Aggreko PLC TOKYO 2020 OLYMPICS UPDATE (4072H)
24 Marzo 2020 - 3:00PM
UK Regulatory
TIDMAGK
RNS Number : 4072H
Aggreko PLC
24 March 2020
AGGREKO PLC
24 MARCH 2020
TOKYO 2020 OLYMPICS UPDATE
Aggreko plc notes the recent announcement by the International
Olympic Committee (IOC) and The Tokyo Organising Committee of the
Olympic and Paralympic Games (TOCOG) postponing the 2020 Tokyo
Olympic & Paralympic Games (the Games) until a date beyond
2020, but not later than summer 2021. Following this decision, we
will now enter detailed discussions with our client, TOCOG,
regarding our role in supporting the Games to a later timetable.
While we have a contract that provides a framework for these
discussions, the commercial terms and operational impact
surrounding the postponement will need to be worked through in
detail with TOCOG. As a reminder, the initial contract value was
c.$200 million although, as we confirmed at the time of our results
announcement on 3 March, following various scope changes we
expected the contract value to increase to around $250 million. At
this point, we have received $98 million in milestone payments
under the contract.
As noted in our announcement of 23 March, we are in a strong
financial position. We have considered a range of scenarios to
stress-test the Group's liquidity position through to the end of
this year, including the situation in which the Games do not take
place this year. These show that even in a reasonably probable
worst case scenario, with appropriate mitigating actions, we expect
to remain within the Group's financial covenants, while maintaining
headroom under our existing committed facilities.
A short conference call will be held today for investors and
analysts at 15:00 (GMT) hosted by Chris Weston, CEO; dial-in
details are below.
Enquiries
Investors and analysts
Louise Bryant, Aggreko plc +44 7813 210 809
Richard Foster, Aggreko plc +44 7989 718 478
Financial media
Andy Rivett-Carnac, Headland +44 7968 997 365
Sophie O'Donoghue, Headland +44 7798 687 042
Conference call
Participant dial-in
United Kingdom 0800 279 9518
All other locations +44 20 3655 9505
Participant Access Code 154 6350#
This is a live call as there are no hosted conference call lines
available. Please mute your line when you join.
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END
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