APR Energy announces progress in Yemen
By Steve Ducker21 August 2015
Mobile power provider APR Energy has updated the market on developments that will impact its upcoming half-year financial results.
The group has received a payment of $8.4 million (€7.5 million) from its terminated project in Yemen. This represents payment in full on the outstanding project balance, and the group will reverse its previously recorded provision of $8.4 million in the half-year results.
In addition, during the past week, it has gained access to the Yemen project sites and its equipment, which will result in a re-evaluation of the $24 million (€21.3 million) impairment taken in the second quarter due to being unable to safely enter the sites at that time.
Following the 12 August announcement about the receipt of $10.7 million (€9.5 million) in receivables for its terminated Libya projects, the group said it continues to work diligently to recover all of the remaining outstanding balance.
At the same time, it is making significant progress in its Libya demobilisation and has, to date, removed successfully the vast majority of assets from the country. APR anticipates that the demobilisation will be completed in the third quarter. However, due to rising security expenses, it expects to record higher than anticipated costs.
"We are encouraged by the significant progress we have made with the removal of Libya assets and the recent payments of more than $19 million (€16.9 million) in outstanding receivables from challenging environments, and we will continue to be relentless in our collection efforts and protection of our assets," said chief executive officer Laurence Anderson.
APR Energy will announce its half-year results on 26 August.