NTR plc has today reported a profit of €35.7 million for the financial year 2015, which is an improvement of €4.4 million (13.9%) on the previous year.
They claim that profit from continuing operations was €16.0 million 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 €19.8 million.
The Group reported a cash balance of €38.2 million at year end, compared to €41.8 million at 31 March 2014. Subsequent to year end, NTR plc received €148.3 million and US$2.1 million from the sale of the US wind assets. These payments equate to $162.1 million proceeds, after escrow ($19.5 million), minority shareholder payments, transaction costs and a provision for winding up Wind Capital Group. $160 million of the proceeds have been exchanged into Euro.
NTR plc Chief Executive Rosheen McGuckian says, "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."
Source: www.businessworld.ie
