Profit before tax and exceptional items increases by €148m to €351m. There was a reduction in operating costs of €56m. Total revenues of €1.5bn and a dividend of €148m paid to the Exchequer
June 15th 2018: Ervia, the commercial semi-state company responsible for Ireland’s national gas, water and dark fibre infrastructure, today published its Annual Report for 2017. The company made significant capital investments of €673m in nationally critical gas and water infrastructure projects to support the Irish economy during the year, while showing a profit before tax of €351m.
2017 reflected a solid performance financially and operationally across its three businesses, Irish Water, Gas Networks Ireland and Aurora Telecom (a division of Gas Networks Ireland). The company recorded revenues of €1.5bn, an increase of €82m on 2016 and a year on year reduction in operating costs of €56m.
Ervia paid a dividend to the Exchequer of €148m in 2017, bringing total dividends paid to €1.5bn since the establishment of Bord Gáis Éireann. Any surplus arising in Irish Water is re-invested directly in delivering critical water and wastewater infrastructure. Net debt remained relatively stable at €1.9billion.
Ervia now employs over 1,700 people, serving 1.7m customers 24/7, 365 days a year.
Ervia continued to expand the national gas network and work to address the historic underinvestment in Ireland’s water infrastructure by making capital investments in nationally critical projects, spending €673m and bringing total assets to €5.1bn in 2017. These include:
Commenting on the publication of the Ervia annual report, CEO Mike Quinn said: “The progress we made in 2017 highlights the business’s unique opportunity to support economic and social development in Ireland. There are challenges ahead, both in terms of transforming our water and wastewater network and on projects to decarbonise the gas network. However we have ambitious targets for 2018 and we will continue to drive and inspire our operational and strategic goals. I believe that by continuing to work together we will deliver on our promises to our customers and communities around Ireland while growing our business and building trust and confidence in who we are, what we do and why we do it.”