NTR announces €35.7m profit
Renewable energy and infrastructure firm NTR announced its financial results for the year ended March 31, 2015 today.
The Group has recorded a profit of €35.7m for the financial year 2015, an improvement of €4.4 m (13.9%) compared to the previous year.
Profit from continuing operations was €16m and profit from discontinued operations, which includes Wind Capital Group (WCG), US wind assets classified as “assets held for sale” due to their subsequent sale post year end, was €19.8m.
The profit on sale for this transaction will be recorded in the Financial Year 2016 results.
Key contributors to the profit for the year were Wind Capital Group (€8.4m), net foreign exchange gains due to the strengthening US dollar year on year (€8.8m), an income tax credit (€8.1m) largely arising as a result of changes in inflation assumptions used in the calculation of a deferred tax liability relating to the sale of the West-Link toll road concession and the release of solar liabilities relating to potential historical claims (€10.8m).
EBITDA without the contribution of Wind Capital Group’s activities was a loss of €4.2m (compared to a loss of €3.5m in 2014).
If the US wind assets were not classified as discontinuing operations, EBITDA would have been €44.4m, a reduction of €1.4m on 2014.
The Group reported a cash balance of €38.2m at year end, compared to €41.8m at 31 March 2014.
NTR plc received €148.3m and US$2.1m from the sale of the US wind assets.
These payments equate to $162.1m proceeds, after escrow ($19.5m), minority shareholder payments, transaction costs and a provision for winding up Wind Capital Group. $160m of the proceeds have been exchanged into euro.
NTR plc chief executive Rosheen McGuckian said: "We had a very successful year across the board culminating in a strong profit and significant strengthening of shareholders’ funds.
"Our delivery of the Wind Capital sale subsequent to year end marked the second successful exit by NTR from its wind investment portfolios and our third investment cycle is now underway.
"As we look ahead, while we fully expect to be profitable as a result of the sale of the US wind assets within this financial year, revenues from our new investments should start to flow in 2016 through 2017 as projects complete construction and energy flows.
"Our goal is to have profits fully running to a steady state basis by 2018."
