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At the period end the group balance sheet had gross debt of $104.5m (excluding capitalised financing costs) and cash of $33.6m, resulting in net debt of $70.9m. New CFO Andrew Martinez, who joined the firm in October 2011, has been instrumental in successfully implementing a number of key financial reforms within the group over the past six months.
John Campion, Chief Executive Officer, said: APR Energy has continued to make good progress during the first half of 2012... We have significantly improved EBITDA margins, reflecting the discipline with which we have taken on new business and improvements in our operational structure and mobilisation technologies. Underlying revenue in the second half of the year will be lower than the first half due to early closure on one Japanese site and contractual project delays, nevertheless, we currently anticipate beating consensus net income. "We see 2012 as an important year of investment for the future growth of APR Energy. The longer term key growth drivers of the temporary power business remain strong. With the Hub strategy now largely completed, today we are announcing an expansion in our planned fleet investment to $290-310 million for 2012. The additional expenditure will be focused on our dual-fuel technologies reflecting confidence in the natural gas market for which we feel APR Energy is uniquely positioned." The firm is carrying out planned fleet investment of $290-310m for 2012 (previous guidance $230-260m), saying it believes the prospects for natural gas and dual fuel turbine temporary power continue to improve. During the first half, capital expenditure in the fleet was $147.1m in a mix of diesel engines and dual-fuel turbines.
APR Energy, the temporary power specialist, has posted a significant leap in reported revenue for the six months ended June 30th as it announced the departure of the Finance Director. Rich Greene, who will leave at the end of September, has been replaced by the company's Vice President of Finance, Andrew Martinez. Losses for the period came in significantly lower at $32.3m (2011 H1: loss of $1.87m) on revenues of $155m compared to $10.9m the same period the previous year, primarily driven by new contract wins that went into operation in late 2011 and early 2012. Earnings per share on a pro forma basis rose from 12.79 cents to 59.81 cents, although on a reported basis narrowed from a loss of 75.34 cents to a loss of 8.82 cents. Gross profit on a pro forma basis increased 282% to $75.7m, largely as a result of the Japan TEPCO contract. One of the TEPCO sites was terminated early, and will have a negative impact on second half income, while an extension was signed for the other site until at least March of next year. Return on capital employed (ROCE) increased to 18.2% (31 December 2011: 16.5%, 30 June 2011: 13.2%) despite the significant increase in net operating assets associated with the growth of the business. During the period 344MW of new contracts were awarded, compared to 513MW for the whole of 2011. New contracts worth 25MW and extensions worth 83MW were awarded since the period end, which Peel Hunt said "will disappoint some".
Outlook The longer-term structural trends within temporary power market remain intact. The demand for power solutions - especially in our core geographical markets - is substantial, hence our decision to increase the planned capital investment in our fleet, with a specific focus on natural gas generation, to $290-310 million during the year. We are pleased to report 25MW of new contracts and 83MW of extensions since 30 June 2012. We remain actively engaged in a wide range of opportunities in different technologies across our core geographical markets. The Group expects to deliver on contract opportunities in the second half of 2012 and into 2013, while benefiting from improved operating efficiencies. Looking ahead, we are confident of another successful year of delivery at APR Energy.
Outlook The Group expects to deliver on our commercial pipeline in the second half of 2012 and to build on recent contract wins and existing contract extensions. Our three hubs in Panama, Dubai and Malaysia will provide an important strategic platform for the Group's growth, with Panama and Dubai already driving contract wins and faster installation times. We also expect to see operational efficiencies delivering improved EBITDA and net income performance going forward. APR Energy remains confident in the strong medium- and long-term expansion trends within the temporary power market.
John Campion, Chief Executive Officer, said: APR Energy has continued to make good progress during the first half of 2012. New contracts of 344MW have been awarded in the period ended 30 June 2012 - this compares to 513MW for the whole of 2011. In addition, we have delivered 356MW of contract extensions - a profitable and important cornerstone of the business. This provides us with an order book of 9,082MW-Months as of 30 June 2012 - an increase of 41% since the end of 2011. Since 30 June 2012, we have also gained 25 MW of new contracts and 83 MW of extensions. In addition, we have significantly improved EBITDA margins, reflecting the discipline with which we have taken on new business and improvements in our operational structure and mobilisation technologies. Underlying revenue in the second half of the year will be lower than the first half due to early closure on one Japanese site and contractual project delays, nevertheless, we currently anticipate beating consensus net income. We see 2012 as an important year of investment for the future growth of APR Energy. The longer term key growth drivers of the temporary power business remain strong. With the Hub strategy now largely completed, today we are announcing an expansion in our planned fleet investment to $290-310 million for 2012. The additional expenditure will be focused on our dual-fuel technologies reflecting confidence in the natural gas market for which we feel APR Energy is uniquely positioned.
