NTR plc Financial Results For Year Ended 31st March 2010

November 12 2010

NTR plc, the international renewable energy group, today announces its financial results for the year ended 31st March, 2010.

The period under review has seen unprecedented macroeconomic and capital markets dislocation. The Group has acted assertively to maintain balance sheet strength and strong cash reserves in response to these challenges, while it continues to deliver long-term value in its green energy and sustainable waste management businesses.

The Group achieved a number of key development milestones despite the challenging economic climate including:

• The construction and commissioning of a US$340m 150MW wind farm by Wind Capital Group at Lost Creek, Missouri ahead of schedule and under budget
• The securing of all critical permits for 1.3GW of solar power in California by Tessera Solar, significantly enhancing the value of these projects, and the commissioning of a 1.5MW SunCatcher solar reference plant by SES, achieving over 100,000 operating hours
• The consolidation of the Greenstar businesses’ positions as leading sustainable waste management companies in their respective markets, including the acquisition of the Irish waste operations of Veolia and the commissioning of two new recycling facilities in the US
• Green Plains Renewable Energy Inc. (NASDAQ: GPRE), the ethanol producer in which NTR holds an associate interest, continued to deliver strong growth in profits, whilst increasing its production capacity by over 30% with the acquisition of Global Ethanol, LLC. GPRE now markets and distributes 1 billion gallons of ethanol per year
• The construction of two Irish concession roads ahead of schedule and the completion of a multi million euro upgrade to Dublin’s wastewater treatment facility
• The securing by Imagine of additional spectrum and high sites to support the roll-out of affordable high speed WiMax broadband, through its acquisition of Clearwire

The Group also responded assertively to the current economic challenges through:

• The completion of a number of debt and equity financing rounds across the Group’s businesses (See Note 1 in Notes to Editors section below)
• The raising of €125m as a result of the sale of Greenstar UK and certain roads assets
• The implementation of significant cost reduction programmes across the Greenstar portfolio
• The decision by its solar division to delay the roll-out of utility-scale SunCatcher technology

These actions underscore the flexibility of the Group’s business model, which enables deferral of major development costs and continued preservation of core balance sheet strength.

Financial Highlights

• Total assets at 31st March 2010 amounted to €1.38bn
• Group Cash resources at 31st March 2010 amounted to €64.7m, with a further €23.1m held in escrow and in subsidiaries held for sale, with additional net proceeds of €125m through the announced sales of Greenstar UK and certain road assets since year end
• Group EBITDA loss on continuing operations, before impairments, of €64.9m, including development spend and overhead of €106.5m
• Impairment charges attributable to NTR shareholders of €96m (net of tax and minority interests) in respect of the sustainable waste management and solar businesses

Commenting on the year, Chief Executive of NTR plc, Jim Barry said; “Regardless of sector, this was a year that required firm resolve and focus. Our strategy throughout the year has been to maintain strong liquidity for the Group whilst making targeted investments in key value creating parts of the portfolio. Our investments remain in sectors that have firm medium-term structural growth opportunities and we have the patience and financial strength to take advantage of their upturn.”
An interim dividend of 2.28 cent per share was paid on 29th January 2010. The Directors are recommending a final dividend of 4.94 cent per ordinary share. This final dividend, if approved by shareholders at the Annual General Meeting on 8th December 2010, will be paid on 15th December 2010 to Shareholders on the register on 26th November 2010.

Detailed Financial Summary

• Total assets of the Group at 31st March 2010 amounted to €1.38bn (2009: €1.51bn), while total equity attributable to NTR Shareholders stood at €604.6m (2009: €833.8m).
• Group Cash resources at 31st March 2010 amounted to €64.7m (2009: €232.3m) with a further €23.1m held in escrow and at subsidiaries held for sale. Since the year end, the group has announced the sale of Greenstar UK and certain assets from its roads businesses, which will realise net proceeds for the Group of €125m.
• Earnings before interest, tax, depreciation and amortisation (“EBITDA”), before impairments, in the Group’s core operating businesses (Greenstar Ireland and Greenstar North America) was €30.8m (2009: €35.5m). Development spend in our Solar and Wind Energy businesses, together with central overhead, amounted to €106.5m (2009: €75.6m). The Group’s share of EBITDA in our other businesses (GPRE, Roads, CAW) amounted to €10.8m (2009: €15.5m), resulting in a Group EBITDA loss from continuing operations, before impairments, of €64.9m (2009: loss of €24.6m).
• Gross Impairment charges of €147.9m were recorded in respect of our Sustainable Waste Management and Solar businesses. Net of tax and minority interests the amount attributable to equity holders of NTR plc amounted to €96m.
 
• Depreciation, amortisation and net finance costs amounted to €54.4m, resulting in group losses before tax from continuing operations, of €267.2m (2009: loss of €41.4m).
• After taxation, a loss from discontinued operations and the impact of minority interests, the loss attributable to equity holders of NTR plc amounted to €210.6m (2009: loss of €22.4m).

Ends

Notes to Editors

Note 1

In addition to the raising of €125m as a result of the sale of Greenstar UK and certain roads assets, the Group also completed a number of financing rounds throughout the year including US$240m of project debt financing by its wind business, Wind Capital Group, and the completion of a €120m debt facility by Greenstar Ireland. Green Plains Renewable Energy (NASDAQ: GPRE) successfully raised US$79m of new equity during the financial year and in October 2010, completed the placement of US$90 million in convertible notes, due 2015.

Webcast

Investors and other interested parties are invited to a webcast presentation by Michael Walsh, Group Finance Director, NTR plc, which will be available on the investor relations section of the NTR website NTR Webcast.The webcast is pre-recorded.

About NTR plc

NTR plc, the international renewable energy group, builds and runs green energy and resource-sustaining businesses. Founded in 1978, NTR has evolved from being a developer and operator of infrastructure in Ireland to an international developer and operator of renewable energy (wind, solar and ethanol) and sustainable waste management businesses in the USA and Ireland. The Group employs over 2,000 people. www.ntrplc.com

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