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Annual Report and Financial Statements 2014

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Annual Report and Financial Statements 2014 UTILITIES INFRASTRUCTURE SERVICES Annual Report and Financial Statements 2014 Contents Introduction n Overview Ervia is a commercial semi-state company with responsibility for the delivery of strategic national gas and 2 Introduction water infrastructure and services in Ireland. 3 Financial Highlights The organisation builds and operates one of the most 4 Business Model and Strategy modern and safe gas networks in the world and in 2012 was 7 Chairman’s Statement tasked with the establishment of Irish Water to reform the public water system. 10 Chief Executive’s Review In 2014 the organisation began its transformation from n Financial & Operating Review an energy company (formerly Bord Gáis Éireann) to a multi-utility company responsible for gas and water 14 Financial Review infrastructure and services. 22 Gas Networks Ireland Ervia operations are primarily centred in Cork and Dublin and 26 Gaslink employs over 1,400 staff nationwide. 28 Irish Water n Corporate Responsibility 34 Corporate Responsibility Review n Corporate Governance 37 The Board 39 The Management Team 40 Report of the Board n Financial Statements 53 Board Responsibilities Statement 54 Independent Auditor’s Report 55 Statement of Accounting Policies 64 Group Financial Statements 116 Parent Financial Statements 2 Financial Highlights Financial Highlights Ervia (continuing operations) Irish Water Revenue1 EBITDA1 €700m €400m €687m €337m €600m €346m €300m €329m €506m €299m €300m €500m €505m €200m €467m €400m €454m €457m €100m €300m 0 €200m –€68m –€107m €100m –€100m 0 –€200m 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 Net Debt2 Profit Before Income Tax3 €2,000m €200m €1,934m €1,929m €1,856m €159m €137m €1,730m €1,500m €100m €111m €1,010m €1,000m 0 –€71m €500m –€100m –€139m €325m €125m 0 –€200m 2010 2011 2012 2013 2014 2012 2013 2014 IRISH Water (non consolidation) SALE OF BORD GÁIS EnergY (discontinued operations) Irish Water is a subsidiary of Ervia under the Companies Act On June 30th 2014, Ervia completed the sale of Bord Gáis 2014. However, due to its share ownership structure, Irish Energy to a consortium of buyers. At December 31st 2013, Water does not currently meet the definition of a subsidiary the Group's Energy business was classified as a disposal for accounting purposes (IFRS 10) and therefore cannot group held for sale and was presented as a discontinued be consolidated with the financial statements of the Ervia operation in line with the requirements of IFRS 5. Current Group (refer to note 28 for further information). A summary and prior year results from the discontinued operation are of the Irish Water financial position and results for 2014 is presented separately from continuing operations on the presented in the Irish Water Financial Review on pages 19-21 face of the Group's Income Statement. Further detail on the and extracts from the Irish Water Financial Statements are discontinued operation is set out in the finance review. presented on pages 31-33. 1 Ervia current and comparative year figures represent continuing operations and are stated before the impact of exceptional items and certain remeasurements arising from the application of IAS 39 Financial instruments: Recognition and Measurement. 2 Net debt represents debt as presented on the balance sheet, adjusted for impact of fair value hedges less free cash deposits. 3 Ervia Profit before Income Tax is disclosed for 2014, 2013 and 2012 as prior years include results of discontinued operations. Annual Report and Financial Statements 2014 3 OVERVIEW FINANCIAL & OPERATING REVIEW CORPORATE RESPONSIBILITY CORPORATE GOVERNANCE FINANCIAL STATEMENTS Business Model and Strategy 014 was a year of major change and development Ervia plays a crucial role in Irish society and the Irish for Ervia. It marked our transition from Bord Gáis Economy. We have been charged with transforming the Éireann, an integrated energy utility, to Ervia, water sector following decades of under-investment, 2Ireland’s first multi-utility infrastructure company. operating Irish Water as a national water utility and earning The continued establishment of Irish Water, the completion customers’ trust by meeting performance expectations. of the sale of our former Energy business, and restructuring Through Gas Networks Ireland we provide gas transportation the group’s Business Units and functions have laid the services, safely and efficiently developing, operating and foundations for Ervia’s future as a high-performing multi- maintaining the national gas network. Furthermore, as a utility, serving customers by delivering Ireland’s gas and multi-utility, we can realise synergies across the two utilities, water infrastructure and services to safety, quality, time and improving performance through centres of excellence and budget expectations. lowering costs through shared services. Our Purpose Our Vision We provide modern utility services to We will do this by creating a first class support economic development – locally, multi-utility company as a commercial semi- regionally and nationally – today and for the state, building on our strong and diverse next generation. heritage, delivering sustainable water and gas infrastructure and services in Ireland and beyond when we have earned the right. 