HIGHLIGHTS · Pro forma revenues of $155.0 million up 162% · Pro forma profits above expectations: o Pro forma EBITDA up 237% to $96.1 million o Pro forma net income up 721% to $46.8 million · Pro forma EBITDA margin up to 62% from 48% · 344MW of new contracts and 356MW of extensions delivered in the period · Successful opening of Panama and Dubai Hubs; Malaysian Hub on schedule for September · New fleet investment of $290-310 million planned based on improved outlook for natural gas opportunities · 25MW of new contracts and 83MW of extensions since 30 June 2012
http://www.investegate.co.uk/Article.aspx?id=201208300700090507L
OUTLOOK We continue to see significant structural demand for power solutions especially in Africa, Latin America, Middle East and South East Asia. The commercial pipeline remains robust with significant opportunities in new contract wins and existing contract extensions. As such, the Company expects to deliver on these contract opportunities in the second half of 2012, while delivering improved operating efficiencies. APR Energy remains confident in the robust medium and long-term trends of structural growth within the temporary power market.
FINANCIAL POSITION The Company maintains a strong balance sheet with gross debt of $104m and cash on the balance sheet of $34m resulting in net debt as of 30 June 2012 of $70m. OPERATIONS The successful execution of the Hub strategy during 2012 is an important foundation for the further development of the Company. The opening of the Dubai hub in Q1 has been instrumental in facilitating important contract wins of over 200MW in a strategically important region. We plan to open our third hub in Malaysia during the third quarter. The accelerated installation and operation of the 120MW power facility in Cyprus in June is another notable success for the Company. Using our latest enhancements in plant design, deployment and logistics, we were able to have the plant operational within 20 days of equipment arrival - ahead of the contracted schedule.
Half Year Trading Update · Revenue growth of 162% over 1H 2011 · 344 MW new contracts and 356 MW extensions delivered · Successful opening of Panama and Dubai Hubs · Malaysian Hub on schedule for Q3 APR Energy plc (LSE:APR), a global leader in temporary power solutions, today issues a trading update for the first half of fiscal year 2012. Interim Results for the six months will be announced on 30 August 2012. TRADING Group revenues totalled $155 million for the six month period ending 30 June 2012, up 162% over the prior year on a pro-forma basis. As previously announced during that period the Company achieved new contract wins of 344MW with 356MW of contract extensions. As at 30 June 2012, total fleet capacity was 1052 MW (December 2011: 900 MW) with order backlog of over 9,000 MW-Months - an increase of 39% from the end of Q1 2012 and an increase of 41% from the end of 2011. APR Energy has continued to make progress in all areas during 2012. During the first half adjusted EBITDA margins have been strong and in line with historical levels.
http://www.investegate.co.uk/Article.aspx?id=201207240700083104I
"Upon completion of this contract we will have fulfilled over 200MW from the Dubai Hub since its opening earlier this year," said Chief Executive John Campion. "With this infrastructure in place we anticipate rapid and successful deployment of this latest contract win." APR's shares rose 3% following the announcement.
APR Energy, the temporary power specialist, has done a deal with Yemen to supply diesel engines to off-set expected supply shortages. The 60MW contract with Yemen is the company's second contract win in less than four months in the Middle East, which it called a strategically important market. The announcement brings APR's total new contract wins this year to 344MW and 356MW of contract renewals. It said its current order book stood at over 9,000 MW-months.
All the signals look good for APR: results, contract wins, cash, worldwide income and I thought it would hold up well during the Euro crisis as a defensive stock, it has huge potntial but it continues to slide! I understand how a delay in the accounts may spook the stock for a while but does anyone know whats going on.?
