Australian Power And Gas Company Limited (ASX:APK) September Quarter Cash Receipts up 46%

Australian Power & Gas Company Limited (ASX:APK), Australia's leading independent energy retailer, today announced record quarterly cash receipts from customers in the three months to 30 September 2012 (1Q13). Cash receipts increased by 46% to $133.6 million, compared with $90.9 million in the previous corresponding period and $88.5 million in the June 2012 quarter.

Underlying operating cash inflow (before customer acquisition, credit support and related finance costs), which reflects the company's underlying performance, was up to $5.2 million. This is a substantial increase compared with $0.9 million in 1Q12. Customer numbers also continued to increase, up 3,000 to 344,000 over the past three months.

Commenting on the company's Appendix 4C cash flow statement, released today, Australian Power & Gas CEO James Myatt said: "We are pleased to report a record quarter in terms of cash receipts.

This result reflects the scalability of our platform with an increasing number of customers, a more mature customer base, and higher energy usage as a result of a relatively colder winter this year. "Australian Power & Gas is well placed to continue its growth trajectory, assisted by a number of business strategies we are currently pursuing. These include expansion into regional markets and into unregulated markets such as the commercial and small business sectors, and the introduction of new products and technology," added Mr Myatt.

Following the completion of new finance facilities on 19 September, the company's available operating cash balance increased to $11.3 million from $4.6 million at 30 June 2012. This is in addition to the $18.5 million held on deposit as security for wholesale hedging and bank guarantees. A summary of comparative information for the three months to 30 September is shown below.

Please follow this link to view the APK Quarterly:
http://media.abnnewswire.net/media/en/docs/ASX-APK-703643.pdf' target=_blank>http://media.abnnewswire.net/media/en/docs/ASX-APK-703643.pdf' target=_blank>http://media.abnnewswire.net/media/en/docs/ASX-APK-703643.pdf


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