CHASE Press Release - 08-12-07
INDAVER'S TOUGH YEAR NOT OVER YET

Managing director of Indaver, John Aherne, continues to put a brave face on his company’s woes despite his statement that 2007 was a tough year for them and that poorer results are expected in the future. Mr Aherne omits to mention that the acquisition of Indaver was a factor in the parent company, Delta N.V.'s downgrading by International Rating Co. Thomson in July 2007.

MUMBAI (Thomson Financial) - Standard & Poor’s Ratings Services (S&P) said it lowered Netherlands –based Delta N .V.’s long-term corporate credit rating to ‘A- from A + with a negative outlook.

S&P said the downgrade reflected Delta’s acquisition of Indaver, Belgian waste management company and some other companies, and that Delta’s business risk profile has become weaker as a result of the acquisitions and investments.

Indavers’s worries don’t end there. The European Commission has decided to refer Ireland to the European Court of Justice (ECJ) in a case concerning European Community (EC) legislation on environmental impact assessments. This means when decisions are being taken on installations like incinerators, Irish rules do not guarantee that all factors have been adequately assessed for example health and the environment have not been properly considered under Irish legislation.

Both the Ringaskiddy Residents Judicial Review case (re the granting of EPA waste licence) and the High Court case taken against An Bord Pleanala have sought an adjournment until the ECJ rules on the issue. If this is granted it will take another 20 months to be heard and even if the outcome of ECJ case favors the company the Judicial Review proceedings will still go ahead in the Irish Courts. Ireland has lost all but one of the 14 Environmental cases heard by the ECJ to date.

Mr Ahern’s comment that the mother company has “an undimished appetite” for the Irish market may be all dog and no dinner, and his expectations to have the incinerator operating in a year to 18 months time pre-empt the court decision, and blindly unrealistic.

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For further information:
Mary Hurley, CHASE PRO, 021 4813070 086 8162448
Mary O’Leary, CHASE Chairperson, 021 4811952 086 8177737