Likewise, as i said yesterday I see no reason why these shouldn't achieve this year high over the next few weeks. I expect broker updates revising their target prices will help. A lot of positives in yesterdays announcement, intended main listing, dividends, debt free and strong order pipeline, expansion into europe. I expect APR to push on further in 2012 with further investment $230m so plenty of available capacity.
Up nearly £1 so far this week. Keep going APR! Will hold this for a while yet. Aggreko doing v well so hopefully there is room for growth in APR too.
In the Telegraph, Questor looms very keenly at APR Energy, the temporary power specialist. It failed to publish annual results on time last month prompting a fall in the share price but the actual numbers released yesterday did not have any major skeletons. With demand for emergency electricity very high Questor says buy the stock, which only trades on 13.5 times expected 2013 earnings.
Excellent set of results announced today, other than sentiment can't see why these shouldn't return to their previous high (£11.55). I would expect some broker upgrades shortly on the back of these results to provide some upward momentum! I recollect someone previous gave £13 target price!
ALSO APR Gains 100MW Gas Turbine contract for IPR - GDF Suez in Mexico · Further success for Gas Turbine strategy London, UK and Jacksonville, Florida APR Energy (APR), a global leader in temporary power solutions, is pleased to announce the award of 100MW contract with Tractebel Energia de Monterrey, S. de R.L. de C.V., a subsidiary of IPR-GDF Suez, a major global electrical utility with operations in Mexico. The contract will provide for rapid deployment of gas turbines and technical support at the Monterrey Cogeneration facility in Nuevo Leon. John Campion, CEO of APR Energy, said: "We are delighted to be of assistance to GDF Suez in its need for temporary power. The contract is also further evidence of the benefits of having Pratt & Whitney gas turbines within our fleet and is the third major gas turbine project we have signed. We look forward to working with GDF Suez over this year and beyond."
ALSO APR wins 120 MW contract with the Electric Authority of Cyprus · First contract win for APR Energy in Europe London, UK and Jacksonville, Florida -APR Energy (APR), a global leader in temporary power solutions, is pleased to announce that it has been awarded a contract with the Electric Authority of Cyprus (EAC). This is to provide 120MW of diesel generation units to address continuing electricity supply shortages and help meet seasonal demand at the Moni Substation near Limassol in Cyprus. John Campion, CEO of APR Energy, said: "This application is what we do best, fast -track power delivery. EAC has a continuing need for supplemental power to deal with supply shortages and peak season demand, and we are delighted that they have chosen APR to deliver it."
John Campion, Chief Executive Officer, said: "2011 was a year of significant transformation for APR. With our capital constraints removed, we delivered rapid growth as evidenced in our fleet more than doubling to 900 MWs and pro-forma revenue increasing by 69%. Disciplined execution enabled us to maintain strong underlying margin performance, while building out our infrastructure to support future growth. We have had a good start to 2012 with 284 MW's of new contracts won to date, as well as several contract extensions, and we maintain a strong commercial pipeline. We are well positioned to capitalise on the substantial market demand for temporary power solutions and are confident that 2012 will be a year of continued transformation and growth for APR."
HIGHLIGHTS · Pro-forma revenues of $212.8 million up 69%; Reported revenues of $164.6 million · Pro forma profits above expectations: o Pro-forma Adjusted EBITDA up 70% to $109.1 million o Pro-forma net profits up 336% to 41.4 million · Pro-forma adjusted EBITDA margin of 51% · Reported Operating Loss of $45.2 million driven by exceptional items and non-cash amortisation of acquired intangibles · Strong balance sheet - Net cash balance of $63.1 million; new $400 million credit facility · New project awards to date in 2012 of 284MWs - Cyprus (120MW) and Mexico (100MW) as well as previously communicated wins in Angola (40MW) and Oman (24MW) · Success in contract extensions - all sites in Argentina, Martinique turbine project with EDF, UN Haiti contract · Panama and Dubai hubs operational; Asia hub in Malaysia on track for Q3 2012 · Reiterate 2012 new fleet investment of $230 to $260 million
http://www.investegate.co.uk/Article.aspx?id=201204160700243569B
Very quiet here considering results RNS will be out on Monday. If results are as expected, like the CEO said they would be, just a small delay collating the figures then this should move up monday