securing a greener future

					                      Annual Report & Financial Statements 2010




securing a greener future
2




    Title the international renewable energy group,
    NTR,
    Title and runs green energy and resource-
    builds
    sustaining businesses.

    Founded in 1978 to develop and operate toll roads
    in Ireland, NTR has since diversified into broader
    infrastructural development by building on its strong
    entrepreneurial and project development heritage.

    Over the past five years, NTR has focused its attention
    on responding to the growth opportunities provided
    by the macro factors of Climate Change, Resource
    Depletion and Security of Energy Supply.

    CONTENTS
    Securing a Greener Future                                      1
    Our Locations                                                 2
    Chairman’s Statement                                          4
    Chief Executive’s Review                                      8
    Board of Directors                                            12
    Group Executive Management                                    14
    Business Reviews                                              16
    Corporate Social Responsibility                              28
    Directors’ Report                                            30
    Corporate Governance Statement                               34
    Principal Risks and Uncertainties                            38
    Statement of Directors’ Responsibilities                     40
    Independent Auditor’s Report to the Members of NTR Plc        41
    Consolidated Income Statement                                43
    Consolidated Statement of Comprehensive Income               44
    Consolidated Balance Sheet                                   45
    Consolidated Statement of Changes in Equity                  47
    Consolidated Statement of Cash Flows                         49
    Statement of Group Accounting Policies                       52
    Notes to the Consolidated Financial Statements               62
    Company Balance Sheet                                        109
    Company Reconciliation of Movement in Capital and Reserves   110
    Company Cash Flow Statement                                  111
    Notes to the Company Financial Statements                    113
    Corporate Information                                        121
                                                                                           NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010   1




Securing a Greener Future




Wind Capital Group (WCG) has                                        WCG successfully secured
a proven record in wind farm                                        financing for the 150 MW Lost
development and a pipeline of                                       Creek wind farm in Missouri. In
over 2,000 megawatts (MW)                                           May 2010, the project achieved
across nine Midwestern states                                       commercial operation ahead
in the US.                                                          of schedule, under budget and
                                                                    with a clean safety record.




                                   2010 marked the opening of                                         Totalling more than 1,350 MW,
                                   Stirling Energy Systems’ first                                     Tessera Solar’s Californian-
                                   commercial-scale SunCatcher                                        based solar projects represent
                                   plant at Maricopa in Phoenix,                                      two of the most ambitious
                                   Arizona. Over 100,000                                              projects to be permitted in the
                                   operational hours have now                                         US. Each project received both
                                   been achieved at this                                              State and Federal Government
                                   1.5 MW plant.                                                      approval.




Greens Plains Renewable                                             GPRE’s acquisition of Global
Energy, Inc (NASDAQ: GPRE),                                         Ethanol, LLC, subsequent to
in which NTR had a 35.82%                                           the year end has increased its
associate holding at year end,                                      ethanol production capacity by
made strong progress during                                         31%. GPRE now markets and
the year and is now North                                           distributes more than one
America’s fourth largest ethanol                                    billion gallons of ethanol
producer.                                                           production annually.




                                   Greenstar Ireland provides                                         Greenstar North America
                                   services to over 70,000                                            opened a new recycling facility
                                   households and 12,500 business                                     in San Antonio, Texas. The
                                   customers, handling over 1                                         plant is among the largest,
                                   million tonnes annually and is                                     most automated single stream
                                   a market leader in advanced                                        facilities in North America.
                                   recycling, recovery and waste
                                   minimisation.
          2




              Our Locations




              Renewable                                Sustainable
              Energy                                   Waste Management


SM




     SM
                      SM




                           SM           SM
                                                       Waste
               Wind             Solar        Ethanol   Management
                         NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010   3




Other                                NTR
Infrastructure                       Group Office



Water            Roads                NTR
4




    Title
    Title




            Tom
            Roche

            Chairman
                                                                                          NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010   5




Chairman’s Statement




The year ended 31 March 2010 and the period since, has seen
considerable change and development across the NTR plc Group. Whilst
we continue to evolve as a diversified renewable energy and sustainable
waste management Group, we do so in the context of unprecedented
macroeconomic and capital markets dislocation in our principal markets,
most notably the United States.



These conditions have, to varying degrees, had significant           I am very pleased to report that both of these projects, with
implications for certain of our businesses. However, the             a combined capacity of 1.3 GW (1,300 MW), have received
Group and all of its businesses have responded rapidly               final permitting consent in recent weeks from the California
and assertively to the particular circumstances that they            Energy Commission and the US Government Department of
collectively face.                                                   the Interior.

Notwithstanding these challenges, the Group achieved several        • Green Plains Renewable Energy Inc. (NASDAQ: GPRE),
notable development milestones through the period:                    an ethanol producer in which the Group, following GPRE’s
• Wind Capital Group (WCG), our US wind development                   recent acquisition of Global Ethanol LLC., holds a 31%
  business, completed the financing, construction and                 equity interest, has, as of 21 October last, reported seven
  commissioning of a 150 MW, US$340 million wind farm                 consecutive quarters of revenue and earnings growth,
  at Lost Creek in North Western Missouri. This project was           reporting revenues of US$1,813 million and earnings
  completed two months ahead of schedule and within                   attributable to its shareholders of US$55 million for the last
  budget. The wind farm has the capacity to provide power to          four trailing quarters.
  50,000 homes.
                                                                    • GPRE has accessed the capital markets twice in 2010.
• Stirling Energy Systems Inc (SES) completed the                     In March 2010, it completed the sale of 6.3 million shares
  construction and commissioning of its first utility scale solar     of common stock, at a price per share of US$13.50, to
  park, utilising its proprietary “SunCatcher” power generating       institutional and retail shareholders, generating net cash
  technology, at Maricopa, Arizona. This solar park, with             proceeds of approximately US$79 million, enabling it to look
  1.5 MW of generating capacity and over 100,000 hours of             for opportunities to expand its diversified platform, including
  quality power production at the time of writing, provides a         the recently announced increase of production capacity by
  reference plant for the future utility scale deployment of the      over 30% through the acquisition of Global Ethanol LLC. In
  SunCatcher.                                                         October 2010, GPRE completed the placement of US$90
                                                                      million in convertible notes, due 2015.
• In parallel with the development and deployment of the
  SunCatcher, Tessera Solar America (TSA) continued
  to pursue the permitting process on its two keystone
  Californian development sites at Imperial Valley and Calico.
6




    Chairman’s Statement (continued)




    • In June 2009, Greenstar North America (GSNA), our US                  and the short term loss of momentum on sectoral policy
      sustainable waste management business, opened the largest             initiatives, means that these businesses face difficult yet different
      fully automated single stream waste recycling facility in the state   near term challenges.
      of Texas, at San Antonio. Latterly, in May 2010, GSNA also
      opened a further single stream facility at Des Moines, Iowa.          In the case of Wind Capital Group, the immediate near term
      These facilities have combined processing capacity of 300,000         challenge is the lack of available utility contracts (Power Purchase
      tonnes per annum, with significant growth in recycling rates in       Agreements) currently in the market. With a strong pipeline of
      these cities since the introduction of single stream.                 high quality projects, and a proven management team, WCG is
                                                                            well placed to secure PPAs when the market reopens, while in
    • Greenstar Ireland completed the acquisition of the commercial         the meantime continuing to maintain and improve its competitive
      waste and recycling activities of Veolia Environmental Services       offering. This has had the impact of deferring the need for major
      in Ireland in April 2010, thereby expanding and consolidating its     capital fundraising in WCG.
      position in key regional markets, including Dublin and Cork.
                                                                            The issue facing SES is the current state of capital markets, in
    • In August 2010, the Group completed the sale of its UK waste          particular the scale and risk tolerance of capital available in the
      management business, Greenstar UK, for net proceeds of                private equity market. In my review of 2009 I noted, and I quote
      €96 million.                                                          “notwithstanding the strength of the Group’s balance sheet, the
                                                                            scale of the opportunity available to our businesses will mean
    These positive developments were achieved in circumstances              that those businesses will require access to new sources of
    where conditions were, and indeed remain, extremely challenging.        third party equity capital in order to ensure that they meet their
                                                                            full potential”.
    Our core operating businesses, Greenstar Ireland and Greenstar
    North America, experienced very difficult trading conditions in         Despite the significant advances made by SES in the
    their respective markets. Both businesses responded decisively          commercialisation of the SunCatcher, the likely timing within
    to these challenges through a combination of significant cost           which a third party strategic investor and project capital
    reductions and a continuing drive for improved operational              is secured has been affected by prevailing capital market
    efficiencies. As a result, despite a revenue decline of €35.3           uncertainties. Accordingly, while continuing to seek a strategic
    million to €228.6 million, net percentage EBITDA margins were           partner, SES expects that commercialisation of the SunCatcher
    maintained, a great achievement in what are essentially fixed           will require a longer timeframe than previously envisaged. The
    cost businesses.                                                        business will be restructured to take account of this longer
                                                                            timeframe for SunCatcher commercialisation.
    Market conditions for our renewable energy development
    businesses remain challenging. While our view on the medium             The NTR Board is fully supportive of this course of action by
    term outlook for these businesses remains positive, the                 SES, which ensures that the impressive progress made in the
    combination of current capital market conditions, uncertainty in        commercialisation of the SunCatcher can be continued, in a
    the US utility sector with respect to near term power demand            manner mindful of the current challenging funding climate.
                                                                                             NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010   7




Financial results                                                     Board and secretary
Group Revenue from continuing operations for the year ended           Eamon Bolger retired as Company Secretary on 5 July 2010.
31 March 2010 was €244.7 million, compared to €309.5 million          The Board wishes to express its gratitude to Eamon for his many
for the prior year.                                                   years of service to the Group.

Earnings before interest, tax, depreciation and amortisation          Caroline Bergin was appointed as Company Secretary on
(“EBITDA”), before impairments, in the Group’s core operating         5 July 2010.
businesses (Greenstar Ireland and Greenstar North America)
was €30.8 million compared to €35.5 million in 2009.                  Michael McNicholas, who joined the Group as Chief Operating
Development spend in our solar and wind energy businesses,            Officer in April 2010, was appointed as an Executive Director on
together with central overhead, amounted to €106.5 million            9 September 2010.
(2009: €75.6 million). The Group’s share of EBITDA in our other
businesses (GPRE, Roads, CAW) amounted to €10.8 million               The Board welcomes both Caroline and Michael to the Group
(2009: €15.5 million), resulting in an overall Group EBITDA loss      and looks forward to working with them in the coming years.
from continuing operations, before impairments, of €64.9 million
(2009: loss of €24.6 million).                                        Dividend
                                                                      An interim dividend of 2.28 cent per share was paid on 29
In the context of the difficult trading and funding situations        January 2010. The Directors are recommending a final dividend
affecting our businesses, we undertook a prudent review of the        of 4.94 cent per ordinary share. This final dividend, if approved
carrying value of our investments. Accordingly, gross impairment      by Shareholders at the Annual General Meeting on 8 December
charges of €147.9 million (net of tax and minority interests:         2010, will be paid on 15 December 2010, to Shareholders on the
€96.0 million) were recorded in respect of our Sustainable Waste      Register on 26 November 2010.
Management and Solar businesses. Depreciation, amortisation
and net finance costs from continuing operations amounted to          Conclusion
€54.4 million, resulting in Group losses before tax from continuing   The past two years have seen unprecedented turmoil in both the
operations of €267.2 million.                                         International economy and in capital markets. The impact of this
                                                                      turmoil on the Group has been extensive across all sectors.
After taxation, the loss from discontinued operations and minority
interests, the loss attributable to equity holders of NTR plc         Rapid and decisive management actions to address these
amounted to €210.6 million (2009: loss of €22.4 million).             challenges have clearly helped to mitigate their impact on the
                                                                      Group, and in particular to underpin the continuing financial
Total assets of the Group at 31 March 2010 amounted to                strength and stability of NTR plc.
€1.38 billion, while total equity attributable to NTR shareholders
was €604.6 million.                                                   Managing through the type of challenging circumstances which
                                                                      we now face requires resilience and strength of purpose and
Liquidity                                                             on behalf of the Board, I would like to express my gratitude to
Group cash resources at 31 March 2010 amounted to                     management and staff at all levels in the Group for the work that
€64.7 million. In addition, the Group had a further €23.1 million     they do in such difficult circumstances.
held in escrow and in subsidiaries held for sale.
                                                                      We remain committed to the continuing development of NTR
Since the year end, the Group has announced the sale of               plc as a diversified renewable energy and sustainable waste
Greenstar UK and certain assets within our Roads division, which      management Group, while at all times doing so in the context
will realise net proceeds of €125 million in aggregate.               of ensuring the continued financial strength and stability of the
                                                                      Group.
Accordingly, I am pleased to report that through a combination of
prudent management of the Group’s cash and liquid resources,          Tom Roche
carefully selected and executed asset realisations and decisive       Chairman
responses to prevailing market circumstances, the Group’s
balance sheet and funding position remains robust.
8




    Jim
    Barry

    Chief Executive
                                                                                         NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010   9




Chief Executive’s Review




In my review last year, I noted that the Group could not expect to be immune
to the effects of current economic and capital market circumstances. Those
circumstances have had a major impact on the Group in the year and in the
period since year-end. The reduced capacity and lower risk tolerance in the
private equity markets, the impact of demand reduction and lower natural gas
prices on utility procurement strategies, the macroeconomic impact on waste
volumes and a reduced momentum in the policy environment for supporting
renewables, have required the Group to be flexible and assertive in addressing
these challenges.


The Group has taken short term tactical actions in response         These milestones clearly demonstrate how the Group has,
to these circumstances on a business by business basis,             and continues to, respond decisively to rapidly changing
including organisational restructurings and selected asset          circumstances. They also demonstrate the level of institutional
disposals. As a result we have maintained the strength and          knowledge and expertise in the Renewable Energy and
stability of the Group and its constituent businesses. The          Sustainable Waste Management sectors that has been
challenge for the Group in the coming year will be to maintain      created within the Group in recent years. This expertise
and enhance that stability, while continuing to invest prudently,   represents a key component of NTR’s value proposition.
so that we will be well positioned to benefit from future
economic recovery.                                                  Our medium term view for both the Renewable Energy and
                                                                    Sustainable Waste Management sectors remains very positive.
Notwithstanding the short term macroeconomic difficulties           The macro factors of Climate Change, Security of Energy
facing our businesses, NTR’s position as a diversified renewable    Supply and Resource Depletion remain real and relevant and
energy and sustainable waste management Group continued             will inevitably drive demand in the clean energy and recycling
to be underpinned by the many development and financing             sectors, thereby supporting the growth in value of our
milestones which the Group has achieved since I reported            strategically well positioned businesses in these sectors.
to you last year. The major milestones are set out in the
Chairman’s Statement on pages 4 to 7 of this Annual Report.
10




     Chief Executive’s Review (continued)




     Organisation                                                          Group cash resources at 31 March 2010 amounted to €64.7
     While always maintaining a clear strategic perspective, the           million and in addition the Group had a further €23.1 million
     challenges of the past 18 months have been addressed                  held in escrow and in subsidiaries held for sale. Since the year
     by management teams across all the Group businesses                   end, the Group announced the successful sale of Greenstar
     in an assertive, yet measured way. This is both a tribute to          UK and certain assets within our Roads division, which will
     the strength and resilience of our management teams and               realise net proceeds to the Group of €125 million.
     tangible evidence of the value of the investment we have
     made in these teams in recent years.                                  NTR continues to maintain a robust balance sheet and
                                                                           funding position and will continue to work closely with its
     Financing                                                             businesses and financing partners to ensure long term
     It is the Group’s policy to maintain its overall financial strength   funding stability.
     and robustness. This is achieved through a combination of
     the prudent management of existing financial and business             Outlook
     resources, the maintenance of flexibility in the plans of its         In the light of prevailing economic conditions, we believe the
     businesses, successful third party financings and Group               actions which we have taken have created a stable platform
     portfolio and asset management.                                       for the Group and its businesses.

     Each of our businesses maintain flexibility in their growth           We are confident that, as we continue to evolve as a
     and development plans, consistent with the availability of            diversified renewable energy and sustainable waste
     appropriate funding. The Group and its businesses maintain a          management Group, this platform will provide a basis from
     long term perspective in relation to financing and growth plans       which the Group can deliver growth in shareholder value over
     and remain focused at all times on the prudent management             the medium term.
     of all available funding resources.
                                                                           Jim Barry
     Notwithstanding challenging prevailing financing conditions           Chief Executive
     in the year ended 31 March 2010 and in the period since,
     the Group achieved a number of successful financing
     milestones, including the raising of US$240 million of project
     debt financing and US$53 million of tax equity financing by
     its wind business, Wind Capital Group, and the securing by
     Greenstar Ireland of a €120 million corporate debt facility. In
     addition, Green Plains Renewable Energy (NASDAQ: GPRE)
     successfully raised US$79 million in primary equity during
     the financial year, and more recently completed an additional
     US$90 million financing through a successful convertible
     debt issuance. If fully converted, the Group’s equity interest in
     GPRE would be reduced to 26%.
NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010   11
12




     Board of Directors




                          Tom Roche
                          Chairman
                          Tom is a founding Director of NTR plc and Chairman of the Board of Directors. He also holds
                          a number of other directorships. He graduated from Trinity College, Dublin with an MA
                          (Economics) degree and holds an MBA from The Wharton School, University of Pennsylvania.
                          Tom is a member of the advisory board of the UCD Michael Smurfit Graduate Business School.




                          Jim Barry
                          Chief Executive
                          Jim was appointed Chief Executive of NTR plc in June 2000, having served as Assistant Chief
                          Executive and General Manager, Development. Prior to joining NTR plc in 1998, Jim worked
                          with global management consulting firm, Bain and Company and in the investment banking
                          division of Morgan Stanley International.




                          Michael Walsh
                          Group Finance Director
                          Michael was appointed Group Finance Director of NTR plc in February 2003. Prior to joining NTR
                          plc, Michael was Group Finance Director and Company Secretary of Musgrave Group plc for ten
                          years. Michael has a Bachelor of Commerce degree from University College Cork and qualified
                          as a Chartered Accountant in 1982. Michael worked with PricewaterhouseCoopers in both Dublin
                          and London. Michael is a non-executive director of Fleming Capital plc and EFMI Global Utilities and
                          Infrastructure Funds plc and is also a member of the Council of the Institute of Directors in Ireland.




                          Michael McNicholas
                          Chief Operating Officer
                          Michael was appointed Chief Operating Officer of NTR plc in February 2010. As COO, Michael
                          provides broad operational leadership across the Group’s businesses with a particular focus on
                          NTR’s renewable energy portfolio (solar, wind and ethanol). Prior to joining NTR plc, Michael was a
                          Director of ESB Energy International, the international investment arm of the Irish energy company.
                          Michael has over 25 years of experience in the Irish and International energy industry where he
                          has held senior positions with responsibility for general management, delivery of major capital
                          projects, funding, international energy project investment, managing regulatory environments and
                          competing in open energy markets.
                                                   NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010   13




Brian Kearney
Non-Executive Director
Brian is Group Chief Executive of Arnotts Holdings Limited, a retail and property investment
group. Previously, he was chairman of Lifestyle Sports, a founder of the Premier Computer
Group and Chief Executive of Powerscreen International Plc. He was a director of IWP
International Ltd, McCormick Macnaughton Ltd and Moffett Engineering Ltd. He is a Fellow of
the Institute of Chartered Accountants in Ireland and a member of its Strategy Review Board.
He has represented the Institute on the Professional Accountants in Business Committee of the
International Federation of Accountants. He also serves on the Professional Standards
Committee of the Chartered Accountants Regulatory Board.




Christopher Nash
Non-Executive Director
Christopher was appointed non-executive Director of NTR plc in September 2006. Prior to this
he was Chief Executive Officer of Hydrodec Group plc and had held senior positions with Global
Crossing Limited, Cable & Wireless plc and North West Water International Limited. He trained
as a Civil Engineer and has a Masters of Business Administration from Manchester Business
School. Christopher is also Senior Independent Director at Hutchison China Medical Limited and
a non-executive director of EVO Electric Limited and Zenergy Power plc.




Donal Tierney
Non-Executive Director
Donal is currently a Director and Chief Executive of Bimeda Holdings plc. He is also a Director of
Oceana Therapeutics and IRDG. He has previously held various positions in the pharmaceutical
and investment banking sectors. He holds a BA and MBA from University College Dublin.




Caroline Bergin
Group Company Secretary & Legal Advisor
Caroline joined NTR plc as Group Company Secretary & Legal Advisor in July 2010. Previously,
Caroline was Company Secretary at Greencore Group, an Irish-headquartered and publicly traded
convenience foods company. Caroline began her career practicing law with A&L Goodbody, before
joining Greencore in 1991, and was appointed Greencore Group plc Company Secretary in 2002. A
qualified lawyer and highly experienced company secretary, Caroline brings extensive experience,
having been Company Secretary to companies in Ireland, the UK and the US.
14




     Group
     Title Executive Management
     Title


                      Jim Barry
                      Chief Executive
                      Jim was appointed Chief Executive of NTR plc in June 2000, having served as Assistant Chief Executive and General
                      Manager, Development. Prior to joining NTR plc in 1998, Jim worked with global management consulting firm, Bain and
                      Company and in the investment banking division of Morgan Stanley International.




                      Michael Walsh
                      Group Finance Director
                      Michael was appointed Group Finance Director of NTR plc in February 2003. Prior to joining NTR plc, Michael was Group
                      Finance Director and Company Secretary of Musgrave Group plc for ten years. Michael has a Bachelor of Commerce degree
                      from University College Cork and qualified as a Chartered Accountant in 1982. Michael worked with PricewaterhouseCoopers
                      in both Dublin and London. Michael is a non-executive director of Fleming Capital plc and EFMI Global Utilities and
                      Infrastructure Funds plc and is also a member of the Council of the Institute of Directors in Ireland.




                      Michael McNicholas
                      Chief Operating Officer
                      Michael was appointed Chief Operating Officer of NTR plc in February 2010. As COO, Michael provides broad operational
                      leadership across the Group’s businesses with a particular focus on NTR’s renewable energy portfolio (solar, wind and
                      ethanol). Prior to joining NTR plc, Michael was a Director of ESB Energy International, the international investment arm of the
                      Irish energy company. Michael has over 25 years of experience in the Irish and International energy industry where he has
                      held senior positions with responsibility for general management, delivery of major capital projects, funding, international
                      energy project investment, managing regulatory environments and competing in open energy markets.




                      Paul Reilly
                      Group Controller
                      Paul was appointed Group Controller in April 2010 and has been with the NTR Group since 2003. He has worked with
                      Greenstar Ireland, Irish Broadband, Bioverda, Greenstar North America, Stirling Energy Systems (SES) and Tessera Solar.
                      Paul previously held financial positions across the financial services, industrial products and broadcast media industry
                      sectors. Paul has a Bachelor of Commerce degree from University College Dublin and qualified as a Chartered Accountant
                      with PricewaterhouseCoopers in 1985.




                      Rosheen McGuckian
                      Group Corporate Development Director
                      Rosheen joined NTR plc in September 2008 with responsibility for Group Strategy, Business Development and
                      Corporate Affairs. Rosheen was most recently Chief Executive Officer of GE Money Ireland, the consumer finance
                      division of General Electric.




     North America    The Honorable
                      Carole L. Brookins                      Ruth Harkin                              Dennis Thomas

     Advisory Board
                      Chairperson                             Advisory Board Member                    Advisory Board Member
                      An international consultant, Carole     A former Senior Vice President,          Dennis provides public affairs,
                      is currently Managing Director of       International Affairs and Government     energy policy and technology
                      Public Capital Advisors LLC and a       Relations, of United Technologies        consulting. Clients include both
                      former Director of Climate Exchange     International and former President       regulated and competitive
                      plc and the Chicago Climate             and Chief Executive Officer of           companies. Dennis has been
                      Exchange. Carole served as the          Overseas Private Investment              an advisor to NTR companies
                      United States Executive Director to     Corporation, Ruth has over 25            since 2004 and was previously
                      The World Bank in Washington, D.C       years experience working across          Chairman of the Texas Public Utility
                      from 2001 to 2005.                      government and international trade       Commission.
                                                              and investment. Ruth sits on the
                                                              boards of ConocoPhillips, Bowater,
                                                              the Iowa Board of Regents and the
                                                              board of visitors of the College of
                                                              Business Administration, University
                                                              of Iowa.
                                                                                                                 NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010              15




Title
Title


                                              Rory O’Connor
                                              Group Treasurer/Head of Corporate Finance
                                              Rory joined NTR plc in 2004 and is responsible for the Group’s treasury and corporate finance activities. Rory has played
                                              a key role in NTR’s funding and investment programme in green energy and sustainable waste management and in
                                              the Group’s successful realisation of its investments in Airtricity and West-Link. Prior to joining NTR, Rory worked for Elan
                                              Corporation plc where he was focused on the company’s strategic development, portfolio management and US$4.5 billion
                                              financing programme.




                                              Anna Pringle
                                              Group Strategic HR Director
                                              Anna joined NTR plc in 2008 with responsibility for development of leadership talent and organisation capability across the
                                              Group. Prior to joining NTR, Anna was Head of People & Organisation Capability for Microsoft International and HR Director
                                              for Microsoft Ireland. Anna has also held senior HR and leadership development roles with Bank of America in the US.




                                              Ian Simington
                                              Chief Executive, Solar
                                              Ian was appointed Chief Executive of the NTR Solar Division in January 2009, having served as Group Development Director
                                              since March 2007. Prior to joining NTR plc, Ian worked as a management consultant with McKinsey & Company in Boston,
                                              London and Dublin.




                                              Mike Wynne
                                              Chief Executive, Greenstar
                                              Mike joined NTR plc in 2001 as CEO of Greenstar Ireland and was subsequently involved in the development of all
                                              Greenstar Group businesses. In 2009, Mike was appointed Chief Executive of NTR’s Sustainable Waste Management
                                              division with responsibility for providing management support and oversight of activities across the Greenstar businesses.




                                              Caroline Bergin
                                              Group Company Secretary & Legal Advisor
                                              Caroline joined NTR plc as Group Company Secretary & Legal Advisor in July 2010. Previously, Caroline was Company Secretary
                                              at Greencore Group, an Irish-headquartered and publicly traded convenience foods company. Caroline began her career
                                              practicing law with A&L Goodbody, before joining Greencore in 1991, and was appointed Greencore Group plc Company
                                              Secretary in 2002. A qualified lawyer and highly experienced company secretary, Caroline brings extensive experience, having
                                              been Company Secretary to companies in Ireland, the UK and the US.




        Christopher Hunt                     Carlos Riva                             James Crowley                           Steve Ragiel
        Advisory Board Member                Advisory Board Member                   Advisory Board Member                   Advisory Board Member
        Christopher is Managing Director     Carlos is Chief Executive Officer of    James has been the Chairman             Steve has over 20 years
        of Riverstone Holdings LLC, a        Verenium Corporation, a publicly        and Managing Partner of Old             experience in the recycling sector
        leading private equity firm in       listed advanced biofuels and            Strategic, LLC since July 2006 and      including most recently as CEO
        the energy sector and has 20         specialty enzyme company based          previously held a number of Board       and founder of Greenstar North
        years experience in renewable/       in the United States. He was first      and senior investment banking           America.
        alternative energy, gas and power.   associated with NTR while serving       positions. He is a Board member
                                             as a Non-executive Director of          of Green Plains Renewable Energy,
                                             NTR’s former wind energy business       Inc. and Chairman of the Audit
                                             Airtricity.                             Committee, a NASDAQ listed bio-
                                                                                     ethanol producer and distributor,
                                                                                     in which NTR has an associate
                                                                                     holding.
16




     Steven Bode, Operations Manager and Ros Rocco
     Vrba, Senior Construction Project Manager, were
     key members of the team responsible for the
     successful commissioning of the Lost Creek Wind
     Farm, ahead of schedule, under budget and with a
     clean safety record.
                                                                                       NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010   17




Business Review
Renewable Energy - Wind




Well Positioned
Wind Capital Group’s (WCG) success as a leading                      Against the backdrop of a difficult
independent developer of utility-scale wind projects in the US
                                                                     financial and credit market, WCG secured
Midwest is founded on the principle of responsible partnership
and on the company’s ‘first mover’ position in the burgeoning
                                                                     US$240 million in project debt financing
Midwest energy corridor.                                             for the construction and completion of its
                                                                     150 MW Lost Creek Wind Farm, Missouri’s
The combination of available sites, with strong wind resources       largest wind project.
and demand for renewable energy, driven by attractive state
Renewable Portfolio Standards (RPS), creates a high growth
market opportunity. In addition, states in the Midwest will act   Robust Pipeline & Build-Out Strategy
as major wind export hubs to regions with large demands for       2009 was a record year for the US wind industry with over
clean energy, including California, the mid-Atlantic and the      10,000 MW of new generating capacity installed and wind
South.                                                            energy providing 1.8% of US power, an increase from 1.3% at
                                                                  the end of 2008. While 2010 has seen significant contraction
To date, WCG has successfully developed seven wind                in MW installations, WCG continues to maintain a robust and
projects totalling 913 megawatts (MW), of which six projects      diversified development pipeline of over 2,000 MW across
representing 763 MW have been sold to third parties.              nine Midwestern states and is well positioned to capitalise on
                                                                  a future resurgence of the market.
Strong Growth & Successful Financing
in a Challenging Market                                           WCG’s established reputation as a partner with a proven
2010 was yet another period of continued growth for WCG.          and personalised approach to the development process,
Most significantly and against the backdrop of a difficult        together with its track record in securing project finance and
financial and credit market, WCG secured US$240 million in        completing projects on time and on budget, provides a firm
project debt financing for the construction and completion of     platform for continued success and future growth.
its 150 MW Lost Creek Wind Farm, Missouri’s largest wind
project. The company also successfully raised tax equity for      Committed to Leadership in Wind Energy
the project, being one of the first to do so as the tax equity    WCG is committed to leadership in wind energy and continues
markets reopened in early 2010. In May 2010, the Lost Creek       to set the standard for responsible and successful project
project achieved commercial operation ahead of schedule,          development in the US Midwest. The achievement of key
under budget and with a clean safety record.                      finance and development milestones in 2009 is testament
                                                                  to the strength and depth of knowledge and expertise of the
Lost Creek Achieves Commercial Operations                         WCG team.
The Lost Creek project is the first project owned and operated
post development by WCG. Power from the one hundred, 1.5
MW General Electric (GE) wind turbines at Lost Creek is being
purchased by Associated Electric Cooperative, Inc. (AECI),
under a 20 year power purchase agreement, for use by its
member cooperative utilities throughout Missouri. The power
is delivered through the N.W. Electric Cooperative Inc’s 161 kV
transmission system and generates enough power for more
than 50,000 homes.
18




     Title
     Title




             Jim Peltier, Principal Engineer, is based at the SES
             engineering and test site operations at Sandia National
             Laboratories, Albuquerque, New Mexico. Working with
             an experienced and innovative team, Jim is responsible
             for the technical design and development of the
             SunCatcher Power Conversion Unit (PCU). “Working with
             and combining the expertise of so many different people
             to create such a radically new and effective technology
             has been a tremendous experience.”
                                                                                  NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010   19




Title
Business Review                                                                     SM




Title
Renewable Energy - Solar
                                                                                                                              SM




SES                                                           Tessera Solar
Since NTR’s initial investment in SES in 2008, the            Tessera Solar is an independent power company that
company has undergone a period of significant                 develops utility-scale solar projects.
development and growth. Following a series of
technological advancements, SES demonstrated that             Rapid and large-scale growth in the US solar power
the SunCatcher can be deployed at scale through the           market is driven by long-term government incentives and
launch of the Maricopa Solar 1.5 megawatt (MW) plant.         mandated state Renewable Portfolio Standards (RPS).
The Maricopa facility has generated over 100,000              Tessera Solar North America focused its efforts throughout
operational hours at an overall field availability of over    the year on the US Southwest.
96% and has proven that the SunCatcher technology can
be deployed at scale. The valuable experiences gained         First to Achieve Federal and State Permitting
from constructing and operating the plant will serve as the   In particular, Tessera Solar has been heavily focused on
basis for further refinement of the SunCatcher and plant      the permitting process for its two Californian-based utility-
design going forward.                                         scale solar projects, Imperial Valley Solar and Calico Solar,
                                                              totalling 1.3 gigawatts (GW). Subsequent to year end,
Subsequent to year end, in response to the current            both projects successfully completed a complex series
challenging funding environment, it is now anticipated that   of permitting processes, culminating in the awarding of
high volume roll-out of the SunCatcher will take place over   approvals by both the US Bureau of Land Management
a longer timeframe than previously envisaged. This longer     (BLM) and the California Energy Commission (CEC) – a first
lead time will be used to incorporate additional advances     for utility-scale solar projects.
into the product, further enhancing its competitiveness and
productivity.

Utility-scale Concentrated Solar Power (CSP) is projected        SES demonstrated that the SunCatcher can
to be one of the fastest growing power-generation                be deployed at scale through the launch
segments. By focusing on cost-competitive, utility-scale         of the Maricopa Solar 1.5 megawatt (MW)
manufacturing, the SunCatcher is well positioned to take
                                                                 plant. The Maricopa facility has generated
a leading role in this emerging market.
                                                                 over 100,000 operational hours at an
                                                                 overall field availability of over 96%.
20




     Jeff Briggs, Chief Operating Officer, is focused on
     maximising Green Plains’ operating efficiencies
     to achieve the lowest cost per gallon of ethanol
     produced. Through process improvements in its
     ethanol production segment, Green Plains’ plants
     are now capable of sustained production at or above
     nameplate capacity levels.
                                                                                        NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010   21




Business Review
Renewable Energy - Ethanol




Well Positioned at the Intersection of Agriculture & Energy
Green Plains Renewable Energy, Inc. (NASDAQ: GPRE), in               Green Plains’ disciplined approach to risk
which NTR had a 35.82% associate holding at year end,                management and integration of recently
made significant progress during the year and established
a strong position as North America’s fourth largest ethanol
                                                                     acquired production facilities ensures that
producer. The company is committed to maintaining                    it is well positioned to seize opportunities
leadership through a focused approach on strengthening and           for future growth and increased market
diversifying its vertically integrated ethanol value chain from      share in its industry.
grain sourcing and storage, through to ethanol production,
marketing and distribution.
                                                                  Solid Contributions from Agribusiness Segment
The US ethanol market is the largest supplier of renewable        The company’s agribusiness segment accounts for 20% of
motor fuel in the world, supplying over 260 million barrels of    total operating income and provides Green Plains with the
ethanol in 2010 for consumption in automobiles. Green Plains’     upstream ability to leverage and influence the company’s main
disciplined approach to risk management and integration           input, corn. The acquisition of five grain elevators in 2010, with
of recently acquired production facilities ensures that it is     11.7 million bushels of storage, increased capacity by 63% to
well positioned to seize opportunities for future growth and      30.3 million bushels of grain storage. Green Plains’ expansion
increased market share in its industry.                           of its agribusiness operations around its ethanol production
                                                                  facilities enables the company to strengthen its relationships
Leading Vertically-Integrated Ethanol Producer                    with local producers and source corn more effectively.
During the year, Green Plains expanded its ethanol production
capacity by 45% with the acquisition of two ethanol plants in     Disciplined Risk Management & Strong Balance Sheet
Nebraska. Added to the four previously held ethanol plants        Green Plains’ disciplined approach to risk management
Green Plains operates in Indiana, Iowa and Tennessee, total       underpins the company’s profitable growth in a challenging
annual ethanol production capacity stood at approximately         economy. A comprehensive risk management system,
500m gallons (mmgy) at the end of 2009.                           that provides real-time monitoring of commodity price risk
                                                                  exposure at each plant, enables Green Plains to respond
Green Plains also expanded its third-party marketing and          quickly and lock-in favourable operating margins in a dynamic
distribution services to four independent plants totaling 360     commodity market.
mmgy. Added to the output of the company’s own plants,
GPRE ended the year with the capacity to market and               In March 2010, Green Plains completed the sale of 6.3 million
distribute 860 mmgy, or approximately 8% of US ethanol            primary shares of common stock to institutional and retail
demand.                                                           shareholders, generating net proceeds of approximately
                                                                  US$79 million. The company has reported that it intends
Subsequent to year end, Green Plains acquired Global              to use the proceeds for general corporate purposes and to
Ethanol, LLC., increasing its production capacity by 31%          acquire or invest in additional facilities, assets or technologies
and enabling it to market and distribute more than one billion    consistent with its growth strategy.
gallons of ethanol production annually.
                                                                  Green Plains achieved full-year profitability in 2009 (year-
Green Plains’ interest in Blendstar LLC broadens the              ended 31 December 2009) of US$0.79 EPS or approximately
company’s reach into the biofuels blending and distribution       US$20 million of net income on revenues of US$1.3 billion.
business, adding to the company’s diversified revenue and
income streams. Blendstar has expanded its network of
renewable fuel terminals to nine facilities with 495 mmgy of
throughput capacity per year.
22




     Randy Bourland, Plant Manager, Malcolm Clemons,
     Maintenance Technician and Edward Lopez, Quality
     Manager, review the optical sorter at Greenstar’s
     newest materials recovery facility in San Antonio,
     Texas. With the ability to process 20,000 tons per
     month, the plant is the largest in Texas and one of the
     largest and most automated single-stream facilities in
     North America.
                                                                                         NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010   23




Business Review
Sustainable Waste Management North America




Leading Recycling-Led Waste Management Company                      Committed to a ‘Green’ Future
Greenstar North America is a leading recycling company with         Recognised as a Climate Leader by the US Environmental
a focus on the recycle processing, commodity upgrading,             Protection Agency (EPA), Greenstar has set a goal to reduce
managed services and commodity trading sectors of the               emissions at its 14 recycling facilities by ten percent within
solid waste market. During 2010, Greenstar responded to             the next five years. Annually, Greenstar recycles two million
trading challenges with a series of decisive actions around         tons of recyclables and, based on EPA estimates, Greenstar is
cost reduction and margin management, while maintaining             reducing emissions by approximately six million metric tonnes
the build-out of its platform in recognition of the long-term       of carbon dioxide equivalent per year, or the equivalent of
opportunities in the North American recycling market.               preserving six million cubic yards of landfill space.

