apr energy plc
annual report  accounts 2013
apr energy plc   2013 annual report  accounts
apr energy plc
registered office
54 baker street
london w1u 7bu
commercial operations
3600 port jacksonville parkway
jacksonville fl 32226 usa
tel 1 904 223 8488
fax 1 904 223 8955
wwwaprenergycom
cover tpindd   1 04042014   1002 apr energy powers the progress of 
the communities we serve by providing 
costefficient reliable electricity on a 
fasttrack basis anywhere in the world
we leverage stateofthe art technology 
and industryleading expertise to 
provide utility and industrial customers 
with fuelefficient turnkey plants that are 
rapidly deployed customisable and 
scalable 
cautionary statement
this announcement in particular the chairman’s statement and the chief executive officer’s statement has been prepared solely 
to provide additional information to shareholders to assess the company’s strategies and overall performance certain statements 
in this announcement constitute or may constitute forwardlooking statements any statement in this announcement that is not a 
statement of historical fact including without limitation those regarding the company’s future expectations operations financial 
performance financial condition and business is or may be a forwardlooking statement such forwardlooking statements are subject 
to risks and uncertainties that may cause actual results to differ materially from those projected or implied in any forwardlooking 
statement these risks and uncertainties include among other factors changing economic financial business or other market 
conditions these and other factors could adversely affect the outcome and financial effects of the plans and events described in 
this announcement as a result whilst they are made in good faith based on information available up to the time of their approval of 
this announcement you are cautioned not to place any reliance on such forwardlooking statements the forwardlooking statements 
reflect knowledge and information available at the date of this announcement and the company undertakes no obligation to update 
its view of such risks and uncertainties or to update the forwardlooking statements contained herein nothing in this announcement 
should be construed as a profit forecast
cover tpindd   2 04042014   1002 annual report 2013   apr energy  1 
strategic report
overview
 1 highlights
 2 apr energy at a glance
 4 our global reach
 6 chairman’s statement
strategy
 7 chief executive officer’s statement
11 our market
14 our business
22 our strategy
33 key performance indicators
performance
34 financial review
40 corporate responsibility
46 risk management
48 principal risks and opportunities
directors’ report
corporate governance report
52 chairman’s letter
54 the board of directors
56 the management t eam
58 corporate governance report
68 directors’ report
directors’ remuneration report
75 annual statement
77 directors remuneration policy report
84 annual report on remuneration
financial statements
 92 independent auditor’s report
 95 consolidated statement of 
comprehensive income
 96 consolidated statement of financial 
position
 97 consolidated statement of changes in 
equity
 98 consolidated cash flow statement
 99 notes to the consolidated financial 
statements
124 company statement of financial 
position
125 company statement of changes in 
equity
126 company cash flow statement
127 notes to the company financial 
statements
other information
132 shareholders’ information
133 glossary 
contents
highlights
l record new contract wins in 2013 totalling 740mw and 298mw of extensions reflecting 90 renewal rate
l full year revenues up 16 to 308 million adjusted ebitda up 15 to 181 million
l adjusted profit for the year of 48 million adjusted basic eps of 060 in line with expectations
l power generation capacity increased 58 during the year to 2074mw
l high fleet utilisation rate of 81 at year end average utilisation of 74 across the year
l completion of the ge power rental business acquisition
l strong start to 2014 with extension of 200mw project in libya and 82mw new contract in myanmar
l new contract announced today with global mining customer for 60mw turbine plant in south pacific
l libyan customer up to date with all payments 100 million of cash received to date in respect of contract
l full year dividend maintained at 10 pence per share
  reported reported adjusted
1
 adjusted
1 
adjusted
1
 million unless otherwise stated 2013 2012 2013 2012 change
revenue  3083 2657  3083 2657  16
operating profit  690 92 778 672  16
profitloss before taxation  275 49 560 633  12
profitloss for the year  198 149 483 533  9
basic earnings per share   024 019 060 068  12
adjusted ebitda      1812 1570  15
adjusted ebitda margin       59 59   
1  
the group uses adjusted financial information in managing the business and evaluating the group’s underlying performance the group adjusts for certain 
items including amortisation of intangibles founder securities revaluation movements and acquisition related costs a reconciliation to their statutory 
equivalents is available in the financial review on page 34 2  apr energy  annual report 2013
t urnkey approach
industryleading 
expertise
apr energy at a glance
overview
apr energy is a global 
leader in rapidly delivered 
largescale power 
solutions and following 
our acquisition of the ge 
power rental business 
and our ge strategic 
alliance we are the 
world’s leading provider 
of fasttrack mobile 
turbine power 
serving both developed and developing markets apr energy sells electricity and generation 
capacity to utilities countries and industries that have critical power deficits or that require 
dedicated distributed or seasonal generation solutions 
fasttrack power
global reach
apr energy delivers power fast 
when and where it is needed we 
combine highly mobile technology with 
proprietary modular plant design and 
advanced engineering logistics and 
installation capabilities to deploy install 
and commission a largescale power 
plant within days or weeks
with a presence in over 25 countries 
a network of regional hubs and 
commercial offices a fleet capacity 
exceeding two gigawatts gw and 
attendant supplier relationships in all our 
key markets apr energy stands ready 
to respond quickly to urgent electricity 
needs wherever they may be around 
the globe 
apr energy installs operates 
and maintains its own plants and 
equipment including site preparation 
and integration with surrounding 
infrastructure customers therefore do 
not worry about project management 
plant operations or upfront funding 
or financing typically paying only for 
electricity generation and capacity
apr energy’s industryleading logistical 
project management and engineering 
expertise enables us to mobilise 
largescale power plants quickly 
and efficiently our fasttrack highly 
developed processes integrate across 
all logistics planning engineering 
installation legal and commercial 
teams to ensure seamless and rapid 
execution
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fleet capacity mw contracted utilisation 
2013 2013 2012 2012
2074 81
1311
62
defined in the glossary on page 133 annual report 2013   apr energy  3 
overview strategy performance directors’ report financial statements other information
scalability
community 
partnership
through our use of highly mobile turnkey power plants apr energy delivers within weeks 
large blocks of power that can run entire cities the reliable power we provide helps foster 
economic growth sociopolitical stability and an overall improved quality of life for the 
communities we serve
advanced mobile 
technology
proven track record
apr energy offers the newest power 
generation fleet in the industry providing 
customers with the latest advancements 
in fuel efficiency and emissions controls 
our fleet features proven mobile gas 
turbine technology from ge as well as 
diesel and natural gas reciprocating
engine power modules from caterpillar 
apr energy has installed over 25gw 
of power capacity across more than 25 
countries around the globe powering 
millions of homes and keeping 
economies growing our high rate of 
contract renewals is a testament to high 
levels of customer satisfaction and the 
value of the service we provide
our solutions are highly customisable 
to accommodate each customer’s 
unique needs and can scale to over 
400mw installed on either an interim or 
semipermanent basis apr energy’s 
solutions can deliver the power capacity 
equivalent to a traditional power plant 
and integrate seamlessly into existing 
infrastructure
apr energy partners with the local 
communities in which we operate 
to build positive relationships and 
contribute to their overall wellbeing 
we hire a large number of our plant 
employees locally and through our 
community development programme 
we support local infrastructure 
education healthcare and disaster relief 
causes
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technology mix installed capacity by region
mobile
t urbines
56
africa
38
diesel 
power 
modules 
39
americas
29
asia
21
gas
power modules 
5
middle east
12
wwwaprenergycom 4  apr energy  annual report 2013
our global reach
overview
a global footprint that 
spans over 25 countries
apr energy has installed over 25gw of 
capacity across more than 25 countries 
and is able to respond quickly to urgent 
electricity needs wherever they may arise 
around the world 
apr energy’s international network of 
regional hubs and offices allows us 
to leverage proximity strong supplier 
relationships and efficient logistics 
to provide worldclass service and a 
timely response at the same time our 
commitment to managing the business 
and assets on a homogenous and global 
basis means that each local apr energy 
regional hub has access to deep vertically 
integrated channels of customer support 
being close to our customers is one of apr 
energy’s key competitive advantages it 
allows us to respond quickly to the needs 
of our clients and new opportunities as 
a global business we are able to use our 
resources strategically by moving staff and 
equipment around the world to wherever 
our customers need them
americas
485mw
29
of apr energy 
contracted
capacity
l dilapidated infrastructure and 
transmission line bottlenecks
l power demand consistently 
outstripping gdp growth
l lack of power grid integration 
among countries
l high vulnerability to geophysical and 
hydrological events
l rich mineral reserves and resources 
attracting investment
americas  overview strategy performance directors’ report financial statements other information
annual report 2013   apr energy  5 
middle east
205mw
africa
645mw
asia pacific
345mw
12
of apr energy 
contracted
capacity
38
of apr energy 
contracted
capacity
21
of apr energy 
contracted
capacity
 as at 31 december 2013
l increasing population urbanisation 
and standard of living driving 
demand growth
l hydrodominant systems with 
increasing sensitivity to climatic 
changes
l wellendowed with oil and gas 
resources
l damaged and destroyed 
infrastructure due to conflicts and 
political strife
l underdeveloped power transmission 
and distribution infrastructure  
l rapid population and economic 
growth heightening electricity 
demand
l increasing need to retire ageing 
inefficient infrastructure 
l uninterrupted power supply 
requirement during peak summer 
months
l accelerated investment and 
rebuilding in the aftermath of the 
arab spring 
l extreme weather with summer 
peaking  
l tight reserve margins and low utility 
cash reserves for public sector 
growth
l outdated equipment running at 
partial capacity
l liberalisation of power markets and 
regulatory framework
l awareness and acceptance of 
advanced technologies for power 
generation
l history of highest natural 
catastrophe occurrences and 
upward trend
africa middle east asia pacific     
active projects
completed projects
offices and hubs 6  apr energy  annual report 2013
it is a pleasure to report on a year of 
transformational change and significant 
achievement apr energy is a growth 
business operating in an attractive and 
growing market the value our customers 
place on the largescale rapidly delivered 
power that we provide is reflected in the 
group’s successful new contract wins and 
extensions during the year 
our mobile turbine technology continues 
to be key in winning new customers the 
low emission dualfuel turbines offer 
quick installation greater reliability and 
extended maintenance intervals providing 
maximum operating flexibility the turbines’ 
ability to run on diesel or natural gas also 
makes them available for a broad range of 
applications throughout the world 
the demand for our power solutions across 
our portfolio of technologies and geographic 
regions remains strong this coupled with 
the structural dynamics of the fasttrack 
power market bodes well for the group’s 
continued growth 
during 2013 there were two excellent 
examples that illustrate how we are 
benefitting from the rapidly growing global 
market for largescale power solutions
l 	 we successfully installed and 
commissioned our 450mw project 
in libya providing power to over a 
million people this is the largest single 
contract in the fasttrack power industry 
– a tremendous achievement that was 
successfully executed across multiple 
sites notwithstanding the challenging 
operating environment
l 	 similarly we commissioned and further 
extended our contract in uruguay to 
300mw featuring mobile gas turbines 
our plants are now a critical part of the 
country’s power generation infrastructure
with a diverse pipeline of opportunities an 
experienced management team a capable 
workforce and a focused financial discipline 
the board believes that the group is well 
placed to continue to fulfil its significant 
growth potential
the board provides active oversight 
to support the group in securing key 
opportunities and achieving disciplined 
growth we consider the group’s risk 
appetite and risk management in the 
context of material contracts and extensions 
to ensure that any associated risks 
including concentration risk have been 
fully considered in the case of the group’s 
significant contract in libya this included 
entering into an enhanced credit structure 
backed by a leading uk financial institution 
which affords us the confidence that all 
payments will be recovered in full this 
confidence is reflected by the receipt of 
100 million from our libyan customer since 
the contract commenced representing the 
receipt of all outstanding payments
in october the board was pleased to 
announce and complete our acquisition of 
ge’s power rental business following this 
apr energy became the world’s leading 
provider of fasttrack mobile turbine power 
this transformational transaction allows us 
to move forward rapidly towards delivering 
our objectives
the transaction also offered attractive 
diversification of our revenue base into new 
markets and sectors which we believe 
offer significant potential for the future the 
deal creates a longterm strategic alliance 
with ge providing a dedicated supply 
of new turbines a collaborative business 
development platform and expanded 
access to worldwide support services 
we are excited to be working closely 
with ge whose partnership and equity 
commitment is testament to our prospects 
and vision to be the leader in the largescale 
fasttrack power industry we welcome ge 
as a key strategic investor in apr energy 
and their participation on our board
the board continually strives to achieve 
high standards of corporate governance 
and we believe that the observance of these 
standards is in the best interests of all our 
stakeholders the board comprises high 
calibre individuals who possess the range 
of skills and experience needed to ensure 
quality contribution to our decision making 
we believe that diversity adds significant 
value to the quality of discussion and 
decision making as reflected by the board’s 
composition in terms of both gender and 
international representation
the board believes that moving to a 
premium listing would be advantageous for 
the company and reflects a positive step 
in the company’s maturity the board is 
actively taking steps towards a premium 
listing which it expects to achieve within the 
coming twelve months
in recognition of the board’s confidence 
in the group’s underlying and future 
prospects the directors are proposing a 
final dividend for 2013 of 67p 2012 67p 
per share with the interim dividend of 
33p 2012 33p this results in a full year 
dividend of 100p 2012 100p subject 
to shareholders’ approval at the annual 
general meeting on 20 may 2014 the final 
dividend will be payable on 3 june 2014 to 
shareholders on the register as at 4 april 
2014 the board will continue to maintain 
a regular review of its dividend policy and 
reiterates its intention to pay an annual 
dividend
2013 was a transformational year for 
apr energy and one which we exited 
strongly we have a highly motivated and 
experienced management team and have 
made real progress in advancing our 
strategy to deliver power solutions to our 
increasing customer base where and when 
they are needed we remain confident that 
the group will create significant shareholder 
value in the future
mike fairey 
chairman
25 march 2014
chairman’s statement
a year of transformational change and significant achievement 
provides strong foundation for continued growth in the fast evolving 
global market for large scale rapidly delivered power
mike fairey chairman overview strategy performance directors’ report financial statements other information
annual report 2013   apr energy  7 
2013 was a year of significant change for 
apr energy and i am pleased to report the 
progress we have achieved
our ability to deploy largescale power 
rapidly combined with our turnkey approach 
and advanced technology provides 
customers with the confidence of having 
reliable power when they need it our ability 
to do this consistently has led to great client 
‘stickiness’ – and our contract renewal rate 
of over 90 in 2013 is testament to that
order intake was strong driven by record 
new contract wins of 740mw 2012 569mw 
and contract extensions of 298mw 2012 
724mw including in uruguay indonesia 
angola and post yearend libya where 
clients not only renewed contracts but 
expanded them at similar pricing
we have focused on delivering a strong 
operational performance with utilisation a 
key target for management across the year 
the group achieved a utilisation rate of 74 
with the commissioning of a number of 
significant contracts during the second half 
and ongoing renewals total fleet utilisation 
increased to 81 at year end this reflects 
a significant improvement in diesel power 
module utilisation and almost full utilisation 
across our turbine fleet demonstrating our 
customers’ desire for this technology
our acquisition of the ge power rental 
business in october 2013 together with our 
new partnership and supply agreement has 
accelerated the pace at which the group 
can address the growing market opportunity 
during the year we continued to invest in 
our power generation capacity increasing it 
by nearly 60 to 2074 mw 31 december 
2012 1311mw through a combination of 
acquisitive and organic capacity expansion 
this investment focused primarily on our 
mobile gas turbines the key technology 
underpinning our strategy as a result of 
this investment our fleet at the year end 
comprised 56 mobile gas turbines 39 
diesel power modules and 5 gas power 
modules 
2013 financial performance 
through a combination of strong order 
book growth and successful project 
execution we delivered a strong operating 
and financial performance our financial 
results for 2013 reflect the inclusion of the 
ge power rental business from the end of 
october
revenue increased 16 to 308 million 
2012 266 million driven primarily by 
new contract wins contract extensions and 
high utilisation levels on an enlarged fleet 
following the commissioning of a number 
of significant contracts during the year 
the timing of these projects becoming 
operational resulted in revenue being 
heavily biased to the second half of the 
year as expected
adjusted ebitda increased 15 to 181 
million 2012 157 million resulting in an 
adjusted ebitda margin of 59 2012 
59 over the mediumterm largerscale 
repeatable projects should benefit from 
operating efficiencies which together with 
the growth of our turbine fleet is expected 
to enhance margins
adjusted basic earnings per share was 
60 cents 2012 68 cents based on a 
weighted average number of shares of 
810 million 2012 782 million shares the 
increase in shares reflecting the 155 million 
shares issued to ge at the end of october 
2013 
during the year the group increased 
its credit facilities to 650 million 31 
december 2012 400 million to provide 
significant liquidity to continue to grow 
our fleet expand our global network 
and quickly respond to the growing 
opportunities in our market including the 
ge acquisition at the year end we had 
grown our total fleet capacity by 58 to 
2074mw 31 december 2012 1311mw 
reflecting the 520mw of additional capacity 
acquired through the ge acquisition and 
313mw of organic capacity expansion 
funded by fleet capital expenditure of 
approximately 290 million
the group’s cash flow reflected these 
high levels of fleet investment and 
increased mobilisation costs together with 
investments in working capital arising from 
the significantly higher activity in the second 
half the timing of receivables and the 
acquisition of the ge business in october 
as a result the group maintained a good 
financial position with yearend net debt 
as announced in the january 2014 trading 
update of 556 million 31 december 
2012 184 million excluding capitalised 
financing fees 
our year end net debt position reflected 
the timing of the receipt of receivables 
including those in respect of libya in the 
case of our libyan project we established 
upon contract signing an enhanced 
credit structure backed by a leading uk 
financial institution through which the 
group receives payment i am pleased 
to report that in recent weeks we have 
seen significant progress  and have 
received 100 million to date from our 
customer in libya reflecting the receipt 
of all outstanding and due payments and 
significantly reducing our current net debt 
position
our provision for bad debts remains at 
a historic low level reflecting a strong 
customer payment record the group’s 
use of letters of credit contract insurance 
policies and up front deposits support 
the receipt of contract revenues 
notwithstanding occasional timing issues 
given the jurisdictions in which we operate
acquisition of ge’s power rental 
business
a key development during the year was our 
acquisition of ge’s power rental business 
and ge’s investment in our company 
through the transaction we acquired 520mw 
of power generation capacity comprising 
five equipmentonly rental contracts in 
australia bangladesh canada iraq and the 
us virgin islands and four noncontracted 
mobile turbines
chief executive officer’s statement
we are pleased with the results achieved in 2013 and believe 
our progress during the year has positioned us well to deliver 
sustainable growth into 2014 and beyond
john campion chief executive officer 8  apr energy  annual report 2013
in creating the world’s leading fasttrack 
mobile turbine business the acquisition 
advances us towards our strategic 
goals strengthening and diversifying our 
business while creating a valuable long
term strategic partnership with ge the 
transaction broadens our revenue base 
and reduces our concentration risk through 
exposure to new geographies and an 
established natural gas footprint
while still early days integration is 
progressing well we have realised our first 
renewal with a twelvemonth extension 
on improved pricing of the 25mw mobile 
turbine contract in the us virgin islands 
we are in discussions with customers in 
bangladesh and iraq whose contracts are 
due for renewal in 2014 we intend to apply 
our standard approach and pricing to these 
contracts transferring customers across to 
our full turnkey offering which we believe 
provides an attractive power solution in 
the event customers do not require this 
full offering or we are unable to reach 
agreement we will seek to redeploy these 
assets onto more favourable terms in line 
with our historic turbine pricing
the strategic partnership with ge gives 
us the ability to collaborate on business 
development opportunities where apr 
energy can offer complementary power 
solutions while permanent ge plants are 
built we have been pleased with the level 
of inbound requests and expect these 
opportunities to develop over the short to 
mediumterm our partnership provides 
access to ge’s manufacturing capacity 
through which we expect to be able to 
support our future growth opportunities 
more efficiently reducing the time between 
order and delivery as well as reducing the 
time between purchasing new turbines and 
their commissioning and hence revenue 
generation 
using our technological  
advantage to deliver sustainable 
growth
we continue to differentiate ourselves by 
offering a broad choice of technologies 
in our fleet with a particular strategic 
focus on dualfuel mobile turbines the 
technology best suited for the rapid 
deployment of large blocks of power 
turbines are an integral part of our growth 
strategy providing a stronger offering 
into more attractive largerscale longer
term projects this technology presents a 
number of advantages to our customers 
its power density ie small footprint
tomegawatt ratio improves speed and 
logistics while providing greater reliability 
requiring less maintenance and producing 
significantly less emissions than its 
reciprocating engine counterparts the 
fuel flexibility of our mobile gas turbines 
provides an additional advantage for the 
customer with the ability to switch quickly 
between diesel and natural gas depending 
on customer needs or preference 
furthermore where gas is available to a 
customer it can significantly reduce the 
generating costs of electricity as well as 
reduce emissions 
our global strategic partnerships with ge 
and caterpillar provide us with reliable 
stateoftheart technology around the 
clock support across the globe and 
beneficial pricing our partnership with ge 
provides the group exclusive worldwide 
rights to offer its mobile turbines within our 
market while deploying capital in a more 
timely manner
risk management
apr energy operates in a market with 
strong structural growth opportunities 
these opportunities often take us to 
challenging parts of the world including 
countries that experience political social 
economic and security instability and 
as contracts become larger longer and 
more complex we recognise the need for 
ever more rigorous risk assessment and 
mitigation
we are committed to creating a secure 
working environment for our people 
while ensuring the security of our physical 
assets and surety of payment we are 
proactive through our contract due 
diligence to address these issues through 
a variety of mitigating actions including 
the purchasing of insurance bonds 
guarantees and cash advances to protect 
both our financial and operational assets 
to mitigate significant receivable risks we 
also enter into enhanced credit structures 
which through the use of letters of credit 
guarantee customer payment 
at times we operate in countries that have 
recently emerged from significant political 
and social upheavals the emerging 
governments often require a period in 
which they establish the administrative 
processes often via committee through 
which they can effectively operate – this 
has been the case in libya our customer 
the state owned utility has been through 
a period of tremendous change and it 
has taken time to establish the requisite 
committees and processes to mitigate 
l creates a longterm strategic alliance 
with ge providing dedicated supply 
for the fast track turnkey power 
segment a collaborative business 
development platform and expanded 
access to worldwide support services 
subject to existing contractual 
arrangements
l makes ge a key strategic investor in 
apr energy
l strengthens and diversifies apr 
energy’s global footprint and contract 
revenue base providing access 
to new developed and developing 
countries
l enhances apr energy’s large scale 
fast track power business positioning 
apr energy well to take advantage 
of expanding opportunities with the 
fastest growing technology in the 
industry
l improves apr energy’s footprint in 
natural gas a growing fuel source that 
is both costefficient and emissions 
friendly
l strong financial rationale and is 
expected to be earnings accretive for 
the company
l delivers enhanced cash generation for 
the enlarged group
the acquisition of ge’s  
power rental business  
created the world’s leading 
fasttrack mobile turbine power 
business strengthening and 
diversifying apr energy’s 
business
chief executive officer’s statement overview strategy performance directors’ report financial statements other information
annual report 2013   apr energy  9 
risk associated with this contract we 
have an enhanced credit structure in 
place backed by a leading uk financial 
institution our documentary letters of 
credit assure payment from a prefunded 
escrow account upon presentation of 
approved invoices at the year end date 
a significant proportion of these invoices 
were outstanding we acknowledge 
shareholders concerns and are pleased 
to report that following the receipt of 
all outstanding and due payments our 
customer is current and our processes to 
mitigate risk have proved effective
a year of progress across our 
global portfolio
we accomplished a number of 
achievements around the world that merit 
highlighting the structural growth drivers 
within the group’s business are intact and 
the prospects for fasttrack largescale 
power in all our chosen geographies 
remain very strong
europe middle east and africa
during the year our footprint across africa 
more than doubled with many notable 
successes in march we announced the 
signing of a new 250mw mobile turbine 
contract in libya to provide a turnkey 
power solution followed by the expansion 
of our 200mw diesel project announced 
in june making this the largest single 
contract in the history of the fasttrack 
power industry 
this 450mw solution provides power 
to more than one million homes and 
helps meet demand during the critical 
summer high heat season as well as 
provide interim power while the country 
continues to rebuild and improve its 
ageing infrastructure the timescale was 
tight – and not without its challenges – with 
commissioning occurring across six sites 
in the peak heat of the summer and during 
ramadan nonetheless we were pleased 
to report that our plants were fully installed 
and commercially operational during the 
third quarter notwithstanding our sizeable 
power contribution libya continues to 
face a chronic and growing structural 
power deficit requiring significant long
term investment to address
we delivered our first crossborder 
agreement a 40mw diesel power module 
solution with the government of mali 
the solution was installed in senegal and 
feeds into the interconnected grid that 
connects mali senegal and mauritania 
we also extended our 70mw diesel 
power module contract in botswana for a 
further twelve months in late december 
our facility in francistown has been a 
key component of the country’s power 
generation infrastructure since 2009 
filling a critical gap in its drive toward 
permanent energy sufficiency as part 
of this renewal we anticipate to sell 
our installed fleet to the client with the 
expected transfer of assets to occur post 
the end of the existing contract in q4 2014 
the sale represents a mutually attractive 
opportunity for the client to supplement 
its owned diesel power modules while 
enabling the group to dispose of older 
technology and legacy equipment going 
forward we will consider the sale of other 
installed assets as opportunities arise
our continued presence in angola 
exemplifies our market approach in 
2012 we established our first project 
in the country a 40mw plant located in 
luanda using diesel power modules 
after building a positive relationship with 
the customer and delivering a strong 
trackrecord of reliability we successfully 
extended the contract for another term 
and expanded our capacity by a further 
40mw doubling our footprint in country 
rather than expanding with more diesel 
power modules the customer specifically 
requested to upgrade to mobile gas 
turbines resulting in one of the firstever 
semipermanent mobile turbine projects 
in subsaharan africa and apr energy’s 
first turbine deal following the ge strategic 
alliance through this relationship we 
have established a strong platform from 
which we hope to expand our market for 
mobile turbine generation solutions across 
the region
oman’s hot summer season puts heavy 
demand on the country’s power grid from 
may to august causing intermittent power 
outages for the second consecutive 
summer we provided power to meet 
this seasonal demand facilitated by our 
modular system and supported by our 
regional hub in dubai the group’s 32mw 
plant in oman was operational in under two 
weeks
asia pacific
indonesia represents one of the largest 
fasttrack power markets in the world 
during the year we built on our existing 
contract delivering an additional 40mw 
and 75mw to bring our total power 
capacity in the country to 130mw our 
plants provide much needed reliable 
power to the islands of nias and sumatra 
and by using the newest generation diesel 
power modules we have been able to 
provide fuelefficiencies to our customer
following the year end we were pleased 
to announce two new significant contracts 
in asia firstly a landmark contract in 
myanmar for 82mw with plant capacity to 
deliver up to 100mw the plant featuring 
our gas power modules is expected to 
be operational in the second quarter of 
2014 and will be one of the largest thermal 
plants in the country providing power to 
more than six million people this bridging 
power capacity is required whilst the utility 
builds a new combined cycle power plant 
to fulfil the country’s needs
today we have announced our largest 
industrial contract producing a 
guaranteed 60mw the mobile gas turbine 
plant will power the customer’s critical 
mining operations in the south pacific 
this technology was the customer’s 
preferred solution meeting strict eu 
emissions requirements and able to fit 
within the challenging space constraints at 
the mine site the plant will run on diesel 
while offering our customer the flexibility 
to seamlessly switch to natural gas if 
needed
the project adds to apr energy’s track 
record in the extractive industry sector 
that includes successful power projects in 
mozambique guatemala and botswana 
it is also represents the group’s second 
largescale turbine project following 
its acquisition of the ge power rental 
business the plant is expected to begin 
operations in late q2 2014 and run through 
to late 2015 this contract reflects the 
versatility that mobile gas turbines provide 
and the attractiveness of this technology 
not just to utilities but to industrial 
customers as well
recently we have been informed that 
our customer in australia has filed for 
protection from its creditors as such 
the assets allocated to that project are 
tied up in the receivership process 
although it is still in the early stages the 
group is working with the administrators 
and receivers of forge group limited 
regarding possession of those assets
these contracts together with our 
recent installation of 130mw of new 
power generation in indonesia reflect 
the success of our rapidly growing asia 
pacific business following the opening 
our malaysian hub in 2012 and singapore 
commercial office in 2013  10  apr energy  annual report 2013
the americas
in uruguay we were pleased to announce in 
late 2012 the extension of our existing 100mw 
plant and expansion of an additional 
200mw of mobile gas turbine capacity 
the 100mw la tablada site commissioning 
and 100mw punta del tigre site expansion 
went operational in the second quarter 
bringing our total power generation 
capacity in the country to 300mw
in december we announced the first 
extension of a contract acquired as part 
of the ge transaction – a twelvemonth 
extension of the 25mw mobile gas turbine 
contract in the us virgin islands on 
improved pricing in line with apr energy’s 
historic turbine pricing
these contracts reinforce our success in 
and commitment to the provision of power 
across our global portfolio we continue 
to see customers including those in 
emerging markets come back to apr 
energy time and again to take repeatable 
and often enlarged blocks of power to 
meet their ongoing needs
 
