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Annual Report and Financial Statements 2010 B O R D G Á I S É I R E a N N

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Annual Report and Financial Statements 2010 B O R D G Á I S É I R E a N N Title Annual Report and Financial Statements 2010 B o R d G á i S É i R e A n n Contents 1 About Bord Gáis Éireann 26 Energy 2 Financial Highlights 38 Northern Ireland 2 Key Achievements for 2010 40 Gaslink 4 Chairman’s Statement 42 Networks 10 The Board 54 Corporate Responsibility 12 Chief Executive’s Review 60 Gas Supplies 20 Management Team 65 Overview of Energy Usage in 2010 22 Financial Review 66 Financial Statements A n n U A L R e P o R T A n d F i n A n C i A L S T A T e M e n T S 2 0 1 0 1 About Bord Gáis Éireann Bord Gáis Éireann has evolved in recent years from a gas transmission company to a major energy provider, supplying both gas and electricity to homes and businesses throughout the country. A commercial enterprise owned by the Irish State, it builds and operates one of the most modern and safe gas networks in the world, connecting all natural gas customers to this network. Bord Gáis is committed to growth, innovation and sustainability. The company has recently commissioned its first major gas-fired power station at Whitegate, Co. Cork and is currently developing a portfolio of wind farms throughout Ireland. Bord Gáis is a major employer in Ireland, providing a dynamic and modern place to work for almost 1,000 employees. Bord Gáis meets its commitment to customers through its two main businesses: Bord Gáis Energy and Bord Gáis Networks, a commitment that is very important to a combined total of nearly one million gas and electricity customers. Bord Gáis Energy successfully entered the residential electricity market in early 2009, winning over 300,000 Bord Gáis Energy is a dual-fuel, all–island business that serves c. 1 million gas and electricity customers with exemplary service at competitive prices. It customers that year alone. As a consequence the company is procures energy efficiently on wholesale markets and invests in energy assets to now a dual-fuel supplier operating on an all-island basis, and support its growth objectives in the energy markets in Ireland. has created real competition in the energy market. Its retail activities are backed by a trading team responsible for buying energy efficiently on European wholesale markets. Through its Assets division, Bord Gáis Energy operates and maintains a portfolio of wind energy assets, develops new assets and investigates and supports emerging energy technologies. Gaslink is the independent gas system operator for Ireland. Under the 2003 Bord Gáis Networks has developed a world-class gas EU Gas Directive for legal unbundling, Gaslink took over responsibility for infrastructure in Ireland. 13,229km of gas pipelines and the development, maintenance and operation of the gas distribution and transmission networks in 2008. Bord Gáis Networks continues to perform the two sub-sea interconnectors have been constructed and majority of this work as a service provider to Gaslink. Ownership of the gas are carefully maintained, with safety and community infrastructure remains with Bord Gáis. relations at the heart of all that we do. On behalf of Gaslink, the independent system operator, Bord Gáis Networks is responsible for connecting all new gas connections, and for work on service pipes and meters at customers’ premises, on behalf of all gas suppliers in Ireland. Bord Gáis Networks also manages a full 24-hour emergency response service, handling almost 20,000 call-outs each year. Bord Gáis Networks, on behalf of Gaslink, develops, operates and maintains the natural gas transmission and distribution networks in Ireland and provides gas transportation services to suppliers and shippers, Within Bord Gáis, divisions operate independently of each including Bord Gáis Energy. other, as required under EU and national legislation. 2 B o R d G á i S É i R e A n n Financial Highlights Five Year Summary: 2010 2009 2008 2007 2006 Group Turnover €’million 1,509 1,349 1,379 1,215 1,108 operating Profit before depreciation and Amortisation (eBiTdA) €’million 327 320 299 305 258 Profit before Tax €’million 120 119 151 166 99 Tangible Fixed Assets €’million 3,620 3,543 2,814 2,669 2,592 net debt €’million 1,856 1,823 1,217 1,151 1,192 Ratios Profit before Tax / Turnover (%) 8% 9% 11% 14% 9% interest Cover (times) 2.5 3.0 4.3 4.1 3.5 net debt / Book Capitalisation (%) 56% 56% 48% 48% 51% Key Achievements for 2010 1 2 3 4 Completed & integrated SWS Reduced gas prices Grew total electricity commissioned natural Resources by a further 8% customers to 460,000 