Bord na Mona lost over €23 million because of a "catastrophic" peat harvest last year. The company has launched its annual results for the year ending March 2013. It made a profit of just over €9 million compared to a loss of €16 million in 2012.
The comany says it faced "exceptional operating challenges" in the Feedstock business as a result of a 37% milled peat harvest during the 2012 summer - whch they described as the wettest recorded in the company's history.
Bord na Móna says the results underpin the importance of a balanced business portfolio "including power generation, resource recovery and retail products and services".
The compnay says a significant focus during the year was the expansion of the wind energy portfolio in Oweninny (Co. Mayo) as well as Mount Lucas and Bruckana in the Midlands.
The results show:
- Turnover was up 11% to €426.1m reflecting the prolonged cold winter weather and the positive impact this had on sales of fuel
- Operating profit was €23.5 million (after exceptional items) compared to an operating loss of €3.7m in the previous year, which included an impairment charge of €23m in relation to the AES business
- Profit for the financial year was €9.2m as compared to a loss of €16.0m in the previous year
- The group had a strong operating cashflow of €108.5m - up from €42.3m the previous year
Expressing satisfaction with the overall performance, Chairman John Horgan said "In the coming year Bord na Móna will be progressing a number of significant projects as part of our investment programme in wind and other renewable energy sources. We will also continue to engage with other stakeholders in relation to the provision of a sustainable water source for the Eastern Region enabled by our strategically located landbank".
The company says the impairment charge of €23.5 million loss was a result of the worst harvest in history.
Chief Executive Gabriel D'Arcy says it would have been a lot worse had staff not played their part.
