Waste management firm reports a €267m loss

RENEWABLE energy and waste management specialist NTR has reported a full-year pre-tax loss of €267.2 million for the 12 months to the end of March.

The Dublin-headquartered group, which owns the Greenstar waste management company and significant stakes in a number of US-based alternative energy businesses, said the losses were incurred after taking into account various impairment charges and developmental spend.

In its previous year, NTR made a loss of €41.4m.

After tax, the group made a loss of €210.6m; up from a 2009 post-tax loss of €22.4m.

As of the end of March, the group’s total assets amounted to €1.38 billion – down from €1.51bn at the end of the previous financial year – and its total cash reserves stacked up to €64.7m.

The group said, last year, that it would look at disposals or floating part of its subsidiary network (the entire group has its shares trading on the so-called ‘grey market’) in order to up its liquidity levels.

While the former option is still a long-term prospect, disposals have been made this calendar year – most notably with the recent off-loading of a number of its remaining road assets in Ireland and Greenstar’s British business.

These sales – made since the end of the last financial year – have added another €125m to the group’s cash reserves.

NTR’s chief executive, Jim Barry said that the last two years have seen challenging conditions, but the overall group remains liquid, with a strong balance sheet and good cash reserves, and is primed for long-term growth.

“Regardless of sector, this was a year that required firm resolve and focus.

“Our strategy – throughout the year – has been to maintain strong liquidity for the group, whilst making targeted investments in key value-creating parts of the portfolio.

“Our investments remain in sectors that have firm medium-term structural growth opportunities and we’ve the patience and financial strength to take advantage of their upturn,” he added.

The company added that the period under review saw “unprecedented macro-economic and capital markets dislocation” and that it acted “assertively to maintain balance sheet strength and strong cash reserves in response to these challenges”.