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ANNUAL REPORT 31 March 2020 Energia Group Limited Annual Report & Consolidated Financial Statements 2020

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ANNUAL REPORT 31 March 2020 Energia Group Limited Annual Report & Consolidated Financial Statements 2020 ENERGIA GROUP LIMITED www.energiagroup.com 2020 ANNUAL REPORT & CONSOLIDATED FINANCIAL STATEMENTS & CONSOLIDATED REPORT ANNUAL ANNUAL REPORT 31 March 2020 Energia Group Limited Annual Report & Consolidated Financial Statements 2020 2 CONTENTS Key Facts and Figures 4 Strategic and Director’s Report 7 • Operating Review 8 • Summary of Financial Performance 27 • Market Structure 37 • Risk Management and Principal Risks and Uncertainties 41 • Corporate Social Responsibility Report 57 • Management Team, Ownership and Directorship 77 Director’s Responsibilities Statement 83 Independent Auditors’ Report 85 Consolidated Income Statement 90 Consolidated Statement of Other Comprehensive Income 91 Consolidated Balance Sheet 92 Consolidated Statement of Changes in Equity 94 Consolidated Statement of Cash Flows 95 Notes to the Consolidated Financial Statements 97 Appendix 177 Glossary of Terms 179 www.energiagroup.com 3 KEY FACTS & FIGURES Underlying Business Results1 Group Pro-Forma EBITDA €m Group Pro-Forma EBITDA 2020 2019 164.1 €m €m Renewables 66.9 80.0 Flexible Generation 45.8 39.1 Customer Solutions 51.4 48.0 164.1 1 67.1 Capital expenditure (2019 - €89.6m) €m 66.4 IFRS Results2 Revenue (2019 - €2,031.6) €m 1,905.8 €m 102.9 Operating profit (2019 - €108.8m) 1 Based on regulated entitlement and before exceptional items and certain remeasurements as outlined in note 4. 2 Before exceptional items and certain remeasurements. Energia Group Limited Annual Report & Consolidated Financial Statements 2020 4 MW Operational Facts Wind generation assets 277 in operation at March 31 2020 848 Employee numbers (2019 - 277MW) (2019 - 795) 84.7% 90.7% Huntstown CCGT 1 & 2 availability (2019 - 97.1% / 96.5%) 98% Wind asset availability (2019 - 97.2%) NI electricity sales TWh (2019 - 3.5TWh) 3.4 669,000 Residential customer sites supplied (2019 - 667,800) RoI electricity sales (2019 - 4.6TWh) TWh 4.3 www.energiagroup.com 5 Energia Group Limited Annual Report & Consolidated Financial Statements 2020 6 STRATEGIC & DIRECTOR’S REPORT www.energiagroup.com 7 STRATEGIC AND DIRECTOR’S REPORT OPERATING REVIEW All references in this document to ‘Group’ The Customer Solutions business supplies electricity denote Energia Group Limited and its subsidiary and gas to 264,900 customer sites in the RoI and undertakings and to ‘Company’ denote Energia 497,900 customer sites in Northern Ireland through Group Limited, the parent company. The principal its two retail brands, Energia and Power NI. activity of the Company is that of a holding company. Strategy The island of Ireland, like the wider global energy Business Model and Principal Activities sector, is undergoing a transformation, driven by the The Group is a leading integrated Irish energy need to meet climate change targets and the effects business with substantial businesses in both the RoI of technological change. Decarbonisation is already and Northern Ireland. The Group primarily operates an imperative; and the consequential electrification through three business units: of large sectors of the economy, such as transport and heating are becoming policy priorities. • Renewables; As the Group is a leading energy utility on the • Flexible Generation; and island of Ireland in each of its Renewables, Flexible • Customer Solutions. Generation and Customer Solutions businesses, it has an important role to play in the energy transition The Renewables business owns and operates the island of Ireland must go through in the next 277MW of wind assets and purchases electricity decade. The Group has put itself in a strong position from 1,268MW of renewable generation capacity to benefit from these changes. Accordingly, the throughout Ireland. In addition, the Renewables Group’s strategy remains focused on continuing its business is currently commissioning a 32 MW wind evolution as a modern technologically sophisticated, farm in County Sligo and a 4.0MW bioenergy plant in customer centric energy business with a strong Dublin. emphasis on renewable technology providing innovative energy-related solutions and services that The Flexible Generation business owns and operates meet its customers’ needs. Management continues 747MW of conventional generation assets in the RoI to focus on four strategic objectives which underpin and procures power under contract with 600MW of the Group’s strategy: conventional generation assets in Northern Ireland. Energia Group Limited Annual Report & Consolidated Financial Statements 2020 8 • build on and diversify the increasing platform of On 1 July 2019 the Group launched its Positive renewable assets to accelerate low carbon growth Energy investment