The delivery of a successful restructuring programme has            Continued Leadership & Future Growth
created a firm foundation from which Greenstar can continue         North America’s recycling rates are more than 50% behind
to extend its market reach into a sector that offers significant    those of Europe, creating a market opportunity with significant
growth opportunities. With operations across the Midwest,           potential for future growth. With a footprint of six strategic
Southwest and Northeast, Greenstar currently handles two            large-scale state-of-the-art facilities stretching from Houston
million tons annually in North America, with 14 material            to Pittsburgh, supported by a network of a further eight
recovery facilities and over 10,000 managed retail and              facilities, Greenstar has established a solid foundation to seize
commercial locations across all 50 states.                          opportunities for further growth and consolidate its market-
                                                                    leading position.
Roll-Out of Innovative Recycling Infrastructure
In June 2009, Greenstar opened a new recycling facility in
San Antonio, Texas. The plant is among the largest, most
automated single stream facilities in North America and is             In June 2009, Greenstar opened a new
the largest in Texas. It was built to capture the significant
                                                                       recycling facility in San Antonio, Texas.
growth potential of commercial and municipal waste in
surrounding areas.
                                                                       The plant is among the largest, most
                                                                       automated single stream facilities in North
In May 2010, the company opened a new Single Stream                    America and is the largest in Texas.
Recycling facility in Des Moines, Iowa. The facility utilises
advanced technology, which provides highly automated
sorting and processing capabilities with throughput per hour
increasing by five times over the previous facility. Participants
in the Des Moines metro area have responded favourably
to the convenience of the single stream system with a 30%
growth in recycled volume since the new program was
launched.
24




     Arthur Smith, Domestic Services Manager, manages
     the delivery of services to Greenstar Ireland’s 70,000
     plus household customers. Product innovation has
     been a key differentiator in driving rapid customer
     growth. Arthur was instrumental in the 2009 launch
     of the pioneering and highly successful ‘Pay As You
     Go’ service.
                                                                                        NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010   25




Business Review
Sustainable Waste Management Ireland




Ireland’s Leading Provider of Environmental, Waste                 Providing Innovative Solutions to Ireland’s Waste
Management & Recycling Solutions                                   Management Needs
Greenstar Ireland’s ability to successfully navigate through a     Greenstar provides services to over 70,000 households and
challenging operating environment, in the wake of the global       12,500 business customers, handling over 1 million tonnes
recession and domestic price pressure, is a result of the          annually and is a market leader in advanced recycling,
decisive management, financial leadership and disciplined          recovery and waste minimisation. The company has invested
approach of the experienced Greenstar team. During fiscal          over €320 million in waste management infrastructure and
2010, Greenstar consolidated its position as Ireland’s leading     is currently adding to that investment with two new plants in
provider of environmental, waste management and recycling          2010, a new Mechanical Bio-Treatment (MBT) plant in Cork
solutions. An innovative service offering and the ability to       and an 80,000 tonne facility at Millennium Park in Dublin,
extend its operating footprint through organic growth and          which will manufacture Solid Recovered Fuel (SRF), a fossil
acquisition underpin Greenstar’s progress.                         fuel substitute for the Irish and export markets. Greenstar
                                                                   currently operates Ireland’s largest and most sophisticated
Successful Refinancing & Strengthening                             automated recycling facility at Millennium Park, and with the
of National Footprint                                              additional SRF investment, recycling and recovery rates at the
The cost reduction programme implemented in the last               facility will increase diversion of waste from landfill from 75%
quarter of fiscal 2009 has delivered significant operational       to 90%.
savings for the business in today’s market. The Greenstar
Group’s earnings performance has been maintained while             The new MBT facility currently being installed in Cork will have
adapting to a declining economic environment. In addition, the     an initial operating capacity of 100,000 tonnes and, together
successful refinancing of a €120 million corporate debt facility   with the SRF investment, will provide 25% of Ireland’s bio-
provides the company with enhanced flexibility to respond          diversion shortfall requirement identified by the Environmental
to potential consolidation opportunities in the Irish waste        Protection Agency (EPA) in 2008.
management sector.
                                                                   A positive customer experience continued to be a central
                                                                   point of Greenstar’s operations and in May 2009 Greenstar
   The successful refinancing of a                                 launched a progressive new Refuse & Recycling Payment
                                                                   card option to enable domestic customers to ‘pay as you go’
   €120 million corporate debt facility
                                                                   for their household bin collection charges.
   provides the company with enhanced
   flexibility to respond to potential                             Greenstar’s use of innovative technologies for waste
   consolidation opportunities in the Irish                        minimisation and its focus on enhancing the customer
   waste management sector.                                        experience will continue to underpin the company’s operations
                                                                   in the coming financial year.

In October 2009, Greenstar announced its planned acquisition
of the commercial waste and recycling operations of Veolia
Environmental Services in Ireland, which it completed in
April 2010. The successful integration of the businesses
strengthens Greenstar’s operating positions in Dublin, Cork
and Waterford and expands its national footprint into Limerick.
In addition to enhancing Greenstar’s vertically integrated
market positioning, the acquisition has also facilitated the
entry of Greenstar’s operations into Northern Ireland.
26




     Business
     Development



     Aidan Corbett, Senior Business Analyst, NTR and Rob
     Morgan, Chief Technical Officer, Highview Power
     Storage, inspect the innovative cryogen fuelled
     turbine developed by Highview for power storage.
     Highview is one example of a number of early-
     stage green energy investments made by NTR that
     complement its core portfolio.
                                                                                          NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010   27




Title
Business Review
Title
Other Infrastructure




Developer and Operator of Toll Roads in Ireland                     Largest Private Provider of Operations & Maintenance
National Toll Roads Ltd (NTRL) is a developer and operator          Solutions for Water Infrastructure in Ireland
of toll roads in Ireland. It recently reached agreement to sell     NTR holds a 38.45% joint venture interest in Celtic Anglian
a number of its Irish road assets for a total consideration of      Water Limited (CAW), which is the largest private provider of
€50 million.                                                        operations and maintenance solutions for water infrastructure
                                                                    in Ireland.
In September 2010, the sale of East-Link Limited, a wholly
owned subsidiary of NTRL, was announced together with               CAW operates and maintains the Ringsend Wastewater
NTR plc’s shareholding in CRG Dundalk to DIF Infrastructure         Treatment Plant for Dublin City Council, which is amongst the
II (DIF), a Dutch based investment fund, subject to the             largest and most advanced wastewater treatment plants in
necessary approvals. As part of the transaction DIF assumes         Europe.
responsibility for the management of the East-Link toll facility.
                                                                    The company also operates drinking water and wastewater
The sale was also announced of NTRL’s Operation and                 treatment facilities for other towns and cities around Ireland,
Maintenance division to Egis Road Operation S.A., a                 including Sligo and Waterford, and is a leading provider of
subsidiary of Egis Projects S.A., an international developer of     water metering, billing, revenue collection and call centre
infrastructure projects and services.                               services.

NTRL retains its shareholding in the recently opened CRG
Waterford and CRG Portlaoise toll concessions, whose
contracts extend to October 2036 and November 2037
respectively.
28




     Corporate
     Social Responsibility

     Conducting business in a socially responsible way is central to NTR.
     Through the NTR Foundation and other local CSR activities, NTR supports
     a wide variety of causes.




     The NTR Foundation                                                   The work of the NTR Foundation comes under three strands:
     NTR has a desire to make a strong statement about its                1. International Projects
     corporate commitment to environmental issues and is
                                                                             The NTR Foundation will invest in a small number
     committed to playing a leading role in corporate philanthropy.
                                                                             of large multi-annual international projects that
     To this end, the establishment of the NTR Foundation, an
     independent philanthropic organisation, was announced in                involve both service provision to address climate
     2008 with NTR committing funding of €5 million and 2.26                 change or resource sustainability and thought
     million NTR plc ordinary shares. On 4 March 2010, NTR plc               leadership in these areas. The NTR Foundation
     and the NTR Foundation hosted a gathering of senior US                  will seek to support existing work underway either
     business leaders, financiers and policy advisors to discuss the         through strategic partnerships and/or directly into
     issue of climate change. President Bill Clinton, founder of the         well-led organisations, which have a strong track
     William J. Clinton Foundation and 42nd President of the United          record of success.
     States, delivered the key note address entitled “Embracing our
                                                                          2. NTR Group Projects
     Common Humanity”. The NTR Foundation was also officially
     launched the same day at the gathering.
                                                                             Each year, businesses in the NTR plc portfolio
                                                                             have the opportunity to receive matched funding
     Speaking at the launch, Tanya Harrington, Director of the NTR           from the NTR Foundation for projects that have a
     Foundation, stressed the significant role the global philanthropic      direct impact in their own communities in the US
     community can play in addressing the climate imperative. “A             and Europe. These projects will be entrepreneurial
     key goal for the NTR Foundation is to bring together leading            solutions to the challenges of climate change,
     philanthropic organisations and policy experts to jointly find the      resource sustainability and security of energy
     best means of addressing this urgent issue.”                            supply.
     The mission of the NTR Foundation is to address the challenges
                                                                          3. Policy & Research
     posed by climate change, resource sustainability and security           The NTR Foundation will foster and publish
     of energy supply. In keeping with NTR plc’s entrepreneurial             independent research, which serves to increase
     heritage, the NTR Foundation will support projects that address         the knowledge base in its core funding areas.
     these issues in an entrepreneurial way.                                 This, combined with the evidence base generated
                                                                             from its investments, enables the NTR Foundation
                                                                             to act as a credible contributor to policy debates.

                                                                          The provision of targeted financial and expert support to
                                                                          projects is achieved through a combination of traditional grant
                                                                          making and the use of venture philanthropy methodology for
                                                                          the large multi-annual investments in International Projects and
                                                                          investments in NTR Group Projects.

                                                                          For more information on the NTR Foundation, including its
                                                                          progress and activities, please visit www.ntr-foundation.org.




     President Bill Clinton speaking in New York at the NTR plc event.
                                                                                                               NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010   29




                                                                                        Matching the Green Agenda to Local Causes
                                                                                        NTR plc supports a number of initiatives and organisations by
                                                                                        way of financial donation, skill sharing and staff volunteering.
                                                                                        It aims to match its focus on addressing the climate change
                                                                                        agenda with community based causes.

                                                                                                                         The Laura Lynn Children’s
                                                                                                                         Hospice Foundation
                                                                                                                         The Laura Lynn Children’s
                                                                                                                         Hospice Foundation was
                                                                                                                         set up in 2001 to establish a
                                                                                                                         Children’s Hospice in Dublin,
The Carbon Disclosure Project
                                                                                                                         Ireland to provide care for
NTR plc and the NTR Foundation are jointly funding the Carbon                                                            children who have life limiting
Disclosure Project (CDP) in Ireland in 2010.                                                                             conditions or illness and for
                                                                                                                         whom curative treatment is
The CDP is an independent not-for-profit organisation                                                                    not possible. The Laura Lynn
that launched in 2000 to collect and distribute high quality                            Hospice Foundation merged with The Children’s Sunshine
information that motivates investors, corporations and                                  Home to address this issue and will open Ireland’s first
governments to take action to prevent climate change.                                   children’s hospice in March 2011.
Thousands of organisations across the world’s major
economies measure and disclose their green house gas                                    NTR has responded to this important initiative for Ireland
emissions (GHG) and climate change strategies through CDP.                              by supporting the costs of environmentally sustainable
CDP puts this information at the heart of financial and policy-                         construction for the Hospice, and in particular, installation of its
decision making.                                                                        geothermal heating system. A number of additional fundraising
                                                                                        activities have also been organised for the initiative, receiving
The combined NTR Foundation and NTR plc investment in                                   the full support of NTR plc staff.
the CDP is funding the publication and launch of a Report
covering the activities of the CDP in Ireland in 2010. The Report
encourages Irish companies to set reduction targets in GHG                              The Green Aware Team
emissions and measure performance improvement. Data from                                The NTR Green Aware Team was set up in 2007 with the aim of
the Irish Report will also be harmonised with data from over                            driving the green agenda within NTR plc. The key objectives of
2,500 organisations worldwide to help develop international                             the team are to reduce carbon emissions, reduce wastage and
carbon reporting standards.                                                             to work towards becoming a paperless office. Staff in NTR plc
                                                                                        are actively involved in the Green Aware team reflecting NTR’s
                                                                                        commitment to green initiatives.



       Carbon Disclosure Project 2010                                                   GHG Reduction Action Plan
       Ireland Report                                                                   NTR plc is committed to reducing its carbon footprint. Over the
                                                                                        last year, NTR plc engaged the services of an external company
                                                                                                                            to complete a Greenhouse
                                                                                                                            Gas (GHG) Assessment from
                                                                                                                            which NTR received a Climate
       On behalf of 534 investors with assets of $US 64 trillion
                                                                                                                            Change Impact Assessment
                                                                                                                            Report. This Report provided
                                                                                                                            an overview of our corporate
                                                                                                                            carbon ‘footprint’ with a
                                                                                                                            breakdown of the contributing
                                                                                                                            emissions by source. Having
                                                                                                                            measured our corporate CO2
                                                                                                                            emissions, the team identified
                                                                                        a number of initiatives to reduce our carbon footprint, including
                                                                                        enhanced recycling facilities, implementing a ‘Cycle to Work’
                                                                                        scheme and installation of energy efficient IT equipment. The
                                                                                        Group is also tackling its travel emissions with a ‘think first’
       Report written for
       Carbon Disclosure Project by:   Principal Sponsor:   Carbon Disclosure Project
                                                            info@cdproject.net
                                                            +44 (20) 7970 5660
                                                                                        initiative encouraging video conferencing in place of travel.
                                                            www.cdproject.net
30




     Directors’ Report


     The Directors are pleased to present their annual report for NTR plc (“the Company”) and its subsidiaries (together “the Group”)
     together with the audited financial statements for the year ended 31 March 2010.

     Principal Activities of the Group
     The principal activities of the Group comprise:

     Renewable Energy
     •  Wind Energy. NTR has a 61.99% subsidiary interest in Wind Capital Group, LLC. Based in the American Midwest, Wind
        Capital Group is becoming a leading wind developer in the United States. Wind Capital Group Company has successfully
        developed seven wind farm projects in the central United States, totalling 913 MW. Wind Capital Group considers the
        local communities around its projects to be the key foundation of a successful development and places great emphasis on
        community relations and cooperation with farmers, ranchers, landowners and local leaders. The Lost Creek Wind Project,
        the first wind project completely owned and operated by Wind Capital Group, commenced operations in May 2010.
        Featuring the combined experience of Wind Capital Group and its investors, strong community support, partnerships and
        the ability to use local resources, the 150 megawatt (MW) wind project is the largest wind farm in the state of Missouri to
        date.
     •   Solar Energy. NTR’s investments comprise a 52.04% shareholding in Stirling Energy Systems Limited (the parent company
         of Stirling Energy Systems, Inc. and Tessera Solar North America, Inc).
         -    Stirling Energy Systems, Inc. (SES) is a pioneer in the design and development of Concentrated Solar Power
              generation equipment. The company’s unique technology, the SunCatcher, combines a mirrored concentrator dish
              with a high-efficiency Stirling engine, designed to convert sunlight to electricity. The SunCatcher system aims to cost-
              effectively deliver the highest efficiency solar solution at a fraction of the water requirements of competing technologies.
         -    Tessera Solar North America, Inc. is an independent power company that brings the benefits of the SunCatcher to
              states across North America. Headquartered in Houston, Texas, Tessera Solar has contracts to build and operate large
              solar power projects with major Californian utilities.
     •   Ethanol. Green Plains Renewable Energy, Inc. (“GPRE”) is a NASDAQ listed vertically-integrated ethanol producer based
         in Omaha, Nebraska. NTR has a 35.82% associate holding in GPRE. GPRE currently has 6 plants located in Bluffton,
         Indiana, Central City, Nebraska, Obion, Tennessee, Ord, Nebraska, Shenandoah, Iowa and Superior, Iowa. It also operates
         an independent third party ethanol marketing business, Green Plains Trade, for which it has 360 million gallons of annual
         production under contract.

         On 28 September 2010, GPRE announced that it has entered into a definitive agreement to acquire Global Ethanol, LLC,
         which owns two operating ethanol plants located in Lakota, Iowa and Riga, Michigan which have a combined annual
         production capacity of approximately 157 million gallons (“mmgy”). The acquisition will increase GPRE’s production capacity
         by 31% to approximately 657 mmgy. Once the transaction is closed, GPRE will market and distribute more than one billion
         gallons of ethanol production on an annual basis. After this transaction, NTR will have a 31.4% associate holding in GPRE.

         GPRE provides agribusiness services through its subsidiary, Green Plains Grain, which is a full-service agribusiness
         organisation that specialises in grain, agronomy, and petroleum products in Iowa, southwestern Minnesota and
         western Tennessee.

         GPRE has a majority interest in a biofuel terminal operator, Blendstar, based in Houston, Texas.

         GPRE is party to a joint venture called BioProcessAlgae, to commercialise algae production technology. BioProcessAlgae
         received a grant from the Iowa Office of Energy Independence for US$2.1 million, to build a pilot project at Green Plains’
         ethanol plant in Shenandoah, Iowa.
                                                                                         NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010   31




Sustainable Waste Management
•   Waste Management. Greenstar is a leading integrated private sector waste management company with operations
    currently in Ireland and North America.
    -    Established in 1999, Greenstar Ireland is Ireland’s leading provider of environmental, waste management and recycling
         solutions. Greenstar operates material recovery facilities throughout Ireland, including the country’s largest and most
         sophisticated automated recycling facility which can divert between 70-85% of waste from landfill. It also operates
         three EPA licensed, state-of-the-art residual landfill facilities. Greenstar recently completed the acquisition of Veolia
         Environmental Services (Ireland) Limited.
    -    Greenstar North America, headquartered in Houston, Texas, is a leading recycling-led waste management company in
         North America, with a focus on the recycle processing, commodity upgrading and commodity trading sectors of the
         solid waste market. It has operations across the Midwest, Southwest and Northeast of the United States. It currently
         processes 2 million tons/year in North America, with 14 material recovery facilities and 10,000 managed retail and
         commercial locations. It offers innovative recycling solutions for paper, plastic, glass and metals.
    -    On 8 June 2010, an agreement was reached with Montagu Private Equity and Global Infrastructure Partners, the
         controlling shareholders of Biffa, for the sale of Greenstar UK. The sale was completed in August 2010.

Other Infrastructure
•   Water and Wastewater Treatment. The Group holds a 38.45% interest in Celtic Anglian Water Limited (CAW), which is
    the largest private provider of operations & maintenance solutions (O&M) for water infrastructure in Ireland. CAW operates
    and maintains the Ringsend Wastewater Treatment Plant for Dublin City Council, which is amongst the largest and most
    advanced wastewater treatment plants in Europe and also operates drinking water & wastewater treatment facilities for
    other towns and cities around Ireland, including Sligo & Waterford. CAW is also a leading provider of water metering, billing,
    revenue collection & call centre services. CAW competitively tenders for O&M and Design, Build and Operate contracts
    under the Irish government’s National Development Plan, for the delivery of new and upgraded water and wastewater
    infrastructure, providing local authorities with cost effective services, enhancing the environments in which it works, and
    protecting the public health in the communities which it serves.
•   Toll Roads. National Toll Roads is the leading developer and operator of toll roads in Ireland. In partnership with Celtic
    Roads Group, it has been successful in securing three significant Public Private Partnership concession contracts as part
    of the government’s National Development Plan. These contracts to design, build, finance and operate new toll roads have
    been undertaken by National Toll Roads along with its shareholder partners.
    During the year, the Directors decided to sell certain subsidiaries of its Roads division. At 31 March 2010, these subsidiaries
    were being actively marketed. In September 2010, an agreement was reached to sell East-Link Limited, a wholly owned
    subsidiary of National Toll Roads Limited, together with NTR plc’s shareholding in CRG Dundalk, to DIF Infrastructure II, a
    Dutch based investment fund. In addition, National Toll Roads Limited’s Operation and Maintenance division will be sold
    to Egis Road Operation S.A., a subsidiary of Egis Projects S.A., an international developer of infrastructure projects and
    services. The transactions are subject to the necessary approvals.

•   Telecommunications. NTR holds a 19.8% stake in the Imagine Communications Group, which is a communications
    provider with offices in Ireland, the Netherlands and the USA. The Irish business delivers superior value and service across
    the Imagine, Gaelic Telecom & Irish Broadband brands in both the residential and business markets. During the year,
    Imagine commenced the roll-out of its WiMax network, which is capable of delivering high quality voice calls and high
    speed bandwidth.

Results, Dividends and State of Affairs
The Group recorded a loss for the financial year of €285.5 million (2009 – €45.6 million).

A final dividend of 4.94 cent per ordinary share was paid in September 2009. An interim dividend of 2.28 cent per ordinary share
was paid in January 2010. A final dividend of 4.94 cent per ordinary share is recommended by the Directors, while no transfers
to other reserves are proposed.

Shareholders’ funds attributable to equity shareholders of the parent at 31 March 2010 amounted to €604.6 million, a decrease
of €229.3 million since 31 March 2009.
32




     Directors’ Report (continued)


     Future Developments
     NTR is engaged in a significant phase of development in renewable energy through its investments in wind energy (Wind Capital
     Group), solar energy (Stirling Energy Systems), bio-ethanol (Green Plains Renewable Energy) and in sustainable waste management
     in North America and Ireland (Greenstar). NTR will continue to evaluate further investment opportunities, in line with the Group’s
     corporate strategy.
     Further information in relation to the future development of the Group is provided in the Chief Executive’s Review.
     Directors and Secretary
     Eamon Bolger retired as Company Secretary on 5 July 2010. The Board would like to thank Eamon for his many years of service to
     the Group. Caroline Bergin was appointed as Company Secretary on 5 July 2010.
     Michael McNicholas was appointed as an executive director on 9 September 2010.
     In accordance with the Articles of Association, Tom Roche and Michael Walsh retire from the Board by rotation, and being eligible, offer
     themselves for re-election at the Annual General Meeting. In accordance with the Articles of Association, Directors co-opted by the Board
     during the year must submit themselves to shareholders for election at the Annual General Meeting following their co-option. Accordingly,
     Michael McNicholas retires and offers himself for election at the Annual General Meeting. In recommending each of these Directors for
     re-election, the Board is satisfied that their performance continues to be effective and demonstrates commitment to their roles.
     In accordance with the recommendation of the FRC Combined Code, there are no directors’ service contracts with notice periods
     exceeding 12 months or with provisions for pre-determined compensation on termination which exceed one year.
     Directors’ and Secretary’s Interests
     Interests of the Directors and Secretary and their families in the ordinary share capital of the Company at 31 March 2010 and 2009 were
     as follows:
     Shares                                                                                                          31 March 2010                31 March 2009
                                                                                                                      No of Shares                 No of Shares
     Jim Barry                                                                                                        5,907,845                     4,938,148
     Brian Kearney                                                                                                      179,933                       179,933
     Christopher Nash                                                                                                    94,815                        94,815
     Tom Roche                                                                                                        3,268,622*                    3,268,622*
     Donal Tierney                                                                                                      150,376                       150,376
     Michael Walsh                                                                                                    2,379,264                     1,894,416
     Eamon Bolger (Secretary)                                                                                           159,111                        77,674

     * In addition to the above holding, Tom Roche and his family have voting control over Woodford Capital Limited. Through its
       subsidiaries, this company held 39.05% of the share capital of the Company at 31 March 2010.

     The share price at 31 March 2010 was €2.10 per share. The range during the year was €1.30 per share to €3.30 per share.
     Share Options issued under the                 At 1 April       Granted        Exercised               At 31    Exercise Price               Exercise Dates
     executive share option scheme                       2009     during year      during year         March 2010                 €

     Jim Barry                                           -                  -                   -             -                 -                          -
     Brian Kearney                                 200,000                  -                   -       200,000              1.25                2010 - 2013
     Christopher Nash                              200,000                  -                   -       200,000              5.50                2010 - 2016
     Tom Roche                                     300,000                  -                   -       300,000              1.25                2010 - 2013
     Donal Tierney                                       -                  -                   -             -                 -                          -
     Michael Walsh                                       -                  -                   -             -                 -                          -
     Eamon Bolger (Secretary)                            -                  -                   -             -                 -                          -

     Certain directors participate in an Executive Share Award Scheme, the terms of which are described in note 33 to the financial
     statements. Each award specifies a maximum monetary value to be settled in shares and the number of shares which vest will be
     determined at each vesting date based on the prevailing share price.
     Potential share awards under the                        Maximum                                                             Changes in            Maximum
     Executive Share Award Scheme                     potential awards                Vested                   Lapsed      potential awards      potential awards
                                                        At 1 April 2009        during period             during period    due to share price    At 31 March 2010
                                                    (Share price €1.65)   (Share price €1.65)       (Share price €1.65)         movements      (Share price €2.10)

     Jim Barry                                         12,121,212                (969,697)                 (242,424)          (2,337,662)           8,571,429
     Brian Kearney                                              -                       -                          -                   -                    -
     Christopher Nash                                           -                       -                          -                   -                    -
     Tom Roche                                                  -                       -                          -                   -                    -
     Donal Tierney                                              -                       -                          -                   -                    -
     Michael Walsh                                      6,060,606                (484,848)                 (121,212)          (1,168,832)           4,285,714
     Eamon Bolger (Secretary)                           2,121,212                (169,697)                   (42,424)           (409,091)           1,500,000
                                                                                             NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010   33




Neither the Directors nor the Company Secretary nor their respective families had a beneficial interest in the share capital or
debentures of any subsidiary, joint venture or associate of the Company at 31 March 2010.
Other than the changes mentioned above, there were no other changes in the above interests between 31 March 2010 and
1 November 2010.
With the exception of the related party transactions as described in Note 5 to the Group financial statements, there were no contracts
or arrangements entered into during the year in which any Director was materially interested and which were significant in relation to
the Group’s business.
Substantial Shareholdings
In addition to those interests disclosed under Directors’ and Secretary’s Interests, as at 1 November 2010, the Company had
received notification of the following interests in its ordinary share capital:
                                                                                                              No. of Shares          %


Dreamport Limited *                                                                                          78,855,413           38.61
One Fifty One Capital Limited                                                                                48,701,410           23.85

* Dreamport Limited is a wholly owned subsidiary of Woodford Capital Limited. Tom Roche and his family have voting control
  over Woodford Capital Limited.
Apart from these holdings, the Company has not been notified at 1 November 2010 of any interest of 3 per cent or more in its
ordinary share capital.
Research and Development
The majority of the Group’s expenditure on research and development is in relation to assets in development, details of which
are given in the financial statements.
Accounting Records
The Directors are responsible for ensuring that proper books and accounting records are kept by the Company as required
by Section 202 of the Companies Act, 1990. The measures which the Directors have taken to ensure that proper accounting
records are kept are the adoption of suitable policies for recording transactions, assets and liabilities, the appropriate use
of computer and documentary systems and the appointment of personnel with appropriate qualifications, experience and
expertise. The Company accounting records are kept at Burton Court, Burton Hall Drive, Sandyford, Dublin 18.
Subsidiaries
The information required by the Companies Acts 1963 to 2009 in relation to subsidiary undertakings is set out in Note 34 to the
Group financial statements.
Political Donations
No political donations were made by the Group during the year, which require disclosure in accordance with the Electoral Acts
1997 to 2002.
Auditor
In accordance with section 160 (2) of the Companies Act 1963, the auditor, KPMG will continue in office.
Annual General Meeting
The Annual General Meeting of the Company will be held at The Conrad Hotel, Earlsfort Terrace, Dublin 2 on 8 December 2010
and your attention is drawn to the circular and the Notice of the Meeting enclosed with this report which sets out details of
matters to be considered at the Annual General Meeting.


On behalf of the Board,

Tom Roche                                             Jim Barry
Director                                              Director

1 November 2010
34




     Corporate Governance Statement


     Compliance with the Combined Code
     The Company is not a listed company and, as such, is not required to report on corporate governance. The Directors are
     committed to maintaining high standards and so have decided to report on corporate governance as set out in The 2008 FRC
     Combined Code on Corporate Governance. A copy of the Combined Code can be obtained from the Financial Reporting
     Council’s website www.frc.org.uk.

     The key components of the Group’s system of corporate governance are as described below.

     Role of the Board
     The Board is responsible for the leadership of the Company. There is a formal schedule of matters reserved by the Board for
     decision. This includes the approval of:
     •   the financial statements;
     •   business/strategic plans;
     •   budgets and forecasts;
     •   capital budgets and expenditure;
     •   any transactions that materially impact NTR plc’s economic interests;
     •   Board appointments and removals;
     •   Directors’ remuneration;
     •   the terms of reference and membership of NTR plc Board committees;
     •   the appointment of the auditor.

     The Board has delegated responsibility for the management of the Group, through the Chief Executive, to executive
     management. The roles of Chairman and Chief Executive are not combined and there is a clear division of responsibilities
     between them, which is set out in writing and has been approved by the Board. The Chief Executive is accountable to the Board
     for all authority delegated to executive management.

     The Board has also delegated some of its responsibilities to Committees of the Board, as described further below.

     Board of Directors
     Directors are appointed to the Board through a formal process and newly appointed Directors are approved by a Nominations
     Committee. All new Directors offer themselves for election by shareholders at the first Annual General Meeting following their
     appointment. On appointment, each Director receives training, as appropriate. All Directors have access to the advice and
     services of the Company Secretary. The Company offers major shareholders the opportunity to meet new non-executive
     Directors. The non-executive Directors are appointed for specific terms. All Directors are required to stand for re-election every
     three years.

     A procedure is in place whereby the Directors may, in furtherance of their duties, take independent professional advice, if
     necessary, at the Group’s expense.

     The Group has a policy in place which indemnifies the Directors in respect of legal action taken against them.

     At 31 March 2010, the Board of Directors comprised two executive and four non-executive Directors. With the exception of Tom
     Roche and Donal Tierney, the non-executive Directors were considered independent. Tom Roche, a non-executive Director,
     chairs the Board and Brian Kearney is the Senior Independent Director. Brian Kearney is available to shareholders who have
     concerns that cannot be addressed through the Chairman, Chief Executive or Finance Director.

     Given the number of independent non-executive Directors serving in the year ended 31 March 2010, it was not possible to
     populate the committees in accordance with the Combined Code.

     To enable them to perform their duties, all Directors have full and timely access to all relevant information. It is the opinion of the
     Board that, between them, the Directors have the range of skills, knowledge and experience required to lead the Company. All
     Directors bring independent judgment to bear in respect of all matters.

     The Board meets regularly throughout the year. Prior to each meeting, all Directors are supplied with a full set of management
     accounts together with a report from the Chief Executive outlining key aspects of the Group’s performance.

     The standard terms of the letter of appointment of non-executive Directors can be inspected at the registered office of the
     Company or prior to the Annual General Meeting.
                                                                                       NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010   35




Board Committees
The Board delegates certain responsibilities to Board Committees and has established an Audit Committee, Nominations
Committee, Finance Committee and Remuneration Committee.

•   Audit Committee
    During the period, this Committee comprised the following non-executive Directors: Brian Kearney (Chairman), Christopher
    Nash and Donal Tierney.

    The Committee has written terms of reference which deal with its authority and duties. These terms of reference include
    assisting the Board in fulfilling its responsibilities for ensuring:
    -    appropriate financial reporting;
    -    adequate internal controls;
    -    corporate governance procedures are in place throughout the Group;
    -    the effectiveness of the external audit process;
    -    that an appropriate relationship between the Group and the external auditor is maintained, including reviewing non-
         audit services and fees; and
    -    recommendations are made on the appointment, re-appointment and remuneration of the Group’s external auditor.

    Non-audit tax and advisory services were provided by KPMG during the financial year. The Group believes that the provision
    of these services by KPMG does not conflict with its independence as auditor.

    The Committee reviews the Group’s system of internal controls, the processes in place for monitoring and evaluating the
    risks facing the Group, the choice of accounting policies, the external and internal audit programmes, the annual report
    and other related matters, including corporate governance. It monitors and reviews the effectiveness of the Group’s internal
    audit function.

    The KPMG Audit Partner and the Finance Director normally attend the Audit Committee meetings. The KPMG Tax Partner
    attends these meetings at the request of the Committee. The Committee also meets in private session with the external
    auditor, without executive management present.

•   Nominations Committee
    During the period, this Committee comprised the following Directors: Tom Roche (Chairman), Jim Barry, Brian Kearney,
    Christopher Nash and Donal Tierney. The Nominations Committee advises the Board on new Board appointments. The
    terms of reference include responsibility for:
    -    identifying and nominating, for the approval of the Board, candidates to fill Board vacancies as and when they arise;
    -    evaluating the skills, knowledge and experience of the Board;
    -    performance evaluation;
    -    succession planning;
    -    reviewing the composition of the Board;
    -    reviewing the leadership of the Board.

    The Board engages the services of independent consultants to search for suitable candidates to serve as non-executive
    Directors.

•   Finance Committee
    During the period, this Committee comprised the following Directors: Tom Roche (Chairman), Jim Barry, Brian Kearney,
    Christopher Nash and Michael Walsh. The Finance Committee considers and evaluates proposals, at the discretion of
    the Board, which may involve major financial expenditure, acquisitions, mergers and business expansions, or may make
    recommendations to the Board on the appropriate level of dividends and may review capital expenditure and budgets prior
    to approval by the Board.

•   Remuneration Committee
    During the period, this Committee comprised the following non-executive Directors: Tom Roche (Chairman), Brian Kearney
    and Donal Tierney.
36




     Corporate Governance Statement (continued)


     Remuneration Policy
     The Company’s policies on executive Director remuneration and the granting of share options are designed to attract and
     retain individuals of the appropriate calibre for the Group’s activities, having regard to comparable companies. In framing the
     Company’s remuneration policy, the Remuneration Committee has given consideration to the provisions of the 2008 FRC
     Combined Code and the Irish Stock Exchange’s requirements on Directors’ remuneration. External advice is sought by the
     Remuneration Committee when appropriate.

     The Remuneration Committee has delegated responsibility for setting the remuneration of senior management to the Chief
     Executive.

     Details of Directors’ remuneration are set out in Note 5 to the financial statements, while details of Directors’ share options are
     set out on page 32.

     There are no service contracts in force for Directors of the Company or its subsidiaries which may not be terminated without
     payment of compensation in excess of one year’s remuneration.

     Michael Walsh is a non-executive director of Fleming Capital plc and EFMI Global Utilities and Infrastructure Funds plc. He
     received aggregate remuneration of €41,000 in respect of these directorships for the year ended 31 March 2010 and retained
     these earnings.

     Share Option Scheme
     Under the terms of a share option scheme, at 31 March 2010, options in respect of 2,243,330 (2009: 2,243,330) ordinary
     shares of the Company have been granted to employees of the Group and remain exercisable at the balance sheet date.
     Outstanding options are exercisable at prices between €0.90 and €5.50 per share at various dates between 2010 and 2016.
     Options have been granted to non-executive Directors, reflecting the support given by them to the Group.

     Communication with Shareholders
     The Board regards this Annual Report as a key document for communication with shareholders and carefully considers its form
     and content, in conjunction with its professional advisors. Communications with shareholders are important to NTR plc and
     regular communication takes place with major shareholders. Investor presentations are held at the time of the release of interim
     and annual results.

     The Interim and Annual Reports are available on the Group’s website www.ntrplc.com, together with regular updates on the
     Group’s activities.

     The Company’s Annual General Meeting provides individual shareholders the opportunity to question the Chairman and the
     Board. Notice of the Annual General Meeting is sent to shareholders at least 21 days in advance of the meeting. At the meeting,
     after each resolution has been dealt with, details are given of the level of proxy votes lodged and the balance for and against
     that resolution.

     Risk Management and Internal Control
     The Board is responsible for establishing and maintaining the Group’s systems of Risk Management and Internal Control. These
     systems are designed to meet the particular needs of the Group and the risks to which its operating units may be exposed.
     Risk Management and Internal Control systems give reasonable assurance that assets are safeguarded against unauthorised
     use or disposition, that proper books of account are maintained and that the financial information used within the business or
     for publication is reliable. By their nature these controls can provide reasonable, but not absolute, assurance against material
     misstatement or loss.