our people
our people are the key to apr energy’s 
success and our achievements are 
only possible through their hard work 
and dedication with a rapidly growing 
business maintaining and growing a 
highly motivated trained and efficient 
workforce is a top priority and is essential 
to deliver our vision
i would like to thank everyone within the 
group for their continued efforts i am 
committed to ensuring that we continue to 
foster a collaborative working environment 
our employees live and demonstrate our 
values every day helping to make apr 
energy a productive and positive place to 
work 
we have a reputation for integrity and 
honesty in all our business dealings a 
factor that contributes positively to our 
longterm relationships with customers 
and suppliers maintaining our good 
reputation is therefore essential for our 
continued success
with the prospect of significant growth 
ahead we need to ensure the organisation 
is positioned to achieve this in a 
disciplined way this includes investing 
in our people to enable them to work to 
the best of their abilities supported by 
systems policies and procedures that 
ensure that our growth is achieved in a 
controlled and repeatable manner we 
are evolving the organisation to ensure 
our global footprint is aligned to meet 
the needs of our customers quickly 
while retaining its agility to capture 
opportunities
a strong foundation for the 
future
we have long believed the market 
opportunity exists to provide customers 
with largerscale power projects on a semi
permanent basis in a way that helps them 
to address an often chronic imbalance in 
the supply of and demand for electricity in 
a faster smarter way 
our approach is to build a strong reliable 
and repeatable platform we have made 
significant progress in this area in recent 
years building the capabilities to meet 
our customers’ needs we have invested 
in an advanced and scalable fleet we 
have developed our proprietary modular 
building process and have put regional 
hubs in place to serve our strategic 
markets all of these investments enable 
us to move at pace – winning new 
contracts and continuing to achieve high 
renewal rates improving mobilisation and 
installation time while retaining flexibility to 
be both scalable and customisable 
we have developed strategic partnerships 
which provide us with reliable stateof
theart technology and around the clock 
support across the world and we have 
deliberately differentiated ourselves 
through our broad technologically 
advanced and scalable fleet with a 
particular focus on our mobile turbines 
through major projects such as uruguay 
and libya we have shown that mobile 
turbine technology does and will continue 
to play an important role in the growth 
of the fasttrack power solutions market 
as customers look for reliable technology 
with greater powerdensity and emissions 
control we have also seen that by 
employing technologies offering the latest 
advancements in fuel efficiency we can 
reduce significantly the total operating 
cost for the customer over the use of older 
more technologicallydated equipment 
this advantage has helped us win projects 
over the course of the year
with this strong foundation we are 
focused on extending and expanding our 
existing portfolio of contracts and growing 
our global footprint via opportunities 
with new customers and in new markets 
all the while we continue to evolve and 
enhance our platform through a focus 
on operational excellence and continued 
investment in our people and our assets
outlook 
apr energy believes that the outlook for 
the mobile gas turbine market remains 
positive the group continues to see strong 
structural demand for power solutions in 
africa latin america the middle east and 
south east asia where available new power 
capacity significantly lags growing demand
the scalability of this technology allows 
large amounts of power to be deployed 
swiftly and efficiently this combined with 
low emissions and dualfuel capability 
makes turbines the technology of choice 
for customers requiring largescale rapidly 
delivered power the group is well placed 
to capture opportunities to provide larger
scale longerterm power
our focus for the year ahead includes 
securing a number of key contracts 
renewals transferring the ge contracts 
that are due for renewal onto more 
favourable terms or redeploying these 
assets developing opportunities through 
our partnership with ge and importantly 
continuing to deliver an improved financial 
and operational performance
market expectations for 2014 reflect 
strong yearonyear growth for the group 
subject to fluctuations in exchange rates 
the board’s expectations for the current 
financial year remain unchanged
john campion
chief executive officer
25 march 2014
chief executive officer’s statement annual report 2013   apr energy  11 
overview strategy performance directors’ report financial statements other information
the marketplace in which apr energy 
operates is global and extensive it 
benefits from strong growth drivers for 
the short medium and long term it is 
a market where demand significantly 
outstrips supply and this supplydemand 
gap is expected to continue to rise due 
to certain underlying factors which are 
likely to persist for many years those 
underlying factors include rapid economic 
development and urbanisation in emerging 
markets the advanced ageing of a 
number of power plants and infrastructure 
around the world the lack of funds and 
available financing for construction of new 
permanent plants geopolitical and natural 
events and climatic impacts on rain
dependent hydroelectric power generation 
in addition the variability of those factors 
compounds the planning and forecasting 
challenges for many countries further 
exacerbating the problem as a result 
many countries are faced with critical 
electricity shortages impacting economic 
growth and quality of life
the solutions that apr energy provides 
addresses only a portion of the global 
electricity deficit in many cases we are 
competing against the choice by some 
countries to take no action in solving their 
power gaps – ie to allow for blackouts 
brownouts or provide no power at all 
to some of their constituents leaving 
industries and private homes to compete 
for the small supply of power available 
for these reasons there is tremendous 
opportunity to drive and create new 
demand by offering innovative accessible 
solutions and by educating our target 
customers on the benefits that these 
solutions provide 
it has been seen in countries with low 
electrification rates that the introduction 
of electricity in turn leads to new 
incremental demand as constituents begin 
to modernise this demand growth is 
driven by the introduction and proliferation 
of powerintensive appliances such as 
refrigerators as well as the need for 
constant power access for charging mobile 
phones and other personal devices
our market space
while the overall market for electricity is 
large broad and diverse apr energy’s 
focus is on sovereign utilities private 
utilities and powerintensive industries 
located in both developed and developing 
markets our target projects typically run 
from 20mw to more than 400mw 
historically our largest opportunities have 
been in highgrowth emerging frontier and 
underserved markets located in the regions 
of africa latin america the middle east 
and asia however as we have increased 
our fleet weighting in mobile gas turbines 
this technology provides a strong play in 
developed markets where powerdense 
and lowemissions technology is needed to 
counter ageing infrastructure and tightening 
emissions regulations powerintensive 
industries also have been an area of 
increased opportunity particularly extractive 
industries which often operate in remote 
locations distant from the power grid 
customer demand in our priority market 
spaces remains high these customers 
have needs for a number of applications 
including bridging power peaking power 
grid stability and support industrial 
generation and distributed generation in 
addition we remain ready to provide rapid 
response to eventdriven need wherever 
it may be required in the world although 
the very nature of such events makes them 
difficult to predict and forecast 
from a strategic perspective apr energy 
has broadened its market opportunities 
by offering utilities and industries a greater 
choice of technology to meet their needs 
with a flexible offering that includes mobile 
gas turbines our market opportunity 
expands beyond traditional temporary 
power and rental power markets to bridge 
customers to longerterm solutions as 
seen from our 300mw project in uruguay 
many large utility customers prefer to 
work with the reliable powerdense and 
emissions friendly turbine technology with 
which they are most familiar 
drivers of growth
our market
demand for apr 
energy’s solutions is 
driven by a number 
of factors including 
rapid economic growth 
and urbanisation 
lack of funding and 
financing for new plants 
ageing infrastructure 
and variable weather 
patterns 12  apr energy  annual report 2013
market growth
over the last decade meeting the world’s 
evergrowing energy needs has become 
a critical challenge the need for power 
continues to rise driven by growth in 
population and incomes continued 
industrialisation and urbanisation of 
emerging markets revisions to climate 
change policies and a number of other 
factors at the same time decades of 
underinvestment in new and existing 
capacity have left governments and utilities 
in a position where they must not only 
catch up to current demand requirements 
but also invest for future business and 
population growth   
against this backdrop the structural 
opportunity for fasttrack power and 
bridging power is expected to continue to 
expand given the persistent supplyside 
constraints in certain regions such as lack 
of financing for infrastructure projects low 
electrification rates and high transmission 
and distribution losses a new permanent 
power plant takes years to plan finance 
and construct it costs hundreds of millions 
of dollars requires extensive permitting 
and often has attendant network and 
infrastructure demands 
according to recent estimates the global 
power rental market is expected to grow 
from an estimated 8 billion in 2012 to 
17 billion in 2017 with a compound 
annual growth rate of 17 during the 
same period due to the long lead time 
required for the construction of permanent 
power infrastructure and the innate 
need for standby power in the event of 
natural disasters high seasonal demand 
and maintenance the marketplace 
opportunities for fasttrack power projects 
will continue to grow
looking ahead we expect this growth to 
continue due to the following key factors 
the global demand for electricity 
continues to outpace supply
according to the international energy 
agency iea 2013 world energy outlook 
the demand for electricity is projected to 
outpace any other final form of energy 
with over a 65 increase through 2035 or 
22 per year on average over fourfifths 
of this demand is required by nonoecd 
countries due to faster population and 
economic growth and rising standards of 
living 
the growth in power consumption is 
led by developing countries driven 
by industrialisation and by increasing 
numbers of people using devices that 
consume electricity including refrigerators 
televisions and mobile phones however 
population growth also is an important 
driver of energy consumption with the 
majority of growth taking place in asia and 
africa due to this continued population 
and economic growth 12 billion people still 
remain without access to electricity or 17 
of the global population according to the 
2013 world energy outlook by 2030 nearly 
a billion people will still lack electricity with 
the majority being in subsaharan africa 
or developing asia even though world 
electricity generation increases along with 
incremental demand growth the increase 
of generation is lower than that of the 
demand resulting in a continuous and 
growing gap 
lack of investment in power capacity
the investment in new generating capacity 
and the maintenance of existing capacity 
have each remained below levels required 
to keep supply in line with the accelerating 
demand given the ongoing uncertainty 
in the global economy and the complexity 
and cost of constructing largescale 
power plants investment in building new 
capacity and maintaining existing capacity 
has been unable to keep pace even with 
planned capacity additions in developing 
economies construction leadtimes for 
longterm plants may take three to five 
years before being commissioned and 
operational furthermore construction 
costs run at an approximate range of 
15 million to 7 million per megawatt 
constructed depending on the technology 
employed construction of conventional 
plants also are contractually complex 
requiring the hiring of specialists and 
understanding of the financial technical 
socioeconomic environmental and legal 
aspects of the construction as well as 
assessing the longterm impact of the 
plant 
according to iea’s 2013 world energy 
outlook if existing policies continue and 
new policies are cautiously implemented 
investment of 1 trillion is required in the 
world’s energy supply system through 
2035 or 740 billion per year to ensure 
the availability of generation transmission 
and distribution systems needed to fulfil 
the global capacity requirements out 
of this 58 of total investment is in new 
generating capacity while the remainder 
is needed for transmission and distribution 
networks according to the world energy 
outlook around 50 of today’s grid 
infrastructure will have reached 40 years of 
age by 2035 requiring major investments 
in refurbishments about 60 of capacity 
retirements are in oecd countries where 
our market
0
100
200
300
400
500
600
0
100
200
300
400
500
600
world energy consumption
nonoecd by region
quadrillion btu
2020 2030 2040 2010
source us energy information administration 2013
asia
europe and eurasia
middle east
central and south 
america
africa
0
500
1000
1500
2000
2500
3000
3500
4000
 global power rental market
by geography 2011 – 2017
 million
201 1 201 2 201 7
asia pacific
north america
europe
africa
source marketsandmarkets 2012
latin america
middle east
0
1000
2000
3000
4000 annual report 2013   apr energy  13 
overview strategy performance directors’ report financial statements other information
about twothirds of the coal fleet is over 30 
years old as a result developing nations 
increasingly will rely on interim or bridging 
power solutions to help meet rising demand 
until more permanent power sources can 
be financed and built
changing weather patterns driving 
major electricity shortages 
energyrelated co
2
 emissions growth 
driven in large part to increasing coal 
demand in nonoecd countries has 
contributed towards the progression 
of climatic changes a shift to low
carbon technologies thermal efficiency 
improvements of fossilfuelled power 
plants and coaltogas switching all 
contribute to an expected reduction of 
emissions growth through 2035 but 
immediate effects will be hard to see 
climate change is expected to increase 
the duration frequency and intensity 
of heat waves and droughts causing 
electricity shortages in countries that 
obtain large shares of their electricity 
from renewable sources and also by 
stressing transmission infrastructure 
due to prolonged heat this variability of 
rainfall increased levels of evaporation 
and changing wind cycles may hinder 
economic growth and affect electricity 
pricing and sales revenue since renewable 
energy sources are more expensive than 
conventional sources and are unable to 
provide reliable dedicated power during 
peak demand standby power solutions 
remain essential to provide stability and 
additional capacity when renewable 
sources are affected or during extreme 
weather periods   
ageing power infrastructure and the 
need for reliable backup 
over the next decade a significant 
investment is needed to refurbish or 
replace ageing distribution grids and 
generating plants to keep pace with rising 
electricity consumption this is particularly 
pronounced in oecd countries where 
over 60 of global capacity retirements 
through 2035 will occur in order to abide by 
generation and environmental regulations 
oecd countries may face up to 530gw of 
capacity retirements through 2035 
given the environmental and safety 
concerns associated with an ageing 
power infrastructure both developed and 
developing countries will be required to 
plan and finance extensive renovations 
in order to meet the growing demand for 
electricity of the new generation capacity 
that is expected to be built through 2035 
around onethird is needed to replace 
plants that are retiring the majority of new 
additions are projected to be gaspowered 
plants with a majority expected to take 
place in nonoecd countries this equates 
to an investment of 17 trillion or 740 
billion per year through 2035 to develop 
new generation facilities and refurbish 
transmission and distribution networks 
as a fasttrack power solutions provider  
apr energy is ideally positioned to provide 
energy companies municipalities and 
federal agencies with additional power 
support for periods when current power 
facilities are undergoing maintenance 
being upgraded or replaced
eventdriven opportunities
when disaster strikes access to a fast 
reliable backup power source becomes 
critical for the populations living in the 
affected areas natural catastrophes are on 
the rise worldwide resulting in significant 
direct economic losses and impacting 
emerging economies the most weather 
phenomena such as extended droughts 
high temperatures high sea ice melt and 
storm surges linked to heightening cyclone 
risk have increased over the past 10 years 
over 900 documented loss events in 2013 
were reported of which 93 were weather
related storms floods and climatological 
events such as heat waves cold waves 
droughts and wildfires and the remaining 
were caused by earthquakes and volcanic 
eruptions the majority of events took place 
in asia although africa saw a spike in loss 
events in 2012 when an unforeseen power 
failure due to a weather phenomenon or 
natural disaster occurs emergency power 
is needed instantly to supplement the loss 
of grid power and to begin recovery efforts 
and effective humanitarian aid apr energy 
with its advanced logistical expertise can 
provide rapid assistance for the affected 
region and its citizens 
industrial power
according to the world energy outlook 
2013 industry remains the largest electricity 
enduse sector accounting for 41 of total 
electricity demand and expected to increase 
over 2 per annum with the redevelopment 
and capacity expansion of existing mines as 
well as the opening of new mines demand 
for power within the extractive industry will 
continue to grow the rising demand for 
mineral resources from developing countries 
such as brazil russia india and china 
bric should contribute further to this 
increase
age profile of installed thermal 
capacity by region
at year end 2012
oecd
oecd
oecd
oecd
nonoecd
nonoecd
nonoecd
nonoecd
50 years 4050 years
2030 years
3040 years
1020 years 10 years
100
75
50
25
nuclear
oil
gas
coal
sources world energy outlook 2013 © oecdiea 
2013
0
100
200
300
400
500
600
700
800
0
100
200
300
400
500
600
700
 quarrying  mining 
global power rental market
by geography 20112017
 million
201 1 201 2 201 7
asia pacific americas europe africa
source marketsandmarkets 2012 14  apr energy  annual report 2013
our business
a global leader in fasttrack power solutions
apr energy is a global leader in the under
served market for rapidly deployable large
scale power and is the world’s leading 
provider of fasttrack mobile turbine power 
our highly mobile turnkey power plants 
help run cities countries and industries 
around the world in both developed and 
developing markets 
without reliable electricity countries and 
industries cannot function efficiently or 
in many cases safely unfortunately 
traditional power plants typically take 
years to build and commission and due 
to lack of funding and complex financing 
requirements many projects never break 
ground in contrast apr energy’s plants 
can be installed in weeks not years 
supplying the electricity needed to power 
millions of homes with a presence in 
over 25 countries and supported by a 
network of regional hubs apr energy has 
the capability to respond quickly to needs 
across most of the world getting power to 
our customers fast – when and where they 
need it 
largescale fasttrack power
rapidly delivered largescale power 
projects are our sole focus our business 
model is based on selling the capacity 
for power generation as well as the 
power itself apr energy installs owns 
operates and maintains its power plants 
providing the customer with a complete 
turnkey solution through this approach 
apr energy helps customers by rapidly 
deploying the power capacity to address 
their supply gaps without requiring the 
customer to fund the upfront capital 
investment 
apr energy’s power plants are typically 
deployed on an interim or semipermanent 
basis and are used for many applications 
ranging from supplemental baseload 
capacity and seasonal peaking power 
to distributed generation and dedicated 
industrial power our solutions are 
scalable to over 400mw and use the 
latest advancements in mobile generation 
technology contracts typically run from a 
period of 12 months to five years although 
the majority of our contracts typically 
apr energy delivers 
largescale power fast 
– when and where 
customers need it
deliver sustainable growth
customer
centricity
operational
excellence
financial
performance
responsible
behaviour
turnkey
power plants
rapid
delivery
bespoke
approach
advanced
technology
priority
regions
targeted
segments
applications
through the sale of electricity leveraging…
across markets segments and opportunities…
enablers competencies 
 skills
governance
underpinned by… driven by… supported by…
the apr energy business model annual report 2013   apr energy  15 
overview strategy performance directors’ report financial statements other information
new 
markets
extension 
 expansion
initial
project 1
2
3
replicate success
leverage proven capabilities
expand footprint
extend term
build out platform
establish presence
case study angola
apr energy’s angola project exemplifies our gotomarket approach in 2012 we 
established our first project in the country a 40mw plant located in luanda using diesel 
power modules after building a positive relationship with the customer and delivering a 
strong trackrecord of reliability apr energy was able to extend the contract for another 
term as well as expand our capacity in country by an additional 40mw doubling the 
size of our operations 
the customer specifically requested to upgrade technology to mobile gas turbines for the 
additional 40mw resulting in one of the firstever mobile turbine projects in subsaharan 
africa and apr energy’s first turbine contract following its strategic alliance with ge 
through the angola win extension and expansion apr energy has established a strong 
platform from which we can expand our market for mobile turbine generation solutions 
and will use the project as a model for future business opportunities in the region
renew one or more times with some 
customers remaining under contract for a 
number of years 
we serve a wide range 
of customers across the globe 
apr energy’s customers range from 
sovereign utilities in highgrowth emerging 
or frontier markets that face a structural 
imbalance in their supply and demand of 
electricity to public and private utilities in 
developed markets looking to replace and 
upgrade their ageing power infrastructure 
while utilities represent our largest 
customer base apr energy also serves a 
wide range of industrial customers seeking 
reliable largescale power solutions 
extractive industries like mining often 
require dedicated power solutions given 
that their operations are highly power 
intensive and frequently take place in 
remote locations with limited or no access 
to the power grid 
since many customers often require their 
own unique configurations apr energy’s 
engineers work to deliver customised 
solutions that meet regulatory requirements 
create minimal impact on the surrounding 
community and combine the right mix of 
generation technology to achieve peak 
efficiency the diversity of apr energy’s 
customer base both in terms of geography 
and market segment reduces our exposure 
to downturns in any particular market 
segment
a repeatable scalable process
once apr energy establishes a local 
presence through the installation of a 
power plant we leverage that presence 
as a platform from which we extend or 
expand our business offering flexible and 
long lifecycle technology such as mobile 
gas turbines together with our turnkey 
approach helps provide longevity and 
‘stickiness’ to our contracts as a result 
the majority of our contracts renew and 
we have had several notable expansions 
of projects including libya uruguay and 
indonesia we apply this model in all of 
our markets and it serves as a repeatable 
process the market credibility we gain 
through the successful delivery of our 
projects helps open doors to new business 
opportunities both within and beyond our 
existing markets 16  apr energy  annual report 2013
botswana libya indonesia
our business applications
bridging power
utilities often require additional power 
support for periods when current 
power facilities are undergoing 
maintenance or being replaced or 
upgraded to newer more efficient 
technologies apr energy’s power 
solutions provide a reliable power 
alternative in such scenarios 
minimising the interruption to a 
community’s electricity supply 
during scheduled periods of 
outages or bridging until permanent 
infrastructure comes on line or can be 
constructed
base load operation
in some countries the 
underdevelopment of power 
generation infrastructure is so severe 
that they need a power provider 
such as apr energy to help cover 
significant portions of their national 
power production in such cases 
apr energy may operate its facilities 
as base load plants running on 
a continuous basis to meet its 
customers’ critical power needs for 
example in senegal apr energy has 
accounted for as much as 30 of the 
country’s available capacity other 
such recent projects have included 
yemen libya and angola
grid stability 
and support
apr energy’s grid optimisation and 
stabilisation projects help global 
customers operate more efficiently 
and ultimately enable a more reliable 
and secure supply of energy they 
incorporate distributed generation 
solutions at strategically located 
substations to help reduce the load 
on existing substation equipment and 
release capacity on the transmission 
grid grid optimisation and stabilisation 
projects greatly improve the efficiency 
of the customer’s substation and 
electrical networks often by over 20 
experiencing electricity shortages 
driven by demand growth and supply 
constraints the botswana power 
corporation bpc needed bridging 
power until a permanent plant could 
be constructed in 2009 apr energy 
was contracted to provide 70mw of 
reliable electricity to the national grid in 
order to counteract power shortages 
the plant has remained in operation 
following multiple contract extensions 
and is scheduled to continue running 
through 2014
apr energy operates six plants 
in libya to alleviate its chronic 
and growing supply and demand 
imbalance while the country builds 
and repairs its infrastructure these 
plants located within the metropolitan 
tripoli region and in the southern 
part of the country operate at or 
near baseload capacity and are 
critical to keeping the lights on for the 
communities they serve with over 
450mw of power generation in libya 
apr energy makes a significant 
contribution to the country’s overall 
electricity production 
during 2013 apr energy designed 
constructed and installed four power 
plants in indonesia totalling 130mw 
indonesia with its vast geography 
and underdeveloped infrastructure 
is one of the world’s largest markets 
for distributed power and grid stability 
projects apr energy’s plants provide 
much needed reliable power to 
the islands of nias and sumatra 
in addition leveraging its newest
generation diesel power modules 
apr energy was able to provide fuel
efficiency cost savings compared to 
other solutions
our business annual report 2013   apr energy  17 
overview strategy performance directors’ report financial statements other information
oman argentina guatemala
peaking power
in markets where the demand for 
electricity exceeds the available power 
generation capacity utilities need 
to consider the practicalities of load 
management and load shedding 
during peak demand times of the day 
in some cases this need is seasonal 
driven by extreme temperatures or in 
hydrodependent countries by lack of 
rainfall in a peaking power solution 
apr energy’s power plant would 
operate during peak demand periods 
normally only for a few hours each day 
to alleviate these power outages
distributed generation
in scenarios where the delivery 
of electricity to a city or region is 
restricted by inadequate or inefficient 
transmission lines a utility company 
may need to place power generation 
closer to the point of consumption to 
avoid blackouts apr energy’s flexible 
turnkey plants can be placed where 
they are most needed generating 
the required electricity and injecting 
it either directly into the local medium 
voltage distribution network or the 
main high voltage grid also referred 
to as rural electrification distributed 
generation provides an efficient and 
secure method of delivering additional 
electricity at a local level while helping 
to improve the overall efficiency of the 
customer’s electrical system
industrial generation
industrial companies and mining 
facilities often require a dedicated 
source of electricity an unreliable 
supply from a local grid or limited 
access to the main transmission 
network may impair the delivery of 
electricity required for the customer 
to sustain its operations industrial 
and mining customers are dependent 
upon constant power to ensure that 
maximum operational capacity is 
achieved and costly plant outages are 
avoided power generation projects 
also supply camps with a secure 
source of electricity supporting the 
camp’s operational activities and 
ensuring the safety of personnel  
oman’s hot summer season puts 
heavy demand on the country’s power 
grid from may to september causing 
intermittent power outages following 
apr energy’s successful execution 
of a similar project in oman the year 
before the group was awarded a new 
contract to supply power and backup 
capacity to the eastern part of the 
country leveraging its dubai hub for 
rapid distribution and using its patent 
pending modular block system for 
plant design apr energy installed 
the oman site within days one of the 
fastest in the group’s history
the argentine governmentowned 
electricity company energía argentina 
sa enarsa required additional 
power sources as a result of slow
paced investment transmission 
line restraints a continuous rise in 
electricity demand and territorial 
expansion over the course of 
numerous phases apr energy 
provided enarsa with over 90mw 
of power distributed at five separate 
locations the plants feed into regional 
substations and supply critical power 
needed for seasonal peak demands 
and grid support
powering the escobal silver mine’s 
critical operations apr energy’s 
turnkey plant delivers electricity 
independent from the local grid 
system located about 40km outside 
of the capital guatemala city apr 
energy’s power plant is the sole 
provider of energy for the mine and 
keeps its critical operations running   
the guatemala plant follows other 
successful industrial generation 
projects apr energy has executed 
including the moatize coal project 
in mozambique for vale one of the 
largest mining companies in the world 
and the boseto mine in botswana 18  apr energy  annual report 2013
our value propositions
largescale power – fast
the essence of our business is to deliver 
largescale power fast when and where our 
customers need it with mobile technology 
regional distribution hubs near our key 
markets and advanced engineering 
logistics and installation processes we can 
deploy install and commission a largescale 
power plant within days or weeks
with our growing fleet and our global 
network of apr energy offices and 
distribution hubs we are able to respond 
quickly to opportunities as they happen 
and are able to mobilise equipment and 
our support teams to areas of urgent need 
or emerging opportunity moreover we 
have extensive experience in the rapid 
deployment of equipment to customers via 
air sea and road transport and we work 
closely with recognised global logistics 
providers to readily deploy our equipment 
available mobile fleet 
with over 2gw of power generation 
capacity apr energy benefits from one 
of the largest mobile fleets in the industry 
including mobile gas turbines and gas and 
diesel power modules our high power
density fuelflexible turbines offer customers 
a unique advantage in that they can be cost 
effectively transported and rapidly installed 
to deliver up to 30mw per turbine 
regional distribution and logistics
our fullservice distribution hubs in dubai 
panama and malaysia provide us proximity 
to our key markets and enable us to rapidly 
deploy a complete largescale turnkey 
power plant anywhere in the world through 
partnerships with worldclass logistics 
companies we are able to quickly deploy 
our fleet via air sea or land also we 
leverage a highly skilled flexible workforce 
stationed across the americas africa the 
middle east and asia which can be rapidly 
mobilised to meet urgent customer needs
modular plant design
apr energy uses a proprietary modular 
building system that significantly improves 
mobilisation and installation time while 
reducing labour and installation costs and 
improving margin these systems enable us 
to build plants of 400mw or more for plants 
using reciprocating engine generators 
the customised plug and play system is 
scalable in 6mw blocks for turbine plants 
power capacity is delivered in 25mw or 
30mw blocks all equipment is packaged 
for standard iso shipping containers 
the plants are completely automated and 
remote controllable with flexible application 
5060 hertz 
customised turnkey approach 
apr energy combines leadingedge 
technology with flexible plant design 
fasttrack installation and around
theclock service and maintenance to 
provide our customers with customised 
turnkey solutions to meet their specific 
requirements from the design and 
installation of our plants through their 
eventual decommissioning our highly 
trained engineers and support staff stationed 
across the globe provide our clients with 
reliable 247365 service and uninterrupted 
power capacity apr energy’s solutions 
are customised to accommodate customer 
requirements respective to application 
scale generation technology preference 
fuel type voltage range and configuration 
needed to fit a given site 
as part of our full turnkey power solution 
apr energy provides a comprehensive 
balance of plant offering that is tailored to 
each site and to each customer’s unique 
requirements from transmission technology 
to remote monitoring capabilities the 
ancillary equipment we provide plays a 
critical role in maximising power delivery to 
our clients while minimising downtime and 
operating costs t o assess full requirements 
of each site apr energy’s project engineers 
and technical experts work closely with the 
customer and local entities to conduct site 
analysis and evaluation considering factors 
such as space availability preferred fuel 
type altitude climate and delivery voltage 
within our turnkey solution balance of 
plant and ancillary equipment offerings may 
include
l design and commissioning of 
substations transformers and other 
electrical infrastructure
l fuel storage offloading transfer and 
efficiency monitoring  
l deployment of all necessary supporting 
infrastructure including mobile offices 
mobile maintenance containers mobile 
housing water power and climate control 
l security perimeter with cctv and security 
personnel 
l remote monitoring capabilities including 
oil temperature coolant temperature 
turbo temperature fuel levels power 
relays and grid information 
l remote switching between grid mode 
and island mode 
advanced technology
apr energy’s young diverse fleet offers 
customers the broadest choice of power 
generation technologies in the market today 
including fuelflexible mobile gas turbines 
and the latestgeneration reciprocating 
diesel and natural gas generators the 
diversity of our fleet enables us to match 
customers’ specific requirements related to 
fuel type voltage range power generation 
technology scale and power density 
using our modular building system apr energy 
installed a 32mw plant in oman in under two weeks 
our business annual report 2013   apr energy  19 
overview strategy performance directors’ report financial statements other information
during a contract apr energy provides all engineering 
procurement and construction including a turnkey suite of services 
tailored to customer need
site and civil
from civil and foundation work to perimeter fencing lighting and comprehensive security 
systems apr energy can provide all site preparation work for each power project we 
also provide all necessary control rooms offices workshops and warehousing to maintain 
optimal operation of the plant
mechanical
apr energy can supply all equipment necessary for fuelling the operation of our power 
generation equipment our systems include all piping pumping and filtering as well 
as continuous metering to help ensure the performance of the equipment is closely 
monitored
electrical 
at each site apr energy provides a complete electrical system in order to meet the 
customer’s design specifications this includes all cabling protection and metering as 
well as a customdesigned ground grid and any required stepup transformers
advanced controls
apr energy utilises advanced controls systems via satellite uplink using remote control 
and monitoring systems along with project specific utility relaying we also supply all 
protection and operational interfaces
indonesia leveraging the newest generation diesel 
power modules from cat  apr energy was able to 
provide significant fuelefficiency cost savings
day 1 works commence
day 42 100mw plant in uruguay commissioned and 
operating
the young age of our fleet enables us to 
provide our clients with reliable power 
a cleaner operation and greater fuel 
efficiency our technology offers the latest 
advancements in reliability fuel efficiency 
and emissions control while providing 
remote automation and monitoring 
capabilities and automatic reactive power 
control for voltage support and grid stability
through our strategic supplier relationships 
with ge and caterpillar inc two of the 
world’s leaders in mobile power generation 
technology we offer the clear visibility of an 
integrated supply line capable of fulfilling 
the diverse needs of the growing fasttrack 
power market
fuel efficiency
when it comes to power generation fuel 
represents one of the highest operating costs 
which is why apr energy has placed a heavy 
focus on fuel efficiency with the youngest 
most advanced fleet in the industry apr 
energy is uniquely positioned to utilise some 
of the most fuelefficient mobile technology 
available in our market today thereby helping 
customers reduce the overall total cost of 
their power projects as the price and volatility 
of fuel continues to rise so will the need for 
more fuelefficient solutions t o meet this 
demand apr energy continues to invest 
in advanced technology and innovative 
engineering that help customers operate 
more profitably and efficiently
emissions control 
at apr energy we continuously strive 
to find new ways to lower our emissions 
footprint given the young age of our fleet 
and its flexibility in terms of technology 
and fueltype we are able to provide 
some of the cleanest solutions available 
in the fasttrack power industry today 
all our equipment is designed to comply 
with emissions standards set forth by the 
world bank we apply advanced mitigation 
techniques where more stringent emissions 
levels are required for local markets our 
generating equipment is controlled by 
stateoftheart electronic engine and 
generator management systems which 
are automated to increase flexibility and 
decrease emissions levels this means 
no matter where our clients need us we 
can deliver optimised emissions solutions 
tailored for each application
day 1
day 8
day 24
day 42 20  apr energy  annual report 2013
as the world’s leading provider of fasttrack 
mobile turbine power apr energy uses 
some of the most rapidly deployable and 
reliable mobile gas turbine technology in 
the market today the term ’gas‘ in their 
name comes not from the fuel the turbines 
consume although they can operate on 
natural gas but from the gas compres
sion mostly air which drives the turbine 
using the same aeroderivative technology 
found in many jet airliners apr energy’s 
mobile gas turbines are highly reliable 
they require much less maintenance and 
produce significantly less emissions than 
their reciprocating engine counterparts 
the high power density and reliability of these 
units allows apr energy to deliver scalable 
solutions of 400mw or more that can integrate 
into existing infrastructure and operate on a 
semipermanent basis a key advantage of 
a mobile turbine solution is the fuel flexibility 
it brings with the ability to switch seamlessly 
between diesel and natural gas mobile 
turbines also produce significantly less  
emissions than reciprocating engine solutions 
making them a good fit for environmentally 
conscious customers and developed markets 
with stringent regulatory controls
apr energy’s mobile turbine fleet features 
the ge tm2500™ the powerdense turbine 
is capable of producing up to 30mw of power 
– the equivalent of approximately 18  30 
diesel or gas reciprocating generators – 
and is quick to dispatch achieving full power 
in less than 10 minutesthe tm2500 can 
be easily transported anywhere in the  
world and set up on a significantly smaller  
footprint than an equivalentmw  
reciprocating generator plant
through our strategic alliance with ge  
a world leader in turbine technology  
apr energy has access to the fleet and  
technology needed to grow into the longterm
diesel and natural 
gas power modules
the apr energy diesel power module is an 
industry leader in terms of fuel efficiency 
reliability and emissions control while the 
apr energy gas power module is one of the 
most reliable and fuelefficient natural gas 
power module packages within the fasttrack 
power industry these reliable and compact 
modules can support a wide range of utility 
and industrial power generation applications 
whether operating continuously in base 
load or as part of a peaking plant these 
generators combined with apr energy’s 
comprehensive operation and maintenance 
support help ensure a reliable and efficient 
supply of electricity to our customers 
thanks to our global framework agreement 
with caterpillar inc one of the world’s 
bestknown heavy equipment brands and 
cat® dealer ring power apr energy is 
able to source caterpillar’s diesel and gas 
reciprocating power modules at beneficial 
pricing the partnership enables us to 
maintain a robust fleet infrastructure to help 
fulfil project opportunities gives apr energy 
clear visibility to caterpillar’s integrated supply 
chain and provides us ready access to its 
worldclass aftermarket sales and support 
mobile gas turbines
gas power module
reliable and fuel efficient engine
rugged and robust construction
automatic or manual paralleling
automatic loading control
local or remote operation
high ambient operating conditions
low emissions
fuel type natural gas
dual frequency 5060hz
diesel power module
reliable and fuel efficient engine
rugged and robust construction
automatic or manual paralleling
automatic loading control
local or remote operation
low emissions
fuel type diesel
dual frequency 5060hz
our technology
apr energy’s mobile turbine fleet features the ge tm2500 ™  one of the world’s leading gas turbine solutions 
for fasttrack applications
mobile gas turbine
reliable low emissions and
fuelefficient engine
installation in less than 24 hours
easily transportable by
ground ocean or air
no foundation or concrete pad required
remote operation
optional black start capabilities
dual fuel natural gas and liquid fuels
dual frequency 5060hz
our business annual report 2013   apr energy  21 
overview strategy performance directors’ report financial statements other information
our competencies
apr energy designs and 
assembles its own control 
panels which provide our 
power plants with remote 
controls and monitoring 
capabilities
power project development
apr energy’s business development team 
comprises experienced power project 
developers not equipment salespeople 
apr energy project developers are 
knowledgeable across all aspects of 
project development project financing 
engineering procurement and construction 
epc and operations located within their 
geographic markets our teams build long
term relationships by understanding local 
market needs and identifying solutions that 
best serve the needs of our customers
global experience
apr energy has installed over 25gw 
of power capacity across more than 25 
countries around the world our fullservice 
distribution hubs in dubai panama and 
malaysia give us proximity to our key 
markets and enable us to rapidly deploy 
complete largescale turnkey power plants 
our highly skilled people have experience 
executing projects across all corners of 
the globe and speak over 25 different 
languages with a flexible workforce 
stationed across the americas africa the 
middle east and asia apr energy can 
rapidly mobilise to meet urgent needs 
anywhere in the world 
advanced plant design and  
engineering
apr energy’s experienced engineering 
team designs turnkey plants that scale to 
over 400mw and configure them to meet 
our customers’ unique requirements each 
apr energy power solution has been 
developed to enable rapid mobilisation and 
installation while ensuring performance 
that operationally meets all guaranteed 
availability and efficiency requirements 
throughout the life of a project the 
proprietary systems and technology we 
develop enable us to remotely control 
and monitor each plant optimise site 
and infrastructure increase generation 
efficiency and reduce emissions this 
attention to engineering detail and system 
compatibility ensures that the power plant 
its interconnection point and the ultimate 
quality of the delivered electricity meet 
customers’ expectations
mobilisation and logistics
our highly developed processes integrate 
across all logistics planning engineering 
installation legal and commercial teams to 
help ensure seamless and rapid execution 
through partnerships with worldclass 
logistics companies we are able to quickly 
deploy our fleet via air sea or land in 
addition through our proprietary modular 
building system we are able to deploy 
install and demobilise plants with the 
highest level of speed and efficiency   
an experienced management 
team
apr energy benefits from a strong and 
experienced management team led by 
the cofounders of the business john 
campion and laurence anderson with 
over 120 years of collective industry 
experience our management team has a 
strong understanding of the global power 
market its technologies and the complex 
nature of project delivery requirements 
this extensive sector knowledge plays 
an important part in maintaining long
term relationships with key customers 
and suppliers as well as being crucial to 
achieving new contract wins  22  apr energy  annual report 2013
our strategy
apr energy will achieve 
its vision by driving 
sustained growth and 
operational excellence 
generating customer 
value and developing 
worldclass infrastructure 
and people
apr energy’s vision is to be the leading 
provider of largescale rapidlydeployed 
power solutions we do this by providing 
costefficient reliable electricity on a fast
track basis where our customers need it 
we leverage stateoftheart technology and 
industryleading expertise to provide fuel
efficient turnkey power plants that are rapidly 
deployed customisable and scalable 
with a proven record of success a sole 
focus on largescale power projects around 
the globe and a strong balance sheet we 
are confident in our ability to achieve our 
vision we will build upon our legacy of 
trusted expertise leadingedge technology 
and rapid deployment by carefully executing 
our strategy for growth – the success of 
which will be measured against our three 
core strategic corporate objectives
grow longterm shareholder value
we drive business growth that is consistent 
and sustainable we effectively deploy 
capital to expand our fleet and our global 
footprint – driving revenue profit expansion 
and longterm shareholder value we strive 
for operational efficiencies using process 
innovation and improvements to lower costs 
and improve margins 
help our customers 
and their communities grow 
the power and capacity apr energy 
provides do more than just keep the lights 
on our fasttrack power solutions enable 
economic and social progress in the parts of 
the world that need it the most as a trusted 
responsible partner with our communities 
we are proud of our reputation as a good 
corporate citizen we will continue to support 
the communities in which we operate and 
as always strive to provide the highest level 
of customer satisfaction 
develop our people and our capabilities
our growth plans coupled with the complex 
challenges facing our customers require 
a welltrained highly motivated workforce 
with the ability to execute effectively at a 
delivering value to our shareholders 
communities and people
grow longterm
shareholder value
develop our people
and our capabilities
vision
strategic objectives
strategy
enablers competencies 
 skills
strong governance
underpinned by… driven by… supported by…
apr energy’s vision is to be the leading global provider 
of largescale rapidlydeployed power solutions
help our customers
and communities 
grow
drive 
sustained 
growth
strive for 
operational
excellence 
generate 
customer 
value
develop 
worldclass 
infrastructure
organisation 
 skills annual report 2013   apr energy  23 
overview strategy performance directors’ report financial statements other information
global level apr energy operates upon 
a foundation of strong core values that 
helps cultivate a work environment that 
encourages growth in skills capabilities 
and satisfaction we implement and utilise 
global systems and processes that help our 
employees be successful and accountable
our strategic focus areas
drive sustained growth
grow our mobile gas turbine business 
mobile gas turbines are an integral part of 
apr energy’s growth strategy providing a 
stronger play into more lucrative larger
scale longerterm projects through 
our acquisition of the ge power rental 
business in october 2013 apr energy 
is now the world’s largest provider of 
fasttrack mobile turbine power we 
have deliberately chosen to differentiate 
ourselves in the market through our 
decision to invest in this technology which 
now represents 56 of our total fleet mix 
in comparison to gas reciprocating 
engines mobile gas turbine technology 
provides greater reliability requires much 
less maintenance needs significantly fewer 
people to operate occupies a smaller 
installed footprint per mw and produces 
a fraction of the emissions they also 
provide the added flexibility of being able to 
seamlessly switch between natural gas and 
diesel fuel as needed by the customer
these aeroderivative turbines can each 
produce up to 30mw of power and their 
integrated highdensity design radically 
improves the speed and logistics of 
transport they can be transported 
anywhere in the world for projects and 
require approximately onethird of the 
space as the equivalent number of 
reciprocating generators 
as a result of these advantages the mobile 
gas turbine share of the fasttrack power 
market has grown rapidly over the last three 
years representing approximately 20 of 
all deals since 2012 excluding projects in 
the bric countries for deals of 100mw 
and greater mobile gas turbines reached 
over a third of the market with 138 cagr 
over a threeyear period some of this 
growth is due to fasttrack power customers 
shifting preference on technologies 
however in many cases turbines have 
expanded the playing field in our market 
opening up opportunities with customers 
who would have otherwise not considered 
largescale fasttrack power previously 
either due to emissions requirements 
scale space constraints or requirements 
for fuel flexibility 
leverage the ge strategic alliance 
in october 2013 apr energy completed 
a transformational deal with ge acquiring 
ge’s power rental business in exchange 
apr energy stock and cash and entering 
into a longterm strategic alliance the 
deal created the world’s leading fast
track mobile turbine business further 
strengthening apr energy’s leadership 
position in largescale fasttrack power 
and provided the group with the fleet and 
technology to support our growth plans 
into the long term the strategic alliance 
and equity commitment reflects ge’s 
endorsement of apr energy’s prospects to 
lead the fasttrack power space 
apr energy’s strategy with regards to 
the ge strategic alliance includes the 
following
l leverage the acquired ge turbine fleet 
worldwide support services and long
term supply agreement to focus further on 
turbine opportunities in both developed 
and developing markets
l use the ge brand to build credibility for 
apr energy as the group enters new 
markets and positions its technology and 
fasttrack turnkey solutions
l collaborate on business development 
opportunities with ge where apr energy 
can offer complementary bridging power 
solutions while permanent ge plants are 
built
l convert the acquired ge power rental 
contracts to apr energy’s full turnkey 
contracts with addin services
since the closing of the ge deal apr 
energy has signed a new 40mw contract 
in angola featuring ge turbines and has 
also renewed its us virgin islands contract 
assumed through the acquisition at 
improved pricing consistent with apr energy 
historic turbine pricing levels
0
5
10
15
20
25
30
35
0
5
10
15
20
25
30
35
gas turbine share mw
fasttrack power market
100mw sized deals
6
source company analysis
 excludes bric countries
27
138 cagr
34
2010 2011 2012 2013 24  apr energy  annual report 2013
strategic benefits of the ge power rental business 
acquisition
advances apr energy towards its strategic vision to be the leader in large
scale rapidly deployed power
the acquisition has made apr energy the world’s leading supplier of fasttrack mobile 
turbine power mobile turbines play a key part of our strategy to focus on largerscale 
longerterm projects and have been a growth driver in our industry with the backing of 
the ge brand name a longterm supply agreement collaboration on opportunities and 
expansion of our global footprint apr energy is well positioned to grow its leadership 
position in the industry
provides the technology and fleet capacity for growth 
the acquisition has expanded apr energy’s turbine capacity by 520mw to 12gw 
creating the world’s largest fleet of fasttrack mobile gas turbines this together with 
a longterm supply agreement that provides favorable terms and broader access 
to technical service and support around the globe will support apr energy’s ability 
to address growing demand for largescale fasttrack power the deal also has 
diversified the group’s fleet with over 50 having dualfuel capability
 
establishes a longterm strategic alliance with ge 
as a result of the acquisition ge has become a strategic shareholder in the group 
with approximately 165 of the share capital demonstrating ge’s intent to assist in 
value creation apr energy has already begun benefiting from its ge partner brand 
designation additionally since the alliance provides us access to ge’s sales and 
commercial network apr energy benefits from the opportunity to complement ge’s 
longerterm projects with a fasttrack offering leveraging ge technology
expands and diversifies apr energy’s global footprint 
the ge deal included contracts in australia bangladesh canada iraq and the us 
virgin islands expanding apr energy’s footprint in both developing and developed 
countries and providing immediate access to key targeted markets the acquisition 
also diversifies apr energy’s customer base and significantly enhances our natural 
gas footprint with the majority of the turbine contracts being acquired running on 
natural gas 
enhanced cash generation 
it is expected that the enlarged business will have an enhanced cash generation profile 
helping to contribute to the future deleveraging of the group’s balance sheet 
advantages of mobile 
gas turbines
scalable in large power blocks
mobile gas turbines such as the ge 
tm2500 can deliver up to 30mw of 
power per unit this is the equivalent of 
anywhere from 15 to 25 reciprocating 
engines using multiple turbines plants 
can be configured easily to deliver more 
than 400mw of power
require less space
due to its high power density a mobile 
turbine plant requires less than a third 
of the space of an equivalent megawatt 
diesel reciprocating engine plant this can 
be a critical consideration when sites have 
limited space such as found at existing 
utility plant sites or in urban locations 
fuel flexibility
the dualfuel nature of mobile gas 
turbines offer customers greater flexibility 
as fuel availability quality or pricing 
changes over time without the need for 
changing equipment customers often 
choose to start operations with readily
available diesel fuel and then later switch 
to cheaper natural gas as reserves and 
infrastructure are developed 
semipermanent technology
mobile gas turbines are highly durable 
and integrate well into existing plant 
infrastructure since many power 
plants already use gas turbines utilities 
are familiar and comfortable with the 
advanced technology their long life 
span in contrast to reciprocating engine 
generators allows them to be installed on 
a semipermanent basis for longerterm 
contracts
high mobility
a major advantage of mobile gas turbines 
is the mobility they provide they can 
be rapidly transported by air or ocean 
through their containerised configuration 
and can be quickly installed by apr 
energy into a turnkey power plant
better for the environment
mobile gas turbines only produce a 
fraction of the no
x
 and other pollutants 
that diesel reciprocating engines 
generate and significantly less noise in 
many markets with strict environmental 
regulations including most developed 
markets turbines offer the most viable 
largescale fasttrack solution 
our strategy annual report 2013   apr energy  25 
overview strategy performance directors’ report financial statements other information
penetration of priority markets and 
segments 
apr energy’s strategy is to serve both 
developed and developing markets 
with the largest segments being large 
sovereign and private utilities together 
with powerintensive industries such as 
mining customers located in highgrowth 
emerging frontier and underserved 
markets remain a major focus those 
customers face a structural imbalance 
in their supply and demand of electricity 
due to high growth ageing infrastructure 
lack of infrastructure investment and
or dependence on unreliable foreign or 
hydroelectric sources of electricity 
benefitting from our powerdense and low
emissions turbines apr energy provides 
a strong offering for developed markets 
that require bridging or backup power 
due to decommissioning and renovations 
of plants caused by ageing tightening 
environmental regulations andor public 
opposition in addition to our primary 
markets apr energy is ready and capable 
to respond to eventdriven requirements 
and emergencies anywhere in world
market expansion and diversification within 
our priority markets whether by geography 
the industries we serve or the fuel types 
our power solutions support are critical for 
our longterm growth this multifaceted 
diversification will enable us to expand 
our revenue base in rapidly growing 
highdemand and untapped markets and 
segments it will allow us to build operating 
efficiencies with a greater scale in terms 
of talent pools supply bases and fleet in 
addition by reducing dependency on any 
single market or customer apr energy 
will be in a stronger position to minimise 
business political and economic risk 
which in turn should reduce volatility and 
variability in revenue over time 
africa
africa remains a strategically important 
region for apr energy we have engaged 
in a number of fasttrack turnkey power 
projects throughout the western eastern 
and southern regions of the continent 
since 2006 including in angola botswana 
burkina faso gabon libya mali 
mozambique senegal and tanzania we 
see strong opportunities in africa due to the 
rapidly growing demand for electricity and 
an acute lack of investment and planning 
for permanent power plants 
rapid expansion of the commodities 
mining and construction industries is also 
expected to drive economic growth and the 
need for more permanent power generation 
infrastructure many industrial firms and 
countries dependent on hydroelectricity 
are also switching to offgrid dedicated 
power generation facilities to reduce lost 
production caused by power interruptions 
in addition regional dependence on 
hydroelectric resources makes the power 
generation capacity of many african 
countries vulnerable to prolonged droughts 
our dubai hub has positioned us well 
to pursue new opportunities across the 
continent we continue our focus to secure 
new contracts within africa which has 
significant natural gas reserves that present 
good opportunities for our mobile gas 
turbines in december 2013 apr energy 
announced its firstever mobile turbine 
project in subsaharan africa a 40mw 
plant in angola which follows the group’s 
execution of a 40mw plant using diesel 
reciprocating engines earlier in the year
the middle east
this region offers strong growth potential 
and continues to be a focus for new 
strategic investment by the group the 
‘arab spring’ has created a number of 
opportunities for apr energy’s fasttrack 
power solutions throughout the region 
these opportunities are driven by the need 
for seasonal power ageing and damaged 
infrastructure and shifting political climate 
our dubai hub and commercial office has 
already played a key role in expanding our 
footprint in the region playing a key role in 
the development deployment and support 
of projects in oman and yemen 
ongoing infrastructure development 
industrial expansion in the energy and 
chemicals sectors and eventdriven needs 
are expected to drive significant demand 
growth in the region over the next few 
decades according to the eia numerous 
‘mega’ petrochemical projects are currently 
underway in saudi arabia qatar kuwait 
and the uae 
in 2012 the gulf cooperation council 
region experienced large increases in peak 
demand due to an influx of refugees in 
some countries growth of the middle class 
and prevalence of subsidies this trend 
is set to continue with ongoing political 
strife and uprising according to the meed 
insight mena power 2013 report the middle 
east and north african region is facing 
annual demand growth rates in excess of 
10 due to rising populations oil prices 
and high economic growth this demand 
coupled with lack of tariff reform is pushing 
utilities to find immediate solutions and 
invest in new generation capacity to restore 
or maintain their 15 reserve margin 
0
500
1000
1500
2000
african power rental market
by enduse 20112017
 million
201 1 201 2 201 7
utilities
oil  gas
industrial  construction
quarrying  mining
others
source marketsandmarkets 2012
0
500
1000
1500
2000 26  apr energy  annual report 2013
the projected demand for fasttrack and 
bridging power within the middle east 
market represents great potential and 
the demand for electrical capacity in this 
dynamic region is projected to increase 
dramatically in the medium to longterm  
latin america and the caribbean
similar to africa latin america’s reliance on 
hydroelectric power presents opportunities 
for the deployment of mobile power 
generation facilities many regions have 
experienced widespread blackouts due to 
power deficits and local utilities routinely 
schedule power interruptions in addition 
poor investment in infrastructure and 
steady economic growth has resulted in 
inadequate power generating resources
representing one of the world’s largest 
markets for fasttrack power there are 
large disparities in electricity access across 
the countries of latin american and the 
caribbean apr energy has delivered 
successful power projects in argentina 
costa rica ecuador haiti martinique 
peru and uruguay and through the 
acquisition of the ge power rental 
business the us virgin islands at the 
same time we see strong opportunities 
to provide fasttrack and dedicated power 
solutions for industries such as mining and 
other extractive operations – a growing and 
important sector in countries like brazil 
chile and peru
asiapacific 
the asiapacific region has been one of the 
fastestgrowing markets for apr energy 
and remains a strategic priority for group 
growth and investment our regional hub 
in malaysia together with our commercial 
office in singapore positions us well for 
further regional expansion in the region 
our investment has helped us penetrate 
strategically important markets in the 
region including indonesia and myanmar 
apr energy has had success in both 
the utility and industrial sectors in other 
asian countries including sri lanka and 
japan – where we have demonstrated our 
operational flexibility by delivering solutions 
based upon both reciprocating engine 
power modules and mobile gas turbines 
our ge strategic alliance will serve as 
a platform from which we can generate 
additional business in the region the 
increasing availability of natural gas 
throughout this geography will help us 
further drive mobile gas turbine power 
opportunities
notwithstanding ambitious power 
expansion plans rapid consumption and 
demand in this region will strain efforts 
to ensure reliable electricity supply on a 
continuous basis already countries like 
indonesia with the largest economy in 
southeast asia are facing difficulties in 
ensuring the reliability of its power delivery 
and distribution networks another example 
is myanmar where approximately 75 of 
the population does not have access to 
reliable power 
developed markets
developed markets such as south korea 
japan the uk poland and even the us 
have a rising need for bridging and backup 
power generation this is being driven by 
the decommissioning and renovations 
of plants due to ageing tightening 
environmental regulations and public 
opposition to certain types of power
due to strict environmental regulations 
limited space and need for integration with 
existing plants mobile gas turbines are the 
most attractive option for these customers 
benefitting from our powerdense and 
lowemissions turbines apr energy 
provides a strong scalable offering for the 
high megawatt demands of large utilities 
and offers the technology with which these 
customers are most comfortable and 
familiar
industrial applications
industrial customers remain an important 
segment for apr energy and provide 
diversification for the group’s customer 
base apr energy will continue to target 
large industries particularly engineering 
procurement and construction epc 
oil and gas and extractive industries 
the extractive industry eg mining is 
particularly attractive as it consumes high 
amounts of electricity and often operates 
in remote locations distant from the power 
grid such companies need dedicated 
power solutions in order to maintain 
production and optimise their operations
apr energy’s success in this sector 
includes projects delivered in botswana 
guatemala and mozambique 
the industrial sector is expected to remain 
the largest electricity consumer of all 
enduse sectors accounting for over 40 
of total electricity demand in 2035 due 
to increasing electrification of industrial 
processes especially in nonoecd 
countries industry electricity demand is 
expected to grow over 2 per year through 
2035 
energy consumption by fuel
south  central america
oil
other
natural gas
 46
22
4
25
0
500
1000
1500
2000
2500
0
500
1000
1500
2000
2500
total rental power market 
revenue forecast
asiapacific 20122017
 million
201 4 201 5 201 6 201 2 201 3
source frost  sullivan
201 7
our strategy
source bp  statistical review of world energy 2013
southeast asia
rental power market
indonesia
singapore
philippines
thailand
vietnam
malaysia
9
 46
11 4
17
13
source frost  sullivan 2013
3
hydro
electric
coal annual report 2013   apr energy  27 
overview strategy performance directors’ report financial statements other information
apr energy’s fasttrack mobile systems 
can provide electricity for spacerestricted 
facilities located far beyond the reach of 
utility power grids our stateoftheart 
equipment and experienced support teams 
offer private and stateowned companies a 
costeffective and reliable source of power 
for even the most remote operations and 
harshest conditions 
looking ahead we see good opportunities 
to grow our base of industrial customers 
to include applications such as oil and gas 
exploration mining chemical processing 
plants and other remote operations without 
grid access but where a reliable supply 
of power is essential to a customer’s 
operations
penetrating the natural gas market
as part of our strategic growth strategy 
apr energy remains committed to 
increasing its natural gas power generation 
footprint as worldwide production of 
natural gas continues to grow and as 
both developed and developing countries 
increase their production capacity apr 
energy is well positioned to take advantage 
of this readily available fuel source our 
mobile gas turbines and gas reciprocating 
engines offer customers a cleaner more 
costeffective and lower impact option 
fuel cost is often a major driver for our 
customers and natural gas presents a 
significantly cheaper alternative to diesel 
fuel in many markets 
natural gas will continue to play an 
increasingly vital role in the world’s supply 
of energy it is one of the cleanest and  
most useful of all nonrenewable energy 
sources compared to largescale diesel 
generators natural gas powered generators 
can produce significantly lower amounts of 
harmful emissions such as nox particulate 
matter and pollutants
in its world energy outlook 2011 the 
iea forecasts the demand for natural gas 
growing by 2 per year between 2009 
and 2035 natural gas offers significant 
competitive advantages over other fuels 
it is seen as economically more efficient 
because only about 10 of the natural gas 
produced is wasted before it is consumed 
in addition technological advances 
are constantly improving efficiencies in 
extraction transportation and storage as 
well as in equipment that uses natural gas 
such as apr energy’s mobile gas turbines 
develop the apr energy brand  
our brand strategy is designed to present 
the group’s values and propositions in 
ways that will help us drive business attract 
and retain the best people and increase 
shareholder value our brand promise 
powering your progress® captures the 
benefits apr energy provides for the 
businesses and communities that depend 
on our ability to provide power under even 
the most extreme circumstances as we 
continue to build our global footprint our 
ability to generate awareness around our 
capabilities and capture new business 
opportunities is enhanced by our 
continued success in fostering meaningful 
connections with the communities we 
serve 
our brand strategy focuses on reaching 
targeted customers  in the places where 
they look for information creating relevant 
content that demonstrates our expertise 
and thoughtleadership and generating 
conversation around the value our fast
track turnkey power solutions can provide 
we will continue to evolve and elevate our 
brand presence in priority regions and will 
further leverage the brand credibility our ge 
strategic alliance brings 
 
economies 
can’t grow 
in the dark
electricity shortages cost the global economy more 
than a half of a trillion dollars each year in lost gdp 
at apr energy we help keep the lights on as the world’s leading 
provider of fasttrack mobile turbine power we power cities around 
the world keeping countries and economies growing unlike con
ventional power plants which take years to fund and construct our 
mobile plants are built in a matter of days don’t let the lights go out  
learn more at 
aprenergycompowernow
0 5 10 15 20 25 30 35
0 5 10 15 20 25 30 35
natural gas production 
and consumption
world regions 2012
 quadrillion btu
dry ng consumption 
quadrillion btu
dry ng production 
quadrillion btu
north america
central  south america
europe
eurasia
middle east
africa
asia 
 oceania
source us energy information administration 2012
source international council on mining  minerals 
2012
africa energy forum 2013
global advertising source bp statistical review of world energy 2013
0
30
60
90
120
150
reserve lifetime of natural gas
years
africa
asia pacific 
europe  eurasia
middle east 
north america
67
31
56
147
43
12
s  cent america 
largest mineral producing 
economies
by production value
 in current  million
 country production value
australia 71955
china 69281
brazil 47027
chile 31275
russian federation 28680
south africa 27116
india 26042
united states 22957
peru 18832
canada 13984
indonesia 12225
ukraine 9283
mexico 8361 28  apr energy  annual report 2013
operational excellence
apr energy strives for operational 
excellence in everything it does optimising 
speed quality and cost to deliver value to 
both our customers and shareholders the 
cornerstones to this strategy are speed of 
execution technology leadership scalable 
global processes and structure and 
efficient management of assets
speed of execution
speed is a key driver behind our business 
model whatever the cause a loss or 
deficiency of power can have a devastating 
impact on communities and businesses 
– quickly leading to negative economic 
consequences deteriorating government 
functions and potential social unrest when 
customers have a critical need for power 
they need a fast response apr energy 
remains committed to getting plant and 
power capacity in place when and where 
our customers need it most a commitment 
we have achieved for over ten years
key elements of this strategy
l	 a global network of equipment and 
personnel with the ability to fully deploy 
a largescale turnkey power plant with 
bestinclass speed to anywhere in the 
world
l access to one of the largest mobile 
fleets in the industry including mobile 
gas turbines that can be costeffectively 
shipped by air and rapidly installed to 
deliver up to 30mw per unit – versus 
12mw for a traditional reciprocating 
engine
l partnerships with worldclass logistics 
companies that offer farreaching 
logistical capabilities and which are able 
to deploy our fleet via air sea or land
l proprietary modular building systems 
optimised for rapid and costefficient 
mobilisation and installation of scalable 
plants
l highly skilled electrical and mechanical 
engineering capabilities including 
proprietary designs and testing 
methodologies which allow us to meet a 
wide range of customer needs such as 
high voltage and custom transmission or 
monitoring and metering systems
l a highly skilled flexible workforce 
stationed across the americas africa 
the middle east and asia which can 
be rapidly mobilised to meet urgent 
customer needs 
l highly developed crossfunctional 
processes working seamlessly together 
across our commercial engineering 
financial legal supply chain and hr 
departments
l effective project management integrating 
and tracking all aspects of execution 
including scheduling and cost
t echnology leadership
for apr energy differentiation through 
technology leadership remains a key part 
of our strategy our customers depend on 
our fleet as a reliable and efficient source 
of power and capacity apr energy seeks  
to offer customers the most reliable and 
technologically advanced and diverse 
fleet in the industry including mobile 
gas turbines and reciprocatingengine 
diesel and natural gas power modules 
by offering utilities and industries the best 
and broadest choice of technology in the 
industry we are able to expand the playing 
field of opportunity and provide solutions 
that best serve our customers’ needs
benefitting from the newest fleet in the 
industry and apr’s internally designed 
monitoring and control systems we offer 
leadingedge “smart” technology with 
the latest advancements in reliability 
fuel efficiency and emissions control 
while providing remote automation and 
monitoring capabilities and automatic 
reactive power control for voltage support 
and grid stability our plants offer some 
of the best fuel efficiencies in the industry 
enabling us to provide our customers with 
an overall lower cost of generation 
asset management
with a business model that requires large 
investments in fleet and balance of plant 
effective asset management is a vital 
part of our overall operational excellence 
strategy apr energy differentiates itself 
through technology that offers the latest 
advancements in fuel efficiency emissions 
and operation as part of this approach 
we make ongoing investments in new 
nextgeneration fleet to support our growth 
while retiring older equipment that reaches 
the end of its useful life as appropriate 
to protect our investment and to ensure 
we continue to provide reliable electricity 
to our customers we keep our fleet well 
maintained through stringent maintenance 
regimes we also ensure we have the 
training tooling and logistics capabilities 
in place to service effectively the fleet mix 
through our ability to collect operating data 
on our equipment in real time we are able 
to conduct research and development on 
ways to operate our assets more efficiently 
and effectively
our strategy annual report 2013   apr energy  29 
overview strategy performance directors’ report financial statements other information
strategic partnerships
sourced through strategic partnership 
agreements with ge and caterpillar inc 
our power generation technology enables 
us to deploy and service new efficient units 
that provide our clients with peace of mind 
that they will have reliable power 
apr energy’s global framework 
agreements with caterpillar inc one of 
the world’s bestknown heavy equipment 
brands and cat® dealer ring power 
enables us to source caterpillar’s diesel 
and gas reciprocating power modules 
at beneficial pricing these reliable and 
compact modules feature some of the 
latest reciprocating engine technology in 
the market and can support a wide range 
of utility and industrial power generation 
applications the partnership enables us 
to maintain a robust fleet infrastructure 
to help fulfil power plant opportunities 
gives us access to caterpillar’s world
class aftermarket sales and support and 
provides apr energy clear visibility to 
caterpillar’s integrated supply chain
as part of apr energy’s acquisition of 
the ge power rental business and ge 
strategic alliance the group has a long
term supply and services agreement 
for mobile gas turbines including ge’s 
tm2500 one of the leading mobile 
turbine products on the market the ge 
agreement includes the opportunity for 
supply of related parts and services and 
ongoing technical support and training 
as such this agreement gives apr energy 
a reliable supply of available fleet and 
capacity needed to support our growth 
ambitions into the long term
generate customer value
given the broad range of customer needs 
which vary in terms of application site 
conditions scale and fuel availability apr 
energy is flexible in working with each 
customer’s unique requirements apr 
energy balances speed quality service 
and cost in ways designed to generate 
customer value by providing solutions that 
address fully our customers’ needs and 
ultimately drive their satisfaction 
as part of this strategy apr energy takes 
a customercentric approach by combining 
leadingedge technology with fasttrack 
installation aroundtheclock service and 
maintenance and flexible plant design to 
provide our customers with customised 
turnkey solutions to meet their specific 
requirements customers are able to 
benefit quickly from reliable power – worry 
free – without waiting for the upfront capital 
investment needed for permanent facilities
customer centricity helps apr energy build 
a strong reputation in the industry and 
drives loyalty renewals are a key part of 
our business with over 80 of our initial 
contracts renewing for additional term 
key elements of this strategy include  
l 247 service and support
 through the turnkey nature of our plants 
apr energy handles all operation 
maintenance and service this together 
with skilled operators knowledgeable on 
our plants and technology relieves our 
customers from the daytoday concerns 
of running and maintaining a power 
plant also with a network of regional 
hubs and commercial offices located in 
our key markets we are able to respond 
quickly to urgent customer needs 
wherever they may be  
l customised approach
 apr energy works with our customers 
to accommodate specific requirements 
respective to application scale 
generation technology preference fuel 
type voltage range and configuration 
needed to fit a given site depending 
on each project’s unique set of needs 
our customercentric staff works closely 
on the ground to design and deliver a 
turnkey process that includes installation 
operation and maintenance services for 
the entire life of the power project 
l scalability
 apr energy’s strategy is to focus on 
largerscale longerterm projects which 
in turn equate to higher value contracts 
we design our plants to be scalable to 
serve customers with high megawatt 
needs through our powerdense 
mobile turbine technology and modular 
building processes our projects can be 
readily scaled to over 400mw and can 
be configured to meet our customers’ 
unique requirements 
l flexible technology offering
 apr energy offers customers the 
broadest choice of power generation 
technologies in the market including 
diesel and natural gas power modules as 
well as mobile gas turbines this choice 
allows us to match each customer’s 
specific requirements related to fuel 
type voltage range power generation 
technology scale and power density 
with our gas turbines we provide the 
added flexibility of being able to switch 
seamlessly between natural gas and 
diesel fuel as needed by the customer 
the energy efficiency of our technology 
can also drive an overall lower cost of 
electricity generation for our customers 30  apr energy  annual report 2013
our strategy
develop worldclass 
infrastructure organisation 
and people  
developing our people
with any rapidly growing company 
maintaining and growing a highly 
motivated trained workforce is a top 
priority and is essential in order to meet 
apr energy’s strategic goals over the 
longterm we will grow our global sales 
engineering finance legal hr marketing 
and logistics teams in order to meet the 
rising demand for turnkey fasttrack power 
projects to operate in the fastpaced 
unpredictable climate of our market it 
is critical to have the right people on the 
ground in the regions we serve – armed 
with all the resources they need to take 
care of our customers as our business 
continues to grow and diversify we will 
provide our staff with the motivation 
training and positive career incentives they 
need to perform at the highest level this 
will help ensure skill development provide 
stability and minimise staff turnover
expanding our regional presence
in order to support our objectives of 
rapid solutions delivery and bestinclass 
customer responsiveness apr energy will 
continue to develop and expand its global 
footprint of regional hubs and offices the 
investments we have already made have 
helped us win new contracts and provide 
some of the industry’s fastest response 
times for largescale power projects 
by stationing teams of logistics 
purchasing and engineering staff on the 
ground in the regions in which we operate 
apr energy can provide customers the 
kind of informed responsive partner they 
need and expect in addition to further 
developing our distribution and service 
hubs we will continue to develop our 
regional commercial offices to help us to 
better serve and respond to our customers 
stay attuned to the local markets build 
strategic business relationships and serve 
as a base for developing new projects
our global network of fleet and service 
offices serve as vital hubs for quickly 
responding to new business opportunities 
and the needs of customers around the 
world to expand our market presence 
in strategic markets we operate facilities 
in panama dubai and malaysia these 
fullservice hubs house apr energy’s 
expanding fleet of power generators 
and transmission units – enabling rapid 
deployment and technical support at a 
moment’s notice
finance and administration
we continue to invest in our accounting and 
finance function to strengthen the skills 
experience and depth of our team while 
driving significant improvement across our 
process reporting and analytical systems 
we have complemented this with key hires 
in the areas of tax treasury and investor 
relations as well as establishing regional 
finance teams we have also enhanced the 
support finance provides to our operations 
teams throughout the lifecycle of our 
projects including the early stages of bid 
compilation and approval ongoing project 
cost control and ongoing local support to 
our project teams via our regional finance 
teams 
 
in december the group established 
an internal audit function including the 
appointment of a senior experienced 
individual as the lead of our internal 
audit function the primary responsibility 
of internal audit is to provide objective 
assurance and consulting services 
designed to help the group accomplish 
its objectives by bringing a systematic 
disciplined approach to evaluate 
and improve the effectiveness of risk 
management control and governance 
processes annual report 2013   apr energy  31 
overview strategy performance directors’ report financial statements other information
uruguay
the electricity sector of uruguay is largely 
based on domestic hydropower this leaves 
the country vulnerable to seasonal rainfall 
patterns and often requires importation 
of electricity from its neighbours urgently 
needing a strategic defence against hydro 
dependency until a new power plant could 
be constructed uruguay’s national utility 
ute contracted with apr energy in 2012 
for an initial 100mw turnkey plant the 
utility had a strong preference for dual
fuel gas turbines given its familiarity with 
the technology and the country’s strict 
environmental regulations it also needed a 
solution that would integrate into its current 
site and infrastructure
pleased with apr energy’s solutions and 
technology ute contracted apr energy for 
an additional 200mw installed in early 2013 
across two sites through the fasttrack 
deployment eight mobile turbines travelled 
via a mix of ocean and air freight to meet 
a tight operational schedule the full 
turnkey 100mw solution at punta del tigre 
commenced operations in may bringing 
apr energy’s total capacity at the site to 
200mw the 100mw plant at la tablada 
which became operational in april includes 
150kv substation equipment for protection 
and metering 
the semipermanent plants integrate 
seamlessly into ute’s existing infrastructure 
and utilise demineralised water solutions to 
comply fully with uruguay’s strict emissions 
standards the plants are run as needed 
for peaking power and backup generation 
apr energy now represents 30 of 
uruguay’s backup thermal generation 
and has helped the country become self
sufficient in power production for the first 
time in 15 years 
“i was marvelled with 
the response that this 
company has given we 
now begin a commercial 
stage in which we are 
strategic partners with 
the availability of these 
machines we will supply 
the demand in uruguay 
and it will allow us to 
optimise our system 
sincerely with apr we 
have had a very good 
experience”
 
