NTR Reports Satisfactory Financial Results

Irish Renewables investor NTR has announced its financial results for the year ended 31 March, 2013.

The Company delivered the key components of its three-year strategic plan a year ahead of schedule by successfully building cash reserves and consolidating the group into a slimmer, renewable investment and asset management group, with particular focus on wind energy.

The financial results reflect a very satisfactory performance, with EBITDA from continuing operations up 324% on the previous year to €19.3m and losses significantly reduced to €16.2m (from €88.8m the previous year). Following a year which encompassed a series of transactions to reshape the group, total assets stand at €775m, of which €504m represents tangible assets and €150.9m held in cash at year end. The group continues to maintain a position of not carrying debt at the centre.


Monetisation of non-core assets throughout the year included the sale of Greenstar Recycling (North America) for a gross consideration of $180m with a further deferred consideration of up to $40m payable upon certain performance criteria; the sale of certain non-core wind assets for $14m; $13.5m from realisations of certain solar assets, and the sale of the majority of the group's remaining shareholding in ethanol producer Green Plains Renewable Energy, Inc. (GPRE).

With the completion of the group's consolidation strategy, NTR has identified the wind energy sector as being the core for its growth plans, with a focus on investing in and managing wind projects that offer attractive cash yields together with stable, predictable returns. NTR expects to invest in wind projects at later stages in the development cycle and add wind projects in EU markets to its current assets in the US.

Commenting on the year, Rosheen McGuckian, Chief Executive Officer of NTR plc said: "We are very pleased to report the successful execution of our plan ahead of schedule, which enables NTR to both aim to return capital to shareholders and to re-enter the UK and Irish wind markets with confidence. There is excellent value to be created by careful selection of quality projects in these markets."

(CD/JP)