Whitegate 445MW into ongoing power plant operational activities A n n U A L R e P o R T A n d F i n A n C i A L S T A T e M e n T S 2 0 1 0 3 Group Turnover Tangible Fixed Assets €1,509m €3,620m EBITDA Profit Before Tax €327m €120m 5 6 7 8 Transported a Provided Started installation Brought record 79,500GW uninterrupted gas of 330km of fibre competition to the of natural gas supply during record optic cable from domestic gas market low temperatures dublin to West of in greater Belfast for ireland by Aurora the first time Telecom 4 B o R d G á i S É i R e A n n Chairman’s Statement BoRd GáiS PUBLiShed iTS Five YeAR BUSiness strategy in 2008, SeTTinG oUT CLeAR, ChALLenGinG oBjectiveS FoR The CompanY. The iMPLeMentation oF The strategy iS, oF CoURSe, A WoRk in PRoGRess And iT iS satiSFYinG To RePoRT That in 2010 The CompanY MAde substanTiAL AdvAnCeS in The achieveMenT oF The SeT GoALS And oBjectiveS. A YeAR oF eXCePTIONAL ChAnGe AND PRoGReSS A n n U A L R e P o R T A n d F i n A n C i A L S T A T e M e n T S 2 0 1 0 5 6 B o R d G á i S É i R e A n n Chairman’s Statement continued We increased our customer numbers to one million in late 2009 Bord Gáis completed the purchase of SWS during the year and now have close to 460,000 natural Resources and during 2010 undertook the task electricity customers. We completed the Whitegate of integrating its people and resources into a newly 445MW power plant, ireland’s most efficient power established Assets division within Bord Gáis energy. station, and we integrated SWS natural Resources, This new division will develop and operate a balanced acquired in late 2009, into a new Assets division portfolio of assets designed to ensure Bord Gáis meets focussed on delivering our major investment current and future customer energy requirements in programme in wind farms and alternative technologies. a diversified manner. The division is also responsible our networks division assured security of gas supply to for the investigation and support of emerging energy ireland during two major weather events in 2010. technologies, including the investment of €10 million through the Alternative energy R&d Fund announced These are substantial achievements and, in many ways, in 2009. they characterise the determination of Bord Gáis to perform as an enterprise and to deliver results. Bord Gáis networks implemented the first phase of a major network Transformation Programme in june Financial performance 2010 which introduced new systems and modern digital despite the difficult economic circumstances Bord Gáis techniques to support greater efficiency and efficacy delivered a strong financial performance in 2010. Group of working on our network for our customers. This turnover, at €1,509 million for the year to 31st december programme went live on 1st november 2010. 2010, was up 12% on the 2009 result. Profit before Tax has remained relatively stable at €120 million. We inCReASed oUR CUSToMeR These are strong results in a weakened economy, not least because we reduced prices to our regulated nUMBeRS To one MiLLion customers by 8% from the beginning of February and held them steady to year end, despite rising wholesale dURinG The YeAR And noW costs and the need to make greater provision for bad debts. hAve CLoSe To 460,000 in addition, in 2010 Bord Gáis paid a dividend to the eLectriCiTY CUSToMeRS. exchequer of €30 million, based on 30% of the previous year’s profit for the financial year. This brings the total in october 2010, Aurora Telecom, a division of Bord dividends paid since the inception of Bord Gáis in 1976 Gáis networks, commenced the roll-out of an ultra to €797 million. high-speed fibre optic network which will link itsd ublin metropolitan facility to the West of ireland. in total, Strategic Developments more than 330km of fibre-optic cable will be inserted Whitegate independent Power Plant in Cork into ducting laid along the route of Bord Gáis networks’ was officially taken over by Bord Gáise nergy on gas pipeline to the west, in an efficient use of national 9th november 2010 following the completion of infrastructure. This critical infrastructure project is commissioning and a highly successful reliability run. a major development for ireland, as it supports the The plant was officially opened by the Minister for Government’s Smart economy strategy, will assist in Foreign Affairs on 6th december 2010. The expected securing foreign direct investment and drive economic output from Whitegate, at 445MW, enables Bord Gáis activity. The project is nearing completion and is on to provide competitive electricity to over 400,000 homes target to be finalised by the end of Quarter 2 2011.
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