     The key features of the Risk Management and Internal Control systems which operated throughout the period covered by the
     financial statements are as follows:
     -    the Board is responsible for identifying the major business risks faced by the Group and for determining the appropriate
          course of action to manage these risks;
     -    the Group has policies and procedures in place for identifying and assessing risk and there is a culture of risk awareness
          throughout the Group;
     -    the Group has an organisational structure in place which has clearly defined lines of authority;
     -    the Group has an internal audit function;
     -    the Audit Committee, comprising non-executive Directors, seeks to consider all significant control matters.
                                                                                            NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010   37




Meetings
There were 12 meetings of the Board during the year ended 31 March 2010. Details of Directors’ attendance are set out below.
The Chairman sets the agenda for each meeting, in consultation with the Chief Executive and Company Secretary. A number of
visits are made each year, by the Board, to Group operations.

The Chairman holds meetings with the non-executive Directors without the executive Directors present.

Where Directors have concerns which cannot be resolved about the running of the Company or a proposed action, these
concerns are recorded in the Board minutes. On resignation, non-executive Directors may provide a written statement of any
concerns they may have.

Attendance at Board and Board Committee meetings during the year ended 31 March 2010

                                     Board               Audit                Finance              Remuneration           Nominations
                                 A            B      A           B        A             B          A          B          A          B


T. Roche                       12            12      -           -        -             -          5          5          2         2
J. Barry                       12            12      -           -        -             -          -          -          2         2
B. Kearney                     12            12      2           2        -             -          5          5          2         2
C. Nash                        12            12      2           2        -             -          -          -          2         2
D. Tierney                     12            12      2           2        -             -          5          5          2         2
M. Walsh                       12            12      -           -        -             -          -          -          -         -

Column A – indicates the number of meetings held during the period the Director was a member of the Board and/or
Committee.

Column B – indicates the number of meetings attended during the period the Director was a member of the Board and/or
Committee.

Going Concern
The Directors, having made enquiries, believe that the Group and the Company have adequate resources to continue in
operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the
financial statements.

Compliance Statement
The Company has complied throughout the year with the relevant provisions of the 2008 FRC Combined Code except that:
-   the majority of Board Directors are not independent;
-   share options have been granted to non-executive Directors and there is no restriction on the disposal of shares after the
    exercise of such options;
-   the Chairman of the Board is not an independent Director;
-   the Chairman and one of the members of the Remuneration Committee are not independent Directors;
-   the majority of the members of the Nominations Committee were not independent;
-   the Audit Committee does not have three independent non-executive directors;
-   the Senior Independent Director has not attended meetings with major shareholders, but has been available to meet
    shareholders. No meetings were requested by any shareholder with the Senior Independent Director;
-   formal structures for staff to raise concerns about possible improprieties in the Group were not in place during the year.
38




     Principal Risks and Uncertainties


     Under Section 13 of the Companies (Amendment) Act 1986 as amended by Statutory Instrument 116 of 2005 – European
     Communities (International Financial Reporting Standards and Miscellaneous Amendments) Regulations 2005, the Directors are
     required to provide a description of the principal risks and uncertainties facing the Company and the Group. The key risks and
     uncertainties are as follows:

     Funding Risks
     The further development of the Group’s strategic businesses and NTR plc will be dependent on the continued ability to secure
     adequate and appropriate sources of funding, at an appropriate cost, to finance that development.

     The Group is following a strategic financing plan which involves the disposal of some businesses and the realisation of value
     from certain other businesses, as well as actively pursuing appropriate fundraising activities at subsidiary level.

     Funding Execution Risks
     As the Group is involved in a number of funding activities, it is exposed to certain of these activities not concluding.

     The Group has a strong corporate finance team in place with significant finance and transactional experience to proactively
     manage the various funding activities.

     Poor Global Economic Activity
     Low levels of global economic activities impact the businesses through challenging funding markets and reduced demand
     growth for recycled materials and potentially reduced demand growth for energy from renewable sources.

     The Group is focused on diversified sources of development funding, focused on achieving operational efficiencies in its
     businesses and working to grow its pipeline of renewable energy projects.

     Market Price Risks
     The Group is exposed to interest rate risks, currency price risks and commodity price risks in many of its businesses.

     The Group manages its market price risks in each of its businesses separately. The exposure to market price risk is actively
     managed and there are appropriate policies and procedures as well as reporting requirements in place in these businesses to
     control these exposures as best possible.

     Credit Risk
     The Group has exposure to trading partners in its operational businesses and exposure to investment partners in its
     development businesses.

     There are credit limits imposed and there is pro-active management of exposures in the operating businesses through credit risk
     management policies. Corporate level exposures are managed during the investment approval process.

     Contractual Risk
     The Group has entered into key contracts which are crucial to its ongoing success. These contracts may be with a key supplier,
     investor, customer or partner. Each contract has its own unique risk profile. The Group has exposure to the failure of contract
     performance by its contractual counterparties.

     The Group manages this risk through the careful drafting of contracts in conjunction with legal experts. The Group ensures that
     it has a clear understanding of the risks, relative to the success of the commercial relationship which it is entering, and that the
     Terms and Conditions of each contract reflect the risk profile of the relationship.

     Regulatory / Legislative Risks
     The Group and its businesses operate in a diversified set of markets. The businesses are all subject to Governmental support
     and/or market regulation. As a result, the economic performance of these businesses is dependent on Governmental support
     and favourable regulation.

     The Group manages these risks through active public affairs engagement in the various jurisdictions in which it does business.

     Technology Risk
     The performance of some of the businesses is impacted by the choice, deployment and subsequent development of key
     operating technologies. The Solar business will be impacted by the success of the development of its unique SunCatcher
     product.
                                                                                         NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010   39




The operating businesses have to choose and then deploy new and upgraded technologies as they further develop their
businesses. A rigorous technology selection and investment process helps to mitigate this risk. The Solar business is
developing and validating the performance of its unique SunCatcher product utilising an active validation program that involves
a 1.5MW operating power plant at Maricopa in Peoria, Arizona, USA and facilities at Sandia, together with accelerated testing
programmes.

Health & Safety, Environmental Risks
The Group is subject to stringent environmental, health and safety laws and regulations. These laws and regulations, coupled
with the safety of all employees and stakeholders, are of paramount importance to the Group.

There is comprehensive training for all employees, continuous testing and compliance reporting though appropriate channels to
ensure that the Group meets and exceeds its obligations and targets in these matters.

Human Resource Risks
The continued growth of the Group businesses is dependent on retaining and developing key members of staff as well as
planning the future HR needs of the businesses.

There is a Group Strategic HR Director in place and plans to manage this risk.

Financial Risk Management
The principal objective of the Group’s financial risk management policy is one of profit protection and growth, together with net
asset protection, through the use of products designed to mitigate risk at a reasonable cost. Key financial risks are reviewed
on an on-going basis by the Board and management, at Group and business levels, in accordance with the Group’s risk
management policies and guidelines. The Group does not trade in financial instruments nor does it enter into any leveraged
derivative transactions. The three key financial risks managed by the Group on an ongoing basis are interest rate, credit and
currency risks.

Interest Rate
The objective of the Group’s interest rate management policy is to protect the Group’s debt from adverse changes in interest
rates which, if they occurred, would have a material impact on cash flow and reported annual profits. Interest rate swaps have
been entered into in order to achieve an appropriate mix of fixed and floating debt.

Credit
The Group enters into transactions with a variety of financial institutions for the purposes of placing deposits and entering into
hedging and other financing arrangements. From a credit risk management perspective, it is the Group’s policy to spread such
transactions across a number of high credit quality financial institutions.

Currency
The Group’s reporting currency is the euro. Exposures to other currencies that arise in the course of ordinary trading, principally
sterling and the US dollar, are monitored on an on-going basis and typically managed using appropriate hedging strategies,
including entering into foreign exchange forward contracts.

Performance Monitoring
In addition to reviewing individual Group business performance against annual budgets and periodic reforecasts and monitoring
cashflow management, the Board pays particular attention to identifying and monitoring Key Performance Indicators (“KPIs”).
The principal KPIs monitored by the Board include:

•   Monthly accident and days lost statistics in relation to Health & Safety at all Group locations.
•   Solar energy: construction project progress reports, solar pilot plant performance.
•   Wind energy: construction project progress reports, wind farm productivity.
•   Waste management: waste intake tonnage, recovery and recycling rates, processing costs per tonne and landfill gate prices.
•   Roads: traffic volumes, traffic mix, average pricing and costs.

The Board, with advice from the Audit Committee, has completed its annual review of the system of internal control in
accordance with the Turnbull Guidance (Revised guidance published in October 2005) and is satisfied that it is in compliance
with that guidance. The assessment included consideration of the effectiveness of the Board’s ongoing process for identifying,
evaluating and managing the risks of the business and a review of the work of the Audit Committee in examining annual reports
of internal control and business risks completed by the principal subsidiaries. The Directors consider that there have been no
weaknesses in internal control which have resulted in any material losses, contingencies or uncertainties requiring disclosure to
shareholders.
40




     Statement of Directors’ Responsibilities


     The directors are responsible for preparing the Annual Report and the Group and Company financial statements in accordance
     with applicable law and regulations.

     Company law requires the directors to prepare Group and Company financial statements for each financial year. Under that
     law, the directors have elected to prepare the Group financial statements in accordance with IFRSs as adopted by the EU and
     have elected to prepare the Company financial statements in accordance with IFRSs as adopted by the EU and as applied in
     accordance with the provisions of the Companies Acts, 1963 to 2009.

     The financial statements are required by law and IFRSs as adopted by the EU to present fairly the financial position and
     performance of the Group and Company; the Companies Acts, 1963 to 2009 provide in relation to such financial statements
     that references in the relevant part of that Act to financial statements giving a true and fair view are references to their achieving
     a fair presentation.

     In preparing each of the Group and Company financial statements, the directors are required to:
     •    select suitable accounting policies and then apply them consistently;
     •    make judgments and estimates that are reasonable and prudent; and
     •    prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group and the
          Company will continue in business.

     The directors are responsible for keeping proper books of account that disclose with reasonable accuracy at any time the
     financial position of the Company and enable them to ensure that its financial statements comply with the Companies Acts,
     1963 to 2009. They are also responsible for taking such steps as are reasonably open to them to safeguard the assets of the
     Group and to prevent and detect fraud and other irregularities.

     Under applicable law, the directors are also responsible for preparing a Directors’ Report that complies with that law. The
     directors have also elected to prepare a report on Corporate Governance. The directors are responsible for the maintenance
     and integrity of the corporate and financial information included on the Company’s website. Legislation in Ireland governing the
     preparation and dissemination of financial statements may differ from legislation in other jurisdictions.


     On behalf of the Board

     Tom Roche                                            Jim Barry
     Director                                             Director

     1 November 2010
                                                                                        NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010   41




Independent Auditor’s Report
to the Members of NTR plc



We have audited the Group and Company financial statements (the ‘‘financial statements’’) of NTR plc for the year ended 31
March 2010 which comprise the Consolidated Income Statement, the Consolidated Statement of Comprehensive Income, the
Consolidated and Company Balance Sheets, the Consolidated and Company Statements of Cashflows, the Consolidated and
Company Statements of Changes in Equity and the related notes. These financial statements have been prepared under the
accounting policies set out therein.

This report is made solely to the Company’s members, as a body, in accordance with section 193 of the Companies Act, 1990.
Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state
to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Company and the Company’s members, as a body, for our audit work, for this report, or
for the opinions we have formed.

Respective responsibilities of directors and auditor
The Directors’ responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law
and International Financial Reporting Standards (IFRS) as adopted by the EU, and, in the case of the Company, as applied in
accordance with the Companies Acts, 1963 to 2009, are set out in the Statement of Directors’ Responsibilities.

Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and
International Standards on Auditing (UK and Ireland).

We report to you our opinion as to whether the financial statements give a true and fair view and have been properly prepared in
accordance with the Companies Acts, 1963 to 2009. We also report to you our opinion as to whether proper books of account
have been kept by the Company; whether at the balance sheet date, there exists a financial situation requiring the convening
of an extraordinary general meeting of the Company; and whether the information given in the Directors’ Report is consistent
with the financial statements. In addition, we state whether we have obtained all the information and explanations necessary for
the purposes of our audit, and whether the Company Balance Sheet is in agreement with the books of account. We also report
to you if, in our opinion, any information specified by law regarding Directors’ remuneration and Directors’ transactions is not
disclosed and, where practicable, include such information in our report.

We read the other information contained in the Annual Report and consider whether it is consistent with the audited financial
statements. The other information comprises only the Directors’ Report, the Chairman’s Statement, the Chief Executive’s Review
and the Business Reviews. We consider the implications for our report if we become aware of any apparent misstatements or
material inconsistencies with the financial statements. Our responsibilities do not extend to any other information.

Basis of Audit Opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing
Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the
financial statements. It also includes an assessment of the significant estimates and judgments made by the directors in the
preparation of the financial statements, and of whether the accounting policies are appropriate to the Group’s and Company’s
circumstances, consistently applied and adequately disclosed.

We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in
order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material
misstatement, whether caused by fraud or other irregularity or error. In forming our opinion, we also evaluated the overall
adequacy of the presentation of information in the financial statements.
42




     Independent Auditor’s Report
     to the Members of NTR plc (continued)


     Opinion
     In our opinion:
     •    the Group financial statements give a true and fair view, in accordance with IFRS as adopted by the EU, of the state of the
          Group’s affairs as at 31 March 2010 and of its loss for the year then ended;
     •    the Company financial statements give a true and fair view, in accordance with IFRS as adopted by the EU and as applied
          in accordance with the provisions of the Companies Acts 1963 to 2009, of the state of the Company’s affairs as at 31
          March 2010; and
     •    the financial statements have been properly prepared in accordance with the Companies Acts 1963 to 2009.

     Other Matters
     We have obtained all the information and explanations which we consider necessary for the purposes of our audit. In our
     opinion, proper books of account have been kept by the Company. The Company Balance Sheet is in agreement with the
     books of account.

     In our opinion, the information given in the Directors’ Report is consistent with the financial statements.

     The net assets of the Company, as stated in the Company Balance Sheet, are more than half of the amount of its called-up
     share capital and, in our opinion, on that basis there did not exist at 31 March 2010 a financial situation which under Section 40
     (1) of the Companies (Amendment) Act 1983 would require the convening of an extraordinary general meeting of the Company.


     KPMG
     Chartered Accountants
     Registered Auditor
     Dublin
     1 November 2010
                                                                              NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010   43




Consolidated Income Statement
For the Year ended 31 March 2010


                                                                                       Notes      31 March     31 March
                                                                                                       2010         2009
                                                                                                      €’000        €’000


Revenue, including share of joint ventures                                                      267,458       334,468
Less: share of joint ventures’ revenue                                                           (22,727)      (24,989)
GROUP REVENUE                                                                              1    244,731       309,479

Operating expenses                                                                              (248,513)     (248,871)
Distribution expenses                                                                            (11,264)      (15,385)
Administrative expenses
- Administrative expenses                                                                  2    (116,322)     (117,323)
- Impairment of goodwill, intangible and other assets                                      2    (147,906)         (958)
Total Administrative expenses                                                                   (264,228)     (118,281)
Other operating income, net                                                                3       5,448         6,833
OPERATING LOSS BEFORE SHARE OF PROFIT/(LOSS)
OF EQUITY ACCOUNTED INVESTEES                                                                   (273,826)      (66,225)
Share of profit/(loss) of equity accounted investees                                     15       13,359        (2,013)
OPERATING LOSS BEFORE FINANCING COSTS                                                           (260,467)      (68,238)

Finance income                                                                             7       7,263       42,696
Finance costs                                                                              7     (13,991)      (15,905)
NET FINANCING COSTS                                                                                (6,728)     26,791

LOSS BEFORE TAX FROM CONTINUING OPERATIONS                                                 1    (267,195)      (41,447)

Income tax                                                                                 8      17,240         3,909
LOSS FROM CONTINUING OPERATIONS                                                                 (249,955)      (37,538)
Loss from discontinued operations (net of tax)                                             4     (35,581)       (8,097)
LOSS FOR THE YEAR                                                                               (285,536)      (45,635)

Attributable to:
Equity holders of the parent                                                                    (210,596)      (22,361)
Minority interest                                                                                (74,940)      (23,274)
LOSS FOR THE YEAR                                                                               (285,536)      (45,635)

Earnings per share – basic (cent)
- continuing operations                                                                             (87.1)         (6.8)
- discontinued operations                                                                           (17.5)         (3.7)
- total                                                                                            (104.6)       (10.5)
Earnings per share – diluted (cent)
- continuing operations                                                                             (87.1)         (6.8)
- discontinued operations                                                                           (17.5)         (3.7)
- total                                                                                            (104.6)       (10.5)

The accompanying notes form an integral part of these financial statements.

On behalf of the Board

Tom Roche                                              Jim Barry
Director                                               Director

Approved by the Directors on 1 November 2010
44




     Consolidated Statement of Comprehensive Income
     For the Year ended 31 March 2010


                                                                                    Notes    31 March    31 March
                                                                                                  2010        2009
                                                                                                 €’000       €’000


     Loss for the year                                                                      (285,536)    (45,635)

     Other comprehensive income:

     Foreign currency translation differences for foreign operations
     - subsidiaries                                                                           (1,326)    70,030
     - equity accounted investees                                                     15         (65)           -

     Effective portion of changes in fair value of cash flow hedges
     - subsidiaries                                                                           (2,727)     (1,007)
     - equity accounted investees                                                     15      (6,569)    (24,649)

     Net change in fair value of cash flow hedges transferred to income statement
     - subsidiaries                                                                              733        (638)
     - equity accounted investees                                                     15       1,550      1,945

     Net change in fair value of cash flow hedges recycled to balance sheet
     - equity accounted investees                                                     15       3,336      4,337

     Income tax on other comprehensive income
     - subsidiaries                                                                   29          (71)       223
     - equity accounted investees                                                     15         211      2,296
     Other comprehensive income for the year, net of income tax                               (4,928)    52,537
     TOTAL COMPREHENSIVE INCOME FOR THE YEAR                                                (290,464)     6,902



     Attributable to:
     Equity holders of the parent                                                           (210,976)     4,714
     Minority interest                                                                       (79,488)     2,188
     TOTAL COMPREHENSIVE INCOME FOR THE YEAR                                                (290,464)     6,902


     The accompanying notes form an integral part of these financial statements.

     On behalf of the Board

     Tom Roche                                           Jim Barry
     Director                                            Director

     Approved by the Directors on 1 November 2010
                                     NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010   45




Consolidated Balance Sheet
as at 31 March 2010


                                              Notes      31 March     31 March
                                                              2010         2009
                                                             €’000        €’000


ASSETS
Property, plant and equipment                   11     509,579       368,457
Goodwill                                        12     167,476       303,150
Intangible assets                               13     165,667       269,174
Investment properties                           14        1,900         2,802
Investment in joint ventures                    15        3,460       13,188
Investment in associates                        15     109,459        94,956
Trade and other receivables                     18           368          800
Other financial assets                          16       57,284       41,466
Deferred tax assets                             29       22,457       27,303
TOTAL NON-CURRENT ASSETS                              1,037,650 1,121,296

Inventories                                     17        3,435         4,828
Current tax receivable                                          -         350
Trade and other receivables                     18       60,519       86,212
Other financial assets                          19       14,838       67,471
Cash and cash equivalents                       20       64,650      232,286
Assets classified as held for sale              21      194,936              -
TOTAL CURRENT ASSETS                                    338,378      391,147
TOTAL ASSETS                                          1,376,028 1,512,443
46




     Consolidated Balance Sheet
     as at 31 March 2010 (continued)


                                                                                   Notes     31 March    31 March
                                                                                                  2010        2009
                                                                                                 €’000       €’000


     EQUITY
     Issued share capital                                                            22          253         249
     Capital conversion reserve fund                                                 22             4           4
     Capital redemption reserve                                                      22           49          48
     Share premium                                                                          261,277      253,120
     Own shares held                                                                 22       (3,130)       (678)
     Other reserves                                                                  22       5,933        1,282
     Retained earnings                                                                      340,166      579,792
     TOTAL EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT                              604,552      833,817
     Minority interests                                                                      75,533      140,020
     TOTAL EQUITY                                                                           680,085      973,837

     LIABILITIES
     Interest-bearing loans and borrowings                                           27     199,939      110,351
     Employee benefits                                                               26       3,220       10,757
     Deferred income                                                                 23       2,175        2,322
     Provisions                                                                      24      51,718       80,500
     Derivative financial instruments                                                28       3,262        1,099
     Deferred tax liabilities                                                        29     120,471      145,065
     TOTAL NON-CURRENT LIABILITIES                                                          380,785      350,094

     Bank overdrafts                                                                 20       2,860        6,323
     Interest-bearing loans and borrowings                                           27      20,171       22,166
     Trade and other payables                                                        25     117,103      124,527
     Derivative financial instruments                                                28          762         465
     Current tax payable                                                                     11,045       11,433
     Provisions                                                                      24      66,720       23,218
     Employee benefits                                                               26       6,740          380
     Liabilities classified as held for sale                                         21      89,757              -
     TOTAL CURRENT LIABILITIES                                                              315,158      188,512
     TOTAL LIABILITIES                                                                      695,943      538,606
     TOTAL EQUITY AND LIABILITIES                                                          1,376,028 1,512,443

     The accompanying notes form an integral part of these financial statements.

     On behalf of the Board

     Tom Roche                                        Jim Barry
     Director                                         Director

     Approved by the Directors on 1 November 2010
                                                                                                                          Attributable to Equity Holders of the Parent
                                                                                                                                                                Share
                                                                   Capital       Capital                Own         Capital                                     Based
                                                       Share    Conversion   Redemption       Share   Shares   Contribution    Translation      Hedging      Payments     Retained       Sub-      Minority       Total
                                                      Capital     Reserve       Reserve    Premium      Held      Reserve         Reserve       Reserve       Reserve     Earnings       Total     Interest      Equity
                                                       €’000         €’000        €’000       €’000    €’000          €’000         €’000         €’000          €’000       €’000       €’000        €’000       €’000

As at 1 April 2008                                      291             4             -    224,858     (885)        6,507       (39,416)       (5,168)       29,015      875,303 1,090,509         (1,943) 1,088,566
Loss for the year                                          -             -            -           -        -             -             -              -             -     (22,361)    (22,361)   (23,274)      (45,635)
Other comprehensive income:
Foreign currency translation differences
- subsidiaries                                             -             -            -           -        -             -      44,406                -             -           -     44,406      25,624       70,030
Effective portion of changes in fair
value of cash flow hedges
- subsidiaries                                             -            -             -          -         -             -             -         (846)              -           -        (846)       (161)       (1,007)
- equity accounted investees                               -            -             -          -         -             -             -      (24,649)              -           -     (24,649)          -      (24,649)
Net change in fair value of cash flow hedges
transferred to income statement
- subsidiaries                                             -            -             -          -         -             -             -         (614)              -           -        (614)         (24)       (638)
- equity accounted investees                               -            -             -          -         -             -             -        1,945               -           -       1,945            -       1,945
Net change in fair value of cash flow
hedges recycled to balance sheet
- equity accounted investees                               -            -             -          -        -              -             -        4,337               -           -       4,337            -       4,337
                                                                                                                                                                                                                           For the Year ended 31 March 2010




Income tax on other comprehensive income
- subsidiaries                                             -            -             -          -        -              -             -          200               -           -         200          23          223
- equity accounted investees                               -            -             -          -        -              -             -        2,296               -           -       2,296           -        2,296
Total other comprehensive income                           -            -             -          -        -              -      44,406        (17,331)              -           -     27,075      25,462       52,537
Total comprehensive income                                 -            -             -          -        -              -      44,406        (17,331)              -     (22,361)      4,714      2,188         6,902
Transactions with shareholders
Share options exercised by employees                       1            -             -        767        -              -             -              -           -             -         768           -          768
Share awards to employees                                  -            -             -          -        -              -             -              -      14,435             -      14,435         618       15,053
Shares issued on foot of share award scheme                5            -             -     27,495     (678)             -             -              -     (23,000)            -       3,822           -        3,822
Own shares redeemed                                      (48)           -            48          -        -              -             -              -           -      (259,437)   (259,437)          -     (259,437)
Own shares sold                                            -            -             -          -       83              -             -              -           -             -          83           -           83
Transfer in respect of shares
issued under share award scheme                            -            -             -          -       -               -             -             -           (54)          54           -            -           -
ESOP shares appropriated to employees                      -            -             -          -     802               -             -             -             -            -         802            -         802
Dividends paid to shareholders                             -            -             -          -       -               -             -             -             -      (12,410)    (12,410)           -     (12,410)
Dividends paid to minority
shareholders of subsidiary companies                       -            -             -          -        -              -             -             -              -           -           -        (280)        (280)
                                                                                                                                                                                                                                                          Consolidated Statement of Changes in Equity




Dividend income from joint venture                         -            -             -          -        -              -             -             -              -           -           -         250          250
Additional share capital subscribed
by minority shareholder                                    -            -             -          -        -             -             -              -              -           -           -        5,768        5,768
Minority interest arising on acquisition/investment        -            -             -          -        -             -             -              -              -           -           -    158,496      158,496
Minority interest acquired                                 -            -             -          -        -             -             -              -              -           -           -       (5,245)      (5,245)
Arising on merger of VBV LLC with GPRE Inc                 -            -             -          -        -             -          (845)             -              -           -        (845)    (39,001)     (39,846)
Disposals                                                  -            -             -          -        -        (6,507)         (760)             -              -      (1,357)     (8,624)     19,169       10,545
Total transactions with shareholders                    (42)            -           48     28,262      207         (6,507)       (1,605)             -       (8,619)     (273,150)   (261,406)   139,775      (121,631)
As at 31 March 2009                                     249             4            48    253,120     (678)             -        3,385       (22,499)       20,396      579,792     833,817     140,020      973,837
                                                                                                                                                                                                                                                                                                        NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010
                                                                                                                                                                                                                                                                                                        47
                                                                                                                                                                                                                                                                                                              48




                                                                                                                    Attributable to Equity Holders of the Parent
                                                            Capital       Capital                Own          Capital                              Share Based
                                                Share    Conversion   Redemption       Share   Shares    Contribution    Translation      Hedging      Payments     Retained                  Minority      Total
                                               Capital     Reserve       Reserve    Premium      Held       Reserve         Reserve       Reserve       Reserve     Earnings        Total     Interest     Equity
                                                €’000         €’000        €’000       €’000    €’000           €’000         €’000         €’000          €’000       €’000        €’000        €’000      €’000

As at 1 April 2009                               249             4            48    253,120      (678)             -        3,385       (22,499)       20,396      579,792      833,817      140,020     973,837
Loss for the year                                   -             -            -           -        -              -             -              -             -    (210,596)    (210,596)    (74,940) (285,536)
Other comprehensive income:
Foreign currency translation differences
- subsidiaries                                      -             -            -           -        -              -        2,493               -             -            -       2,493      (3,819)     (1,326)
- equity accounted investees                        -             -            -           -        -              -           (65)             -             -            -          (65)         -          (65)
Effective portion of changes in fair
value of cash flow hedges
 - subsidiaries                                     -            -             -           -        -              -             -       (1,913)              -            -      (1,913)       (814)     (2,727)
 - equity accounted investees                       -            -             -           -        -              -             -       (6,569)              -            -      (6,569)          -      (6,569)
Net change in fair value of cash flow hedges
transferred to income statement
 - subsidiaries                                     -            -             -          -         -              -             -          648               -            -         648          85         733
 - equity accounted investees                       -            -             -          -         -              -             -        1,550               -            -       1,550           -       1,550
Net change in fair value of cash flow
hedges recycled to balance sheet
- equity accounted investees                        -            -             -          -         -              -             -        3,336               -            -       3,336            -      3,336
Income tax on other comprehensive income
 - subsidiaries                                     -            -             -          -         -              -             -           (71)             -            -          (71)          -         (71)
 - equity accounted investees                       -            -             -          -         -              -             -          211               -            -         211            -        211
Total other comprehensive income                    -            -             -          -         -              -        2,428        (2,808)              -            -        (380)     (4,548)     (4,928)
Total comprehensive income                          -            -             -          -         -              -        2,428        (2,808)              -    (210,596)    (210,976)    (79,488) (290,464)
Transactions with shareholders
                                                                                                                                                                                                                     For the Year ended 31 March 2010 (continued)




Share awards to employees                           -            -             -          -        -               -             -             -       13,809             -      13,809          342      14,151
Shares issued on foot of share award scheme         4            -             -      7,781      557               -             -             -        (5,926)      (2,416)          -            -           -
Settlement of equity settled share
award scheme - subsidiary                           -            -             -         -          -              -             -             -        (2,852)        1,177       (1,675)          -      (1,675)
Other shares issued                                 1            -             -       376          -              -             -             -             -             -          377           -         377
Own shares acquired                                 -            -             1         -     (5,521)             -             -             -             -             -       (5,520)          -      (5,520)
Treasury shares cancelled                          (1)           -             -         -      2,512              -             -             -             -        (2,511)           -           -           -
Dividends paid to shareholders                      -            -             -         -          -              -             -             -             -      (14,611)     (14,611)           -    (14,611)
Dividends paid to minority shareholders
of subsidiary companies                             -            -             -          -         -              -             -             -              -            -            -     (1,467)     (1,467)
Additional share capital subscribed
                                                                                                                                                                                                                                                                Consolidated Statement of Changes in Equity




by minority shareholder                             -            -             -          -         -              -             -             -              -           -            -      5,053        5,053
Minority interest acquired                          -            -             -          -         -              -             -             -              -     (10,669)     (10,669)    10,669            -
Dividend income from joint venture                  -            -             -          -         -              -             -             -              -           -            -        404          404
Total transactions with shareholders                4            -             1      8,157    (2,452)             -             -             -        5,031       (29,030)     (18,289)    15,001       (3,288)
As at 31 March 2010                              253             4            49    261,277    (3,130)             -        5,813       (25,307)       25,427      340,166      604,552      75,533      680,085

On behalf of the Board
Tom Roche                                    Jim Barry
Director                                     Director
Approved by the Directors on 1 November 2010
                                                             NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010   49




Consolidated Statement of Cash Flows
For the Year ended 31 March 2010


                                                                      Notes      31 March     31 March
                                                                                      2010         2009
                                                                                     €’000        €’000


CASH FLOWS FROM OPERATING ACTIVITIES
Loss for the year                                                              (285,536)      (45,635)

Adjustments for:
Depreciation                                                            11       42,843       37,268
Impairment of property, plant and equipment                             11        4,311           500
Impairment of goodwill                                                  12       98,458           232
Amortisation of intangible assets                                       13       19,531       19,660
Impairment of intangible assets                                         13       84,561           226
Fair value movement in investment property                              14           902          603
Financial income                                                          7       (7,274)     (42,729)
Financial expense                                                         7      16,581       19,657
Share of (profit)/loss of joint ventures and associates                 15      (13,359)        2,013
Loss/(gain) on sale of property, plant and equipment                      3          195         (595)
Gain on disposal of subsidiary                                            3         (175)      (3,357)
Gain on sale of Bent Tree                                                 3             -      (1,743)
Amortisation of government grants                                         3           (22)         (70)
Government grant receivable                                             18        (5,191)            -
Release of provisions                                                   24        (7,000)      (1,221)
Aftercare charges                                                       24        1,759         1,895
Deferred income provision                                               23           397          572
Site restoration expenditure                                            24        (5,512)      (1,624)
Free rent provision                                                                 (321)          62
Onerous contract provision                                                       10,784              -
Other provisions                                                                      62       (1,950)
Restructuring costs paid                                                24            (89)     (4,183)
Share-based payment expenses                                            33       17,063       21,940
Income tax credit                                                         8     (22,138)       (7,731)
OPERATING CASH FLOWS BEFORE CHANGES IN WORKING CAPITAL AND PROVISIONS           (49,170)       (6,210)

(Increase)/decrease in trade and other receivables                                (7,732)     11,648
Increase in inventories                                                             (103)     (10,767)
Increase/(decrease) in trade and other payables                                  21,164       (53,438)
CASH USED IN OPERATIONS                                                         (35,841)      (58,767)
Income taxes (paid)/repaid                                                        (2,745)         322
NET CASH USED IN OPERATING ACTIVITIES                                           (38,586)      (58,445)
50




     Consolidated Statement of Cash Flows
     For the Year ended 31 March 2010 (continued)


                                                                            Notes    31 March     31 March
                                                                                          2010         2009
                                                                                         €’000        €’000


     CASH FLOWS FROM INVESTING ACTIVITIES
     Interest received                                                                4,150       17,599
     Acquisition of subsidiaries, net of cash/overdrafts acquired             31      1,304       (87,065)
     Acquisition expenses paid                                                31      (1,477)      (3,892)
     Acquisition of property, plant and equipment                                   (214,353)    (129,046)
     Acquisition of joint ventures and associates                             15            -      (1,248)
     Investment in joint ventures and associates                              15      (3,731)     (38,415)
     Dividends received from joint ventures                                            1,750       1,082
     Loan repaid by joint venture                                             15       2,250       2,357
     Merger related costs                                                                   -        (140)
     Acquisition of intangible assets                                                 (3,895)      (3,036)
     Acquisition related costs                                                12        (179)        (331)
     Acquisition of investment                                                16      (1,211)        (136)
     Additional investment in unquoted shares                                 16      (2,004)     (19,627)
     Costs associated with additional investment in unquoted shares           16            -      (1,224)
     Acquisition of minority interest in subsidiary                                   (1,675)      (2,430)
     Disposal of subsidiaries                                                            100      10,234
     Net cash on balance sheets of subsidiaries disposed/merged                         (228)     (10,481)
     Disposal of property, plant and equipment                                           392       1,460
     Disposal of investments                                                             150          180
     Disposal transaction costs paid                                                      (30)          (6)
     Dividends paid to minority interest shareholders                                 (1,467)        (280)
     Loan to related party                                                                  -        (620)
     Repayment of loan by related party                                                5,312        3,495
     Proceeds in Escrow from sale of Airtricity Holdings Limited received     19     49,703              -
     Deferred purchase consideration paid                                     24      (6,144)      (4,044)
     Purchase consideration refunded                                                     152             -
     NET CASH FROM INVESTING ACTIVITIES                                             (171,131)    (265,614)
                                                                              NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010   51




                                                                                       Notes      31 March     31 March
                                                                                                       2010         2009
                                                                                                      €’000        €’000


CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issue of share capital                                                                 1         768
Additional share capital subscribed by minority shareholders, net                                  5,053         5,399
Sale of own shares                                                                                       -         199
Purchase of own shares under share redemption offer                                                (5,520)    (257,734)
Share redemption expenses                                                                                -      (1,703)
Purchase of own share capital by subsidiary                                                              -      (1,776)
Movement in restricted cash deposits                                                  16,19        (9,925)         774
Government grants received                                                               24           721        1,600
Drawdown of borrowings                                                                          143,692        77,323
Repayment of borrowings                                                                          (33,440)      (27,628)
Repayment of finance leases                                                                        (9,596)      (9,084)
Loan arrangement fees paid                                                                         (8,831)            -
Interest paid in respect of financing activities                                                   (9,138)     (11,808)
Dividends paid                                                                             9     (14,611)      (12,410)
NET CASH FROM FINANCING ACTIVITIES                                                                58,406      (236,080)

Net decrease in cash and cash equivalents                                                       (151,311)     (560,139)
Cash and cash equivalents at start of year                                                       225,963      761,255
Effect of exchange rate fluctuations on cash held                                                  (4,274)     24,847
CASH AND CASH EQUIVALENTS AT END OF YEAR                                                 20       70,378      225,963

The accompanying notes form an integral part of these financial statements.

On behalf of the Board

Tom Roche                                           Jim Barry
Director                                            Director

Approved by the Directors on 1 November 2010
52




     Statement of Group Accounting Policies
     For the Year ended 31 March 2010


     Significant Accounting Policies
     NTR plc (the “Company”) is a company incorporated and domiciled in the Republic of Ireland. The Group financial statements
     for the year ended 31 March 2010 consolidate the individual financial statements of the Company and its subsidiaries (together
     referred to as the “Group”) and the Group’s interest in joint venture and associate entities. The Group and Company financial
     statements were authorised for issue by the Directors on 1 November 2010.

     Statement of Compliance
     As permitted by the European Union (EU) law, the Group and Company financial statements have been prepared in accordance
     with International Financial Reporting Standards (IFRS) and their interpretations issued by the International Accounting
     Standards Board (IASB), as adopted by the EU.

     The Company has taken advantage of the exemption in Section 148(8) of the Companies Act 1963 from presenting to its
     members the Company income statement, the Company statement of comprehensive income and related notes which form
     part of the approved Company financial statements as the Company publishes Company and Group financial statements
     together.

     The IFRS, adopted by the EU, applied by the Group in the preparation of these Group financial statements are those that were
     effective for accounting periods ended on or before 31 March 2010.

