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: 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

Table of Contents for the Digital Edition of Bord na Móna - Source Issue 12

Bord Na MóNa - Source Issue 12
Brown Gold
A Bright Future Beckons
Clean Energy Hub
A Good Year
Game On!
Sales Force
Project Update
Heritage Corner

Bord na Móna - Source Issue 12