NTR majority shareholder reverses pretax losses

Company owned by Tom Roche reports full-year operating loss of €923,000 in 2014

NTR chairman Tom Roche, owner of Woodford Capital. Photograph: Frank Miller

NTR chairman Tom Roche, owner of Woodford Capital. Photograph: Frank Miller

 

Operating losses at Woodford Capital, a company owned by NTR chairman Tom Roche and his family, fell from €1.29 million in 2013 to €923,000 last year.

The company, which owns a majority stake in the recently demerged renewable energy group through a subsidiary called Dreamport, reported pretax profits of €3.48 million for 2014, compared with a €3.5 million loss a year earlier.

The latest accounts for Woodford show a €36.4 million reversal of an impairment charge related to financial fixed assets. Woodford’s directors assessed the value of shares held in NTR as €2.49 per share, leading to a total €92.8 million investment in the group.

This compares with a value of €1.50, totalling €56.4 million at the end of 2013. Net assets as of December 31st, 2014 amounted to €4.69 million versus €1.2 million a year earlier.

Dreamport, which owns a 38.15 per cent share in NTR, did not take part in the multimillion euro share redemption scheme linked to the investment group’s spin-out of its European wind assets business earlier this year. Dreamport opted to retain its shareholding in NTR while other shareholders, such as One51 and Pageant Holdings, opted to exit the group.