     Basis of Preparation
     The Group and Company financial statements are presented in euro, rounded to the nearest thousand. They are prepared on
     the historical cost basis except for the following material items:
     •    Assets which are classified as held for sale are measured at the lower of their carrying values and fair value less costs to sell;
     •    derivative financial instruments are measured at fair value;
     •    equity-settled share based payments are measured at grant date fair value while cash-settled share based payments are
          measured at fair value at the reporting date;
     •    investment properties are measured at fair value; and
     •    held-for-sale financial assets are measured at fair value.

     The accounting policies have been applied consistently by all Group entities.

     Changes in accounting policies and disclosures
     The accounting policies adopted are consistent with those applied in the prior year except for the following new and amended
     IFRS, and IFRIC interpretations adopted by the Group as of 1 April 2009:

     •    FRS8‘OperatingSegments’.With effect from 1 April 2009, the Group has adopted IFRS 8 and identifies and reports
          I
          information about its operating segments based on the information reported to the Group’s Chief Operating Decision
          Maker in order to assess each segment’s performance and to allocate resources to them. As a result of the implementation
          of the standard, the Group has revised the operating segments for which financial information is disclosed. As IFRS 8
          concentrates on disclosure of financial information, there has been no impact on recognition and measurement within these
          consolidated financial statements. Operating segment disclosures in respect of the year ended 31 March 2009 have been
          restated on a comparable basis.
     •    RevisedIAS1–IAS1(2007)‘PresentationofFinancialStatements’. With effect from 1 April 2009, the Group has adopted
          this revised standard. Among the changes introduced by the revised standard are new titles for a number of the primary
          financial statements in order to reflect their function more clearly; the statement of recognised income and expense is now
          known as the ‘Statement of Comprehensive Income’. The Group has adopted the ‘two separate statements approach’ of
          presenting items of income and expense and the components of other comprehensive income. All changes in equity arising
          from transactions with owners in their capacity as owners are now presented separately from non-owner changes in equity
          in the ‘Consolidated Statement of Changes in Equity’.
     •    FRS7‘FinancialInstruments:Disclosures(Amended)’.The amended standard requires additional disclosures about fair
          I
          value measurement and liquidity risk. Fair value measurements related to items recorded at fair value are to be disclosed
          by source of inputs using a three level fair value hierarchy, by class, for all financial instruments recognised at fair value. In
          addition, a reconciliation between the beginning and ending balance for level 3 fair value measurements is now required,
          as well as significant transfers between levels in the fair value hierarchy. The amendments also clarify the requirements for
          liquidity risk disclosures with respect to derivative transactions and assets used for liquidity management. The fair value
          measurement and liquidity risk disclosures are presented in Note 28.
                                                                                           NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010   53




•   The Group has also adopted the following new and amended IFRS and IFRIC interpretations, which have not had a material
    impact on the financial statements or performance of the Group:
    -   IAS 23 Borrowingcosts (Amended)
    -   IFRIC 9 Re-measurementofEmbeddedDerivatives (Amended) and IAS 39 FinancialInstruments:Recognitionand
        Measurement (Amended)
    -   IFRIC 13 CustomerLoyaltyProgrammes
    -   IFRIC 16 HedgesofaNetInvestmentinaForeignOperation
    -   Improvements to IFRS (May 2008)

New Standards and Interpretations Not Applied
The following provides a brief outline of the likely impact on future financial statements of relevant IFRS adopted by the EU,
which are not yet effective and have not been adopted early in these financial statements:

•   IFRS3,‘BusinessCombinations(2008)’, together with IAS 27 ‘ConsolidatedandSeparateFinancialStatements’
    (amended), will be adopted by the Group from 1 April 2010. In combination, these two revised standards will impact on
    the amounts recorded in goodwill and in the income statement for business combinations, and incorporates the following
    changes that are likely to be relevant to the Group’s operations:
    -    The definition of a business has been broadened, which is likely to result in more acquisitions being treated as business
         combinations;
    -    Contingent consideration obligations will be measured at fair value, with subsequent changes therein recognised in
         profit or loss;
    -    Transaction costs, other than share and debt issue costs, will be expensed as incurred;
    -    Any pre-existing interest in the acquiree will be re-measured to fair value at the acquisition date with the gain or loss
         recognised in profit or loss;
    -    Any non-controlling interest will be measured at either fair value, or at its proportionate interest in the identifiable assets
         and liabilities of the acquiree, on a transaction-by-transaction basis.

    In addition, IAS 27 (Amended) requires that a change in the ownership interest of a subsidiary (without loss of control) is
    accounted for as a transaction with owners in their capacity as owners. Therefore, such transactions will not give rise to
    goodwill, nor will they give rise to a gain or loss. Furthermore, the amended standard changes the accounting for loss of
    control of a subsidiary including the calculation of a gain or loss arising on such events.

Other than IFRS 3 (Revised) and IAS 27 (Amended) as addressed above, there are a number of new standards, amendments
to standards and interpretations published but not yet effective, and not applied in preparing these consolidated financial
statements. These include:

•   Amendments to IAS 39, ‘FinancialInstruments:RecognitionandMeasurement’: Eligible Hedged Items.
•   IFRIC 17, ‘DistributionofNon-cashAssetstoOwners’.
•   Amendments to IFRS 5, ‘MeasurementofNon-currentAssetsHeldforResaleandDiscontinuedOperations’.

These new standards and interpretations are not expected to have a material impact on the Group financial statements, and are
therefore not disclosed presently.

Estimates and Uncertainties
The preparation of financial statements in conformity with IFRS (as adopted by the EU) requires management to make judgements,
estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and
expenses. The estimates and associated assumptions are based on historical experience and various other factors that are
believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying
values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised
in the period in which the estimate is revised and in any future periods affected.

In particular, information about significant areas of estimation, uncertainty and critical judgments in applying accounting policies
that have the most significant effect on the amounts recognised in the financial statements is included in the following notes:
Note 12 – Goodwill
Note 13 – Intangible Assets
Note 24 – Provisions
Note 26 – Employee Benefits
Note 29 – Deferred Taxation Assets/(Liabilities)
Note 31 – Business Combinations
Note 32 – Commitments and Contingencies
Note 33 – Share Based Payments
54




     Statement of Group Accounting Policies
     For the Year ended 31 March 2010 (continued)


     Basis of Consolidation
     Business combinations
     The purchase method of accounting is employed in accounting for the acquisition of subsidiaries by the Group. The cost of
     a business combination is measured as the aggregate of the fair values at the date of exchange of assets given, liabilities
     incurred or assumed and equity instruments issued in exchange for control, together with any directly attributable costs. Where
     a business combination agreement provides for an adjustment to the cost of the combination contingent on future events,
     the amount of the estimated adjustment is included in the cost at the acquisition date if the adjustment is probable and can
     be reliably measured. Any changes to this estimate in subsequent periods are reflected in goodwill. Deferred consideration is
     included in the acquisition balance sheet on a discounted basis.

     The assets, liabilities and contingent liabilities of a subsidiary are measured at their fair values at the date of acquisition. In the
     case of a business combination which is completed in stages, the fair values of the identifiable assets, liabilities and contingent
     liabilities are determined at the date of each exchange transaction. When the initial accounting for a business combination is
     determined provisionally, any adjustments to the provisional values allocated to the identifiable assets, liabilities and contingent
     liabilities are made within twelve months of the acquisition date.

     The interest of minority shareholders is stated as the minority’s proportion of the fair values of the assets and liabilities
     recognised.

     Acquisition of joint ventures and associates
     The purchase method of accounting is applied in the same manner as detailed above to the proportionate share of net
     identifiable assets and liabilities acquired in a joint venture or associate.

     Goodwill
     Goodwill represents amounts arising on acquisition of subsidiaries, joint ventures and associates. In respect of business
     acquisitions initiated since 1 January 2004, goodwill represents the difference between the cost of the acquisition and the fair
     value of the net identifiable assets acquired. In respect of acquisitions prior to this date, goodwill is included on the basis of
     its deemed cost in the Group consolidated balance sheet, i.e. original cost less accumulated amortisation since acquisition
     up to 31 December 2003, which represents the amount recorded under Irish GAAP. As permitted by IFRS 1, IFRS 3 Business
     Combinations was not applied to previous transactions and therefore the reclassification and accounting treatment of business
     combinations that occurred prior to 1 January 2004 was not reconsidered. Goodwill is allocated to cash generating units and
     is not amortised but is tested annually for impairment at a consistent time each financial year. Goodwill is now stated at cost
     or deemed cost less any accumulated impairment losses. In respect of joint ventures or associates, the carrying amount of
     goodwill is included in the carrying amount of the investment.

     Where goodwill forms part of a cash-generating unit and part of the operation within that unit is disposed of, the goodwill
     associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss
     on disposal of the operation. Goodwill disposed of in this circumstance is measured on the basis of the relative values of the
     operation disposed of and the portion of the cash-generating unit retained.

     Basis of Consolidation
     (i)   Subsidiaries
           Subsidiaries are those entities controlled by the Company. Control exists when the Company has the power, directly or
           indirectly, to govern the financial and operating policies of any entity so as to obtain benefits from its activities. In assessing
           control, potential voting rights that presently are exercisable or convertible are taken into account. The financial statements
           of subsidiaries are included in the Group financial statements from the date that control commences until the date that
           control ceases. A list of the principal subsidiaries consolidated within these financial statements is included in note 34.

           The interest in a subsidiary undertaking included in the consolidation that is attributable to the shares held by or on behalf
           of persons other than the parent undertaking and its subsidiary undertakings is included within the minority interest in the
           balance sheet.
                                                                                          NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010   55




(ii) Associates and jointly controlled entities (equity accounted investees)
     Associates are those entities in which the Group has significant influence, but not control, over the financial and operating
     policies. Significant influence is presumed to exist when the Group holds between 20 and 50 percent of the voting
     power of another entity. Joint ventures are those entities over whose activities the Group has joint control, established by
     contractual agreement and requiring unanimous consent for strategic financial and operating decisions. Associates and
     jointly controlled entities are accounted for using the equity method (equity accounted investees) and are recognised initially
     at cost. The Group’s investment includes goodwill identified on acquisition, net of any accumulated impairment losses.
     The consolidated financial statements include the Group’s share of the income and expenses and equity movements of
     equity accounted investees, after adjustments to align the accounting policies with those of the Group, from the date that
     significant influence or joint control commences until the date that significant influence or joint control ceases. When the
     Group’s share of losses exceeds its interest in an equity accounted investee, the carrying amount of that interest (including
     any long-term investments) is reduced to nil and the recognition of further losses is discontinued except to the extent that
     the Group has an obligation or has made payments on behalf of the investee.

(iii) Transactions eliminated on consolidation
      Intra-Group balances and transactions, and any unrealised gains arising from intra-Group transactions, are eliminated in
      preparing the Group Consolidated financial statements. Unrealised gains arising from transactions with joint ventures and
      associates are eliminated to the extent of the Group’s interest in the entity. Unrealised losses are eliminated in the same way
      as unrealised gains, but only to the extent that there is no evidence of impairment.

(iv) Special purpose entities
     Special purpose entities are entities that are created to accomplish a narrow and well defined objective where, under
     contractual agreements, the financial and operating policies are effectively predetermined. The financial statements of such
     special purpose entities are consolidated into the Group financial statements where, based on an analysis of risks and
     rewards, the substance of the relationship is that the Group effectively controls the entity. Where the Group is not exposed
     to the majority of the risks and rewards in the special purpose entity, the Group’s investment is categorised as an available-
     for-sale financial asset.

Foreign Currency
Functional and presentation currency
The Group and Company financial statements are presented in euro which is also the Company’s functional currency. Items
included in the financial statements of each of the Group’s activities are measured using the currency of the primary economic
environment in which the entity operates, which is primarily the euro, sterling and US dollars.

Foreign currency transactions
Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Non-monetary
assets that are carried at historical cost are not subsequently retranslated. Monetary assets and liabilities denominated in foreign
currencies at the balance sheet date are translated to functional currencies at the foreign exchange rate ruling at that date.
Foreign exchange differences arising on translation are recognised in the income statement.

Financial statements of foreign operations
To the extent that the Group’s foreign operations are considered to have functional currencies which are different from the
Group’s presentational currency, the assets and liabilities of foreign operations, including goodwill and fair value adjustments
arising on consolidation and long term intra-Group loans, that are part of the net investment because repayment is not
planned or foreseen, are translated to euro at foreign exchange rates ruling at the reporting date. The revenues and expenses
of these foreign operations are translated to euro at rates approximating the foreign exchange rates ruling at the dates of the
transactions. Foreign exchange differences arising on translation are recognised in other comprehensive income.

Financial Instruments
Non-derivative financial instruments
Non-derivative financial instruments comprise investments in equity securities, trade and other receivables, cash and cash
equivalents, restricted cash, borrowings, windfarm financing and trade and other payables. Non-derivative financial instruments
are recognised initially at fair value plus any directly attributable transaction costs, except as described below. Subsequent to
initial recognition, non-derivative financial instruments are measured as described below.

A financial instrument is recognised when the Group becomes a party to the contractual provisions of the instrument. Financial
assets are derecognised when the Group’s contractual rights to the cash flows from the financial assets expire, are extinguished
or if the Group transfers the financial asset to another party without retaining control of substantially all the risks and rewards of
the asset. Regular purchases and sales of financial assets are accounted for at trade date i.e. the date that the Group commits
itself to purchase or sell the asset. Financial liabilities are derecognised if the Group’s obligations specified in the contracts
expire, are discharged or cancelled.
56




     Statement of Group Accounting Policies
     For the Year ended 31 March 2010 (continued)


     (i)   Cash and cash equivalents
           Cash and cash equivalents comprise cash balances and call deposits. Cash and cash equivalents comprise cash balances
           held for the purpose of meeting short-term cash commitments and investments which are readily convertible to a known
           amount of cash and are subject to an insignificant risk of change in value. Where investments are categorised as cash
           equivalents, the related balances have a maturity of three months or less from the date of acquisition. Bank overdrafts that
           are repayable on demand and form an integral part of the Group’s cash management are included as a component of cash
           and cash equivalents for the purpose of the Statement of Cash Flows.

     (ii) Restricted cash
          Restricted cash comprises cash held by the Group but which is ring fenced or used as security for specific financing
          arrangements, and to which the Group does not have unfettered access. Restricted cash is classified as held to maturity
          and carried at amortised cost.

     (iii) Equity securities – available for sale
           Investments in equity securities are initially recorded at their fair value, which is normally the cost to the Group and
           are classified as available for sale financial assets. Subsequent to initial recognition, they are carried at fair value and
           movements are recognised in other comprehensive income. On disposal of the instrument, any amounts in equity are
           recycled as part of the profit or loss on disposal.

     (iv) Trade and other receivables
          Trade and other receivables are stated at their cost less impairment losses.

     (v) Trade and other payables
         Trade and other payables are stated at their expected settlement amount.

     (vi) Interest bearing borrowings
          Interest bearing borrowings are recognised initially at fair value, less attributable transaction costs. Subsequent to initial
          recognition, interest-bearing borrowings are stated at amortised cost with any difference between cost and redemption
          value being recognised in the income statement over the period of the borrowings on an effective interest basis. Capitalised
          interest is described in accounting policy Property, plant and equipment.

     Derivative Financial Instruments
     Derivative financial instruments are recognised initially at fair value. Transaction costs are recognised in profit or loss as incurred.
     Subsequent to initial recognition, derivative financial instruments are stated at fair value. Derivative assets and derivative liabilities
     are offset and presented on a net basis only when a legal right of set-off exists and the intention to net settle the derivative
     contracts is present. The gain or loss on re-measurement to fair value is recognised immediately in the income statement.
     However, where derivatives qualify for hedge accounting, recognition of any resultant gain or loss depends on the nature of the
     item being hedged and the hedge accounting model adopted (see accounting policy Hedging).

     (i)   Forward commodity contracts
           The Group enters into sale and purchase transactions for raw materials. The majority of these transactions take the form of
           contracts that were entered into and continue to be held for the purpose of receipt or delivery of the physical commodity in
           accordance with the Group’s expected sale, purchase or usage requirements, and are not within the scope of IAS 39.

     (ii) Other derivative instruments
          The accounting treatment for derivatives is dependent on whether they are entered into for trading or hedging purposes. A
          derivative instrument is considered to be used for hedging purposes when it alters the risk profile of an underlying exposure
          of the Group in line with the Group’s risk management policies and is in accordance with established guidelines, which
          require that the hedge relationship is documented at inception of the contract, is effective in achieving its objective, and
          require that the effectiveness is reliably measured both prospectively and retrospectively.

           The Group uses a range of derivatives to hedge exposures to financial risks, such as interest rate and foreign exchange
           risks, arising in the normal course of business. The use of derivative financial instruments is governed by the Group’s
           policies approved by the Board of Directors.
                                                                                           NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010   57




Hedging
Cash flow hedges
Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognised asset or
liability, or a highly probable forecasted transaction, the effective part of any gain or loss on the derivative financial instrument
is recognised in other comprehensive income. When the forecasted transaction subsequently results in the recognition of a
non-financial asset or non-financial liability, the associated cumulative gain or loss is removed from equity and included in the
initial cost or other carrying amount of the non-financial asset or liability. If a hedge of a forecasted transaction subsequently
results in the recognition of a financial asset or a financial liability, the associated gains and losses that were recognised in other
comprehensive income are reclassified into the income statement in the same period or periods during which the asset acquired
or liability assumed affects the income statement (i.e. when interest income or expense is recognised). For cash flow hedges
other than those covered by the preceding two policy statements, the associated cumulative gain or loss is removed from equity
and recognised in the income statement in the same period or periods during which the hedged forecast transaction affects the
income statement. The ineffective part of any gain or loss is recognised immediately in the income statement.

When a hedging instrument expires or is sold, terminated or exercised, or the entity revokes designation of the hedge
relationship but the hedged forecast transaction is still expected to occur, the cumulative gain or loss at that point remains in
equity and is recognised in accordance with the above policy when the transaction occurs. If the forecasted hedged transaction
is no longer expected to take place, the cumulative unrealised gain or loss recognised in other comprehensive income is
recognised immediately in the income statement.

Property, Plant and Equipment
(i)   Owned assets
      Items of property, plant and equipment are stated at cost, net of accumulated depreciation (see below) and impairment
      losses (see accounting policy Impairment). Costs include employee and other costs that are directly attributable to the
      acquisition and construction associated with bringing assets into working condition for their intended use. The cost of
      self-constructed assets includes the cost of materials, direct labour and an appropriate proportion of production overheads.
      The cost of self-constructed assets and acquired assets includes, where relevant, (i) the initial estimate at the time of
      installation of the assets of dismantling and removing the items and of restoring the site on which they are located and
      (ii) changes in the measurement of existing liabilities recognised for those costs during the period of use resulting from
      changes in the timing or outflow of resources required to settle the obligation or from changes in the discount rate. Land is
      not depreciated.

      Costs related to assets in development and construction are capitalised where, in the opinion of the Directors, the related
      project is likely to be successfully developed and the economic benefits arising from future operations will at least equal the
      amount of capitalised expenditure incurred to date. Costs capitalised to assets in development relate to costs incurred in
      bringing the asset to the stage where it is ready for construction to commence. Costs associated with reaching this stage
      include planning application costs and environmental impact studies. Turbine deposits paid to acquire turbines are recorded
      at cost and disclosed within property, plant and equipment. On acquisition of the related turbines, these payments are
      included as part of the cost of the project to which the turbines are assigned. Construction costs relate to costs incurred in
      bringing the asset to completed construction. Depreciation commences when the asset is substantially complete and ready
      for its intended use. Full provision is made for any impairment in the value of the asset.

      Financing costs which are directly attributable to the construction of property, plant and equipment are capitalised as part
      of the cost of those assets. The commencement of capitalisation begins when both finance costs and expenditures for the
      development or construction of the asset are being incurred and activities that are necessary to get the asset ready for use
      are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use
      are complete.

      When parts of an item of property, plant and equipment have different useful lives, those components are accounted for as
      separate items of property, plant and equipment.

(ii) Leased assets
     Leases, under the terms of which the Group assumes substantially all the risks and rewards of ownership, are classified as
     finance leases. Plant and equipment acquired by way of finance lease is stated at an amount equal to the lower of its fair
     value and the present value of the minimum lease payments at inception of the lease, less accumulated depreciation (see
     below) and impairment losses (see accounting policy Impairment). The capital element of finance lease obligation payments
     is recorded as a liability, while the interest element is charged to the income statement over the term of the lease to produce
     a constant rate of charge on the balance of capital repayments outstanding. Operating lease payments are accounted for
     as described in accounting policy LeasePayments.
58




     Statement of Group Accounting Policies
     For the Year ended 31 March 2010 (continued)


     (iii) Subsequent expenditure
           The Group recognises in the carrying amount of an item of property, plant and equipment the cost of replacing part of such
           an item when that cost is incurred if it is probable that the future economic benefits embodied with the item will flow to the
           Group and the cost of the replaced item can be measured reliably for its derecognition. All other costs are recognised in the
           Group income statement as an expense as incurred.

     (iv) Depreciation
          Freehold land, assets in development and assets in construction are not depreciated. Depreciation is calculated to write off
          the cost, less estimated residual value, of all other assets, as follows:
          •    landfill site acquisition, commissioning costs, engineering works and the discounted cost of final site restoration are
               depreciated over the life of the landfill project based on the rate of fill of void space, commencing from the start of
               landfill operations. Available void space is measured annually, and any resulting impact on the depreciation charge is
               recognised prospectively;
          •    all other assets are depreciated on a straight line basis over their expected useful lives at the following annual rates:
               Freehold buildings                           2 – 4%
               Leasehold improvements                       Over the shorter of life of the asset or the lease term
               Windfarms                                    3.33%
               Other plant and equipment                    3 – 33%
               Fixtures and fittings                        10 – 33%
               Transport assets                             4 – 33%
          The residual values, if not insignificant, and remaining useful lives are reassessed annually.

     Intangible Assets
     Intangible assets that are acquired by the Group are stated at cost less accumulated amortisation and impairment losses.

     Subsequent expenditure
     Subsequent expenditure on capitalised intangible assets is capitalised only when it increases the future economic benefits
     embodied in specific assets to which it relates. All other expenditure is expensed as incurred.

     Amortisation
     Amortisation is charged to the income statement on a straight-line basis over the estimated useful lives of intangible assets.
     Intangible assets are amortised from the date they become available for use. The estimated useful lives are as follows:
     Software costs                                     4 – 10 years
     Customer lists                                     2 – 20 years
     Supplier lists                                     6 years
     Contract based intangible assets                   2 – 20 years
     Gas reserves                                       in line with utilisation of the gas reserve
     Intellectual property                              in line with the rate of commercial manufacture

     Impairment
     The carrying amounts of the Group’s depreciable assets, other than deferred tax assets (see accounting policy Income Tax)
     and assets carried at fair value, are reviewed at each reporting date to determine whether there is any indication of impairment.
     Non depreciable intangible assets and goodwill are assessed annually for impairment. In assessing assets for impairment, the
     recoverable amount of the asset or its cash generating unit is estimated. An impairment loss is recognised when the carrying
     amount of an asset or its cash-generating unit exceeds its recoverable amount. Impairment losses are recognised in the income
     statement.

     Calculation of recoverable amount
     The recoverable amount of assets is the greater of their fair value less costs to sell and value in use. In assessing value in
     use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current
     market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely
     independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs.

     Impairment losses recognised in respect of the cash-generating units are allocated first to reduce the carrying amount of any
     goodwill allocated to the cash-generating unit (or groups of units) and then, to reduce the carrying amount of the other assets in
     the unit (or group of units) on a pro rata basis.
                                                                                           NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010   59




Reversals of impairment
Impairment losses in respect of goodwill and equity investments are not reversed. In respect of other assets, an impairment loss
is reversed if there has been a change in the estimates used to determine the recoverable amount.

An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that
would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.

Deferred Purchase Consideration and Earnout Obligations
To the extent that deferred purchase consideration and earnout obligations are payable after more than one year from the date
of acquisition, they are discounted at an appropriate loan interest rate and, accordingly, are carried at net present value on the
balance sheet. An appropriate interest charge, at a constant rate on the carrying amount adjusted to reflect market conditions,
is reflected in the income statement over the earnout period, increasing the value of the provision so that the obligation will
reflect its settlement value at the time of maturity. Adjustments to the amount of the obligation relating to changes in the amount
expected to be paid, the effective interest rate or the timing of the expected payments are accounted for as adjustments to the
cost of the acquisition and reflected in goodwill.

Discontinued Operations
A discontinued operation is a component of the Group’s business that represents a separate major line of business of
operations that has been disposed of or is held for sale, or is a subsidiary acquired exclusively with a view for resale.
Classification as a discontinued operation occurs upon disposal or when the operation meets the criteria to be classified as
held for sale, if earlier. When an operation is classified as a discontinued operation, the comparative income statement is re-
presented as if the operation had been discontinued from the start of the comparative period.

Revenue
Revenue represents the fair value of goods and services delivered to customers in the normal course of business, net of trade
discounts and VAT. Services are deemed to have been delivered when, and to the extent that, the Group has met its obligations
under its service contracts. Payments received in advance of performance are deferred and recognised as revenue when the
related service is delivered.

Dividends
Dividends are recognised as a liability in the period in which they are declared and approved by those with the authority to do
so, or in the case of an interim dividend, when it has been approved by the directors and paid.

Pension Costs
Obligations for contributions to defined contribution pension plans are recognised as an expense in the income statement in the
period in which the relevant employee service is received.

Share Awards
The Company and certain of its subsidiaries operate both equity settled and cash settled share based programmes which allow
employees to acquire shares in the Company and in the relevant subsidiaries respectively. The fair value of awards granted to
employees, at the grant date, is recognised as an employee expense with a corresponding increase in equity (for equity settled
schemes) and liabilities (for cash settled schemes).

The fair values of equity settled awards are measured at grant date and spread over the period during which the employees
become unconditionally entitled to the awards. The fair value of the awards granted is measured using an appropriate model.
Management uses a binomial lattice model, which takes into account the terms and conditions upon which the awards
were granted. Service and market based performance conditions are included in the calculation of fair value. Non-market
performance conditions are not. The amount recognised as an expense is adjusted to reflect the number of awards for which
the related service and non-market performance conditions are expected to be met, such that the amount ultimately recognised
as an expense is based on the number of awards that meet the related service and non-market performance conditions at the
vesting dates.

The fair values of cash settled awards are initially measured at grant date and spread over the period during which the employee
becomes unconditionally entitled to payment. The liability is re-measured to fair value at each reporting date until the awards
vest and thereafter at settlement amount until the settlement date. Any changes in the fair value of the liability are reflected in the
income statement as an employee benefit expense.

Where share based payment costs arise in relation to employees whose service is directly attributable to the construction of an item
of property, plant and equipment, they are capitalised in accordance with the accounting policy for property, plant and equipment.
60




     Statement of Group Accounting Policies
     For the Year ended 31 March 2010 (continued)


     Lease Payments
     Payments made under operating leases are recognised in the income statement on a straight-line basis over the term of the
     lease.

     The capital elements of future finance lease obligations are recorded as liabilities, while the interest elements are charged to
     the income statement over the period of the lease to produce a constant rate of charge on the balance of capital repayments
     outstanding.

     Provisions
     A provision is recognised in the balance sheet when the Group has a present legal or constructive obligation as a result of
     a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. If the effect is
     material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market
     assessments of the time value of money and, where appropriate, the risks specific to that liability.

     A provision for onerous contracts is recognised when the expected benefits to be derived by the Group from a contract are
     lower than the unavoidable cost of meeting its obligations under the contract.

     Site restoration and aftercare
     Full provision is made for the net present value of the Group’s costs in relation to restoration liabilities at its landfill, wind farm and
     solar farm sites. The net present value of the estimated costs is capitalised as property, plant and equipment. The unwinding of
     the discount element on the restoration provision is reflected as a finance cost in the income statement. Current cost estimates
     are revised each year and any resulting change is reflected in the carrying amount of the relevant assets. Provision is made for
     the net present value of post closure costs. Similar costs incurred during the operating life of the landfill site are expensed as
     incurred.

     Income Tax
     Income tax on the result for the period comprises current and deferred tax. Income tax is recognised in the income statement
     except to the extent that it relates to items recognised in other comprehensive income, in which case it is recognised in other
     comprehensive income.

     Current tax is the expected tax payable on the taxable income for the period, using tax rates enacted or substantially enacted at
     the reporting date, and any adjustment to tax payable in respect of previous years.

     Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying
     amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following
     temporary differences are not provided for: goodwill not deductible for tax purposes; those arising on the initial recognition of
     assets or liabilities that affect neither accounting or taxable profit; and differences relating to retained earnings in subsidiaries,
     to the extent that they are controlled by the company and will probably not reverse in the foreseeable future. The amount
     of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and
     liabilities, using tax rates enacted or substantively enacted at the reporting date.

     A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which
     the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit
     will be realised.

     Net Financing Costs
     Net financing costs comprise interest payable on borrowings calculated using the effective interest rate method, interest
     receivable on funds invested, foreign exchange gains and losses, gains and losses on hedging instruments that are recognised
     in the income statement and the unwinding of discounts on provisions.

     Interest income is recognised in the income statement as it accrues, taking into account the effective yield on the asset.

     The interest component of finance lease payments is recognised in the income statement using the effective interest rate
     method.

     Financing costs which are directly attributable to the construction of property, plant and equipment are capitalised as part of
     the cost of those assets. The commencement of capitalisation begins when both finance costs and expenditures for the asset
     are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when
     substantially all the activities that are necessary to get the asset ready for use are complete.
                                                                                                NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010   61




Minority Interests
The interest in a subsidiary undertaking included in the consolidated financial statements that is attributable to the shares held
by or on behalf of persons other than the parent undertaking and its subsidiary undertakings is included within minority interests.

Employee Share Ownership Plan
Payments are made by the Company to the Plan’s Trustees to acquire Company shares to be allocated to employees over the
life of the scheme. The assets and liabilities of the Plan, including future obligations to employees arising from the operation of
the Plan, are reflected in the consolidated financial statements. Shares in the Company which have not yet vested are shown as
a deduction from shareholders’ funds in the consolidated balance sheet.

Earnings per Share
The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated by dividing
the profit attributable to ordinary shares of the Company by the weighted average number of ordinary shares outstanding during
the period. Diluted EPS is determined by adjusting the profit attributable to ordinary shareholders and the weighted average
number of ordinary shares outstanding for the effects of all dilutive potential ordinary shares, which comprise share options
granted to employees.

Government Assistance
In certain areas in which the Group operates, the Group is entitled to government assistance as a result of producing electricity
in an environmentally friendly manner. This may take the form of Investment Tax Credits, cash grants, Production Tax Credits or
other forms of assistance. The Government assistance is recognised as income in the income statement when the Group has
complied with the conditions associated with the assistance and there is reasonable assurance that it will be received.

Classification of Financial Instruments issued by the Group
Financial instruments issued by the Group are treated as equity only to the extent that they meet the following two conditions:
(a) they include no contractual obligations of the Group (or Company as the case may be) to deliver cash or other financial
    assets or to exchange financial assets or financial liabilities with another party under conditions that are potentially
    unfavourable to the Group (or Company); and
(b) where the instrument will or may be settled in the Group’s own equity instruments, it is either a non-derivative that includes
    no obligation to deliver a variable number of the Group’s own equity instruments or is a derivative that will be settled by the
    Group exchanging a fixed amount of cash or other financial assets for a fixed number of its own equity instruments.

To the extent that this definition is not met, the instrument is classified as a financial liability.

Where an instrument takes the legal form of shares in Group companies, the amounts presented in these financial statements
for equity exclude amounts in relation to those shares.

Where a financial instrument that contains both equity and financial liability components exists these components are separated
and accounted for individually under the above policy. The finance cost on the financial liability component is correspondingly
higher over the life of the instrument.

Segmental Reporting
An operating segment is a component of the Group that engages in business activities for which it may earn revenue and incur
expenses. Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating
Decision-Maker. The Chief Operating Decision-Maker, who is responsible for allocating resources and assessing performance of
the operating segments, has been identified as the Chief Executive.
62




     Notes to the Consolidated Financial Statements
     For the Year ended 31 March 2010


     1. Segmental Analysis
        NTR plc builds and runs green energy and resource sustaining businesses. The Group has identified 5 reportable segments
        comprising Waste, Wind, Solar, Corn-based Ethanol and Other Operations. No operating segments have been aggregated
        for reporting purposes.

        The principal factors employed in the identification of the 5 reportable segments include the Group’s organisation structure,
        the nature of the reporting lines to the Chief Operating Decision-Maker (as defined in IFRS 8 OperatingSegments), the
        structure of internal reporting documentation such as management accounts and budgets, and the degree of homogeneity
        of products, services and geographic areas within each of the segments from which revenue is derived.

