APR ENERGY PLC 
By ?
For Immediate Release
24 January 2013
APR Energy plc ("the Company")
Year End Trading Update
Strong Performance and Growth in 2012. New Contract Wins and Growing Backlog Drive Continued Momentum
· Full year contract wins of 569MW and contract renewals of 724MW
· Order backlog of 11,592 MW-months, up 80% year on year
· Global Hub strategy now in place
· Penetration of new markets with first contract win in Indonesia
· Strong start to 2013
APR Energy plc (LSE:APR), a global leader in temporary power solutions, today issues a trading update for the fiscal year ended 31 December 2012 ahead of its Preliminary Results, which will be announced on 21 March 2013.
TRADING
APR Energy gained record new contract wins of 569MW and 724MW of contract extensions in 2012 (2011: 513MW contract wins, 43MW contract extensions). Group revenues totalled approximately $57 million for the three-month period ending 31 December 2012, bringing full year revenues to approximately $265 million, up 33% versus 2011 ($200 million).
As at 31 December 2012, total fleet capacity was 1,311MW, up 45% over December 2011 (900MW), with order backlog of over 11,592 MW-Months-an increase in the order book of 80% from the end of 2011. In addition, the Company invested over $300 million in fleet capacity in 2012.
We have continued to make progress during 2012, with management expecting strong EBITDA margins and Net Income expectations to be towards the higher end of analysts' expectations.
FINANCIAL POSITION
The Company had gross debt of $205 million (excluding capitalised finance costs) at the year end. Cash on the balance sheet as of 31 December 2012 was approximately $21 million, resulting in net debt of $184 million.
OPERATIONS
During Q4, APR Energy signed a new 200MW contract in Uruguay to provide its dual-fuel gas turbines to address anticipated power needs for the customer. At the time of announcing, the customer also signed an extension to its existing 100MW contract. We believe this contract announcement is further evidence of the flexibility and applicability of the dual-fuel gas turbine technology and results in our dual-fuel turbine fleet being fully utilised. APR Energy anticipates further demand for our turbine technology in 2013 and the company will receive additional delivery of turbines during this quarter.
Additionally, in early 2013, we have won new contracts in Guatemala (16MW) and Indonesia (15MW). The Indonesian win represents an important milestone in the evolution of APR Energy. Penetrating one of the world's largest temporary power markets validates the Hub strategy we initiated during 2012, in particular, the opening of our Malaysian hub in the autumn of 2012.
Contract renewals remain an important driver of our business and, during the first few weeks of 2013, we are pleased to have secured long-term key contract extensions totalling 70MW in Senegal and Gabon.
OUTLOOK
We continue to see strong demand for power solutions in Africa, Latin America, Middle East and South East Asia, with on-going discussions on a number of opportunities driving a strong commercial pipeline. At this early stage of our financial year, the Company anticipates fleet capital expenditure of approximately $150 million for further expansion of its gas turbine fleet and associated infrastructure and total capital expenditure to be in line with analysts' expectations. The Company is focused on making additional operational improvements during 2013 and, in particular, on increasing utilisation in our diesel fleet.
We expect to continue to make good progress in 2013. APR Energy remains confident in the structural growth trends within the temporary power market and, specifically, in the application of mobile dual-fuel turbine technology.
Enquiries:
APR Energy +44 (0) 203 427 3747
Brian Gallagher +44 (0) 777 590 6076
Citigate Dewe Rogerson Consultancy + 44 (0) 20 7638 9571
Anthony Carlisle + 44 (0) 7973 611 888
Lydia-Claire Halliday + 44 (0) 7866 617 671
Forthcoming Announcements:
2013 Preliminary Results | 21 March 2013 | ||
Q1 Interim Management Statement | 15 May 2013 |
About APR Energy
APR Energy specialises in the sale of reliable and efficient electricity through the rapid global deployment of customised, turnkey power solutions. APR's fast-track approach, flexible offerings, and comprehensive operation and maintenance services have established it as a leader in the utility and industrial segments. APR Energy provides its power generation solutions to customers and communities around the world, with an emphasis in Africa, South America, Central America, the Middle East and Asia. APR Energy also implements philanthropic initiatives at each plant location through its Community Development Programme, which aims to build and maintain close relationships in the areas in which it works through projects and donations in health and education.
Certain statements included in this announcement of preliminary results constitute, or may constitute, forward-looking statements. Any statement in this announcement that is not a statement of historical fact (including, without limitation, any statements regarding the Company's future expectations, operations, financial performance, financial condition and business) is or may be a forward-looking statement. Any 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, belief and / or 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
|
distributed by
|
