Bord na Móna - Source Issue 12 - (Page 14)
YEAR
BORD NA MÓNA ANNOUNCED A
RECORD TURNOVER FOR 2012/2013
DESPITE A CHALLENGING BUSINESS
ENVIRONMENT, THANKS TO THE
EFFORTS OF ALL STAFF
B
ord na Móna's overall performance for
the year ended March 2013 showed
a record turnover for the Group at
€426 million, marking a return to profit and a
very healthy cash flow.
The 11 per cent increase in turnover, up to
€426.1m, reflected the prolonged cold winter
weather and the positive impact this had on
sales of fuel. Also, the West Offaly Power station
experienced a five-month scheduled outage in
the prior year. No such outage occurred in the
year-end March 2013.
Operating profit was €23.5m (after
exceptional items), compared to an operating
loss of €3.7m in the previous year; this included
an impairment charge of €23m in relation to
AES. Exceptional costs of €23.5m were incurred
as a result of the poor harvest in 2012 which,
at 37 per cent of target, was the lowest in the
company's history.
Earnings before interest, tax, depreciation
and amortisation (EBITDA) remained strong at
€61.2m despite the impact of the exceptional
items. Profit for the financial year was €9.2m,
compared to a loss of €16m in the previous year.
The group had a strong operating cashflow
of €108.5m, up from €42.3m the previous year.
''
''
RESOURCEFUL
A GOOD
This reflected the fact that significant amounts
of cash were released as milled peat stocks
were heavily depleted due to the poor harvest in
2012. In addition, stocks of solid fuels products,
including peat briquettes and coal, reduced
significantly due to higher-than-normal winter
sales as a result of the prolonged cold weather.
These results are a boost for the company,
given exceptional operating challenges in
Feedstock where there was just a 37 per cent
milled peat harvest during the 2012 summer,
the wettest recorded in the company's
history. Mitigating measures implemented by
management helped to ensure a profitable
performance for the group. However, peat stocks
will have to be rebuilt over the next few years to
provide adequate stocks to meet sales demand.
The results also underpin the importance
of the Group's balanced business portfolio,
including power generation, resource recovery
and retail products and services. A significant
focus during the year was the continued
expansion of the wind energy portfolio in
Oweninny, Co. Mayo, as well as Mount Lucas
and Bruckana in the Midlands. The Edenderry
Power Station ran as a co-fired station for the
year, further contributing to Ireland meeting its
RES-E targets. Solid fuel sales were boosted by
the extended winter season.
Turnover
€426.1 million
Operating profit (after
exceptional items)
€23.5 million
Profit to end-March 2013
(after exceptional items)
€9.2 million
Operating cashflow
€108.5 million
Turnover figures 2013 and 2012
2013
€ million
2012
€ million
PowerGen
76.1
71.3
Feedstock
75.3
62.9
Retail
189.3
171.6
Resource Recovery
71.6
65.5
Anua Env and other
13.8
12.5
INFORMATION
S
Bord na Móna's Annual Report 2013
is available at: www.bordnamona.ie/
corporate/reports
"SIGNIFICANT INFRASTRUCTURAL PROJECTS, COMBINED WITH OUR DRIVE FOR
EFFECTIVE OPERATIONS ACROSS THE GROUP ARE PART OF OUR ONGOING SUSTAINABLE
BUSINESS STRATEGY. THE RESULTS DEMONSTRATE WE HAVE THE CAPABILITY TO BUILD
A SUSTAINABLE FUTURE FOR BORD NA MÓNA THAT WILL CONTINUE TO PRODUCE
SIGNIFICANT RETURNS FOR OUR SHAREHOLDERS." - John Horgan, Chairman, Bord na Móna
14 | Source Winter 2013
http://www.bordnamona.ie/corporate/reports
http://www.bordnamona.ie/corporate/reports
Table of Contents for the Digital Edition of Bord na Móna - Source Issue 12
Bord Na MóNa - Source Issue 12
Contents
News
Brown Gold
A Bright Future Beckons
Clean Energy Hub
A Good Year
Game On!
Sales Force
Project Update
Heritage Corner
Nationwide
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