        The Chief Operating Decision-Maker monitors the operating results of segments separately in order to allocate resources
        between segments and to assess performance. Segmental performance is predominantly evaluated based on operating
        profit. As performance is also evaluated using operating profit before depreciation and amortisation (EBITDA), supplemental
        information based on EBITDA is also provided below. Given that net finance costs and income tax are managed on a
        centralised basis, these items are not allocated between operating segments for the purposes of the information presented
        to the Chief Operating Decision-Maker and are accordingly omitted from the detailed segmental analysis below.
                                              Waste                      Wind                      Solar             Corn Based Ethanol       Other Operations              TOTAL
                                       2010            2009       2010           2009       2010            2009      2010         2009      2010         2009       2010            2009
                                      €’000           €’000      €’000          €’000      €’000           €’000     €’000        €’000     €’000        €’000      €’000           €’000


Segment revenue from
continuing operations              228,647 263,907               586            412         18                -          -    13,954      15,480     31,206      244,731 309,479
Share of profit/(loss) of equity
accounted investees                      -               -          -              -          -               -    13,356      (4,131)         3      2,118       13,359       (2,013)
Segmental earnings from
continuing operations before
interest, tax, depreciation,
amortisation, share based
                                                                                                                                                                                            Reportable Segment Information

                                                                                                                                                                                            discontinued operations, see note 4.
payments expenses and
                                                                                                                                                                                                                                                                                                                              1. Segmental Analysis (continued)




impairment charges                  30,782      35,517        (10,038)      (6,752)     (64,219)     (31,183)      13,356      (7,193)    (2,563)    22,611      (32,682)     13,000
Depreciation -
continuing operations               31,144      26,614           498            268        955             115           -        549       279          375      32,876      27,921
Amortisation -
continuing operations               13,838      13,917           642            553           -               -          -           -         -            -     14,480      14,470
Interest income -
continuing operations                 106             179         49            136         24             357           -         64        28           60        207             796
Interest expense -
continuing operations               (7,325) (8,238) (2,051)     (9)      -                              (38)      -           (2,592)      -              -    (9,376) (10,877)
Reportable segment assets          536,843 585,389 294,877 126,302 116,536                          200,583 109,459           94,956  70,000         70,686 1,127,715 1,077,916
Reportable segment liabilities     251,419 226,301 140,357   3,649  53,155                           52,932       -                - 113,232        109,988 558,163 392,870
Acquisition of property,
plant & equipment and
intangible assets                   22,169      47,576 165,557             36,491       12,239             774           -    38,985       1,135         270     201,100 124,096
                                                                                                                                                                                            The information provided below deals only with the results, assets and liabilities of continuing operations. For information on
                                                                                                                                                                                                                                                                                                                                                                  NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010
                                                                                                                                                                                                                                                                                                                                                                  63
64




     Notes to the Consolidated Financial Statements
     For the Year ended 31 March 2010 (continued)


     1. Segmental Analysis (continued)
        Reconciliations of reportable segment revenues, profit or loss, assets and liabilities and other material items
                                                                                                            2010           2009
                                                                                                           €’000          €’000
        Loss before tax
        Segmental earnings from continuing operations before interest, tax,
        depreciation, amortisation, share based payments expenses, and impairment charges              (32,682)      13,000
        Unallocated centre costs                                                                       (14,801)     (15,179)
        Share based payments expense                                                                   (16,501)     (21,851)
        Depreciation                                                                                   (33,195)     (28,177)
        Amortisation                                                                                   (14,480)     (14,470)
        Impairment of property, plant and equipment                                                      (4,311)       (500)
        Impairment of goodwill - continuing operations                                                 (59,034)        (232)
        Impairment of intangible assets                                                                (84,561)        (226)
        Fair value movement in investment property                                                         (902)       (603)
        Finance income                                                                                    7,263      42,696
        Finance costs                                                                                  (13,991)     (15,905)
        LOSS BEFORE TAX - CONTINUING OPERATIONS                                                       (267,195)     (41,447)

        Depreciation
        Reportable segment total                                                                        32,876       27,921
        Discontinued operations                                                                          9,648        9,091
        Centre costs                                                                                       319          256
                                                                                                        42,843       37,268

        Amortisation
        Reportable segment total                                                                        14,480       14,470
        Discontinued operations                                                                          5,051        5,190
                                                                                                        19,531       19,660

        Impairment of goodwill
        Reportable segment total                                                                        59,034            232
        Discontinued operations                                                                         39,424              -
                                                                                                        98,458            232

        Interest income
        Reportable segment total                                                                           207          796
        Discontinued operations                                                                             11           33
        Centre interest income                                                                           2,436       15,776
                                                                                                         2,654       16,605

        Interest expense
        Reportable segment total                                                                         (9,376)    (10,877)
        Discontinued operations                                                                          (2,456)      (4,051)
        Centre interest expense                                                                              (26)         (15)
                                                                                                        (11,858)    (14,943)

        Assets
        Total assets for reportable segments                                                         1,127,715 1,077,916
        Corporate cash                                                                                  60,289   170,678
        Escrow                                                                                          12,877    63,274
        Discontinued operations                                                                        171,399   190,470
        Other unallocated amounts                                                                        3,748    10,105
        TOTAL ASSETS                                                                                 1,376,028 1,512,443

        Liabilities
        Total liabilities for reportable segments                                                      558,163      392,870
        Corporate provisions                                                                            35,724       32,220
        Discontinued operations                                                                         81,944       79,738
        Other unallocated amounts                                                                       20,112       33,778
        TOTAL LIABILITIES                                                                              695,943      538,606
                                                                                   NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010   65




1. Segmental Analysis (continued)
                                                                                                           2010         2009
                                                                                                          €’000        €’000


   Acquisition of property, plant & equipment and intangible assets
   Total for reportable segments                                                                     201,100       124,096
   Discontinued operations                                                                            16,823         7,758
   Other unallocated amounts                                                                             325           228
   TOTAL CAPITAL EXPENDITURE                                                                         218,248       132,082


   Geographical Information
   In presenting information on the basis of geographical segments, segment revenue is based on the geographical location of
   operations. Segment assets are based on the geographical location of the assets.
                                                                                                           2010         2009
                                                                                                          €’000        €’000
   Revenues - continuing operations

   Ireland                                                                                           123,664       166,483
   United States of America                                                                          121,067       142,996
                                                                                                     244,731       309,479

   Non-current assets - continuing operations

   Ireland                                                                                           319,152       336,777
   United States of America                                                                          716,342       631,134
   United Kingdom                                                                                      2,156       153,385
                                                                                                   1,037,650 1,121,296


2. Statutory and Other Information
                                                                                                       31 March     31 March
                                                                                                            2010         2009
                                                                                                           €’000        €’000


   Directors’ emoluments
   - fees                                                                                                 291           326
   - salaries and bonuses                                                                                 975         1,643
   - pension contributions                                                                                244           451
   - death & disability plan premia                                                                        20            22
   - share based payments fair value charge                                                             5,030         4,479
   - other                                                                                                 94           126
                                                                                                        6,654         7,047

   Auditor’s remuneration
   - audit and audit related                                                                            2,754        2,306
   - other                                                                                              1,346        1,075
   Depreciation of property, plant and equipment                                                       42,843       37,268
   Impairment of property, plant and equipment                                                          4,311          500
   Impairment of goodwill
   - continuing operations                                                                             59,034          232
   - discontinued operations                                                                           39,424            -
   Impairment of intangible assets                                                                     84,561          226
   Fair value movement in investment property                                                             902          603
   Amortisation of intangible assets                                                                   19,531       19,660
   Research and development expenses                                                                   12,818        3,712
   Operating lease rentals
   - premises                                                                                          10,212         7,009
   - other, principally plant                                                                           7,692         6,284

   During the year, the Company purchased 446,343 shares at a price of €6.65 per share from Michael King, a former
   executive director of the Company.
66




     Notes to the Consolidated Financial Statements
     For the Year ended 31 March 2010 (continued)


     3. Other Operating Income, net
                                                                                                              31 March     31 March
                                                                                                                   2010         2009
                                                                                                                  €’000        €’000


        (Loss)/gain on disposal of property, plant and equipment                                                 (195)        595
        Gain on disposal of subsidiaries                                                                          175       3,357
        Net proceeds on sale of Bent Tree                                                                           -       1,743
        Amortisation of government grants                                                                          22          70
        Government grants received                                                                                146          63
        Government grants receivable                                                                            5,191           -
        Release of provisions                                                                                       -       1,221
        Rental income                                                                                             139          38
        Other                                                                                                     120        (124)
                                                                                                                5,598       6,963

        Continuing operations                                                                                   5,448       6,833
        Discontinued operations                                                                                   150         130
                                                                                                                5,598       6,963

        •   On 14 August 2009, the Group sold its subsidiary EKEZ, S.R.O. to M-Wind S.á.r.l., resulting in a profit on disposal
            of €58,000.
        •   On 30 April 2009, the Group sold its subsidiary Greenstar (NWS) Limited, resulting in a profit of €117,000.
        •   The Group’s solar division qualified for a US$7 million (€5.2 million) grant from the US Department of Treasury in
            respect of 30% of the qualifying costs of the Maricopa solar farm project. This was received in June 2010. This grant
            may become repayable in certain circumstances.
        •   Other plant and equipment was disposed of, resulting in a loss of €195,000.

        During the year ended 31 March 2009, the Group made disposals as follows:
        •    On 20 June 2008, the Group sold its Eazypass Limited subsidiary to Easytrip Services Ireland Limited, resulting in a
             profit on disposal of €3,357,000.
        •    In the Wind Capital Ventures LLC Shareholder Agreement of 12 June 2008, it was provided that certain of the
             principals of Wind Capital Ventures would be assisted in the completion of the sale of their interests in the Bent Tree
             Wind Farm to Alliant Energy. Certain Wind Capital Ventures employees spent time and incurred costs in finalising this
             transaction which represented expenses to Wind Capital Ventures for the period. In consideration of these outgoings,
             the Group was entitled to 10% of the net proceeds from this sale which amounted to US$2.3 million (€1.7 million).
        •    Other plant and equipment was disposed of, resulting in a profit of €595,000.


     4. Discontinued Operations
        During the year, the directors decided to sell its UK based sustainable waste management business, Greenstar UK. On
        8 June 2010, an agreement was reached with Montagu Private Equity and Global Infrastructure Partners, the controlling
        shareholders of Biffa, for the sale of Greenstar UK.

        As sustainable waste management operations will be discontinued in the UK by the Group upon conclusion of the sale of
        Greenstar UK, the operations of Greenstar UK have been classified as discontinued in the Consolidated Income Statement
        and its assets and liabilities have been classified as held for sale on the Consolidated Balance Sheet. The operations of
        Greenstar UK were not discontinued operations or classified as held for sale at 31 March 2009. Accordingly, the 2009
        comparative Consolidated Income Statement has been re-stated to show the discontinued operations separately from
        continuing operations.
                                                                                       NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010   67




4. Discontinued Operations (continued)
                                                                                                           31 March     31 March
                                                                                                                2010         2009
   Results of discontinued operations – Greenstar UK                                                           €’000        €’000


   Revenue                                                                                                172,626       176,150
   Expenses                                                                                              (178,102)     (184,350)
   Results from operating activities, before financing costs                                                (5,476)      (8,200)
   Finance income                                                                                               11           33
   Finance costs                                                                                            (2,590)      (3,752)
   Operating loss                                                                                           (8,055)     (11,919)
   Income tax                                                                                                4,898        3,822
   Results from operating activities, net of income tax                                                    (3,157)       (8,097)
   Impairment of goodwill                                                                                 (39,424)            -
   Loss for the year arising in respect of Greenstar UK                                                   (42,581)       (8,097)

   Adjustment arising in respect of previous discontinued operations                                        7,000              -
   Loss for the year                                                                                      (35,581)       (8,097)

   Attributable to:
   Equity holders of the parent                                                                           (35,208)       (7,806)
   Minority interest                                                                                         (373)         (291)
   Loss for the year                                                                                      (35,581)       (8,097)
   Basic earnings (loss) per share (cent)                                                                    (17.5)         (3.7)
   Diluted earnings (loss) per share (cent)                                                                  (17.5)         (3.7)

   Previously recognised foreign currency losses of €28.2 million, which arose on the translation of the Sterling denominated
   assets of Greenstar UK and which have been recognised in the translation reserve, will be recycled to the Income
   Statement on completion of the disposal transaction in August 2010, together with any further exchange gains or losses
   arising on the translation of these assets in the period from 1 April 2010 to the date of disposal. This will have no further
   impact on Equity Attributable to Shareholders.

   Cash flows from/(used in) discontinued operations
   Net cash from operating activities                                                                      14,930         2,543
   Net cash used in investing activities                                                                  (16,825)      (13,430)
   Net cash from financing activities                                                                       (6,555)     (13,037)
   Net cash from discontinued operations                                                                    (8,450)     (23,924)


   Effect of classification of disposal group on the financial position of the Group
                                                                                                                           €’000


   Property, plant and equipment                                                                                         62,338
   Goodwill                                                                                                              83,811
   Intangible assets                                                                                                     15,521
   Deferred tax assets                                                                                                     8,327
   Inventories                                                                                                             1,592
   Trade and other receivables                                                                                           35,065
   Cash and cash equivalents                                                                                               4,169
   Interest-bearing loans and borrowings                                                                                (43,889)
   Bank overdrafts                                                                                                        (1,622)
   Deferred tax liabilities                                                                                               (4,127)
   Trade and other payables                                                                                             (32,306)
   Net Assets                                                                                                          128,879
   Groups share of net assets & liabilities, after minority interest                                                   129,195
   Fair value of net assets less costs to sell                                                                          (89,771)
   Impairment loss recognised against goodwill                                                                          39,424
68




     Notes to the Consolidated Financial Statements
     For the Year ended 31 March 2010 (continued)


     5. Directors’ Emoluments and Transactions with Key Management Personnel
        Directors’ emoluments for the year ended 31 March 2010 were as follows:
                                                                                                                     Total emoluments
                                                                                             Death &
                                              Directors’                                    Disability              31 Mar      31 Mar
                                                   Fees     Salary     Bonus     Pension   Premiums      Benefits     2010        2009
                                                  €’000      €’000      €’000      €’000        €’000      €’000     €’000       €’000


        Executive
        J. Barry                                      -      612           -       153            12         46      823         809
        M. King                                       -        -           -         -             -          -        -         944
        M. Walsh                                      -      363           -        91             8         48      510         489

        Non - executive
        T. Roche                                   80           -          -           -            -          -      80         100
        B. Kearney                                105           -          -           -            -          -     105          79
        C. Nash                                    59           -          -           -            -          -      59          69
        D. Tierney                                 47           -          -           -            -          -      47          78
        Total                                     291        975           -       244            20         94     1,624      2,568


        In addition to the above, there were income statement charges in respect of share based awards under the Group’s
        Executive Share Award Scheme to certain Directors of €5,030,000 (2009: €4,479,000). This non-cash charge is based on
        the fair value of the potential awards calculated at the time they were granted in 2008 as further described in note 33.

        Directors’ interests in shares and share options are detailed in the Directors’ Report.

        Other transactions with Directors
        There were no loans outstanding to any director at any time during the year. Details of directors’ interests in share awards
        and share options are set out on page 32. Other related party transactions between the Group and the Directors, all of
        which were conducted at arm’s length at normal commercial terms, are set out below.

        Related party transactions with Directors
        There were no related party transactions with Directors in either the years ended 31 March 2010 or 31 March 2009.
                                                                                    NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010   69




6. Employment
  The average number of people employed during the period was as follows:

                                                                                                        31 March     31 March
                                                                                                            2010         2009


  Operations                                                                                             2,794         2,715
  Marketing and administration                                                                             671           659
                                                                                                         3,465         3,374
                                                                                                        31 March     31 March
                                                                                                             2010         2009
                                                                                                            €’000        €’000


  The aggregate remuneration costs of employees were:
  Wages and salaries                                                                                  123,286       122,350
  Social welfare costs                                                                                 10,705        13,722
  Share based payments expense                                                                         17,202        21,940
  Pension costs                                                                                         3,184         4,073
  Termination payments                                                                                  4,603         1,853
  Death & disability plan premia                                                                          579           505
   Total employee benefit cost                                                                        159,559       164,443
   Remuneration capitalised                                                                             (3,494)       (2,075)

   Charge to income statement                                                                         156,065       162,368

   Continuing operations                                                                              101,112       108,724
   Discontinued operations                                                                             54,953        53,644
                                                                                                      156,065       162,368

   Key management
   The aggregate emoluments of key management personnel were:
                                                                                                        31 March     31 March
                                                                                                             2010         2009
                                                                                                            €’000        €’000


  Salaries and bonuses                                                                                  11,240        8,342
  Pension contributions                                                                                    981          948
  Death & disability plan premia                                                                           182          143
  Share based payments expense                                                                          11,210       12,652
  Other                                                                                                    790          310
   Total employee benefit cost                                                                          24,403       22,395

   42 (2009: 36) people are deemed to be key management personnel of the Group.

   Related party transactions:
   a) Bank of Scotland owns 23.1% of Celtic Utilities Limited. During the year, the charge for services supplied to the Group
       by this company in the normal course of business amounted to €19,000 (2009: €19,000) of which €5,000 (2009: € Nil)
       was outstanding at the year end.
   b) Solar Pioneers holds a 43.2% interest in Stirling Energy Systems. It is provided in the shareholder agreement that
       loans of US$2.5 million be made to Solar Pioneers. At 31 March 2010, US$850,000 had been advanced under this
       agreement and remained outstanding at that date. This loan is repayable if a liquidity event occurs.
   c) D. Bruce Osborne was a director of SES Limited until 2 November 2009. Between 1 April and 2 November 2009, he
       received US$307,287 in respect of consulting services provided to the company in the normal course of business.
   d) Wind Capital Group has a loan note payable of US$1.3 million to Tom Carnahan, CEO, and Dean Baumgardner, EVP –
       Construction & Technical Services, related to additional acquisition costs. These monies were repaid in June 2010.
   e) In the Wind Capital Ventures LLC Shareholder Agreement of 12 June 2010, it was provided that certain of the principals
       of Wind Capital Ventures would be assisted in the completion of the sale of their interests in the Bent Tree Wind Farm
       to Alliant Energy. Certain Wind Capital Ventures employees spent time and incurred costs in finalising this transaction
       which represented expenses to Wind Capital Ventures for the period. In consideration of these outgoings, the Group was
       entitled to 10% of the net proceeds from this sale and these monies had been received by the year end.
70




     Notes to the Consolidated Financial Statements
     For the Year ended 31 March 2010 (continued)


     7. Finance Costs and Finance Income
                                                                                                               31 March    31 March
                                                                                                                    2010        2009
                                                                                                                   €’000       €’000
        Recognised in Income Statement

        Finance costs
        Interest expense on financial liabilities measured at amortised cost
        - On loans repayable within 5 years                                                                     6,330       9,186
        - On loans repayable after 5 years                                                                      1,597       2,586
        - On promissory notes                                                                                     162         722
        - Interest on finance leases                                                                            2,439       1,689
        Net changes in fair value of cashflow hedges transferred from equity                                      929           -
        Unwind of discount on site restoration and aftercare provision                                            870         760
        Unwind of discount on deferred purchase consideration                                                     460           -
        Foreign exchange loss                                                                                   5,747       7,647
        Ineffective portion of changes in fair value of cash flow hedges                                           72           -
                                                                                                               18,606      22,590
        Finance costs capitalised                                                                               (2,025)     (2,933)
                                                                                                               16,581      19,657

        Continuing operations                                                                                  13,991      15,905
        Discontinued operations                                                                                 2,590       3,752
                                                                                                               16,581      19,657

        Finance income
        Interest income                                                                                         2,654      16,605
        Foreign exchange gain                                                                                   4,620      25,792
        Net changes in fair value of cashflow hedges transferred from equity                                        -         332
                                                                                                                7,274      42,729

        Continuing operations                                                                                   7,263      42,696
        Discontinued operations                                                                                    11          33
                                                                                                                7,274      42,729

        Net financing (costs)/income recognised in profit or loss
        Continuing operations                                                                                   (6,728)    26,791
        Discontinued operations                                                                                 (2,579)     (3,719)
                                                                                                                (9,307)    23,072

        Recognised in other comprehensive income
        Foreign currency translation differences for foreign operations                                         (1,326)    70,030
        Effective portion of changes in fair value of cash flow interest rate hedges                            (2,693)     (1,821)
        Net change in fair value of cash flow interest rate hedge reserve transferred to profit or loss            929        (332)
        Income tax on finance income and finance costs recognised in other comprehensive income                    (19)        268
        Finance (expense)/income recognised in other comprehensive income, net of tax                           (3,109)    68,145

        The average interest rate in respect of finance costs capitalised during the year was 4% (2009: 6%).
                                                                                        NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010   71




8. Income Tax Expense
   (a) Tax expense recognised in the Income Statement
                                                                                                            31 March     31 March
                                                                                                                 2010         2009
                                                                                                                €’000        €’000


       Irish current corporation tax                                                                         2,993         6,360
       Overseas current corporation tax                                                                        212           350
       (Over)/under provision in respect of prior year                                                          (34)         785
       Total current tax charge                                                                              3,171         7,495
       Deferred tax credit (note 29)                                                                       (25,309)      (15,226)
       Total tax on loss for the year                                                                      (22,138)       (7,731)

       Income tax credit on continuing operations                                                          (17,240)       (3,909)
       Income tax credit on discontinued operations                                                         (4,898)       (3,822)
       Total tax on continuing and discontinued operations                                                 (22,138)       (7,731)

   (b) Reconciliation of effective tax rate
                                                                                                            31 March     31 March
                                                                                                                 2010         2009
                                                                                                                €’000        €’000


       Loss on continuing operations                                                                      (267,195)      (41,447)
       Loss on discontinued operations, before tax                                                         (40,479)      (11,919)
       Adjust for: share of joint ventures’ and associates’ profit/(loss)                                  (13,359)        2,013
       Group loss excluding joint ventures and associates                                                 (321,033)      (51,353)

       Tax on Group loss for the year at standard Irish corporation tax rate of 12.5%                      (40,129)       (6,419)

       Effects of:
       Expenses not deductible for tax purposes                                                             12,492          2,250
       Other income not taxable                                                                              (2,935)       (3,586)
       Gain on sale of subsidiary                                                                                (22)        (420)
       Income taxed at different rates in Ireland                                                                  9        1,397
       Losses not recognised                                                                                26,273        17,512
       Tax rates in foreign jurisdictions                                                                  (17,792)      (19,250)
       (Over)/under provision in respect of prior year                                                           (34)         785
       Total income tax credit for year                                                                    (22,138)        (7,731)

       Deferred tax (credit)/expense recognised directly in other comprehensive income:
       Derivative financial instruments                                                                          (71)        223

       No significant changes are expected to statutory tax rates in the future.
72




     Notes to the Consolidated Financial Statements
     For the Year ended 31 March 2010 (continued)


     9. Dividends Paid on Ordinary Shares
                                                                                                                31 March        31 March
                                                                                                                    2010            2009
                                                                                                                   €’000           €’000


         Ordinary Shares:
         Final dividend of 4.94 cent (2009 – 3.95 cent)                                                         10,020           7,868
         Interim dividend of 2.28 cent (2009 – 2.28 cent)                                                        4,605           4,548
                                                                                                                14,625          12,416
         Less: dividends on own shares                                                                              (14)             (6)
                                                                                                                14,611          12,410

         It is intended that a final dividend in respect of the financial year ended 31 March 2010 in the amount of 4.94 cent per share
         will be proposed by the Directors, for approval by the shareholders at the Company’s Annual General Meeting, to be held
         on 8 December 2010. The record date is 26 November 2010. The payment date is 15 December 2010.

     10. Earnings per Share – Group
                                                                                                           31 March             31 March
                                                                                                               2010                 2009


         Profit attributable to equity shareholders
         Loss from continuing operations (€’000)                                                         (175,388)             (14,555)
         Loss from discontinued operations (€’000)                                                        (35,208)               (7,806)
         Total loss attributable to equity shareholders of the Company (€’000)                           (210,596)             (22,361)

        Thebasicweightedaveragenumberofordinarysharesinissueiscalculatedasfollows:
         In issue at beginning of year                                                               199,090,268       233,154,192
         Adjustments for
         - shares issued during year                                                                    3,013,638            3,528,342
         - shares redeemed during year                                                                   (508,108)         (22,719,394)
         - own shares held                                                                               (308,745)              (85,090)
         Weighted average number of ordinary shares                                                  201,287,053       213,878,050

         Basic earnings per share (cent)
         - continuing operations                                                                             (87.1)                (6.8)
         - discontinued operations                                                                           (17.5)                (3.7)
                                                                                                            (104.6)               (10.5)

        Theweightedaveragenumberofordinarysharesfordilutedearningspershareiscalculatedasfollows:
         Basic weighted average number of shares in issue during year                                201,287,053       213,878,050
         Adjustments for share schemes                                                                   727,290         1,090,386
         Weighted average number of ordinary shares                                                  202,014,343       214,968,436

         Share options and share awards which could potentially dilute basic earnings per share in the future have not been included
         in the calculation of diluted earnings per share in 2010 as they are anti-dilutive for the period as a result of the losses
         incurred.

         Fully diluted earnings per share (cent)
         - continuing operations                                                                             (87.1)                (6.8)
         - discontinued operations                                                                           (17.5)                (3.7)
                                                                                                            (104.6)               (10.5)

         The average market value of the Company’s shares for the purposes of calculating the dilutive effect of share options and
         share awards was based on average market prices for the period of the year that the options were outstanding.
                                                                                                           NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010    73




11. Property, Plant and Equipment
                                                                                              Operating          Other
                                       Freehold    Leasehold       Assets in      Assets in     Landfill       Plant &   Fixtures &    Transport
                                       Premises Improvements    Development    Construction     Assets      Equipment       Fittings      Assets      Total
                                          €’000         €’000          €’000          €’000       €’000          €’000         €’000       €’000      €’000



   Cost
   Balance at 1 April 2008            85,131        5,491        14,783         10,523 132,376 178,775                   3,220         27,370 457,669
   Acquisitions through
   business combinations               6,095           136       19,615 145,498                       -      3,673             56       1,123 176,196
   Adjustments to fair value
   of prior year acquisitions              -            -               -        -                  -   (1,046)               -            (17) (1,063)
   Other acquisitions                    872        1,025        37,382 74,664                20,913 18,370                649          7,664 161,539
   Transfers                           5,756        1,800         (7,671) (125,181)            (3,991) 125,957           1,038          2,292        -
   Transfer to intangible assets           -            -             (70)       -                  -       (49)            (27)             -    (146)
   Transfer to trade
   and other receivables                     -             -              -              -    (3,809)               -             -           -    (3,809)
   Transfer to provisions                    -             -              -              -     1,274                -             -           -     1,274
   Arising on merger of VBV LLC
   with GPRE Inc                      (2,873)       (2,912)             - (109,928)                   - (106,751)              -            - (222,464)
   Disposal of subsidiaries                -             -              -     (799)                   -    (6,144)             -            -    (6,943)
   Other disposals                    (8,346)            -           (299)      (44)                  - (50,229)            (963)      (1,413) (61,294)
   Effect of movements in
   foreign exchange rates              1,769               9       6,343        15,551                -     12,870              (4)    (2,995)     33,543


   Balance at 1 April 2009            88,404        5,549        70,083         10,284 146,763 175,426                   3,969         34,024 534,502

   Acquisitions through
   business combinations               5,473            -       -        -                          -   4,277               112    2,193 12,055
   Other acquisitions                    532        2,048 29,271 171,057                      11,885 13,324               1,263    5,603 234,983
   Transfers                              61          281 (50,504) 39,508                      (5,486)  9,787             6,360         (7)      -
   Transfer to intangible assets           -            -       -      (73)                         -        -                 -         -     (73)
   Transfer to assets held for sale   (4,571)      (2,929)      - (11,613)                          - (37,135)           (1,349) (27,357) (84,954)
   Disposal of subsidiaries                -            -       -        -                          -      (99)              (11)     (26)   (136)
   Other disposals                         -       (1,401) (1,946)     (29)                         - (10,397)             (890) (2,664) (17,327)
   Effect of movements in
   foreign exchange rates               (146)          162        (1,954)         9,862               -      1,268          116           970      10,278
   Balance at 31 March 2010           89,753        3,710        44,950 218,996 153,162 156,451                          9,570         12,736 689,328
74




     Notes to the Consolidated Financial Statements
     For the Year ended 31 March 2010 (continued)


     11. Property, Plant and Equipment (continued)
                                                                                                Operating         Other
                                         Freehold    Leasehold       Assets in      Assets in     Landfill      Plant &   Fixtures &    Transport
                                         Premises Improvements    Development    Construction     Assets     Equipment       Fittings      Assets    Total
                                            €’000         €’000          €’000          €’000       €’000         €’000         €’000       €’000    €’000




        Depreciation and impairment losses
        Balance at 1 April 2008         11,513        1,961          3,947                 -    62,382 103,741            1,648          6,849 192,041
        Depreciation charge for the year 1,123          470            337                 -    11,099 17,597               631          6,011 37,268
        Impairment losses                     -           -            500                 -         -         -               -             -     500
        Transfers                             1        (829)             -                 -     1,416   (1,401)            736             77        -
        Transfer to intangible assets         -           -              -                 -         -       (36)            (10)            -      (46)
        Arising on merger of VBV LLC
        with GPRE Inc                         -             (5)           -                -            -        (414)          -            -      (419)
        Disposal of subsidiaries              -              -            -                -            -      (2,216)          -            -    (2,216)
        Other disposals                  (8,346)             -         (299)               -            -    (49,874)        (821)      (1,089) (60,429)
        Effect of movements in
        foreign exchange rates               48           (64)              -              -            -         (68)          47        (617)     (654)


        Balance at 1 April 2009          4,339        1,533          4,485                 -    74,897       67,329       2,231         11,231 166,045

        Depreciation charge for the year 1,488           750              -                -    12,432 20,529             1,579          6,065 42,843
        Impairment losses                     -            -         4,311                 -          -         -              -               -  4,311
        Transfers                            13           26            (16)               -     (4,336)     133          4,187               (7)     -
        Transfer to assets held for sale  (172)         (700)             -                -          -   (8,841)          (478)        (8,684) (18,875)
        Disposal of subsidiaries              -            -              -                -          -       (77)            (8)           (24)   (109)
        Other disposals                     (37)        (261)       (1,946)                -          - (10,098)           (716)        (2,342) (15,400)
        Effect of movements in
        foreign exchange rates               24            41              9               -            -        572            24         264      934
        Balance at 31 March 2010         5,655        1,389          6,843                 -    82,993       69,547       6,819          6,503 179,749
        Carrying amounts
        At 1 April 2009                 84,065        4,016        65,598         10,284        71,866 108,097            1,738         22,793 368,457
        At 31 March 2010                84,098        2,321        38,107 218,996               70,169       86,904       2,751          6,233 509,579
                                                                                       NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010   75




11. Property, Plant and Equipment (continued)
   During the year ended 31 March 2010, €4,311,000 (2009: €500,000) was impaired. This impairment charge related
   to costs capitalised for projects that ultimately will not be completed. The Directors do not consider there to be any
   impairment in respect of the remaining carrying value of assets in development and construction at 31 March 2010, which
   are not depreciated, based on expected future outturn in respect of these assets and the related projects.

   Included in the net book value of Other Plant and Equipment of the Group at 31 March 2010 is €1,100,000 (2009:
   €17,762,000) in respect of assets held under finance leases. Depreciation on those assets during the year amounted to
   €385,000 (2009: €2,535,000).

   Included in the net book value of Assets in Development of the Group at 31 March 2010 is €12,898,000 (2009:
   €53,111,000) in respect of wind farm turbine deposits. This amount has not been depreciated.

   Included in the net book value of Transport assets of the Group at 31 March 2010 is €749,000 (2009: €17,682,000) in
   respect of assets held under finance leases. Depreciation on those assets during the year amounted to €248,000 (2009:
   €4,490,000).

   The aggregate amount of interest capitalised and included in Property, Plant and Equipment is €6,012,000 (2009:
   €3,987,000), including €2,025,000 (2009: €2,933,000) capitalised during the period. The average interest rate in respect of
   interest capitalised during the period was 4%.

   The directors do not consider the remaining useful lives of property, plant and equipment to be materially different from the
   period over which the assets are being depreciated.

   Directive 2002/96/EC of the European Parliament and of the Council of 27 January 2003 on Waste Electrical and Electronic
   Equipment was introduced on 13 August 2005. The Group has adopted a comprehensive policy in Europe on collection,
   treatment, recovery, reuse and recycling of waste and does not believe that the introduction of this directive will have a
   material effect on the carrying cost of property, plant and equipment purchased prior to 13 August 2005. The cost of
   collection, treatment, recovery and recycling of property, plant and equipment purchased subsequent to 13 August 2005
   is financed through the payment of charges on acquisition. These charges are capitalised as part of the cost of the related
   asset and depreciated over the assets’ expected useful life.

   At 31 March 2010, assets with a net book value of €426,485,000 (2009: €195,431,000) are subject to registered debenture
   or legal charge to secure bank loans.
76




     Notes to the Consolidated Financial Statements
     For the Year ended 31 March 2010 (continued)


     12. Goodwill
                                                                                                                   31 March      31 March
                                                                                                                        2010          2009
                                                                                                                       €’000         €’000


        At start of year                                                                                          303,150       239,596
        Arising on new acquisitions (note 31)                                                                        6,802       52,955
        Arising on increased investment in existing subsidiaries                                                         -         2,312
        Arising on adjustments to fair values of prior year acquisitions                                            (1,254)        4,039
        Other additions                                                                                                179           331
        Transfer to assets held for sale                                                                           (44,387)            -
        Transfer to other financial assets                                                                               -          (624)
        Impairment                                                                                                 (98,458)         (232)
        Disposal of subsidiary                                                                                        (352)            -
        Other disposals                                                                                                  -        (4,230)
        Translation adjustment                                                                                       1,796         9,003
        At end of year                                                                                            167,476       303,150

        The net book value of goodwill capitalised under previous GAAP (Irish GAAP) as at the transition date to IFRS (1 January
        2004) has been treated as deemed cost. Goodwill arising on acquisition since that date has been capitalised at cost.

        The following cash generating units, being the lowest level of asset for which there are separately identifiable cash flows,
        have the following carrying amounts of goodwill:

                                                                                         Number                     Number
                                                                                          of cash    31 March        of cash     31 March
                                                                                       generating        2010     generating         2009
                                                                                             units    € million         units     € million


        Waste management                                                                      11       126.1               9      262.3
        Wind energy                                                                            1        38.2               1       37.7
        Solar energy                                                                           1         3.2               1        3.2
                                                                                                       167.5                      303.2

        Impairment testing for cash generating units containing goodwill and indefinite life intangible assets
        In accordance with accounting requirements, the Group performs annual testing for impairment of its cash generating units.
        The most recent tests were performed at 31 March 2010. An impairment loss is recognised for the amount, if any, by which
        an asset’s carrying amount exceeds its recoverable amount. The recoverable amount is based on the discounted present
        value of the future cash flows expected to arise from the cash generating unit or asset to which the goodwill relates.

        Goodwill acquired through business combinations has been allocated to cash-generating units (CGUs) for the purpose of
        impairment testing. The CGUs represent the lowest level within the Group at which the associated goodwill is monitored for
        management purposes and are not larger than the operating segments as determined in accordance with IFRS 8 Segment
        Reporting.

        Impairment testing has been carried out in respect of all non-current assets in all 13 CGUs including goodwill.

        Key assumptions factored into the cash flow forecasts include management’s estimates of future profitability, replacement
        capital expenditure requirements, trade working capital investment requirements and tax considerations. Forecasts are
        based on historical performance, where appropriate, together with management’s expectation of future trends affecting the
        industry sectors and other developments and initiatives in the industry. The duration of the discounted cash flow models and
        the discount rates applied to the cash flows are significant factors in determining the fair value of the cash-generating units
        and have been arrived at taking account of the Group’s financial position, its established history of earnings and cash flow
        generation across the business sectors in which it operates and its proven ability to pursue and integrate value-enhancing
        acquisitions. Sensitivity analysis is carried out on all budgets, forecasts and strategic plans used in the calculations.

        If different estimates of the projected cash flows, lower long term growth rates or higher discount rates were used, these changes
        could materially alter the discounted present value of future cash flows. No account has been taken of property revaluations. As a
        consequence, the recoverable value of goodwill could be materially different from the amount stated in the balance sheet.
                                                                                       NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010   77




12. Goodwill (continued)
   Waste Management
   Within the waste management division, goodwill has been allocated to 11 cash-generating units for the purposes of
   impairment testing based on the division into which the business acquired has been assimilated. The cash-generating units
   represent the lowest level at which the associated goodwill is monitored for internal management purposes.

   The recoverable amount of the identified cash-generating units was estimated based on value in use calculations. These
   calculations use cash flow projections based on actual operating results and financial budgets approved by management
   covering a five year period. A terminal value has been included based on normalised year five cash flows, a growth rate in
   perpetuity of 2.7% and an appropriate discount rate.

   The waste management division has experienced difficult trading conditions. These trading conditions, in particular
   commodity prices being at depressed levels, have contributed to poor financial performance in the year. While management
   anticipate a general market recovery and the stabilisation of commodity prices in the medium term, current projections
   regarding future operating cashflows in this division result in the recognition of an impairment loss in the year of
   €59,034,000.

   The disposal of Greenstar UK has given rise to an impairment charge of €39,424,000. The carrying amount of that CGU
   has been reduced to its recoverable amount based on the proposed consideration less costs to sell, from the sales
   transaction agreed on 8 June 2010 (see note 4).

   Wind Energy
   The recoverable amount of the Group’s wind energy division was estimated based on value in use calculations. These
   calculations use cash flow projections based on financial budgets, forecasts and strategic plans approved by management
   covering a five year period. Cash flow growth for the extrapolated period (following the initial five year period) is projected
   to be 1.5% per annum, which is consistent with management’s expectations for income growth. Cash flows for specific
   projects where a Power Purchase Agreement is in place were based upon these agreements. An appropriate discount rate
   has been used in discounting the projected cash flows. This discount rate is in line with that division’s estimated pre-tax
   weighted average cost of capital as at the date of impairment testing.

   Based on the review as described above, no impairment has arisen.

   Impairment Charges
   €39,424,000 of the impairment charges have been reflected in the loss from discontinued operations in the Consolidated
   Income Statement.

   €59,034,000 of the impairment charges have been reflected in administrative expenses in the Consolidated Income Statement.
78




     Notes to the Consolidated Financial Statements
     For the Year ended 31 March 2010 (continued)


     13. Intangible Assets
                                                                                              Develop-
                                                             Software Customer     Supplier      ment         Gas    Contract Intellectual
                                                               Assets     Lists       Lists     Assets    Reserves     Based     Property    TOTAL
                                                                 €’000    €’000      €’000       €’000       €’000      €’000        €’000    €’000


        Cost
        Balance at 1 April 2008                                5,755 70,302        1,137       8,127 30,169           4,777             - 120,267

        Additions
        - through business combinations                             -    9,203          -          -             -    9,899 136,368 155,470
        - adjustments to fair value of prior year acquisitions      -    2,038          -       (585)            -      186       -   1,639
        - other                                                2,771         -          -        265             -        -       -   3,036
        Disposals                                                   -     (182)         -     (6,581)            -        -       - (6,763)
        Transfer from property, plant and equipment              146         -          -          -             -        -       -     146
        Arising on merger of VBV LLC with GPRE, Inc.                -        -          -     (1,043)            -        -       - (1,043)
        Transfers                                                 (41)      41          -          -             -        -       -       -
        Effect of movements in foreign exchange rates              16    3,737       (165)        72             -    2,295 22,544 28,499
        Balance at 1 April 2009                                8,647 85,139           972        255 30,169 17,157 158,912 301,251

        Additions
        - through business combinations                             - 13,122            -           -            -        -           - 13,122
        - adjustments to fair value of prior year acquisitions      -       (56)        -           -            -       90           -       34
        - other                                                 2,006         -         -          57            -    3,009           -   5,072
        Transfer from property, plant and equipment                 -         -         -          73            -        -           -       73
        Transfer to assets held for resale                     (3,333) (23,981)    (1,017)          -            -        -           - (28,331)
        Disposal of subsidiaries                                    -       (87)        -           -            -        -           -      (87)
        Other disposals                                             -       (21)        -           -            -        -           -      (21)
        Effect of movements in foreign exchange rates             115      414         45           3            -     (135)     (2,016) (1,574)
                                                               7,435 74,530               -      388 30,169 20,121 156,896 289,539

        Amortisation and Impairment
        Balance at 1 April 2008                                1,931     6,594        341      6,581       3,000         580            - 19,027

        Amortisation charge for the year                       1,332 13,007           159          -       3,500      1,662             - 19,660
        Impairment charge                                           -      -             -       226           -          -             -    226
        Transfers                                                 (26)    26             -         -           -          -             -      -
        Transfer from property, plant & equipment                  46      -             -         -           -          -             -     46
        Disposals                                                   -  (182)             -    (6,581)          -          -             - (6,763)
        Effect of movements in foreign exchange rates             (94)   (89)          (78)       16           -        126             -   (119)
        Balance at 1 April 2009                                3,189 19,356           422        242       6,500      2,368              - 32,077

        Amortisation charge for the year                       1,785 11,841           213            -     3,800      1,892      - 19,531
        Impairment charge                                          -         -          -            -         -      1,854 82,707 84,561
        Transfer to assets held for resale                    (1,422) (10,735)       (653)           -         -          -      - (12,810)
        Disposal of subsidiaries                                   -       (26)         -            -         -          -      -      (26)
        Other disposals                                            -       (14)         -            -         -          -      -      (14)
        Effect of movements in foreign exchange rates             73      414          18           (3)        -         51      -     553
                                                               3,625 20,836               -      239 10,300           6,165 82,707 123,872
        Carrying Amounts
        At 1 April 2009                                        5,458 65,783           550          13 23,669 14,789 158,912 269,174
        At 31 March 2010                                       3,810 53,694               -      149 19,869 13,956 74,189 165,667
                                                                                       NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010   79




13. Intangible Assets (continued)
   Intellectual property is comprised of technical knowhow, extensive research and development, engineering capabilities and
   supply chain development, all connected with the SunCatcher solar dish system.

