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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 but now focused on renewable energy and waste management, said today its fiscal full-year profit surged 59-fold after it sold its wind-energy and toll-road divisions.
Net income for the year through March increased to €830.8 million ($1.31 billion) from €14.2 million a year earlier.
Sales, excluding those from the units sold, gained 67 per cent to €421.4 million.
NTR is using the proceeds from the disposals to fund the expansion of its solar, ethanol and wind energy businesses in North America. The company also plans to buy back €275 million of shares in a “liquidity event” for investors.
NTR shares are not listed and can be bought through the company's Dublin-based brokers: Davy, Goodbody Stockbrokers and NCB Stockbrokers.
Attributable profit for the year was €830.8 million. The figure includes a profit of €344.2 million in respect of the sale of the West-Link concession to the National Roads Authority, a profit of €535.1 million in respect of the sale of Airtricity and trading losses and impairment charges of €79.9 million in relation to Bioverda’s European business, following a decision not to invest further in the German biodiesel business and to cease biofuels / bioenergy development activities in Europe.
Continuing operations at 31st March 2008, comprising the recycling led waste management businesses in Greenstar (Greenstar Ireland, Greenstar UK and Greenstar North America) and Tolling/Other, reported an EBITDA for the year of €86.5 million (31st March 2007: €84.1 million). The recycling led waste management business reported an EBITDA of €68.3 million (31st March 2007: €58.5 million), an increase of 17% on the prior year, while Tolling/Other reported an EBITDA of €18.2 million (31st March 2007: €25.6 million), a €7.4 million reduction on prior year. Attributable profits of continuing operations, excluding the exceptional profit of €344.2 million in relation to the sale of the West-Link concession, amounted to €40.4 million (31st March 2007: €35.0 million).
Total assets at 31st March 2008 were €1,656.7 million (31st March 2007: €1,962.4 million), of which €772.8 million was cash (31st March 2007: €271.5 million). Group Net Debt reduced by €1,498.2 million resulting in net cash of €596.8 million at 31st March 2008.
The Group reported earnings per share of 359.8c (31 March 2007: 6.7c). The Board is proposing a 10% increase in its final dividend to 3.95c per share.