Thursday, August 15 11:12:16
NTR, the Irish-based global investor and asset manager of renewable projects today said it cut its losses in the year to the end of March last to E16.2 million from E88.8m and will return E100m to shareholders.
It said it is successfully building cash reserves and consolidating the group into a slimmer, renewable investment and asset management group, with particular focus on wind energy.
The results show EBITDA from continuing operations up 324pc on the previous year to E19.3 million and losses significantly reduced to E16.2 million (from E88.8 million the previous year).
Total assets stand at E775 million, of which E504 million represents tangible assets and E150.9 million held in cash at year end with no debt.
Monetisation of non-core assets throughout the year included the sale of Greenstar Recycling (North America) for a gross consideration of US$180 million with a further deferred consideration of up to $40 million payable upon certain performance criteria; the sale of certain non-core wind assets for US$14 million; US$13.5 million 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.
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.
"Given the satisfactory conclusion of the consolidation plan and taking into account future plans for growth, NTR is proposing a return of capital of up to E100 million to its shareholders, by way of a redemption of shares. It is intended to redeem up to 108.7 million ordinary shares at a price of E0.92 per share, with all shareholders receiving a cash amount prorata to their shareholding in the company. The proposal will be put to shareholders at an Extraordinary General Meeting following the Annual General Meeting convened for 10 September, 2013," it said.
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."