gonzalo casaravilla
president of ute
strategy in action
apr energy
permanent 
ute plant
wwwaprenergycomuruguaybridgingpower 32  apr energy  annual report 2013
our strategy
libya
as libya worked to build and repair its 
power infrastructure apr energy was there 
to help the libyan people keep the lights 
on in march 2013 apr signed with the 
libyan government what would become the 
largest single contract ever in the fasttrack 
power industry executed across six plant 
sites in the western and southern parts of 
the country the 450mw solution included 
250mw of dualfuel mobile gas turbines 
and 200mw of fuelefficient diesel power 
modules
using apr energy’s regional hubs in 
malaysia dubai and panama our logistics 
team mobilised and routed the equipment 
through three libyan seaports and three 
libyan airports to ultimately make deliveries 
to the six sites the enormous size of the 
project required shipment of over 8000 line 
items and included 76 transformers and 21 
total substations control rooms complete 
with it systems were delivered to each 
site as were fuel distribution systems and 
fuel storage facilities two of the remote 
desert sites included mancamps with living 
facilities
despite a challenging sociopolitical 
environment extreme climatic conditions and 
installation over the holy month of ramadan 
apr energy successfully commissioned 
450mw of generation capacity across the 
six plant sites within 75 days from the time 
equipment arrived at the various sea and air 
ports in libya the electricity that is generated 
powers approximately one million libyan 
homes helping the country develop its new 
economy and stay connected with the world
the 450mw project in 
libya spans across six 
sites involves multiple 
technologies and was 
delivered within a very 
tight schedule to meet the 
customer’s requirements
strategy in action
wwwaprenergycomlibyalargescalefasttrackpower annual report 2013   apr energy  33 
overview strategy performance directors’ report financial statements other information
key performance indicators
the directors regularly review these key performance indicators in managing the 
business and measuring the group’s performance
capacity mw
adjusted ebitda margin 
order book mwmonths
adjusted roce 
adjusted ebitda m
adjusted earnings per share 
2013
2012
2011
2013
2012
2011
2013
2012
2011
2013
2012
2011
2013
2012
2011
2013
2012
2011
2074
1311
900
59
59
52
15730
11592
6429
8
11
17
1812
1570
1106
060
068
052
‘capacity’ represents the aggregate 
megawatt capacity that apr energy’s power 
generating equipment including both owned 
and leased equipment would be capable of 
delivering when operating at 100 of their 
power output 
the directors consider committed capacity 
to be an important indicator of apr energy’s 
revenue generating capability
adjusted ebitda margin represents adjusted 
ebitda as defined divided by revenue
the directors consider adjusted ebitda 
margin to be an important indicator because 
it demonstrates the groups underlying 
operating profitability
order book represents contracted future 
orders expressed as megawatt months 
the directors consider order book to be an 
important indicator of apr energy’s secured 
future revenue
adjusted return on capital employed 
represents operating profit for the previous 
twelve months adjusted to add back 
amortisation of intangible assets and 
exceptional items dividend by the average of 
the net operating assets at the three balance 
sheet dates for example for 31 december 
2013 this comprised 31 december 2013 
30 june 2013 and 31 december 2012 ‘net 
operating assets’ is defined as total equity 
adjusted to exclude goodwill intangible 
assets borrowings founders shares and 
securities deferred tax assets and liabilities 
and current tax assets and liabilities
in a capital intensive business such as apr 
energy roce provides a measure that 
reflects both margin performance and capital 
productivity
adjusted ebitda represents operating 
profit adjusted to add back depreciation of 
property plant and equipment equity settled 
sharebased payment expense amortisation 
of intangible assets and exceptional items 
exceptional items are those items believed to 
be exceptional in nature by virtue of size and
or incidence
the directors consider adjusted ebitda to 
be an important indicator because it provides 
a proxy for free cash generation
adjusted earnings per share represents 
adjusted net income divided by the weighted 
average number of ordinary shares the 
weighted average number of ordinary shares 
used to calculate the 2013 adjusted eps was 
801m 2012 782m 2011 782m
the directors consider earnings per share 
to be an important indicator as it provides a 
comparable means to measure the returns 
the group generates for its shareholders 
the directors have included these measures because they are used by the group in managing the business and measuring the group’s core 
performance these measures will also be beneficial to potential investors in understanding the group’s business however the figures disclosed 
herein may not be comparable to similarly titled measures disclosed by other companies as nonifrs measures are not uniformly defined  34  apr energy  annual report 2013
financial review
  reported  reported adjusted adjusted
  2013 2012 2013 2012
  million   audited audited unaudited unaudited
revenue   3083 2657  3083 2657 
cost of sales   1973 1650 1973 1650
amortisation of intangible assets   88 580   
gross profit   1022 427  1110 1007 
selling general and administrative expenses   332 335 332 335
operating profit   690 92 778 672 
acquisition related costs  144   
founder securities revaluation   33 102  
foreign exchange lossgain   04 04  04 04 
finance income   02 03  02 03 
finance costs   236 46 216 46
profitloss before taxation   275 49 560 633 
taxation   77 100 77 100
profitloss for the year   198 149 483 533 
total comprehensive profitloss for the year  198 149 483 533 
earnings per share 
basic earnings per share  024 019 060 068
diluted earnings per share  024 019 059 068
on 28 october 2013 apr energy completed the acquisition of the ge power rental business in accordance with ifrs 13 “fair value 
measurement” the value of the transaction reflected the closing share price at completion of 1155p per share as a result for accounting 
purposes total consideration was 362 million reflecting the issuance of 15453129 million new ordinary shares and 73 million in cash  
as recognised in the financial statements
the group recognised the provisional fair value of identifiable assets and liabilities relating to this transaction in accordance with ifrs 3 
business combinations further details can be found in note 29 ‘acquisition of subsidiaries’
adjusted financial results and performance review
t o provide investors with greater clarity on the performance of the group adjusted unaudited financial information has been prepared to show 
the results for the group excluding certain items amortisation of intangibles founder securities revaluation movements and ge related 
transaction and integration costs the adjusted unaudited financial information has been prepared as follows
        
 revenue operating  profit for 
 million  profit the year
12 month statutory results to 31 december 2013 3083 690 198
amortisation of intangible assets   88 88
founder securities revaluation     33 
acquisition related costs    144
acquisition related finance costs   20
12 month adjusted results to 31 december 2013 3083  778 483  overview strategy performance directors’ report financial statements other information
annual report 2013   apr energy  35 
 revenue operating  profit for 
 million  profit the year
12 month statutory results to 31 december 2012 2657 92 149
amortisation of intangible assets  580 580
founder securities revaluation     102
12 month adjusted results to 31 december 2012 2657  672  533
revenues for the year increased 16 to 3083 million 2012 2657 million driven primarily by new contract wins contract extensions and 
high utilisation levels on an enlarged fleet following the commissioning of a number of significant contracts during the year the timing of these 
projects becoming operational resulted in revenue being heavily skewed to the second half of the year as expected
revenue included 9 million 2012 nil from the ge business post acquisition and 14 million arising from the finance lease accounting in 
connection with the planned disposal of assets in botswana excluding these items revenue increased 7 year on year
adjusted operating profit increased 16 to 778 million 2012 672 million reflecting the higher revenue and gross profit offset by 
proportionally lower selling general and administrative expenses the depreciation charge as a percentage of revenue remains in line with the 
previous year and reflects capital expenditure on the fleet during the year
adjusted net interest expense for the year was 214 million 2012 43 million reflecting drawings made on the enlarged credit facility as part 
of the purchase of fleet capital expenditure the timing of receipt of receivables and the 150 million termloan drawn down in may 2013 this 
excludes the cash consideration of 73 million 2012 nil for the ge acquisition and fees associated with the additional 100 million termloan
the 2013 tax charge on an adjusted basis was 77 million 2012 100 million reflecting an effective tax rate on adjusted profit before tax of 
14 2012 16 the reduction in the effective tax rate reflects the group booking previously unrecognised tax losses in the uk as a result of 
contract wins during the year
adjusted profit for the year was 483 million 2012 533 million reflecting the increased adjusted operating profit offset by the higher 
adjusted net interest expense 
adjusted basic earnings per share were 060 2012 068 based on a weighted average number of shares of 810 million 2012 782 million 
shares adjusted diluted earnings per share were 059 2012 068 based on a weighted average number of shares of 819 million 2012 
782 million shares
adjusted ebitda increased 15 to 1812 million 2012 1570 million resulting in an adjusted ebitda margin of 59 2012 59
as at 31 december 2013 total fleet capacity was 2074mw an increase of over 58 compared to 31 december 2012 1311mw reflecting the 
520mw of additional capacity acquired through the ge power rental acquisition and 335mw of gross organic capacity expansion funded by 
fleet capital expenditure of 294 million 2012 317 million 
fleet capital expenditure of 294 million 2012 317 million excluding assets acquired through the ge acquisition reflects fleet investment 
primarily in mobile gas turbines resulting in gross organic fleet capacity expansion of 335mw to support new projects wins 
as part of the renewal of the 70mw contract in botswana in late december apr energy has agreed to sell its 70mw installed fleet to the 
customer the transaction has been treated as a finance lease with the sale recognised in december 2013 and with the legal transfer 
of assets expected to occur post the end of the existing contract in q4 2014 the sale represents a mutually attractive opportunity for the 
customer to supplement their owned diesel reciprocating power in country while enabling apr energy to dispose of legacy equipment in the 
interim we continue our strong relationship with the botswana power corporation   36  apr energy  annual report 2013
financial review
financing and bank facilities
the group has commenced discussions with its existing group of relationship banks regarding its refinancing strategy and expects to execute 
this strategy over the coming nine months in light of the termloan which matures on 1 january 2015
as at 31 december 2013 the group had gross debt of 590 million excluding capitalised finance costs 31 december 2012 205 million 
and cash of 34 million 31 december 2012 21 million resulting in a net debt of 556 million 31 december 2012 184 million this net 
debt position partially reflects the timing of the receipt of receivables in respect of the libyan contracts receivables of 100 million have been 
received in respect of the libyan contract since contract commencement as previously communicated management continues to focus on 
cash management and balance sheet efficiency the group’s bad debt position is unchanged and in line with historical low levels representing 
less than 1 of total receivables
adjusted return on capital employed
adjusted return on capital employed roce is a key performance metric for the business given the significant increase in net operating 
assets associated with the growth of the business adjusted roce decreased to 8 2012 11 primarily reflecting the timing of the 
significant asset increase including the 520mw acquired through the ge acquisition in the fourth quarter
currencies
nearly all operating costs are matched with corresponding revenues of the same currency and as such there is minimal transactional currency 
risk in the group
reconciliation of adjusted operating profit to adjusted ebitda
  adjusted adjusted
 million 2013 2012
adjusted operating profit 778 672
depreciation 990 863
equitysettled sharebased payment expense 44 35
adjusted ebitda 1812 1570
statutory financial results and performance review
the statutory results for apr energy covers the year ended 31 december 2013
revenue
revenue for the year was 3083 million 2012 2657 million as described above
operating profit
reported operating profit was 690 million 2012 92m reflecting increased revenues and the lower charge arising from the impact of the 
amortisation of intangible assets
acquisition related costs
expenses of 144 million 2012 nil were recognised in respect of the transaction and integration fees associated with the ge acquisition 
which completed during the year
amortisation of intangible assets
as a result of the ge acquisition the group completed a provisional fair value analysis of tangible and intangible assets and liabilities acquired 
combined with historic intangibles this resulted in the recognition of a charge of 88 million 2012 580 million included within this amount 
for 2013 is a total of 32 million 2012 nil of amortisation expense related to intangible assets associated with the ge acquisition 
bad debt expense
in determining the recoverability of a trade receivable the group considers any change in the credit quality of the trade receivable from the date 
credit was initially granted up to the end of the reporting period there is a concentration of credit risk because there are a limited number of 
customers and as at 31 december 2013 the two individually significant aggregate amounts owed by individual customers were 65 million and 
15 million 2012 16 million and 10 million the risk associated with individual customers is mitigated by the letters of credit we obtain from 
customers on commencement of a contract management reviews concentration credit risk on a regular basis and ensures that where the net 
exposure exceeds certain thresholds appropriate actions are taken this is done on a customer by customer basis and takes account of the 
billing terms letters of credit and local customs and practices bad debt expense was nil million in the period 2012 net credit of 15 million 
reflecting the group’s use of letters of credit contract insurance policies and up front deposits to support receipt of contract revenues overview strategy performance directors’ report financial statements other information
annual report 2013   apr energy  37 
sharebased payments
in accordance with ifrs 2 a noncash charge of 44 million 2012 34 million was recognised related to equitysettled sharebased 
payment transactions this expense relates to equity grants made under the company’s performance share plans
interest and finance cost
net interest expense for the year was 234 million 2012 43 million reflecting drawings made on the enlarged credit facility as part of 
the purchase of fleet capital expenditure the timing of receipt of receivables the cash consideration of 73 million 2012 nil for the ge 
acquisition and fees associated with the enlarged facility
taxation
the group’s reported tax charge for the year was 77 million 2012 100 million the charge primarily comprises withholding taxes of 32 
million 2012 48 million and foreign income taxes in overseas jurisdictions of 45 million 2012 67 million 
earnings per share
basic earnings per share was 024 2012 loss per share of 019 based on a weighted average number of shares of 810 million 2012 782 
million shares diluted earnings per share was 024 2012 loss per share of 019 based on a weighted average number of shares of 819 
million 2012 782 million shares
liquidity and capital resources
net debt excluding capitalised finance fees of 107 million as at 31 december 2013 was 5561 million 2012 1840 million this reflects 
the group’s continued investment in its fleet and is consistent with the group strategy a summary analysis of cash flows is set out in the table 
below
 million  2013 2012
net cash from operating activities 578 1173 
net cash used in investing activities 4108 3471
net cash from financing activities 3659 1878 
net increasedecrease in cash and cash equivalents 129 420
cash and cash equivalents at beginning of the year 210 630 
cash and cash equivalents at end of the year 339 210 
during the period net cash flow from operating activities totalled 578 million 2012 1173 million the reduction reflected investments in 
working capital as a result of the significantly higher activity during the second half and the acquisition of the ge business in october 2013
cash flow used in investing activities primarily comprised the increased purchases of property plant and equipment due to higher levels of 
organic investment in the fleet and increased mobilisation costs arising from projects commencing operations during the year and the 731 
million due to the acquisition of the ge power rental business 
cash from financing activities included a net 3850 million of debt drawdowns the cash balance at year end was maintained at a level 
commensurate with the month ahead forecasted cash flows plus leaving a sufficient amount of cash on hand to cover any eventualities and 
 to minimise borrowing costs
acquisition of the ge power rental business
on 28 october 2013 the group acquired the ge power rental business the total consideration for the acquisition was 3615 million payable 
in cash 731 million on completion and 15453129 ordinary shares allotted and issued credited as fully paid up to the sellers the fair value 
of this share issue was 2884 million which was equal to the share price on the closing date of the transaction multiplied by the number of 
shares issued the ge power rental business contributed 92 million revenue and 24 million to the group’s profit for the period between the 
date of acquisition and the 31 december 2013 further details can be found in note 29 ‘acquisition of subsidiaries’
statement of financial position
as at 31 december 2013 the group had goodwill of 6226 million 2012 5471 million the increase reflecting goodwill of 755 million 
acquired through the acquisition of the ge power rental business in october 2013 further details can be found in note 29 ‘acquisition of 
subsidiaries’
  38  apr energy  annual report 2013
property plant and equipment
as at 31 december 2013 the group held property plant and equipment of 11943 million 2012 6715 million reflecting significant 
additions of 5362 million including 2423 million arising from the acquisition of the ge power rental business and 2939 million from fleet 
capital expenditure disposals of 144 million 2012 04 million primarily relate to the expected sale via a finance lease of 70mw of legacy 
diesel reciprocating power modules in botswana as part of the december 2013 renewal
equity
as at 31 december 2013 the group’s total equity increased 28 to 13966 million 31 december 2012 10918 million principally as a 
result of the share capital issuance in respect of the ge acquisition of 2866 million and the profit for the year
treasury policies and risk management
the group’s activities give rise to a number of financial risks particularly market risk comprising foreign exchange and interest rate risk credit 
risk liquidity risk and capital risk management
market risk
market risk includes foreign exchange risk and interest rate risk the group seeks to manage these risks to acceptable levels by maintaining 
appropriate policies and procedures in its determination to enter into a contract the group will carry out a risk assessment and determine the 
appropriate risk mitigation strategies market risk also includes the risk that cash derived from income for services fulfilled under contract terms 
will become restricted and not available for use in the ongoing activities of the business 
foreign exchange risk
the group has an exposure to transactional foreign exchange from purchases or sales in currencies other than us dollars in order to minimise 
exposure to foreign exchange risk the group primarily contracts in us dollars or in contracts with a price based on us dollars at the date of 
transaction or payment if possible in some cases the group transacts in local currencies when purchasing materials and supplies for project 
operations 
in limited circumstances the group may use derivative instruments to economically hedge against foreign exchange risk any hedges are 
limited in duration and correspond to the applicable contract payments or receipts to which the derivatives are associated 
interest rate risk
the group is primarily exposed to interest rate risk on its borrowings borrowings issued at variable rates expose the group to cash flow 
interest rate risk borrowings issued at fixed rates expose the group to fair value interest rate risk when applicable the group may elect to 
hedge interest rate risk associated with debt or borrowings under the credit facility by purchasing derivative instruments as at 31 december 
2013 and 2012 there were no interest rate hedges in place
credit risk
credit risk arises from cash and cash equivalents deposits with banks and financial institutions as well as exposures to outstanding 
receivables from customers due to the nature of the group’s business in emerging markets management believes the most significant of 
these to be exposures to outstanding receivables from customers
t o minimise the risk of a significant impact on the business due to a customer defaulting on its commitments the group closely monitors trade 
receivables in addition the group utilises letters of credit contract insurance policies and up front deposits to mitigate this risk
liquidity risk
liquidity risk results from insufficient funding being available to meet the group’s funding requirements as they arise the group manages 
liquidity risk by maintaining adequate reserves of cash and available committed facilities to meet the group’s short and longterm funding 
requirements the group monitors the shortterm forecast and actual cash flows on a daily basis and medium and longterm requirements in 
line with the group’s longterm planning processes 
financing and bank facilities
in 2013 the group extended its committed secured credit facility by 250 million to 650 million comprising a 400 million revolving credit 
facility and a 250 million termloan the facility with an expanded group of international banks provides significant liquidity to allow the group 
to continue to grow its fleet expand its global network and respond quickly to opportunities in the market the 250 million termloan is due for 
repayment on 1 january 2015 
the group has commenced discussions with its group of existing relationship banks regarding its refinancing strategy and expects to execute 
this strategy over the coming nine months
financial review annual report 2013   apr energy  39 
overview strategy performance directors’ report financial statements other information
going concern
the group has committed secured credit facilities of 650 million comprising a 400 million revolving credit facility and a 250 million term
loan the 250 million termloan is due on 1 january 2015 within the timeframe of the going concern review the group is currently forecasting 
to meet the repayment of the termloan and while the group expects to refinance the 250 million termloan the group’s forecast cash flow 
headroom is sufficient to allow repayment of the loan on the maturity date
in order to ensure it remains within the terms of this facility including covenant requirements the group regularly produces cash flow 
statements and forecasts and sensitivities are run for different scenarios including but not limited to changes to contract start dates pricing 
and expected contract duration in the event of unexpected adverse changes to the group’s cash flows the directors are confident that 
the group could manage its financial affairs portfolio management and deferring of nonessential capital expenditure so as to ensure that 
sufficient funding remains available for the next twelve months
accordingly the directors believe that the group’s forecasts and projections taking account of reasonably possible changes in assumptions 
show that the group will be able to operate within the terms of its financing and bank facilities for the foreseeable future being twelve months 
from the date of this report
after making enquiries the directors have a reasonable expectation that the company and the group have adequate resources to continue in 
operational existence for the foreseeable future accordingly they continue to adopt the going concern basis in preparing the annual report 
and consolidated financial statements
dividends proposed
at the upcoming annual general meeting on 20 may 2014 the board will recommend to shareholders that a resolution is passed to approve 
payment of a final dividend for the year ended 31 december 2013 of 67 pence per share 2012 67 pence per share with the interim dividend 
of 33p 2012 33p this results in a full year dividend of 100p 2012 100p subject to shareholders’ approval at the annual general meeting 
on 20 may 2014 the final dividend will be payable on 3 june 2014 to shareholders on the register as at 4 april 2014 
the board will continue to maintain a regular review of its dividend policy and reiterates its intention to pay an annual dividend
andrew martinez
chief financial officer
25 march 2014 40  apr energy  annual report 2013
corporate responsibility
at apr energy we firmly believe that acting 
responsibly makes good business sense it 
helps drive our interactions with employees 
customers suppliers and our communities 
it is a fundamental part of who we are and 
how we operate demonstrating our core 
values each and every day we build lasting 
relationships with our customers and deliver 
safe and consistent operations this will 
support our vision to be the leader in our 
chosen market
having a strong set of corporate 
responsibility cr policies and practices 
is critical we have a growing and 
geographically diverse employee base we 
do business in many countries around the 
world each with differing cultures practices 
and regulations
given the nature of our fasttrack power 
projects we may deploy our power solutions 
to remote inhospitable environments 
sometimes following the wake of a natural 
disaster we use equipment which if 
improperly handled could be potentially 
harmful to people and to the surrounding 
communities and environment
t o ensure that apr energy operates in a 
safe ethical and responsible manner we 
have adopted a number of policies designed 
to ensure the health safety and wellbeing 
of our employees our customers and 
the communities in which we operate we 
have developed a comprehensive range of 
operating procedures and processes to help 
minimise the risks inherent in our industry 
we work collaboratively with our vendors 
and suppliers to help ensure alignment 
with and adherence to our cr goals and 
objectives
people
our people are our most valuable resource 
with a workforce that spans the globe our 
objective is to create a positive workplace 
and culture where people feel valued enjoy 
the challenge of exciting and rewarding 
work and can grow in their careers 
apr energy is proud of its skilled and 
experienced workforce we aim to be 
an employer that attracts and retains 
highperforming people whose diversity 
is representative of all the regions in 
which we operate with our global reach 
recruiting and developing the best people 
are essential components to our growth 
aspirations and we continue to invest in 
ensuring that our employees are able to 
work to the best of their abilities
we provide our people the training and 
development they need to be successful 
training programmes are tailored to 
the employee’s role environment and
or functional area and cover a broad 
number of subject areas including skills 
development processes and tools 
environment ethics and compliance health 
and safety – to name just a few apr energy 
also supports employee growth as part of 
development planning 
apr energy strives to ensure that our 
employee policies and procedures reflect 
best practices and are implemented and 
followed by all our employees across the 
regions in which we operate our policies 
and procedures cover a broad range of 
areas including health and safety travel 
gifts and entertainment and anticorruption 
apr energy has adopted a zero tolerance 
policy with regard to any compliance policy 
violations
we expect our employees to act 
appropriately and ethically in everything they 
do guidelines are set out in apr energy’s 
code of conduct which all employees are 
required to read and sign as a precondition 
of employment
we have a growing and geographically 
diverse employee base we do business in 
many countries around the world each with 
differing cultures practices and regulations 
we believe our diversity is an essential 
part of how we do business and meet the 
needs of our equally diverse customer 
base we do not tolerate any form of 
discrimination and aim to reflect the diversity 
of the communities in which we operate 
we are committed to treating people 
fairly and ensuring that our employment 
policies are free from any form of unlawful 
discrimination against any employee on 
the grounds of sex gender reassignment 
sexual orientation pregnancy race colour 
nationality ethnic or national origin religion 
or belief age or disability
transforming the future 
for our people our 
customers and our 
communities annual report 2013   apr energy  41 
overview strategy performance directors’ report financial statements other information
apr energy core values
we proactively encourage communications 
between our employees across the 
globe and work to ensure all employees 
understand the values goals and strategies 
that are important to our business
through our internal company newsletter 
we regularly share successes and best 
practices across our global operations 
giving employees in each region visibility into 
what others are doing additionally we strive 
to ensure information is shared between field 
operations and headquarters
our promises to our employees
l we provide a positive workplace that 
fosters teamwork supports career 
growth and celebrates achievements and 
success
l we provide ongoing training and 
development that creates a bench of 
talent to meet our growth strategies 
l we attract top tier talent and we reward 
and recognise high performance to 
improve our competitive position
l we embrace diversity across all the 
regions in which we operate and prohibit 
discrimination on the grounds of race 
religion gender sexual orientation age 
nationality or ethnic origin
l we provide our employees with clear 
direction tools systems and the 
processes they need to provide superior 
products and services to our customers
as stated our people are our most valuable 
resource as such we openly encourage 
and welcome employee feedback and 
do so through a number of initiatives this 
feedback is solicited regularly and we take 
every measure to capture and followup 
on any inputs and concerns received the 
following are examples of ways we engage 
with employees to receive and address 
feedback
l we conduct quarterly t own hall meetings 
with all employees to discuss company 
strategy and plans and new initiatives to 
provide focus across the organisation to 
our plans and recognise achievements 
of individuals who have made significant 
at apr energy we take our values seriously for us they are more than a belief system – 
they are the heart of our company they serve as the foundation upon which we work and 
interact with our coworkers partners customers and communities
integrity
our relationships are built on a foundation of trust honesty dependability and transparency 
we stay true to our word and deliver what we commit we follow the highest ethical and 
moral standards and take responsibility for our actions
speed
speed is the essence of our business we deliver with pace ensuring a level of 
responsiveness to our customers stakeholders and teammates that meets or exceeds 
expectations we break through barriers and bureaucracy to meet our goal of delivering on 
time every time
entrepreneurial spirit
we foster a kindred entrepreneurial spirit that values passion innovation and calculated 
risktaking we embrace change as a necessary part of driving growth and approach each 
challenge with creativity courage collaboration and a ‘cando’ attitude
mutual respect
we care for our people communities and customers and conduct all dealings in a 
manner that reflects fairness and diversity we behave in a professional courteous manner 
and show respect for the individual at all times
teamwork
we enjoy a collaborative and collegiate work environment that fosters open 
communication learning and the sharing of information and ideas we promote close 
cooperation across business functions and strive to be a flexible and customercentric 
business partner
stewardship
we value the health safety and wellbeing of our people and the communities in which 
we work and act as a steward to the environment we carefully manage our resources 
while minimising waste and actively partner in the progress of our communities through 
community development 42  apr energy  annual report 2013
corporate responsibility
contributions to the company
l the apr energy open door policy 
helps ensure that employees can feel 
comfortable in sharing concerns and 
issues openly with their management 
employees can take comfort in knowing 
that no one at apr energy may in any 
manner retaliate against any employee for 
utilising apr energy’s open door policy 
to raise issues or concerns
l additionally apr energy has a hr
compliance hotline that can be called 
anonymously and in any event would 
not allow for retaliation by one who was 
referenced on that hotline
l through the president’s council apr 
energy employees representing a 
crosssection of our business including 
operations business development 
finance it  marketing hr and 
administration are able to have open 
and candid dialogue directly with senior 
management on issues most important to 
them and the business
l the president’s council provides an 
opportunity for any of our employees 
to bring ideas voice concerns and 
discuss how we can continue to grow a 
successful business ideas are captured 
and shared within the organisation with 
action items noted and tracked by senior 
management
corporate ethics
we operate in a wide range of countries 
around the world and it is apr energy 
policy to always conduct our activities 
in accordance with applicable laws and 
regulations we always work in a safe 
ethical and professional manner across all 
our operations and to the highest standards 
of corporate governance in many cases 
setting standards well above that required 
by local law
business ethics and compliance particularly 
in the areas of antibribery and corruption 
are increasingly important to regulators 
customers and stakeholders who need the 
assurance of knowing they can trust us to do 
the right thing complying with the law in this 
important area as well as maintaining our 
good reputation is therefore essential for 
our continued success
apr energy has a reputation for integrity and 
honesty in all our business dealings a factor 
that contributes positively to our longterm 
relationships with customers and suppliers 
all apr employees as well as consultants 
suppliers and agents with whom we work 
are required to behave ethically and our 
expectations of them are set forth in our 
corporate ethics policy which applies to all 
group employees
the principal objectives of our ethics policy 
are
l make apr energy a good company for 
which to work 
l maintain our reputation for exceptional 
customer service and ethical business 
dealings
l enable apr energy to compete to the 
highest standards in an ethical manner
l ensure the business is managed with the 
highest standards
the board its committees the chief 
executive officer and its chief compliance 
officer play key roles together with 
management in promoting and monitoring 
ethical behaviour and safeguarding our 
reputation compliance training is provided 
to all employees in order to support their 
understanding of and commitment to 
comply with the law and to protect and 
enhance the company’s reputation 
the training educates managers in their 
responsibilities for employees commercial 
contracts and company assets and is 
delivered globally
apr energy has an antibribery policy which 
applies to all group entities worldwide and 
to all directors employees workers agents 
or any other persons acting for or on behalf 
of the group and which includes a clear 
statement of commitment to antibribery and 
anticorruption practices we have has also 
raised awareness and extended antibribery 
training including the need for due diligence 
when entering into third party arrangements 
and monitoring at a senior level
apr energy’s ethics committee is 
responsible for among other things making 
recommendations to the board to establish 
a culture of integrity and honesty in all of the 
group’s business dealings 
additionally apr energy operates a 
published share dealing code which 
explains to directors employees and 
certain contractors their obligations with 
respect to buying and selling the company’s 
securities in order to ensure compliance with 
relevant laws and to protect the interests 
of the company and includes the dates of 
the company’s close periods on trading 
in its shares the ethics committee in 
conjunction with our general counsel  
chief compliance officer has developed 
vendor agent and customer certifications 
signoffs agreements checklists and other 
forms of due diligence in connection with 
engaging our third party providers 
those materials are located in one central 
electronic repository available to all apr 
energy employees who require access to 
them anywhere in the world
human rights
the group operates in accordance with 
the universal declaration of human rights 
and take account of other internationally 
accepted human rights standards we 
also promote human rights through our 
employment policies and practices 
through our supply chain and through 
the responsible use of our products and 
services apr energy is confident of the 
human rights performance of its own 
operations but recognises that business 
practices in the supply chain are not always 
transparent and represent a risk that we aim 
to manage every effort is made to ensure 
that the issues are managed effectively
environment
apr energy is dedicated to minimising our 
environmental impact throughout all business 
activities it undertakes around the globe we 
seek to incorporate the latest technologies 
in order to lower emissions and noise levels 
while increasing fuel efficiencies apr energy 
offers generating equipment capable of 
producing one of the highest fuel efficiency 
levels within our industry significantly cutting 
total cost for our customers while providing 
reduced carbon emissions
emissions
apr energy’s equipment is designed 
to function in all types of terrain and 
by careful design and use of the most 
suitable technology we aim to minimise the 
environmental impact of that equipment all 
our equipment is designed to comply with 
applicable laws regulations and industry 
standards wherever we operate in the world 
our generating equipment is controlled by 
stateoftheart programmable logic control 
plc systems which are automated to 
increase flexibility and decrease emission 
levels apr uses the international recognised 
air emissions modelling software ‘aermod’ 
to identify air emissions patterns for the 
project site this modelling allows apr to 
choose equipment that best matches the 
use and environment
when it comes to power generation fuel 
represents one of the highest operating 
costs which is why apr energy has placed 
a heavy focus on fuel efficiency with its 
technologically advanced fleet apr energy 
is uniquely positioned to utilise the most fuel
efficient equipment available in the fasttrack 
power market today thereby helping our 
customers to reduce the overall total cost of  annual report 2013   apr energy  43 
overview strategy performance directors’ report financial statements other information
their power project as the price and volatility 
of fuel continues to rise so will the need for 
more fuelefficient solutions t o meet this 
demand we continue to invest in leading
edge technology and innovative engineering 
that help customers operate more profitably 
and efficiently without sacrificing on 
emissions control 
our fleet of diesel and gas power modules 
and gas turbines combine advanced 
engine technology with our own proprietary 
processes and modifications to provide 
customers with cleaner and more fuel
efficient solutions 
as fuel efficiency rates can vary depending 
on factors like temperature altitude and 
fuel quality apr energy’s engineering and 
plant operations teams conduct ongoing 
reviews of our operations and perform fuel 
efficiency calculations by taking readings 
of fuel burned throughout a 24hour period 
and then comparing those numbers to the 
amount of energy produced we are able to 
provide an accurate forecast of fuel savings 
throughout the life of a project and make 
necessary adjustments to further boost the 
efficiency of our equipment
at apr energy we continuously strive 
to find new ways to lower our emissions 
footprint given the young age of our fleet 
and its flexibility in terms of technology and 
fueltype we are able to provide some of the 
cleanest solutions available in the fasttrack 
power market today all of our equipment 
is designed to perform in accordance 
with various internationally recognised 
standards including the world bank we 
apply advanced mitigation techniques 
and can meet more stringent emissions 
levels where required for local markets 
our generating equipment is controlled 
by stateoftheart electronic engine and 
generator management systems which 
greatly contributed to the mitigation of 
emissions levels this means no matter 
where our clients need us we can deliver 
optimised emissions solutions tailored for 
each application
our turbine technology provides a number 
of ways in which it can lower emissions 
including water injection which can increase 
power output improve fuel efficiency and 
decrease nitrogen oxides nox emissions  
gas turbines also use fewer consumables 
than other technologies
a key part of our strategy towards 
emissions control is our focus on natural 
gas apr energy enables customers to 
take advantage of this cleaner readily 
available fuel source through our mobile 
gas turbines as well as through our 
nextgeneration natural gas reciprocating 
power modules these technologies offer 
customers a cleaner more costeffective 
and lower impact alternative to dieselfuelled 
generators 
natural gas is one of the cleanest of all 
nonrenewable energy sources its use 
in place of the other fossil fuel types will 
emit fewer harmful pollutants natural gas 
is considered an environmentallyfriendly 
clean fuel offering important environmental 
benefits when compared with other fossil 
fuels including significantly lower levels of 
nox carbon dioxide co
2
 and virtually no 
sulphur oxides sox the near nonexistent 
sox emission rates means it is not a major 
contributor towards the cause of acid rain
for those customers requiring a diesel 
solution our dualfuel mobile turbines and 
diesel power modules provide market 
leading low emissions for example 
the average diesel truck produces more 
emissions in the form of nox and 
particulate matter than one of our diesel 
power modules 
our focus is to deliver power solutions we 
achieve this by providing our customers with 
the applications and technologies that best 
meet their requirements and preferences 
with regards to fuel type fuel efficiency and 
emissions we work with our partners ge 
and caterpillar to improve fuel efficiency 
technology and equipment for application 
also by investing in alternative fuels such as 
gas and fuelefficient engines we can seek 
to mitigate the impact of emissions arising 
from our growing business
almost all of the group’s ‘related’ emissions 
arise from those produced by the fleet there 
are three main factors driving apr energy’s 
total annual greenhouse gas “ghg” 
emissions which include the fuel type our 
customers choose to use the fleet mix and 
usage pattern and the fuel efficiency of the 
equipment we use as the decision of fuel 
choice and fleet usage remains with the 
client it is only the last of these factors that 
is within apr energy’s control 
as a growing business we expect the 
absolute amount of ghg emissions will 
increase as fleet capacity and utilisation 
increases in addition there is another trade
off to be considered – lower nox emissions 
come at the cost of higher fuel consumption 
therefore our customers’ focus on fuel 
efficiency could result in higher emissions
in accordance with the companies act 2006 
strategic report and directors’ report 
regulations 2013 our greenhouse gas  44  apr energy  annual report 2013
emissions for the period 1 january to 31 
december 2013 are reported in the directors 
report on page 73
noise
through the use of custombuilt acoustic 
enclosures as well as highperformance 
isolation and attenuation systems apr 
energy actively seeks to minimise the noise 
levels associated with our power plants 
when our equipment is located in or near 
a local population we have a system of 
regular noise monitoring and community 
coordination to help ensure that we are in 
compliance with all noise regulations and 
are not negatively affecting the surrounding 
quality of life
our reciprocating power modules typically 
operate at decibel levels between 72 and 
76 dba at a standard distance of 15 
metres under normal operation and ambient 
conditions apr energy provides a standard 
noise solution package which minimises 
external noise by the installation of sound 
attenuating louvers and insulation as well 
as providing topquality internal mufflers if 
necessary apr’s engineering staff is trained 
in noise mitigation and has the capability 
to decrease standard noise levels to meet 
critical noise specifications
waste
the apr energy engineering team has 
placed a major focus on designing our 
power plants to minimise waste during 
the installation phase we accomplish this 
through the use of more reusable and 
durable materials as well as by precutting 
and fabricating as many items in advance as 
possible these efforts decrease the amount 
of materials that we have to dispose of at the 
end of the project
apr energy actively promotes recycling 
within its processes facilities and 
operations and implements a waste 
management policy to focus on the recycling 
of all wastes as an example each apr 
plant recycles the oil that it produces every 
month  
health and safety
apr energy is committed to high standards 
of occupational health and safety to protect 
its employees contractors customers 
suppliers and visitors the health and 
wellbeing of those who work in and around 
each power project site is of the utmost 
importance to us we not only ensure that 
basic requirements are met but aim to go 
above and beyond those requirements to 
provide employees with the most optimal 
work environment possible as a result 
of these efforts we are pleased to again 
report that we had no employee onthejob 
fatalities in 2013
a wellstructured health and safety 
programme is key to our business success 
and serves as a prescribed requirement of 
the apr energy ehs policy the programme 
is led by a dedicated team of ehs leaders 
and specialists located throughout our 
onsite operations worldwide our ehs 
programme is in accordance with leading 
international standards including the us 
occupational osha guidelines and the uk 
health and safety at work act 1974  
we implement and enforce this  
programme throughout our global 
operations the standards we follow serve to 
ensure that our facilities provide the highest 
level of protection for our employees and 
subcontractors also we use the latest 
technologies in equipment and tools that 
are control checked to the highest safety 
standards
the apr energy ehs director together 
with engineering and other area subject 
matter experts maintains apr energy’s 
ehs policy and reviews procedures and 
risk management standards on a yearly 
basis to identify opportunities for further 
improvement
we keep our health and safety initiative 
uptodate by requiring regular safety 
training and certification for the daytoday 
operations of each of our power plants 
worldwide moreover each apr energy 
power plant is inspected regularly by both 
internal and independent safety committees 
to ensure that every facility is operating 
in compliance with the latest industry 
standards
during 2013 apr energy updated its crisis 
management plan and procedures together 
with the support of one of the world’s leading 
crisis management consultants the process 
included training across the company as 
well as plant emergency response practical 
exercises with the apr crisis management 
team and key areas of the business 
security
demand for power can often be the result of 
eventdriven forces or emergencies whether 
caused by human events or forces of nature  
consequently the environment in which apr 
energy operates can often contain a number 
of social political and environmental risks 
which present operational challenges 
apr energy is committed to creating 
a secure working environment for all 
corporate responsibility annual report 2013   apr energy  45 
overview strategy performance directors’ report financial statements other information
y emen girls’ schools
apr energy is proud to have sponsored a community project in yemen to provide resources 
and assistance to two local schools within the aden community done in cooperation with 
our local partner griffin group the project provided the schools with educational resources 
that included computers sewing machines copiers and school supplies as well as air 
conditioning units kitchen materials lockers tables and chairs these contributions will help 
to support the development of valuable life skills through the incorporation of technology 
into the daily curriculum and will contribute towards a higher quality of life for the students 
teachers and families
y outh athletics 
during the year apr energy contributed to a number of initiatives supporting young people 
in our communities including renovating a playground at a local school near our site at punta 
del tigre uruguay supporting youth football in morro bento angola and providing new 
uniforms for youth football in nias indonesia
philippines relief
apr energy and its employees made a significant donation to a disaster relief fund in support 
of victims of t yphoon haiyan which caused significant destruction in the philippines over a 
twoweek period apr energy and its employees combined to donate over 124000 to relief 
efforts apr energy’s donation helped to provide consistent treatment to more than 40000 
people who were impacted 
united states local initiatives
in 2013 apr energy employees at the jacksonville corporate office contributed significant 
time and money to local community causes this includes volunteering donations and 
collecting nonperishable food for the second harvest food bank providing meals for local 
underprivileged families 
employees friends and relatives of apr energy joined together as “t eam apr energy” for 
the 2013 juvenile diabetes research foundation jdrf walk to cure diabetes raising 
over 7800 apr energy employees also volunteered significant time in support of the local 
leukemia  lymphoma society including participation in the annual light the night walk 
which helps bring awareness to the cause
personnel while also ensuring the security 
of our physical assets during 2013 we 
strengthened our security posture with the 
introduction of a group security director 
as well as a regional security manager in 
our highest risk region we also introduced 
security standards setting out mandatory 
principles and procedures for all our 
locations
we maintain practices policies and 
procedures to mitigate risk of potential 
incidents this includes contracting 
protection services from global security 
providers where warranted as well 
as providing traveller assistance and 
establishing traveller protocols we monitor 
security intelligence on a real time basis 
and ensure that appropriate risk mitigation 
measures are in place pursuant to the 
corresponding risk climate
we have robust systems for assessing and 
monitoring security in all countries of interest 
to apr energy with systematic security 
analysis now an integral component of risk 
management for both existing operations 
and new markets
community development 
apr energy is dedicated to the development 
and wellbeing of the local communities in 
which we operate and we strive to build 
close relationships with the people whom we 
serve and work amongst apr energy not 
only helps our communities by hiring from 
the local workforce and providing valuable 
skills training but also looks to contribute in 
ways that help local communities improve 
their overall quality of life 
through our community development 
programme we regularly identify service 
projects with the needs of our neighbouring 
communities in mind and actively 
encourage staff and customer involvement 
the projects are primarily focused on 
improving infrastructure health and 
education and usually take place in the 
neighbourhoods near our power plant sites 
in 2013 we completed a number of 
community and charitable initiatives we 
are honoured to have the opportunity to 
create these partnerships and implement 
projects that benefit local members of the 
community our customers and global apr 
energy personnel we expect to undertake 
further projects in 2014 across many of the 
communities in which we operate 46  apr energy  annual report 2013 46  apr energy  annual report 2013
a key responsibility of the board and 
the management team is the effective 
identification and management of risks 
facing the business now and in the future 
managing risk effectively is a key element of 
achieving the group’s strategic objectives 
and maintaining highquality services to 
customers
the group’s risk management approach is 
designed to support the successful running 
of the business and provide assurance 
to the board by identifying and managing 
risks to an acceptable level proactive 
assessment of risks across strategies 
markets operations and finance – and the 
establishment of mitigating actions – are 
recognised as critical to the successful 
delivery of apr energy’s objectives
the board has overall responsibility for 
establishing the risk appetite of the group 
for identifying risks and for ensuring that 
risk mitigation processes are in place and 
that they are being managed effectively 
the board has delegated this responsibility 
for monitoring the risk management system 
to the audit committee including the 
review of annual risk assessments and the 
effectiveness of systems and processes of 
internal control 
management is responsible for the 
diligent execution of risk management 
processes including the maintenance 
of active risk registers and the system 
of internal controls in order to help fulfill 
this responsibility management operates 
a risk management committee “rmc” 
comprising the group’s management 
team the rmc assists the chief executive 
officer audit committee and the board 
in providing information on the key 
elements of the group’s risks and provides 
guidance to group leadership on the risk 
management framework
the board is responsible for ensuring that 
the group’s risks are properly identified 
monitored and managed the rmc 
provides oversight and guidance the 
duties of the rmc include the following
l reviewing the major risks to the group 
such as strategic operational financial 
risk management
risk management 
is an integral part of 
our business and is 
fundamental to how we 
create value and deliver 
sustainable returns to 
shareholders
market and reputational risk as well as 
the guidelines policies and processes 
for monitoring and mitigating such risks
l maintaining and reviewing regularly the 
group’s risk register
l discussing with management the 
group’s risk assessment process 
management’s plan to mitigate or 
control the identified risks and proper 
disclosure of the risks to the board and 
its committees
l monitoring the identified risks and 
reviewing with management the amount 
of overall risk that the group is willing to 
accept or retain
l reviewing the scope and adequacy of 
the group’s insurance and providing a 
route to escalate the financial impact 
of any risks identified that exceed 
established acceptable thresholds
a key element of the group’s risk 
management framework is the group’s 
risk register this is compiled by the 
rmc based on input from all parts of 
the business together with a topdown 
review undertaken by the rmc prior to the 
board’s regular review it forms the basis 
of the mitigation strategies identified for 
all key risks the risk register supports the 
identification and mitigation of the principal 
risks and uncertainties outlined on pages 
48 to 51
through the rmc the group continues 
to enhance its focus on the identification 
of risk and its mitigation including 
strengthening internal controls and 
improving the reporting of risk related 
management information to ensure that the 
management of risk is fully embedded in 
the strategic and operational processes of 
the group 
the group recognises that it operates 
in some challenging parts of the world 
and takes the security and welfare of its 
people and assets very seriously the 
group continues to review its security 
arrangements including assessing security 
risk in all highrisk territories before entering 
into specific contracts during the year the  annual report 2013   apr energy  47 
overview strategy performance directors’ report financial statements other information
annual report 2013   apr energy  47 
group recruited experienced senior security 
experts including a global director of 
security to oversee all aspects of securing 
our people property and security vendors 
throughout the world
internal controls
the board of directors acknowledges 
its responsibility for the oversight of the 
group’s system of internal controls and for 
reviewing its effectiveness the group’s 
system of internal controls is designed 
to manage rather than eliminate risk it 
provides reasonable but not absolute 
assurance against material misstatement 
or loss
to assist in its execution of these 
responsibilities the group has recently 
established an internal audit function 
responsible for the independent review of 
the group’s risk management and control 
environment its objective is to provide 
reliable valued and timely assurance to the 
board of directors the audit committee 
the chief executive officer and the senior 
management team as to the effectiveness 
of controls in mitigating current and 
evolving risks and in so doing enhancing 
the controls environment within the group
in particular internal audit will assist the 
senior management team by performing 
independent appraisals of the effectiveness 
of the internal control environment and 
making recommendations for improvement 
and support the group’s business 
management system the audit committee 
will review and approve internal audit’s 
programme and resources review and 
discuss major findings of audit reviews 
together with management responses and 
evaluate the effectiveness of the internal 
audit function
further details on the board and its 
committees can be found in the corporate 
governance report on pages 58 to 67
risk factors
apr energy’s performance and prospects 
may be affected by a number of risks and 
uncertainties that relate to the industry and 
the environments in which it undertakes its 
operations around the world the group is 
aware of and sensitive to the issue of risk 
and has systems and procedures in place 
across the group to identify assess and 
mitigate major business risk
the group undertakes a formal review of 
risks at least annually which could impact 
its area of business identified risks are 
formally reviewed on a regular basis and 
recorded in an active risks register with 
mitigating actions the group continues 
to develop its risk management systems 
and processes to help to ensure that its 
responses remain appropriate to the range 
of risks that the group faces
principal risks and uncertainties
the following factors and other information 
contained in this annual report should 
be considered carefully the following is 
a description of the risks that may affect 
some or all of the group’s activities and 
which may affect the value of an investment 
in the company’s securities if any of 
the events described below occurs the 
business financial condition or results of 
operations of the group could be affected 
adversely in a material way
additional risks and uncertainties that the 
group is unaware of or that it currently 
deems immaterial may also in the future 
have a material adverse effect on the 
group’s business results of operations and 
financial condition
effective risk management
the effective identification and 
management of risk is critical to apr 
energy’s success and the following 
systematic approach is applied across 
the group
l identifying key risks the group 
applies the same methodology to 
identifying risk at all levels across the 
group key and emerging risks are 
reviewed on a regular and ongoing 
basis
l analysing risks and controls risks 
are evaluated to assess financial and 
nonfinancial impacts the likelihood of 
occurrence and the potential impact 
this results in a prioritised register 
of risks against which management 
will review the nature adequacy and 
appropriateness of current controls to 
mitigate these risks 
l determining management actions 
if new different or additional actions 
are identified these are analysed and 
appropriate responsibilities to execute 
them are assigned
l reporting and monitoring 
management is responsible for 
monitoring the effectiveness of 
controls and progress of actions 
taken to mitigate key risks this will 
be assessed through the group’s 
recently established internal audit 
programme  48  apr energy  annual report 2013 48  apr energy  annual report 2013
principal risks and uncertainties
strategic
market
the group’s strategy is primarily based on 
organic growth via the deployment of capital 
into new temporary power projects that are value 
accretive this organic growth is dependent 
on the group’s ability to effectively secure new 
projects and to scale the infrastructure of the 
business to support execution
the group operates in an industry where the 
majority of contracts are shortterm typically 
12 18 months and there are no assurances 
that any particular customer will renew or extend 
a contract
given the scale of the group’s albeit growing 
customer base the loss of any single major 
customer andor high concentration of assets 
could have an adverse impact on the results of 
its operations
the global footprint of the group’s business 
exposes it to risks of change in economic condi
tions and political regimes
customer demand inherently fluctuates and in 
many cases it is driven by external events that 
are difficult to predict
while barriers to entry in the temporary power 
space remain high there is the potential for new 
or expanding entrants to compete with the group
the inability to deploy successfully capital into 
new projects and maintain its growing fleet could 
have a material adverse effect on the financial 
results of the group
assets may be idle for a period of time before they 
are redeployed in a revenue generating capacity
any such loss of a major customer contract 
could materially impact revenues and associ
ated profitability
declines in economic activity slowing of growth 
rates and customer access to funding could 
impact the growth strategies of the business 
additionally changes in political regimes pose 
potential risk to existing contracts andor the 
timing of potential new contract opportunities
fluctuating demand can create volatility in trading 
results higher margin event emergency driven 
contracts may not be sustainable on a consistent 
basis
new entrants may create pricing pressure in the 
market and lead to reduced margins
failure to deliver the 
growth plan envisaged as 
part of the recent capital 
injections
volatility in customer 
demand including event 
driven demand
increase in competitive 
environment
contracts are temporary 
in nature
asset concentration
global political 
and economic conditions
     
