NTR plc’s Green Plains Renewable Energy, Inc. Reports Fourth Quarter and Full-Year 2010 Financial Results

March 03 2011

Dublin, 3rd March 2011: NTR’s investment in the bio-ethanol sector, Green Plains Renewable Energy, Inc. (Nasdaq:GPRE), announced its financial results for the fourth quarter and full-year ended 31 December 2010. Net income attributable to Green Plains for the full year of 2010 was US$48.0 million, or US$1.51 per diluted share, compared to US$19.8 million or US$0.79 per diluted share in 2009. Revenues were US$2.1 billion for the year ended 31 December 2010, compared to US$1.3 billion in 2009.

For the fourth quarter of 2010, net income attributable to Green Plains was US$16.4 million, or US$0.44 per diluted share, compared to US$23.1 million, or US$0.91 per diluted share, for the same period of 2009. Revenues were US$756.8 million for the fourth quarter of 2010 compared to US$436.7 million for the same period of 2009. Weighted average shares outstanding for diluted earnings per share purposes for the fourth quarter and full-year of 2010 reflect additional shares outstanding under the as-if-converted method of accounting for the US$90 million convertible debt issued in the fourth quarter of 2010.

We completed 2010 with a strong fourth quarter. Systematic improvements to our production processes combined with immediate benefits realised from the execution of our growth strategy produced excellent financial results," said Todd Becker, President and Chief Executive Officer. “We generated substantial growth in profitability in 2010 compared with 2009, with an increase in income before tax of more than 200 percent. We are focused on continuing to profitably grow each of our businesses in the future,” Becker added.

“During the fourth, quarter we added 157 million gallons of annual capacity to our ethanol production segment with the completion of the Global Ethanol acquisition. This acquisition contributed immediately to our profitability, resulting in earnings accretion earlier than expected. We believe our disciplined approach to acquiring production assets has again allowed us to realise better results on our entire platform,” stated Becker. “In 2011, in addition to growing our ethanol production segment, we also plan to aggressively pursue the expansion of our agribusiness operations by acquiring and building more grain handling facilities in Tennessee, Iowa and other locations in close proximity to our production assets. We have found this formula to be effective in maximising profitability for both segments.”

“As we grow, we are keenly focused on the diversification of our cash flows. Implementation of corn oil extraction at our plants is a prime example of this strategy.  We expect to have all of our ethanol plants producing corn oil by the end of the second quarter of this year.  Once fully implemented, this project has the potential to produce more than 100 million pounds of corn oil and generate incremental operating income in excess of US$30 million annually, based on current market prices,” Becker commented. “We expect to generate at least US$50 million of total operating income annually from corn oil production, our agribusiness operations, and marketing, blending and distribution activities.”

EBITDA was US$129.6 million for the full year of 2010 compared to US$67.7 million in 2009. EBITDA was US$43.9 million for the fourth quarter of 2010 compared to US$37.8 million for the same period of 2009. Green Plains had US$261.0 million total cash and equivalents and US$55.8 million available under committed loan agreements (subject to satisfaction of specified lending conditions and covenants) at 31 December 2010.

Recent Business Highlights

- In February 2011, Green Plains was the winning bidder in the auction held in bankruptcy court for the assets of Otter Tail Ag Enterprises, LLC. The 55 million gallon per year (“mmgy”) capacity dry-mill ethanol plant is located near Fergus Falls, MN and Green Plains expects to complete the acquisition in March 2011.

- In October 2010, Green Plains completed the acquisition of Global Ethanol, LLC. The two operating ethanol plants acquired are located in Lakota, Iowa and Riga, Michigan and have a combined annual production capacity of approximately 157 mmgy. The acquisition increased Green Plains’ ethanol production capacity by approximately 31%.

- In July 2010, Green Plains announced plans to implement corn oil extraction technology at its ethanol plants. At the end of 2010, Green Plains had installed the technology at two plants and recently completed the installation at a third plant. The Company expects to complete the technology deployment by the end of second quarter 2011.

- In April 2010, Green Plains completed the acquisition of five grain elevators in western Tennessee with federally- licensed grain storage capacity of 11.7 million bushels, which increased storage capacity of the agribusiness segment by 63%. Green Plains completed construction of additional grain storage facilities with capacity of 1.1 million bushels in the fourth quarter of 2010, bringing total storage capacity in the agribusiness segment to 31.4 million bushels.

- BioProcess Algae, LLC and Green Plains announced in February 2011 that it had completed construction of Phase II of its commercial scale Grower HarvesterTM bioreactors in Shenandoah, IA. The Grower Harvester bioreactors were successfully started in January 2011. Housed in a 4,000 square foot facility, the Phase II bioreactors at the project site are 20 times larger than the successful Phase I bioreactors deployed in October 2009.  

- The U.S. Environmental Protection Agency granted the E15 waiver for model years 2001 to 2006 cars and light trucks in January 2011. Combined with the waiver for model years 2007 and newer cars and light trucks granted in October 2010 by the EPA, 129 million vehicles, which account for approximately 60% of the vehicles in the U.S., are now eligible to use E15 blended gasoline.  

Ends

Notes to Editors
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

About Green Plains Renewable Energy, Inc.
Green Plains Renewable Energy, Inc. (NASDAQ: GPRE) is North America’s fourth largest ethanol producer, operating a total of eight ethanol plants in Indiana, Iowa, Michigan, Nebraska and Tennessee with annual expected operating capacity totaling approximately 680 million gallons. Green Plains also markets and distributes ethanol for independent ethanol producers with annual expected operating capacity totaling approximately 360 million gallons. Green Plains owns 51% of Blendstar, LLC, a biofuel terminal operator which operates nine blending or terminaling facilities with approximately 495 million gallons per year of total throughput capacity in seven states in the south central United States. Green Plains operates grain storage facilities and complementary agronomy and petroleum businesses in Iowa, southern Minnesota and western Tennessee.

Issued on behalf of NTR plc by:
Heneghan PR, Nigel Heneghan / Rachel Watchorn
Tel: + 353 1 660 7395 / Email: nigel@hpr.ie / rachel@hpr.ie