NTR North American Ethanol Investment, Green Plains Renewable Energy, Announces 2008 Financial Results

March 25 2009

NTR’s North American ethanol investment, Green Plains Renewable Energy (NASDAQ: GPRE), announced today its financial results for the nine-month transition period ended 31st December 2008. The Company reported revenues of $186.9 million (€139 million) and a net loss of $1.8 million (€1.33 million), or $0.08 (€0.06) per share, for the three-month period ended 31st December 2008.  The quarterly financial results include merger-related expenses of $2.7 million (€2 million), which resulted from the combination of NTR’s VBV LLC with Green Plains during the quarter. Excluding the merger-related charges, Green Plains’ net income was $0.9 million (€0.6 million), or $0.04 (€0.03) per share, for the three-month period ended 31st December 2008.

“We made substantial progress in establishing our platform during 2008.  Since July, we have concluded the merger with VBV and started operations at three new ethanol plants, which increased our expected operating capacity to 30 million gallons per year. These accomplishments have significantly increased our production capacity, strengthened our balance sheet and positioned Green Plains as a significant player in the biofuels industry,” said Todd Becker, resident and Chief Executive Officer of Green Plains Renewable Energy.

Green Plains reported revenues of $188.8 million and a net loss of $6.9 million, or $0.56 per share for the nine-month transition period ended December 31, 2008. These results do not include earnings of Green Plains’ pre-merger legacy operations. Prior to completion of the merger, VBV had a controlling interest in two development stage ethanol plants. Operations commenced at these plants in September 2008 and November 2008. Accordingly, VBV, the acquiring entity for accounting purposes, was a development stage company until September 2008.

Speaking about the results, Jim Barry, CEO, NTR plc said: “As a significant shareholder in Green Plains Renewable Energy we are very encouraged by its strong performance. Green Plains closed the fiscal year with a strong balance sheet and liquidity position that provides it with the working capital needed to manage its business segments in challenging times. Its low-cost, scalable operation and experienced management team positions GPRE to take advantage of opportunities for growth and focus on building long-term value for its shareholders.”

Notes for Editors:

The VBV Merger

The VBV merger was accounted for as a reverse merger, with Green Plains treated as the acquired company and VBV as the acquiring company. Consequently, 2008 financial results exclude the operations of Green Plains prior to October 15, 2008, the date of the merger. In addition, the Company changed to a calendar year end (from VBV’s fiscal year end of March 31). As a result, Green Plains’ reported financial results are for the nine-month transition period ended December 31, 2008.

About NTR plc

NTR plc is a leading international developer and operator in renewable energy and sustainable waste management. Founded in 1978, NTR has evolved from being a developer and operator of infrastructure in Ireland to an international developer and operator of renewable energy (wind, solar and bio-ethanol), and sustainable waste management businesses in the USA, UK, and Ireland. The company employs over 4,100 people and has a market capitalization in excess of €497.7m.

About Green Plains Renewable Energy (GPRE)

Green Plains, based in Omaha, Nebraska, is a vertically-integrated, low-cost ethanol producer. Green Plains’ Ethanol Production segment operates four ethanol plants in Iowa, Indiana and Tennessee with a combined expected operating capacity of 330 million gallons of ethanol per year. Green Plains’ Marketing and Distribution segment operates an independent third-party ethanol marketing service, with contracted capacity of 305 million gallons of ethanol per year and owns 51% of Blendstar, LLC, a Houston-based biofuel terminal operator. Green Plains’ Agribusiness segment operates grain storage facilities and complementary agronomy, feed, and fuel businesses. Green Plains has grain storage capacity of approximately 22 million bushels.


Issued on behalf of NTR plc by Heneghan PR
Nigel Heneghan / Rachel Watchorn.
Tel: + 353 1 660 7395

News and Investor Alerts

Receive Altas Investments news/press releases by email

Sign Up

RSS Feeds

Subscribe to Altas Investments's Newsfeeds.

RSS Subscribe

Media Enquiries