 key risk description impact mitigation 
risk management annual report 2013   apr energy  49 
overview strategy performance directors’ report financial statements other information
annual report 2013   apr energy  49 
the following factors and other information contained in this annual report should be carefully considered the 
following is a description of the risks that may affect some or all of the group’s activities and which may affect the 
value of an investment in the company’s securities if any of the events described below occurs the business financial 
condition or results of operations of the group could be adversely affected in a material way
additional risks and uncertainties that the group is unaware of or that it currently deems immaterial may also in the 
future have a material adverse effect on the group’s business results of operations and financial condition
 a detailed annual operating plan has been established approved by the board and is monitored monthly
 a longer range 35 year plan has been put in place and is updated annually to incorporate market changes
 regional business development organisation fully deployed and operational pace of capital expenditures is 
aligned with the commercial pipeline
 the group’s commercial team takes a dual approach which involves pursuing contract extensions with existing 
customers whilst also premarketing assets that may soon become available
 a commercial pipeline process tracks new contract opportunities from opportunity identification through to final 
contract signature
 asset utilisation models are used to manage fleet assets
 the group is pursuing a strategy of geographic and market diversification as demonstrated via our hub strategy 
with a focus on continued expansion of its customer base in order to lessen the impact of any single customer 
loss the placing of assets across multiple sites helps to mitigate the impact pertaining to any given location
 commercial opportunities are segmented across regions customer segments and technology to align with 
strategic growth objectives
 the group maintains a regular dialogue with major customers at a senior level to help understand and anticipate 
their future plans
 the acquisition of the ge power rental business increased the scale and diversification of apr energy’s business
 the group is pursuing a strategy of geographic and market diversification with a focus on continuing to expand 
its customer base in order to lessen the impact of economic cycles andor political changes
 a commercial pipeline process has been established to track new contract opportunities and includes risk 
management elements
 apr recognises that some of the countries in which it operates have experienced political social economic and 
security instability the group is proactive about mitigating all or a portion of its international currency and asset expo
sures through various risk mitigation tools including the use or purchasing of insurance bonds guarantees and cash 
advances to protect its assets both financial and operational
 by developing a global expanded customer base the impact of any single event can be mitigated
 a regional hub strategy has been implemented to help ensure that equipment is available nearby to customers 
and that it is able to be utilised in the event that a shortterm market opportunity arises
 the group’s commercial team regularly monitors competitive activity and publicly available pricing dynamics to 
help understand changes in the market
 the group focuses on maintaining a worldclass competitive offering using bestinclass technology to provide 
a responsive customer service and pricing which is aligned with our overall value proposition
     
 key risk description impact mitigation  50  apr energy  annual report 2013 50  apr energy  annual report 2013
the group’s operations are highly capital inten
sive and in many cases projects require the 
placement of highvalue equipment into volatile 
environments
the group’s operations are highly decentralised 
and in many cases the group operates in regions 
of the world where corruption and bribery are 
commonplace
the group depends on the recruitment and 
retention of key senior management in order to 
effectively manage the business
the group’s operations involve the movement 
installation and operation of large electrical 
equipment which often operates at high voltage 
in addition the handling of fuel oil and other 
hazardous materials is a common part of the 
day today activity
the business model is dependent on the procure
ment of capital equipment services labour and 
other cost inputs to operate temporary power 
plants around the world
the group has a number of contracts with 
customers in developing countries where 
payment practices can be lengthy and unpre
dictable
the business model is dependent on external 
funding for the procurement of capital equipment 
services labour and other costs to operate the 
business
the potential exists for nationalisation expropri
ation andor theft of highvalue assets 
this may expose the group to unethical behav
iour and potential legalregulatory violations that 
could have a significant financial and reputational 
impact
the loss of key senior individuals in the organ
isation or the inability to recruit sufficient talent 
could jeopardise apr energy’s ability to execute 
its growth plans
plant personnel could be subject to safety 
hazards that lead to injury or loss of life 
operations could be subject to an accidental spill 
of fuel or other hazardous materials
changes in the cost of key inputs could have a 
material adverse effect on the operating margins 
of the business
delay in payments or default could adversely 
affect the financial performance of the business
adverse changes affecting access to funding 
or the higher costs associated with replacing 
maturing debt could have a material adverse 
effect on the business
asset security 
focus on developing 
markets – operations in 
difficult regions of the world
recruitment and retention of 
key staff
environment health and 
safety
movements in cost inputs
payment default
funding risk
risk management
operations
financial
     
 key risk description impact mitigation  annual report 2013   apr energy  51 
overview strategy performance directors’ report financial statements other information
annual report 2013   apr energy  51 
 the group maintains a comprehensive global property insurance programme
 in addition there is a global political risk insurance programme that can be implemented on a countrybycountry 
basis to protect against government actions relative to assets such as expropriation or nationalisation
 in many cases standby letters of credit from customers are required for asset security
 the group has instituted a comprehensive compliance programme that includes a broad anticorruption policy 
extensive training and monitoring on a regular basis with all new employees required to undertake training upon 
joining
 thirdparty agents contractors are thoroughly vetted prior to any engagement and are required to provide compli
ance certifications
 competitive remuneration policies including a performance share plan have been put in place to attract and 
retain key personnel
 a talent review and development process is in place across the organisation with a focus on providing growth 
opportunities across the organisation
 the group has implemented comprehensive health and safety policies and procedures at all sites an extensive 
training programme has been rolled out to all personnel
 the group has strengthened its security arrangements including the introduction of a group security director 
country security managers in higherrisk countries and the introduction of a group security standard setting out 
mandatory principles and procedures for all our locations
 the development of environment health and safety performance indicators is ongoing and will be reviewed 
regularly with the board 
 the group has two key supplier framework agreements with ge and caterpillar that have fixed pricing and are 
indexed to an annual inflation indicator thereafter
 significant cost efficiency projects are underway to post standby and in some cases documentary letters of 
credit as payment security
 prior to contracting with a customer a thorough risk assessment is completed including a credit risk review
 in many cases the group requires the customer to post standby and in some cases documentary letters of 
credit as payment security decreasing the impact of any individual contract default
 the group’s strategy is focused on increasing the scale and diversification of the business
 the group increased its credit facility to 650 million during 2013 with its group of lending banks the credit facility 
includes provisions allowing for amendments to be requested if necessary
 the group enjoys good ongoing relationships with its lenders and has commenced discussions regarding its 
refinancing strategy in light of the termloan which matures on 1 january 2015
 alternative financing opportunities which are available to apr energy are continuously evaluated by the group
     
 key risk description impact mitigation 
the strategic report on pages 2 to 51 was approved by the board and signed 
on its behalf by andrew bradshaw company secretary on 25 march 2014 52  apr energy  annual report 2013 52  apr energy  annual report 2013
corporate governance report
chairman’s letter
the uk corporate governance code 
the “code” states that a board’s role is 
to provide entrepreneurial leadership for 
a company in setting its strategic aims 
apr energy has a welldeveloped strategy 
and planning process that involves the 
board throughout the year the company’s 
strategy is the subject of regular review that 
involves both the management t eam and 
board members in analysis and discussion 
with a robust strategy and business plan 
the board recognised that the acquisition of 
the ge power rental business provided an 
opportunity to accelerate the achievement of 
this strategy that was a decision reviewed 
in detail by the board and executed 
successfully we are pleased to welcome 
the geappointed observer to our board 
meetings
the code also aims to promote effective 
board decisionmaking the company is 
committed to high standards of corporate 
governance and seeks to apply voluntarily 
the code as it demonstrates commitment 
to the continuing maturing of the company’s 
corporate governance structures and 
maintains the company’s ability to seek 
premium listing at the appropriate time
during the year the chairman alongside 
the chief executive officer enhanced the 
company’s processes to maximise the 
board’s performance including ensuring 
that meetings are scheduled to allow 
adequate time for discussion of each 
agenda item at the relevant meeting that 
reporting packs are distributed in advance of 
each meeting and that board discussions 
are held in a collaborative atmosphere with 
open discussion allowing for questions 
scrutiny and constructive challenge 
t ogether with wellconstituted board 
with a clear division of responsibilities 
between chairman and chief executive 
officer these enhancements enabled 
wellinformed decisions to be made on the 
basis of collective debate and deliberation 
and once a decision has been made 
effective and ongoing board oversight and 
supervision
uk corporate governance code
the board has also sought to improve 
the group’s governance framework and 
regularly reviews its risk management and 
internal control processes further details 
can be found on page 47
during the year the company’s governance 
framework has been enhanced to take 
into account the changes introduced by 
the september 2012 edition of the code 
and the commencement of the large and 
mediumsized companies and groups 
accounts and reports amendment 
regulations 2013 the “regulations” the 
most significant reporting changes have 
been to the directors’ remuneration report 
together with the introduction of a binding 
vote on the directors’ remuneration policy at 
the company’s 2014 agm 
this additional reporting also includes the 
statement made by the directors on page 
74 that they consider the annual report 
and accounts taken as a whole to be fair 
balanced and understandable and that 
it provides the information necessary for 
shareholders to assess the company’s 
performance business model and strategy 
additional disclosures in respect of how 
our audit committee addresses significant 
issues within the annual report and 
accounts can be found on pages 62 to 65
ensuring we do the right things in the right 
way requires the right leadership we believe 
that the board and its committees have the 
required balance of impartiality skills and 
experience to discharge their responsibilities 
effectively 
mike fairey 
chairman
25 march 2014
the company is 
committed to high 
standards of corporate 
governance and seeks to 
apply voluntarily the uk 
corporate governance 
code annual report 2013   apr energy  53 
overview strategy performance directors’ report financial statements other information
annual report 2013   apr energy  53 
one of the board’s primary responsibilities 
is to ensure that the company is run in the 
best longterm interests of the company’s 
shareholders with appropriate regard also 
to its wider stakeholders this can only 
be achieved if the activities of the group 
are supported by appropriate governance 
processes applied across the group these 
processes are illustrated below and in the 
individual committee reports
the company is committed to high 
standards of corporate governance and 
therefore seeks to comply with the code on 
a voluntary basis as it reflects the continuing 
maturing of the company’s corporate 
governance structures 
during the year the company took a 
number of steps to address these areas 
in respect of the internal control and risk 
management framework required to achieve 
full compliance with the code including the 
establishment of an internal audit function in 
late 2013 
the board is actively investigating its current 
status as a standard listed company it has 
taken the steps including establishing a 
taskforce headed by the senior independent 
director to understand the requirements 
necessary to achieve premium listing status
application of the uk corporate 
governance code
in september 2012 the financial reporting 
council published the 2012 edition of the 
code which contains broad principles and 
specific provisions to help boards operate in 
the best interests of their companies given 
its standard listing the company is not 
required to comply fully with the code with 
a view to the future the company continues 
to voluntarily apply the code through the 
financial year ended 31 december 2013 
the company complied with a majority of 
provisions of the code
at the year end the areas where the 
company did not comply include 
l provision b12 – the board does not 
comprise at least onehalf in number 
excluding the chairman of independent 
nonexecutive directors
l provision b1 – the board given its 
primarily supervisory role has only one 
executive director
l provision b21 – the board acts as the 
nomination committee and as such does 
not comprise a majority of independent 
nonexecutive directors and
l provision b31 – the chairman of the 
company is a member of the audit 
committee
matters reserved for the board
there is a schedule of matters which are 
dealt with exclusively by the board and on 
which it must make the final decision these 
include approval of the group and parent 
company financial statements the group’s 
business strategy the annual capital 
expenditure plan major capital projects 
major changes to the group’s management 
and control structure material investments 
or disposals risk management strategy 
sustainability and environmental policies the 
appointment or removal of directors and the 
company secretary and treasury policies
daytoday management is the responsibility 
of the executive director and of the 
management t eam
the board of directors
the role of the board
the board and the operating board have 
clearly defined roles and responsibility levels 
for the governance of the group the board 
is responsible for the group’s objectives 
and business strategy including matters 
such as approval of business plans and 
budgets capital structure acquisitions and 
disposals capital expenditures per defined 
limits and significant compensation matters 
in addition the board has responsibility 
for overseeing the establishment of a 
comprehensive risk management and 
internal control framework the non
executive directors are encouraged and 
expected to challenge the management 
t eam and each other constructively in the 
development of the group’s strategy
the operating board has responsibility for 
reviewing and recommending to the board 
business plans and budgets monitoring 
the group’s performance against plans 
approving investment programmes per 
defined limits and reviewing significant 
contracts and commitments the operating 
board the board of apr energy holdings 
limited the immediate subsidiary of the 
company comprised the chief executive 
officer chief operating officer and chief 
financial officer as well as nominees from 
the company’s key shareholders
responsibilities are clearly separated 
between the nonexecutive chairman 
and the chief executive officer the 
chairman’s primary role is to manage board 
effectiveness and ensure that each director 
fulfills his or her role effectively the chief 
executive officer is responsible for executing 
the strategy as set by the board and for 
leading the daytoday activities of the 
management t eam
the board is specifically responsible for 
l guiding the group’s strategic aims 
leading to its approval of the group’s 
strategy and its budgetary and business 
plans
l approval of significant investments and 
capital expenditure
l approval of annual and halfyear results 
and interim management statements 
accounting policies and subject to 
shareholder approval the appointment 
and remuneration of the external auditors
l approval of the group’s dividend policy 
and the payment of interim and the 
recommendation of final dividends
l changes to the group’s capital structure 
and the issue of any securities
l establishing and maintaining the group’s 
risk appetite system of internal control 
governance and approval authorities and
l monitoring executive performance and 
succession planning
the role of the management team
the management t eam led by the 
chief executive officer has daytoday 
responsibility and oversight of the primary 
operating and support functions of the 
group including operations commercial 
business development marketing finance 
legal compliance human resources and it  
biographies are provided on pages 56 to 57
governance 54  apr energy  annual report 2013 54  apr energy  annual report 2013
the board of directors
mike fairey 
ar
 1
independent nonexecutive chairman 
aged 65
mr fairey was formerly deputy group chief 
executive of lloyds tsb group plc before 
retiring from the position in june 2008 
mr fairey had joined tsb group in 1991 
and held a number of senior and general 
management appointments before being 
appointed to the board in 1993 following 
the merger with lloyds banking group in 
1995 he joined the board of lloyds tsb 
group plc in 1997 and became deputy 
group chief executive in 1998
previously mr fairey was at barclays bank 
plc where having joined them in 1967 
he went on to hold a number of senior 
and general management appointments 
including managing director of barclays 
direct lending services from 1990 to 1991 
the chairman’s current commitments are 
nonexecutive directorships at the energy 
saving trust legal  general group 
plc mgm advantage plc and the role of 
chairman of the ltsb pension scheme
john campion 
e
 2
chief executive officer aged 51
from 1987 to 1999 mr campion served as 
the chief executive officer of showpower 
inc a portable generator company 
based in california that primarily served 
the entertainment industry in december 
1999 showpower was acquired by ge 
energy rentals after ge energy rentals’ 
acquisition of showpower mr campion 
stayed on until towards the end of 2001 
as ge energy rentals’ executive vice 
president of sales and marketing in early 
2002 mr campion was hired to serve as 
the president of alstom power rentals 
alstom power rentals was a subsidiary of 
alstom power inc a parisbased company 
focused on energy and transportation 
infrastructure in march 2004 alstom power 
rentals’ ownership was transferred to apr 
llc a company owned and operated by 
john campion and laurence anderson mr 
campion has served as the chief executive 
officer of the apr group since 2004
matthew allen 3
nonexecutive director aged 57
mr allen is a qualified chartered 
accountant and has been the director of 
a range of public companies including 
gold greenlees trott plc the advertising 
agency pizzaexpress plc a leading uk 
based restaurant business and precoat 
international plc a quoted holding 
company for a group of businesses in uk 
and canada that processed and distributed 
prepainted steel to industrial consumers 
he has extensive international experience 
in the usa europe and asia matthew is 
a director of sun capital partners and was 
a founder of pearl group punch group 
and integrated dental holdings plc where 
he was chairman most recently matthew 
cofounded horizon acquisition company 
plc which subsequently completed 
the acquisition of apr energy in june 
2011 matthew holds a ba in law from st 
catharine’s college cambridge
gregory bowes 
r
 4
nonexecutive director aged 53 
mr bowes serves as the managing 
principal and chairman of the management 
committee of albright capital management 
he has over 26 years of experience in 
the financial services industry beginning 
with bankers trust in 1983 and continuing 
with senior roles in institutional capital 
marketsalternative asset management 
firms in 1988 he joined greenwich capital 
markets now rbs greenwich where he 
served in multiple roles including acting 
as senior executive officer of greenwich 
international and after acquisition of 
the firm by national westminster bank 
cohead of natwest capital markets in 
2003 after serving in other capacities in the 
alternative investment industry mr bowes 
cofounded and has since headed albright 
capital management llc a usregistered 
investment adviser and alternative asset 
manager focused exclusively on the 
emerging markets mr bowes currently 
serves on the board of trustees of bowdoin 
college in brunswick maine  
edward hawkes 5
nonexecutive director aged 37
mr hawkes is a founder and director 
of the company together with his 
cofounders mr hawkes played an 
important role in identifying various 
acquisition opportunities and in acquiring 
the apr group mr hawkes is currently 
a director of sun capital partners and 
was a cofounder of phoenix group 
a uk life insurance business with 
approximately 6 million policyholders 
and approximately £675 billion under 
management mr hawkes started his 
career at pricewaterhousecoopers 
working on financial and commercial 
due diligence assignments he left 
pricewaterhousecoopers in 2001 to join 
sun capital partners where he has been 
involved in various companies and has 
raised over £7 billion for acquisitions 
vipul tandon 
e 
6
nonexecutive director aged 40
mr tandon is a managing director in 
the private equity group of soros fund 
management previously he served as 
a vice president in the special situations 
group of american capital strategies a 
vicepresident of foamex international 
and an associate at both frontline capital 
group and trace international and an 
analyst at dlj merchant banking partners 
mr tandon is currently a director of 
waypoint leasing ireland ltd essent 
group ltd and civic builders
10 6 8 9 4 1 3 7 5 2
corporate governance report annual report 2013   apr energy  55 
overview strategy performance directors’ report financial statements other information
annual report 2013   apr energy  55 
mr tandon holds an mba from insead 
and a ba in international relations from 
university of pennsylvania and a bs in 
economics from university of pennsylvania 
wharton school of business
baroness denise kingsmill  
cbe 
re
 7
senior independent nonexecutive 
director aged 66
baroness kingsmill is a nonexecutive 
director of international consolidated 
airlines group sa she also sits on the 
supervisory board of eon ag and is 
deputy chairman of the pwc advisory 
board from 1997 to 2004 she was deputy 
chairman of the competition commission 
formerly the monopolies and mergers 
commission baroness kingsmill chaired 
the uk department of trade’s accounting 
for people taskforce in june 2006 
baroness kingsmill was appointed to the 
house of lords as a labour peer and 
sits on the economic affairs committee 
baroness kingsmill holds an ma from 
cambridge university uk
jim hughes 
ar
 8
independent nonexecutive director 
aged 51
mr hughes has extensive experience in 
the energy market and joined first solar in 
march 2012 as chief commercial officer 
and was appointed chief executive officer 
in may 2012 prior to joining first solar mr 
hughes served from october 2007 until 
april 2011 as chief executive officer and 
director of aei services llc which owned 
and operated power distribution power 
generation both thermal and renewable 
natural gas transportation and services 
and natural gas distribution businesses in 
emerging markets worldwide from 2004 
to 2007 he engaged in principal investing 
with a privately held company based in 
houston texas that focused on microcap 
investments in north american distressed 
manufacturing assets previously he 
served from 2002 until march 2004 as 
president and chief operating officer of 
prisma energy international which was 
formed out of former enron interests in 
international electric and natural gas 
utilities prior to that role mr hughes spent 
almost a decade with enron corporation in 
positions that included president and chief 
operating officer of enron global assets 
president and chief operating officer of 
enron asia pacific africa and china and 
as assistant general counsel of enron 
international mr hughes is a member of 
the board of directors of the los angeles 
branch of the federal reserve bank of 
san francisco the advisory board of the 
united states exportimport bank and the 
international committee of the american 
heart association  
from 1999 to 2008 mr hughes was a 
nonexecutive director of quicksilver 
resources an exploration and production 
company and from 2007 until 2010 of 
elektro a brazilian electric utility listed on 
the bovespa he holds a ba business 
administration at the edwin l cox school 
of business at southern methodist 
university in dallas participated in the 
foreign exchange programme with queen 
mary’s college university of london and 
has a juris doctor from the school of law 
at the university of texas
haresh jaisinghani 
a 
9
independent nonexecutive director 
aged 47
mr jaisinghani is the owner and managing 
director of 3r capital private limited 
an investment advisory and project 
development firm focused on the energy 
environmental and infrastructure sector in 
asia from 1994 to 2007 mr jaisinghani 
held a number of senior leadership 
positions with the aes corporation an 
nyse listed fortune 500 global power 
company including president of asia 
middle east and cis and served as 
a member of the corporate executive 
committee he currently also serves on the 
board of the cityspring infrastructure trust 
a singaporelisted infrastructure trust fund 
and chairs the board of citylink investment 
private limited the holding company of 
the basslink subsea electricity transmission 
interconnect in australia mr jaisinghani 
is a graduate of university of maryland 
and has an engineering degree from the 
university of bombay
shonaid jemmettpage 
a e 
10
independent nonexecutive director 
aged 53
ms jemmettpage qualified as a chartered 
accountant with kpmg in 1984 becoming 
a partner in 1992 in 2001 she joined 
unilever plc as senior vice president 
finance and it for home and personal 
business for asia based in singapore 
and in 2005 became global senior vice 
president finance and it for home and 
personal care and an executive board 
member of unilever’s hpc business in 
2009 she moved to cdc group plc the 
uk governmentbacked private equity 
development finance company investing in 
developing countries where she was chief 
operating officer until leaving the group in 
2012 
from 2008 to 2010 ms jemmettpage 
was a nonexecutive director of havelock 
europa plc ms jemmettpage is currently 
a nonexecutive director of gkn plc close 
brothers group plc amlin plc origo 
partners plc and greencoat uk wind plc 
she holds an ma in natural sciences from 
cambridge university uk
committee membership
a audit committee
r remuneration committee
e ethics committee 56  apr energy  annual report 2013 56  apr energy  annual report 2013
the management team
in addition to mr john campion the 
management team comprises
laurence anderson 1
president and chief operating officer
mr anderson joined showpower inc in 
1987 as a vice president and director of 
operations in 1996 he was appointed 
the president of showpower a position he 
held until the company was acquired by ge 
energy rentals in december 1999 as part 
of the acquisition mr anderson became a 
vice president of fleet operations for ge 
energy rentals in 2002 he was hired as 
vice president of alstom power rentals 
alstom power rentals was a subsidiary of 
alstom power inc a parisbased company 
focused on energy and transportation 
infrastructure in march 2004 alstom power 
rentals’ ownership was transferred to apr 
llc a company owned and operated by 
john campion and laurence anderson
mr anderson has served as the president 
and coo of the apr group since 2004
andrew martinez 2
chief financial officer
mr martinez has over 20 years of 
international public accounting and public 
company experience including with ernst 
 young and pricewaterhousecoopers 
and has held various global financial 
leadership roles including seven years 
with the cendant corporation where 
he served as vp of financial reporting 
planning  analysis and later as the group 
vice president of finance for cendant’s 
travelport inc group mr martinez is a 
member of the institute of chartered 
accountants in england and wales and 
holds a bachelor of science degree in 
banking  international finance from the 
cass business school at city university 
london mr martinez joined apr energy 
in october 2011 and was appointed chief 
financial officer in august 2012
lee munro 3
senior vice president
mr munro joined general electric company 
ge working as a corporate auditor he 
worked his way through the organisation 
becoming the chief executive officer of 
ge european operations services after 
departing from ge in june 2005 mr munro 
founded lifecare bv a health and wellness 
company mr munro holds a mba from the 
university of north texas mr munro joined 
the apr group as a senior vice president 
in december 2008 
brian rich 4
senior vice president – business 
development
mr rich brings over 20 years of 
international energy and utility infrastructure 
experience to his role at apr energy 
prior to joining apr energy mr rich was 
chief financial officer of lebara ltd a 
1 billion telecommunications company 
based in london and earlier served as 
chief executive officer aes africa power 
corporation where he managed aes 
corporation’s fully integrated utility in 
cameroon generation assets in nigeria 
and business development throughout 
the region mr rich also held senior 
management positions in moscow 
russia as senior vicepresident chief 
financial officer and treasurer of nasdaq
listed golden telecom inc and in 
hong kong as chief financial officer of 
mirant corporation’s international power 
businesses mr rich holds his bachelor 
and juris doctor degrees from tulane 
university in new orleans louisiana
mr rich has served apr energy as senior 
vice president of business development 
since 2012
corporate governance report
6 8 4 1 3 7 5 2 annual report 2013   apr energy  57 
overview strategy performance directors’ report financial statements other information
annual report 2013   apr energy  57 
steve list 5
general counsel and chief 
compliance officer
mr list has over 25 years of legal 
experience most recently mr list was 
based in sydney australia as the asia 
pacific general counsel for accenture 
where he supported the company’s 35 
billion asia pacific business with over 
80000 employees in that region during 
mr list’s tenure at accenture he had 
global responsibility for their health  
service practice was the company’s first 
government compliance officer and led 
its north american utilities legal team 
additionally mr list worked as senior 
counsel for peoples energy corporation 
based in chicago and began his career as 
an associate at a boutique law firm in the 
chicago area at apr energy mr list is 
responsible for compliance the inhouse 
legal practice as well as managing the 
company secretarial responsibilities 
mr list has an undergraduate degree 
in psychology from the university of 
wisconsinmadison and holds his law 
degree from depaul university mr list 
joined apr energy in december 2011
chris himebauch 6
chief human resources officer
mr himebauch has over 20 years of 
progressive human resources leadership 
experience in a variety of industries mr 
himebauch began his career in human 
resources with hyatt hotels corporation 
in southern california subsequently he 
spent 12 years at darden restaurants 
where he was the director of staffing and 
then director of employee relations for 
60000 employees and managers in over 
625 locations across the united states 
mr himebauch then served as regional 
vicepresident of human resources for 
wyndham worldwide where he oversaw 
hr for 26 properties throughout the us 
east coast and the caribbean most 
recently prior to joining apr energy mr 
himebauch led the field human resources 
team for winndixie stores inc supporting 
521 stores 5 distribution centres and 
420 pharmacies employing over 48000 
employees today mr himebauch 
leads a human resources group that is 
responsible for identifying developing 
and engaging people who live the apr 
energy values and deliver on the group’s 
strategy mr himebauch holds a ba from 
the university of north carolina at chapel 
hill and an mba from the university of 
southern california mr himebauch joined 
apr energy in january 2012
wayne friederich 7
vice president of information technology
mr friederich has over 25 years of it 
technical and leadership experience 
spanning the chemical consumer goods 
and energy industries mr friederich held 
senior it leadership positions as vice 
president of it with playtex products 
director of global infrastructure at 
energizer holdings and senior director of 
it at abound solar mr friederich holds a 
bachelor of science degree in business 
administration – information systems from 
southern illinois university at edwardsville 
mr friederich joined apr energy in july 
2012 as vice president of information 
technology
silvio cavaceppi 8
vice president of marketing  
communications
mr cavaceppi has over 20 years of 
progressive leadership experience in 
international marketing and market 
development and has a strong track record 
in developing and executing international 
marketing programmes and brand strategy
his experience includes 16 years with 
lexmark international a fortune 500 
information technology company where 
he held a number of management 
roles including director of marketing 
communications a position he held 
immediately prior to joining apr energy 
mr cavaceppi holds a bs degree from 
the university of florida in business 
administration and an international mba 
from the university of south carolina mr 
cavaceppi joined apr energy in december 
2011 58  apr energy  annual report 2013
board meetings
the board typically meets at least six times a year in the us and in the uk both in person and by telephone supplementary meetings are 
held as and when necessary at each scheduled meeting the board evaluates regular reports focusing on amongst other things the financial 
structure and performance of the business the order pipeline and the group’s safety record at particular points in the year the board reviews 
budgets capital expenditure risks and financial statements
the board receives regular updates on strategy acquisition opportunities and the competitive landscape most board meetings include 
presentations from specific parts of the organisation in order to give the directors an opportunity to examine the group’s business model in 
detail
attendance at meetings
the attendance of directors at meetings of the board and its committees in the year to 31 december 2013 is set out below
 board ethics  audit remuneration
  committee committee committee
no of meetings 13 1 4 5
mike fairey 13  3 5
john campion
1
 13 1   1
matthew allen 13   
edward hawkes 13   
denise kingsmill 11 1  3
vipul tandon 12 1  
gregory bowes 10   5
haresh jaisinghani 13  4 
jim hughes 13  3 5
shonaid jemmettpage 13 1 4 
1 john campion stood down from the remuneration committee on 24 july 2013 he was eligible to attend two meetings during the year
the chairman also holds meetings with the nonexecutive directors without the executive director present and at least once a year the 
senior independent director chairs a meeting of the nonexecutive directors without the chairman additionally kpmg completed a board 
effectiveness review which was shared with the board
board committees
the board has put in place various committees to aid in the governance of the company including audit remuneration and ethics the 
“committees” details regarding the composition responsibilities and meetings of these committees are provided on pages 62 to 67
each committee reports to and has its terms of reference reviewed and approved annually by the board and the minutes of the committee 
meetings are circulated to and reviewed by the board the terms of reference of each committee are available on the group’s website www
aprenergycom
the code recommends that the remuneration committee and the audit committee should comprise at least three independent nonexecutive 
directors the company is compliant with these guidelines in relation to the remuneration committee and the audit committee
the board considered that the matters previously delegated to the nominations committee were of sufficient importance that they should be 
considered by the board as whole therefore during the year these matters were considered as necessary by the board
frequency of committee meetings
the committees meet as frequently as is required to perform their delegated responsibilities with the intention that the audit committee meets 
at least four times a year and the remaining committees at least twice a year details of committee meetings and attendance of members is 
provided above
corporate governance report annual report 2013   apr energy  59 
overview strategy performance directors’ report financial statements other information
leadership
how the board operates
the board comprises the chairman the chief executive officer and eight nonexecutive directors four of whom are considered independent 
given the chairman mike fairey’s very senior roles within the uk banking industry the board although mindful of the provisions of the code 
considers him to be independent 
baroness denise kingsmill cbe is the senior independent nonexecutive director and is available to meet shareholders if they have concerns 
that have not been resolved through the normal channels of communication including with the chairman or chief executive officer or if it is 
not appropriate to use such channels
mike fairey chairman jim hughes haresh jaisinghani shonaid jemmettpage and denise kingsmill bring a wealth of experience and 
expertise from the wider business world and are considered by the board to be independent the remaining nonexecutive directors matthew 
allen gregory bowes edward hawkes and vipul t andon are nominated by key shareholders so are not considered to be independent
the board remained unchanged throughout the year ended 31 december 2013 details of the board including biographies are provided on 
pages 54 to 55
the company’s governance structure also encompasses an operating board the board of apr energy holdings limited the immediate 
subsidiary of the company which comprises the chief executive officer chief operating officer and chief financial officer as well as 
nominees from the key shareholders referred to above
board balance and independence
the roles of the chairman and the chief executive officer and division of responsibilities
the roles of the chairman and chief executive officer are separated with clear written guidance to support the division of responsibilities a 
copy of the document setting out the division of responsibilities between chairman and chief executive officer can be found on the group’s 
website
there is a clear division of responsibilities between the running of the board which is the chairman’s primary duty and the day to day 
management of the group’s business which is the chief executive officer’s primary responsibility no one individual has unfettered powers of 
decision
the role of the chairman
the chairman leads the board he is responsible for creating the conditions for and for ensuring an effective board and effective contributions 
from individual directors particularly nonexecutive directors based on a culture of mutual respect open debate and constructive challenge
t o achieve this it is necessary for the chairman to facilitate and encourage open communication and constructive working relations between 
the executive and nonexecutive directors the chairman seeks to ensure that the executive director is open and responsive to constructive 
challenge of proposals by the nonexecutive directors the chairman is in frequent contact with the chief executive officer the chairman 
also keeps the nonexecutive directors up to date with significant developments between board meetings moreover the chairman is also 
responsible for ensuring effective communication with shareholders and this is discussed further under ‘relations with shareholders’ on page 
69
the chairman sets the board agenda and ensures that adequate time is dedicated for discussion of all agenda items particularly strategic 
issues and risk appetite since his appointment as chairman mr fairey has led a detailed process of board agenda review and planning 
working with the company secretary the company’s general counsel  chief compliance officer the chairmen of the board committees 
and the chief executive officer during the year the board approved an annual agenda plan designed to ensure that all necessary matters are 
reserved for board decision and are afforded adequate time for discussion throughout the year the chairman monitors with assistance from 
the company secretary the information distributed to the board to ensure that it is of high quality accurate clear and timely
during the year the chairman met with the nonexecutive directors without the chief executive officer being present in order to review the 
chief executive officer’s performance 60  apr energy  annual report 2013
the role of the chief executive officer
the chief executive officer has day to day management responsibility for the running of the group’s operations for the application of group 
policies and for the implementation of the group’s strategy and policies agreed by the board
the board has given the chief executive officer broad authority to operate the business of the group and he is accountable for and reports 
to the board on the performance of the business the chief executive officer also has a key role in the process for the setting and review 
of strategy more broadly the chief executive officer promotes the company’s culture and standards including appropriate governance 
standards throughout the group in addition he ensures that the views of the management t eam on business issues and as appropriate 
employees’ views on relevant issues are communicated to the board in a balanced manner 
in carrying out his responsibilities the chief executive officer is supported by the management t eam who together are responsible amongst 
other things for ensuring that accurate information is provided to the board on the company’s financial performance
the role of the chief executive officer and the management team
the biographical details of the chief executive officer and the management t eam and details of their relevant experience and other significant 
commitments are set out on page 54 and pages 56 to 57
the chief executive officer and the management t eam have specific executive responsibilities but their duties extend to the whole of the 
group’s operations and activities and are not confined to the parts of the business encompassed by their specific executive role
the role of the nonexecutive directors
the role of the nonexecutive directors is to scrutinise the performance of management in meeting agreed goals and objectives and to monitor 
the reporting of performance their role is also to satisfy themselves on the integrity of financial information and that the financial and non
financial controls and systems of risk management are robust and defensible
the role of the senior independent director
baroness denise kingmill was appointed senior independent director in 2011 the role of the senior independent director is to provide a 
sounding board for the chairman to serve as a focal point to assist in resolving shareholder concerns which have not been resolved by the 
chairman or chief executive officer or in circumstances where a shareholder considers that communication with any of these directors would 
be inappropriate no such matters of concern were raised by shareholders during the year ended 31 december 2013 the senior independent 
director also oversees the assessment of the effectiveness of the chairman’s performance and is available for the other nonexecutive 
directors to raise any issues or concerns
the role of the company secretary
all directors have access to the advice and services of the company secretary who is responsible for advising the board on all governance 
matters ensuring good information flows within the board its committees and senior management and ensuring that board processes are 
complied with both the appointment and removal of the company secretary are a matter for the board as a whole
conflicts of interest
the chairman and nonexecutive directors are permitted to serve on the boards of nongroup companies provided it does not impinge 
upon their required time commitment to the group the directors are required to declare any directorships for nongroup companies or other 
appointments which could give rise to actual or potential conflicts of interest the group records and declares interests in a directors’ interests 
register
the directors have a duty to avoid a direct or indirect interest which conflicts or may possibly conflict with the interests of the group unless 
that conflict has been approved by the board the articles give the directors power to approve conflicts of interest subject to certain 
conditions such as the meeting being quorate without the director in question participating andor that the relevant director does not 
participate in the vote no conflicts of interest were declared during the year
the board is satisfied that the chairman and nonexecutive directors have devoted the required time to the proper performance of their duties 
for the group throughout the year attendance at board and committee meetings is set out on page 58
effectiveness
board evaluation and effectiveness
the effectiveness of the board is vital to the success of the group the board considers that it and its committees have the appropriate 
balance of skills experience independence and knowledge of the group to enable them to discharge their respective duties and 
responsibilities effectively in addition processes are in place for evaluation of the board’s performance including selfassessment and external 
referencing with third parties to ensure its performance is maintained the board believes that it presents a balanced and understandable 
assessment of the group’s position and prospects through its communications with shareholders
corporate governance report annual report 2013   apr energy  61 
overview strategy performance directors’ report financial statements other information
since the last report the company has undertaken a review to evaluate the performance of the board its committees and individual directors 
and in order to ensure the nonexecutive directors maintain sufficient skills and knowledge to be suitable for reelection this review was 
undertaken internally with the chairman being responsible for the evaluation of the board as a whole and the senior independent director 
being responsible for the review of the chairman’s effectiveness additionally kpmg completed a board effectiveness review which was 
shared with the board
diversity
the company and its board are committed to diversity and inclusion in terms of its composition the board has created a culture of inclusion 
where difference is recognised and valued the board will retain this commitment in its selection criteria including diversity in nationality 
gender and industry experience
in fostering cultivating and preserving a culture of diversity and inclusion throughout the group the board recognises that our human capital is 
the most valuable asset we have the collective sum of the individual differences life experiences knowledge inventiveness innovation self
expression unique capabilities and talent that our employees bring to their work represents a significant part of our culture and plays a key role 
in helping us achieve our strategic goals
we embrace and encourage our employees’ differences in age colour disability ethnicity family or marital status gender identity or 
expression language national origin physical and mental ability political affiliation race religion sexual orientation socioeconomic status 
veteran status and other characteristics that make our employees unique
apr energy’s diversity initiatives are applicable but not limited to our practices and policies on recruitment and selection compensation and 
benefits professional development and training promotions transfers social and recreational programmes layoffs terminations and the 
ongoing development of a work environment built on the premise of gender and diversity equity that encourages and enforces
l respectful communication and cooperation between all employees
l t eamwork and employee participation permitting the representation of all groups and employee perspectives
l worklife balance through flexible work schedules to accommodate employees’ varying needs
l employer and employee contributions to the communities we serve to promote a greater understanding and respect for diversity
selection appointment review and reelection
succession
the board has a number of procedures in place for both executive and board level succession these include supervising the career 
development of key personnel to ensure they possess the correct mix of skill and experience to fulfil their potential in addition the 
management t eam includes a number of highly capable individuals with the ability to move in due course into more senior roles on the 
operating board andor on the board itself
appointment retirement and reappointment of directors
board appointments are made only after a thorough and orderly process of candidate identification interview and final selection an initial 
shortlist of candidates is developed via a mix of external advertising and consultancy in specific fields
a thorough screening process is utilised to narrow the candidate pool to a selection that is then vetted through personal interviews with 
members of the board final candidate recommendations are presented to the full board for approval individuals are required to have the 
necessary experience and integrity in relation to their sector knowledge or skills and to have sector knowledge or skills which complement 
those already within the board the terms of appointment for directors is set out on page 81
the company’s articles of association provide that each director shall retire from office at the third agm after appointment and that if the 
company does not fill the vacancy of the retiring director at that agm then that director shall be deemed to have been reappointed unless 
the company resolves not to fill the vacancy or unless a resolution to reappoint that director is put to the shareholders and is not passed  
notwithstanding the foregoing the board has decided that all directors shall be subject to annual reelection by shareholders at the agm
 