   The amortisation charge for the period has been charged to operating expenses in the income statement.
   •   Software assets are amortised over their useful lives of five years.
   •   Customer lists are amortised over their estimated useful lives of five to ten years.
   •   Supplier lists are amortised over their estimated useful lives of six years.
   •   Gas reserves are amortised in line with the rate of utilisation of the gas reserve.
   •   Contract based intangible assets are amortised over their useful lives of three to ten years.
   •   Intellectual property is amortised when development activities are substantially completed and the relevant assets
       commence operations.

   Impairment Testing
   Impairment testing was performed on all intangible asset categories above, in compliance with Group Accounting Policies.

   In response to the general economic environment and in particular the challenging funding climate, it is now anticipated
   that the commercial roll-out of the SunCatcher will take place over a longer timeframe than previously envisaged. As
   a consequence, an impairment charge has arisen on the Group’s intellectual property and contract based assets of
   €84,561,000. The net impact, after tax and minority interests, is a charge of €33,292,000.

   The prior year impairment charge of €226,000 arose due to the write-off of development costs associated with
   discontinued acquisition projects in the Group’s waste management division.


14. Investment Properties
                                                                                                           31 March     31 March
                                                                                                                2010         2009
                                                                                                               €’000        €’000


   At start of year                                                                                         2,802             -
   Transfer from assets held for resale                                                                         -         3,405
   Fair value movement                                                                                       (902)         (603)
   At end of year                                                                                           1,900         2,802

   Investment properties is comprised of land and a building located in Ireland, held for capital appreciation.

   The carrying amount of investment properties is the fair value of the property as determined by the Directors. In preparing
   the property valuation, the Directors consulted with a registered independent appraiser having an appropriate recognised
   professional qualification and recent experience in the location and category being valued. The Directors are of the opinion
   that the fair value which they have applied in their valuation is the amount at which the property should exchange between
   a willing buyer and seller in an arms’ length transaction which is consistent with market values as defined, inter alia, by
   the Royal Institute of Chartered Surveyors. Attention is drawn to the risks associated with the valuation of investment
   properties, particularly at the current time. Notwithstanding the increased level of uncertainty in property markets generally
   at present, the Directors are satisfied with the basis upon which the valuation has been prepared.

   The fair value movement recognised of €902,000 has been reflected in the income statement. A deferred tax asset of
   €151,000 was released during the year on investment properties.
80




     Notes to the Consolidated Financial Statements
     For the Year ended 31 March 2010 (continued)


     15. Investment in Joint Ventures and Associates
                                                                                                                   Joint
                                                                                                                Ventures   Associates
                                                                                                                   €’000        €’000


        Balance at 1 April 2008                                                                                45,086               -

        Acquisitions                                                                                                192        1,056
        Additional investment                                                                                      (205)     38,415
        Dividends paid                                                                                             (832)           -
        Profit/(loss) for the year                                                                                2,118       (4,131)
        Effects of movements in hedging reserve                                                                (16,071)            -
        Reclassification of net joint venture liabilities to provisions (note 24)                               17,684             -
        Arising on increase in investment in VBV LLC                                                           (32,427)            -
        Assets contributed by the Group upon merger of VBV LLC with GPRE Inc                                          -      59,616*
        Repayment of shareholder loan                                                                            (2,357)           -
        Balance at 1 April 2009                                                                                13,188        94,956

        Additional investment                                                                                    2,974          757
        Dividends paid                                                                                          (1,346)           -
        Profit for the year                                                                                          3       13,356
        Effects of movements in hedging reserve                                                                 (1,472)           -
        Reclassification of net joint venture liabilities to provisions (note 24)                                1,887            -
        Transfer to assets held for re-sale                                                                     (9,069)           -
        Repayment of shareholder loan                                                                           (2,250)           -
        Effect of movements in foreign exchange rates                                                             (455)         390
        Balance at 31 March 2010                                                                                 3,460     109,459

        Corn-Based Ethanol
        On 2 April 2008, the Group acquired the shareholding of the Virgin Group in Virgin Bioverda LLC (“VBV”) increasing
        the Group’s overall investment in VBV from 47.5% to 90%. On 15 October 2008, VBV was merged with Green Plains
        Renewable Energy, Inc. (“GPRE”). This was accounted for as a reverse acquisition i.e. VBV was considered the acquiring
        company and GPRE was considered the acquired company. As a result, GPRE assets and liabilities as of 15 October
        2008, the date of the merger, have been incorporated into VBV’s balance sheet based on the fair values of the net assets
        acquired, which equalled the consideration paid for the acquisition.

        A share placing of 6.3 million shares by GPRE to various retail and institutional shareholders took place during the year, in
        which the Group did not partake. The Group held 11,227,653 shares (a 35.82% interest) in the merged GPRE entity at 31
        March 2010.

        * The consolidated asset and liabilities of VBV LLC at the date of merger were as follows:
                                                                                                                                €’000


        Property, plant & equipment                                                                                         222,045
        Intangible assets                                                                                                       1,043
        Financial assets                                                                                                        2,343
        Inventories                                                                                                           11,217
        Trade and other receivables                                                                                           18,755
        Interest bearing loans and borrowings                                                                              (132,833)
        Provisions                                                                                                             (1,600)
        Trade and other payables                                                                                             (21,660)
        Cash & cash equivalents                                                                                                    12
        Net identifiable assets and liabilities                                                                              99,322
        Less minority share of net assets merged                                                                            (39,001)
                                                                                                                             60,321
        Translation reserve recycled to income statement                                                                       (845)
        Transaction costs capitalised                                                                                           140
        Group’s share of net assets merged                                                                                   59,616
                                                                                         NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010   81




15. Investment in Joint Ventures and Associates (continued)
   The Group’s share of its joint venture and associate assets and liabilities was as follows:

                                                                                         Joint Ventures                Associates
                                                                                  31 March        31 March     31 March      31 March
                                                                                       2010            2009         2010           2009
                                                                                      €’000           €’000        €’000          €’000


   Non-current assets                                                           163,862         197,286       159,184       165,168
   Current assets                                                                15,042          10,694        91,500        59,778
   Share of gross assets                                                        178,904         207,980       250,684       224,946
   Non-current liabilities                                                      (189,966)      (202,539)      (104,503)     (106,426)
   Current liabilities                                                             (5,049)        (9,937)       (45,708)      (31,949)
   Share of gross liabilities                                                   (195,015)      (212,476)      (150,211)     (138,375)
   Net investment in joint ventures (excluding goodwill)                         (16,111)         (4,496)     100,473         86,571
   Goodwill                                                                            -               -        8,986          8,385
                                                                                 (16,111)         (4,496)     109,459         94,956
   Exposure to joint venture liabilities reclassified to provisions               19,571         17,684             -              -
   Share of net assets                                                             3,460         13,188       109,459         94,956

   Impairment Testing
   The Green Plains Renewable Energy, Inc. (GPRE) share price at 31 March 2010 was US$14.27 per share. The Group holds
   11,227,653 ordinary shares in GPRE.

   The recoverable amount of the Group’s corn-based ethanol division was estimated based on value in use calculations.
   These calculations use cash flow projections based on financial budgets and forecasts. Cash flow growth for the
   extrapolated period of the expected useful life of an ethanol plant of 34 years is projected to be 2.7% per annum, which is
   consistent with management’s expectations for income growth. An appropriate discount rate has been used in discounting
   the projected cash flows. This discount rate is in line with that division’s estimated pre-tax weighted average cost of capital
   as at the date of impairment testing.

   Based on the review as described above, the directors are of the view that no impairment has arisen.


16. Other Financial Assets
                                                                                                               31 March       31 March
                                                                                                                    2010           2009
                                                                                                                   €’000          €’000


   Restricted cash                                                                                             16,475          4,232
   Investment in unquoted shares                                                                               40,216         37,147
   Fair value of derivative financial instruments (note 28)                                                       593             87
                                                                                                               57,284         41,466
82




     Notes to the Consolidated Financial Statements
     For the Year ended 31 March 2010 (continued)


     16. Other Financial Assets (continued)
        The movement during the year was as follows:

                                                                                                Restricted   Unquoted
                                                                                                     Cash      Shares      Escrow
                                                                                                     €’000      €’000        €’000


        Balance at 1 April 2008                                                                         -        180      55,573

        Arising on acquisition                                                                    8,002            -               -
        Other acquisitions                                                                            -          136               -
        Arising on merger of Irish Broadband Internet
        Services Limited with Imagine Communications Group                                             -     15,522            -
        Transfer from goodwill                                                                         -        624            -
        Additional investment in unquoted shares                                                       -     19,627            -
        Costs associated with additional investment in unquoted shares                                 -      1,224            -
        Airtricity sale escrow transferred to current financial assets                                 -          -      (56,067)
        Movement in restricted cash                                                               (2,598)         -            -
        Merger of VBV with GPRE                                                                   (2,343)         -            -
        Disposals                                                                                      -       (180)           -
        Effect of movements in foreign exchange rates                                              1,171         14          494
        Balance at 1 April 2009                                                                   4,232      37,147                -

        Additional investment in unquoted shares                                                      -        2,004               -
        Other acquisitions                                                                            -        1,211               -
        Movement in restricted cash                                                              11,718            -               -
        Disposals                                                                                     -         (150)              -
        Effect of movements in foreign exchange rates                                               525            4               -
        Balance at 31 March 2010                                                                 16,475      40,216                -

        Restricted cash is comprised of balances given as collateral for certain contracts.

        Investment in unquoted shares primarily comprises a 19.8% holding in Imagine Communications Group.

        In the opinion of the Directors, the carrying value of the Group’s investment in unquoted shares at 31 March 2010 is not
        less than its recoverable value.


     17. Inventories
                                                                                                             31 March     31 March
                                                                                                                  2010         2009
                                                                                                                 €’000        €’000


        Raw materials and consumables                                                                            206       1,650
        Work in progress                                                                                         221         364
        Finished goods for resale                                                                              3,008       2,814
                                                                                                               3,435       4,828

        There is no material difference between the carrying values of the Group’s inventories at 31 March 2010 and the fair value
        less costs to sell.
                                                                                      NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010   83




18. Trade and Other Receivables
                                                                                                          31 March     31 March
                                                                                                               2010         2009
                                                                                                              €’000        €’000


   Trade receivables                                                                                      39,825       56,463
   Unbilled debtors                                                                                        5,083        7,141
   Due from East Link Toll Scheme                                                                            143        2,128
   VAT recoverable                                                                                           300          147
   Loan to related party                                                                                     140        5,334
   Government grants receivable                                                                            5,191            -
   Other receivables and prepayments                                                                      10,205       15,799
                                                                                                          60,887       87,012

   Receivable within one year                                                                             60,519       86,212
   Receivable after more than one year                                                                       368          800
                                                                                                          60,887       87,012

   Trade receivables are shown net of allowances for doubtful debts of €2,291,000 (2009: €2,936,000).

   The impairment charge for trade receivables for the period was €1,917,000 (2009: €2,050,000).

   The government grant was received in full in June 2010. This grant may become repayable in certain circumstances.


19. Other Financial Assets
                                                                                                          31 March     31 March
                                                                                                               2010         2009
                                                                                                              €’000        €’000


   Restricted cash                                                                                         1,961        3,746
   Proceeds in Escrow due from sale of Airtricity Holdings Limited                                        12,877       63,274
   Fair value of derivative instruments (note 28)                                                              -          451
                                                                                                          14,838       67,471

   The movement during the year was as follows:
                                                                                                         Restricted
                                                                                                              Cash       Escrow
                                                                                                              €’000        €’000


   Balance at 1 April 2008                                                                                 1,922          474
   Airtricity sale escrow transferred from non-current financial assets                                        -       56,067
   Escrow related professional fees                                                                            -         (172)
   Additional escrow arising in year                                                                           -        2,659
   Movement in restricted cash                                                                             1,824            -
   Effect of movements in foreign exchange rates                                                               -        4,246
   Balance at 1 April 2009                                                                                  3,746       63,274
   Escrow received                                                                                              -      (49,703)
   Additional escrow arising in year                                                                            -           703
   Movement in restricted cash                                                                             (1,793)            -
   Effect of movements in foreign exchange rates                                                                8        (1,397)
   Balance at 31 March 2010                                                                                1,961       12,877

   Restricted cash is comprised of balances held in a debt service reserve and given as collateral for certain contracts.
84




     Notes to the Consolidated Financial Statements
     For the Year ended 31 March 2010 (continued)


     20. Cash and Cash Equivalents
                                                                         31 March     31 March
                                                                              2010         2009
                                                                             €’000        €’000


        Total cash and bank balances                                      83,086     240,264
        Less: restricted cash                                            (18,436)      (7,978)

         Cash and cash equivalents in the Group balance sheet             64,650     232,286
         Bank overdrafts                                                   (2,860)     (6,323)
                                                                          61,790     225,963
         Cash and cash equivalents included in assets held for sale       10,210           -
         Bank overdrafts included in liabilities held for sale            (1,622)          -
         Cash and cash equivalents in the Group statement of cashflows    70,378     225,963


     21. Assets/(Liabilities) Classified as Held for Sale
        Assets Classified as Held for Sale
                                                                         31 March     31 March
                                                                              2010         2009
                                                                             €’000        €’000


        Property, plant and equipment                                     66,181             -
        Goodwill                                                          44,387             -
        Trade and other receivables                                       38,873             -
        Intangible assets                                                 15,521             -
        Cash & cash equivalents                                           10,210             -
        Investment in joint ventures                                       9,069             -
        Deferred tax assets                                                8,345             -
        Inventories                                                        1,592             -
        Other                                                                758             -
                                                                         194,936             -

         The movement during the year was:
                                                                         31 March     31 March
                                                                              2010         2009
                                                                             €’000        €’000


        At start of year                                                        -            -
        Gross assets of subsidiaries transferred to assets
        classified as held for sale:

         - Relating to Greenstar UK                                      171,399             -
         - Relating to other subsidiaries                                 21,364             -

         Transfer from property, plant and equipment                       2,071             -
         Effect of movement in foreign exchange rates                        102             -
         At end of year                                                  194,936             -
                                                                                       NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010   85




21. Assets/(Liabilities) Classified as Held for Sale (continued)
   Liabilities Classified as Held for Sale
                                                                                                             31 March     31 March
                                                                                                                  2010       2009
                                                                                                                 €’000       €’000


   Interest bearing loans & borrowings                                                                        43,889             -
   Trade & other payables                                                                                     37,516             -
   Deferred tax liabilities                                                                                    4,127             -
   Bank overdrafts                                                                                             1,622             -
   Provisions                                                                                                  1,247             -
   Payable to joint ventures                                                                                   1,205             -
   Corporation tax payable                                                                                       151             -
                                                                                                              89,757             -

   The movement during the year was:
                                                                                                             31 March     31 March
                                                                                                                  2010       2009
                                                                                                                 €’000       €’000


   At start of year                                                                                                   -          -
   Gross liabilities of subsidiaries transferred to liabilities
   classified as held for sale:

   - Relating to Greenstar UK                                                                                 81,944             -
   - Relating to other subsidiaries                                                                            7,813             -
   At end of year                                                                                             89,757             -

   During the year, the Directors decided to sell the Group’s UK based sustainable waste management business, Greenstar
   UK. On 8 June 2010, an agreement was reached with Montagu Private Equity and Global Infrastructure Partners, the
   controlling shareholders of Biffa, for the sale of Greenstar UK. This sale was completed on 6 August 2010.

   During the year, the Directors decided to sell certain subsidiaries of its Roads division. At 31 March 2010, these subsidiaries
   were being actively marketed. In September 2010, an agreement was reached to sell a number of the Group’s Irish road
   assets. East-Link Limited, a wholly owned subsidiary of National Toll Roads Limited, together with NTR plc’s shareholding in
   CRG Dundalk, will be sold to DIF Infrastructure II, a Dutch based investment fund. National Toll Roads Limited’s Operation
   and Maintenance division will be sold to Egis Road Operation S.A., a subsidiary of Egis Projects S.A., an international
   developer of infrastructure projects and services. The portfolio includes National Toll Roads Limited’s shareholding in North-
   Link (Dundalk), South-Link (Waterford) and Mid-Link (Portlaoise). The transactions are subject to the necessary approvals.

   Certain properties in the Group’s waste management division are being marketed for sale.


22. Capital and Reserves
   Share Capital                                                    31 March 2010                    31 March 2009


                                                                     No. of shares                    No. of shares
                                                                  of €0.00125 each                 of €0.00125 each


   Authorised at 31 March 2010                                    320,000,000                      320,000,000

                                                                                          €’000                              €’000
   Issued:

   In issue at 1 April 2009                                       199,090,268              249     233,154,192               291
   Issued on foot of Staff Share Award Scheme                       3,603,405                4        4,135,336                 5
   Other shares issued                                                150,375                1                -                 -
   Issued for cash on exercise of share options                             -                -          720,000                 1
   Own shares redeemed under Share Redemption Offer                         -                -      (38,919,260)              (48)
   Own shares acquired pursuant to Special Resolution
   No. 2 passed by shareholders at the Company’s
   Extraordinary General Meeting on 26 June 2008                      (887,366)              (1)                 -               -
   In issue at 31 March 2010 – fully paid                         201,956,682              253     199,090,268               249
86




     Notes to the Consolidated Financial Statements
     For the Year ended 31 March 2010 (continued)


     22. Capital and Reserves (continued)
        Own shares held
        The reserve for own shares comprises the cost of the Company’s shares held by the Group. At 31 March 2010, the Group
        held 498,653 (31 March 2009: 101,943) Company shares.

        Capital contribution reserve
        The capital contribution reserve related to the minority interest element of imputed interest on loans provided to Irish
        Broadband Internet Services Limited.

        Capital redemption reserve
        The capital redemption reserve relates to the redemption of the Company’s own shares.

        Translation reserve
        The translation reserve comprises all foreign exchange differences arising from the translation of the financial statements of
        foreign operations.

        Hedging reserve
        The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging
        instruments related to hedged transactions that have not yet occurred.

        Share-based payments reserve
        The share-based payments reserve represents the cumulative costs, as determined in accordance with the relevant
        accounting policy for equity-settled awards, net of amounts reversed from the reserve on the transfer of shares or options
        to employees. A proportion of this reserve relates to share awards in subsidiary entities with minority shareholdings. Refer to
        note 33 for details on share based payments.


     23. Deferred Income
                                                                                                                               AER VI
                                                                                                                              Revenue
                                                                                                                                 €’000


        Balance at 1 April 2008                                                                                                1,750
        Provisions made during the year                                                                                          572
        Balance at 1 April 2009                                                                                                2,322
        Transfer to trade and other payables                                                                                    (544)
        Provisions made during the year                                                                                          397
        Balance at 31 March 2010                                                                                               2,175

        The Group holds fifteen year AER VI (Alternative Energy Regime) purchase price agreement contracts with the ESB, which
        pay 135% of the base price over the first half of the contract and 65% over the second half. This 35% premium will be
        amortised to the income statement over the second half of the contract.
                                                                                                NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010   87




24. Provisions
                                                                   Deferred                           Provision
                                                            Site   Purchase                Govern-     for Joint
                                              Lease Restoration     Consid-          Re-     ment       Venture      Onerous
                                          Incentives & Aftercare     eration structuring    Grants    Liabilities   Contracts    Other    Total
                                               €’000       €’000       €’000       €’000     €’000         €’000        €’000    €’000    €’000


   Balance at 1 April 2008                     465 11,731            6,629 14,800             45               -      1,059 20,613 55,342
   Expenditure during the year                   - (1,624)          (4,044) (4,183)            -               -     (2,168)  (529) (12,548)
   Provisions made during the year             370  9,404            5,362       -         1,600               -          -  2,998 19,734
   Aftercare charges during the year             -  1,895                -       -             -               -          -      -    1,895
   Provisions reversed during the year           -      -                -       -             -               -          - (1,221) (1,221)
   Transfer to inventory                         -      -                -       -             -               -          -   (313)    (313)
   Unwinding of discount                         -    760                -       -             -               -          -      -      760
   Arising on acquisitions                       -      -            8,604       -             -               -        265  1,612 10,481
   Arising on amendment to fair
   value of prior year acquisitions              -      -              699            -          -      -             3,391        -  4,090
   Amortised to Income Statement              (308)     -                -            -        (70)     -                  -       -   (378)
   Disposal of subsidiary                        -      -           (1,078)           -          -      -                  -       - (1,078)
   Arising on merger of VBV with GPRE Inc        -      -                -            -    (1,600)      -                  -       - (1,600)
   Transfer from joint ventures                  -      -                -            -          - 17,684                  -       - 17,684
   Transfer from/(to) trade and other payables -        -            6,887          (63)        78      -                (54)    431  7,279
   Transfer to landfill assets                   -  1,274                -            -          -      -                  -       -  1,274
   Effect of movements in
   foreign exchange rates                       25      -           2,307             -         (4)            -       (253)     242     2,317


   Balance at 1 April 2009                    552 23,440 25,366 10,554                         49 17,684              2,240 23,833 103,718

   Expenditure during the year                   -     (5,512) (6,144)              (89)       -               -   (859)         (248) (12,852)
   Provisions made during the year             925      2,188       -                 -      721               - 12,865         1,755 18,454
   Provisions reversed during the year           -          -       -           (7,000)        -               -      -             - (7,000)
   Aftercare charges during the year             -      1,759       -                 -        -               -      -             -    1,759
   Unwinding of discount                         -        870     460                 -        -               -      -             -    1,330
   Arising on acquisitions                       -          - 18,000                  -        -               -      -             - 18,000
   Arising on amendment to fair
   value of prior year acquisitions              -            - (1,036)               -          -          -          (992)        - (2,028)
   Amortised to Income Statement              (321)           -       -               -        (22)         -             -         -    (343)
   Transfer to borrowings                        -            - (12,393)              -          -          -             -         - (12,393)
   Transfer from joint ventures                  -            -       -               -          -      1,887             -         -   1,887
   Transfer from/(to) trade and other payables 49             -       -             (37)         -          -             -     9,924   9,936
   Transfer to liabilities held for resale       -            -       -               -      (747)          -          (500)        - (1,247)
   Effect of movements in
   foreign exchange rates                       36            9     (1,245)           -         (1)            -        376        42     (783)
   Balance at 31 March 2010                 1,241 22,754 23,008                 3,428            - 19,571 13,130 35,306 118,438

   Payable within one year                    177  3,471 19,029                 3,428            -      -             7,500 33,115 66,720
   Payable after more than one year         1,064 19,283  3,979                     -            - 19,571             5,630  2,191 51,718
                                            1,241 22,754 23,008                 3,428            - 19,571 13,130 35,306 118,438

   Lease incentives
   This provision relates to rent-free periods included in lease agreements in respected of certain of the Group’s leased
   buildings. This provision will be amortised over the life of the leases.

   Site restoration and aftercare
   In accordance with the relevant accounting policy, the Group makes provision for the costs expected to be incurred in order
   to restore and care for its landfill and other sites. The provisions are based on management’s experience as to the best
   estimate of the costs that will ultimately be incurred and the timing of those costs. Initial provisions are made when the site
   is commissioned and further annual aftercare costs are recorded over the life of the landfill or lease to cover the additional
   costs of restoration that arise during each accounting period. These estimates are reviewed annually. Restoration provisions
   will become payable as sites near their end of life.
88




     Notes to the Consolidated Financial Statements
     For the Year ended 31 March 2010 (continued)


     24. Provisions (continued)
        Deferred purchase consideration
        Total deferred acquisition consideration amounts to €23,008,000 (2009: €25,366,000) and represents full provision of the
        net present value of the amounts expected to be payable in respect of acquisitions. See note 31 for details of deferred
        consideration which arose in the current year.
        Restructuring
        The restructuring provision is in relation to the cost of restructuring programmes. During the year, the Group released
        certain provisions that were no longer required. It is expected that all remaining costs will become payable within one year.

        Government Grants
        A government grant was awarded to Bioverda Power Systems Limited as their work in deriving electricity from landfill
        sites is compatible with the government’s plan to preserve and protect the environment. The grant awarded was a once
        off receipt and is being amortised over the life of a landfill site (10 years). No conditions were set out under which it would
        become repayable.

        Provision for Joint Venture Liabilities
        This provision is in respect of the Group’s share of the net liabilities of certain of its joint venture undertakings.

        Onerous Contracts
        The Group has binding funding commitments in respect of certain assets in its Roads division which have been identified as
        onerous, based on the present value of future projected income derived from this investment. The obligation for the funding
        commitment, net of expected cashflows from the investment, has been provided for. A provision of €7.5 million has been
        recognised in the year and has been charged to the Income Statement within administrative expenses. The provision is
        expected to be utilised in full in the coming year and has therefore not been discounted.

        The Group has entered into a 10 year Power Purchase Agreement for the power output from the Maricopa facility, which
        was developed primarily for testing and demonstration purposes. Operating costs are expected to exceed revenues and an
        onerous contract provision has been recognised in the year in respect of the present value of projected losses for the facility
        over its expected life.

        Other
        Other provisions comprise provisions for costs associated with discontinued operations.


     25. Trade and Other Payables
                                                                                                                     31 March    31 March
                                                                                                                          2010        2009
                                                                                                                         €’000       €’000


        Trade payables                                                                                               24,836       24,532
        Deferred revenue                                                                                              3,446        8,289
        VAT                                                                                                               4          954
        PAYE/PRSI                                                                                                     1,009        1,179
        Capital expenditure accruals                                                                                 10,869        4,768
        Other payables and accruals                                                                                  76,939       84,805
                                                                                                                    117,103      124,527
                                                                                             NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010   89




26. Employee Benefits
   The total employee benefit accrual can be analysed as follows:
                                                                                                                   31 March      31 March
                                                                                                                        2010          2009
                                                                                                                       €’000         €’000


   Share option related accrual                                                                                      1,568         2,818
   ‘D’ ordinary shares in Greenstar Holdings Limited                                                                 8,392         8,319
                                                                                                                     9,960       11,137

   This relates to cash-settled share schemes of subsidiary companies.

                                                                                                                   31 March      31 March
                                                                                                                        2010          2009
                                                                                                                       €’000         €’000


   Payable within one year                                                                                           6,740          380
   Payable after more than one year                                                                                  3,220       10,757
                                                                                                                     9,960       11,137

   During 2003, one of the Group’s subsidiary companies established a share option scheme that conditionally grants share
   options in that subsidiary company to certain management personnel.

   All options are settled by physical delivery of shares or their cash equivalent value at the exercise date.


27. Interest-Bearing Loans and Borrowings
   The Group had the following borrowings in place at 31 March 2010:

                                                          Less than                                   After 5   Total greater
                                                             1 year   1 - 2 years   2 - 5 years        years     than 1 year    Total loans
                                                              €’000         €’000         €’000        €’000            €’000         €’000


   Finance leases                                             607          482           556               8         1,046         1,653
   Greenstar Ireland bank loans                                -             -       55,000              -        55,000         55,000
   Greenstar Ireland loan notes                            4,000         8,000            -              -          8,000        12,000
   Greenstar North America bank loans                      2,931         9,684          246             43          9,973        12,904
   Greenstar North America loan notes                     10,634           371        3,597              -          3,968        14,602
   Wind Capital Group bank loans                           1,663         4,439       13,774       111,077        129,290        130,953
   Wind Capital Group loan notes                             960             -            -              -              -            960
   Loan arrangement fees                                    (624)         (260)           -         (7,078)        (7,338)        (7,962)
   Sub-total                                              19,564       22,234        72,617       104,042        198,893        218,457
   Total                                                  20,171       22,716        73,173       104,050        199,939        220,110

   Included in liabilities classified as held for sale:
   Greenstar UK finance leases                             7,889         7,360       11,835            733         19,928        27,817
   Greenstar UK bank loans                                12,634         3,147            -              -          3,147        15,781
   Greenstar UK loan notes                                     -             -          291              -            291           291
                                                          20,523       10,507        12,126            733         23,366        43,889
90




     Notes to the Consolidated Financial Statements
     For the Year ended 31 March 2010 (continued)


     27. Interest-Bearing Loans and Borrowings (continued)
        The Group had the following borrowings in place at 31 March 2009:

                                                           Less than                                  After 5    Total greater
                                                              1 year    1 - 2 years   2 - 5 years      years      than 1 year    Total loans
                                                               €’000          €’000         €’000      €’000             €’000         €’000


        Finance leases                                       8,890         7,141       13,522         2,935         23,598        32,488
        Greenstar Ireland bank loans                              -      54,500              -            -         54,500        54,500
        Greenstar UK bank loans                              6,549          896         3,010             -          3,906        10,455
        Greenstar UK loan notes                                   -            -          265             -            265           265
        Greenstar North America bank loans                   2,311        1,869        10,546           717         13,132        15,443
        Greenstar North America loan notes                     573             -        1,803             -          1,803         2,376
        Bioverda Power Systems bank loans                    3,900        4,300         9,000             -         13,300        17,200
        Loan arrangement fees                                   (57)         (57)          (96)           -           (153)         (210)
        Sub-total                                           13,276       61,508        24,528           717         86,753       100,029
        Total                                               22,166       68,649        38,050         3,652       110,351        132,517

        Borrowing utilisation
        The utilisation of the Group’s borrowing facilities at 31 March 2010 was as follows:
                                                                                                      Facility        Utilised   Unutilised
                                                                                                        €’000           €’000        €’000


        Greenstar Ireland bank loans (a)                                                            120,000        55,000         65,000
        Greenstar Ireland loan notes (b)                                                             12,000        12,000              -
        Greenstar UK loan facilities (c)                                                             18,375        15,781          2,594
        Greenstar UK loan notes (d)                                                                     291           291              -
        Greenstar North America bank loans (e)                                                       15,092        12,904          2,188
        Greenstar North America loan notes                                                           14,602        14,602              -
        Wind Capital Group bank loans (f)                                                           171,748       130,953         40,795
        Wind Capital Group loan notes (g)                                                               960           960              -
        Leasing facilities                                                                           29,470        29,470              -
                                                                                                    382,538       271,961        110,577
        Bank overdrafts                                                                              16,429         4,482         11,947
                                                                                                    398,967       276,443        122,524

        The utilisation of the Group’s borrowing facilities at 31 March 2009 was as follows:
                                                                                                      Facility        Utilised   Unutilised
                                                                                                        €’000           €’000        €’000


        Greenstar Ireland loan facilities (a)                                                       200,000         54,500       145,500
        Greenstar UK loan facilities (c)                                                             10,333         10,333             -
        Greenstar UK loan notes (d)                                                                     265            265             -
        Greenstar North America loan facilities (e)                                                  16,370         15,443           927
        Greenstar North America loan notes                                                            2,376          2,376             -
        Bioverda Power Systems loan facilities (h)                                                   17,200         17,200             -
        Leasing facilities                                                                           32,488         32,488             -
        Invoice discounting facilities                                                                  806            122           684
                                                                                                    279,838       132,727        147,111
        Bank overdrafts                                                                              12,491         6,323          6,168
                                                                                                    292,329       139,050        153,279

        (a) Greenstar Ireland refinanced its bank facilities in August 2009. These facilities consist of €120 million for general
            corporate purposes and to facilitate ongoing investment. At 31 March 2010, €55 million of the facility was drawn
            down. The €55 million drawn down at 31 March 2010 bears interest at a floating rate related to Euribor. The loan is
            repayable within 2 to 3 years from the balance sheet date and is secured by way of a floating charge over the assets of
            the Greenstar Ireland group. See note 28 for details of interest rate swaps. The bank loan is secured by way of a first
            debenture from certain Greenstar Ireland group undertakings (including Greenstar Holdings Limited) comprising a legal
            charge over properties owned by that group and a floating charge over all of the assets of such undertakings together
            with intergroup cross guarantees from certain Greenstar Ireland group undertakings.
                                                                                                      NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010        91




27. Interest-Bearing Loans and Borrowings (continued)
   (b) The Greenstar Ireland loan notes are due to the vendors of Veolia and bear interest at a floating rate of Euribor plus 1% -
       3%. The loan notes are repayable within 9 to 18 months from the balance sheet date and are guaranteed by NTR plc.
   (c) Greenstar UK has four separate facilities in place with its banks covering asset finance, working capital funding and
       term loans. These facilities in aggregate cover asset finance of Stg£29 million, term loans of Stg£11 million and
       overdrafts of Stg£12 million. All facilities are renewable annually. The asset finance debt is secured on the assets.
       The overdrafts are secured on the receivables. The loans are partly guaranteed by NTR plc and by fixed and floating
       charges over the assets of the Greenstar UK group.
   (d) Greenstar UK has a loan from an ex-director. This loan is unsecured and has no fixed repayment date.
   (e) Greenstar North America has a five year facilities agreement with Citizens Bank in Pennsylvania which it acquired upon
       the purchase of Recycle Management on 1 March 2007. The facilities are securitized by the assets of this subsidiary.
         Greenstar North America has a five-year credit agreement with US Bank in the Midwest which it acquired upon the
         purchase of 100% of the stock of Recycle Holdings, Inc. and Mid America Recycling, Inc. The facilities are securitized
         by the assets of this subsidiary.
   (f)   In October 2009, Wind Capital Group entered into a US$231.5 million financing agreement to facilitate the construction
         of the Lost Creek wind farm. The facility consists of a construction loan, term loan and letter of credit facility. The
         Group has applied for a 30% investment tax credit that is convertible into a cash grant payable within 60 days after
         the application is submitted to the Department of Treasury. The term loan is for a maximum of US$123.3 million, which
         requires the proceeds of this cash grant to be used to repay the debt, prior to the conversion of the construction loan
         to a term loan. The investment tax credit was received subsequent to the year end. The borrowings are secured only
         on the assets financed and are non-recourse to subsidiary companies and the Group.
   (g) Wind Capital Group has loan notes payable of US$1.3 million to directors of the company. These loan notes are
       unsecured and are repayable within one year.
   (h)   Bioverda Methane Ireland Limited had a senior debt facility for €17.2 million which part-financed the acquisition of its
         subsidiary, Bioverda Power Systems Limited (formerly Irish Power Systems Limited). This debt was repaid in full during the
         year.

