NTR back in black with €31.4 million profit for 2013

CIARAN HANCOCK

Irish renewable energy investor and asset management group NTR returned to the black in 2013 by posting a profit of €31.4 million, according to results released on Friday. The company had recorded a loss of €16.2 million in the previous year.

This was NTR’s first profit since the economy crashed in 2008. Its profit before non-recurring items and foreign exchange impacts was €7.9 million.

The company said its Ebitda (earnings before interest, tax, depreciation and amortisation) grew last year by 138 per cent 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 its wind farm and water treatment assets, along with the removal of €8 million in central overheads.

Revenues rose to €45.6 million from €35.3 million in 2012.

The group reported a cash balance of €41.8 million at year end, following a distribution of €98.8 million to shareholders via 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.

Commenting on the results, NTR chief executive Rosheen McGuckian said: “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.“