2010 Financial Summary
The operating performance of the Group was satisfactory in the context of a difficult trading environment in Ireland and the UK. The major contributor was ClearCircle Environmental,
where underlying EBITDA increased due to a recovery in volumes and higher commodity prices. Exceptional items, however, had a significant negative effect on Group results, principally
a non-cash adjustment to the carrying value of the Group's 23.8 per cent shareholding in NTR. This, and other items (largely impairments to property values and goodwill), resulted in
a net loss for the year of €104.7 million.
- Turnover increased by 14%, returning the Group to top line growth
- EBITDA increased by 4% to €47.0 million, with an EBITDA margin of 12.5%
- Diversity of earnings with over 70% of total turnover by destination outside Ireland
- Extension of €200m loan facility to 30 June 2013 agreed with bank syndicate
- Net Debt of €146.9 million at year-end, a reduction of €17 million on 2009
- Net Debt to EBITDA ratio 3.12x and Interest Cover at 7.08x
| Key Financial Performance |
2010 |
2009 |
| Pre-Exceptional Items |
€000's |
€000's |
| Group Turnover |
375,722 |
328,417 |
| EBITDA |
47,018 |
45,249 |
| Group Operating Profit (EBIT) |
31,126 |
29,291 |
| Net Interest Payable |
(6,643) |
(9,836) |
| Pre-Tax Profit for the Year |
24,483 |
19,455 |
| Tax on Profits on Ordinary Activities |
(3,810) |
(1,894) |
Net Income Attributable to Shareholders
(before exceptional items) |
20,673 |
17,561 |
| Exceptional Items - Operating (i) |
(121,338) |
(33,658) |
| Exceptional Items - Joint Venture (ii) |
(2,361) |
(10,791) |
| Exceptional Items - Non-Operating (iii) |
(1,849) |
15,513 |
| Tax on Exceptional |
225 |
438 |
| Total Exceptional Items |
(125,323) |
(28,498) |
| Profit / (Loss) on Ordinary Activities after Taxation |
(104,650) |
(10,937) |
| Key Turnover Data 2010 (€000's) |
 |
 |
| Key Financial Ratio Data (before exceptional items) |
2010 |
2009 |
| EBITDA Margin |
12.5% |
13.8% |
| Operating Margin |
8.3% |
8.9% |
| Operating Cash Flow (€ m) |
34.5 |
38.0 |
| Net Debt (€ m) (iv) |
146.9 |
163.9 |
| Net Debt as a % of Total Equity |
47% |
36% |
- Non-cash impairment charges on shares in NTR plc, and other listed and unlisted investments €97.7m, investment property and tangible asset impairment charge of €11.5m, goodwill impairment
charges of €8.9m, €1.9m in redundancy / re-organisation costs and €1.2m in other costs.
- Non-cash impairment charge in respect of goodwill in Greenore Port of €5.3m offset by €3.0m revaluation gain recognised on ICG plc shareholding.
- Realised gains and (losses) on sale of assets/investment and subsidiary.
- Excluding Convertible Loan Notes