as is customary in listed companies the independent nonexecutive directors are normally expected to serve two three year terms plus 
exceptionally one additional three year term if both the company and the director in question agree
board induction and training 
a review of board performance is managed by the chairman in addition training and development needs are identified by the chairman 
committees and individual directors and relevant guidance is taken historically board members have participated in a training programme 
led by both the general counsel  chief compliance officer as well as the company’s brokers this training covered a broad range of topics 
including anticorruption and compliance the fcpa and the uk bribery act and directors’ responsibilities 
the chairman and the board provide ongoing assessment of the board and management t eam performance 62  apr energy  annual report 2013
audit committee report
the audit committee plays a key role in ensuring the integrity of our financial 
statements and the effectiveness of our risk management processes and internal 
controls
shonaid jemmettpage
chairman audit committee
the audit committee plays a fundamental role in monitoring and reviewing certain aspects of management and auditor conduct which 
could financially impact upon shareholders this includes reviewing the integrity of the group’s financial statements to determine whether the 
judgements and policies of management are appropriate as well as monitoring the independence of the external auditors and effectiveness of 
the audit process the committee’s responsibilties also include oversight of the group’s systems of internal control and risk management this 
report details the activities we undertook during the year in fulfilling our responsibilities
the committee comprises four members three members are considered to be independent nonexecutive directors 
and at least one member has recent and relevant financial experience the chairman of the company who serves on 
the committee was considered independent on appointment as chairman of the company
the following were members of the audit committee of the company during 2013
l shonaid jemmettpage chairman
l mike fairey
l jim hughes
l haresh jaisinghani
shonaid jemmettpage has recent and relevant financial experience her biography is set out on page 55
the committee met on four occasions in 2013 with meetings timed to coincide with key dates in the financial and 
reporting calendar the members’ attendance record is set out on page 58
the primary role of the audit committee is to ensure the integrity of the financial reporting and audit processes and the 
maintenance of sound internal control and risk management systems this includes responsibility for monitoring and 
reviewing
l the integrity of the group’s financial statements and the significant reporting judgements contained therein
l the appropriateness of the group’s relationship with the external auditors including auditor independence fees and 
provision of nonaudit services
l the effectiveness of the external audit process making recommendations to the board on the appointment of the 
external auditors
l the activities and effectiveness of the newly established internal audit function
l the effectiveness of the group’s internal control and risk management systems and
l the group’s policies and practices concerning business conduct and ethics including whistleblowing
the terms of reference that set out the committee’s authority and responsibilities are available on the group’s website 
at wwwaprenergycom
the committee’s activities since the last report principally related to financial reporting the external audit internal 
control and risk management in particular the committee
financial reporting
l considered information presented by management on significant accounting judgements and policies adopted in
 respect of the group’s half year and annual financial statements and agreed their appropriateness
l  examined key points of disclosure and presentation to ensure the adequacy clarity and completeness of the 
financial statements
l  discussed with the external auditor its reports to the committee which highlighted key accounting matters and 
significant judgements in respect of each set of financial statements
l  reviewed documentation prepared to support the going concern judgement given on page 39
l  considered matters in respect of accounting for the group’s founder securities and
l  considered the accounting judgements and methodologies applied in determining the opening balance sheet 
following the acquisition of the ge power rental business
membership 
and process
chairman and 
members
committee 
attendance
role
terms of 
reference
main activities
corporate governance report annual report 2013   apr energy  63 
overview strategy performance directors’ report financial statements other information
governance
l considered the prevention detection and reporting of fraud and the group’s antifraud policies
l reviewed procedures associated with engaging the external auditor to carry out nonaudit related work
l the committee’s work plan for the year ahead and a review of historic activity against the committee’s terms of 
reference and
l the effectiveness of the external audit process the independence of the external auditor and a proposal in respect 
of the reelection of the external auditor
the audit committee last met in march 2014 and considered financial and governance matters including the content 
of this annual report and accounts
deloitte llp  the group’s external independent auditors the “ auditors’ or “deloitte” is invited to every meeting the 
committee meets separately with deloitte and the head of internal audit without any member of the management 
team being present 
the chief executive officer chief financial officer vice president of finance head of internal audit and director of 
investor relations are normally invited by the chairman of the committee to attend meetings of the committee to 
maintain effective communications
main activities
cont’d
external advisors
internal input
significant and material issues
in reviewing matters relating to the financial statements the committee has identified and considered the following significant issues
area of focus committee action 
l the group completed the acquisition of the ge power rental business on 28 october 2013 the transaction 
resulted in the application of complex accounting judgements assumptions and methodologies in order to 
establish a fair value opening balance sheet
l kpmg were engaged as external advisers to assist in determining the fair value of the opening balance sheet
all assumptions were reviewed and challenged where necessary by the auditors with its findings reported to us 
for consideration following a review of all supporting internal and external documentation we confirmed that we 
were satisfied with the judgements made by management
l in accordance with ifrs 13 “fair value measurement” the value of the transaction reflected the closing share 
price at completion of 1155p per share as a result for accounting purposes total consideration was 362 million 
reflecting the issuance of 15453129 million new ordinary shares and 73 million in cash as recognised in the 
financial statements the group recognised the provisional fair value of identifiable assets and liabilities relating to 
this transaction in accordance with ifrs 3 business combinations further details can be found in note 29
l the group tests goodwill annually for impairment or more frequently if there are indications that goodwill might 
be impaired the recoverable amount of the cash generating unit cgu is determined from a value in use 
calculation based on this calculation and the committees consideration of the appropriateness of the key 
assumptions the committee considered and concluded that there is no reasonable possible change in the key 
assumptions utilised in the impairment calculations that would give rise to an impairment
l the group has operations in various jurisdications and as such is subject to an inherent risk arising from the 
geographical mix of revenue and profit and the complex nature of these arrangements the committee reviews 
the group’s tax positions and ensures that any potential exposures are identified and are representing accurately 
in the financial statements as appropriate
l the committee reviewed the appropriateness of preparing the group’s financial statements for the halfyear 
and full year on a going concern basis the committee considered papers prepared by management taking into 
account the external auditors’ review of these papers and management’s assumptions in relation to going concern 
matters the committee looked at a number of scenarios including recognition that part of the group’s financing 
facilities its 250 million termloan is due to be renewed on 1 january 2015 notwithstanding this the committee 
concluded that the management team’s recommendation to prepare accounts on a going concern basis was 
appropriate
l the group continues to value the founder securities via a bespoke monte carlo simulation model which was created 
in 2012 to ensure the accounting for this financial liability was appropriate further to the receipt of a letter from the 
frc requesting further information and clarity regarding the accounting treatment in respect of the group’s founder 
securities the committee undertook extensive dialogue with the frc and in july 2013 the frc confirmed that it was 
satisfied with regard to the accounting treatment of these securities and closed its enquiry
acquisition 
accounting 
going concern
accounting 
for income tax 
provisions
goodwill  
impairment 
founder securities 64  apr energy  annual report 2013
l management review the trade and other receivables balance on a regular basis and assesses its ability to collect 
receivables that are past due and provides for an adequate allowance for doubtful accounts based on the financial 
stability recent payment history of the customer letters of credit in place and other pertinent factors related to the 
creditworthiness of the customer specifically for the 2013 year end management focused on the libya receivables 
balance and were satisfied that these were recoverable as all invoiced amounts had been received as at the date of 
this report based on this review the committee considered and concluded that these balances were recoverable
the committee discussed with the auditor the areas of significant risk identified by the external independent auditor see pages 92 to 94 and 
has satisfied itself that such risks are being appropriately managed
in addition the committee has considered a number of other key judgements and risks as part of discharging a best practice approach 
which included
l revenue recognition in respect of new contracts and contract extensions
l policy and practice in respect of demobilisation provisions and 
l policy and practice in respect of the useful lives of property plant and equipment
the committee is satisfied that all significant issues and risks have been managed appropriately and in accordance with the relevant 
accounting standards and principles
internal control and risk review
the board is responsible for the group’s system of internal control and reviews annually the effectiveness of the system of risk management 
and the internal controls framework the system is designed to manage rather than eliminate risk of failure to achieve business objectives 
and provides reasonable but not absolute assurance against material misstatement or loss
a comprehensive reporting structure was implemented during the year for the management of risk financial compliance and operational 
controls this includes regular at least annual review of the mechanisms in place to assess that risk is identified managed and controlled 
wherever possible 
key elements of the risk management and internal control framework include
l a detailed annual risk assessment process and
l structure of internal control policies and procedures
the risk assessment process conducted by management focuses on the identification of key risks to the annual business plan an assessment 
of the likelihood and potential impact of each risk a review of existing controls and their effectiveness and finally the identification of further 
actions to be taken to mitigate the risk factors the risk assessment is reviewed by the audit committee
the group’s internal control framework comprises documented policies and procedures that define proper controls delegation of authority 
and accountabilities in work flows for the effective operation and reporting in the business the review and approval of business plans budgets 
and investment programmes is conducted by the board regular reporting is provided to the board that not only covers performance on key 
financial metrics but also focuses on operational performance the group operates a whistle blowing procedure further details can be found 
on page 42
during the year the group has further enhanced its finance function to support the anticipated growth and demands of a listed business this 
continues to be monitored in evaluating the process to secure a premium listing and the extra requirements this would entail
the committee assesses the group’s internal risk management and financial control systems in order to help the board understand the 
efficacy of structures in place reflecting the growth of the business and the board’s focus on internal control the group has recruited a senior 
experienced individual as head of internal audit
internal audit
the audit committee has oversight responsibilities for the internal audit department following the establishment of an internal audit function in 
december 2013 the primary responsibility of the function is to provide independent objective assurance and consulting services designed to 
help the group accomplish its objectives by bringing a systematic disciplined approach to evaluating and improving the effectiveness of risk 
management control and governance processes
internal audit is responsible for the preparation and ongoing management of an annual audit plan which will be reviewed and approved by the 
audit committee and all reports arising therefrom are reviewed and assessed along with the related management’s actions to findings and 
recommendations 
since his appointment in late 2013 the head of internal audit is invited to and attends audit committee meetings and is also given the 
opportunity to meet privately with the audit committee without any members of management present going forward the audit committee will 
undertake a regular internal assessment of the effectiveness and independence of the internal audit function
corporate governance report
recoverability of 
trade and other 
receivables annual report 2013   apr energy  65 
overview strategy performance directors’ report financial statements other information
external auditors
the audit committee has responsibility for making a recommendation on the appointment reappointment and removal of the auditors the 
auditor was reappointed auditor of the group at the annual general meeting held in may 2013 
audit tendering
the audit committee acknowledges the changes to the code the recent findings of the competition commission and the guidance for audit 
committees issued by the financial reporting council each in the context of tendering for the external audit contract at least every ten years 
a requirement which is currently voluntary for a standard listed company deloitte was appointed auditor to the company in 2011 the auditor 
is required to rotate the audit partner responsible for the group audit every five years 2011 was the first year of the current lead audit partner’s 
tenure
recognising the relatively recent appointment of the auditor the committee will continue to give consideration to the timing of the next formal 
tender in light of the regulatory requirements and any further changes in the regulatory framework in any event we do not anticipate that this 
will be earlier than the date of the rotation of the current senior statutory auditor there are no contractual obligations that restrict the choice of 
auditors
effectiveness of external audit process
t o assess the effectiveness of the external audit process the auditor is asked on an annual basis to articulate the steps that it has taken 
to ensure objectivity and independence including where the auditor provides nonaudit services apr energy monitors the auditor’s 
performance behaviour and effectiveness during the exercise of its duties which informs the audit committee’s decision to recommend 
reappointment on an annual basis this year the committee obtained a report on the auditor’s own quality control procedures and considered 
its annual audit quality and transparency report during 2013 the committee undertook a review to evaluate the performance of its auditor 
this was undertaken internally incorporating feedback from across the group including the management t eam the finance function and 
committee members for the 2013 financial year management were satisfied that there had been appropriate focus and challenge on the 
primary areas of audit risk and assessed the quality of the audit process to be good the committee concurred with the view of management
nonaudit services
the fees and performance of the auditor are reviewed annually the committee aims to ensure that the provision of nonaudit services does not 
impair the integrity independence and objectivity of the company’s auditor this has been achieved by adhering to the accounting practices 
board ethical standard number 5 relating to ‘nonaudit services provided to audited entities’ the committee has reviewed and monitored the 
nature and extent of nonaudit services and challenged it where appropriate the committee has also reviewed the fees both individually and 
in aggregate relative to the audit fee noting that all significant nonaudit services work required committee approval before commencement
it is acknowledged that in some circumstances the auditor’s understanding of the business can be beneficial in improving the efficiency and 
effectiveness of advisory work and therefore it has been considered appropriate that the auditor be engaged it was also determined that the 
nature of the work would not undermine auditor objectivity and independence in total 12m 2012 08m was spent on nonaudit services 
during the year of which 08m 2012 nil related to acquisition of the ge power rental business and 01m 2012 04m related to the 
interim review the work undertaken on the acquisition of the ge power rental business is work that would usually be expected to be done by 
the company’s auditor as there are significant synergies and timing benefits to the company as such the committee considers that this level 
of nonaudit fees relative to the audit fee of 10m 2012 09m is acceptable for further details see note 9
independence
the committee requires confirmation at least annually from the auditor that it possesses the suitable independence and impartiality to 
continue to serve the company as auditor the committee reviews the expertise performance and effectiveness of the auditor based on the 
reviews conducted the committee has satisfied itself that the uk professional and regulatory requirements for audit partner rotation have been 
complied with 
reappointment of the auditor
in light of the reviews undertaken and the satisfactory conclusions reached the committee has recommended that a resolution proposing to 
reappoint deloitte now in its third year as the group’s auditor for a further year be put to shareholders at the 2014 agm 66  apr energy  annual report 2013
the board determined that the activities often delegated to a nomination committee would be performed by the 
board as a whole there were no specific meetings of the committee however the board considered a number of 
tasks ordinarily undertaken by the committee throughout the year
the committee is responsible amongst other things for reviewing the structure size and composition of the board 
of the company and of the subsidiary and ensuring that both are comprised of the right balance of skills knowledge 
and experience identifying and nominating for approval candidates to fill any vacancies on those boards as and when 
they arise giving full consideration to succession planning for the group and making recommendations as to the 
composition of the other committees of the board
in discharging its nomination related responsibilities the board is responsible for
l  ensuring that the company has a formal and transparent procedure for the appointment of new executive and 
nonexecutive directors to the board
l  ensuring that the company reviews the balance and effectiveness of the board identifying the skills needed and 
those individuals who might best provide them in accordance with the principles of good governance and the 
code of best practice contained in the code the requirements of the uk listing authority’s listing prospectus and 
disclosure and transparency rules and any other applicable rules as appropriate
l  reviewing regularly the board structure size and composition including by reference to skills knowledge 
experience and diversity and make recommendations to the board with regard to any adjustments that are 
deemed necessary
l  identifying and nominating candidates to fill board vacancies as and when they arise as well as put in place plans 
for succession in particular of the chief executive and chairman of the company
l  prior to any appointment evaluating the balance of skills knowledge and experience on the board and in the light 
of this evaluation preparing a description of the role and capabilities required for a particular appointment 
in identifying suitable candidates the board shall use open advertising or the services of external advisers to facilitate 
the search consider candidates from a wide range of backgrounds and consider candidates on merit and against 
objective criteria and with due regard for the benefits of diversity on the board including gender taking care that 
appointees have enough time available to devote to the position the board’s approach to diversity is detailed on 
page 69 
there were no changes to the board during the year 
membership 
and process
remit
terms of 
reference
nomination committee report 
corporate governance report annual report 2013   apr energy  67 
overview strategy performance directors’ report financial statements other information
membership 
and process
committee 
attendance
remit
key activities 
during the year
ethics committee report
the ethics committee which comprises baroness denise kingsmill as chair john campion shonaid jemmett
page and vipul t andon is responsible for advising the board on the development of the group’s compliance policies 
and strategies including examining whether ethical risks have been effectively identified assessed managed and 
reported to the board with a view to ensuring that the group does not engage in bribery corruption or unethical 
behaviour
the committee met once in 2013 and the members’ attendance record is set out on page 58
the company maintains an anticorruption policy and all employees have certified that they have read and will comply 
with that policy the group also employs safeguards and programmes across its business including anticorruption 
training programmes and due diligence on third parties designed to prevent the occurrence of fraud bribery and 
corruption
since the committee’s last report its main activities have been
l  a review of the company’s anticorruption training including the extension to include modules on export 
compliance and antimoney laundering and training coverage within the group
l  a review of the company’s process for supply chain compliance certification and 
l  the committee engaged the service of the good corporation to conduct an independent audit of the group’s 
ethics and compliance practices the good corporation applied its framework on bribery and corruption and 
found the company to be in the top quartile of all companies surveyed with a strong set of policies and controls to 
prevent bribery and corruption 
following the good corporation’s report the committee has overseen further enhancements in the implementation of 
procedures for safeguarding the group against the risk of bribery and corruption including
l  developing vendor agent and customer certifications signoffs agreements checklists and other forms of due 
diligence in connection with engaging with third party providers
l  conducting thirdparty agent registration background checks and creating an electronic central repositary for such 
information
l  strengthening anticorruption procedures and processes for invoice and expense approvals and 
l  the inclusion of a conflict of interest policy into the corporate employee handbook and annual employee declaration 
of compliance 68  apr energy  annual report 2013
directors’ report
the company was incorporated in england and wales on 30 october 2009 under the companies act 2006 as a private company limited by 
shares with the name horizon acquisition company limited and with registered number 7062201 the principal legislation under which the 
company operates is the uk companies act 2006 the “ act” and the regulations made thereunder 
the company is a holding company for the group whose ordinary shares are currently admitted to a standard listing on the official list and 
to trading on the main market the group is a leading global provider of fasttrack largescale mobile turbine power solutions to a variety of 
customers including sovereign owned utilities governmental institutions and industrial customers
other statutory and regulatory information
the directors present the annual report together with the audited consolidated financial statements for the year ended 31 december 2013
strategic report
the companies act 2006 requires us to present a fair review of the business during the year to 31 december and of the position of the group 
at the end of the financial year along with a description of the principal risks and uncertainties faced this is set out in the strategic report 
which can be found on pages 2 to 51
corporate governance statement
the disclosure and transparency rules require certain information to be included in a corporate governance statement in the directors’ report 
information that fulfils the requirements of the corporate governance statement can be found in the corporate governance report on pages 52 
to 67 and is incorporated into this directors’ report by reference
information included in the directors’ report
certain information that fulfils the requirements of the corporate governance statement can be found in the directors’ report in the sections 
headed “substantial shareholdings” “deadlines for voting rights” “repurchase of shares” “ amendment of the company’s articles of 
association” “ appointment and replacement of directors” and “powers of the directors” and is incorporated into this corporate governance 
section by reference
disclaimer
the purpose of this annual report and accounts is to provide information to the members of the company the annual report and accounts 
have been prepared for and only for the members of the company as a body and no other persons the company its directors and 
employees agents or advisers do not accept or assume responsibility to any other person to whom this document is shown or into whose 
hands it may come and any such responsibility or liability is expressly disclaimed 
the annual report and accounts contain certain forwardlooking statements with respect to the operations performance and financial 
condition of the group by their nature these statements involve uncertainty since future events and circumstances can cause results and 
developments to differ materially from those anticipated the forwardlooking statements reflect knowledge and information available at 
the date of preparation of this annual report and accounts and the company undertakes no obligation to update these forwardlooking 
statements nothing in this annual report and accounts should be construed as a profit forecast
results and dividends
the results for the year are set out on page 34 to 39 dividends paid and proposed are set out on page 39 the board is proposing a final 
dividend of 67 pence per share subject to shareholder approval at the agm on 20 may 2014 payable on 3 june 2014 to shareholders on the 
register as at 4 april 2014 following the payment of an interim dividend of 33 pence per share in may 2013 the proposed total dividend for the 
year is therefore 100 pence per share
internal control and risk management
details of the group’s approach to internal control and risk management can be found on pages 46 to 47 
directors and their interests
a list of directors their interests in the ordinary share capital of the company their interests in its longterm performance share plan and details 
of their options over the ordinary share capital of the company are given in the directors’ remuneration report on page 88 no director had 
a material interest in any significant contract other than a service contract or contract for services with the company or any of its operating 
companies at any time during the year  the names of all persons who at any time during the year were directors of the company can be 
found on pages 54 to 55 under the board 
as at the date of this report indemnities which are qualifying thirdparty indemnity provisions under the companies act 2006 are in place 
under which the company has agreed to indemnify the directors of the company and the former directors of the company who held 
corporate governance report annual report 2013   apr energy  69 
overview strategy performance directors’ report financial statements other information
office during the year ended 31 december 2013 to the extent permitted by law and by the company’s articles of association in respect 
of all liabilities incurred in connection with the performance of their duties as a director of the company or its subsidiaries copies of these 
indemnities are available for review at the company’s registered office
employment policy
the group continues to give full and fair consideration to applications for employment made by disabled persons having regard to their 
respective aptitudes and abilities the policy includes where practicable the continued employment of those who may become disabled 
during their employment and the provision of training and career development and promotion where appropriate the group has continued 
its policy of employee involvement by making information available to employees on matters of concern to them many employees are 
stakeholders in the company through participation in share option schemes and a longterm performance share plan
gender diversity
as at 31 december 2013 the group employs 196 people globally around 27 per cent of our workforce is female with some 52 women 
employed at a senior leadership level women represented 12 3 out of 26 of this population and 20 one in five of the board are female
future developments
important events since the year end are described in note 35 and future developments are described in the strategic report on pages 2 to 51
relations with shareholders
the board aims to provide an impartial and straightforward analysis of the group and its business when communicating with shareholders 
and we believe that being clear and open in our assessment of the market for temporary power and the prospects for the business is extremely 
important in line with the company’s main market listing in london management will continue to engage fully with shareholders on a regular 
basis
a reflection of the board’s commitment to this goal has been the appointment of a full time director of investor relations based in london 
beyond the formal reporting of full year and halfyear results presentations group calls and one toone meetings will be undertaken by 
management in the uk europe and north america nonexecutive directors are informed on a regular basis of such activity and encouraged 
to engage directly with shareholder meeting programmes during the year
the board makes every effort to ensure it has a comprehensive understanding of the views of major shareholders gained from regular contact with 
such shareholders and frequent dialogue with our brokers the board uses the annual general meeting to communicate with private investors and 
welcomes their participation
conflicts of interest
the group has rigorous procedures in place to deal with conflicts of interest should any directors declare any interests they have which could 
conflict with those of the group then the board is satisfied that the powers it has to authorise or otherwise address such potential conflicts are 
effective
major shareholders
as at 3 march 2014 the latest practicable date prior to the publication of this document the company had received notification of the following 
major shareholders representing 3 or more of the voting rights attached to the issued ordinary share capital of the company
name of shareholder no of ordinary shares  of total voting rights
general electric international inc 15453129 164
ssp energy 11131556 118
acm energy holdings 10073820 107
jcla 7000585 74
oppenheimer funds inc 6171648 66
alliance bernstein 5780075 61
jp  morgan asset management 5559537 59
blackrock inc 5232977 56
capital research management 5051460 54 
equinox partners lp 2988749 32 
the directors are not aware of any other material interests amounting to 3 or more in the share capital of the company 70  apr energy  annual report 2013
share capital 
on 31 december 2013 the company had in issue 94251622 ordinary shares of 10 pence 2012 78235164 ordinary shares of 10 pence 
following completion of its acquisition of ge’s power rental business on 28 october 2013 the company issued 15453129 new ordinary 
shares of 10 pence to general electric international inc details of the changes in issued share capital during the year are disclosed in note 23 
to the accounts
rights and obligations attached to ordinary shares
subject to the provisions of the companies act 2006 the “ act” and without prejudice to any rights attached to any existing shares any share 
may be issued with such rights or restrictions as the company may by ordinary resolution determine or in the absence of such determination 
including where such resolution does not make specific provision as the board may determine
voting rights
subject to disenfranchisement as provided in the company’s articles of association and subject to any special terms as to voting on which 
any shares may be issued no such shares currently being in issue and any other provisions of the articles on a show of hands every member 
present in person or being a corporation present by a duly authorised representative or by proxy shall have one vote and on a poll every 
member present in person or by proxy shall have one vote for every share of which he is the holder the company’s major shareholders do not 
have different voting rights
in the case of joint holders the vote of the senior who tenders a vote whether in person or by proxy shall be accepted to the exclusion of the 
votes of the other joint holders and for this purpose seniority shall be determined by the order in which the names of the holders stand in the 
register in respect of the joint holding
restrictions on voting
no member is unless the board otherwise decides entitled in respect of any share held by him to vote either personally or by proxy or by a 
corporate representative at any general meeting of the company or at any separate general meeting of the holders of any class of shares in 
the company if any calls or other sums presently payable by him in respect of that share remain unpaid or if he is a person who is interested 
as defined in the articles in less than 025 per cent in nominal value of the shares of that class in issue and he has been served with a 
restriction notice as defined in the articles after failure to provide the company with information concerning interests in those shares required 
to be provided under the act
save as disclosed in the prospectus published by the company in september 2011 in connection with its readmission to the official list of the 
uk listing authority the “readmission prospectus” which is available on our website at wwwaprenergycom the company is not aware of any 
agreement between holders of securities that may result in restrictions on voting rights 
as disclosed in the readmission prospectus pursuant to relationship agreements entered into between the company and certain 
shareholders on 13 june 2011 such shareholders are obliged not to exercise their voting rights or procure any amendment to the articles 
which would be inconsistent with the terms of the relevant relationship agreement
pursuant to the relationship agreement entered into between the company and general electric international inc on 28 october 2013 such 
shareholder is obliged to exercise or cause the exercise or as applicable prevent the exercise of all voting rights exercisable by any member of 
the ge group in the manner required to give effect to its obligations under such relationship agreement
dividends
the company in a general meeting may declare dividends in accordance with the respective rights of its members provided that no dividend 
shall be payable in excess of the amount recommended by the directors the directors may pay such interim dividends as appear to them to 
be justified no dividend or other moneys payable in respect of a share shall bear interest as against the company
there are no fixed date on which entitlement to dividends arises all dividends unclaimed for a period of twelve years after becoming due for 
payment shall be forfeited and shall cease to remain owing by the company
variation of rights
whenever the capital of the company is divided into different classes of shares the rights attached to any class may unless otherwise 
provided by the terms of issue of that class be varied or abrogated either with the consent in writing of the holders of three quarters of the 
issued shares of the class excluding treasury shares or with the sanction of a special resolution passed at a separate meeting of such 
holders
restrictions on transfer of ordinary shares in the company
there are no restrictions on the transfer of ordinary shares in the company except that
l pursuant to the relationship agreement dated 28 october 2013 general electric international inc has agreed with the company not to 
directly or indirectly transfer or dispose of ordinary shares without the prior written consent of the company until the first anniversary of 
the relationship agreement or the earlier termination of such restrictions in accordance with the terms of the relationship agreement if 
applicable and thereafter for as long as members of the ge group hold equal to or greater than 5 per cent of the company’s ordinary 
shares such ordinary shares must only be transferred or disposed of in accordance with agreed orderly marketing arrangements
corporate governance report annual report 2013   apr energy  71 
overview strategy performance directors’ report financial statements other information
l certain restrictions may from time to time be imposed by laws and regulations for example insider trading laws and
l pursuant to the listing rules of the financial conduct authority certain employees of the company require the approval of the company to 
deal in the company’s ordinary shares
otherwise the company is not aware of any agreements between holders of ordinary shares that may result in restrictions on their transfer
amendment of articles of association
unless expressly specified to the contrary in the articles of the company the articles may be amended by a special resolution of the 
company’s shareholders
rights to appoint and remove directors
the board may appoint any person to be a director any director so appointed by the board shall hold office only until the next annual general 
meeting and shall then be eligible for election by shareholders 
in addition to any power of removal conferred by the act the company may by special resolution remove any director before the expiration of 
hisher period of office the office of a director must be vacated if i he resigns his office by notice in writing delivered to the office or tendered 
at a meeting of the board or ii by notice in writing he offers to resign and the board resolves to accept such offer or iii his resignation is 
requested by all of the other directors and all of the other directors are not less than three in number or iv a registered medical practitioner 
who is treating that director gives a written opinion to the company stating that that director has become physically or mentally incapable of 
acting as a director and may remain so for more than three months or v by reason of a director’s mental health a court makes an order 
which wholly or partly prevents that director from personally exercising any powers or rights which that director would otherwise have or vi he 
is absent without the permission of the board from meetings of the board whether or not an alternate director appointed by him attends for six 
consecutive months and the board resolves that his office is vacated or vii he becomes bankrupt or compounds with his creditors generally 
or viii he is prohibited by law from being a director or ix he ceases to be a director by virtue of the act or is removed from office pursuant to 
the articles
relationship agreements 
as disclosed in the readmission prospectus certain shareholders entered into relationship agreements with the company on 13 june 2011 
the principal purpose of such relationship agreements is to ensure that the company is capable of carrying on its business independently of 
the relevant shareholder and to ensure that transactions and relationships between the company and such shareholders are at arm’s length 
and on a commercial basis such agreements will terminate upon such shareholder together with their connected persons and investment 
vehicles ceasing to hold 5 per cent or more of the total number of ordinary shares in issue in addition so long as such shareholders’ collective 
shareholding in the company does not fall below 5 per cent such shareholder will have the right to nominate for appointment one director or 
in the case of the founders two directors at each of the board and operating board levels
in addition general electric international inc entered into a relationship agreement with the company on 28 october 2013 the principal 
purpose of such relationship agreement is to ensure that the company is capable of carrying on its business independently of ge and to 
ensure that transactions and relationships between the company and ge are at arm’s length and on a commercial basis the principal rights 
and obligations of general electric international inc under such agreement will terminate upon members of the ge group ceasing to hold 
equal to or greater than 5 per cent of the company’s ordinary shares in addition as such members of the ge group hold equal to or greater 
than 5 per cent of the company’s ordinary shares general electric international inc will have the right to appointment one observer to attend 
board meetings and meetings of the audit ethics nomination and remuneration committees
powers of the directors
subject to the provisions of the act the company’s articles and to any directions given by the company in general meeting by special resolution 
the business of the company is managed by the board which may exercise all the powers of the company whether relating to the management 
of the business of the company or not in particular the board may exercise all the powers of the company to borrow money and to mortgage or 
charge all or any part of the undertaking property and assets present and future and uncalled capital of the company and to issue debentures 
and other securities whether outright or as collateral security for any debt liability or obligation of the company or any third party 
powers in relation to the company issuing or buying back its own shares
at this year’s annual general meeting shareholders will be asked to grant authority to the board to allot relevant securities i up to a nominal 
amount of £6220607 representing 62206070 ordinary shares of 10p each being the guideline limit of approximately 66 of the company’s 
ordinary share capital of this amount £3110303 or 31103035 ordinary shares of 10p each representing approximately 33 of the 
company’s ordinary share capital can only be allotted pursuant to a fully preemptive rights issue such authority to apply until the end of next 
year’s annual general meeting or if earlier until the close of business on 20 august 2015
a special resolution will also be proposed to grant the directors’ additional power to make nonpreemptive issues for cash in connection with 
rights issues and otherwise up to a nominal amount of £471258 representing approximately 5 of the company’s ordinary share capital a 
special resolution will also be proposed at this year’s annual general meeting to grant the directors’ authority to repurchase the company’s 
ordinary shares in the market the authority will be limited to a maximum of 9425162 ordinary shares representing 10 of the company’s 
ordinary share capital and will set the minimum and maximum prices which may be paid 72  apr energy  annual report 2013
founder securities 
the founder securities take the form of c ordinary shares in apr energy holdings limited details of the founder securities are disclosed in 
note 25 to the accounts
save with the approval of the holders of 75 per cent of the founder securities in issue from time to time i apr energy holdings limited 
may not be voluntarily wound up ii the company may not sell its ordinary shares in apr energy holdings limited iii apr energy holdings 
limited may not sell any material part of the business or assets acquired pursuant to the acquisition and iv ordinary shares must not be 
issued at a discount to their market value
securities carrying special rights
save as disclosed in the readmission prospectus and summarised above in respect of founder securities no person holds securities in the 
group carrying special rights with regard to control of the company 
rights under the employee share scheme
there are no restrictions on the exercise of voting rights in relation to shares to which the employee share scheme relates
going concern
the directors confirm that the business is a going concern on the basis that it has significant cash debt facilities and net assets and for this 
reason have adopted the going concern principle in the preparation of the financial statements further discussion regarding going concern is 
provided on page 39 in the financial review
change of control
the company is party to a number of agreements which take effect alter or terminate upon a change of control of the company following the 
successful conclusion of a takeover bid such agreements include purchase contracts with caterpillar inc together with several customer sales 
contracts none of which are considered individually material
in addition the company’s share schemes contain provisions which in the event of a change of control would result in outstanding options 
and awards becoming exercisable subject to the rules of the relevant schemes as summarised in note 25 to the accounts if a change of 
control of the company is at a price per ordinary share that is at least equal to a specified price per ordinary share the founder securities may 
be converted into the requisite number of ordinary shares
there are no agreements between the company and its directors or its employees providing for compensation for loss of office or employment 
that occurs because of a takeover bid although in line with the position for many listed companies provisions of the company’s share plans 
permit options and awards granted under such plans to vest on a takeover in certain circumstances
certain members of the management t eam have entered into service agreements with apr energy llc a subsidiary of the company the 
terms of such agreements generally provide that in the event of a termination of that person’s employment due to a change of control of the 
company the relevant employee shall be entitled to i unpaid base salary as at the date of termination ii any annual bonus accrued but 
unpaid as at the date of termination iii a number of months’ base salary and iv other nonmaterial benefits
disclosure of information to the company’s auditor
in accordance with section 418 of the act the directors who held office at the date of the approval of this directors’ report confirm that so far 
as they are each aware there is no relevant audit information as defined by section 4183 of the act of which the group’s auditor is unaware 
and each director has taken all the steps that heshe ought to have taken as a director to make himselfherself aware of any relevant audit 
information and to establish that the group’s auditor is aware of that information
indemnity of officers
under article 180 of the articles the company may indemnify any director or other officer against liability subject to the provisions of the act 
and the articles grant an indemnity to the directors against any liability for the costs of legal proceedings where judgement is given in their 
favour under the authority conferred by article 180 the company has granted indemnities to directors and officers of the company and its 
subsidiaries the indemnities do not apply to any claim which arises out of fraud default negligence or breach of fiduciary duty or trust by the 
indemnified person
the company has directors’ and officers’ liability insurance which covers each director and his or her lawful spouse or civil partner against 
losses for claims made against them in their capacity as directors of the company the policy is intended to maintain such coverage for the 
term of the directors’ appointments subject to the terms and conditions of the policy of insurance from time to time in force
where it is appropriate for a director to seek advice from independent advisers at the company’s expense the company will reimburse the 
cost of reasonable legal costs incurred subject in each case to a maximum of £5000 per director and subject further to the prior approval of 
the board
corporate governance report annual report 2013   apr energy  73 
overview strategy performance directors’ report financial statements other information
essential contractual arrangements 
the company’s key equipment purchases are focused on two major suppliers with which it has strategic alliances and other agreements the 
company purchases its diesel and gas reciprocating fleet from ring power corporation with its headquarters located in st augustine florida 
usa ring power is an authorised dealer of caterpillar inc based in peoria illinois usa on 28 october 2013 the company purchased ge’s 
dualfuel mobile turbine fleet the company has arrangements for global support and service from ge ring power and pratt  whitney power 
systems inc to procure spare parts as required
political contributions 
there were no political contributions during the period
annual general meeting
the company’s annual general meeting “ agm” will be held on 20 may 2014 the notice of the annual general meeting and details of the 
resolutions to be proposed at the meeting will be provided to shareholders in a separate circular 
agm – special resolutions
special resolutions will be proposed at the 2014 agm to authorise the directors i to allot ordinary shares up to an aggregate amount 
representing approximately one third of the issued ordinary share capital of the company and a further one third in relation to rights issues in 
line with guidance issued by the association of the british insurers ii to disapply the statutory preemption rights of shareholders on allotment 
of equity securities for cash up to a limit of a total of shares with a nominal value of approximately 5 per cent of the current issued share capital 
iii to authorise the company to purchase its own ordinary shares iv to approve the calling of meetings other than agms on 14 days’ 
notice v to give authority in the form customarily taken by english law governed companies listed on the london stock exchange for the 
company to make donations to charities or other worthwhile causes that might technically fall within the act’s definition of a political donation 
and vi to ratify the payment of previous dividends
auditor
deloitte llp was appointed as auditor at the last agm and has expressed its willingness to continue in office and in accordance with the 
provisions of section 489 of the act a resolution proposing its reappointment will be put forward at the forthcoming agm
greenhouse gas “ghg” emissions
the following information reflects the company’s mandatory reporting of greenhouse gas emissions pursuant to the act’s strategic report 
and directors’ report regulations 2013 the “regulations” under the regulations the emission categories captured within the definitions 
reflect all material emission sources for which the group is deemed responsible 
the group has decided to measure ghg emissions using an operational control approach the organisational boundary has been set to reflect 
those activities within the group’s control meaning that the group does not have responsibility for any emission sources that are beyond the 
boundary of its operational control fleet emission are driven by three main factors the fuel type customers chose to use the pattern of their 
usage and the fuel efficiency of the group’s fleet only the last of these three factors is under the group’s control therefore emissions arising 
from these other factors has not been measured 
the group does not manufacture any products or equipment and has identified the following key activities as being within the ghg reporting 
requirements
–– scope 1 fleet emissions reflecting all fuel types burned within the group’s power generating equipment including reciprocating engines 
and dualfuel turbines used across all geographies within the group’s control
 –– scope 2 heat and electricity purchased from the respective local suppliers for siteoffice usage and group owned and operated site 
vehicles this has been calculated as nonmaterial and would reflect less than 1 of emissions and has therefore not been included
at present scope 3 activities eg business travel freight shipping are excluded from the reporting scope as these are not within the group’s 
operational control nor is it believed that the quality of the data would not be sufficiently robust for accurate reporting in these areas 
the group has identified ghg emissions per megawatt hour mwh as the most appropriate kpi referred to as the intensity ratio this ratio 
will be impacted by fuel type fuel quality and power generation equipment type the determination of each of these factors rests with the client
 
global ghg emissions data  co
2
e metric tonnes rounded to the nearest 10000
 2013
scope 1 2240260
scope 2  20000
total ghg emissions co 2e 2260260
company’s chosen intensity ratio 
emissions per mwh 074 74  apr energy  annual report 2013
fair balanced and understandable
as required by the code the directors confirm that they consider that the annual report taken as a whole is fair balanced and 
understandable and provides the information necessary for shareholders to assess the company’s performance business model and strategy 
when arriving at this position the board was assisted by a number of processes including the following
l the annual report is drafted by appropriate senior management with coordination to ensure consistency across sections
l a verification process to ensure factual accuracy
l comprehensive reviews of drafts of the report are undertaken by members of the management t eam and other senior management
l an advanced draft is considered and reviewed by the company’s legal advisers and other advisers and
l the final draft is reviewed by the audit committee prior to consideration by the full board
statement of directors’ responsibilities 
the directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations
company law requires the directors to prepare financial statements for each financial year  under that law the directors are required to prepare 
the group financial statements in accordance with international financial reporting standards ifrss as adopted by the european union 
and article 4 of the ias regulation and have also chosen to prepare the parent company financial statements under ifrss as adopted by 
the eu  under company law the directors must not approve the accounts unless they are satisfied that they give a true and fair view of the 
state of affairs of the company and of the profit or loss of the company for that period  in preparing these financial statements international 
accounting standard 1 requires that directors
l properly select and apply accounting policies
l present information including accounting policies in a manner that provides relevant reliable comparable and understandable information 
l provide additional disclosures when compliance with the specific requirements in ifrss are insufficient to enable users to understand the 
impact of particular transactions other events and conditions on the entity’s financial position and financial performance and
l make an assessment of the company’s ability to continue as a going concern
the directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and 
disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements 
comply with the act  they are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the 
prevention and detection of fraud and other irregularities
the directors are responsible for the maintenance and integrity of the corporate and financial information included on the company’s website  
legislation in the united kingdom governing the preparation and dissemination of financial statements may differ from legislation in other 
jurisdictions
responsibility statement 
we confirm that to the best of our knowledge
l the financial statements prepared in accordance with international financial reporting standards give a true and fair view of the assets 
liabilities financial position and profit or loss of the company and the undertakings included in the consolidation taken as a whole
l the strategic report includes a fair review of the development and performance of the business and the position of the company and the 
undertakings included in the consolidation taken as a whole together with a description of the principal risks and uncertainties that they face 
and
l the annual report and financial statements taken as a whole are fair balanced and understandable and provide the information necessary 
for shareholders to assess the company’s performance business model and strategy
 on behalf of the board
 john campion andrew martinez
 chief executive officer chief financial office
 25 march 2014  25 march 2014
corporate governance report
statement of the directors 
in respect of the annual report and financial statements annual report 2013   apr energy  75 
overview strategy performance directors’ report financial statements other information
annual statement
chairman of the remuneration committee
directors’ remuneration report
dear shareholder
i am pleased to present our report on 
directors’ remuneration at the end of a 
successful and transformational year for the 
group we operate a simple remuneration 
structure across all employees which 
provides a clear link between pay our key 
strategic priorities and the overall interests 
of shareholders the committee considers 
it essential to ensure that our executive 
pay arrangements are fully aligned with the 
ambition and achievement of our profitable 
growth strategy
we were pleased with the group’s progress 
during the year in which we delivered a 
strong financial performance together with 
the completion of the acquisition of the ge 
power rental business which accelerated 
the pace at which we can execute our 
strategy 
remuneration committee activities
the remuneration committee the 
“committee” has recognised best practice 
arrangements resulting in john campion 
chief executive officer stepping down from 
the committee which now comprises only 
nonexecutive directors
the main activities of the committee since 
the last report were as follows
l assessed performance of the chief 
executive officer and determined  
annual bonus for 2013
l approved share awards for 2013
l established the chief executive officer’s 
salary arrangements for 2014
l set bonus targets for the chief  
executive officer for 2014
l reviewed remuneration benchmarking 
and provided recommendation to the 
board regarding fee structures and levels 
for chairman and nonexecutive directors
l considered remuneration market 
trends and corporate governance 
developments
l reviewed the revised remuneration 
reporting regulations and prepared 
the directors’ remuneration policy and 
report and
l considered a nonexecutive director 
share purchase plan and provided 
recommendation to the board
further details can be found in the 
remuneration committee’s report on page 90
remuneration for 2013
executive remuneration for the year was 
set in accordance with the outcome of a 
detailed review of the remuneration policy 
and levels for the executive directors 
undertaken by the committee and its 
advisers as detailed in our 2012 directors’ 
remuneration report this review sought 
to align remuneration to drive longterm 
shareholder value growth development and 
sustainability and ensure that the company 
is able to attract and retain the top talent in 
the industry 
the committee consulted with a number 
of the company’s major institutional 
shareholders including those represented 
on the board in relation to these changes 
equating to an aggregate shareholding 
in excess of 50 those consulted were 
altogether supportive of the changes and 
shareholders voted overwhelmingly in 
support as reflected by their 98 favourable 
vote at the 2013 agm
the company has continued to seek to 
align the longterm interests of shareholders 
the senior management team including 
the chief executive officer and other 
employees in the group by significantly 
increasing participation in the company’s 
share award plan 2012 – with participation 
now cascaded to all levels of the group and 
with approximately 130 total participants 
details of the remuneration decisions for 
2013 are set out in the directors’ annual 
remuneration report which follows
the committee believes that the 
performance of john campion has been 
strong throughout the year under his 
leadership and vision the group has effected 
a transformational acquisition and moved 
at pace with its ambitions remuneration for 
the year reflects the group’s strong financial 
performance and is disclosed on page 
84 of the directors’ remuneration report 
this performance resulted in the award of 
a bonus representing 107 of target to the 
chief executive for 2013 the performance  
conditions of the 2011 ltip award relating 
the period ending 31 december 2013 were 
not met and therefore did not vest 
key remuneration decisions for 2014
following the extensive remuneration review 
in 2012 the committee has with this in 
mind made no material or substantial 
changes to the company’s executive director 
remuneration arrangements during 2013
during 2013 the remuneration arrangements 
for the chairman and nonexecutive directors 
were reviewed by the committee this review 
resulted in changes to the fee structure and 
fee levels effective january 1 2014 these 
changes have been made to reflect the 
commitment and contribution that is expected 
from the chairman and nonexecutive 
directors and is commensurate with 
comparable roles in companies of a similar 
size and complexity to apr energy
remuneration disclosure
this report complies with the requirements 
of the large and mediumsized companies 
and groups regulations 2008 as amended 
in 2013 the provisions of the uk corporate 
governance code september 2012 and 
the listing rules
the report comprises two main sections
l the directors’ remuneration policy report 
pages 77 to 83 this section contains 
details of the remuneration policy that 
we propose will apply from the 2014 
agm 20 may 2014 subject to obtaining 
shareholder approval at the agm and
l the directors’ annual report on 
remuneration this section sets out 
details of how our remuneration policy 
was implemented for the year ended 31 
december 2013 and details of directors’ 
remuneration for the year ended 31 
december 2013
at the company’s agm in may 2014
l the directors’ remuneration policy report 
will be put to a binding shareholder vote 
and
l the directors’ annual report on 
remuneration report will be put to an 
advisory shareholder vote
i sincerely hope that you find this report of 
the committee’s work and remuneration 
comprehensive and understandable i hope 
you will support the resolutions presented at 
the upcoming agm
jim hughes
chairman
remuneration committee 76  apr energy  annual report 2013 76  apr energy  annual report 2013
reward principles 
our policy on remuneration
the group’s remuneration policy is set based on the remuneration committee’s recommendations subject to board approval the committee 
seeks to provide fair and appropriate remuneration across the group and to retain key talent within the organisation in setting remuneration 
levels the committee has regard to comparable uk and us energy market peers in terms of size geographical spread and complexity it also 
considers pay and employment conditions elsewhere in the group
remuneration levels and the relative importance of its different components are commensurate with those of the company’s uk and us 
energy market peers with similar revenue and market capitalisation levels  in considering these comparators the committee reflects apr 
energy’s position as a uk listed company and acknowledge that the group’s international business operating within multiple financial markets 
is inherently more complex than many of its comparators 
the key elements of the chief executive officer’s remuneration are base salary and benefits an annual bonus plan and longterm incentive 
plans
each element is designed to achieve specific objectives in aggregate the different elements create a unified and balanced reward mix and 
competitive employment proposition the individual elements are described in more details in the remuneration policy table on pages 77 to 80 
the committee considers it essential to ensure that our remuneration arrangements are fully aligned with the ambition and achievement of our 
profitable growth strategy and enhancing longterm shareholder value 
the intention is to provide remuneration packages that help attract retain and motivate with a significant proportion of the remuneration of the 
executive members of the senior management team including the chief executive officer being structured to link rewards to both corporate 
and individual performance performance related elements of senior executive remuneration seek to promote the longterm success of the 
group and are compatible with the group’s risk policies and systems
the committee takes into consideration performance on environmental social and governance esg issues and it believes that no element 
of the executive incentive structure raises esg risks through inadvertently motivating irresponsible behaviour or the taking of any undue risks 
with the business
stretching performance targets 
the remuneration committee considers that a successful remuneration policy must ensure that a significant part of the remuneration package 
is linked to the achievement of stretching corporate performance targets and a strong alignment of interest with shareholders reflecting our 
pay for performance policy bonus and share awards are linked to performance conditions with predetermined targets no payment is made 
below threshold levels of performance and at stretch levels of performance a majority of total compensation is delivered through performance
related incentives paid in a combination of cash and shares
competitive remuneration
the intention is to provide remuneration packages that help attract retain and motivate the members of the senior management team to 
achieve the group’s objectives of delivering growth in profits and enhancing longterm shareholder value the remuneration package and 
the relative importance of its different components are based on a view of both uk and us energy market peers with target compensation 
set around the median and the ability for exceptional performance to be rewarded through variable pay methods at the upper quartile of the 
market remuneration should reflect best practice among our peer groups support our strategy and have regard to governance principles 
around remuneration
commercial sensitivity with regards to disclosure of performance measures and targets 
it is expected that commercially sensitivity measures targets and outcomes particularly strategic and personal annual bonus targets will not 
be disclosed retrospectively where the committee considers this is not in the company’s commercial interests
directors’ remuneration report
directors’ remuneration report annual report 2013   apr energy  77 
overview strategy performance directors’ report financial statements other information
annual report 2013   apr energy  77 
it is intended that this policy report shall take binding effect from the date of its approval at the agm on 20 may 2014 information on how the 
company intends to implement the policy for the current financial year is set out in the “statement of implementation of remuneration policy”  
on page 84
future policy  executive directors
executive directors
element purpose and link operation maximum performance
 to strategy  opportunity measures
base salary
retirement benefits
attract and retain highcalibre 
talent necessary to deliver the 
group’s strategy 
reflect market value of role 
and the director’s skills 
experience and performance
where the executive director 
also receives fees from the 
company these will be taken 
into account when setting 
base salary
provide local market
competitive retirement 
benefits
attract and retain highcalibre 
talent necessary to deliver the 
group’s strategy
reviewed annually any increases 
typically apply from 1 february 
when determining base salary 
levels consideration is given to the 
following
l salary levels paid for similar 
roles with comparable status 
skills and responsibility in uk 
and us energy market peers of 
comparable size and complexity
l the competitiveness of salary 
levels against these peers and
l performance against personal 
and corporate objectives 
experience and conditions 
throughout the group
ability to invest in a standard 
company to a “section 401k” 
plan a us retirement plan made 
available to us employees 
generally or a local equivalent plan 
on the same terms as for other 
employees 
these arrangements are subject to 
limits based on us law
pension contribution may be paid 
into personal pension savings 
plans or paid as a separate cash 
allowance
no prescribed maximum annual 
increase
salary increases to executive 
directors are generally within 
the guidelines for the wider 
employee population
 
however increases may be 
made above this level at the 
committee’s discretion to 
take account of individual 
circumstances such as
l increase in scope and 
responsibility
l increase to reflect the 
individual’s development and 
performance in role eg for a 
new appointment where base 
salary may be increased over 
time rather than set directly 
at the level of the previous 
incumbent or market level 
and
l alignment to market level
maximum of 25 of base salary
no element other than base 
salary is pensionable
none
none
directors’ remuneration policy report 78  apr energy  annual report 2013 78  apr energy  annual report 2013
directors’ remuneration report
element purpose and link operation maximum performance
   to strategy  opportunity measures 
other benefits
annual bonus
performance is assessed 
using the following 
metrics
75 of the award is 
based on financial 
measures currently 
revenue adjusted ebit 
and adjusted roce and 
25 of the award is 
based on strategic 
measures
the measures and 
targets are set by 
the committee each 
year the measures 
that will apply for the 
2014 financial years 
are described in the 
directors’ annual 
remuneration report 
measures for the 
following years will 
be summarised in 
the directors’ annual 
remuneration report of 
the relevant year
provide local market
competitive and costeffective 
benefits to executives to assist 
them to carry out their duties 
effectively
attract and retain highcalibre 
talent necessary to deliver the 
group’s strategy
reward and incentivise 
the achievement of annual 
financial and strategic targets
the group provides a range of 
benefits which may include a 
car benefit or cash equivalent 
private medical insurance 
permanent health insurance and 
life assurance 
additional benefits may also be 
provided in certain circumstances 
which may include relocation 
expenses housing allowance and 
school fees other benefits may be 
offered if considered appropriate 
and reasonable by the committee
the benefits arrangements for 
executive directors are reviewed 
by the committee periodically 
to ensure appropriateness in 
terms of the type and level of 
benefits provided in determining 
appropriateness the committee 
will consider factors such as the 
director’s country of residence and 
length of service as well as local 
practices cost and convenience
measures and targets are set 
annually and payout levels are 
determined by the remuneration 
committee based on performance 
against those targets
the remuneration committee 
may in exceptional circumstances 
amend the bonus payout 
should this not in the view of 
the committee reflect overall 
business performance or individual 
contribution
annual bonus is payable in cash
there are no clawback or malus 
provisions applicable to the annual  
bonus
set at a level which the 
remuneration
committee considers
l appropriately positioned 
against comparable roles 
in companies of a similar 
size and complexity in the 
relevant market and
l provides a sufficient 
level of benefit based on 
the role and individual 
circumstances such as 
relocation
for maximum performance 
250 of base salary
for ontarget performance  
125 of base salary 
for threshold performance 
50 of base salary
no bonus is payable if 
performance is below 
specified threshold levels
none
future policy  executive directors cont’d annual report 2013   apr energy  79 
overview strategy performance directors’ report financial statements other information
element purpose and link operation maximum performance
 to strategy  opportunity measures
longterm share 
based incentive 
plans
historic 
commitments
performance is 
measured against 
growth of the group’s 
annualised adjusted 
earnings per share 
measured over a 
minimum three year 
period
the measures and 
targets are set by the 
committee 
details of the targets 
that will apply for 
2014 are set out in 
the directors’ annual 
remuneration report
dependent on 
circumstances
motivate and reward the 
achievement of longterm 
group financial performance in 
line with the group’s strategy 
and longterm shareholder 
returns
support the creation of 
shareholder value and aligns 
executive interests with those 
of longterm shareholders
honour previous  
agreements
awards made in the form of 
conditional shares or options 
with vesting dependent upon 
the achievement of performance 
conditions
grants are typically made annually
the committee judges whether 
and to what extent targets have 
been met and if an exceptional 
event occurs that causes the 
committee to consider that the 
targets are no longer appropriate 
the committee may adjust them
awards vest subject to continued 
employment and performance 
measured after three financial 
years and may vest earlier in 
good leaver circumstances or 
in connection with a change of 
control ot other corporate event  
in accordance with the plan rules
the committee may adjust the 
number of shares that vest to 
ensure the basis of calculation to 
ensure it is fair and consistent
awards may also be adjusted in 
the event of a variation of capital  
in accordance with the plan rules
there are no clawback or malus 
provisions applicable to the long
term incentive plans
where commitments have been 
given prior to the 2014 agm as 
a matter of policy apr energy will 
honour those commitments in 
accordance with their terms the 
only such current commitments 
are share awards made and 
disclosed to shareholders in 
previous years
awards vest on the following 
basis
l ‘threshold’ performance 
30 of the maximum 
shares awarded
l ‘maximum’ performance 
100 of the shares 
awarded
with straightline vesting 
between performance levels
current annual award levels 
for executive directors range 
between 100  300 of base 
salary at the time of grant
overall individual limit of 400 
of base salary in exceptional 
circumstances
the committee retains the 
discretion to make awards 
up to the individual limit and 
would expect to consult with 
significant investors if awards 
were to be made routinely 
above current levels
dependent on  
circumstances
future policy  executive directors cont’d 80  apr energy  annual report 2013
0
500
1000
1500
2000
2500
3000
3500
4000
0
500
1000
1500
2000
2500
3000
3500
4000
chief executive officer
minimum ont arget maximum
fixed annual variable longt erm variable
738000
2345000
3951000

fees none reward individuals for  
fulfilling the relevant role
attract and retain individuals 
with the skills experience and 
knowledge to contribute to an 
effective board
fees are reviewed periodically
the fee structure is as follows
l the chairman is paid a single 
consolidated fee
l the nonexecutive directors 
are paid a basic fee 
plus additional fees for 
membership or chairmanship 
of board committees or further 
responsibilities eg sid
l fees are currently paid in cash 
although the company may 
introduce a facility whereby  
nonexecutive directors can elect 
to receive a portion of their fees 
in apr energy shares based on 
open market value at the time
set at a level which
l reflects the commitment 
and contribution that 
is expected from the 
chairman and non
executive directors and
l is appropriately positioned 
against comparable roles in 
companies of a similar size 
and complexity among uk 
and us energy companies 
of a similar size and 
international scope
actual fee levels are disclosed 
in the directors’ annual 
remuneration report for the 
relevant financial year
chairman and nonexecutive directors’ fees
as noted above performance measures apply to the annual bonus and the longterm incentive plan ltip these were chosen and targets are set as follows
• annual bonus – the specific metrics and their weightings are set by the committee in the light of the board’s assessment of the strategic imperatives facing the
company and the budgets and other operational plans adopted by the board to best address both short and longerterm imperatives management proposes 
suitable metrics which are quantitative wherever possible and levels of performance to form the threshold ontarget and maximum levels of attainment the 
committee then assesses whether achievement of these is appropriately aligned with shareholders’ interests and whether the reward that would accrue to the 
executive directors would be justifiable they also examine whether the metric is consistent with the requirements of prudent risk management and does not itself 
create perverse incentives and good governance
• ltip – after consulting with shareholders in 2012 it was determined that the ltip plan was fully aligned with the strategic imperatives facing the company could 
easily be adapted to changing circumstances and so represented a strong means of assessing valuecreating activities by including a longerterm assessment of 
annualised earnings per share growth over a minimum of three years a clear incentive is created to manage the business for value over the longer term details of 
outstanding awards under the company’s ltips are set out on page 118 
illustrative performance scenarios
the above chart provides an illustration of the operation of the 
remuneration policy and shows the levels of remuneration in us 
dollars that would be received by the chief executive officer for 
different performance levels in accordance with the directors’ 
remuneration policy for 2014 
 