                                                                                                          Fixed or      Fixed or     Effective       Next
                                           2010 by Currency               2009 by currency                floating       floating     Interest   Repricing
                                          €’000         $’000     €’000        £’000          $’000    (pre-swap)    (post swap)        Rate *       Date


   Greenstar Ireland bank loan         55,000              -    54,500            -              -     Floating Part Fixed           4.31% 22/04/2010

   Greenstar Ireland loan from vendor 12,000               -         -            -              -     Floating       Floating        1.58%             -
                                                                                                                                    - 3.58%

   Greenstar UK bank loan                    -             -         -      9,732                -          N/A            N/A          N/A             -

   Greenstar UK loan from vendor             -             -         -        247                -          N/A            N/A          N/A             -

   Greenstar NA bank loans                   -     17,393            -            -      20,553 Fixed and Fixed and                   2.09%             -
                                                                                                  Floating Floating                 - 2.71%

   Greenstar NA loans from vendor            -     19,682            -            -          3,162 Fixed and Fixed and                3.25%             -
                                                                                                     Floating Floating              - 8.00%

   Wind Capital Group bank loans             -    176,512            -            -              -     Floating      Floating        5.93%              -

   Wind Capital Group loan notes             -       1,294           -            -              -        Fixed          Fixed      12.00%              -

   BPS bank loan                             -             -    17,200            -              -          N/A            N/A          N/A             -

   Total (local currency)              67,000     214,881       71,700      9,979        23,715

   Total (€)                           67,000     159,419       71,700    10,720         17,819

   Leases (local currency)                137        2,043        583     28,640             1,510

   Total (€)                              137        1,516        583     30,770             1,135

   TOTAL                               67,137     160,935       72,283    41,490         18,954

   * Post swap if applicable
92




     Notes to the Consolidated Financial Statements
     For the Year ended 31 March 2010 (continued)


     28. Financial Instruments
                                                        Fair value
                                                          through                                 Liabilities        Total
                                            Cash flow      income      Loan and    Available   at amortised       carrying
                                              hedges    statement    receivables    for-sale            cost      amounts      Fair value
        As at 31 March 2010                     €’000        €’000         €’000       €’000          €’000          €’000          €’000


        Financial assets
        Derivative financial assets             593             -           -           -                  -         593           593
        Restricted cash                           -             -      18,436           -                  -      18,436        18,436
        Escrow                                    -             -      12,877           -                  -      12,877        12,877
        Investments in unquoted shares            -             -           -      40,216                  -      40,216        40,216
        Trade and other receivables               -             -      53,452           -                  -      53,452        53,452
        Loans to joint ventures                   -             -       2,333           -                  -       2,333         2,333
        Cash and cash equivalents                 -             -      64,650           -                  -      64,650        64,650
                                                593             -    151,748       40,216                  -    192,557       192,557

        Financial liabilities
        Derivative financial liabilities      (3,740)       (284)             -           -              -          (4,024)       (4,024)
        Provisions                                 -           -              -           -     (118,438)       (118,438)     (118,438)
        Trade and other payables                   -           -              -           -       (95,305)        (95,305)      (95,305)
        Employee benefits                          -           -              -           -         (9,960)         (9,960)       (9,960)
        Bank overdrafts                            -           -              -           -         (2,860)         (2,860)       (2,860)
        Interest bearing loans and borrowings      -           -              -           -     (226,419)       (226,419)     (226,419)
        Finance lease liabilities                  -           -              -           -         (1,653)         (1,653)       (1,653)
                                              (3,740)       (284)             -           -     (454,635)       (458,659)     (458,659)

                                                        Fair value
                                                          through                                 Liabilities        Total
                                            Cash flow      income      Loan and    Available   at amortised       carrying
                                              hedges    statement    receivables    for-sale            cost      amounts      Fair value
        As at 31 March 2009                     €’000        €’000         €’000       €’000          €’000          €’000          €’000


        Financial assets
        Derivative financial assets             538             -          -            -                  -        538           538
        Restricted cash                           -             -      7,978            -                  -      7,978         7,978
        Escrow                                    -             -     63,274            -                  -     63,274        63,274
        Investments in unquoted shares            -             -          -       37,147                  -     37,147        37,147
        Trade and other receivables               -             -     76,470            -                  -     76,470        76,470
        Loans to joint ventures                   -             -     10,438            -                  -     10,438        10,438
        Cash and cash equivalents                 -             -    232,286            -                  -    232,286       232,286
                                                538             -    390,446       37,147                  -    428,131       428,131

        Financial liabilities
        Derivative financial liabilities      (1,564)           -             -           -              -          (1,564)       (1,564)
        Provisions                                 -            -             -           -     (103,718)       (103,718)     (103,718)
        Trade and other payables                   -            -             -           -     (106,198)       (106,198)     (106,198)
        Employee benefits                          -            -             -           -       (11,137)        (11,137)      (11,137)
        Bank overdrafts                            -            -             -           -         (6,323)         (6,323)       (6,323)
        Interest bearing loans and borrowings      -            -             -           -     (100,239)       (100,239)     (100,239)
        Finance lease liabilities                  -            -             -           -       (32,488)        (32,488)      (32,488)
                                              (1,564)           -             -           -     (360,103)       (361,667)     (361,667)
                                                                                        NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010   93




28. Financial Instruments (continued)
   Credit risk
   Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. Credit
   evaluations are performed on all customers requiring credit over a certain amount. The Group does not require collateral in
   respect of financial assets.

   Transactions involving derivative financial instruments are with counterparties with sound credit ratings. Given their credit
   ratings, management does not expect any counterparty to fail to meet its obligations.

   At the balance sheet date, there were no significant concentrations of credit risk. The maximum exposure to credit risk is
   represented by the carrying amount of the trade receivables asset in the balance sheet, as follows:

   Maximum exposure to credit risk for trade receivables and unbilled debtors at reporting date by geographic region:

                                                                                                            31 March        31 March
                                                                                                                 2010            2009
                                                                                                                €’000           €’000


   Domestic                                                                                                 18,950          20,047
   United Kingdom                                                                                              756          29,383
   United States                                                                                            24,679          13,598
   Other regions                                                                                               523             576
                                                                                                            44,908          63,604

   Maximum exposure to credit risk for trade receivables and unbilled debtors at reporting date by customer type:

                                                                                                            31 March        31 March
                                                                                                                 2010            2009
                                                                                                                €’000           €’000


   Wholesale customers                                                                                       4,976          10,372
   Retail customers                                                                                         16,047          11,420
   End-user customers                                                                                       23,885          41,812
                                                                                                            44,908          63,604

   Aging of trade receivables at reporting date:
                                                        31 March 2010                                       31 March 2009
                                              Gross   Impairment            Net                  Gross    Impairment             Net
                                              €’000         €’000         €’000                  €’000          €’000          €’000


   Not past due                            31,071          (225)        30,846                 38,778          (158)        38,620
   Past due 0-30 days                       8,137            (46)        8,091                 13,691            (98)       13,593
   Past due 31-120 days                     3,734          (588)         3,146                  8,769          (598)         8,171
   Past due 121 days - 1 year               3,505          (680)         2,825                  3,895          (931)         2,964
   More than 1 Year                           752          (752)             -                  1,407        (1,151)           256
                                           47,199        (2,291)        44,908                 66,540        (2,936)        63,604

   The movement in the impairment provision during the year was as follows:
                                                                                                            31 March        31 March
                                                                                                                 2010            2009
                                                                                                                €’000           €’000


   Balance at 1 April 2009                                                                                    2,936           2,857
   Increase in provision                                                                                      1,786           2,242
   Bad debt written off                                                                                      (1,917)         (2,050)
   Arising on acquisition                                                                                       310               -
   Transfer to assets held for resale                                                                          (850)              -
   Arising on disposal                                                                                           (20)             -
   Effect of movement in foreign exchange rates                                                                   46           (113)
   Balance at 31 March 2010                                                                                  2,291           2,936
94




     Notes to the Consolidated Financial Statements
     For the Year ended 31 March 2010 (continued)


     28. Financial Instruments (continued)
        Liquidity risk
        The following are contractual maturities of financial liabilities, including interest payments and excluding the impact of
        netting arrangements:

        Non-derivative financial liabilities
                                                 Carrying   Contractual   Less than                                           More than
                                                  amount     cash flows   6 Months    6-12 Months   1-2 Years    2-5 years      5 years
        At 31 March 2010                            €’000         €’000       €’000         €’000       €’000        €’000        €’000


        Finance leases                           1,653        1,791           354           332        524          573            8
        Bank overdrafts                          2,860        2,860         2,860             -          -            -            -
        Bank loans                             198,857      236,360         3,832         7,740     23,063       87,869      113,856
        Loan notes                              27,562       28,635         9,579         6,493      8,726        3,837            -
        Trade and other payables                95,305       95,305        95,033           272          -            -            -
        Total                                  326,237      364,951       111,658        14,837     32,313       92,279      113,864

                                                 Carrying   Contractual   Less than                                           More than
                                                  amount     cash flows   6 Months    6-12 Months   1-2 Years    2-5 years      5 years
        At 31 March 2009                            €’000         €’000       €’000         €’000       €’000        €’000        €’000


        Finance leases                          32,488       36,222         5,238         5,093      8,202       14,674         3,015
        Bank overdrafts                          6,323        6,323         6,323             -          -            -             -
        Bank loans                              97,598      106,492        11,012         5,368     64,801       24,593           718
        Loan notes                               2,641        3,743           800           903        839        1,201             -
        Trade and other payables               106,198      106,198        85,198        21,000          -            -             -
        Total                                  245,248      258,978       108,571        32,364     73,842       40,468         3,733

        Derivative Financial Liabilities
                                                 Carrying   Contractual                                                       More than
                                                   Value    Cash flows    6 Months    6-12 Months   1-2 Years    2-5 years      5 Years
        At 31 March 2010                            €’000         €’000      €’000          €’000       €’000        €’000        €’000


        Assets
        Interest rate swaps                         593           593            -              -          -            -            593

        Liabilities
        Interest rate swaps                      (3,926)       (5,307)       (534)          (757)      (767)      (3,249)              -
        Commodity hedge                              (98)          (98)        (98)            -          -            -               -
        Total                                    (3,431)       (4,812)       (632)         (757)       (767)      (3,249)            593

                                                 Carrying   Contractual                                                       More than
                                                   Value    Cash flows    6 Months    6-12 Months   1-2 Years    2-5 years      5 Years
        At 31 March 2009                            €’000         €’000      €’000          €’000       €’000        €’000        €’000


        Assets
        Commodity hedge                             538           538         305           146          44           43               -

        Liabilities
        Interest rate swaps                      (1,564)       (1,564)           -          (465)    (1,099)            -              -
        Total                                    (1,026)       (1,026)        305          (319)     (1,055)          43               -
                                                                                                 NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010          95




28. Financial Instruments (continued)
   Hedging
   Nature of derivative financial instruments at 31 March 2010
                                                                                                Notional receivable
                                                                            Notional payable             amount of
                                                                          amount of contracts             contracts       Fair value       Fair value
   Type of hedge                  Hedge period       Underlying Hedge            outstanding           outstanding           assets         liabilities
                                                                                         ’000                  ’000             ’000              ’000


   Corporate debt facility           4 years            Interest rate           €51,000              €51,000                   -   €1,379
   Commodity hedge                1.25 years           Paper prices             US$133               US$133                    -  US$132
   Corporate debt facility           5 years            Interest rate        US$123,250           US$123,250                   - US$3,432
   Corporate debt facility          12 years            Interest rate         US$92,523            US$92,523              US$801        -

   Nature of derivative financial instruments at 31 March 2009
                                                                                                Notional receivable
                                                                            Notional payable             amount of
                                                                          amount of contracts             contracts       Fair value       Fair value
   Type of hedge                  Hedge period       Underlying Hedge            outstanding           outstanding           assets         liabilities
                                                                                         ’000                  ’000             ’000              ’000


   Corporate debt facility            5 years         Interest Rate               €32,500               €32,500                 -           €1,099
   Corporate debt facility            5 years         Interest Rate               €15,383               €15,383                 -            €465
   Commodity hedge                     1 year         Paper Prices                US$397                US$397            US$391                 -
   Commodity hedge                  1.5 years         Paper Prices                 US$63                 US$63             US$62                 -
   Commodity hedge                    3 years           Fuel Prices               Stg£178               Stg£178           Stg£178                -

   Effective interest rate and re-pricing analysis
   In respect of income earning financial assets and interest-bearing financial liabilities, the following table indicates their
   effective interest rates at the balance sheet date and the periods in which they re-price

   31 March 2010                       Next               Effective                6 months        6-12            1-2            2-5 Greater than
                             repricing date          interest rate*       Total      or less     months          years          years      5 years
                                                                          €’000       €’000       €’000          €’000          €’000        €’000


   Cash and cash equivalents
   Bank balances                         -               1.01%         64,650      64,650               -             -                -             -
   Bank overdrafts                       -               1.16%          (2,860)     (2,860)             -             -                -             -
                                                                       61,790      61,790               -             -                -             -
   Secured bank loans
   Bank Loans                 30/04/2010         2.09% - 5.93%        198,857       2,297        2,297       14,123         69,020         111,120
                            - 30/06/2010
   Loan notes                          -          1.58% - 12%          27,562       7,797        7,797         8,371          3,597                 -
   Finance lease liabilities           -       3.90% - 12.34%           1,653         304          303           482            556                 8
                                                                      228,072      10,398       10,397       22,976         73,173         111,128

   31 March 2009                       Next               Effective                6 months        6-12            1-2            2-5 Greater than
                             repricing date          interest rate*       Total      or less     months          years          years      5 years
                                                                          €’000       €’000       €’000          €’000          €’000        €’000


   Cash and cash equivalents
   Bank balances                         -               0.60%        232,286 232,286                   -             -                -             -
   Bank overdrafts                       -               1.50%          (6,323) (6,323)                 -             -                -             -
                                                                      225,963     225,963               -             -                -             -
   Secured bank loans
   Bank Loans                 30/04/2009         2.10% - 5.99%         97,388       6,351        6,352       59,705         24,263              717
                            - 30/06/2009
   Loan notes                          -        4.74% - 5.99%           2,641         286          287         2,068             -               -
   Finance lease liabilities           -       1.39% -21.15%           32,488       4,445        4,445         7,141        13,522           2,935
                                                                      132,517      11,082       11,084       68,914         37,785           3,652

   * Post interest rate swaps, if applicable
96




     Notes to the Consolidated Financial Statements
     For the Year ended 31 March 2010 (continued)


     28. Financial Instruments (continued)
        Exposure to commodity price risk, counterparty credit risk, interest rate risk, currency risk and liquidity risk arises in the
        normal course of the Group’s business. Derivative financial instruments are entered into to reduce exposure to fluctuations
        in commodity prices, interest rates and foreign exchange rates. The Group also enters into primary financial instruments to
        finance the Group’s operations in the normal course of business. A financial instrument is defined in IFRS 7 as any contract
        which gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

        Interest rate risk
        The objective of the interest rate management policy is to protect the Group’s debt from adverse changes in interest
        rates which, if they occurred, would have a material impact on cash flow and reported annual profits. Interest rate swaps
        denominated in euro, sterling and dollars have been entered into by certain subsidiaries of the Group to achieve an
        appropriate mix of fixed and floating rate exposure.

        Foreign currency risk
        The Group has various policies and procedures in place to manage its foreign currency risk.

        Commodity price risk
        Commodity price risk arises as a result of contracted or forecast retail sales not being fully matched by production or
        procurement contracts with equivalent volumes, time periods and pricing. The risk is primarily that market prices for
        commodities will move adversely between the time that sales prices are fixed or tariffs are set and the time at which the
        purchase cost is fixed, thereby potentially reducing expected margins.

        The Group monitors exposure to commodity price risk using a combination of measures. Where appropriate, risk contracts
        operate to govern the magnitude of these exposures.

        Commodity price risk is managed through a combination of derivative instruments, a mixture of own production and
        procurement and fixed-price purchases and sales contracts. This reduces the volumes which remain to be procured at
        market prices.

        Sensitivity analysis
        In managing interest rate and currency risks, the Group aims to reduce the impact of short-term fluctuations on the Group’s
        earnings. Over the long term, however, permanent changes in foreign exchange and interest rates would have an impact on
        consolidated earnings.

        At 31 March 2010, it is estimated that a general increase of one percentage point in interest rates would decrease the
        Group’s loss before tax by approximately €0.7 million (2009: €0.1 million). The effect of interest rate swaps has been
        included in this calculation.

        It is estimated that a general increase of one percentage point in the value of the euro against other foreign currencies
        would have an immaterial impact on the Group’s profit before tax.

        Fair values
        Fair values of interest rate and foreign exchange derivatives have been determined with the assistance of external expert
        valuations from financial institutions, based on appropriate forward interest and currency rates at the reporting date.


     29. Deferred Taxation Assets/(Liabilities)
        Recognised deferred tax assets and liabilities
                                                                                                               31 March     31 March
                                                                                                                    2010         2009
                                                                                                                   €’000        €’000


        Deferred tax
        Included in non-current assets                                                                          22,457       27,303
        Included in non-current liabilities                                                                   (120,471)    (145,065)
                                                                                                               (98,014)    (117,762)
                                                                                                            NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010               97




29. Deferred Taxation Assets/(Liabilities) (continued)
   Deferred tax assets and liabilities have been offset where the entity has a legally enforceable right to offset current tax
   assets and liabilities, and the deferred tax assets and liabilities relate to income taxes levied by the same tax authority on
   either:
   •    the same taxable entity;
   •    different taxable entities who intend to settle current tax liabilities and assets on a net basis.

   In accordance with the Group’s accounting policies, deferred tax assets of €65.4 million (2009: €19.0 million) relating to
   US subsidiary and associate undertakings respectively have not been recognised. The tax losses to which the deferred tax
   assets relate have expiration dates of up to 20 years.

   Deferred tax assets and liabilities are attributable to the following:

                                                                              31 March                                                     31 March
                                                                                   2010                                                         2009
                                                                 Assets       Liabilities              Total              Assets           Liabilities           Total
                                                                  €’000           €’000                €’000               €’000               €’000             €’000


   Property, plant and equipment                                   506        (10,611)          (10,105)             1,379                   (7,652)           (6,273)
   Investment properties                                             -               -                 -               151                         -              151
   Losses forward                                                  815               -               815            13,216                     (316)          12,900
   Employee benefits                                               265               -               265               356                         -              356
   Intangible assets                                                 -        (33,105)          (33,105)             1,267                 (57,947)          (56,680)
   Provisions                                                   18,684            (472)          18,212              9,070                       (14)           9,056
   Sale of West-Link concession                                      -        (69,744)          (69,744)                 -                 (75,811)          (75,811)
   Other items                                                   2,187          (6,539)           (4,352)            1,864                   (3,325)           (1,461)
                                                                22,457       (120,471)          (98,014)            27,303            (145,065)             (117,762)

   Evidence supporting the recognition of deferred tax assets in all jurisdictions is based on budgets, business plans and
   management’s views that it is considered probable that future taxable profits will be available against which these deferred
   tax assets may be utilised.

   Movements in temporary differences during the year
                                                                                                T’fer to
                                                                                                assets/
                             Balance                             Business Adjust Prior      (liabilities)                                                      Balance
                              1 April Recognised Recognised       Combi-          Year          held for          Other     Translation                       31 March
                                2009    in income   in equity     nations Acquisitions              sale       Disposal      Difference            Other          2010
                               €’000         €’000      €’000       €’000       €’000             €’000           €’000            €’000           €’000          €’000


   Property, plant
   and equipment           (6,273)         (364)            -        312            (8)       (3,357)                (9)             34            (440)     (10,105)
   Investment properties      151          (151)            -           -            -              -                 -               -                -           -
   Losses forward         12,900         (6,987)            -           -            -        (4,925)                 -            (173)               -         815
   Employee benefits          356            (91)           -           -            -              -                 -               -                -         265
   Intangible assets     (56,680)       21,114              -     (1,640)            -         3,806                  -             357              (62)    (33,105)
   Provisions               9,056         9,228             -          (4)       (278)            (48)             (25)             279                4      18,212
   Sale of West-Link
   concession            (75,811)         6,067            -           -              -             -                 -               -               -      (69,744)
   Other                   (1,461)       (3,507)         (71)        (68)             7           306                 -             (26)            468        (4,352)
                          (117,762)     25,309           (71)     (1,400)        (279)        (4,218)              (34)            471               (30)    (98,014)

   The directors are confident, based upon a review of projections for the related subsidiaries, that there is no impairment of deferred
   tax assets in relation to losses forward.

   There are no tax consequences in relation to reserves held in joint venture or associate entities.
98




     Notes to the Consolidated Financial Statements
     For the Year ended 31 March 2010 (continued)


     29. Deferred Taxation Assets/(Liabilities) (continued)
        Movements in temporary differences during the prior year
                                          Balance                            Business Adjust Prior                                         Balance
                                           1 April Recognised Recognised      Combi-          Year      Other   Translation               31 March
                                             2008    in income   in equity    nations Acquisitions   Disposal    Difference      Other        2009
                                            €’000         €’000      €’000      €’000       €’000       €’000          €’000     €’000        €’000


        Property, plant and equipment    (17,787)      4,700           -          (83)         -         (28)      (1,021)      7,946       (6,273)
        Investment properties                   -        151           -            -          -           -            -            -         151
        Losses forward                      6,774      5,641           -            -          -           -           73         412      12,900
        Employee benefits                     478       (130)          -            -          -           -            8            -         356
        Intan gible assets                 (4,786)     2,702           -     (37,556)     (1,294)          -       (6,648)     (9,098)    (56,680)
        Provisions                          1,163      5,183           -       1,112           -           -          656         942        9,056
        Sale of West-Link concession     (76,225)        414           -            -          -           -            -            -    (75,811)
        Other                               1,517     (3,435)        223            -          -           -          318          (84)     (1,461)
                                         (88,866)    15,226          223     (36,527)     (1,294)        (28)      (6,614)       118 (117,762)


     30. Income Statement
        In accordance with Section 148(8) of the Companies Act 1963, the Income Statement of the parent undertaking has not
        been presented separately in these financial statements. There was a loss after tax of €191.3 million (2009: profit of €36.9
        million) attributable to the parent undertaking for the financial year.


     31. Business Combinations
        The Group made one waste management acquisition during the year, as follows:
        •   100% of the ordinary share capital of Veolia Environmental Services (Ireland) Limited on 11 March 2010.

        The Group made a number of acquisitions during the prior year, as follows:

        Waste Management
        On 1 May 2008, the Group acquired American Recycling Company, a recycling and waste brokerage company based in
        Kensington, Connecticut.
        On 9 June 2008, the Group acquired Elodie Limited, an Irish waste collection company.
        On 1 July 2008, the Group acquired Global Recycling Solutions LLC, a recycling company based in Monmouth County,
        New Jersey, USA.
        On 23 June 2008, the Group acquired Leicester Paper Processors Limited. The principal activity of the company is the
        collection and recycling of waste paper.
        On 31 October 2008, the Group acquired a customer list from Laghey Waste Limited, an Irish waste collection company.
        On 31 October 2008, the Group acquired Riverview Recycling LLC, a recycling company based in Mableton, Georgia, USA.

        Corn-Based Ethanol
        On 2 April 2008, the Group acquired the shareholding of the Virgin Group in Virgin Bioverda LLC (“VBV”) increasing
        the Group’s overall investment in VBV from 47.5% to 90%. On 15 October 2008, VBV was merged with Green Plains
        Renewable Energy, Inc (“GPRE”). This was accounted for as a reverse acquisition i.e. VBV was considered the acquiring
        company and GPRE was considered the acquired company. As a result, GPRE assets and liabilities as of 15 October
        2008, the date of the merger, have been incorporated into VBV’s balance sheet based on the fair values of the net assets
        acquired, which equalled the consideration paid for the acquisition. This transaction resulted in the Group holding a 45.34%
        interest in the merged GPRE entity at the time of the transaction.
        On 11 July 2008, the Group acquired a 51% interest in Blendstar LLC, a Houston based biofuels blending terminal
        operator. On 1 January 2009, the Group disposed of this 51% interest to GPRE.
                                                                                        NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010   99




31. Business Combinations (continued)
   Wind Energy
   On 12 June 2008, the Group acquired 64.18% of Wind Capital Ventures LLC. The company is based in St Louis, Missouri
   and its principal activity is wind farm development.
   On 20 November 2008, the Group acquired the development assets of Maple Hill wind farm based in Emmett County, Iowa.
   On 23 January 2009, the Group acquired the development assets of Spur Ridge windfarm in Dickens County, Texas.

   Solar Energy
   On 30 May 2008, the Group acquired 41.88% of Stirling Energy Systems Limited, a solar energy developer based in
   Phoenix, Arizona.

   The Group acquired the following aggregate assets and liabilities during the year:
                                                                                               Carrying     Fair value
                                                                                                 Value     Adjustment    Fair Value
                                                                                                  €’000          €’000        €’000


   Property, plant and equipment                                                               12,055              -      12,055
   Intangible assets                                                                                 -       13,122       13,122
   Inventories                                                                                      69             -           69
   Trade receivables                                                                             5,819             -        5,819
   Other receivables                                                                               199             -          199
   Cash and cash equivalents                                                                     1,304             -        1,304
   Trade and other payables                                                                     (6,493)            -       (6,493)
   Deferred tax                                                                                    240        (1,640)      (1,400)
   Net identifiable assets and liabilities                                                     13,193        11,482       24,675

   The Group acquired the following aggregate assets and liabilities during the prior year:
                                                                                               Carrying     Fair value
                                                                                                 Value     Adjustment    Fair Value
                                                                                                  €’000          €’000        €’000


   Property, plant and equipment                                                              176,709           (513)    176,196
   Intangible assets                                                                             4,293     151,177       155,470
   Inventories                                                                                       85           65           150
   Trade receivables                                                                             7,570         1,360         8,930
   Other receivables                                                                            49,327           323       49,650
   Cash and cash equivalents                                                                    79,706              -      79,706
   Interest bearing loans                                                                      (51,806)            (3)    (51,809)
   Restricted cash                                                                               8,002              -        8,002
   Bank overdrafts                                                                                    -         (161)         (161)
   Trade payables                                                                              (22,549)       (1,385)     (23,934)
   Provisions                                                                                         -       (1,877)       (1,877)
   Deferred tax                                                                                     (28)    (36,499)      (36,527)
   Net identifiable assets and liabilities                                                    251,309      112,487       363,796
100




      Notes to the Consolidated Financial Statements
      For the Year ended 31 March 2010 (continued)


      31. Business Combinations (continued)
         The acquisitions made in the year had the following effect on the Group’s assets and liabilities:
                                                                                                                           Fair Value *
                                                                                                                                 €’000


         Property, plant and equipment                                                                                       12,055
         Intangible assets                                                                                                   13,122
         Inventories                                                                                                              69
         Trade receivables                                                                                                     5,819
         Other receivables                                                                                                       199
         Cash and cash equivalents                                                                                             1,304
         Trade and other payables                                                                                             (6,493)
         Deferred tax                                                                                                         (1,400)
         Fair value of assets and liabilities acquired, net                                                                  24,675
         Goodwill                                                                                                             6,802
         TOTAL CONSIDERATION                                                                                                 31,477

         Less acquisition expenses                                                                                            (1,477)
         Less deferred consideration - third party                                                                          (18,000)
         Less Loan note issued                                                                                              (12,000)
         Cash consideration                                                                                                        -
         Cash acquired                                                                                                         1,304
         Net cash inflow                                                                                                       1,304

         * All fair values are provisional and subject to adjustment in the year ended 31 March 2011.

         The principal factors contributing to the recognition of goodwill on business combinations entered into by the Group are the
         expected profitability of the acquired business and the realisation of cost savings and synergies with existing Group entities
         resulting from the integration of the acquired business with the Group.

         If the acquisitions had occurred on 1 April 2009, revenue and loss after tax would have been increased by:
                                                                                                                                 €’000


         Revenue                                                                                                             34,238
         Loss after tax                                                                                                       (3,815)

         In respect of the acquisition made during the year, the results for the period from the date of acquisition to 31 March 2010
         were:
                                                                                                                                 €’000


         Revenue                                                                                                               1,698
         Loss after tax                                                                                                         (199)
                                                                                               NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010      101




31. Business Combinations (continued)
   The prior year acquisitions had the following effect on the Group’s assets and liabilities:
                                                                                                                      Adjustments
                                                                                                                             to fair
                                                                       Corn-      Wind     Wind                            value of
                                                           Waste      Based     Energy    Energy      Solar              prior year
                                                      Management     Ethanol   WCV LLC     Other     Energy     2009 acquisitions         TOTAL
                                                            €’000      €’000      €’000    €’000      €’000     €’000         €’000


   Property, plant and equipment                           4,730 150,233 19,804           1,243     186 176,196            (1,063)     175,133
   Intangible assets                                       9,516         -   9,549           37 136,368 155,470             1,639      157,109
   Inventories                                               150         -       -            -       -      150              122            272
   Trade receivables                                       2,190     6,740       -            -       -    8,930               (11)        8,919
   Other receivables                                         434         - 48,251             -     965 49,650                   -       49,650
   Cash and cash equivalents                                 909       403 27,099             - 51,295 79,706                    -       79,706
   Interest bearing loans                                     (25) (50,730) (1,054)           -       - (51,809)               (55)     (51,864)
   Restricted cash                                              -    3,286       -            -   4,716    8,002                 -         8,002
   Bank overdrafts                                          (161)        -       -            -       -     (161)                -          (161)
   Trade payables                                         (2,054) (18,633)    (646)           - (2,601) (23,934)              713       (23,221)
   Provisions                                               (265)        -       -            - (1,612) (1,877)            (3,391)        (5,268)
   Deferred Tax                                           (1,172)        -       -            - (35,355) (36,527)          (1,294)      (37,821)
   Net identifiable assets and liabilities                14,252 91,299 103,003           1,280 153,962 363,796            (3,340) 360,456
   Less minority interest of assets acquired                   - (32,120) (36,898)            - (89,478) (158,496)              - (158,496)
   Fair value of assets and liabilities acquired          14,252    59,179     66,105     1,280     64,484 205,300         (3,340) 201,960

   Fair value of interest previously held in subsidiary        - (32,427)    -                -          - (32,427)             - (32,427)
   Fair value of assets and liabilities acquired, net     14,252 26,752 66,105            1,280     64,484 172,873         (3,340) 169,533

   Goodwill                                               13,878     3,738     32,844           -    2,495    52,955       4,039        56,994
   TOTAL CONSIDERATION                                    28,130    30,490     98,949     1,280     66,979 225,828            699 226,527

   Less acquisition expenses                                (255)        - (1,142)             -    (2,495) (3,892)             - (3,892)
   Less deferred consideration - third party              (7,652)     (952)      -        (1,078)        - (9,682)           (699) (10,381)
   Less deferred consideration - intercompany                  -         - (45,644)            -         - (45,644)             - (45,644)
   Cash consideration                                     20,223 29,538 52,163              202 64,484 166,610                    - 166,610
   Cash acquired                                            (748)  (403) (27,099)             - (51,295) (79,545)                 - (79,545)
   Net cash outflow                                       19,475    29,135     25,064       202     13,189    87,065              -     87,065

   If the acquisitions had occurred on 1 April 2008, revenue and profit after tax would have been increased by:
                                                            €’000      €’000      €’000     €’000     €’000     €’000


   Revenue                                                 3,785     1,680            -        -          -    5,465
   Profit after tax                                           78       130            -        -          -     208

   In respect of the acquisitions made during the prior year, the results for the period from the dates of acquisition to 31 March 2009 were:

                                                            €’000      €’000      €’000     €’000     €’000     €’000


   Revenue                                                14,689    14,232        412          -          -   29,333
   Profit/(loss) after tax                                  125     (3,905)     (6,318)        - (34,881) (44,979)

   Goodwill acquired represents the premium paid for entry into new geographic and product markets and for synergistic
   opportunities that will deliver enhanced group profitability. Assets and liabilities have been fair valued at the date of acquisition.
102




      Notes to the Consolidated Financial Statements
      For the Year ended 31 March 2010 (continued)


      32. Commitments and Contingencies
         (a) Commitments
            On 27 August 2009, the Group’s wind division entered into a new firm price commitment manufacturing and supply
            agreement (2011 TSA Agreement) to purchase additional turbines from GE at a total cost of US$231.8 million.

            At 31 March 2010, the Group had other capital commitments of €52.1 million (2009: €24.3 million).

            The Group’s wind division has a 5 year operations and support agreement for maintenance services with GE for the
            Lost Creek wind farm. Amounts of approximately US$2.6 million are payable annually.

            On 16 December 2008, the Group’s wind division entered into a wind generation purchase agreement with Associated
            Electric Cooperative, Inc to purchase all capacity, net energy and green tags created by the Lost Creek wind farm.

            On 23 March 2009, the Group’s wind division entered into a generation interconnection agreement with Associated
            Electric Cooperative, Inc to provide interconnection services for the Lost Creek wind farm to the electrical grid with the
            total provision of security in the amount of US$7.8 million. The Group is subject to liquidated damages should wind
            energy generation fall to certain levels. The Group does not believe that circumstances will arise where the liquidated
            damage provisions will be exercised.

            Certain of the Group’s divisions have entered into supply contracts in the normal course of business. In the event that
            these contracts are cancelled or minimum order requirements are not fulfilled, the Group may incur certain penalties.


         (b) Operating Leases
            Leases as Lessee
            Total commitments payable under non cancellable operating leases are as follows:

                                                           Premises        Other*        Total    Premises       Other*        Total
                                                               2010          2010         2010        2009         2009         2009
                                                              €’000         €’000        €’000       €’000        €’000        €’000


            Less than 1 year                                 8,388        4,074      12,462        6,998        1,913        8,911
            Between 1 and 5 years                           25,399       13,016      38,415       23,641       14,332       37,973
            More than 5 years                               11,418            -      11,418       53,446            -       53,446
                                                            45,205       17,090      62,295       84,085       16,245      100,330

            * Principally plant.

            Leases as Lessor
            The Group leases out certain properties. Future minimum lease payment under non-cancellable leases are as follows:

                                                                                                                  €’000        €’000


            Less than 1 year                                                                                        30          91
            Between 1 and 5 years                                                                                  258         358
            More than 5 years                                                                                        -           -
                                                                                                                   288         449
                                                                                      NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010   103




32. Commitments and Contingencies (continued)
   (c) Letters of credit
       The Group has provided letters of credit totalling US$35.7 million (2009: US$9.2 million) to a number of utilities and
       other counterparties. These letters of credit are supported by cash deposits to which the Group does not have
       unfettered access.

   (d) Guarantees in respect of subsidiaries
       The Company has guaranteed the liabilities of certain of its subsidiaries for the purpose of obtaining the exemptions
       allowed under Section 17 of the Companies (Amendment) Act 1986, in relation to the filing of financial statements. This
       irrevocable guarantee covers the financial year ended 31 March 2010. The Companies availing of this guarantee are
       indicated in Note 34 with a single asterisk.

   (e) Contingencies
       From time to time, the Group is involved in other claims and legal actions which arise in the normal course of business.
       Based on legal advice and other information currently available to the Group, the Directors believe that such litigation
       will not, individually or in aggregate, have a material effect on the Group’s financial statements and that the Group is
       adequately positioned to deal with the outcome of any such litigation.

33. Share Based Payments
   The Company and its subsidiaries have put in place a number of share schemes whereby employees may be awarded
   shares or options in the Company or the individual subsidiary companies respectively.

   The total charge in the income statement for the year ended 31 March 2010 comprised the following:
                                                                                                  Year ended          Year ended
                                                                                               31 March 2010       31 March 2009


   Executive share option scheme                                                                        41                213
   Executive share award scheme                                                                     12,000             11,072
   Subsidiary share schemes                                                                          5,161             10,655
   Total charge                                                                                     17,202             21,940
   Capitalised in the year                                                                            (139)                 -
   Net charge to the income statement                                                               17,063             21,940

   The Company has three share option schemes which are described in further detail below:

   (i)   Executive Share Option Scheme
         Movement in share options                                                                Year ended          Year ended
                                                                                               31 March 2010       31 March 2009


         Opening share options                                                                  2,243,330           2,963,330
         Granted                                                                                        -                   -
         Exercised                                                                                      -            (720,000)
         Closing share options                                                                  2,243,330           2,243,330

         The related exercise dates/prices are:                                                      Options             Price €
         Exercisable from: 2010 - 2016                                                          2,243,330          0.90 – 5.50

         Key valuation assumptions are as follows:
         Share option exercise prices                                                                           €0.90 - €5.50
         Vesting period                                                                                                3 years
         Vesting conditions                                                                                      Service, EPS
         Risk free interest rate                                                                                 2.1% - 3.9%
         Exercise period                                                                                               7 years
         Expected dividend                                                                                                 3%
         Expected volatility                                                                                              25%
         Income Statement charge in 2009/10                                                                          €41,000
         Income Statement charge in 2008/9                                                                          €213,000
         Options in issue at 31 March 2010                                                                         2,243,330
         Settlement                                                                                                Equity only
104




      Notes to the Consolidated Financial Statements
      For the Year ended 31 March 2010 (continued)


      33. Share Based Payments (continued)
         (ii) Employee Share Ownership Plan
              The Company operates an Employee Share Ownership Plan (“ESOP”) in accordance with terms approved by the
              shareholders. All permanent employees of the Company and participating subsidiaries are eligible to participate,
              subject to a minimum of one year’s continuous service. The scheme comprises an approved profit sharing scheme and
              an Employee Share Ownership Trust and is administered by NTR ESOP Trustee Limited. The majority of the Directors
              of the Trustee company are employee-appointed representatives. The Chairman is independent of the Group.

             As at 31 March 2010, all the shares held by the ESOP for appropriation have been appropriated and the main activity
             of the Trustee company is the administration of the APSS. No share transactions took place within the ESOP during
             the year.

             During the prior year, the following share transactions took place within the ESOP:

                                                                                                                         Shares in NTR plc
                                                                                                                             No. of shares


             At 1 April 2008                                                                                                    176,102
             Shares sold in Liquidity Event                                                                                      (30,201)
             Shares appropriated to employees                                                                                  (145,838)
             At 31 March 2009                                                                                                         63

             The carrying value of these shares is €347 (2009: €347) and this amount is shown within ‘Equity’ in the consolidated
             balance sheet.

             Under the provisions of the relevant financial reporting standards, the results, assets and liabilities of the Trustee
             company are combined into the financial statements of the Company at 31 March 2010.

         (iii) Executive Share Award Scheme
               The Executive Share Award Scheme comprises a series of individual awards to key management which entitle each
               award holder to receive a variable number of NTR plc ordinary shares. Each award specifies a maximum monetary
               value split into two portions which may vest separately based on share-price growth (70%) and milestone targets (30%)
               as specified in the award certificates issued to each award holder. All awards may vest on one or more occasions up to
               31 March 2011. The plan does not confer a cash alternative on award holders and vesting is contingent on the award
               holder being in the employment of the Group on the vesting date.

             The number of shares will be determined at each vesting date based on the prevailing share price after which the
             shares will be held in trust for a period of at least three years by the Group’s Employment Benefit Trust (EBT). However,
             the award holder to whom shares have been awarded has full beneficial ownership of the shares during the period
             which they are held by the EBT and there are no post-vesting restrictions placed on these shares.


