
discussions ongoing with its existing relationship banks. The Group
expectsto execute this financing during the third quarter.
Outlook
The extension of the full 450MW Libyan contract through the
first quarter 2015, together with the first 100MW tranche in
Uruguay, positions us well to meeting our objectives for the year.
Our expanded fleet provides us with a solid foundation to grow and
will enable us to capture new large-scale power project
opportunities in the pipeline. The Group's partnership with GE
continues to mature, and will further enhance our ability to
execute our turbine strategy in our chosen markets.
We continue to see attractive opportunities in each of our key
markets, particularly for mobile gas turbines. Our pipeline remains
strong, and we are actively focused on securing a number of
longer-term, larger-scale power projects in the Americas, Africa
and Asia Pacific. The fundamental need for power in many of our key
markets remains very high and continues to grow more acute with
limited generation alternatives available. The strong presence and
track record we have achieved in regions such as South East Asia
and Sub-Saharan Africa position us well with a platform for further
expansion with new and existing customers.
Conference call details
A conference call for investors and analysts will take place
today at 1pm UK time / 8am EST. To join the call please dial 0808
237 0030 (UK only), 1 866 928 7517 (US) or +44 20 3139 4830,
participant code 84686955#.
For audio playback please dial 0808 237 0026 (UK only) or +44 20
3426 2807, playback reference 649729#.
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
Richard Gotla +44 (0) 20 3219 8819 / +44 (0) 7904 122 207
About APR Energy
APR Energy is the world's leading fast-track mobile turbine
power business. We provide large-scale, fast-track power, providing
customers with 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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