element purpose and link operation maximum performance
 to strategy  opportunity measures
fixed remuneration only based on latest known salary 
retirement benefits and other benefits as shown in single 
figure table 
 base  benefits retirement total
’000s salary   benefits fixed
ceo 714 14 10 738
based on what an executive director would receive if 
performance was in line with the ontarget scenario
l annual bonus pays out at 125 of salary for ontarget 
performance
l a ltip award with a face value of 100 in line with the 
“normal” grant policy pays out 30 of maximum being 
threshold level of vesting
based on what an executive director would receive if 
performance was in line with the maximum scenario
l annual bonus pays out at 250 of salary for maximum 
performance
l a ltip award with a face value of 200 in line with the 
“maximum” possible award under the plan rules pays out 
at 100 of maximum
minimum maximum ontarget
the chart show three scenarios a minimum b ontarget and c 
maximum in developing the scenarios the following assumptions 
have been made
4000
3500
3000
2500
2000
1500
1000
500
0
100 31 19
38
45
31
36
directors’ remuneration report
future policy  nonexecutive directors annual report 2013   apr energy  81 
overview strategy performance directors’ report financial statements other information
nonexecutive director fees
the chairman is paid a single consolidated fee per annum the 
nonexecutive directors are paid a basic fee plus fees reflecting 
additional responsibilities including senior independent director 
membership and chairmanship of board committees in addition the 
committee retains the authority to pay additional fees up to £20000 
for independent work outside of the scope of the board subject to 
approval by the chairman and chief executive officer
the annual rates for nonexecutive director fees effective 1 january 
2014 are shown in the table on page 83
the company encourages the nonexecutive directors to build up 
a holding in the company’s shares the committee may introduce 
a facility whereby nonexecutive directors may elect to receive a 
portion of their fees in ordinary shares of the company purchased 
on a regular basis in the market
letters of appointment 
nonexecutive directors including the chairman are appointed 
pursuant to a letter of appointment
the contractual arrangements for the current chief executive officer 
comprises a service agreement with apr energy llc and a letter 
of appointment with the company under the terms of his service 
agreement the chief executive officer is entitled to a termination 
equal to twelve months salary where appropriate it will continue 
to be the company’s policy that an executive director may have a 
service agreement with the relevant operating subsidiary in addition 
to appropriate contractual arrangements with the company
the details of the directors’ letters of appointment with the company 
are summarised in the table below
name of director date of letter notice
 of appointment  period
mike fairey chairman 17 december 2009 12 months
john campion 13 june 2011 12 months
matthew allen  25 january 2012 12 months
gregory bowes 13 june 2011 3 months
edward hawkes 12 january 2010 12 months
jim hughes  25 january 2012 12 months
denise kingsmill 17 december 2009 12 months
haresh jaisinghani  25 january 2012 12 months
shonaid jemmettpage  23 july 2012 12 months
vipul t andon 13 june 2011 3 months
terms of appointment of directors
executive directors’ service contracts are carefully considered by 
the committee the committee considers that a rolling contract 
with a notice period of 12 months is appropriate a longer initial 
period of notice of up to 36 months may be used where considered 
appropriate in order to secure the recruitment of an external 
candidate
the appointment of nonexecutive directors is normally for a fixed 
term of three years during which time the appointment may be 
terminated by the board or by the company’s shareholders on 
notice
exit payments
in the event of early termination an executive director may receive 
compensation up to a maximum of basic salary retirement benefit 
entitlement and other contractual benefits over the notice period 
the committee will consider mitigation where appropriate having 
regard to the circumstances
there is no automatic entitlement to annual bonus executive 
directors’ may receive a bonus in respect of the financial year of 
cessation based on performance against predetermined targets 
where an executive director leaves by reason of death disability or 
illheath they may receive a prorata bonus for the year of cessation
the treatment of leavers under the company’s longterm incentive 
plans is determined by the rules of the relevant plans the committee 
will determine when awards vest and the period during which awards 
may be exercised
performance shares lapse if the participant leaves employment in 
case of termination for cause or resignation in other cases normally 
including death and ill health injury or disability redundancy and 
retirement the committee may determine that awards vest at the end 
of the performance period and are prorated for time performance 
conditions would apply however the committee has the discretion 
to allow the award to vest on cessation of employment on a prorata 
basis or otherwise if having regard to progress towards meeting the 
performance conditions at that point 
the committee may vest the award on any other basis if it believes 
there are exceptional circumstances which warrant that for example 
it can be in the interest of the company for the board to proactively 
organise succession and manage an executive’s departure when 
determining the treatment of outstanding awards in those cases the 
committee will take into account the executive’s level of performance 
and contribution to the transition
no compensation is payable to nonexecutive directors on leaving 
office
approach to recruitment remuneration
the remuneration package for a new executive director would be 
set in accordance with the terms of the approved remuneration 
policy in force at the time of appointment the committee may offer 
a package that will be sufficient to attract and retain the highcalibre 
talent necessary to develop and deliver the business strategy the 
committee may offer additional cash andor sharebased elements 
when it considers these to be in the best interests of the company 
and therefore shareholders the committee will seek to ensure 
that no more is paid than is necessary any buyout payments 
would be intended to be no more than is necessary to compensate 
for remuneration lost due to leaving the former employer and 
would reflect the delivery mechanism ie cash shares options 
time horizons and performance requirements attaching to that 
remuneration 
the following elements may be considered by the committee for 
inclusion in a recruitment package for an executive director in 
addition to the policy elements set out in the table on pages 77 to 79 82  apr energy  annual report 2013
initial longterm 
incentive award
initial annual 
bonus 
opportunity
compensation for 
forfeited awards
sign on awards
relocation costs
an initial longterm incentive award may be 
made which may be higher than the maximum 
opportunity as set out on page 79
the committee will ensure
– the award is linked to the achievement of 
appropriate and challenging performance 
targets
– the award will be forfeited if the performance 
and continued employment conditions are 
not achieved
the initial annual bonus opportunity may be set 
higher than the approved policy
the committee will ensure the award is 
linked to the achievement of appropriate and 
challenging performance targets
the terms of any compensation will be 
determined by taking into account the terms of 
any forfeited awards including
– performance achieved or likely to be 
achieved
– the proportion of performancevesting period 
remaining and
– the form and timing of the original award
in certain limited circumstances for example 
in order to compensate for a loss at a previous 
employer other than for forfeited awards the 
committee may make a oneoff signon award 
as part of the initial package 
the committee retains the discretion to 
determine based on the circumstances at the 
time whether this would be in cash or shares 
whether or not performance conditions or an 
additional holding period would apply
where necessary the company will pay 
appropriate relocation costs in line with 
standard practice the committee will seek to 
ensure that no more is paid than is necessary
element approach fee levels for a new chairman or new nonexecutive directors will 
be determined in accordance with the policy set out in the policy 
table
consultation with our employees
although the committee does not consult directly with employees 
on the directors’ remuneration policy the committee considers 
the general basic salary increase remuneration arrangements and 
employment conditions for the broader employee population when 
determining remuneration policy for executive directors
statement of consideration of employment condi
tions elsewhere within the group
the remuneration policy for executives reflects the overriding 
remuneration philosophy and principles of the wider group 
when determining the remuneration policy and arrangements for 
executive directors the remuneration committee considers pay 
and employment conditions across the group which operates in a 
number of different countries and has employees who perform a 
diverse range of jobs the overall aim is that
l employees including the chief executive officer are paid by 
reference to the market rate
l the apr group promotes and offers internal promotion 
opportunities
l the group offers employment conditions which are commensurate 
with applicable laws where the group does business and
l the group offers a range of benefits depending on the employee 
location including retirement savings plans flexible benefits paid 
annual leave and healthcare insurance
as mentioned in the annual statement by the chairman of the 
remuneration committee the company has continued to seek 
to align the longterm interests of shareholders the management 
team including the chief executive officer and other employees in 
the group by significantly increasing participation in the company’s 
share award plan 2012 – with participation now cascaded to all 
levels of the group and with approximately 130 total participants
the committee seeks to encourage greater employee ownership 
and is considering the introduction of arrangements whereby 
employees would be able to participate in a us tax qualifying 
employee share purchase plan a uk tax qualifying share incentive 
plan andor a uk tax qualifying sharesave plan or equivalent plans 
tailored to reflect tax and legal considerations in other relevant 
jurisdictions offering an opportunity to acquire shares on beneficial 
terms it is envisaged that participation in such plans may be 
offered to as many employees as practicable up to the relevant 
statutory limits in common with most plans of this type it is not 
anticipated that performance conditions will apply
the company continues to review and evolve its mediumterm 
strategic plan the committee will seek to align the remuneration 
of key senior management excluding executive directors to the 
successful delivery of stretching performance targets in support of 
this plan the key difference from remuneration across the wider 
group will be an increased emphasis on performance related pay 
statement of consideration of shareholder views
the remuneration committee is committed to an ongoing 
dialogue with shareholders and seeks the views of the company’s 
largest shareholders when any major changes are being made 
to remuneration arrangements the committee notes that 
an enhanced initial notice period signon awards or increased initial 
annual bonus or longterm incentive award opportunities would only 
be made available in exceptional circumstances
apr energy plc is required to set out the maximum amount of 
variable pay which could be paid to a new director in order to 
provide the company with sufficient flexibility in a recruitment 
scenario the committee has set this figure as 650 of base salary 
excluding compensation for forfeited awards this represents the 
maximum annual bonus 250 and the maximum ltip award 
400 in exceptional circumstances
this level of variable pay would only be available in exceptional 
circumstances and in order to achieve such a level of variable pay 
stretching targets would need to be met over both one year for the 
annual bonus and at least threeyear for longterm incentive plan 
performance periods
in the case of an internal appointment any variable pay element 
awarded in respect of the prior role may be allowed to pay out 
according to its terms
directors’ remuneration report annual report 2013   apr energy  83 
overview strategy performance directors’ report financial statements other information
shareholders may not speak with a single voice but will seek takes into account the views of significant shareholders when formulating and 
implementing the policy
when the last major review of remuneration occurred the committee consulted with a number of the company’s major institutional 
shareholders equating to an aggregate shareholding in excess of 50 including those represented on the board in relation to the proposed 
changes those consulted were altogether supportive of the proposed changes to the directors’ remuneration arrangements 
at the 2013 agm shareholders voted more than 98 in favour of the advisory remuneration vote
payments in exceptional circumstances
in truly unforeseen and exceptional circumstances the remuneration committee retains the discretion to make emergency payments which 
might not otherwise be covered by this policy an example of such an exceptional circumstance could be the untimely death of a director 
requiring another director to take on an interim role until a permanent replacement is found any such event and the basis for such payments 
will be announced on a timely basis to shareholders via a regulatory information service announcement and the company’s website
statement of implementation of remuneration policy in the 2014 financial year
components of remuneration – executive directors
effective from 1 february 2014 the base salary for the chief executive officer increased 5 to 714000 retirement and other benefits are in 
accordance with those stated in the policy table and are in line with 2013
there is no change in the maximum percentage opportunity under the annual bonus plan the committee determined that the performance 
measures applicable for the 2014 annual bonus are 75 financial based revenue 20 adjusted ebit  20 adjusted roce 35 and 25 
qualitative based on strategic performance measures unchanged from 2013 t argets for 2014 are not disclosed because they are considered 
to be commercially sensitive
there is no change in the maximum ltip opportunity for the chief executive officer and targets remain unchanged from 2013 it is expected 
that awards will be made following the publication of the annual report
annualised adjusted eps growth   performance level vesting 
 maximum 11 100
 threshold 4 30
 below threshold 4 0
awards will vest on a straight line basis between threshold and maximum
components of remuneration – nonexecutive directors
the nonexecutive director fee schedule for 2014 effective from 1 january 2014 is shown below
position annual fee £’000s 
chairman 130 
nonexecutive director 70 
additional responsibilities  
senior independent director 20 
chairman of a board committee 10 
membership of a board committee 5  84  apr energy  annual report 2013
annual report on remuneration
this section provides the details of the actual payments and awards to directors who served during the year information contained in the 
annual report on remuneration has where indicated been audited by the group’s external independent auditors
single total figure of remuneration
the following table sets out the single figure of total remuneration for directors for the financial years ending 31 december 2012 and 2013
audited
£’000 salary  benefits
1
 retirement  annual longterm  t otal
 fees  benefits bonus   incentives
23
  
 2013 2012 2013 2012 2013 2012 2013 2012 2013 2012 2013  2012
executive directors
john campion 432 166 9 9 7 7 581 179   1028 361
    
nonexecutive directors
mike fairey  90 90        80 90 170
matthew allen  70 65         70 65
gregory bowes 70 70         70 70
edward hawkes 70 70         70 70
jim hughes  70 65         70 65
denise kingsmill 70 70        80 70 150
haresh jaisinghani  70 65         70 65
shonaid jemmettpage  70 32         70 32
vipul tandon 70 70         70 70
1  benefits include private medical insurance and life assurance
2  represents the value of longterm incentive plans where the performance period ended within the financial year 
3  as reported in the 2012 annual report mike fairey and denise kingsmill each subscribed for their remaining 10000 matching shares during 
2012 the share price on the date of vesting was £798
additional notes to the single total figure of remuneration 
base salary
in 2013 the chief executive officer was entitled to total annual base salary of 680000 per annum inclusive of a fee in respect of membership 
of the company’s board base salary increased from effective 1 february 2013 reflecting the outcome of the 2012 remuneration review which 
identified that the chief executive officer’s base salary was significantly behind those of market peers resulting in an adjustment to reflect 
median peer salary
in 2012 the chief executive officer was entitled to total annual basic remuneration of 450000 comprising a fee of £70000 as a member 
of the board and a salary under his employment contract with apr energy llc a subsidiary of the company of 380000 per annum in 
recognition of the challenging financial year and organisational restructuring the chief executive officer elected to cease to accept his salary 
resulting in an actual salary of £165627 being received
benefits
the benefits provided to the chief executive officer included private medical insurance and life assurance
directors’ remuneration report annual report 2013   apr energy  85 
overview strategy performance directors’ report financial statements other information
retirement benefits
the chief executive officer does not receive any pension benefits other than the ability to invest in a standard company “section 401k” plan a 
us retirement plan made available to us employees generally subject to the applicable limits based on us law which reflects the same terms 
as for other us employees the level of retirement benefits in 2013 remained unchanged from 2012
annual bonus
for 2013 the chief executive officer was eligible for an annual bonus opportunity ranging from 0 to 250 of basic remuneration dependent 
on performance with threshold level set at 50 and ontarget level set at 125
the performance measures were a combination of qualitative strategic performance targets 25 and financial targets 75 which were 
measured over the period of one year financial metrics for the purposes of the annual bonus arrangements for the chief executive officer 
were revenue 20 adjusted ebit 20 and adjusted roce 35 in 2013
as highlighted in the committee chairman’s letter the group delivered a strong financial performance in the year with good growth across 
financial metrics which led to 109 of the bonus relating to financial measures becoming payable 
john campion achieved his strategic objectives for 2013 which led to 100 of the bonus relating to strategic measures becoming payable 
notably achievements against strategic and individual performance measures included the completion of the acquisition of the ge power rental 
business overall this resulted in the chief executive officer receiving a bonus equal to 107 of target 53 of the maximum or 134 of salary 
the annual bonus for 2012 was based 80 financial metrics and 20 strategic and individual performance metrics the chief executive officer 
achieved below performance for financial and strategic metrics this resulted in 53 of target 32 of the maximum or 63 of salary
the table below sets out performance achieved for the 2013 bonus against targets 
   weighting  actual 
1
 
  as  of maximum performance 
revenue  20 slightly above target 
adjusted ebit  20 above target 
adjusted roce  35 slightly above target 
strategic objectives  25 achieved
total resulting level of award as  of target   107
total resulting level of award as  of maximum   53
1 the actual target range has not been disclosed as this is considered by the board to be commercially sensitive and therefore will not be 
disclosed
longterm incentive plans audited
share awards made during the year
in june 2012 the company adopted the apr energy share award plan 2012 the “psp” the psp allows for the grant of share options andor 
contingent share awards this provides a more effective retention tool with the flexibility to reflect common us practice on equity incentives it 
is a longterm incentive plan enabling selected employees to be granted a right to acquire ordinary shares in the company at a specified price 
subject to the satisfaction of specified conditions the number of ordinary shares issued or issuable pursuant to awards granted in any 10year 
period is limited to 10 per cent of the issued ordinary shares from time to time
in 2013 72957 contingent share awards were granted to the chief executive officer under the psp  this award reflects the maximum 
opportunity of 200 of base salary representing a face value of 1360000 the number of shares reflects the closing share price of 1155p 
on 28 october 2013 the date of award based on the prevailing exchange rate and remain subject to performance conditions these awards 
provide for ordinary shares to be delivered subject to payment of the nominal value of the award shares if so required on or after the third 
anniversary dependent on the achievement of performance conditions determined by reference to the growth of the group’s annualised 
adjusted earnings per share over the period of three years ending on 31 december 2015 with 30 vesting at a threshold of 4 growth rising 
to 100 vesting for growth of 11 or more with straightline vesting between each level of performance 86  apr energy  annual report 2013
performance graphs
chief executive officer pay and relative total shareholder return “tsr” performance
the following graph compares the performance of a £100 investment in apr energy plc £010 ordinary shares performance from 19 
september 2011 the first day of trading on the london stock exchange main market to 31 december 2013 measured by tsr compared to 
that of the same investment in the ftse all share index the ftse all share index has been selected for this comparison because it is the 
index which the committee considers to be the most closely comparable to the company the ftse 250 index is also included as this also 
represents a useful comparator
tsr is the measure of the returns that a company has provided for its shareholders reflecting share price movements and assuming 
reinvestment of dividends spot data is used at the date of main market listing and at the end of each financial year the intermediate points are 
the values at the company’s financial year ends 
financial year ending 31 december 2011 31 december 2012 31 december 2013
ceo total remuneration single figure £‘000s 82
1
 361 1028
annual variable pay  of maximum 34
2
 32 53
longterm variable pay  vested as  of maximum 0
2
 0 0
1  calculated on a prorata basis for the period from 19 september 2011 to 31 december 2011 as a proportion of the reported 14 month year 
ended 31 december 2011
2  for the 14 month period ended 31 december 2011
20
40
60
80
100
120
140
160
180
value of a hypothetical £100 investment
apr energy
ftse 250
ftse all share
source datastream return index
19911 311211 311212 311213
directors’ remuneration report annual report 2013   apr energy  87 
overview strategy performance directors’ report financial statements other information
change in remuneration of chief executive officer compared to employees 
the table below sets out the percentage change in the remuneration of the chief executive officer compared to that of group management 
this group was selected as the most appropriate comparator group as the chief executive officer is usbased and this group provides a 
useful local market reference point and is considered to be the most appropriate representation of the group’s employees for this requirement
change in remuneration    change  change  change
from 2012 to 2013    in base salary in benefits in annual bonus
chief executive officer   51 7 225
group management   20 16 109 
the increase in base salary year on year reflects the findings of the 2012 remuneration review which found the chief executive officer’s 
remuneration to be substantially below market peers the chief executive’s officer’s revised salary became effective 1 january 2013 the 
committee expects future changes to the chief executive officer’s base salary to be broadly in line with all employees in 2014 the chief 
executive officer’s salary increased by 5 in line with employee salary increases the increase in the chief executive officer’s annual bonus 
reflects the increased base salary in 2013 an increase in the maximum annual bonus opportunity as a proportion of base salary and improved 
performance against financial and strategic measures
relative importance of spend on pay
the table below displays the expenditure and percentage change in overall spend on employee remuneration and shareholder distributions as 
required by the relevant remuneration regulations
m unless otherwise stated 2013 2012  change
overall expenditure on pay 
1
 334 223 49
adjusted ebitda
 2
 1812 1567 16
dividend paid in the year
 3
 129 164 21
1  overall expenditure on pay t otal staff costs from note 10 including wages and salaries social security costs pension and sharebased 
payments
2 underlying profit adjusted ebitda represents a key performance indicator for the group
3  returns to shareholders t otal dividends paid in the year  as shown in note 34 dividends paid in 2012 reflect the company’s inaugural full and 
final dividend of 100 pence per share in respect of the financial year ended 31 december 2011 and a 2012 interim dividend of 33 pence per 
share in 2013 dividends paid reflect a final dividend of 67 pence per share for the financial year ended 31 december 2012 and a 2013 interim 
dividend of 33 pence per share 88  apr energy  annual report 2013
directors’ shareholdings and share interests
directors’ interest in shares
the beneficial interest of the directors in shares of the company as at 31 december 2013 are stated below 
audited  at 31 december 2013 at 31 december 2012
name of director   no of ordinary no founders no of ordinary no founders
   shares securities shares securities
mike fairey chairman   30000  30000 
john campion 
12
   7030146  8794707 
matthew allen 
34
   508782 11667 1072006 11667
gregory bowes 
5
   38754  38754 
edward hawkes 
67
   375888 10000 792001 10000
jim hughes       
denise kingsmill   30000  30000 
haresh jaisinghani       
shonaid jemmettpage    786  786 
vipul tandon 
8
      
1 as at 12 march 2014 jcla cayman owned 6941463 ordinary shares
2 these ordinary shares are held by jcla cayman which is ultimately owned approximately 59 by john campion
3 matthew allen was also beneficially entitled to 19 of the 360000 ordinary shares held by horizon growth investment llp  these were 
transferred to matthew allen in 2012
4 matthew allen is also beneficially entitled to a further 4600 founder securities through his membership of horizon growth investment llp   
5 gregory bowes’ shares are held indirectly – he has interests in the partnership structure which owns acm which in turn has interests in the 
company
6 edward hawkes was also beneficially entitled to 25 of the 360000 ordinary shares held by horizon growth investment llp  these were 
transferred to edward hawkes in 2012 he also has interest in a further 50000 ordinary shares by being a director and shareholder of bizy 
investments ltd
7 edward hawkes is also beneficially entitled to a further 6000 founder securities through his membership of horizon growth investment llp 
8 vipul t andon has partnership interests in the partnership structure which owns ssp  which has interests in the company
directors’ remuneration report annual report 2013   apr energy  89 
overview strategy performance directors’ report financial statements other information
directors’ share options and contingent share awards
audited 
  options 
1
   with  without vested but exercised
   performance performance unexercised during the year
    measures measures  
chief executive officer
john campion    260757 nil   
1 there are no share schemes in place for john campion 
2  all awards awarded under the psp are considered to be ‘options’ because they reflect a contingent right to acquirereceive shares subject 
to meeting performance targets and payment of a nominal value
there is no shareholding requirement in place for executive directors the committee believes that given the significant shareholding of john 
campion the introduction of such a requirement is not appropriate the committee retains the discretion to apply shareholder guidelines for 
executive directors in the future if they believe this to be in the best interests of the company and shareholders
details of the awards made under the company’s longt erm incentive plans are set out below details of the performance conditions that have 
applied to awards are shown on page 85
audited
 plan grant   during 2013   exercise date expiry
  date      price from which  date
    at 1    at 31  exercisable
   january     december  awards vest 
   2013 granted exercised lapsed  2013   
john campion psp
1
  2013  72957   72957 nominal 28 oct ‘16 na
 psp
2
 2012 150000    150000 nominal 20 nov ‘15 na
 2011 plan
3
 2011 600000   562200 37800 £1000 13 jun ‘14 12 sep ‘14
1  this award is subject to a performance condition based on the increase in the company’s adjusted earnings per share over the period 
ending 31 december 2015 with 30 vesting for annualised eps growth of 4 and 100 vesting for adjusted eps growth of 11
2  vesting will be delayed until performance outcome has been determined
3  this award vests in tranches according to adjusted ebitda 50 and adjusted net income 50 as derived from the audited consolidated 
financial statements for the calendar years ending 31 december 2011 2012 and 2013 the performance conditions for the tranches based 
on 31 december 2011 were partially met the performance conditions for the tranches based on 31 december 2012 and 2013 were not met
the share options and contingent share awards were granted for nil initial consideration
statement of shareholder voting
the table below sets out the results of the vote on the remuneration report at the 2013 agm
 voted for votes against votes cast votes withheld
 number  number  number  number 
 60223929 985 931821 15 61155750 100 1131 0 90  apr energy  annual report 2013
membership the committee comprise four nonexecutive directors the majority of whom are independent nonexecutive   
and process directors the chairman of the company may serve on the committee as an additional member if he or she was  
 considered independent on appointment as chairman of the company
chairman the following were members of the remuneration committee of the company during 2013
and members
 l jim hughes chairman
 l gregory bowes
 l mike fairey 
 l baroness denise kingsmill
 john campion chief executive officer stood down from the committee on 24 july 2013 in line with best practice
attendance the committee met on five occasions in 2013 and the members’ attendance record is set out on page 58
remit the committee is responsible for determining and agreeing with the board the framework or broad policy for the  
 remuneration of the chief executive officer chairman of the company the executive directors the company   
 secretary and such other members of the executive management as it is designated to consider 
  it has specific responsibility for approving remuneration of chief executive officer president and chief operating 
officer and chief financial officer and other key members of management
 the committee is also responsible for
  reviewing the ongoing appropriateness and relevance of the remuneration policy
 approving the design of and determining targets for any performance related pay schemes and share 
incentive plans operated by the company and approving the total annual payments made under such 
schemes
 determining the policy for and scope of pension arrangements for executive directors and other senior 
executives
 ensuring that contractual terms on termination and any payments made are fair to the individual and the 
company that failure is not rewarded and that the duty to mitigate loss is fully recognised
 ensuring that all provisions regarding disclosure of remuneration including pensions are fulfilled and
 establishing the selection criteria selecting appointing and setting the terms of reference for any remuneration 
consultants who advise the remuneration committee
no person shall be involved in any discussion or decisions regarding their own remuneration
 the committee’s t erms of reference is available on the company’s website
key activities the main activities of the committee during the year were
during the year l assessing performance of chief executive officer and determined annual bonuses for 2013
 l approving share awards for chief executive officer 2013
 l establishing the chief executive officers’ salary arrangements for 2014
 l setting bonus targets for the chief executive officer for 2014
l reviewing remuneration benchmarking and providing recommendations to the board on fee structure and 
levels for chairman and nonexecutive directors
 l considering remuneration market trends and corporate governance developments
 l reviewing the revised remuneration reporting regulations and preparing the directors’ remuneration report and
 l considering a nonexecutive director share purchase plan and providing recommendation to the board
directors’ remuneration report
remuneration committee report annual report 2013   apr energy  91 
overview strategy performance directors’ report financial statements other information
external advisors the committee takes into account independent advice and appraisals of latest market data when considering 
incentive levels and remuneration packages against the background of its policy of not paying more than is 
necessary 
 t owers watson was appointed by the committee as its principal external adviser following a tendering process in 
2012 t owers watson advises on all aspects of the company and group’s remuneration policy and practice and 
reviews the company and group’s remuneration structures against corporate governance best practice t owers 
watson also provides remuneration data to the group and presented a review of developments in uk corporate 
governance and remuneration and reporting regulations to keep committee members uptodate with new 
developments and evolving best practice
 t owers watson is a member of the remuneration consultants’ group which oversees the voluntary code of 
conduct in relation to executive remuneration consulting in the united kingdom and the remuneration committee 
is satisfied that the advice provided on executive remuneration is objective and independent and that no conflict 
of interest arises as a result of other services
 during the year t owers watson was paid fees of £92700 for services provided to the committee
  pinsent masons llp has provided advice to the company on law and regulation in relation to share plans 
matters the advice was provided to the company and made available to the committee pinsent masons llp 
also provides general legal advice to the company
  all of these advisers were appointed by the committee which remains satisfied that the provision of these other 
services in no way compromises their independence
internal input the following employees provided input to the committee during the year
 l chief executive officer john campion
 l chief human resources officer chris himebauch
 l general counsel and chief compliance officer steve list
 l chief financial officer andrew martinez provided updates on the group’s financial performance
 l director of investor relations karen menzel in regard of the disclosures required for the 2013 annual report
jim hughes
chairman
remuneration committee 92  apr energy  annual report 2013
independent auditors report 
to the members of apr energy plc
opinion on financial statements of apr energy plc
in our opinion
l the financial statements give a true and fair view of the state 
of the group’s and of the parent company’s affairs as at 31 
december 2013 and of the group’s profit for the year then 
ended
l the group financial statements have been properly prepared 
in accordance with international financial reporting standards 
ifrss as adopted by the european union
l the parent company financial statements have been properly 
prepared in accordance with ifrss as adopted by the european 
union and as applied in accordance with the provisions of the 
companies act 2006 and
l the financial statements have been prepared in accordance with 
the requirements of the companies act 2006 and as regards the 
group financial statements article 4 of the ias regulation
the financial statements comprise the consolidated statement of 
comprehensive income the consolidated and parent company 
statements of financial position the consolidated and parent 
company statements of changes in equity the consolidated and 
company statements of cash flows and the related consolidated 
notes 1 to 35 and parent company notes 1 to 14  the financial 
reporting framework that has been applied in their preparation is 
applicable law and ifrss as adopted by the european union and 
as regards the parent company financial statements as applied in 
accordance with the provisions of the companies act 2006
separate opinion in relation to ifrss as issued by 
the iasb 
as explained in note 3 to the group financial statements the group 
in addition to complying with its legal obligation to apply ifrss as 
adopted by the european union has also applied ifrss as issued 
by the international accounting standards board iasb
in our opinion the group financial statements comply with ifrss as 
issued by the iasb
going concern
we have reviewed the directors’ statement on page 74 that the 
group is a going concern we confirm that
l we have concluded that the directors’ use of the going concern 
basis of accounting in the preparation of the financial statements 
is appropriate and
l we have not identified any material uncertainties that may cast 
significant doubt on the group’s ability to continue as a going 
concern
however because not all future events or conditions can be 
predicted this statement is not a guarantee as to the group’s ability 
to continue as a going concern
our assessment of risks of material misstatement
the assessed risks of material misstatement described below 
are those that had the greatest effect on our audit strategy the 
allocation of resources in the audit and directing the efforts of the 
engagement team
l accounting for ge power rental business acquisition  the 
valuation and accounting for the assets and contracts acquired 
from general electric company is considered a risk due to the 
judgemental nature of the valuations and the complexity of the 
accounting
l accounting for incomes taxes  the accounting for incomes taxes 
is considered a risk due to the diverse geographical nature of the 
group and the different tax legislation in place in the jurisdictions 
in which the group operates
l assessment of goodwill impairment risk  the assessment 
of the possibility of impairment of goodwill is considered a 
risk due to uncertainties in the forecast cash flows as a result 
of the temporary nature of the contracts and the inherent 
unpredictability of the business 
l valuation of founder securities  the valuation of founder 
securities is considered a risk due to the judgemental nature of 
assumptions such as volatility within the valuation as set out in 
note 25 which have a significant effect on the valuation
l revenue recognition at contract commencement  the timing 
of revenue recognition particularly at the commencement of 
contracts is considered a risk due to the judgemental nature 
in certain instances of when commercial operation dates have 
been achieved and hence when revenue recognition should 
commence and
l assessment of libya receivables recovery  the recoverability 
of the libya receivables balance is considered a risk due to the 
length of time outstanding and the amount of the balance at year 
end
how the scope of our audit responded to these 
risks
accounting for ge power rental business acquisition  we 
obtained supporting evidence for management’s assessment of 
the acquisition as a business combination in accordance with ifrs 
3 business combinations we obtained the valuations of acquired 
assets and liabilities from management which had been prepared 
by thirdparty experts and engaged and worked with valuation 
specialists to validate the valuation assumptions used we tested 
the accuracy of the acquisition balance sheet to assess whether 
the purchase price allocation was appropriate and prepared in 
accordance with ifrs 3 business combinations and we reviewed 
the disclosures in the financial statements to assess whether they 
were compliant with ifrs
accounting for incomes taxes  we worked with tax specialists to 
understand the tax legislation governing the group’s contracts and 
the jurisdictions in which the group operated during the year we 
obtained the group’s taxation computations in respect of current 
financial statements annual report 2013   apr energy  93 
overview strategy performance directors’ report financial statements other information
and deferred tax and assessed the computations for compliance 
with local tax legislation and ias 12 income taxes we tested 
corporation tax payments made and refunds received and we 
evaluated judgemental tax exposures and provisions including the 
recoverability of deferred tax assets obtaining supporting evidence 
for the position taken by management in respect of the probability 
and amount of potential exposures 
assessment of goodwill impairment risk  we obtained a copy of the 
valuation model used to determine the value in use of the business 
we checked that forecasts used in the model had been reviewed 
by the board of directors we evaluated the key assumptions within 
the model including the discount rate used and the revenue and 
cost assumptions relating to existing and forecast contracts by 
comparing to external contractual historical or other data and to 
assess whether assumptions had been determined and applied in 
accordance with ias 36 impairment of assets we also tested the 
mechanical accuracy of the model
valuation of founder securities  we worked with valuation 
specialists to review the montecarlo model used to value the 
founder securities the specialists tested the valuation and 
underlying assumptions within the montecarlo model and 
assessed the accuracy and integrity of the model calculations we 
also reviewed the related disclosures in note 25 of the financial 
statements
revenue recognition at contract commencement  we obtained 
copies of sales contracts evidence of commercial operation dates 
and generation reports to assess whether revenue had been 
recognised in accordance with the terms of each contract and ias 
18 revenue we also performed testing of invoices before and after 
the year end to test whether revenue had been recorded in the 
appropriate period
assessment of libya receivables recovery  we obtained and 
reviewed sales contracts and the letter of credit agreements 
applicable to the libya contract validated the terms of the 
contracts and agreements to determine the billing and payment 
arrangements and understood whether the outstanding balance at 
the year end was covered by the letter of credit agreement we also 
obtained a sample of the related sales invoices to assess whether 
they were appropriately approved and that revenue had been 
recognised in the appropriate period tested post year end cash 
receipts and assessed whether any provision was required against 
the outstanding balance
the audit committee’s consideration of these risks is set out on 
page 63
our audit procedures relating to these matters were designed in the 
context of our audit of the financial statements as a whole and not 
to express an opinion on individual accounts or disclosures our 
opinion on the financial statements is not modified with respect to 
any of the risks described above and we do not express an opinion 
on these individual matters
our application of materiality
we define materiality as the magnitude of misstatement in the 
financial statements that makes it probable that the economic 
decisions of a reasonably knowledgeable person would be 
changed or influenced we use materiality both in planning the 
scope of our audit work and in evaluating the results of our work
we determined materiality for the group to be 35 million which is 
approximately 7 of adjusted pretax profit excluding amortisation 
of intangible assets arising from the 2011 acquisition transaction 
costs relating to the 2013 acquisition and founder securities 
revaluations these adjustments are made consistently by the 
group in their earnings communications with the market and in the 
opinion of the directors provide a more comparable measure with 
similar organisations and are consistent with the profit measures 
that are most relevant to analysts and investors materiality is below 
1 of equity 
we agreed with the audit committee that we would report to the 
committee all audit differences in excess of 70000 as well 
as differences below that threshold that in our view warranted 
reporting on qualitative grounds  we also report to the audit 
committee on disclosure matters that we identified when assessing 
the overall presentation of the financial statements 
an overview of the scope of our audit
our audit planning identified the group’s business to be a single 
component and therefore all of the operations of the group were 
subject to a full scope audit during the course of the audit senior 
members of the uk audit team supervised the us members of the 
audit team and visited the company and audit team in jacksonville 
during the planning and completion stages of the audit
opinion on other matters prescribed by the 
companies act 2006
in our opinion
l the part of the directors’ remuneration report to be audited has 
been properly prepared in accordance with the companies act 
2006 and
l the information given in the strategic report and the directors’ 
report for the financial year for which the financial statements are 
prepared is consistent with the financial statements
matters on which we are required to report by 
exception
adequacy of explanations received and accounting records
under the companies act 2006 we are required to report to you if 
in our opinion
l we have not received all the information and explanations we 
require for our audit or
l adequate accounting records have not been kept by the parent 
company or returns adequate for our audit have not been 
received from branches not visited by us or 94  apr energy  annual report 2013
l the parent company financial statements are not in agreement 
with the accounting records and returns
we have nothing to report in respect of these matters
directors’ remuneration
under the companies act 2006 we are also required to report if in 
our opinion  certain disclosures of directors’ remuneration have 
not been made or the part of the directors’ remuneration report 
to be audited is not in agreement with the accounting records and 
returns we have nothing to report arising from these matters
our duty to read other information in the annual report 
under international standards on auditing uk and ireland we are 
required to report to you if in our opinion information in the annual 
report is
l materially inconsistent with the information in the audited financial 
statements or
l apparently materially incorrect based on or materially 
inconsistent with our knowledge of the group acquired in the 
course of performing our audit or
l otherwise misleading
in particular we are required to consider whether we have identified 
any inconsistencies between our knowledge acquired during the 
audit and the directors’ statement that they consider the annual 
report is fair balanced and understandable and whether the annual 
report appropriately discloses those matters that we communicated 
to the audit committee which we consider should have been 
disclosed we confirm that we have not identified any such 
inconsistencies or misleading statements
other matters
corporate governance statement
although not required to do so the directors have voluntarily 
chosen to make a corporate governance statement detailing 
the extent of their compliance with the uk corporate governance 
code we reviewed the part of the corporate governance 
statement relating to the company’s compliance with nine 
provisions of the uk corporate governance code we have nothing 
to report arising from our review
respective responsibilities of directors and auditor
as explained more fully in the directors’ responsibilities statement 
the directors are responsible for the preparation of the financial 
statements and for being satisfied that they give a true and fair view  
our responsibility is to audit and express an opinion on the financial 
statements in accordance with applicable law and international 
standards on auditing uk and ireland  those standards require 
us to comply with the auditing practices board’s ethical standards 
for auditors
we also comply with international standard on quality control 1 
uk and ireland our audit methodology and tools aim to ensure 
that our quality control procedures are effective understood and 
applied our quality controls and systems include our dedicated 
professional standards review team strategically focused second 
partner reviews and independent partner reviews
this report is made solely to the company’s members as a body 
in accordance with chapter 3 of part 16 of the companies act 
2006  our audit work has been undertaken so that we might state 
to the company’s members those matters we are required to state 
to them in an auditor’s report andor those further matters we have 
expressly agreed to report to them on in our engagement letter 
and for no other purpose  to the fullest extent permitted by law we 
do not accept or assume responsibility to anyone other than the 
company and the company’s members as a body for our audit 
work for this report or for the opinions we have formed
scope of the audit of the financial statements
an audit involves obtaining evidence about the amounts and 
disclosures in the financial statements sufficient to give reasonable 
assurance that the financial statements are free from material 
misstatement whether caused by fraud or error  this includes an 
assessment of whether the accounting policies are appropriate 
to the group’s and the parent company’s circumstances and 
have been consistently applied and adequately disclosed the 
reasonableness of significant accounting estimates made by the 
directors and the overall presentation of the financial statements  
in addition we read all the financial and nonfinancial information 
in the annual report to identify material inconsistencies with the 
audited financial statements and to identify any information that is 
apparently materially incorrect based on or materially inconsistent 
with the knowledge acquired by us in the course of performing the 
audit  if we become aware of any apparent material misstatements 
or inconsistencies we consider the implications for our report
dean cook ma fca 
senior statutory auditor
for and on behalf of deloitte llp
chartered accountants and statutory auditor
london uk
25 march 2014
independent auditor’s report to the members of apr energy plc annual report 2013   apr energy  95 
overview strategy performance directors’ report financial statements other information
consolidated statement of comprehensive income
for the year ended 31 december 2013  
 million note 2013 2012
revenue 6 3083 2657 
cost of sales  1973 1650
amortisation of intangible assets 15 88 580  
gross profit  1022 427   
selling general and administrative expenses  332 335 
operating profit 8 690 92
acquisition related costs 29  144 
founder securities revaluation 25  33 102  
foreign exchange lossgain  04 04    
finance income  02 03
finance costs 11 236 46
profitloss before taxation  275 49 
taxation 12 77 100 
profitloss for the year  198 149 
total comprehensive profitloss for the year  198 149
earnings per share   
basic earnings per share  cents 13 244 191 
diluted earnings per share  cents 13 242 191 
consolidated financial statements 96  apr energy  annual report 2013
consolidated statement of financial position
as at 31 december 2013
 million note 31 december 2013 31 december 2012
   
assets  
noncurrent assets  
goodwill 14 6226 5471  
intangible assets 15 703 398 
property plant and equipment 16 11943 6715
deferred tax asset 12 78 04
other noncurrent assets   55 54 
total noncurrent assets  19005 12642 
current assets  
inventories 17 430 94
trade and other receivables 18 1831 531
cash and cash equivalents   339 210 
income tax receivable  39 09
deposits 19 73 248
total current assets  2712 1092 
total assets  21717 13734
liabilities  
current liabilities  
trade and other payables 20 834 289
income tax payable   108 47 
deferred revenue 21 275 90   
derivative liability 27  03
borrowings 26 500   
decommissioning provisions 22 180 122
total current liabilities  1897 551
noncurrent liabilities  
founder securities 25 185 152   
deferred tax liability 12 65 43  
borrowings 26 5293 1995  
decommissioning provisions 22 311 75   
total noncurrent liabilities  5854 2265  
total liabilities  7751 2816 
equity  
share capital 23 152 126  
share premium   6749 6681 
other reserves 24 7700 4859  
equity reserves 28 69 45   
accumulated losses   704 793 
total equity  13966 10918 
total liabilities and equity  21717 13734 
these financial statements of the company registered number 07062201 were approved by the board of directors on 25 march 2014
signed on behalf of the board of directors by
john campion
chief executive officer
consolidated financial statements annual report 2013   apr energy  97 
overview strategy performance directors’ report financial statements other information
consolidated statement of changes in equity
for the year ended 31 december 2013
 share  share other equity accumulated  t otal
  million capital premium reserves reserves losses equity
balance at 1 january 2012 127 6681  4858  18 487 11197 
loss for the year      149 149
total comprehensive loss for the year         149 149
issued share capital    07 07  
redemption of deferred shares 01  01      
credit to equity for equitysettled sharebased payment expense    34    34
dividends      164 164
balance at 31 december 2012 126 6681 4859 45 793 10918 
profit for the year      198 198 
total comprehensive profit for the year         198 198
acquisition of subsidiaries 25    2841   2866
exercise of equitysettled sharebased payment 01 68  20 20 69
credit to equity for equitysettled sharebased payment expense    44  44
dividends      129 129
 balance at 31 december 2013 152 6749 7700 69 704 13966 
  98  apr energy  annual report 2013
consolidated cash flow statement 
for the year ended 31 december 2013
 million note 2013 2012
cash flows from operating activities 
profitloss for the year before taxation  275 49 
adjustments for 
depreciation and amortisation 1516 1078 1443 
profitloss on sale or disposal of fixed assets 16 24 04   
provision for bad debt 18  15  
equitysettled sharebased payment expense 28 44 34  
founder securities revaluation 25 33 102 
gainloss on derivative financial instruments 27 03 26  
finance income  02  03 
finance costs 11 236 46   
movements in working capital 
increase in trade and other receivables  1003  109 
increase in inventories  265  72 
increase in other current and noncurrent assets  04  36 
increase in trade and other payables  489 08
settlement of decommissioning provisions 22 107 94
increasedecrease in other liabilities   96 15
  843 1270
interest paid  155  32
interest received  02  03
income taxes paid  112  68
net cash from operating activities  578  1173
cash flows from investing activities  
purchases of property plant and equipment  3584  3510
proceeds on sale or disposal of property plant and equipment  28  
decrease in deposits  179  39 
acquisition of subsidiaries 29 731   
net cash used in investing activities  4108 3471 
cash flows from financing activities  
cash from borrowings  5678  2195   
repayment of borrowings  1828  145 
dividends paid 34 129 164  
debt issuance costs  113  08
proceeds from the issue of ordinary shares 
net of transaction costs  51   
net cash from financing activities  3659  1878
net increasedecrease in cash and cash equivalents  129 420 
cash and cash equivalents at beginning of the year  210 630   
cash and cash equivalents at end of the year  339  210   
included within cash and cash equivalents at 31 december 2013 is an amount of 89 million which backs letters of credit and as such is 
classified as restricted cash 2012 48 million 
consolidated financial statements annual report 2013   apr energy  99 
overview strategy performance directors’ report financial statements other information
1  general information
apr energy plc the “company” and together with its subsidiaries 
“apr energy” or the “group” is a company incorporated in the 
united kingdom under the companies act 2006 the address of 
the registered office is given on page 132 of this annual report the 
nature of the group’s operations and its principal activities are set 
out in the strategy review on pages 11 to 33
these financial statements are presented in us dollars because that 
is the currency of the primary economic environments in which the 
group operates 
2  adoption of new and revised standards
in 2013 several amended standards and interpretations became 
effective these are ias 1 presentation of items of other compre
hensive income  amendments to ias 1 ias 19 revised employee 
benefits ifrs 7 amended disclosures  offsetting financial assets 
and liabilities ifrs 10 consolidated financial statements ifrs 11 
joint arrangements ifrs 12 disclosure of interests in other entities 
and ifrs 13 fair value measurement the adoption of these standards 
and interpretations has not had a material impact on the financial 
statements of the group
at the date of authorisation of these financial statements the following 
standards and relevant interpretations which have not been applied 
in these financial statements were in issue but not yet effective and 
some of which were pending endorsement by the european union
l offsetting financial assets and financial liabilities amendments 
to ias 32 – effective for accounting periods beginning on or after 
1 january 2014
l investment entities amendments to ifrs 10 ifrs 12 and ias 
27 – effective for accounting periods beginning on or after 1 
january 2014
l recoverable amount disclosures for nonfinancial assets 
amendments to ias 36 – effective for accounting periods 
beginning on or after 1 january 2014
l novation of derivatives and continuation of hedge accounting 
amendments to ias 39 – effective for accounting periods 
beginning on or after 1 january 2014
l defined benefit plans employee contributions amendments to 
ias 19 – effective for accounting periods beginning on or after 1 
july 2014
l annual improvements 20102012 cycle – effective for accounting 
periods beginning on or after 1 july 2014 and
l annual improvements 20112013 cycle – effective for accounting 
periods beginning on or after 1 july 2014
adoption of the these standards in future periods is not expected 
to have a material impact on the financial statements of the group
3  significant accounting policies
basis of preparation
the financial statements have been prepared in accordance with 
international financial reporting standards ifrss the financial 
statements have also been prepared in accordance with ifrss 
adopted by the european union and therefore the group financial 
statements comply with article 4 of the eu ias regulation the group 
financial statements also comply with ifrs as issued by the iasb
the financial statements have been prepared on the historical cost 
basis historical cost is generally based on the fair value of the 
consideration given in exchange for the assets 
the parent company financial statements are prepared in accordance 
with ifrss as adopted by the european union the parent company 
financial statements are included on pages 124 to 131 and have been 
prepared in accordance with section 396 of the companies act 2006 
under section 408 of the companies act 2006 the parent company 
is exempt from the requirement to present its profit and loss account 
the principal accounting policies adopted and consistently applied 
are set out below
basis for consolidation
the consolidated financial statements incorporate the financial 
statements of the company and entities controlled by the company 
its subsidiaries control is achieved where the company has the 
power to govern the financial and operating policies of an investee 
entity so as to obtain benefits from its activities
the results of subsidiaries acquired during the year are included 
in the consolidated statement of comprehensive income from the 
effective date of acquisition all intragroup transactions balances 
unrealised gains or losses income and expenses are eliminated on 
consolidation 
 
