Record year for Bord na Móna
Bord na Móna has announced another record year of bumper figures at its AGM today with turnover, profit before reorganisation costs, shareholders' funds, and capital investment increased.
This success was underpinned by a strong cash flow from operations.
Turnover moved up over the €250m mark for the first time.
Operating profits, before reorganisation costs, were up €6m to €29m. Net borrowings have been eliminated for the first time. Net profit after tax was €15.7mn (down from €18.4m in the previous year), but after provision of €11m for the closure of the Oweninny Works in Mayo at the end of 2004.
The operating profit/turnover ratio was 11.6% up from 9.5% last year, and the gross return on net capital employed was 17.9%, again up from last year's 15%.
In summary, for the financial year 2003-2004, Bord na Móna reports a major surge of 25.6% in operating profits, an increase of 2.7% in turnover, the elimination of its borrowings, an increase of 19.5% in shareholders' funds, and a 36% increase in capital expenditure.
While welcoming the robust performance for 2003/2004, the chairman, Donagh O'Donoghue warned: "The existing ESB power stations at Lanesboro and Shannonbridge have closed and the new stations at Lough Ree and West Offaly are not scheduled to begin producing electricity until October 2004 and January 2005 respectively.
"This hiatus provides Bord na Móna with a challenge in this year due to the fall in income which will result."