4 Business Model and Strategy Our Business Model Ervia is organised to serve our customers in the most efficient and effective manner possible. Irish Water and Gas Networks Ireland are our two customer-facing businesses and are supported by Major Projects and Shared Services to deliver synergies and efficiencies, and a Group Centre to provide oversight and governance across the organisation. CustOmers Major Shared Projects Services Group Centre IRISH Water is the national water utility responsible MAJOR PROJects is a centre of excellence for the delivery for the delivery of safe, affordable and environmentally of major capital investment projects and critical national compliant water and wastewater services to 1.6 million infrastructure. The function also seeks out opportunities households and businesses, and strategic investment in for Irish Water and Gas Networks Ireland to coordinate their Ireland’s water infrastructure for the long term. activities and share best practice. GAS NetwORKS IrelanD operates Ireland’s natural GROUP Centre is a small, strategic function which gas network and is responsible for the safe, reliable and ensures good governance, shapes strategic context, efficient transportation of Ireland’s gas and investment in the manages risk and enhances performance across natural gas network. the organisation. SHARED Services provides transactional services (including Finance, Procurement, Facilities, HR and IT) across Ervia. It drives efficiencies, improves performance and enables the gas and water businesses to focus on their core activities. Annual Report and Financial Statements 2014 5 OVERVIEW FINANCIAL & OPERATING REVIEW CORPORATE RESPONSIBILITY CORPORATE GOVERNANCE FINANCIAL STATEMENTS Our Performance Against Strategy Ervia is a new brand and young company built on the strong and diverse heritage of Bord Gáis Éireann. In 2014 we continued to deliver on our commitments and build on our track record while transforming to a multi-utility company. Our performance in 2014 and our objectives for 2015 and beyond are set out below. Strategic Priorities This means we… 2014 Achievements 2015 & Beyond Deliver services safely Meet safety, quality, n Established Irish Water and assumed n Deliver gas and water services to our customers environmental, time responsibility for the provision of to planned reliability and quality and budget standards water services on January 1st 2014 standards, meeting and exceeding and the needs of our customer charter standards customers n Delivered water and wastewater services in partnership with Local n Enhance the quality of water and Authorities without major disruption wastewater services and improve in first year of operation environmental performance n Continued to meet the gas n Continue to develop Irish Water operations and infrastructure needs and work with Local Authorities of the country to transform the water services operating model Meet our financial & Raise and invest the n Developed and agreed the Irish Water n Operate within Price Control regulatory targets required funds for Capital Investment Plan to 2016 allowances and deliver our capital our businesses while investment plans ensuring our costs are n Secured €400 million private funding efficient, and work for Irish Water n Maintain investment grade rating in with the Regulator Gas Networks Ireland n Delivered gas and water services to achieve the best within the parameters of regulated n Raise debt funding for Irish Water outcomes for our Price Control allowances customers Develop strong Communicate openly n Rebranded Bord Gáis Éireann to n Improve communications with relationships with with our stakeholders, Ervia, and Bord Gáis Networks to Gas our customers, the public and our customers, the sharing our successes, Networks Ireland our stakeholders, and engage public and other challenges and them in our journey stakeholders plans for the future n Launched Ireland’s largest ever and account for our customer registration campaign n Be an advocate for gas as a transport performance fuel for a low carbon economy Establish and build Set Ervia up for n Completed the sale of Bord Gáis n Consolidate the new Ervia as a successful, success both today Energy in June 2014 organisational structure sustainable multi- and for the future,
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