use of estimates
the preparation of consolidated financial statements is in conformity 
with ifrs  ifrs requires the use of certain critical accounting esti
mates it also requires management to exercise its judgement in 
the process of applying the group’s accounting policies the areas 
involving a higher degree of judgement or complexity or areas 
where assumptions and estimates are significant to the consolidated 
financial statements are disclosed in note 4
going concern
the directors are satisfied that the group has sufficient resources to 
continue in operation for the foreseeable future a period of not less 
than 12 months from the date of this report the group’s principal 
debt facilities totalling 6500 million are provided by a syndicate of 
banks under a revolving credit facility and a term loan which expire 
on 28 november 2016 and 1 january 2015 respectively the group’s 
forecasts and projections show that the facilities in place currently 
notes 
to the consolidated financial statements
for the year ended 31 december 2013 100  apr energy  annual report 2013
are anticipated to be sufficient for meeting the group’s operational 
requirements accordingly they continue to adopt the going concern 
basis in preparing the financial statements further detail is contained 
in the financial review on page 39
business combinations
acquisitions of subsidiaries and businesses are accounted for using the 
acquisition method the consideration for each acquisition is measured 
at the aggregate of the fair values at the date of exchange of assets 
given liabilities incurred or assumed and equity instruments issued 
by the company in exchange for control of the acquiree acquisition 
related costs are recognised in comprehensive income as incurred
where applicable the consideration for the acquisition includes 
any asset or liability resulting from a contingent consideration 
arrangement measured at its acquisitiondate fair value 
subsequent changes in such fair values are adjusted against in the 
statement of comprehensive income all other subsequent changes 
in the fair value of contingent consideration classified as an asset 
or liability are accounted for in accordance with relevant ifrss 
changes in the fair value of contingent consideration classified as 
equity are not recognised
the acquiree’s identifiable assets liabilities and contingent liabilities 
that meet the conditions for recognition under ifrs3 2008 are 
recognised at their fair value at the acquisition date except that
l deferred tax assets or liabilities and liabilities or assets related to 
employee benefit arrangements are recognised and measured 
in accordance with ias 12 income taxes and ias 19 employee 
benefits respectively
l liabilities or equity instruments related to the replacement by 
the group of an acquiree’s sharebased payment awards are 
measured in accordance with ifrs 2 sharebased payment and
l assets that are classified as held for sale in accordance with ifrs 
5 noncurrent assets held for sale and discontinued operations 
are measured in accordance with that standard 
goodwill
goodwill arising in a business combination is recognised as an 
asset at the date that control is acquired the acquisition date 
goodwill is measured as the excess of the sum of the consideration 
transferred the amount of any controlling interest in the acquiree 
and the fair value of the acquirer’s previously held equity interest 
if any in the entity over the net of the acquisitiondate amounts of 
the identifiable assets acquired and the liabilities assumed if after 
reassessment the group’s interest in the fair value of the acquiree’s 
identifiable net assets varies from the sum of the consideration 
transferred the excess is recognised immediately in comprehensive 
income as a bargain purchase gain
goodwill is not amortised but is reviewed for impairment at least 
annually for the purpose of impairment testing goodwill is 
allocated to each of the group’s cashgenerating units expected 
to benefit from the synergies of the combination cashgenerating 
units to which goodwill has been allocated are tested for impairment 
annually or more frequently when there is an indication that the unit 
may be impaired if the recoverable amount of the cashgenerating 
unit is less than the carrying amount of the unit the impairment 
loss is first allocated to reduce the carrying amount of goodwill 
allocated to the unit and then to the other assets of the unit pro
rata on the basis of the carrying amount of each asset in the unit 
an impairment loss recognised for goodwill is not reversed in a 
subsequent period    
revenue
the group derives revenue from short to mediumterm contracts 
that provide customers with comprehensive power generation 
services including temporary power solutions that include 
installation and dismantling services operations and maintenance 
of the power generating equipment operations monitoring and 
logistical support
the group’s contracts generally include fixed and variablepricing 
components the group earns the fixed portion of revenue on 
contracts by providing capacity based on a specified number of 
megawatts mw to the customer the group’s contracts for the 
periods presented in the consolidated financial statements primarily 
represent lease contracts which are accounted for as operating 
leases the group determines lease classification on a contract
specific basis
the revenue on these contracts is recognised as follows 
fixed revenues
due to the fact that the fixed portion of the contract is based on actual 
capacity available the payments are considered contingent rent 
and revenue is recognised when earned as the lesser of the amount 
billable under the contract or an amount determined by the kilowatt
hours “kwhs” made available during the period multiplied by the 
estimated average revenue per kwh over the term of the contract
variable revenues
the group earns the variable portion of revenue based on the 
actual amount of energy that the group delivers to the customer as 
measured in kilowatt hours kwhs the revenue associated with the 
variable price component of the contract is recognised as earned 
during the period that energy is produced and delivered
segment reporting
an operating segment is a component of an entity whose operating 
results are regularly reviewed by the entity’s chief operating decision 
maker to make decisions about resource allocation and assess its 
performance the group has identified the chief operating decision 
maker as its chief executive officer
the group continues to identify one operating segment based on 
the financial information regularly provided to the chief operating 
decision maker and the methods by which the chief operating 
decision maker assesses the group’s performance and makes 
decisions about resource allocation the group periodically 
evaluates this conclusion by considering any changes in facts and 
circumstances
leases
leases are classified as finance leases whenever the terms of the 
lease transfer substantially all the risks and rewards of ownership to 
the lessee all other leases are classified as operating leases
as lessee
assets held under finance leases are recognised as assets of 
the group at their fair value or if lower at the present value of the 
minimum lease payments each determined at the inception of the 
lease the corresponding liability to the lessor is included in the 
statement of financial position as a finance lease obligation
lease payments are apportioned between finance expenses and 
reduction of the lease obligation so as to achieve a constant rate of 
interest on the remaining balance of the liability finance expenses 
are recognised immediately in comprehensive income
rentals payable under operating leases are charged to income on a 
notes to the consolidated financial statements annual report 2013   apr energy  101 
overview strategy performance directors’ report financial statements other information
straightline basis over the term of the relevant lease  
as lessor
amounts due from lessees under finance leases are recognised 
as receivables at the amount of the group’s net investment in the 
leases finance lease income is allocated to accounting periods so 
as to reflect a constant periodic rate of return on the group’s net 
investment outstanding in respect of the leases
rental income from operating leases is recognised on a straight
line basis over the term of the relevant lease initial direct costs 
incurred in negotiating and arranging an operating lease are added 
to the carrying amount of the leased asset and recognised on a 
straightline basis over the lease term
provision for income taxes
the group comprises operations in various jurisdictions and it is 
likely that if the structure of these operations were to change there 
would be an impact to the effective tax rate and tax liability of the 
group
while certain of the group’s operations are not subject to tax the 
operations may be subject to income and withholding taxes in other 
tax jurisdictions in preparing these financial statements the group 
applies the following accounting policies
withholding tax
withholding taxes are imposed in certain jurisdictions where 
the group makes crossborder payments to related parties and 
where the customer makes cross border payments to the group 
in general withholding taxes are imposed on payments such as 
operating leases variable revenue rents royalties dividend and 
certain service payments the paying entity acts as the collecting 
agent and remits the payments to the taxing authorities the group 
includes its withholding tax expense in the taxation line in the 
consolidated statement of comprehensive income
current tax
the current income tax charge is calculated on the basis of the tax 
laws enacted or substantively enacted at the statement of financial 
position date in the countries where the group operates generates 
taxable income and is subject to tax under local country tax law
management periodically evaluates positions taken in tax returns 
with respect to situations in which applicable tax regulation is 
subject to interpretation it establishes provisions where appropriate 
based on amounts expected to be paid to the tax authorities 
taxable profit differs from net profits as reported in the statement 
of comprehensive income because it excludes items of income or 
expense that are taxable or deductible in other years and it further 
excludes items that are never taxable or deductible the group’s 
liability for current tax is calculated using tax rates that have been 
enacted or substantively enacted by the balance sheet date
deferred tax
deferred income tax is recognised using the liability method on 
temporary differences arising between the tax basis of assets and 
liabilities and their carrying amounts in the financial statements 
deferred income tax is determined using tax rates that have been 
enacted or substantially enacted by the statement of financial 
position date and are expected to apply when the related deferred 
income tax asset is realised or the deferred income tax liability 
is settled deferred tax liabilities are generally recognised for all 
taxable temporary differences deferred income tax assets are 
recognised only to the extent that it is probable that future taxable 
profit will be available against which the temporary differences can 
be utilised the carrying amount of deferred tax assets is reviewed 
at each balance sheet date and reduced to the extent that it is no 
longer probable that sufficient taxable profits will be available to 
allow all or part of the asset to be recovered
deferred income tax assets and liabilities are offset when there 
is a legally enforceable right to offset current tax assets against 
current tax liabilities and when the deferred income taxes assets 
and liabilities relate to income taxes levied by the same taxation 
authority on either the same taxable entity or different taxable 
entities where there is an intention to settle the balances on a net 
basis deferred tax is calculated at the tax rates that are expected 
to apply in the period when the liability is settled or the asset is 
realised based on tax laws and rates that have been enacted at 
the balance sheet date deferred tax is charged or credited in the 
statement of comprehensive income except when it relates to items 
charged or credited in other comprehensive income in which case 
the deferred tax is also dealt with in other comprehensive income
foreign currencies
the individual financial statements of each group company are 
presented in the currency of the primary economic environment in 
which it operates its functional currency 
for the purpose of the consolidated financial statements the results 
and financial position of each group company are expressed in 
us dollars which is the functional currency of the material trading 
entities and the presentational currency for these consolidated 
financial statements 
in preparing the financial statements of the individual companies 
transactions in currencies other than the entity’s functional currency 
foreign currencies are recognised at the rates of exchange 
prevailing on the dates of the transactions at each balance sheet 
date monetary assets and liabilities that are denominated in foreign 
currencies are retranslated at the rates prevailing at that date non
monetary items carried at fair value that are denominated in foreign 
currencies are translated at the rates prevailing at the date when the 
fair value was determined nonmonetary items that are measured 
in terms of historical cost in a foreign currency are not retranslated
for the purpose of presenting consolidated financial statements the 
assets and liabilities of the group’s foreign operations are translated 
at exchange rates prevailing on the balance sheet date income and 
expense items are translated at the average exchange rates for the 
period unless exchange rates fluctuate significantly during that period 
in which case the exchange rates at the dates of the transactions are 
used exchange differences arising if any are recognised in other 
comprehensive income and accumulated in equity
intangible assets
intangibles assets acquired as part of a business combination 
are capitalised separately from goodwill at fair value at the date 
of acquisition if the asset is separable or arises from contractual 
or other legal rights and its fair value can be measured reliably 
assets such as customer contracts have a finite useful life and are 
amortised over their useful economic life being the contract length
the acquired intangible assets relating to the brand and trademark 
are being amortised over 25 years and 10 years respectively
the useful life of intangible assets is reviewed on an annual basis 102  apr energy  annual report 2013
property and equipment
property and equipment is stated at cost less accumulated 
depreciation and any recognised impairment loss the cost is 
the purchase price of the property and equipment including any 
related shipping costs certain purchase contracts allow the group 
to hold back a percentage of the purchase price until a warranty 
period expires purchase price retentions are classified as a liability 
and reported in current or noncurrent liabilities depending on the 
anticipated payout period 
costs incurred to mobilise and install power generating equipment 
pursuant to a contract are also captured in property and equipment 
and are depreciated over the life of the contract to which the power 
generating equipment relates or for contract extensions over the 
expected contract life at the point at which the contract extension is 
deemed probable
the cost of property and equipment also includes when applicable 
a decommissioning cost which represents the initial fair value 
of the associated decommissioning liability a decommissioning 
liability is established when there is a legal obligation associated 
with the retirement of a longlived asset and the amount can be 
reasonably estimated see note 22
subsequent costs are included in the asset’s carrying value or 
recognised as a separate asset as appropriate only when it is 
probable that future economic benefits associated with the item will 
flow to the group and the cost of the item can be measured reliably 
all other repairs and maintenance expenditures are recorded within 
the statement of comprehensive income as incurred
depreciation is computed using the straightline method applied 
to individual items over their estimated useful lives or for dualfuel 
turbines based on machine run hours over their estimated total 
machine run hours management uses judgement in determining 
the useful lives of its property and equipment considering the 
following factors expected usage expected wear and tear and 
technological or commercial obsolescence of the generators 
management reassesses useful lives annually a summary of the 
lives used for computing depreciation is as follows
office furniture 57 years
machinery and equipment 725 years
mobilisation and installation assets 15 years
vehicles 5 years
computer and software 3 years
dualfuel turbines 18750  100000 machine run hours
the group reviews longlived assets for impairment whenever 
events or changes in circumstances indicate that the carrying value 
of an asset may not be recoverable and exceeds fair value  
impairment 
tangible and intangible assets excluding goodwill
at each balance sheet date the group reviews the carrying 
amounts of its tangible and intangible assets to determine 
whether there is any indication that those assets have suffered 
an impairment loss if any such indication exists the recoverable 
amount of the asset is estimated to determine the extent of the 
impairment loss if any where the asset does not generate cash 
flows that are independent from other assets the group estimates 
the recoverable amount of the cashgenerating unit to which the 
asset belongs an intangible asset with an indefinite useful life is 
tested for impairment at least annually and whenever there is an 
indication that the asset may be impaired
recoverable amount is the higher of fair value less costs to sell and 
value in use in assessing value in use the estimated future cash 
flows are discounted to their present value using a pretax discount 
rate that reflects current market assessments of the time value of 
money and the risk specific to the asset for which the estimates of 
future cash flows have not been adjusted
if the recoverable amount of an asset or cashgenerating unit is 
estimated to be less than its carrying amount the carrying amount 
of the asset or cashgenerating unit is reduced to its recoverable 
amount an impairment loss is recognised immediately in the 
statement of comprehensive income unless the relevant asset is 
carried at a revalued amount in which case the impairment loss is 
treated as a revaluation decrease
where an impairment loss subsequently reverses the carrying 
amount of the asset or cashgenerating unit is increased to 
the revised estimate of its recoverable amount but so that the 
increased carrying amount does not exceed the carrying amount 
that would have been determined had no impairment loss been 
recognised for the asset or cashgenerating unit in prior years 
a reversal of an impairment loss is recognised immediately in the 
statement of comprehensive income unless the relevant asset 
is carried at a revalued amount in which case the reversal of the 
impairment loss is treated as a revaluation increase 
financial assets
the group assesses at the end of each reporting period whether 
there is objective evidence that a financial asset or group of 
financial assets is impaired a financial asset or a group of financial 
assets is impaired and impairment losses are incurred only if 
there is objective evidence of impairment as a result of one or 
more events that occurred after the initial recognition of the asset 
“loss event” and that loss event or events has an impact on 
the estimated future cash flows of the financial asset or group of 
financial assets that can be reliably estimated
trade and other receivables are considered past due if any portion 
of an account has not been paid in full within the contractual terms 
of the account the group assesses its ability to collect receivables 
that are past due and provides for an adequate allowance for 
doubtful accounts based on the financial stability recent payment 
history of the customer letters of credit in place and other pertinent 
factors related to the creditworthiness of the customer the 
allowance for doubtful accounts includes specific amounts for 
those accounts that are deemed likely to be uncollectible upon 
permanent impairment the trade receivable is written off against the 
allowance for doubtful accounts 
financial instruments
the group classifies its financial assets and financial liabilities 
into the following categories fair value through profit or loss 
and loans and receivables for financial assets and fair value 
through profit and loss and other financial liabilities for financial 
liabilities the classification depends on the purpose for which the 
financial instruments were acquired management determines the 
classification of its financial instruments at initial recognition
effective interest method
the effective interest method is a method of calculating the finance 
notes to the consolidated financial statements annual report 2013   apr energy  103 
overview strategy performance directors’ report financial statements other information
income generated by a financial asset and the amortised cost of 
a financial liability including allocating interest expense over the 
relevant period the effective interest rate is the rate that exactly 
discounts estimated future cash payments including all fees paid 
or received that form an integral part of the effective interest rate 
transaction costs and other premiums or discounts through the 
expected life of the financial liability to the net carrying amount on 
initial recognition
loans and receivables
trade and other receivables are nonderivative financial assets with 
fixed or determinable payments that are not quoted in an active 
market they are included in current assets except for maturities 
greater than 12 months after the end of the reporting period 
these are classified as noncurrent assets the group’s loans 
and receivables are recorded as deposits and trade and other 
receivables in the consolidated statement of financial position
trade and other receivables are measured at amortised cost using 
the effective interest rate method less any impairment interest 
income is recognised by applying the effective interest rate except 
for shortterm receivables when the recognition of interest would be 
immaterial
cash and cash equivalents
cash and cash equivalents consist of cash and highly liquid 
investments that can be readily converted into cash or that have an 
original maturity of three months or less
borrowings
borrowings are initially recognised at fair value less transaction 
costs incurred borrowings are subsequently measured at 
amortised cost using the effective interest method under this 
method finance costs of borrowings are allocated to periods over 
the term of the related debt at a constant rate on the carrying 
amount where transaction costs have been incurred but the facility 
not drawn down at the balance sheet date these are shown in 
capitalised finance costs when the facility is drawn down these 
amounts are shown net of borrowings
trade and other payables
trade payables are obligations to pay for goods or services that 
have been acquired in the ordinary course of business from 
suppliers accounts payable are classified as current liabilities if 
payment is due within one year or less 
trade and other payables are recognised initially at fair value and 
subsequently measured at their amortised cost using the effective 
interest rate method
deposits
the group maintains bid or performance bonds secured by cash 
deposits for various contracts to guarantee the group’s obligations 
under the terms of the contracts the return of such deposits is 
subject to performance of the group during the contract term 
deposits are recorded at cost less any provision for impairment
financial liabilities and equity
debt and equity instruments are classified as either financial 
liabilities or as equity in accordance with the substance of the 
contractual arrangement
equity instruments
an equity instrument is any contract that evidences a residual 
interest in the assets of an entity after deducting all of its liabilities 
equity instruments issued by the company are recognised at the 
proceeds received net of direct issue costs
derivative financial instruments
the group enters into derivative financial instruments to manage its 
exposure to foreign exchange rate risk including foreign exchange 
forward contracts further details of these contracts are disclosed 
in note 27
derivatives are initially recognised at fair value at the date a 
derivative contract is entered into and are subsequently remeasured 
to their fair value at each balance sheet date the resulting gain 
or loss is recognised in profit and loss immediately unless the 
derivative is designated and effective as a hedging instrument in 
which event the timing of the recognition in comprehensive income 
depends on the nature of the hedge relationship the group does 
not currently designate any derivatives as hedges
a derivative with a positive fair value is recognised as a financial 
asset whereas a derivative with a negative fair value is recognised 
as a financial liability a derivative is presented as a noncurrent 
asset or a noncurrent liability if the remaining maturity of the 
instrument is more than 12 months and it is not expected to be 
realised or settled within 12 months other derivatives are presented 
as current assets or current liabilities
classification of founder securities
the founder securities are classified as liabilities and measured 
at fair value at each balance sheet date further details about the 
valuation of the founder securities are disclosed in note 25
costs of equity transactions
incremental costs that are attributable directly to issuing equity 
instruments of the company are recognised in equity net of any tax 
effects other costs not directly attributable to the issuing of equity 
instruments are recognised in the statement of comprehensive 
income
provisions
provisions are recognised when the group has a present obligation 
legal or constructive as a result of a past event it is probable that 
the group will be required to settle the obligation and a reliable 
estimate can be made of the amount of the obligation
the amount recognised as a provision is the best estimate of the 
consideration required to settle the present obligation at the end of 
the reporting period taking into account the risks and uncertainties 
surrounding the obligation when a provision is measured using the 
cash flows estimated to settle the present obligation its carrying 
amount is the present value of those cash flows where the effect of 
the time value of money is material
decommissioning costs
the group records a decommissioning provision when there is a 
legal or constructive obligation whereby as a result of a past event 
it is probable that an outflow of economic benefits will be required 
to settle the obligation associated with the retirement of a tangible 
longlived asset and the liability can be reasonably estimated the 
amount recorded represents the present value of the expected 
costs an amount equivalent to the discounted provision is 
capitalised within tangible fixed assets and is depreciated over the 
life of the contract the unwinding of the discount is included in 
finance costs 104  apr energy  annual report 2013
inventories 
inventories are stated at the lower of cost and net realisable value 
cost comprises direct materials and where applicable direct 
labour costs and those overheads that have been incurred in 
bringing the inventories to their present location and condition 
pensions
payments to a defined contribution pension scheme are charged as 
an expense as they fall due
sharebased payments
in accordance with ifrs2 sharebased payment arrangements in 
which the group receives goods or services as consideration for 
apr energy plc equity instruments are accounted for as equity
settled sharebased payment transactions regardless of how the 
equity instruments are obtained by the group
equitysettled sharebased payments to employees are measured 
at the fair value of the equity instruments at the grant date the fair 
value excludes the effect of nonmarket based vesting conditions 
details regarding the determination of the fair value of equitysettled 
sharebased transactions are set out in note 28
the fair value determined at the grant date of the equitysettled 
sharebased payments to employees is expensed on a straight
line basis over the vesting period based on the group’s estimate 
of equity instruments that will eventually vest at each balance 
sheet date the group revises its estimate of the number of equity 
instruments expected to vest as a result of the effect of non 
marketbased conditions the impact of the revision of the original 
estimates if any is recognised in total comprehensive income such 
that the cumulative expense reflects the revised estimate with a 
corresponding adjustment to equity reserves
4 critical accounting estimates and judgements
in the application of the significant accounting policies which are 
described in note 3 management is required to make judgements 
estimates and assumptions about the carrying amounts of assets 
and liabilities that are not readily apparent from other sources the 
estimates and associated assumptions are based on historical 
experience and other factors that are considered to be relevant 
actual results may differ from these estimates
the estimates and underlying assumptions are reviewed on an on
going basis revisions to accounting estimates are recognised in 
the period in which the estimate is revised if the revision affects only 
that period or in the period of the revision and future periods if the 
revision affects both current and future periods
critical accounting estimates and assumptions
the following are the key assumptions concerning the future 
and other key sources of estimation uncertainty at the end of the 
reporting period that have a significant risk of causing a material 
adjustment to the carrying amounts of assets and liabilities within 
the next financial year
useful lives of property plant and equipment and intangible     
assets
management estimates the useful lives of its property plant and 
equipment and intangible assets considering the following factors
l expected usage
l expected wear and tear through normal usage
l technological or commercial obsolescence
depending on facts and circumstances management may weight 
one of the factors more than another or may consider additional 
factors not listed above changes in estimated useful lives could 
have a material impact on future depreciation expense
fair values of acquired assets and liabilities of the ge power 
rental business
during 2013 the group acquired the ge power rental business 
under ifrs 3 business combinations all acquired assets and 
liabilities must be fair valued at acquisition date in particular the fair 
values of acquired intangible and tangible assets require judgement 
and use of models with a number of forecasts and inputs these 
fair values are considered provisional at 31 december 2013    
critical judgements in applying the group’s accounting poli
cies
the following are the critical judgements apart from those involving 
estimations discussed above that management made in the 
process of applying the group’s accounting policies and that 
have the most significant effect on the amounts recognised in the 
consolidated financial statements
impairment of goodwill
determining whether goodwill is impaired requires an estimation of 
the value in use of the cashgenerating units to which goodwill has 
been allocated the value in use calculation requires the entity to 
estimate the future cash flows expected to arise from the cash
generating unit and a suitable discount rate in order to calculate 
present value no impairments were recorded in the periods 
presented
recoverability of trade and other receivables
management review the trade and other receivables balance on 
a regular basis and assesses its ability to collect receivables that 
are past due and provides for an adequate allowance for doubtful 
accounts based on the financial stability recent payment history of 
the customer letters of credit in place and other pertinent factors 
related to the creditworthiness of the customer specifically for 
the 2013 year end management focused on the libya receivables 
balance and were satisfied that these were recoverable as all 
invoiced amounts had been received as at the date of this report
fair valuation of founder securities
the fair value of the founder securities is based on a bespoke 
monte carlo simulation model which incorporates a binomial tree 
to value the founder securities as of the date of the performance 
condition being achieved within the monte carlo simulation this 
model simulates the future company ordinary share price on a 
daily basis using a geometric brownian motion in a riskneutral 
framework
the valuation output of the model described above is then 
discounted to reflect the lack of marketability of the founder 
securities using a protective put option method this discounted 
figure is the number which is subsequently booked as the founder 
securities liability in the financial statements
accounting for taxation
the group has operations in various global jurisdictions and as 
such is subject to an inherent risk arising from the geographical 
mix of revenues and profits and the complex nature of these 
notes to the consolidated financial statements annual report 2013   apr energy  105 
overview strategy performance directors’ report financial statements other information
tax arrangements management reviews the group’s overall tax 
position and ensures that any potential exposures are identified and 
mitigated as necessary
5  risk management policies
the group’s activities give rise to a number of financial risks 
particularly market risk comprised of foreign exchange and interest 
rate risk credit risk liquidity risk and capital risk management
market risk
market risk includes foreign exchange risk and interest rate 
risk the group seeks to manage these risks to acceptable 
levels by maintaining appropriate policies and procedures in its 
determination to enter into a contract the group will carry out a 
risk assessment and determine the appropriate risk mitigations 
strategies market risk also includes the risk that cash derived 
from income for services fulfilled under contract terms will become 
restricted and not available for use in the ongoing activities of the 
business 
foreign exchange risk
the group has an exposure to transactional foreign exchange from 
purchases or sales in currencies other than us dollars in order to 
minimise exposure to foreign exchange risk the group primarily 
contracts in us dollars or in contracts with a price based on us 
dollars at the date of transaction or payment if possible in some 
cases the group transacts in local currencies when purchasing 
materials and supplies for project operations 
in limited circumstances the group may use derivative instruments 
to economically hedge against foreign exchange risk any hedges 
are limited in duration and correspond to the applicable contract 
payments or receipts to which the derivatives are associated 
details of the contracts in place at the balance sheet dates are 
disclosed in note 27 to these financial statements
interest rate risk
the group is primarily exposed to interest rate risk on its 
borrowings borrowings issued at variable rates expose the group 
to cash flow interest rate risk borrowings issued at fixed rates 
expose the group to fair value interest rate risk when applicable 
the group may elect to hedge interest rate risk associated with 
debt or borrowings under the credit facility by purchasing derivative 
instruments as at the 31 december 2013 and 2012 there were no 
interest rate hedges in place
credit risk
credit risk arises from cash and cash equivalents deposits with 
banks and financial institutions as well as exposures to outstanding 
receivables from customers due to the nature of the group’s 
business in emerging markets management believes the most 
significant of these to be exposures to outstanding receivables from 
customers
t o minimise the risk of a significant impact on the business due to a 
customer defaulting on its commitments the group closely monitors 
trade receivables in addition the group utilises letters of credit 
contract insurance policies and up front deposits to mitigate this risk
liquidity risk
liquidity risk results from insufficient funding being available to 
meet the group’s funding requirements as they arise the group 
manages liquidity risk by maintaining adequate reserves of cash 
and available committed facilities to meet the group’s short and 
longterm funding requirements the group monitors the shortterm 
forecast and actual cash flows on a daily basis and medium and 
longterm requirements in line with the group’s longterm planning 
processes
the group’s principal debt facilities totalling 6500 million are 
provided by a syndicate of banks under a revolving credit facility 
and a term loan further details are disclosed in note 26 to these 
financial statements 
trade and other payables are disclosed in note 20 to these financial 
statements operating lease commitments are disclosed in note 31 
and founder securities are disclosed in note 25 to these financial 
statements the following contractual maturity table includes all 
borrowings including interest foreign exchange forward contracts 
trade and other payables founder securities and operating lease 
commitments in the group’s statement of financial position 106  apr energy  annual report 2013
maturity analysis for derivative and nonderivative financial liabilities
 at 31 december 2013 less than  between between over t otal
 3 months 3 months 1 and 2 years 2 years 
 million  and 1 years  
founder securities note 25       185 185
trade and other payables note 20  834       834
borrowings note 26  188 542 2159 3551 6440
operating lease commitments note 31  09 16 07 01 33
 total 1031 558 2166 3737 7492
 at 31 december 2012 less than  between between over t otal
 3 months 3 months 1 and 2 years 2 years 
 million  and 1 years  
foreign exchange forward contracts note 27 01  02      03 
founder securities note 25       152 152
trade and other payables note 20 289       289
borrowings note 26  22 65 87 2217 2391
operating lease commitments note 31  04 08 08 07 27
 total 316 75 95 2376 2862
the founder securities have been shown in the over 2 years category as the contractual maturity of these instruments is greater than 2 years 
and the instruments are not currently exercisable
capital risk management
the group’s objective when managing capital is to safeguard its ability to continue as a going concern in order to provide returns for its equity 
holders and to maintain an optimal capital structure to reduce the cost of capital 
the group manages its capital to ensure that it has sufficient liquidity while maximising the return to stakeholders the group is funded through 
a mixture of equity and debt financing as at 31 december 2013 the group’s gearing ratio was 41 2012 18 the longterm expectation of 
management would be a gearing ratio of 30
the group reviews the capital structure on a semiannual basis as part of this review the group considers the cost of capital and the risk 
associated with each class of capital the group is not subject to externally imposed capital requirements
6 revenue
the following is an analysis of the group’s revenue from continuing operations from its major products and services 
 million  2013 2012
lease revenues  2731 2422 
power revenues  89 114  
fuel revenues   52   
finance lease revenues note 18 140 
other revenues 123  69  
 total revenues 3083 2657  
7 geographical information
the group’s revenue from continuing operations from external customers by location of operations and information about its noncurrent 
assets excluding any applicable deferred tax balances by location of assets is detailed below 
libya uruguay and botswana revenues represent single individual customers which individually form more than 10 of total revenues of 
these revenues there was 653 million 154 million and 15 million of trade receivables outstanding at 31 december 2013 2012 nil 30 
million and 31 million
notes to the consolidated financial statements annual report 2013   apr energy  107 
overview strategy performance directors’ report financial statements other information
revenue by geographic location
 million  2013 2012
libya   785 
uruguay   664 138 
botswana   356 209
other africa   317 108
other south america   235 348  
middle east   207 71  
senegal   167 434   
caribbean   99 188 
japan   90 1069
other asia pacific   51 
other   112 92
 total revenues  3083 2657  
noncurrent assets by geographic location
 million  2013 2012
libya 3761   
other asia pacific 2129   
uruguay 2131  725
middle east 1731  504
senegal 690  811
other africa 576  606
north america 267  918
caribbean 265  164 
central america 256  192
other south america 250 437
europe  1149
japan  899
corporate and other 6871  6233  
 total noncurrent assets  18927 12638
the corporate noncurrent assets primarily relate to the goodwill and intangible assets that arose on acquisitions
8  operating profit for the year
operating profit for the year has been arrived at after chargingcrediting
 million  2013 2012
amortisation of intangible assets 88  580
depreciation of property plant and equipment 990  863 
payments under operating leases 28  44 
staff costs 334  223   
gainloss on derivative financial instruments 03  26  
profitloss on sale or disposal of fixed assets 24  04   
impairment reversal on trade receivables   15  
founder securities revaluation 33  102   
depreciation of property plant and equipment excludes depreciation related to assets for commissioning and mobilisation purposes where the 
charge is capitalised 108  apr energy  annual report 2013
9  auditor’s remuneration
the analysis of auditor’s remuneration is as follows
 million  2013 2012
fees payable to the company’s auditor and its associates  
audit of the company’s annual accounts   10 09
   10 09   
fees payable to the company’s auditor and its associates for other services to the company  
audit related assurance services   01 04
  11 13
taxation compliance and advisory services   06 04
corporate finance transaction support services   05   
  11 04
 total fees payable  22 17 
fees payable to deloitte and their associates for nonaudit services to the company are not required to be disclosed because the consolidated 
financial statements are required to disclose such fees on a consolidated basis
details of the group’s policy on the use of auditors for nonaudit services the reasons why the auditor was used rather than another supplier 
and how the auditor’s independence and objectivity was safeguarded are set out in the audit committee report on page 65 no services 
were provided pursuant to contingent fee arrangements audit related assurance services relate to work performed on the interim review t ax 
compliance and advisory services and corporate finance transaction support services in 2013 primarily related to work associated with the 
acquisition of the ge power rental business 08 million and other tax advice in the ordinary course of business
10 staff costs
the average monthly numbers of employees including directors was
  2013 2012
operations  140 128
sales  17 16
administration  61 52
  218 196
their aggregate remuneration comprised
 million  2013 2012
wages and salaries   250 156  
tax and social security   17 18  
other benefits   23 15  
equitysettled sharebased payment expense   44 34  
  334 223
the directors’ remuneration report on pages 75 to 91 of these financial statements provides additional information included in other benefits 
are expenses of 03 million 2012 01 million relating to defined contribution pension schemes
11 finance costs
 million  2013 2012
interest expense on borrowings   227 41
unwinding of discount on decommissioning provisions   09 05
  236 46
notes to the consolidated financial statements annual report 2013   apr energy  109 
overview strategy performance directors’ report financial statements other information
12 income and deferred taxes
the group’s tax expenses are summarised in the following tables 
 million  2013 2012
current tax  
current tax expense 145 93  
capitalisation of 2011 intragroup lease charges    12  
prior year adjustments  02 03 
 143 78
deferred tax  
deferred tax expense 66 22 
 66 22 
 total tax expense   77  100 
the tax expense for the year can be reconciled to the accounting profitloss as follows
 million  2013 2012
profitloss before tax on continuing operations 275  49
tax at the cayman corporation tax rate of 0 2012 0     
withholding taxes  32  48
effect of different tax rates of subsidiaries operating in other jurisdictions 47  67
capitalisation of 2011 intragroup lease charges    12 
prior year adjustments  02 03 
    77 100
the group is not taxable in certain jurisdictions where either the jurisdictions do not impose an income tax or the entity is treated as a flow
through entity for local country tax purposes the difference between the statutory rate and the effective tax rate is a result of withholding taxes 
and taxes in foreign jurisdictions as shown above 
the structure of the group generally results in each entity or branch operating within only one tax jurisdiction in general income tax is 
imposed on taxable income earned in the applicable tax jurisdiction withholding taxes are imposed based upon local country tax laws in the 
jurisdictions where the group operates these taxes may be imposed on cross border payments to related parties in general withholding taxes 
are imposed on payments such as rents dividends and certain service payments or gross receipts from customers  
deferred income taxes
the deferred tax assets and liabilities as of 31 december 2013 and 2012 respectively and the associated movements were as follows
 31 december 2012 creditcharge  acquisition 31 december 2013
  to the statement of  of subsidiaries 
 million  comprehensive income note 29 
deferred tax assets   
decommissioning provisions 02    02 
losses recognised 02  74  76
 04  74  78
deferred tax liabilities   
withholding taxes 40 11  29
other timing differences  06 14 20
capital allowances in excess of depreciation 03 13  16
 43 08 14 65
 39 66 14 13
losses carried forward that have not been recognised are nil 2012 138 million due to a lack of future anticipated profits in that jurisdiction 
during the year the group recognised the uk losses due to future anticipated profits in that jurisdiction 110  apr energy  annual report 2013
13   earnings per share
from continuing operations
the calculation of the basic and diluted earnings per share is based on the following data
  2013 2012
profitloss for the purposes of basic and diluted earnings per share 
being net profitloss attributable to the owners of the company  million 198 149
weighted average number of ordinary shares for the purpose 
of basic earnings per share number of shares 81044059 78229262
weighted average number of ordinary shares for the purpose 
of diluted earnings per share
1
 number of shares 81884709 78229262
earnings per ordinary share
basic earnings per share cents 244 191
diluted earnings per share cents 242 191
1  founder securities are not considered dilutive for the years ended 31 december 2013 and 2012 as the exercise price was above the year end share price the 
founder securities are also not considered dilutive as the associated performance conditions had not been met at 31 december 2013 or 2012
14 goodwill
 million  2013 2012
opening 5471 5471 
acquisition of subsidiaries note 29 755    
balance at 31 december    6226  5471
goodwill acquired in a business combination is allocated at acquisition to the cash generating units cgu’s that are expected to benefit from 
that business combination the directors have determined the business to have one cgu and the goodwill is allocated to this unit
the group tests goodwill annually for impairment or more frequently if there are indications that goodwill might be impaired
the recoverable amount of the cgu is determined from a value in use calculation the key assumptions for the value in use calculation are
l revenue – management uses current contract portfolio pricing for the relevant portion of the forecast period and pricing guidelines for 
expected future contract wins the timing and size of new contracts is based on historic data and also the sales and opportunities pipeline 
the downtime between contracts and contract duration are based on management’s best expectations using historical data whilst factoring 
in recent developments in creating our proprietary modular building system
l costs – management has a good understanding of historic realised margins and use this to estimate expected future margins achievable 
which are used to drive direct costs in the model corporate and administrative overheads are then factored in and adjusted for expected 
future growth also included in the model is the forecasted capital expenditure which is based off supplier schedules from contractual 
arrangements and the growth profile
l growth rate – shortterm growth rates are based on management’s internal forecasts a terminal cash flow was calculated using a longterm 
growth rate of 30 2012 30 which is based on longterm economic growth and industry forecasts 
l discount rate – management estimates discount rates using pretax rates that reflect current market assessments of the time value of money 
and the risks specific to the cgu the assumed discount rate used was 143 2012 146 before tax which in the view of management 
best reflects the premium the market would require for such cash flows
the group has conducted a sensitivity analysis on the impairment test of the cgu carrying value and have determined that there is no 
reasonably possible change in the key assumptions utilised in the impairment calculations that would give rise to an impairment
notes to the consolidated financial statements annual report 2013   apr energy  111 
overview strategy performance directors’ report financial statements other information
15  intangible assets
the intangible assets shown in the table below have arisen through fair value accounting for the ge power rental business in 2013 and the 
apr group in 2011
 million customer contracts trademark brand t otal
cost
at 1 january 2012 1064  381 1445
additions    
at 31 december 2012 1064  381 1445
acquisition of subsidiaries note 29 232 161  393
at 31 december 2013 1296 161 381 1838
accumulated amortisation 
at 1 january 2012 459  08 467
charge for the year 565   15  580
at 31 december 2012 1024  23 1047
charge for the year 70 03 15 88
at 31 december 2013 1094 03 38   1135
net book value 
 31 december 2013 202 158 343 703
 31 december 2012 40  358 398 
customer contracts are amortised over the contract term the brand and trademark are amortised over their estimated useful economic lives of 
25 years and 10 years respectively  
16   property plant and equipment
 machinery mobilisation demobilisation other t otal
 million and equipment    equipment 
cost
at 1 january 2012 3835 377 169 14 4395 
additions  3165 273 105 14  3557 
disposals 26 216  152   394
at 31 december 2012 6974 434  122 28  7558 
acquisition of subsidiaries note 29 2423     2423 
additions  2939 679 313 17  3948
disposals 253 241 80 01 575
at 31 december 2013 12083 872 355 44 13354
accumulated depreciation 
at 1 january 2012 154 101  113  02  370
charge for the year 422 329 105 07 863
disposals 22 216  152   390
at 31 december 2012 554  214 66 09 843  
charge for the year 673 213 106 07  999  
disposals 110 241 80  431
at 31 december 2013 1117 186 92  16 1411
net book value 
 at 31 december 2013 10966 686 263 28 11943
 at 31 december 2012 6420 220  56 19  6715
depreciation is presented within the cost of sales in the statement of comprehensive income  112  apr energy  annual report 2013
17 inventories
 million  31 december 2013 31 december 2012
spares and consumables 430 94
   430 94
the cost of inventories recognised as an expense during the year in respect of continuing operations was 98 million 2012 96 million the 
replacement cost of inventories is not materially different to their carrying value
18 trade and other receivables
 million  31 december 2013 31 december 2012
amount receivable under contract  1460   499
less allowance for doubtful receivables 15 18
net trade receivables  1445  481
finance lease receivables 140  
vat receivables 100  10
other receivables 146 40
   1831  531
during the year the group recognised a 140 million 2012 nil finance lease receivable associated with the planned disposal of the assets 
in botswana the entire balance is recoverable in 2014 and the group has assumed that the customer will exercise a 30 million bargain 
purchase option at the end of the 12 month contract
trade receivables
the average credit period on the sales of goods in 2013 was 173 days 2012 69 days the average credit period for 2013 is somewhat 
skewed however due to the increased levels of activity at the year end and the resulting high year end trade receivables balance no interest is 
charged on trade receivables the group assesses its ability to collect receivables that are past due and provides for an adequate allowance 
for doubtful accounts based on the financial stability recent payment history of the customer letters of credit in place and other pertinent 
factors related to the creditworthiness of the customer the allowance for doubtful accounts includes specific amounts for those accounts that 
are deemed likely to be uncollectible 
the ageing analysis past due but not impaired trade receivables was as follows
 31 december 2013 31 december 2012
 gross impaired gross impaired
current 802  365  
3090 days 465  99  
more than 90 days 193 15 35  18
 1460 15 499 18
the movement in respect of the provision for impairment of trade receivables in the year was as follows
 million  2013 2012
opening 18 33
credit to the statement of comprehensive income  15
utilised 03 
balance at 31 december   15 18
in determining the recoverability of a trade receivable the group considers any change in the credit quality of the trade receivable from 
the date credit was initially granted up to the end of the reporting period there is a concentration of credit risk because there are a limited 
number of customers and as at 31 december 2013 the two individually significant aggregate amounts owed by individual customers were 
653 million and 154 million 2012 158 million and 96 million the risk associated with individual customers is mitigated by the letters 
of credit we obtain from customers on commencement of a contract management reviews concentration credit risk on a regular basis and 
ensures that where the net exposure exceeds certain thresholds appropriate actions are taken this is done on a customer by customer 
basis and takes account of the billing terms letters of credit and local customs and practices
the directors believe that the carrying value of trade and other receivables approximate their fair value
19 deposits
deposits relate mainly to payments on account made for the purchase of property plant and equipment which have manufacturing leadtimes
notes to the consolidated financial statements annual report 2013   apr energy  113 
overview strategy performance directors’ report financial statements other information
20  trade and other payables
 million  2013 2012
trade payables  484 165
accrued expenses  350 124
at 31 december  834 289
the average credit period on operational purchases in 2013 was 134 days 2012 59 days the average credit period for 2013 is somewhat 
skewed however due to the increased levels of activity at the year end and the resulting high year end trade and other payables balance the 
group has financial risk management policies in place to ensure that all payables are paid within the preagreed credit terms
in 2013 110 million 2012 69 million of trade and other payables related to the purchase of property and equipment
the directors consider that the carrying amounts of trade and other payables are appropriate to their fair values
21  deferred revenue
deferred revenue relates to upfront mobilisation fees and payments on account from customers this unearned revenue is recognised over the 
life of the contract or deducted off future invoices 
22   decommissioning provisions
 million  2013 2012
opening 197 181  
acquisition of subsidiaries note 29 79   
additions 313 105  
utilised 107 94
unwinding of discount 09 05  
balance at 31 december    491 197   
current 180 122  
noncurrent 311 75
the group records a decommissioning provision when there is a legal or constructive obligation whereby as a result of a past event it is probable 
that an outflow of economic benefits will be required to settle the obligation associated with the retirement of a tangible longlived asset and the 
liability can be reasonably estimated   if the effect is material provisions are determined by discounting the expected future cash flows at a pretax 
rate that reflects current market assessments of the time value of money and where appropriate the risks specific to the liability 
the decommissioning provision has been calculated using a discount rate of 33 2012 33 the costs are generally expected to be 
incurred approximately 15 years in the future
23   share capital
 31 december 2013 31 december 2012
  million number  million number
allotted called up and fully paid  
ordinary shares of 10p each 152 94251622 126 78235164 
 ordinary shares deferred shares
  number number
outstanding shares at 31 december 2011 78215164 954749920
share matching awards 20000   
redemption of deferred shares   954749920
outstanding shares at 31 december 2012 78235164  
acquisition of subsidiaries note 29 15453129   
exercise of equitysettled sharebased payment 563329  
outstanding shares at 31 december 2013 94251622  
under the companies act 2006 the company’s articles of association do not recognise the concept of authorised share capital 114  apr energy  annual report 2013
on 28 october 2013 the group acquired the ge power rental business comprising power rental op co one llc power rental op co 
australia llc power rental asset co one llc power rental asset co t wo llc power rental op co canada ulc and power rental op co 
bangladesh limited 
the total consideration for the acquisition was 3615 million payable in cash 731 million on completion and 15453129 ordinary shares 
allotted and issued credited as fully paid up to the sellers  the fair value of this share issue was 2884 million which was equal to the share 
price on the closing date of the transaction
24  other reserves
 merger reserve  capital redemption t otal
 million  reserve 
at 1 january 2012 4858   4858
redemption of deferred shares  01 01
balance at 31 december 2012 4858 01 4859  
acquisition of subsidiaries
1
 note 29 2841  2841 
balance at 31 december 2013 7699 01  7700 
1  includes 18 million of costs associated with the issue of 15453129 ordinary shares related to the acquisition of the ge power rental 
business
25  founder securities  
 million  31 december 2013 31 december 2012
founder securities  185 152
    185 152 
subject to the satisfaction of the performance condition referred to below the holders of the founder securities have the right to require the 
company to acquire the founder securities in exchange for the issue to the holders of the founder securities of such number of ordinary 
shares as have a value equal to 15 of the difference between 1 the share price at that time multiplied by the number of ordinary shares at 
the time of transaction 78215164 plus the aggregate value created for those parties with outstanding options or convertible securities over or 
in respect of ordinary shares which have an exercise or subscription or conversion price of less than the market price for an ordinary share at 
that time and 2 a deemed market capitalisation of the company which is the product of the number of ordinary shares in issue at the time of 
the transaction meaning the placing price £1000 as adjusted appropriately for matters such as any subsequent consolidation subdivision of 
the ordinary shares or allotment of ordinary shares or effects of a rights issue or any value paid by the company to ordinary shareholders
the performance condition is satisfied  
a once the price per ordinary share has reached for any 20 business days out of 30 successive business days a closing price equal to the 
greater of i an equivalent of a compound rate of return from admission on the adjusted issue price equal to 83 per annum accrued 
daily and compounded quarterly and ii an amount equal to a 25 increase in the adjusted issue price such closing price the “threshold 
price” at 31 december 2013 the performance condition was £1250 2012 £1250 or
b on the occurrence of a change of control in relation to the company subject where the change of control results from an offer to holders 
of the ordinary shares to that offer being at an equivalent price per ordinary share equal to or greater than the threshold price
following any exercise by a holder of the founder securities of its exchange rights the company will have the option to pay cash equivalent to 
the holder of such founder securities in lieu of issuing ordinary shares in the event that the performance condition has not been satisfied by 
the date falling 5 years from the date of the acquisition 13 june 2011 the company will be able to acquire all of the founder securities for nil 
consideration
the founder securities are not exchangeable for a fixed number of ordinary equity shares the number of ordinary shares issued in respect of 
these instruments is governed by various factors including the share price at the date of conversion 
the group continues to value the founder securities using a bespoke monte carlo simulation model which incorporates a binomial tree to val
ue the instruments as of the date of the performance condition being achieved within the monte carlo simulation this model simulates the future 
company share price on a daily basis using a geometric brownian motion in a riskneutral framework
the valuation output of the model described above is then discounted to reflect the lack of marketability of the founder securities using a protec
tive put option method
notes to the consolidated financial statements annual report 2013   apr energy  115 
overview strategy performance directors’ report financial statements other information
in accordance with ias 32 and ias 39 the founder securities were measured at fair value upon recognition and subsequently at each balance 
sheet date the inputs used were as follows
  31 december 2013 31 december 2012
balance sheet date share price 1574 1317
expected volatility 31 33
remaining life 894 days 1259 days
lack of marketability period 730 days 730 days
riskfree rate 13 03  05
expected dividend yield 12 15
the charge for the year was 33 million 2012 102 million a change in the expected volatility by 1 would have a 07 million 2012 09 
million impact on the reported fair value
the expected volatility used for 2013 and 2012 was determined by calculating the historical and implied volatilities of the company and several 
comparable listed entity share prices over the previous 3 years
26  borrowings   
 revolving  t erm  
 million credit facility loan t otal
at 1 january 2013 2050   2050
cash from borrowings 3178 2500 5678
repayment of borrowings 1828  1828
at 31 december 2013 3400 2500 5900  
capitalised debt issuance costs   107
   5793
current  500 500
noncurrent 3400 2000 5400 
in 2011 the group entered into a committed secured revolving credit facility of 400 million with a group of international banks with a maturity 
date of 28 november 2016 
in may 2013 the group entered into a committed secured term loan of 150 million with several of the existing group of international banks 
involved with the revolving credit facility this term loan was then subsequently extended in october 2013 by an additional 100 million to 250 
million with a maturity date of 1 january 2015 with quarterly repayments of 125 million commencing on 31 march 2014
as of 31 december 2013 98 million 31 december 2012 194 million of letters of credit have been drawn against the revolving credit facility 
as of 31 december 2013 the available amount of the undrawn facilities was 502 million 31 december 2012 1756 million
the facilities provide for funding of capital expenditures working capital requirements and letters of credit key financial covenants include a 
t otal leverage ratio adjusted ebitdat otal indebtedness at a maximum of 5001 which reduces to 2501 by 30 june 2014 and an interest 
coverage ratio adjusted ebitdanet interest at a minimum of 4001 the libor spread is libor plus 23  38 dependent on the t otal 
leverage ratio
the revolving credit facility and term loan are secured with the equity and assets of the majority of the group’s subsidiary undertakings the 
directors believe that the carrying value of borrowings approximate their fair value
if the interest rates had been 50 basis points higherlower and all other variables were held constant the group’s total comprehensive profit 
would have increaseddecreased by 15 million 2012 04 million this is mainly due to the group’s exposure to interest rates on its variable 
rate borrowings
bidperformance bonds 
the group has a need to post bid or performance bonds associated with customer contracts these bonds are typically issued from the 
group’s revolving credit facility or backed by a cash deposit as of 31 december 2013 the group had 89 million 2012 51 million backed 
by cash deposits and nil 2012 16 million with other international banks 116  apr energy  annual report 2013
27  financial instruments
financial risk management objectives
the group’s corporate treasury function provides services to the business coordinates access to domestic and international financial 
markets monitors and manages the financial risk relating to the operations of the group through internal risk reports which analyse exposures
by degree and magnitude of these risks 
as disclosed in note 5 during operations the group can be exposed to market risk including currency risk and interest rate risk credit risk 
and liquidity risk
from time to time the group may seek to manage foreign exchange risk by using derivative instruments to limit these risk exposures the use 
of financial derivatives is governed by the group’s policies approved by the board of directors which provide written principles on foreign
exchange risk and the use of derivative and nonderivative financial instruments compliance with policies and exposure limits is reviewed by 
the risk committee on an ongoing basis the group does not enter into or trade financial instruments including derivative financial
instruments for speculative purposes
the group has no externally imposed capital requirements
capital risk management 
the group manages its capital to ensure that it has sufficient liquidity while maximising the return to stakeholders the group is funded through 
a mixture of equity and debt financing the capital structure of the group consists of cash and cash equivalents and equity comprising issued 
capital access to committed 650 million credit facilities and retained profits the longterm expectation of management would be a gearing 
ratio of 30
significant accounting policies
details of the significant accounting policies and methods adopted including the criteria for recognition the basis of measurement and the 
basis on which income and expenses are recognised in respect of each class of financial asset financial liability and equity instrument are 
disclosed in the accounting policies section of these financial statements details of the group’s risk management policies are shown in note 5
principal financial instruments
the principal financial instruments used by the group from which financial instrument risk arises are as follows
l trade and other receivables
l trade and other payables
l cash and cash equivalents
l derivative financial instruments
l borrowings
categories of financial instruments
 million  31 december 2013 31 december 2012
financial assets  
fair value through profit or loss
cash and cash equivalents 339  210 
loans and receivables
amount receivable under contract note 18 1460 499
finance lease receivables note 18 140 
vat receivables note 18 100 10
 total financial assets  2039 719
financial liabilities
fair value through profit or loss  
derivative liabilities 185 155
other financial liabilities  
borrowings note 26  5793 1995
trade and other payables note 20 834  289
total financial liabilities  6812 2439
foreign exchange forward contracts 
in limited circumstances the group may use derivative instruments to economically hedge against foreign exchange risk at the year end the 
group had no open foreign exchange contracts  when used these eurusd foreign exchange hedges range in value up to nil 2012 10 
million per contract  if the hedged eurusd foreign exchange contract rates were to change by 5 cents the resulting change in contract 
values was nil 2012 03 million
 
