Barry puts €600m tag on toll road deal

NTR boss Jim Barry has said the ending of its toll road franchise in 2008 could be worth €600 million to the group.

Talks with the National Roads Authority were ongoing with a view to meeting the NRA’s deadline of July 2008.

At current earnings from the toll road operations, and a contract due to run to 2020, Mr Barry said the a figure of €600m was a reasonable estimate of the amount due to the group if the Government ends its toll road franchise in 2008, as it has already indicated.

That figure is significantly higher than earlier estimates which put a top figure of €500m on the buy out.

NTR, which operates a series of toll roads on the M50 and elsewhere, is also heavily involved in alternative energy production, waste management and the provision of broadband.

The group, which is due to change its year end to March 31, reported full year results for 2005 yesterday to allow for a comparison with 2004.

A full annual report will be produced for the 15 months ending March 31, 2005, at a later date.

The figures show sales ahead by 37% to €361.1m while earnings before interest, tax, depreciation and amortisation (EBITDA) rose 32.8% to €70.3m.

Last year its investment rose significantly from €137.3m to €221m, while borrowings shot up from €271m to €415m to fund various activities as the group continued to develop key areas of its business.

As a result interest charges rose 84% from €9.7m in 2005 to €17.9m in the year under review.

Those higher charges contributed to a sharp dip in profit before tax which fell 31% from €20.3m to €13.9m in the period.

Key highlights:

toll revenues up 7% to €49m.

traffic volumes up 4% to 47.4 vehicles.

wind revenues up 43% to €182m.

waste revenues rose 36% to €124m.

Greenstar €200m debt refinancing completed.

Reviewing the year Mr Barry said the group has continued to stay heavily involved in the public private partnership process being conducted by the NRA under the Celtic Roads Group and was selected to build the N24 Waterford bypass.

Mr Barry also said yesterday flotation of the group would be considered in the next 18 months.