NTR plc Interim Results For Period Ended 30th September 2011
Half-year results reflect an increase in revenues and a solid operating performance
November 29 2011
Dublin, 29th November 2011: NTR plc, a leading investor in renewable energy and sustainable waste management businesses, today announces its financial results for the six-month period ended 30th September 2011.
The results reflect a solid performance by the company, with Group revenues increasing to €172.4 million, Group EBITDA doubling to €13.0 million while Group losses decreased by 64%. The loss attributable to equity holders of NTR for the period amounted to €41.2 million, down from €94.9 million in the corresponding period in the previous year. Total assets, which include investment in wind farms, waste processing and other tangible fixed assets, increased over the period to €1.1 billion.
The Group made a number of investments across the portfolio during the period. These included completing its investment in Roads, continued significant development of further wind farms and investment in its waste division. In line with NTR’s strategy to rebalance its portfolio of renewable energy investments and strengthen its cash position, NTR sold 3.5 million Green Plains Renewable Energy, Inc. (NASDAQ: GPRE) shares back to the company. NTR continues to be GPRE’s single largest shareholder with a 23% holding.
The Group’s US-based wind, waste and ethanol businesses continue to perform well, with all recording increased revenues in the period. Greenstar Ireland also performed well despite the challenges in the domestic market.
Financial Overview
- Group revenue from continuing operations for the six months ended 30th September 2011 increased to €172.4 million from €168.0 million for the same period in the previous year
- Group EBITDA stood at €13.0 million, double that reported for the same period in the previous year. The improvement reflects overhead savings across the Group and a full half year of operations at our Lost Creek wind farm. This was offset by lower contributions from waste and ethanol. The ethanol reduction reflects our reduced shareholding in GPRE
- Group losses have reduced by 64% to €48.3 million from €135.7 million for the same period in the previous year. Of these losses, €21.7 million represents the recorded loss on disposal of GPRE shares
- The loss attributable to equity holders of NTR plc amounted to €41.2 million, compared to €94.9 million for the same period in the previous year
- Total assets at 30th September 2011 amounted to €1.1 billion, up from €996.1 million at 31st March 2011, mostly due to further investment in Wind Capital Group’s wind projects
- Cash resources of €66.9 million remain strong. The movement from €112.4 million at 31st March 2011 reflects investments in the wind, waste and roads divisions during the period
- Despite improvements in the Group’s performance over the period, the Board does not recommend an interim dividend but continues to keep the dividend policy under review.
Commenting on the first six months of the year, Chief Executive of NTR plc, Michael McNicholas said: “Our focus is on consolidating our portfolio of businesses, driving operational performance and growth in existing businesses and redirecting capital into value-adding opportunities. This is starting to produce results and we are satisfied with the Group’s performance in the first half of the financial year. We will continue to build on these results to create a solid platform for future growth.”
Ends
Notes to Editors
About NTR plc
NTR plc is a leading investor in renewable energy and sustainable waste management 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 and sustainable waste management businesses in the USA and Ireland.
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