notes to the consolidated financial statements annual report 2013   apr energy  117 
overview strategy performance directors’ report financial statements other information
the following table details the group’s liquidity analysis for its derivative financial instruments based on contractual maturities
 less than between between over t otal
 3 months 3 months  1 year 2 years
 million  and 1 year and 2 years  
31 december 2013   
founder securities note 25       185 185
total     185 185
31 december 2012   
net settled foreign exchange forward contracts 01 02     03
founder securities note 25       152 152
 total  01 02   152 155
the following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value grouped into 
levels 1 to 3 based on the degree to which the fair value is observable
l level 1 fair value measurements are those derived from quoted prices unadjusted in active markets for identical assets or liabilities
l level 2 fair value measurements are those derived from inputs other than quoted prices included within level 1 that are observable for the 
asset or liability either directly ie as prices or indirectly ie derived from prices and
l level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on 
observable market data unobservable inputs
 million level 1 level 2 level 3 t otal
31 december 2013
derivative liability   185 185 
 total    185 185
31 december 2012
derivative liability  03 152 155
 total   03 152  155
 million    level 3
at 1 january 2012    50
change in fair value    102
at 31 december 2012    152
change in fair value    33
at 31 december 2013    185
there were no transfers between level 1 and 2 during the current or prior year the founder securities revaluation in the current year resulted in 
a loss of 33 million 2012 102 million recognised in the statement of comprehensive income 
credit risk management
credit risk refers to the risk that a counter party will default on its contractual obligations resulting in a financial loss to the group credit risk arises 
from cash and cash equivalents deposits with banks and financial institutions as well as exposures to outstanding receivables from customers
due to the nature of the group’s business in emerging markets management believes the most significant of these to be exposures to 
outstanding receivables from customers t o minimise the risk of a significant impact on the business due to a customer defaulting on its 
commitments the group closely monitors trade receivables in addition the group utilises letters of credit contract insurance policies and up 
front deposits to mitigate this risk
the carrying amount of financial assets recorded in the financial statements which is net of impairment losses represents the group’s 
maximum exposure to credit risk
the credit risk on liquid funds and derivate financial instruments is limited because the counterparties are banks with creditratings assigned 
by international creditrating agencies 118  apr energy  annual report 2013
the peak concentration of the group’s credit risk is considered by counterparty geography and currency the group holds its cash on deposit 
with a number of financial institutions at 31 december 2013 the concentration of credit risk held with one bank totalled 106 million 2012 two 
banks totalling 68 million and 61 million respectively  which is primarily denominated in argentinian pesos and usd 2012 usd and gbp 
see note 18 for details of the trade receivables concentration credit risk
maturity of financial assets and financial liabilities
details of contractual maturities of financial assets and financial liabilities are shown in note 5
28 sharebased payments
in accordance with ifrs2 sharebased payment arrangements in which the group receives goods or services as consideration for apr energy 
plc equity instruments are accounted for as equitysettled sharebased payment transactions regardless of how the equity instruments are 
obtained by the group 
in june 2012 the company adopted the apr energy share award plan 2012 the “2012 plan” the 2012 plan allows for the grant of share 
options and contingent share awards this provides a more effective retention tool with the flexibility to reflect common us practice on equity 
incentives it is a longterm incentive plan enabling selected employees to be granted a right to acquire ordinary shares in the company at a 
specified price subject to the satisfaction of specified conditions the number of ordinary shares issued or issuable pursuant to awards granted 
in any 10year period is limited to 10 per cent of the issued ordinary shares from time to time
in october and november 2013 contingent share awards were granted to all employees over an aggregate of 425858 ordinary shares under 
the 2012 plan these awards provide for ordinary shares to be delivered subject to payment of the nominal value of the award shares if so 
required on or after the third anniversary dependent on the achievement of performance conditions determined by reference to the growth of 
the group’s adjusted earnings per share over the period of three years ending on 31 december 2015 with 30 vesting at a threshold of 4 
growth rising to 100 vesting for growth of 11 or more
in november 2012 following a review by the remuneration committee and ratification by the board contingent share awards were granted 
to three senior employees over an aggregate of 315000 ordinary shares under the 2012 plan these awards provide for ordinary shares to 
be delivered subject to payment of the nominal value of the award shares if so required on or after the third anniversary dependent on the 
achievement of performance conditions determined by reference to the growth of the group’s adjusted earnings per share over the period of 
three years ending on 30 june 2015 with 30 vesting at a threshold of 4 growth rising to 100 vesting for growth of 11 or more
in june 2012 share options were granted to selected employees to subscribe for up to a total of 1770000 ordinary shares at an exercise price 
of £683 per share under the 2012 plan  in october 2012 share options were granted to additional employees to subscribe for up to a total of 
360000 ordinary shares at an exercise price of £763 per share also under the 2012 plan these share options normally vest as to one third on 
each of the first second and third anniversaries of the grant and once vested remain exercisable until the tenth anniversary of the grant
in 2012 the original apr energy performance share plan was renamed the apr energy share option plan 2011 the “2011 plan” there is a 
corresponding 2011 plan under which there were grants made to contractors originally share options were granted under the 2011 plans to 
employees and contractors employed by or providing services to the group and vested in tranches according to adjusted ebitda 50 and 
adjusted net income 50 as derived from the audited consolidated financial statements for the calendar years ending 31 december 2011 
2012 and 2013 and to be delivered on or after the third anniversary however the directors were concerned that the 2011 share options were 
not acting as an effective tool for motivating and retaining key staff in the way originally intended the share options held by certain continuing 
option holders over an aggregate of 749500 ordinary shares were amended and restated in june 2012 by the remuneration committee 
by replacing the original performance conditions with a vesting schedule more in line with a us workforce with a third vesting by reference to 
continued employment or service provisions on each of the first second and third anniversaries of the original grant on 13 june 2011 at the 
same time the exercise period was extended from the three months originally provided until the tenth anniversary of the grant  in each case 
the exercise price remains unchanged at £1000 per ordinary share  no amendments were made to the share options granted under the 2011 
plan to the three most senior employees which for the two who remain employed are exercisable subject to the original terms
2012 plan
   2013 2012
 number of  weighted average  number of weighted average 
 share options exercise price  share options exercise price 
opening 2065000 1131   
granted during the year   2130000 1087 
exercised during the year 414997 1097  
forfeited during the year 110002 1097 65000 1129
balance at 31 december 1540001 1131 2065000 1131
exercisable at the end of the year 270003 1131  
notes to the consolidated financial statements annual report 2013   apr energy  119 
overview strategy performance directors’ report financial statements other information
inputs to the blackscholes model for the 2012 plan share options awards are as follows no options were granted in 2013
 31 december 2013 31 december 2012
grant date share price  1063  1207
exercise price  1063  1207
expected volatility  32  34
expected life  2008  2373 days
riskfree rate  10  20
expected dividend yield  13  14
the sharebased payment expense for 2013 related to these awards was 26 million 2011 16 million the weighted average fair value of 
the awards issued during the year was nil per share option 2012 310 the weighted average remaining contractual life of these awards at 
31 december 2012 was 86 years 2011 95 years
contingent share awards
   2013 2012
 number of  weighted average  number of weighted average 
 share awards exercise price  share awards exercise price 
opening 315000    
granted during the year 425858  315000 
forfeited during the year 744   
balance at 31 december 740114  315000 
exercisable at the end of the year    
 inputs to the blackscholes model for the 2012 plan contingent share awards are as follows
 31 december 2013 31 december 2012
grant date share price 16951866 1104
exercise price  
expected volatility 31 32
expected life 1095 days 1095 days
riskfree rate 20 20
expected dividend yield 09  10 14
the sharebased payment expense for 2013 related to these awards was 08 million 2012 01 million the weighted average fair value of 
the awards issued during the year was 1815 per contingent share 2012 1057 the weighted average remaining contractual life of these 
awards at 31 december 2013 was 24 years 2012 29 years
2011 plans
   2013 2012
 number of  weighted average  number of weighted average 
 share options exercise price  share options exercise price 
opening 1749500 1624 2133500  1623 
exercised during the year 148332 1606     
forfeited during the year 967000 1657 384000 1623
balance at 31 december 634168 1657 1749500  1624  
exercisable at the end of the year 331335 1657 249833  1624  120  apr energy  annual report 2013
inputs to the blackscholes model for the 2011 plans are as follows no options were granted in 2013 and 2012 related only to modifications of 
existing awards
  31 december 2013 31 december 2012
grant date share price  1063
exercise price  1556
expected volatility  34
expected life  1643  2008 days
riskfree rate  08
expected dividend yield  15
the sharebased payment expense for 2013 related to these awards was 09 million 2012 17 million the weighted average fair value of the 
awards issued during the year was nil per share option 2012 nil per share option however the removal of the performance criteria during 
2012 increased the weighted average fair value of the 2011 awards by 095 per share option for those awards not held by the three most senior 
employees the weighted average remaining contractual life of these awards at 31 december 2013 was 68 years 2012 50 years
the expected volatility used for all 2013 and 2012 awards was determined by calculating the historical and implied volatilities of the company 
and several comparable listed entity share prices over the previous 3 years the expected life used in the model has been adjusted based on 
management’s best estimate for the effects of nontransferability exercise restrictions and behavioural considerations
share matching scheme
   2013 2012
 number of  weighted average  number of weighted average 
 share awards exercise price  share awards exercise price 
opening   20000  016  
exercised during the year   20000 016
forfeited during the year      
 balance at 31 december       
exercisable at the end of the year       
29  acquisition of subsidiaries
on 28 october 2013 the group acquired 100 of the issued share capital and obtained control of the following companies comprising the 
“ge power rental business”
l power rental op co one llc
l power rental op co australia llc  
l power rental asset co one llc 
l power rental asset co t wo llc 
l power rental op co canada ulc and
l power rental op co bangladesh limited
the acquisition advances apr energy towards its stated strategic goals creating the world’s leading fasttrack mobile turbine fleet of 12gw 
significantly strengthening and diversifying apr energy’s business and creating a longterm strategic alliance with ge the provisional 
amounts recognised in respect of the identifiable assets acquired and liabilities assumed are as set out in the table below and are considered 
to be provisional due to the use of estimates in valuing the intangible assets
notes to the consolidated financial statements annual report 2013   apr energy  121 
overview strategy performance directors’ report financial statements other information
     provisional
 million     fair value 
property plant and equipment      2423
intangible assets     393
trade and other receivables     158
inventory     72 
trade and other payables     03
deferred tax liability     14
decommissioning provisions     79
deferred revenue     90
 total identifiable assets and liabilities     2860
goodwill     755
total consideration      3615
satisfied by
cash   731
equity instruments 15453129 ordinary shares of the company   2884 
total consideration   3615
the total consideration for the acquisition was 3615 million payable in cash 731 million on completion and 15453129 ordinary shares 
allotted and issued credited as fully paid up to the sellers 
the fair value of this share issue was 2884 million which was equal to the share price on the closing date of the transaction multiplied by the 
number of shares issued acquisition related costs amounted to 144 million 2012 nil and were primarily related to legal and professional 
fees and early termination fees and were charged to the statement of comprehensive income
the goodwill of 755 million arising from the acquisition is reflective of the expected strong growth prospects of the ge power rental 
business none of the goodwill is expected to be deductible for income tax purposes
the ge power rental business contributed 92 million revenue and 24 million to the group’s profit for the period between the date of 
acquisition and the 31 december 2013 if the acquisition of the ge power rental business had been completed on the first day of the
financial year group revenues for the period to 31 december 2013 would have been 3766 million and profit would have been 451 million
30  contingent liabilities
impact of operating in first second and thirdtier countries
at 31 december 2013 the group had operations in various countries across several continents operating in these countries subjects the 
group to the inherent risk of changes in law regulations and governmental policy and stability the group has utilised insurance and letters of 
credit to help mitigate these risks and no provision has been recorded
legal and environmental
from time to time the group is subject to litigation or environmental claims the group uses various means to limit its exposure to such 
contingencies including risk management strategies and insurance coverage these claims can involve highly complex issues actual 
damages and other matters these issues are subject to substantial uncertainties and therefore the probability of loss and an estimation 
of damages are difficult to ascertain management’s assessments can involve complex judgements about future events and can rely heavily 
on estimates and assumptions the group’s assessments are based on estimates and assumptions that have been deemed reasonable 
by management the group recognises a liability for contingencies when it is more likely than not that the group will sustain a loss and the 
amount can be estimated
as of 31 december 2013 the group was not subject to any substantive legal or environmental claims and it has not recorded any contingent 
obligations in the consolidated financial statements
purchase commitments
as of 31 december 2013 the group’s commitments related to the purchase of property plant and equipment were 166 million 2012 1175 
million 122  apr energy  annual report 2013
31  operating lease arrangements
as lessee
 million  2013 2012
minimum lease payments under operating leases 
recognised as an expense in the year 28 44
the group had various operating lease agreements for office and warehouse space land and office equipment during the year the lease 
terms on these arrangements are typically two years lease commitments over two years relate to corporate headquarters the fair value of the 
group’s lease obligations is approximately equal to their carrying amount
 million  2013 2012
commitments under noncancellable operating leases falling due 
within one year 25 12
greater than one year but less then two  years 07 08
within two to five years 01 07 
 total commitments over the next five years 33  27
as a lessor
lease income is contingent on plant availability and accordingly the minimum lease income under noncancellable operating leases is nil
32  related party transactions
transactions between the company and its subsidiaries which are related parties have been eliminated on consolidation and are not 
disclosed in this note
jcla holdings llc is a related party due to its owners being the ceo and coo of apr energy plc consulting services from jcla holdings 
llc and its subsidiaries were incurred by the group during the year these consulting services were made at an arm’s length market price 
the total expense for the year was 04 million 2012 03 million the services rendered were all paid in cash no guarantees have been 
given or received 
cjj llc is a related party due to its owner being the ceo of apr energy plc cjj llc provides travel arrangement services to the group 
these services were made at an arm’s length market price the total expense for the year was 03 million 2012 nil the services rendered 
were all paid in cash no guarantees have been given or received 
jcla development ii llc is a company related by common control by the ceo and coo jcla development ii llc rents office space to 
the group these rental services were made at an arm’s length market price the total expense for the year was nil 2012 01 million the 
services rendered were all paid in cash no guarantees have been given or received 
remuneration of key management personnel
the remuneration of key management personnel of the group is set out below in aggregate for each of the categories specified in ias 24 
related party disclosures further information about the remuneration of certain key management personnel is provided in the audited part of 
the directors’ remuneration report on pages 75 to 91
 million  2013 2012
remuneration 70 25
postemployment benefits   
other longterm benefits 01 01  
termination benefits  09 
equitysettled sharebased payment expense 28 08 
 99 43
the group of individuals designated as key management personnel has been expanded from 5 to 9 individuals in the current year
33  significant investments
the principal subsidiary undertakings of the group at the year end and the main countries in which they operate are shown below all 
companies are wholly owned
notes to the consolidated financial statements annual report 2013   apr energy  123 
overview strategy performance directors’ report financial statements other information
   country country
 name principal activity of operation of registration
apr energy holdings limited holding company uk england and wales
apr energy cayman limited holding company united states cayman islands
apr international llc holding company united states united states
apr energy llc supply of temporary power united states united states
apr llc supply of temporary power united states united states
apr energy srl supply of temporary power argentina argentina
apr energy ii llc holding company united states united states
apr energy panama srl distribution centre panama panama
falconbridge services llc service company united states united states
apr energy spain slu supply of temporary power spain spain
apr energy cyprus limited supply of temporary power cyprus cyprus
apr energy germany gmbh supply of temporary power germany germany
power rental op co llc supply of temporary power iraq bangladesh us vi united states
power rental op co australia llc supply of temporary power australia united states
power rental asset co llc holding company united states united states
power rental asset co one llc supply of temporary power united states united states
power rental asset co two llc supply of temporary power united states united states
power rental op co canada ulc supply of temporary power canada canada
power rental op co bangladesh limited supply of temporary power uk england and wales
apr energy fze distribution centre dubai dubai
apr energy uruguay sa supply of temporary power uruguay uruguay
ptapr indonesia supply of temporary power indonesia indonesia
alaska bussines group sa supply of temporary power guatemala guatemala 
apr energy singapore private distribution centre malaysia singapore
34   dividends
 million  2013 2012
declared and paid during the year
final dividend for 2012 67 pence 2011 100 pence per ordinary share 79 125
interim dividend for 2013 33 pence 2012 33 pence per ordinary share 50 39
dividends paid  129  164 
proposed for approval by the shareholders at the agm
final dividend for 2013 67 pence 2012 67 pence per ordinary share 99 85   
the proposed final dividend is subject to approval by the shareholders at the annual general meeting and has not been included as a liability 
in these financial statements
35  events after the balance sheet date
on 10 january 2014 the group announced the extension of its 200mw diesel power module project in libya on the same terms as the original 
contract
on 12 february 2014 the group announced the signing of a largescale turnkey power contract in myanmar the facility will provide the 
myanmar electric power enterprise mepe with a guaranteed minimum of 82mw of power generation
as part of the acquisition of the ge power rentals business the group acquired a number of contracts as well as additional fleet  as disclosed 
at the time some of those contracts are held with corporate not sovereign counterparties  we have been informed that one of those parties in 
australia forge group limited filed for protection from its creditors post year end  as such the assets allocated to that project are tied up in 
the receivership process  although it is still in the early stages the group is working with the administratorsreceivers of forge group limited 
regarding possession of those assets
on 26 march 2014 the group announced the signing of a mobile turbine contract to provide fasttrack power to an industrial customer in the 
south pacific the plant will comprise mobile turbines producing a guaranteed 60mw and will power the customer’s mining operations 124  apr energy  annual report 2013
statement of financial position
as at 31 december 2013
 million note 31 december 2013 31 december 2012
assets  
noncurrent assets  
investments 6  12045 12045
trade and other receivables 7 2692 2839
total noncurrent assets  14737 14884
current assets  
trade and other receivables 7 04 02
cash and cash equivalents    18
total current assets  04 20
total assets  14741 14904
liabilities  
current liabilities  
trade and other payables 8 11 3183
total current liabilities  11 3183
total liabilities  11 3183
equity  
share capital 9  152 126
share premium   6749 6681
other reserves 10  7700 4859
equity reserves 11    69 45
retained earnings   60 10 
 total equity  14730 11721
 total liabilities and equity  14741  14904
these financial statements of the company registered number 07062201 were approved by the board of directors on 25 march 2014
signed on behalf of the board of directors by
john campion
chief executive officer
company financial statements annual report 2013   apr energy  125 
overview strategy performance directors’ report financial statements other information
statement of changes in equity
for the year ended 31 december 2013
 share  share other equity retained t otal
  million capital premium reserves reserves earnings equity
balance at 1 january 2012 127 6681  4858  18 37 11721 
profit for the year      130 130
total comprehensive profit for the year         130 130
issued share capital    07 07  
redemption of deferred shares 01  01      
credit to equity for equitysettled sharebased payment expense    34    34
dividends      164 164
balance at 31 december 2012 126 6681 4859 45 10 11721
profit for the year      159 159 
total comprehensive profit for the year         159 159
acquisition of subsidiaries 25    2841   2866
exercise of equitysettled sharebased payment 01 68  20 20 69
credit to equity for equitysettled sharebased payment expense    44  44
dividends      129 129
balance at 31 december 2013 152 6749 7700 69 60 14730 126  apr energy  annual report 2013
cash flow statement 
for the year ended 31 december 2013
 million note 2013 2012
  
cash flows from operating activities 
profit for the year before taxation  159 130
adjustments for 
equitysettled sharebased payment expense 11 04 02  
movements in working capital 
decreaseincrease in trade and other receivables  185 115
decreaseincrease in trade and other payables   288 39
net cash from operating activities  60 52
cash flows from financing activities  
dividends paid 14 129 164  
proceeds from the issue of ordinary shares  51   
net cash used in financing activities  78 164
net decrease in cash and cash equivalents  18 112 
cash and cash equivalents at beginning of the year  18 130  
cash and cash equivalents at end of the year   18
company financial statements annual report 2013   apr energy  127 
overview strategy performance directors’ report financial statements other information
1  general information
apr energy plc the “company” is a company incorporated in the 
united kingdom under the companies act 2006 the address of 
the registered office is given on page 132 of this annual report the 
nature of the company’s operations and its principal activities are set 
out in the strategy review on pages 11 to 33
these financial statements are presented in us dollars because that 
is the currency of the primary economic environment in which the 
company operates 
2   adoption of new and revised standards
in 2013 several amended standards and interpretations became 
effective these are ias 1 presentation of items of other compre
hensive income  amendments to ias 1 ias 19 revised employee 
benefits ifrs 7 amended disclosures  offsetting financial assets 
and liabilities ifrs 11 joint arrangements ifrs 12 disclosure of 
interests in other entities and ifrs 13 fair value measurement the 
adoption of these standards and interpretations has not had a material 
impact on the financial statements of the company
at the date of authorisation of these financial statements the following 
standards and relevant interpretations which have not been applied 
in these financial statements were in issue but not yet effective and 
some of which were pending endorsement by the european union
l offsetting financial assets and financial liabilities amendments 
to ias 32 – effective for accounting periods beginning on or after 1 
january 2014
l investment entities amendments to ifrs 10 ifrs 12 and ias 27 
– effective for accounting periods beginning on or after 1 january 
2014
l recoverable amount disclosures for nonfinancial assets 
amendments to ias 36 – effective for accounting periods 
beginning on or after 1 january 2014
l novation of derivatives and continuation of hedge accounting 
amendments to ias 39 – effective for accounting periods 
beginning on or after 1 january 2014
l defined benefit plans employee contributions amendments to 
ias 19 – effective for accounting periods beginning on or after 1 
july 2014
l annual improvements 20102012 cycle – effective for accounting 
periods beginning on or after 1 july 2014 and
l annual improvements 20112013 cycle – effective for accounting 
periods beginning on or after 1 july 2014
adoption of the these standards in future periods is not expected to 
have a material impact on the financial statements of the company
3  significant accounting policies
basis of preparation
the financial statements have been prepared in accordance with 
international financial reporting standards ifrss the financial 
statements have also been prepared in accordance with ifrss 
adopted by the european union and therefore the financial statements 
comply with article 4 of the eu ias regulation 
the financial statements have been prepared on the historical cost 
basis historical cost is generally based on the fair value of the 
consideration given in exchange for the assets 
under section 408 of the companies act 2006 the company is 
exempt from the requirement to present its own profit and loss 
account the profit for the year ended 31 december 2013 of the 
company was 159 million 2012 130 million these financial 
statements are presented in us dollars because that is the currency 
of the primary economic environment in which the company 
operates 
use of estimates
the preparation of financial statements is in conformity with ifrs  
ifrs requires the use of certain critical accounting estimates it also 
requires management to exercise its judgement in the process of 
applying the company’s accounting policies the areas involving 
a higher degree of judgement or complexity or areas where 
assumptions and estimates are significant to the financial statements 
are disclosed in note 4
going concern
the directors have at the time of approving the financial statements 
a reasonable expectation that the company has adequate resources 
to continue in operational existence for the foreseeable future thus 
they continue to adopt the going concern basis of accounting in 
preparing the financial statements further detail is contained in the 
financial review on page 39
provision for income taxes
current tax
the current income tax charge is calculated on the basis of the tax 
laws enacted or substantively enacted at the statement of financial 
position date in the uk where the company operates generates 
taxable income and is subject to tax under local country tax law
management periodically evaluates positions taken in tax returns with 
respect to situations in which applicable tax regulation is subject to 
interpretation it establishes provisions where appropriate based on 
amounts expected to be paid to the tax authorities 
t axable profit differs from net profits as reported in the statement 
of comprehensive income because it excludes items of income or 
expense that are taxable or deductible in other years and it further 
excludes items that are never taxable or deductible the company’s 
liability for current tax is calculated using tax rates that have been 
enacted or substantively enacted by the balance sheet date
deferred tax
deferred income tax is recognised using the liability method on 
temporary differences arising between the tax basis of assets and 
liabilities and their carrying amounts in the financial statements 
deferred income tax is determined using tax rates that have been 
enacted or substantially enacted by the statement of financial 
position date and are expected to apply when the related deferred 
notes 
to the company financial statements 
for the year ended 31 december 2013 128  apr energy  annual report 2013
income tax asset is realised or the deferred income tax liability is 
settled deferred tax liabilities are generally recognised for all taxable 
temporary differences deferred income tax assets are recognised 
only to the extent that it is probable that future taxable profit will be 
available against which the temporary differences can be utilised 
the carrying amount of deferred tax assets is reviewed at each 
balance sheet date and reduced to the extent that it is no longer 
probable that sufficient taxable profits will be available to allow all or 
part of the asset to be recovered
deferred income tax assets and liabilities are offset when there 
is a legally enforceable right to offset current tax assets against 
current tax liabilities and when the deferred income taxes assets 
and liabilities relate to income taxes levied by the same taxation 
authority on either the same taxable entity or different taxable 
entities where there is an intention to settle the balances on a net 
basis deferred tax is calculated at the tax rates that are expected 
to apply in the period when the liability is settled or the asset is 
realised based on tax laws and rates that have been enacted at 
the balance sheet date deferred tax is charged or credited in the 
statement of comprehensive income except when it relates to items 
charged or credited in other comprehensive income in which case 
the deferred tax is also dealt with in other comprehensive income
foreign currencies
the financial statements are presented in the currency of the 
primary economic environment in which it operates its functional 
currency 
transactions in currencies other than the entity’s functional currency 
foreign currencies are recognised at the rates of exchange 
prevailing on the dates of the transactions at each balance sheet 
date monetary assets and liabilities that are denominated in foreign 
currencies are retranslated at the rates prevailing at that date non
monetary items carried at fair value that are denominated in foreign 
currencies are translated at the rates prevailing at the date when the 
fair value was determined nonmonetary items that are measured 
in terms of historical cost in a foreign currency are not retranslated
impairment
financial assets
the company assesses at the end of each reporting period 
whether there is objective evidence that a financial asset or group 
of financial assets is impaired a financial asset or a group of 
financial assets is impaired and impairment losses are incurred 
only if there is objective evidence of impairment as a result of one 
or more events that occurred after the initial recognition of the asset 
“loss event” and that loss event or events has an impact on 
the estimated future cash flows of the financial asset or group of 
financial assets that can be reliably estimated
trade and other receivables are considered past due if any portion 
of an account has not been paid in full within the contractual 
terms of the account the company assesses its ability to collect 
receivables that are past due and provides for an adequate 
allowance for doubtful accounts based on the financial stability 
recent payment history of the customer letters of credit in place 
and other pertinent factors related to the creditworthiness of 
the customer the allowance for doubtful accounts includes 
specific amounts for those accounts that are deemed likely to be 
uncollectible upon permanent impairment the trade receivable is 
written off against the allowance for doubtful accounts 
financial instruments
the company classifies its financial assets and financial liabilities 
into the following categories fair value through profit or loss 
and loans and receivables for financial assets and fair value 
through profit and loss and other financial liabilities for financial 
liabilities the classification depends on the purpose for which the 
financial instruments were acquired management determines the 
classification of its financial instruments at initial recognition
effective interest method
the effective interest method is a method of calculating the finance 
income generated by a financial asset and the amortised cost of 
a financial liability including allocating interest expense over the 
relevant period the effective interest rate is the rate that exactly 
discounts estimated future cash payments including all fees paid 
or received that form an integral part of the effective interest rate 
transaction costs and other premiums or discounts through the 
expected life of the financial liability to the net carrying amount on 
initial recognition
loans and receivables
trade and other receivables are nonderivative financial assets with 
fixed or determinable payments that are not quoted in an active 
market they are included in current assets except for maturities 
greater than 12 months after the end of the reporting period 
these are classified as noncurrent assets the company’s loans 
and receivables are recorded as deposits and trade and other 
receivables in the statement of financial position
trade and other receivables are measured at amortised cost using 
the effective interest rate method less any impairment interest 
income is recognised by applying the effective interest rate except 
for shortterm receivables when the recognition of interest would be 
immaterial
cash and cash equivalents
cash and cash equivalents consist of cash and highly liquid 
investments that can be readily converted into cash or that have an 
original maturity of three months or less
trade and other payables
trade payables are obligations to pay for goods or services that 
have been acquired in the ordinary course of business from 
suppliers accounts payable are classified as current liabilities if 
payment is due within one year or less 
trade and other payables are recognised initially at fair value and 
subsequently measured at their amortised cost using the effective 
interest rate method
financial liabilities and equity
debt and equity instruments are classified as either financial 
liabilities or as equity in accordance with the substance of the 
contractual arrangement
equity instruments
an equity instrument is any contract that evidences a residual 
interest in the assets of an entity after deducting all of its liabilities 
equity instruments issued by the company are recognised at the 
proceeds received net of direct issue costs
costs of equity transactions
incremental costs that are attributable directly to issuing equity 
instruments of the company are recognised in equity net of any tax 
effects other costs not directly attributable to the issuing of equity 
notes to the company financial statements  annual report 2013   apr energy  129 
overview strategy performance directors’ report financial statements other information
instruments are recognised in the statement of comprehensive 
income
sharebased payments 
in accordance with ifrs2 sharebased payment arrangements in 
which the company receives goods or services as consideration for 
apr energy plc equity instruments are accounted for as equity
settled sharebased payment transactions regardless of how the 
equity instruments are obtained by the company
equitysettled sharebased payments to employees are measured 
at the fair value of the equity instruments at the grant date the fair 
value excludes the effect of nonmarket based vesting conditions 
details regarding the determination of the fair value of equitysettled 
sharebased transactions are set out in note 11
the fair value determined at the grant date of the equitysettled 
sharebased payments to employees is expensed on a straightline 
basis over the vesting period based on the company’s estimate 
of equity instruments that will eventually vest at each balance 
sheet date the company revises its estimate of the number of 
equity instruments expected to vest as a result of the effect of non 
marketbased conditions the impact of the revision of the original 
estimates if any is recognised in total comprehensive income such 
that the cumulative expense reflects the revised estimate with a 
corresponding adjustment to equity reserves
sharebased payments incurred on behalf of group companies are 
recharged accordingly
investments
investments in subsidiary undertakings are stated in the balance 
sheet of the company at cost or nominal value of the shares 
issued as consideration as applicable less any provision for any 
impairment in value 
dividend distribution
dividend distribution to the company’s shareholders is recognised 
as a liability in the financial statements in the period in which the 
dividends are approved by the company’s shareholders
4   critical accounting estimates and judgements
in the application of the significant accounting policies which are 
described in note 3 management is required to make judgements 
estimates and assumptions about the carrying amounts of assets 
and liabilities that are not readily apparent from other sources the 
estimates and associated assumptions are based on historical 
experience and other factors that are considered to be relevant 
actual results may differ from these estimates
the estimates and underlying assumptions are reviewed on an 
ongoing basis revisions to accounting estimates are recognised in 
the period in which the estimate is revised if the revision affects only 
that period or in the period of the revision and future periods if the 
revision affects both current and future periods
critical accounting estimates and assumptions
there are no key assumptions concerning the future or other key 
sources of estimation uncertainty at the end of the reporting period 
that have a significant risk of causing a material adjustment to the 
carrying amounts of assets and liabilities within the next financial 
year
critical judgements in applying the company’s 
accounting policies
the following are the critical judgements apart from those involving 
estimations discussed above that management made in the 
process of applying the company’s accounting policies and that 
have the most significant effect on the amounts recognised in the 
financial statements
impairment of investment asset
determining whether the investment asset is impaired requires an 
estimation of the value in use of the underlying investments the 
value in use calculation requires the entity to estimate the future 
cash flows expected to arise from the investments and a suitable 
discount rate in order to calculate present value no impairments 
were recorded in the periods presented
5   risk management policies
the company’s activities give rise to a number of financial risks 
particularly market risk comprised of foreign exchange credit risk 
liquidity risk and capital risk management
market risk
market risk includes foreign exchange risk the company seeks to 
manage these risks to acceptable levels by maintaining appropriate 
policies and procedures 
foreign exchange risk
the company has an exposure to transactional foreign exchange 
from purchases or sales in currencies other than us dollars in 
order to minimise exposure to foreign exchange risk the company 
primarily contracts in us dollars or in contracts with a price based 
on us dollars at the date of transaction or payment if possible 
credit risk
credit risk arises from cash and cash equivalents deposits 
with banks and financial institutions as well as exposures to 
outstanding receivables from external parties due to the nature 
of the company’s business management do not believe there is a 
significant credit risk to the company
liquidity risk
liquidity risk results from insufficient funding being available to 
meet the company’s funding requirements as they arise the 
company manages liquidity risk by maintaining adequate reserves 
of cash and available committed facilities in subsidiaries for short 
and longterm funding requirements the company monitors the 
shortterm forecast and actual cash flows on a daily basis and 
medium and longterm requirements in line with the company’s 
longterm planning processes
capital risk management
the company’s objective when managing capital is to safeguard 
its ability to continue as a going concern in order to provide returns 
for its equity holders and to maintain an optimal capital structure to 
reduce the cost of capital 
the company is funded through a mixture of equity and debt 
financing through subsidiaries 
the company reviews the capital structure on a semiannual basis 
as part of this review the company considers the cost of capital 
and the risk associated with each class of capital  130  apr energy  annual report 2013
6  investments
 million  2013 2012
opening 12045 12045
balance at 31 december  12045 12045
details of the company’s principal subsidiary undertakings are set out in note 33 to the consolidated financial statements
7  trade and other receivables
 million  31 december 2013 31 december 2012
noncurrent 
amounts due from subsidiaries 2692 2839
current
other debtors 04  02
  2696 2841
in determining the recoverability of trade and other receivables the company considers any change in the credit quality of the trade receivable 
from the date credit was granted up to the reporting date credit risk is limited due to substantially all the balance being amounts due from 
subsidiaries accordingly the directors believe there is no credit provision required and no classes of receivable contain impaired assets 
amounts due from subsidiaries are repayable on demand and are interest free these amounts are shown as noncurrent as these balances 
are not expected to be repaid within twelve months of the balance sheet date the carrying value of receivables is considered to represent their 
fair value
8  trade and other payables
 million  31 december 2013 31 december 2012
amounts due to subsidiaries  3167
trade payables 05 06
accrued expenses 06 10
  11 3183
trade and other payables principally comprise amounts outstanding for trade purchases and ongoing costs as well as amounts due to 
subsidiaries amounts due to subsidiaries are repayable on demand and are interest free
the directors consider that the carrying amounts of trade and other payables are approximate to their fair values 
9   share capital
 31 december 2013 31 december 2012
  million number  million number
allotted called up and fully paid  
ordinary shares of 10p each 152 94251622 126 78235164 
 ordinary shares deferred shares
  number number
outstanding shares at 31 december 2011 78215164 954749920
share matching awards 20000   
redemption of deferred shares   954749920
outstanding shares at 31 december 2012 78235164  
acquisition of subsidiaries 15453129   
exercise of equitysettled sharebased payment 563329  
outstanding shares at 31 december 2013 94251622  
under the companies act 2006 the company’s articles of association do not recognise the concept of authorised share capital
notes to the company financial statements  annual report 2013   apr energy  131 
overview strategy performance directors’ report financial statements other information
on 28 october 2013 the group acquired the ge power rental business comprising power rental op co one llc power rental op co 
australia llc power rental asset co one llc power rental asset co t wo llc power rental op co canada ulc and power rental op co 
bangladesh limited 
the total consideration for the acquisition was 3615 million payable in cash 731 million on completion and 15453129 ordinary shares 
allotted and issued credited as fully paid up to the sellers  the fair value of this share issue was 2884 million which was equal to the share 
price on the closing date of the transaction
10  other reserves
 capital redemption
 million merger reserve reserve t otal
at 1 january 2012 4858   4858
redemption of deferred shares  01 01
 balance at 31 december 2012 4858 01 4859  
acquisition of subsidiaries
1
 2841  2841 
balance at 31 december 2013 7699 01  7700 
1  includes 18 million of costs associated with the issue of 15453129 ordinary shares related to the acquisition of the ge power rental 
business
11  sharebased payments
details of the company’s sharebased payments plans are set out in note 28 to the consolidated financial statements
12  related party disclosures 
there have been no transactions with related parties during either period besides the intercompany transactions which are detailed in notes 7 
and 8 see note 32 in the consolidated financial statements for further details of related party transactions
13  auditor’s remuneration
auditor’s remuneration is disclosed in note 9 to the consolidated financial statements
14  dividends
 million  2013 2012
declared and paid during the year
final dividend for 2012 67 pence 2011 100 pence per ordinary share 79 125
interim dividend for 2013 33 pence 2012 33 pence per ordinary share 50 39
dividends paid  129  164 
proposed for approval by the shareholders at the agm
final dividend for 2013 67 pence 2012 67 pence per ordinary share 99 85   
the proposed final dividend is subject to approval by the shareholders at the annual general meeting and has not been included as a liability 
in these financial statements 132  apr energy  annual report 2013
shareholders’ information
company secretary  andrew bradshaw 
registered office  apr energy plc
54 baker street london w1u 7bu
auditor deloitte llp  london  
 chartered accountants
registrar  capita asset services the registry 
34 beckenham road beckenham kent br3 4tu
 t el 0871 664 0300 overseas 44 20 8639 3399
 email ssdcapitacouk
financial advisers  numis securities ltd london
jp morgan cazenove london
annual general meeting 
notice is hereby given that the annual general meeting of apr energy plc will be held at 
1000am on 20 may 2014 at the offices of jp morgan cazenove holborn bars138142 
holborn london ec1n 2nq
dividend
full details on the dividend amount per share can be found on page 39 of this report set 
out below is the relevant information for the proposed final dividend for the year ended 31 
december 2013
exdividend date  2 april 2014
dividend record date  4 april 2014
dividend payment date  3 june 2014
dividends will be paid via cheque or shareholders can arrange for payment to be made by 
mandate directly to their bank or building society account any shareholder wishing dividends 
to be paid directly into a bank or building society account should contact capita asset services’ 
helpline on 0871 664 0300 from within the uk or 44 208 639 3399 from outside the uk calls 
to the 0871 number cost 10 pence per minute plus your service provider’s network extras lines 
are open monday to friday 830 am to 530 pm alternatively a form may be downloaded from 
capitaassetservicescom where you can also set up a dividend mandate online dividends 
paid by mandate will be paid through the bankers automated clearing system bacs
financial calendar
full year results announced 
26 march 2014 
annual report posted 
april 2014
annual general meeting 
20 may 2014
q1 interim management  
statement
20 may 2014
interim results announced
27 august 2014 annual report 2013   apr energy  133 
overview strategy performance directors’ report financial statements other information
glossary

united states dollars unless otherwise 
noted
adjusted ebitda
operating profit adjusted to add back 
depreciation of property plant and 
equipment equitysettled sharebased 
payment expense amortisation of 
intangible assets and exceptional items 
exceptional items are those items believed 
to be exceptional in nature by virtue of size 
andor incidence
adjusted ebitda margin
adjusted ebitda divided by revenue
adjusted earnings per share
adjusted net income divided by the 
weighted average number of ordinary 
shares the weighted average number of 
ordinary shares used to calculate the 2013 
adjusted basic earnings per share was 
81044059
adjusted issue price
the placing price of the issue of 40514700 
ordinary shares pursuant to a placing on 
behalf of the company on 9 february 
2010 as adjusted appropriately for matters 
such as any subsequent consolidation 
or subdivision of the ordinary shares or 
allotment of ordinary shares by capitalising 
the company’s profits or reserves and as 
reduced by the value return if any and by 
the discount value if any as such terms 
are defined in the readmission prospectus
adjusted net income
adjusted net income is net income adjusted 
to add back amortisation of intangible 
assets and exceptional items exceptional 
items are those items believed to be 
exceptional in nature by virtue of size and
or incidence
adjusted roce return on capital  
employed
operating profit for the previous twelve 
months adjusted to add back amortisation 
of intangible assets and exceptional items 
divided by the average of the net operating 
assets at the previous three balance sheet 
dates for 31 december 2013 this comprises 
the 31 december 2013 30 june 2013 and 
31 december 2012 and for 31 december 
2012 this comprises the 31 december 2012 
30 june 2012 and 31 december 2011 “net 
operating assets” is defined as total equity 
adjusted to exclude goodwill intangible 
assets borrowings founder securities 
deferred tax assets and liabilities and current 
tax assets and liabilities
aermod atmospheric dispersion  
modelling 
used for modelling analysing and 
visualising emissions dispersion 
annual general meeting agm 
meeting of shareholders of the company 
held each year to consider ordinary and 
special business as provided in the notice 
of agm
apr energy plc 
apr energy plc a limited liability company 
incorporated in the united kingdom with 
registered number 7062201 apr energy 
plc the “company” and together with its 
subsidiaries “apr energy” or the “group”
apr group 
apr cayman limited an exempted 
company incorporated with limited liability 
under the laws of the cayman islands 
and falconbridge services llc a florida 
limited liability company providing certain 
management and other services to group 
companies together with their respective 
subsidiaries
articles of association or articles
the articles of association of the company 
in force from time to time
board 
the board of directors of the company 
capacity or fleet capacity
“capacity” represents the aggregate 
megawatt capacity that the apr group’s 
power generating equipment including 
both owned and leased equipment would 
be capable of delivering when operating 
at 100 per cent of their power output the 
directors consider committed capacity 
to be an important indicator of the apr 
group’s revenue generating capability
co
2
carbon dioxide
code
2010 edition of the uk corporate 
governance code followed voluntarily
companies act or act
the companies act 2006 as amended
contracted utilisation
contracted utilisation represents the 
proportion of the group’s fleet capacity 
subject to contract at a given point in time
deferred shares
the deferred shares of 1 pence each in 
the capital of the company subsequently 
purchased by the company in 2012 for a 
total consideration of 1 pence
eia 
us energy information administration
falconbridge acquisition agreement 
the agreement between the company the 
subsidiary and jcla holdings llc dated 
13 june 2011 relating to the acquisition 
of the entire issued share capital of 
falconbridge
founder securities 
the c ordinary shares of 99 pence each in 
the capital of apr energy holdings limited
fca 
uk financial conduct authority
fsma 
the financial services and markets act 
2000 of the uk as amended
gkwh 
emissions in grammes per kilowatt hour
gepm 
gas engine power module
hub 
service centre with large items of 
equipment for storage service and 
deployment  134  apr energy  annual report 2013
hz 
hertz – a unit of frequency
iea
the international energy agency
ifrs 
international financial reporting standards
kva 
a thousand volt amperes
kwh 
kilowatt hours
listing rules
the listing rules made by the uk listing 
authority under section 73a of fsma as 
amended from time to time
mvar 
mega volt ampere reactive
mw 
megawatt – a million watts of electricity
mwmonth
megawatt months
nox 
nitrogen oxides pollutants created 
through combustion at high temperatures 
comprises nitric oxide and nitrogen dioxide
official list
the official list maintained by the uk listing 
authority
om 
operation and maintenance
opec
organisation of petroleum exporting  
countries
operating board 
board of directors of apr energy holdings 
limited
order book
contracted future orders expressed as 
mwmonths
ordinary shares
the ordinary shares of 10p each in the 
capital of the company
peak shaving
reduction of the amount of electricity 
drawn from a power utility in designated 
peak time periods
ppe 
property plant and equipment
premium listing
a premium listing under chapter 6 of the 
listing rules
readmission prospectus
the prospectus dated 15 september 2011 
for the admission and readmission of the 
company’s ordinary shares to the official 
list of the uk listing authority and to 
trading on the london stock exchange’s 
main market for listed securities
regional hub 
service distribution and commercial 
centre located in strategic global regions 
that handles large items of equipment for 
storage service and deployment
rfp
a request for proposal – used to secure 
bids for the provision of specified services
securities act
us securities act of 1933 as amended
standard listing
a standard listing under chapter 14 of the 
london stock exchange listing rules  annual report 2013   apr energy  135 
overview strategy performance directors’ report financial statements other information
notes 136  apr energy  annual report 2013
notes apr energy powers the progress of 
the communities we serve by providing 
costefficient reliable electricity on a 
fasttrack basis anywhere in the world
we leverage stateofthe art technology 
and industryleading expertise to 
provide utility and industrial customers 
with fuelefficient turnkey plants that are 
rapidly deployed customisable and 
scalable 
cautionary statement
this announcement in particular the chairman’s statement and the chief executive officer’s statement has been prepared solely 
to provide additional information to shareholders to assess the company’s strategies and overall performance certain statements 
in this announcement constitute or may constitute forwardlooking statements any statement in this announcement that is not a 
statement of historical fact including without limitation those regarding the company’s future expectations operations financial 
performance financial condition and business is or may be a forwardlooking statement such forwardlooking statements are subject 
to risks and uncertainties that may cause actual results to differ materially from those projected or implied in any forwardlooking 
statement these risks and uncertainties include among other factors changing economic financial business or other market 
conditions these and other factors could adversely affect the outcome and financial effects of the plans and events described in 
this announcement as a result whilst they are made in good faith based on information available up to the time of their approval of 
this announcement you are cautioned not to place any reliance on such forwardlooking statements the forwardlooking statements 
reflect knowledge and information available at the date of this announcement and the company undertakes no obligation to update 
its view of such risks and uncertainties or to update the forwardlooking statements contained herein nothing in this announcement 
should be construed as a profit forecast
cover tpindd   2 04042014   1002 apr energy plc
annual report  accounts 2013
apr energy plc   2013 annual report  accounts
apr energy plc
registered office
54 baker street
london w1u 7bu
commercial operations
3600 port jacksonville parkway
jacksonville fl 32226 usa
tel 1 904 223 8488
fax 1 904 223 8955
wwwaprenergycom
cover tpindd   1 04042014   1002


Summary:
 2  apr energy  annual report 2013
t urnkey approach
industryleading 
expertise
apr energy at a glance
overview
apr energy is a global 
leader in rapidly delivered 
largescale power 
solutions and following 
our acquisition of the ge 
power rental business 
and our ge strategic 
alliance we are the 
world’s leading provider 
of fasttrack mobile 
turbine power 
serving both developed and developing markets apr energy sells electricity and generation 
capacity to utilities countries and industries that have critical power deficits or that require 
dedicated distributed or seasonal generation solutions 
fasttrack power
global reach
apr energy delivers power fast 
when and where it is needed we 
combine highly mobile technology with 
proprietary modular plant design and 
advanced engineering logistics and 
installation capabilities to deploy install 
and commission a largescale power 
plant within days or weeks
with a presence in over 25 countries 
a network of regional hubs and 
commercial offices a fleet capacity 
exceeding two gigawatts gw and 
attendant supplier relationships in all our 
key markets apr energy stands ready 
to respond quickly to urgent electricity 
needs wherever they may be around 
the globe 
apr energy installs operates 
and maintains its own plants and 
equipment including site preparation 
and integration with surrounding 
infrastructure customers therefore do 
not worry about project management 
plant operations or upfront funding 
or financing typically paying only for 
electricity generation and capacity
apr energy’s industryleading logistical 
project management and engineering 
expertise enables us to mobilise 
largescale power plants quickly 
and efficiently our fasttrack highly 
developed processes integrate across 
all logistics planning engineering 
installation legal and commercial 
teams to ensure seamless and rapid 
execution
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fleet capacity mw contracted utilisation 
2013 2013 2012 2012
2074 81
1311
62
defined in the glossary on page 133 annual report 2013   apr energy  3 
overview strategy performance directors’ report financial statements other information
scalability
community 
partnership
through our use of highly mobile turnkey power plants apr energy delivers within weeks 
large blocks of power that can run entire cities the reliable power we provide helps foster 
economic growth sociopolitical stability and an overall improved quality of life for the 
communities we serve
advanced mobile 
technology
proven track record
apr energy offers the newest power 
generation fleet in the industry providing 
customers with the latest advancements 
in fuel efficiency and emissions controls 
our fleet features proven mobile gas 
turbine technology from ge as well as 
diesel and natural gas reciprocating
engine power modules from caterpillar 
apr energy has installed over 25gw 
of power capacity across more than 25 
countries around the globe powering 
millions of homes and keeping 
economies growing our high rate of 
contract renewals is a testament to high 
levels of customer satisfaction and the 
value of the service we provide
our solutions are highly customisable 
to accommodate each customer’s 
unique needs and can scale to over 
400mw installed on either an interim or 
semipermanent basis apr energy’s 
solutions can deliver the power capacity 
equivalent to a traditional power plant 
and integrate seamlessly into existing 
infrastructure
apr energy partners with the local 
communities in which we operate 
to build positive relationships and 
contribute to their overall wellbeing 
we hire a large number of our plant 
employees locally and through our 
community development programme 
we support local infrastructure 
education healthcare and disaster relief 
causes
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technology mix installed capacity by region
mobile
t urbines
56
africa
38
diesel 
power 
modules 
39
americas
29
asia
21
gas
power modules 
5
middle east
12
wwwaprenergycom