programme which will be and increase earnings; implemented across a range of major renewable energy projects including onshore and offshore • grow our profitable customer base and focus wind farms, solar power, hydrogen fuel generation, on customer retention through technological bioenergy facilities and the smart grid. Aligned with advances with enhanced and differentiated the Government of Ireland’s commitment to increase product offerings, while looking for opportunities the amount of electricity generated from renewable to increase, diversify and enhance the quality sources to 70% by 2030. The Group anticipates that of our customer relationships. Ways in which this new investment will add up to 1.5 Gigawatts the Group can assist our customers’ aspiration of renewable generation to the grid over a 10-year to decarbonise will be a central aspect of our horizon. This will contribute to further sustainability strategy; in Ireland’s energy supply and to the achievement of • profitably develop, operate and grow our Ireland’s climate change reduction targets. portfolio of flexible generation assets in a manner that supports the Group’s renewable COVID-19 asset portfolio, enhances our product offering The Group’s priority during the COVID-19 outbreak to customers and provides the grid services is to look after the health & safety of its staff and needed as Ireland transitions to a carbon neutral customers while at the same time contributing economy; and to the efforts of the Irish and UK Governments in • support the predictability of the Group’s ensuring that consumers continue to have access underlying earnings and stable cash flows to energy and essential services. As an essential through the diversity of contracted and regulated service, our dedicated teams across the Group are revenue streams. Earnings will be further fully committed to the generation of electricity from underpinned by exploiting the complementarity the Group’s renewable and flexible generation of our operations in each of our business units sources, the continued supply of electricity and through trading and balancing our portfolio of gas to the many homes and businesses (including renewable and conventional generation with the care homes, hospitals, schools, essential retail and demand from customers, employing industry manufacturing) we serve and providing additional leading technology and data management. support where needed for vulnerable customers. The Group is also providing support for the In line with the Group’s commitment to exploit communities in which we operate and have been the opportunities presented by technological impacted by COVID-19. The fact that the Group advances relevant to its business, a Group-wide has been able to achieve this while enabling over hub is in operation for collaboration on initiatives 600 staff to work remotely from home has been an in innovation; and further to underpin delivery of outstanding achievement. the Group’s strategic objectives, the Group has an extensive and experienced corporate development As the scale of the COVID-19 outbreak becomes team. clearer, the Board acknowledges the exemplary response and commitment of staff in ensuring that our essential services continue to be provided and is www.energiagroup.com 9 Left to right: Tom Gillen, Catherine Gardiner, Garrett Donnellan, Gary Ryan, Michele Hanley, Peter Baillie, Roy Foreman, Alwyn Whitford, Ian Thom, Siobhan Bailey, John Newman, Stephen McCully. truly thankful to all staff for their dedication in these have on the delivery of the Group’s development testing times. projects. The Group has strong liquidity at 31 March 2020 (with €190.8m cash and cash equivalents In light of the COVID-19 outbreak, management have excluding project finance cash) and has undrawn reviewed the Group’s operations and considered committed revolving credit facilities of €91.0m and the potential impact on the business and taken is therefore well positioned to manage the impact of appropriate steps to ensure that disruption is COVID-19. minimised whilst implementing robust business continuity and social distancing procedures at all As COVID-19 continues to develop, management operational sites. While to date the reduction in the will remain vigilant and continue to take appropriate demand for electricity in Ireland has been less than steps to protect our staff, our customers and the that experienced in other European countries, the Group’s businesses. full financial impact on the Group from COVID-19 and the related general economic downturn is Management Team difficult to quantify at this stage. It is unclear how The management team is responsible for the long the current situation will last, how customer delivery of the agreed strategy through the behaviour may change, the extent to which Irish and operational management of the Group’s businesses. UK government financial support for households
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