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Last Updated: Dec 19th, 2007 - 13:17:15 |
NTR reports operating profit was €426.8 million in six months to 30th September 2007 including exceptional pre-tax profit of €420.4 million on the sale of Dublin's West-Link Toll Bridge facility
By Finfacts Team
Dec 17, 2007, 13:27
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| The West-Link Toll Bridge was constructed at a cost of IR30 million - €38 million - and was opened to traffic in March 1990. The bridge is the second highest in Ireland and forms a major link in the Dublin M50 motorway system to Dublin Airport. The bridge, which traverses the River Liffey at the Strawberry Beds, is 385 metres in length with its highest elevation above the river at 41.5 metres. West-Link now handles more than 100,000 vehicles per day compared with the original projection of traffic in 2020 of 45,000 vehicles daily. Fred Barry, the Chief Executive of the State agency National Roads Authority (NRA), told the Oireachtas Public Accounts Committee in early 2006, that lawyers had advised the NRA that the 1987 contract was so vague that there were no remedies to take NTR to task on issues such as the standard of service. Former EU Commissioner Padraig Flynn and disgraced ex-planning official George Redmond, signed the controversial deal for the operation of the West-Link Toll Bridge with National Toll Roads Ltd, in August 1987. |
NTR (formerly National Toll Roads) plc today announced its interim results for the six months ended 30th September 2007.
Following acquisitions, sales revenue increased by 36.7%. Group operating profit was €426.8 million, including an exceptional pre-tax profit of €420.4 million on the sale of the West-Link Toll Bridge facility in Dublin, compared to €9.4 million for the six months ended 30th September 2006. The sale to the Irish State was agreed late last year.
Financial Highlights
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Group Revenue for the six months was €281.6 million, an increase of 36.7% over the €206.0 million for the six months ended 30th September 2006.
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Group EBITDA (Earnings before interest, taxes, depreciation and amortization - - before exceptional profit) for the six months was €47.0 million, an increase of 43.0% over the €32.9 million for the six months ended 30th September 2006.
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Group operating profit was €426.8 million, including an exceptional pre-tax profit of €420.4 million on the sale of the West-Link toll facility, compared to €9.4 million for the six months ended 30th September 2006.
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Attributable profit for the six months ended 30th September 2007 was €345.7 million, including an exceptional after-tax profit of €344.2 million, compared to €3.0 million for the six months ended 30th September 2006.
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Group capital investment in the period was €393.3 million, including acquisitions of €57.7 million, representing an increase of 47.6% on the corresponding period last year.
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The Company has announced an interim dividend of 1.82 cent per share, an increase of 10% over the corresponding period last year.
“The completion of the sale of West-Link to the NRA resulted in an exceptional pre-tax profit of €420.4 million,” said Michael Walsh, Group Finance Director, NTR plc. “Group operating profit before this exceptional profit was €6.5 million, compared to €9.4 million for the six months ended 30th September 2007. This reflects strong operating performances in our Greenstar and Airtricity businesses, offset by losses in our Bioverda business.”
Key Developments
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The Group completed the sale of the West-Link toll facility to the NRA in May 2007 and the interim results include an exceptional pre-tax profit of €420.4 million. (€344.2 million after-tax).
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Subsequent to the period end, Airtricity, our wind energy business, announced the sale of its North American business unit. Greenstar (Ireland), Ireland's largest integrated waste management company, completed the acquisition of three further companies in the waste management sector.
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Greenstar UK completed the acquisition of Network Waste Solutions, a Norfolk based waste brokerage business, and announced an investment of Stg£7 million in the development of a large materials recycling facilities near Birmingham, which will open in early 2008. This facility will have the capacity to process 250,000 tons of waste annually.
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Greenstar NA, headquartered in Houston, Texas, completed two further acquisitions in the period: Todd Heller Inc. in Allentown, Pa and Delta Management Group in Normal, Ill.
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Subsequent to the period end, Greenstar completed the acquisition of Verdant Group plc in the UK and Mid America Recycling in the United States.
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Bioverda’s biodiesel production facilities at Neubrandenburg and Ebeleben, Germany are performing well operationally. However, the biodiesel market in Germany continues to be extremely difficult.
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The construction of two 100 million gallon bio-ethanol facilities in the United States, in a joint venture with Virgin Group and local investors, is at an advanced stage and the facilities will be commissioned in mid 2008.
© Copyright 2007 by Finfacts.com
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