NTR plc (“NTR”), today announces its financial results for the year ended 31 March 2014.
The Group has recorded a profit of €31.4 million for the financial year 2014, which is an improvement of €47.5 million on the previous year (loss of €16.2 million) and which also marks the first profitable year for the Group in six years (2008). Profit before non-recurring items and foreign exchange impacts was €7.9 million. Non-recurring items amount to €30.0 million and the impact of foreign exchange movements in the year was a loss of €6.5 million.
The non-recurring items of €30.0 million comprise the successful delivery of matters arising from prior sale transactions including resolution of certain legal cases, an uplift in valuation following the sale of the Osage 150MW wind project and the successful mitigation of potential exposures which had previously been provided for.
EBITDA* grew by 138% year-on-year from €19.3 million to €45.8 million as a result of a full year of operations of the 201MW Post Rock wind farm and a strong operational performance by both the Group’s wind and water treatment assets, together with the removal of €8 million in central overheads. Revenues grew from €35.3 million to €45.6 million in the same period, an increase of 29%.
The Group reported a cash balance of €41.8 million at year end, following a distribution of €98.8 million to shareholders by way of a share redemption. A further €12.9 million was received post-year end relating to the first tranche of consideration for the Osage wind project sale as well as certain other receipts. The Group also holds receivables of USD$65 million, comprising USD$45 million due latest September 2015 relating to the Osage wind project sale and a further USD$20 million due March 2016 relating to the sale of Greenstar Recycling in 2013. There is no debt held at the centre.
Said NTR plc Chief Executive Rosheen McGuckian; “2014 has been a very successful year for the Group and NTR has firmly returned to profitability. The year’s financial performance reflects the fact that we exceeded the objectives that were set in terms of operational performance, asset value protection, cost reduction and cash generation. We are recording an exceptionally strong profit for 2014 as a result of specific one-off deliverables, however we expect a baseline profit of single digit million euros post-tax to be more in line with future performance in the near-term, before any profits arising from new investments or foreign exchange gains or losses are taken into account.”