NTR’s Green Plains Renewable Energy Reports Fourth Quarter and Full-Year 2011 Financial Results
February 09 2012
Dublin, 9th February 2012: 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 2011. Net income attributable to Green Plains for the full year of 2011 was US$38.4 million, or US$1.01 per diluted share, compared to US$48.0 million or US$1.51 per diluted share in 2010. Revenues were US$3.6 billion for the year ended 31 December 2011, compared to US$2.1 billion in 2010.
For the quarter ended 31 December 2011, net income attributable to Green Plains was US$13.3 million, or US$0.36 per diluted share, compared to US$16.4 million, or US$0.44 per diluted share, for the same period in 2010. Revenues were US$922.8 million for the fourth quarter of 2011 compared to US$757.0 million during the same period in 2010.
“In three short years, we have successfully built a large, diversified platform capable of generating solid operating results and strong cash flows - and we are not done growing,” stated Todd Becker, President and Chief Executive Officer. “Our businesses handled and processed more than nine million tons of grain in 2011, marketed and distributed over a billion gallons of fuel and produced two million tons of animal feed, which are all records for our young company. Our nine ethanol plants produced a record 722 million gallons of ethanol last year, an increase of nearly 33% over 2010. In addition, we developed a new business segment during 2011 that extracted 96 million pounds of corn oil, and we increased our grain storage capacity to 39 million bushels.”
The Company generated US$48.2 million of non-ethanol operating income from the corn oil production, agribusiness, and marketing and distribution segments in 2011. For the fourth quarter of 2011, non-ethanol operating income was US$19.1 million, or 48% of total segment operating income. The corn oil production and agribusiness segments generated US$9.0 million and US$7.8 million of operating income in the quarter, respectively.
EBITDA, which is defined as earnings before interest, income taxes, non-controlling interests, depreciation and amortization, for the full-year of 2011 was US$148.6 million compared to US$129.6 million for the same period of 2010. Green Plains had US$194.6 million total cash and equivalents and US$221.6 million available under committed loan agreements at subsidiaries (subject to satisfaction of specified lending conditions and covenants) at 31 December 2011. EBITDA was US$45.2 million for the fourth quarter of 2011 compared to US$43.9 million during the same period of 2010.
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. www.ntrplc.com
About Green Plains Renewable Energy, Inc.
Green Plains Renewable Energy, Inc. (NASDAQ: GPRE) is North America’s fourth largest ethanol producer. The Company markets and distributes approximately one billion gallons of renewable motor fuel on an annual basis, including 740 million gallons of expected production from the Company’s nine ethanol plants located throughout the U.S. Green Plains owns and operates grain handling and storage assets and provides complementary agronomy services to local grain producers through its agribusiness segment. Green Plains owns BlendStar LLC, a biofuels terminal operator with locations in the southern U.S. Green Plains is a joint venture partner in BioProcess Algae LLC, which was formed to commercialize advanced photo-bioreactor technologies for the growing and harvesting of algal biomass. www.gpreinc.com
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