ESB Annual Report 2012 - (Page 21)
BUSINESS
OVERVIEW
OPERATING &
FINANCE REVIEW
CORPORATE SOCIAL
RESPONSIBILITY
CORPORATE
GOVERNANCE
FINANCIAL
STATEMENTS
ESB Annual Report 2012 21
01
FINANCE REVIEW
FIGURE 1: FIVE-YEAR SUMMARY
2012
€’m
Revenue and other operating income
Operating profit before exceptional items1
Adjusted profit before taxation2
EBITDA3
Capital expenditure4
Net debt
Gearing (%)5
Total assets
3,295
576
351
1,095
765
(4,414)
53%
12,600
2011
€’m
2,995
469
283
1,121
883
(4,324)
52%
12,539
2010
€’m
2,740
339
249
839
819
(3,944)
50%
12,112
2009
€’m
3,114
350
335
814
921
(2,231)
35%
9,567
1 Stated before the following exceptional items: 2012: staff exit costs (€161 million). 2010: pension charge (€330 million). 2009: profit on disposal of generating assets: (€265 million).
2 Excludes market to market movements on RPI swaps and exceptional items.
3 Includes exceptional items (€161 million).
4 Excludes NIE acquisition in 2010 (€1.2 billion).
5 Excludes joint ventures.
THIS YEAR HASSEENGOOD
FINANCIAL PERFORMANCE
ACROSSOURBUSINESS
WITH REVENUE AND
OPERATINGPROFIT AT €3.3
BILLION AND €415 MILLION
RESPECTIVELY.
FIGURE 2: SUMMARISED INCOME
STATEMENT
2012
€’m
Revenue & other
operating income
Operating costs
Operating profit
Exceptional items
Operating profit after
exceptional items
Total finance costs
Joint venture profits
Profit/(loss) before tax
Tax credit
Profit/(loss) after tax
Revenue
Revenue and other operating income at €3,295
million has increased by €300 million over 2011
(€2,995 million).
Higher underlying commodity prices are reflected
in higher revenues in Electric Ireland and our
generation business. Also over 100,000 electricity
customers and 80,000 gas customers have
switched to Electric Ireland during 2012.
3,295
2011
€’m
2,995
(2,719) (2,526)
576
(161)
415
(269)
21
166
28
194
469
-
469
(414)
24
79
21
100
Operating costs
Overall operating costs at €2,719 million have
increased by €193 million year on year. Excluding
the impact of fuel, other energy costs and
depreciation, operating costs are €950 million
and are up €60 million on 2011. These variances
can be explained in more detail below:
FIGURE 3: OPERATING COSTS
2012
€’m
2011
€’m
Fuel & other energy costs 1,056 951
Depreciation & amortisation
Employee costs6
Operating & maintenance costs
713 685
465 475
485 415
2,719 2,526
6 excludes exceptional staff exit costs in 2012 (€161 million).
Fuel and other energy costs have increased by
€105 million on 2011 levels largely due to higher
commodity prices and increased volumes.
Depreciation at €713 million is up €28 million on
2011 due to continued capital spend in both of
our networks businesses.
04
2008
€’m
3,515
340
304
753
1,094
(2,088)
40%
8,645
03
02
05
A DETAILED BREAKDOWN OF OUR
OPERATING COSTS BY BUSINESS
SEGMENT IS PROVIDED IN NOTE 1
TO THE CONSOLIDATED FINANCIAL
STATEMENTS.
Table of Contents for the Digital Edition of ESB Annual Report 2012
ESB Annual Report 2012
Contents
Business Overview
Chairman’s Statement
Chief Executive Review
Our Strategy and Business Model
Operating and Financial Review
Operating Environment
Finance Review
Business Unit Sections: ESB Generation and Wholesale Markets
ESB Networks
NIE
Electric Ireland
Corporate Social Responsibility
Introduction from Executive Director, People and Sustainability
Sustainability Charter
Energy Usage 2012
ESB Innovation
Equality and Diversity
Our People
Our Community
Corporate Governance
Chairman’s Corporate Governance Statement
The Board
Executive Team
Board Members’ Report
Risk Management Report
Statement of Board Members’ Responsibilities
Independant auditor’s report to the stockholders of Electricity Supply Board (ESB)
Statement of Accounting Policies
Financial statements
Prompt Payments Act
ESB Annual Report 2012
https://www.nxtbookmedia.com