             The transactions of this scheme were as follows:
                                                                              Value                Share price            Potential awards
                                                                                  €                         €            Number of shares


             Opening balance 1 April 2008                                         -                                                     -

             Granted (based on share price at grant date)             75,600,000                        6.65               11,368,421
             Change in number of potential awards
             based on share price movement                                        -                         -              34,449,761
             Closing balance 31 March 2009                            75,600,000                        1.65               45,818,182

             Vested in the year                                        (6,113,720)                      1.65                (3,705,285)
             Lapsed in the year                                        (1,669,290)                      1.65                (1,011,691)
             Change in number of potential awards
             based on share price movement                                        -                         -               (8,807,401)
             Closing balance 31 March 2010                            67,816,990                        2.10               32,293,805
                                                                                                 NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010          105




33. Share Based Payments (continued)
       The awards were valued at the date of grant with the assistance of an external expert using a Monte Carlo simulation
       model. The key assumptions were as follows:

       Share price at grant date                                                                                                        €6.65
       Vesting period                                                                                                            up to 3 years
       Risk free interest rate                                                                                                      1.8% p.a.
       Expected volatility                                                                                                                60%
       Settlement                                                                                                                  Equity only

       The volatility assumption has been set with reference to a three year average historic volatility based on weekly price
       changes (as this period is commensurate with the vesting period of the awards).

       The risk free interest rate has been set based on the yield on the Euro Sovereign gilts zero coupon curve of a three
       year term.

       As the share awards are equity settled share-based payments to employees, valuation is determined at the date of
       grant (1 April 2008) and no additional valuations are required without a modification having occurred.

       The income statement charge for the year in respect of awards under this scheme was €12,000,000 (2009:
       €11,072,000).

   (iv) Subsidiary Share Schemes
        There are share option schemes within certain subsidiaries, under which share options in those subsidiaries have been
        awarded to employees. These schemes are summarised below:
                                                                                                                   Income        Income
                                                                                                                Statement     Statement
                                                                                                            charge/(credit)       charge    Capitalised
                                                                                                                 31 March      31 March      31 March
                                Vesting               Vesting   Exercise                Expected Expected              2010          2009          2010
                                 period            conditions     period     Settlement dividend volatility          (€000)        (€000)        (€000)


       Greenstar Ireland   1 - 2 years             Service,     3 years         Cash          Nil      N/A         (1,178)       2,986               -
       Share Option                            EPS growth
       Scheme                             targets, personal
                                                milestones

       Greenstar UK           3 years               Service,    3 years    Equity only        Nil     40%             220            89              -
       Share Option                            EPS growth
       Scheme                             targets, personal
                                                milestones

       Greenstar North        4 years             Service,      5 years    Equity only        Nil     25%             978        1,952               -
       America Share                              EBITDA
       Award Scheme                          growth target

       Wind Capital           3 years              Service,     3 years    Equity only        Nil     30%             773        1,727            139
       Group Share                            value growth
       Award Scheme                                 targets

       SES Capital         1 - 3 years            Service, 1 - 3 years     Equity only        Nil      N/A          4,229        3,901               -
       Schemes                                   milestone
                                                    targets
       Total                                                                                                        5,022      10,655             139
106




      Notes to the Consolidated Financial Statements
      For the Year ended 31 March 2010 (continued)


      34. Subsidiary and Joint Venture Companies
         At 31 March 2010, the Company had the following significant subsidiary, joint venture, and associate companies. All
         subsidiaries are incorporated in the Republic of Ireland and have their registered office at Burton Court, Burton Hall Drive,
         Sandyford, Dublin 18 unless otherwise stated.

         Name                                                        Nature of Business                                        % Holding

         Subsidiaries
         Celtic Utilities Limited                                    Investment Holding Company                                  76.9%
         National Toll Roads Limited*                                Toll Operations                                             100%
         NTR Treasury Limited*                                       Treasury Operations                                         100%
         East-Link Limited                                           Toll Operations                                             100%
         Northlink M1 Limited                                        Toll Operations and Road Maintenance                          67%
         SouthLink N25 Limited                                       Toll Operations and Road Maintenance                          67%
         Midlink M7/M8 Limited                                       Toll Operations and Road Maintenance                          67%
         Greenstar Holdings Limited                                  Waste Management & Recycling Holding Company              88.45%
         Greenstar Limited                                           Waste Collection & Recycling                              88.45%
         Greenstar Connaught Limited                                 Landfill Operation                                        88.45%
         Greenstar North East Limited                                Landfill Operations                                       88.45%
         Greenstar South East Limited                                Waste Collection and Recycling                            88.45%
         Bioverda Power Systems Limited                              Sustainable Energy Business                               88.45%
         Greenstar Environmental Services Limited
         (formerly Veolia Environmental Services Limited)            Waste Collection & Recycling                              88.45%
         Greenstar Gas Energy Limited                                Electricity Generation from Landfill Gas                  88.45%
         Greenstar Environmental Limited **                          Waste Recycling Company                                     100%
         Greenstar Environmental Recycling Limited **                Waste Recycling Company                                     100%
         Greenstar (RU Recycling) Limited **                         Waste Recycling Company                                     100%
         Verdant Group plc **                                        Waste Collection & Transfer                                 100%
         Greenstar (M&B) Limited **                                  Waste Collection                                            100%
         Greenstar (Firbank Chiltern) Limited **                     Waste Recycling Company                                     100%
         Greenstar (WES) Limited **                                  Waste Recycling Company                                       75%
         Greenstar (Leicester Paper Processors) Limited **           Waste Recycling Company                                     100%
         Greenstar LLC
         615 South DuPont Highway, Dover, Delaware                   Waste Management Recycling Holding Company                  100%
         Wind Capital Group LLC
         1209 Orange Street, Wilmington, Delaware                    Wind Generation Developer                                 61.99%
         Stirling Energy Systems Limited                             Solar Energy Developer                                    52.04%
                                                                                    NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010   107




34. Subsidiary and Joint Venture Companies (continued)
   Name                                                      Nature of Business                                       % Holding

   Joint ventures and associates
   Celtic Anglian Water Limited                              Water and Waste Water Projects                            38.45%
   Celtic Roads Group (Dundalk) Limited
   M1 Toll Plaza, Balgeen, Drogheda, Co. Meath               PPP Roads Concession                                      33.33%
   Celtic Roads Group (Waterford) Limited
   M1 Toll Plaza, Balgeen, Drogheda, Co. Meath               PPP Roads Concession                                      33.33%
   Celtic Roads Group (Portlaoise) Limited
   M1 Toll Plaza, Balgeen, Drogheda, Co. Meath               PPP Roads Concession                                      33.33%
   Green Plains Renewable Energy Inc
   9420 Underwood Avenue, Suite 100,
   Omaha, Nebraska                                           Ethanol Production                                        35.82%

   * Companies availing of the exemptions allowed under Section 17 of the Companies (Amendment) Act 1986 (note 32(d)).
   ** Registered office: The Gatehouse, Gatehouse Way, Aylesbury, Bucks HP19 8DB, United Kingdom


35. Pension Commitments
   The Group operates a number of defined contribution pension schemes (the “schemes”) and these cover a significant
   proportion of current employees. The assets of the schemes are held in external funds administered by independent
   trustees. The Group’s total pension costs for the year ended 31 March 2010 were €3,184,000 (2009 - €4,073,000).
   €324,000 was outstanding at 31 March 2010 (2009 – €239,000).


36. Accounting Estimates and Judgments
   The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and
   assumptions that affect the application of accounting policies and reported amounts of assets and liabilities, income and
   expenses.

   Management has discussed with the Audit Committee the development, selection and disclosure of the Group’s critical
   accounting policies and estimates and the application of these policies and estimates.

   Particular areas which are subject to accounting estimates and judgements in these financial statements are areas such
   as impairment testing, share options and judgemental provisions and accruals. Impairment testing of assets involves
   estimating the future cash flows from the assets and an appropriate discount rate to determine a recoverable value. The
   estimation of the cost of share awards requires the use of actuaries and the determination of appropriate assumptions
   such as discount rates and expected future rates of return. The fair value of share options has been estimated using a
   Monte Carlo simulation (see note 33 for further details). As neither the Company’s shares nor the shares in subsidiaries
   are listed, the share prices used as an input to determining the fair value of the options granted during the year and
   prior year are from periodic valuations of the Company. Subsidiary share valuations are performed by external experts
   engaged by the Directors.
108




      Notes to the Consolidated Financial Statements
      For the Year ended 31 March 2010 (continued)


      37. Subsequent Events
         On 8 June 2010, an agreement was reached with Montagu Private Equity and Global Infrastructure Partners, the controlling
         shareholders of Biffa, for the sale of Greenstar UK. The sale was completed on 6 August 2010.

         On 28 September 2010, GPRE announced that it has entered into a definitive agreement to acquire Global Ethanol, LLC,
         which owns two operating ethanol plants located in Lakota, Iowa and Riga, Michigan which have a combined annual
         production capacity of approximately 157 million gallons (“mmgy”). The acquisition will increase Green Plains’ capacity by
         31% to approximately 657 mmgy.

         In September 2010, an agreement was reached to sell a number of the Group’s Irish road assets. East-Link Limited, a
         wholly owned subsidiary of National Toll Roads Limited, together with NTR plc’s shareholding in CRG Dundalk, will be sold
         to DIF Infrastructure II, a Dutch based investment fund. National Toll Roads Limited’s Operation and Maintenance division
         will be sold to Egis Road Operation S.A., a subsidiary of Egis Projects S.A., an international developer of infrastructure
         projects and services. The portfolio includes National Toll Roads Limited’s shareholding in North-Link (Dundalk), South-Link
         (Waterford) and Mid-Link (Portlaoise). The transactions are subject to the necessary approvals.

         On 22 April 2010, Wind Capital Ventures entered into an agreement with Lost Creek Wind HoldCo, LLC (the parent of Lost
         Creek Wind, LLC and a wholly owned subsidiary of Lost Creek Wind FinCo, who is wholly owned by WCV) for Lost Creek
         HoldCo to provide WCV with compensation in the amount of US$40.0 million for development services that WCV has
         provided, and will continue to provide, to Lost Creek with respect to the wind farm project. This fee is contingent upon the
         Project Placed in Service Date occurring (defined as being the date when all turbine completion certifications have been
         received) and the Commercial Operation Date of 5 May 2010 (as defined in the PPA) occurring. These target deadlines
         were met and the compensation has been paid since the year end.

         On 22 April 2010, Lost Creek Wind FinCo (created for financing purposes related to the Lost Creek wind farm) entered
         into an Equity Capital Contribution Agreement (ECCA) with Credit Suisse. Per the terms of this agreement, Credit Suisse,
         through their subsidiary Mehetia Inc., will be a 40% equity owner of Lost Creek HoldCo in exchange for a cash investment
         of US$53 million.

         In June 2010, Imagine agreed to acquire the European assets of Clearwire for €10 million in Imagine shares and Clearwire
         has agreed to subscribe €3 million for shares in Imagine, at the valuation which NTR plc last subscribed for shares.

         Lost Creek Wind, LLC applied for and received from the US Department of Treasury, a 30% investment tax credit,
         convertible into a cash grant. This grant of US$107,685,000 was received in July 2010.

         Since the year end, the Group has undertaken a number of actions in response to the global economic challenges including
         the decision by SES to re-pace the utility scale roll-out of the SunCatcher technology until the current uncertainties in the
         funding markets are resolved.

         In October 2010, GPRE completed the placement of US$90 million in convertible senior notes, due 2015. If fully converted,
         the Group’s equity interest in GPRE would be reduced to 26%.

      38. Approval of Financial Statements
         The Board of Directors approved the consolidated financial statements on 1 November 2010.
                                                                              NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010   109




Company Balance Sheet
as at 31 March 2010


                                                                                        Note      31 March     31 March
                                                                                                       2010         2009
                                                                                                      €’000        €’000


ASSETS
Property, plant and equipment                                                              4          279          387
Other financial assets                                                                     5      87,846      169,858
Intangible assets                                                                          6          200             -
Deferred tax assets                                                                                1,764         1,384
TOTAL NON-CURRENT ASSETS                                                                          90,089      171,629

Trade and other receivables                                                                7    399,619       579,703
Current financial assets                                                                   8      12,877       63,274
Cash and cash equivalents                                                                  9          588        1,731
Assets classified as held for sale                                                       10       23,491              -
TOTAL CURRENT ASSETS                                                                            436,575       644,708
TOTAL ASSETS                                                                                    526,664       816,337

EQUITY
Issued capital                                                                                        253          249
Capital conversion reserve fund                                                                          4            4
Capital redemption reserve                                                                             49           48
Share premium                                                                                    261,277      253,120
Own shares held                                                                                    (3,130)        (678)
Other reserves                                                                                    23,746       19,285
Retained earnings                                                                                 67,096      273,212
TOTAL EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT                                        349,295      545,240


LIABILITIES
Provisions                                                                               11       32,297       21,666
TOTAL NON-CURRENT LIABILITIES                                                                     32,297       21,666

Current tax payable                                                                                   226        1,738
Trade and other payables                                                                 12      141,418      237,139
Provisions                                                                               11        3,428       10,554
TOTAL CURRENT LIABILITIES                                                                        145,072      249,431
TOTAL LIABILITIES                                                                                177,369      271,097
TOTAL EQUITY AND LIABILITIES                                                                     526,664      816,337

The accompanying notes form an integral part of these financial statements.

On behalf of the Board

Tom Roche                                        Jim Barry
Director                                         Director

Approved by the Directors on 1 November 2010
110




      Company Reconciliation of Movement in Capital and Reserves
      For the Year ended 31 March 2010


                                                              Capital                                           Share
                                                           conversion       Capital                  Own       based
                                                  Share       reserve   redemption        Share    shares   payments     Retained
                                                 capital         fund       reserve    premium       held     reserve    earnings      Total
                                                  €’000         €’000         €’000       €’000     €’000       €’000       €’000      €’000


      Balance at 1 April 2008                     291              4             -    224,858      (885)    29,014      508,122     761,404
      Profit for the year                             -             -            -            -         -          -     36,889      36,889
      Share options exercised by employees            1             -            -        767           -          -            -      768
      Shares issued under share award scheme          5             -            -     27,495      (678)    (23,000)            -     3,822
      Share awards to employees                       -             -            -            -         -   13,325              -    13,325
      Own shares acquired                          (48)             -          48             -         -           - (259,437) (259,437)
      Transfer in respect of shares
      issued under share award scheme                 -             -            -            -         -        (54)         54          -
      ESOP shares appropriated to employees           -             -            -            -     802             -           -      802
      ESOP sale of own shares                         -             -            -            -       83            -           -       83
      Dividends to shareholders                       -             -            -            -         -           -   (12,416)    (12,416)
      Balance at 1 April 2009                     249              4           48     253,120      (678)    19,285      273,212     545,240


      Loss for the year                               -             -            -            -         -           - (191,291) (191,291)
      Shares issued under share award scheme          4             -            -      7,781       557      (8,342)      1,875       1,875
      Other shares issued                             1             -            -        376           -           -           -      377
      Share awards to employees                       -             -            -            -         -   13,239              -    13,239
      Own shares acquired                            (1)            -            1            -   (3,009)           -    (2,511)     (5,520)
      Transfer in respect of shares
      issued under share award scheme                 -             -            -            -         -     2,416      (2,416)           -
      Settlement of equity settled
      share award scheme - subsidiary                 -             -            -            -         -    (2,852)      2,852            -
      Dividends to shareholders                       -             -            -            -         -           -   (14,625)    (14,625)
      Balance at 31 March 2010                    253              4           49     261,277     (3,130)   23,746       67,096     349,295

      The accompanying notes form an integral part of these financial statements.

      On behalf of the Board

      Tom Roche                                            Jim Barry
      Director                                             Director

      Approved by the Directors on 1 November 2010
                                                                       NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010   111




Company Cash Flow Statement
For the Year ended 31 March 2010


                                                                                           31 March     31 March
                                                                                                2010         2009
                                                                                               €’000        €’000
CASH FLOWS FROM OPERATING ACTIVITIES
(Loss)/profit for the year                                                               (191,291)      36,889

Adjustments for:
Depreciation                                                                                   235          123
Impairment of investment                                                                   70,835           232
Financial income                                                                            (5,341)     (19,923)
Financial expense                                                                               18           13
Net foreign exchange loss/(gain)                                                            1,094       (42,315)
Dividend income                                                                           (10,222)       (5,001)
Restructuring provision                                                                     (7,000)         554
Other provisions                                                                               706       (1,221)
Restructuring costs paid                                                                        (89)           -
Non-cash movement in balances with subsidiary undertakings                               120,000               -
Share-based payment expense                                                                 9,560         9,323
Income tax (credit)/expense                                                                 (2,273)       4,900
OPERATING CASH FLOWS BEFORE CHANGES IN WORKING CAPITAL AND PROVISIONS                     (13,768)      (16,426)
Decrease in trade and other receivables                                                     1,614         1,258
Increase/(decrease) in trade and other payables                                                586      (10,433)
CASH USED IN OPERATIONS                                                                   (11,568)      (25,601)
Income taxes refunded/(paid)                                                                      9          (10)
NET CASH USED IN OPERATING ACTIVITIES                                                     (11,559)      (25,611)

CASH FLOWS FROM INVESTING ACTIVITIES
Interest received                                                                           1,333       13,650
Additional investment in subsidiaries                                                       (9,998)     (42,354)
Funds (advanced to)/received from subsidiary undertakings, net                            (19,540)     299,440
Dividends received from subsidiary                                                         10,222         5,001
Investment in unquoted shares                                                               (1,118)            -
Repayment of loan by related party                                                                -       3,495
Proceeds in Escrow from sale of Airtricity Holdings Limited received                       49,703              -
Acquisition of intangible assets                                                              (200)            -
Acquisition of property, plant and equipment                                                  (127)        (337)
NET CASH FROM INVESTING ACTIVITIES                                                         30,275      278,895
112




      Company Cash Flow Statement
      For the Year ended 31 March 2010 (continued)


                                                                                    31 March    31 March
                                                                                        2010        2009
                                                                                       €’000       €’000
      CASH FLOWS FROM FINANCING ACTIVITIES
      Proceeds from the issue of share capital                                            1        768
      Purchase of own shares                                                         (5,520)   (257,734)
      Share redemption expenses                                                            -     (1,703)
      Interest paid                                                                     (18)        (13)
      Dividends paid                                                                (14,625)    (12,416)
      NET CASH FROM FINANCING ACTIVITIES                                            (20,162)   (271,098)

      Net decrease in cash and cash equivalents                                      (1,446)    (17,814)
      Cash and cash equivalents at start of year                                     1,731       3,035
      Effect of exchange rate fluctuations on cash held                                303      16,510
      CASH AND CASH EQUIVALENTS AT END OF YEAR                                         588       1,731

      The accompanying notes form an integral part of these financial statements.

      On behalf of the Board

      Tom Roche                                           Jim Barry
      Director                                            Director

      Approved by the Directors on 1 November 2010
                                                                                    NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010   113




Notes to the Company Financial Statements
For the Year ended 31 March 2010


1. Basis of Preparation
   Company law requires the Directors to prepare financial statements for each financial year. Under that law, the Directors
   have elected to prepare the Company financial statements in accordance with International Financial Reporting Standards
   (IFRS) adopted by the European Union (EU).

   The Company financial statements have been prepared in accordance with International Financial Reporting Standards
   adopted by the EU (EU IFRS) and effective at 31 March 2010.

   The Company’s financial statements are presented in euro, rounded to the nearest thousand, in accordance with applicable
   accounting principles. They are prepared on the historical cost basis except that the following assets and liabilities are
   stated at their fair value: share options.

   As permitted by section 148(8) of the Companies Act 1963, no separate profit and loss account is presented in respect of
   the Company. The company recorded a loss for the year of €191.3 million (2009: profit of €36.9 million). The Statement of
   Group Accounting Policies on pages 52 to 61 apply to these Company financial statements.


2. Statutory and Other Information
                                                                                                        31 March     31 March
                                                                                                             2010         2009
                                                                                                            €’000        €’000


   Directors’ emoluments:

   Fees                                                                                                    291           326
   Salaries & bonuses                                                                                      975         1,643
   Pension contributions                                                                                   244           451
   Death & disability plan premia                                                                           20            22
   Share based payments                                                                                  5,030         4,479
   Other                                                                                                    94           126
                                                                                                         6,654         7,047

   Directors’ shares and share options are detailed in the Director’s Report.
                                                                                                             Year         Year
                                                                                                           ended        ended
                                                                                                        31 March     31 March
                                                                                                             2010         2009
                                                                                                            €’000        €’000


   Auditor’s remuneration (included in administration expenses):
   - Audit and audit related                                                                               361           366
   - Other                                                                                                 168           346
   Impairment of investment                                                                             70,835           232
   Depreciation of property, plant and equipment                                                           235           123
114




      Notes to the Company Financial Statements
      For the Year ended 31 March 2010 (continued)


      3. Employment
         Particulars of numbers of employees (including executive directors) and related costs are as follows:

                                                                                                                       Year        Year
                                                                                                                     ended       ended
                                                                                                                  31 March    31 March
                                                                                                                       2010        2009
                                                                                                                      €’000       €’000


         Employee costs during the year comprised:
         Wages and salaries                                                                                         7,522      8,094
         Social welfare costs                                                                                         535      1,023
         Pension costs                                                                                                773        908
         Share based payments                                                                                       9,560      9,323
         Other                                                                                                        140         97
         Total employee benefit costs                                                                             18,530      19,445
         The average monthly number of persons employed by the Company (including executive directors):                45          45


      4. Property, Plant and Equipment
                                                                                                  Fixtures &      Computer
                                                                                         Land        Fittings    Equipment       Total
                                                                                         €’000          €’000         €’000      €’000


         Cost

         At 1 April 2008                                                                  25           299            680      1,004
         Additions                                                                         -            28            309        337
         At 1 April 2009                                                                  25           327            989      1,341
         Additions                                                                         -             2            125        127
         At 31 March 2010                                                                 25           329          1,114      1,468

         Depreciation
         At 1 April 2008                                                                    -          284            547         831
         Charge for the year                                                                -            6            117         123
         At 1 April 2009                                                                    -          290            664         954
         Charge for the year                                                                -           17            218         235
         At 31 March 2010                                                                   -          307            882      1,189
         Net book value
         At 31 March 2009                                                                 25             37           325         387
         At 31 March 2010                                                                 25             22           232         279
                                                                                           NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010    115




5. Other Financial Assets
                                                                      Unlisted
                                                                  investments        Loans to                    Investment
                                                                 in subsidiary     subsidiary         Capital   in unquoted
                                                                    companies    undertakings   Contributions        shares          Total
                                                                         €’000          €’000           €’000          €’000         €’000


   At 1 April 2009                                                 146,304          14,002           9,552              -      169,858
   Net investments during the year                                    9,998              -           1,198          1,118        12,314
   Impairment of investment                                         (70,835)             -               -              -       (70,835)
   Transfer to assets held for sale                                 (23,491)             -               -              -       (23,491)
   At 31 March 2010                                                 61,976          14,002          10,750          1,118        87,846

   In the opinion of the Directors, the value of the Company’s financial assets is not less than the carrying amount of €87.8
   million (2009: €169.9 million). The Company’s subsidiaries are listed in Note 34 to the consolidated financial statements.

   The disposal of Greenstar UK has given rise to an impairment charge of €70,835,000. The carrying amount of that
   investment has been reduced to its recoverable amount based on the consideration less costs to sell, from the sales
   transaction agreed on 8 June 2010. No other impairments of Financial Assets have arisen.


6. Intangible Assets
   The movement during the year was:
                                                                                                                               Intellectual
                                                                                                                                  Property
                                                                                                                                      €’000


   Balance at 1 April 2009                                                                                                             -
   Additions                                                                                                                         200
   Balance at 31 March 2010                                                                                                          200

   The Intellectual Property comprises exclusive rights to certain technologies relating to processes still in development.


7. Trade and Other Receivables
                                                                                                                  31 March      31 March
                                                                                                                       2010          2009
                                                                                                                      €’000         €’000


   Trade debtors                                                                                                     198            59
   Prepayments and accrued income                                                                                    161           199
   Amounts due from subsidiary undertakings                                                                      398,589       577,090
   VAT                                                                                                               119            81
   Other debtors                                                                                                     552         2,274
                                                                                                                 399,619       579,703
116




      Notes to the Company Financial Statements
      For the Year ended 31 March 2010 (continued)


      8. Current Financial Assets
                                                                                                          31 March    31 March
                                                                                                               2010        2009
                                                                                                              €’000       €’000


         Proceeds in Escrow due from sale of Airtricity Holdings Limited                                  12,877      63,274

         The movement during the year was:
                                                                                                                         €’000


         Balance at 1 April 2008                                                                                         474
         Airtricity sale escrow transferred from non-current financial assets                                         56,067
         Escrow related professional fees                                                                               (172)
         Additional escrow arising in year                                                                             2,659
         Effect of movement in foreign exchange rates                                                                  4,246
         Balance at 1 April 2009                                                                                       63,274
         Escrow received during the year                                                                              (49,703)
         Additional escrow arising in year                                                                                 703
         Effect of movement in foreign exchange rates                                                                   (1,397)
         Balance at 31 March 2010                                                                                     12,877


      9. Cash and Cash Equivalents
                                                                                                          31 March    31 March
                                                                                                               2010        2009
                                                                                                              €’000       €’000


         Cash and cash equivalents in the Company balance sheet                                               588       1,731


      10 Assets Classified as Held for Sale
         The movement during the year was:                                                                               €’000


         Balance at 1 April 2009                                                                                           -
         Transfer from financial assets                                                                               23,491
         Balance at 31 March 2010                                                                                     23,491

         During the year, the Directors decided to sell the Group’s UK based sustainable waste management business, Greenstar
         UK. On 8 June 2010, an agreement was reached with Montagu Private Equity and Global Infrastructure Partners, the
         controlling shareholders of Biffa, for the sale of Greenstar UK. This sale was completed on 6 August 2010.
                                                                                         NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010   117




11. Provisions
                                                                                            Restructuring
                                                                                                Provision       Other        Total
                                                                                                    €’000       €’000        €’000


   At 1 April 2008                                                                              10,000       20,000       30,000
   Provisions released during the year                                                                -       (1,221)      (1,221)
   Provisions made during the year                                                                2,121        2,457        4,578
   Expenditure during the year                                                                   (1,567)           -       (1,567)
   Transfer from trade and other payables                                                             -          430          430
   At 1 April 2009                                                                              10,554       21,666       32,220

   Provisions released during the year                                                           (7,000)          -        (7,000)
   Provisions made during the year                                                                     -        706           706
   Expenditure during the year                                                                       (89)         -            (89)
   Transfer from trade and other payables                                                            (37)     9,925         9,888
   At 31 March 2010                                                                              3,428       32,297       35,725
   Payable within one year                                                                       3,428            -        3,428
   Payable after more than one year                                                                  -       32,297       32,297
   At 31 March 2010                                                                              3,428       32,297       35,725

   Restructuring
   The restructuring provision is in relation to the cost of restructuring programmes.

   Other
   Other provisions are provisions for costs associated with discontinued operations.


12. Trade and Other Payables
                                                                                                             31 March     31 March
                                                                                                                  2010         2009
                                                                                                                 €’000        €’000


   Trade and other payables                                                                                  15,837       24,608
   PAYE/PRSI                                                                                                    299          462
   Amounts owed to subsidiary undertakings                                                                  125,282      212,069
                                                                                                            141,418      237,139

   Amounts owed to subsidiary undertakings are unsecured, interest free and repayable on demand.


13. Dividends
                                                                                                             31 March     31 March
                                                                                                                  2010         2009
                                                                                                                 €’000        €’000


   Ordinary Shares:
   Final dividend of 4.94 cent (2009 – 3.95 cent)                                                            10,020         7,868
   Interim dividend of 2.28 cent (2009 – 2.28 cent)                                                           4,605         4,548
                                                                                                             14,625       12,416

   It is intended that a final dividend in respect of the financial year ended 31 March 2010 in the amount of 4.94 cent per share
   will be proposed by the Directors, for approval by the shareholders at the Company’s Annual General Meeting, to be held on
   8 December 2010. The record date is 26 November 2010. The payment date is 15 December 2010.
118




      Notes to the Company Financial Statements
      For the Year ended 31 March 2010 (continued)


      14. Financial Instruments
         Exposure to credit risk, interest rate risk, currency risk and liquidity risk arises in the normal course of the Company’s
         business. These risks are managed at Company level in a manner consistent with the Group Policies as described in note
         28 to the consolidated financial statements. Additional risks apply to the Company financial statements, principally from
         transactions and balances with Group entities which are eliminated on consolidation, as follows:

         Credit risk
         Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. The principal
         additional risk arising at Company level is the recoverability of amounts advanced to other group entities.

         At the reporting date, there were no significant concentrations of credit risk other than in respect of amounts advanced to
         other group entities. The maximum exposure to credit risk is represented by the carrying amount of each financial asset in
         the balance sheet. The Company makes provision against intragroup loans, as appropriate.

         Interest rate risk
         Loans advanced to and from Group entities are advanced on both and interest bearing and interest free basis depending
         on the circumstances. Interest bearing loans typically have a fixed interest rate. The objective of the interest rate
         management policy is to protect the Company’s debt from adverse changes in interest rates which, if they occurred, would
         have a material impact on cash flow and reported annual profits.

         Foreign currency risk
         The Company has also advanced loans to other Group entities in foreign currencies. The Company has various policies
         and procedures in place to manage its foreign currency risk. All foreign currency denominated loans are translated at the
         prevailing rate at the reporting date. The resulting exchange difference is dealt with in the income statement.

         Liquidity risk
         The Company’s liquidity risk arises and is managed on a basis consistent with that of the Group as described in note 28
         to the consolidated financial statements. Liquidity risk is the risk that the Company will not be able to meet its financial
         obligations as they fall due. The Company’s approach to managing liquidity is to ensure, as far as possible, that it will
         always have sufficient liquidity to meet its liabilities when due, both under normal and stressed conditions, without incurring
         unacceptable losses or risking damage to the Company’s reputation.

         Sensitivity analysis
         In managing interest rate and currency risks, the Company aims to reduce the impact of short-term fluctuations on the
         Company’s earnings. The principal source of exposure for the company, over and above the risks at group level, is to
         interest and currency movements arising on intragroup advances.

         At 31 March 2010, it is estimated that a general increase of one percentage point in interest rates would increase the
         Company’s loss before tax by approximately €1.1 million.

         It is estimated that a general increase of one percentage point in the value of the euro against other foreign currencies
         would reduce the Company’s loss before tax by €0.1 million (2009: a reduction of €2.5 million).

         Credit risk
         Maximum exposure to credit risk for trade and intragroup receivables at the reporting date

                                                                                                                 31 March     31 March
                                                                                                                      2010         2009
                                                                                                                     €’000        €’000


         Trade and intragroup receivables – Net                                                                 398,787      577,149
                                                                                           NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010   119




14. Financial Instruments (continued)
   Liquidity risk
   The following are contractual maturities of the Company’s financial liabilities, including interest payments and excluding the
   impact of netting arrangements:

   Non-derivative financial liabilities
                                                                                                  Carrying     Contractual   Less than
                                                                                                   amount       cash flows   6 Months
   At 31 March 2010                                                                                  €’000           €’000       €’000


   Trade and other payables                                                                      15,837         15,837        15,837
   Amounts owed to subsidiary undertakings                                                      125,282        125,282       125,282
   Total                                                                                        141,119        141,119       141,119

                                                                                                  Carrying     Contractual   Less than
                                                                                                   amount       cash flows   6 Months
   At 31 March 2009                                                                                  €’000           €’000       €’000


   Trade and other payables                                                                      24,608         24,608        24,608
   Amounts owed to subsidiary undertakings                                                      212,069        212,069       212,069
   Total                                                                                        236,677        236,677       236,677

   The Company had no derivative financial liabilities at 31 March 2010 or 31 March 2009.
   Effective interest rate and re-pricing analysis
   In respect of income earning financial assets and interest-bearing financial liabilities, the following table indicates their
   effective interest rates at the reporting date.

   31 March 2010                                                                                   Effective                 6 months
                                                                                              interest rate*         Total     or less
                                                                                                                     €’000      €’000
   Cash and cash equivalents
   Bank balances                                                                                    0.1%             588           588

   31 March 2009                                                                                   Effective                 6 months
                                                                                              interest rate*         Total     or less
                                                                                                                     €’000      €’000
   Cash and cash equivalents
   Bank balances                                                                                    0.1%           1,731       1,731

   There is no significant difference between the fair value of the Company’s financial asset and liabilities and their carrying
   values.


15. Pensions
   The Company operates defined contribution schemes for certain employees and executive directors. The assets of the
   scheme are held separately from those of the Group independently administrated funds.

   Pension costs for the year amounted to €773,000 (2009: €908,000) and the amount due to the schemes at 31 March 2010
   amounted to €59,000 (2009: €89,000).
120




      Notes to the Company Financial Statements
      For the Year ended 31 March 2010 (continued)


      16. Commitments and Contingencies
         Commitments
         The Company has non cancellable operating lease commitments relating to premises, payable as follows:

                                                                                                                  2010         2009
                                                                                                                 €’000        €’000


         Total commitment
         Less than 1 year                                                                                         547         565
         Between 1 and 5 years                                                                                    547         565
         More than 5 years                                                                                          -           -
                                                                                                               1,094        1,130

         Guarantees
         At 31 March 2010, the Company has guaranteed certain liabilities of its subsidiary company facilities, which are unsecured,
         as follows:

         •   €61.7 million in respect of Greenstar UK;
         •   €61.6 million in respect of National Toll Roads Limited;
         •   €12.0 million in respect of Greenstar Ireland;
         •   €11.4 million in respect of Greenstar North America;
         •   €4.0 million in respect of Celtic Anglian Water Limited;
         •   €1.8 million in respect of Bioverda Limited.

         These guarantee contracts are treated as a contingent liability until such time as it becomes probable that the Company will
         be required to make a payment under the guarantee.

         A letter of comfort has been given to Citizens Bank of Pennsylvania that NTR plc will maintain Greenstar North America and
         Recycle Management Corporation LLC as solvent entities.

         Financial Commitments
         The Company has entered into a commitment for funding in respect of one of its subsidiary’s unquoted investments not
         provided for in the financial statements amounting to €1 million.


      17. Related Party Transactions
         During the year and prior year, the Company earned income from the following related parties (subsidiary companies of
         NTR plc), which resulted in the following amounts being credited to the income statement:

                                                                                                              31 March    31 March
                                                                                                                   2010        2009
                                                                                                                  €’000       €’000


         Greenstar Ireland                       Management Charges                                                -            6
         Wind Capital Ventures                   Guarantee fees                                                2,693        4,413
         First Route                             Dividend Receivable                                               -        5,001
         CUL Water                               Dividend Receivable                                           4,114            -
         NTR Leasing                             Dividend Receivable                                             192            -
         NTR Finance Luxembourg S.A.R.L          Dividend Receivable                                           2,306            -
         NTR Treasury Luxembourg S.A.R.L         Dividend Receivable                                           3,610            -


      18. Approval of Financial Statements
         The financial statements for the Company for the year ended 31 March 2010 were approved for issue by the Board of
         Directors on 1 November 2010.
                                                                           NTR - ANNuAl RepoRT & FiNANciAl STATemeNTS 2010   121




  Corporate Information


  Directors	                        Auditor		         	
  Tom	Roche*	(Chairman)             KPMG
  Jim	Barry	(Chief	Executive)       1	Stokes	Place
  Brian	Kearney*                    St.	Stephen’s	Green
  Michael	McNicholas                Dublin	2
  Christopher	Nash*	(British)
  Donal	Tierney*                    Registrars
  Michael	Walsh                     Capita	Registrars	(Ireland)	Limited
  *	non-executive	director          P.O.	Box	7117
                                    Dublin	2
  Secretary and
  Registered Office                 Principal Bankers	           	
  Caroline	Bergin                   Allied	Irish	Bank	plc
  Burton	Court                      Barclays	Bank	plc
  Burton	Hall	Drive                 Bank	of	Ireland
  Sandyford                         Bank	of	Scotland	(Ireland)	Limited
  Dublin	18                         Bayerische	Landesbank	
  	        	                        HSBC	Bank	plc
  Stockbrokers	                     Norddeutsche	Landesbank	
  Davy	Stockbrokers                 Girozentrale
  Davy	House                        Rabobank	Ireland	plc
  49	Dawson	Street                  Royal	Bank	of	Scotland	Group	plc
  Dublin	2                          Santander	Investment	Securities	Inc.
                                    Union	Bank,	N.A.
  Goodbody	Stockbrokers
  Ballsbridge	Park
  Ballsbridge
  Dublin	4

  NCB	Stockbrokers
  3	George’s	Dock
  IFSC
  Dublin	1

  Solicitors	         	         	
  Arthur	Cox
  Earlsfort	Centre
  Earlsfort	Terrace
  Dublin	2

  	
www.sourcedesign.ie
NTR plc, Burton Court, Burton Hall Drive, Sandyford, Dublin 18, Ireland.
Tel: +353 1 206 3700 www.ntrplc.com

				
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