Independent Media Centre Ireland

Have Indaver burnt their Budget?

category national | environment | news report author Thursday April 05, 2007 23:41author by Johnny Handsome

Has Delta pulled the CASH

Delta NV took over Indaver in February last.

Is John Aherne serious about coming back? Is it his decison any more? Or has his budget been pulled? Rhumour has it he's out of cash.

In February 2007, Delta NV, the fourth largest utility company in The Netherlands, with a turnover of over €1.3 billion and an after-tax profit in 2006 of €105.6 million, became a major shareholder in the Indaver Group. While the company is now the majority shareholder at 61%, the Flemish Government has maintained a 16% shareholding. The remaining shareholders include; Suez Environment (14%) and industrial shareholders (9%).

Indaver itself doesn't have half as much cash - with the Group’s turnover up more than 10%, from €210million in 2005 to €233million in 2006. Those sort of figures certainly mean that a gamble of Euro250m could put a severe dent in Indavers bottom line.

I was under the impression that their profit figures were at the level of their turnover figures - up in the hundreds of millions. Rock on Cork & Meath - Make Indaver spend more of their money than they budgeted to fight you.

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