ESB GROUP ANNOUNCES INTERIM RESULTS FOR SIX MONTHS ENDED 30 JUNE 2019

Dublin, Friday 20th September 2019

  • ESB GROUP ANNOUNCES INTERIM RESULTS FOR SIX MONTHS ENDED 30 JUNE 2019
  • TOTAL CAPITAL INVESTMENT OF €396 MILLION IN CRITICAL LONG TERM ELECTRICITY INFRASTRUCTURE
  • DIVIDEND OF €1.2 BILLION TO IRISH EXCHEQUER OVER LAST TEN YEARS.

Financial Highlights

  • Capital Investment - €396 million
  • Operating Profit - €294 million
  • Profit after Interest & Tax - €132 million
  • Dividends - €38 million bringing to €1.2 billion dividends paid to the Irish Exchequer in the last ten years

ESB Group today published its Interim Financial Statements for the six months ended 30 June 2019 (H1 2019) reporting an operating profit of €294 million, profit after interest and tax of €132 million and capital investment of €396 million in long term electricity infrastructure. ESB delivered improved financial results in the first six months of 2019, including a €50 million increase in operating profit compared to the same period in 2018, as it continues its transition to a low carbon energy future. ESB, operating on the island of Ireland and Great Britain,  continues to:

  • invest in critical electricity infrastructure, including low-carbon and renewable generation;
  • deliver reliable and safe electricity networks to 3.1 million customers; and
  • provide significant long-term savings to over one million Electric Ireland residential electricity and gas customers.

ESB’s 2030 Brighter Future Strategy outlines a commitment to lead the transition to reliable, affordable low-carbon energy for the benefit of its customers and the economy. This is demonstrated by: 

  • investing in low-carbon generation – in 2019 Grousemount Windfarm, Co Kerry and Oweninny Windfarm, Co Mayo will both be energised providing enough clean electricity to power 120,000 homes & business.
  • developing the electricity network to facilitate increased renewable and other distributed energy resource connections along with increases in customer demand; and
  • empowering customers to take more control of their energy use through smart energy services for homes and businesses.

Commenting on the results Pat Fenlon, ESB’s Chief Financial Officer (CFO), said: “I am pleased to report improved financial results in the 6-month period to 30 June 2019, during which ESB successfully issued Ireland’s first corporate public Green Bond. ESB delivered an operating profit of €294 million and capital investment of €396 million during the period. Through our Brighter Future 2030 Strategy, consistent with the Irish Government’s recently published Climate Action Plan, ESB continues to invest in energy infrastructure to help deliver a low carbon energy future.  Delivering long term value for the benefit of our customers, shareholders and the wider  economy continues to be a key focus for ESB.”

Shareholders

ESB has approved an interim dividend of €38 million in respect of 2019. Total dividends paid to the Irish Exchequer over the past ten years amount to €1.2 billion.

Customers              

As part of its ongoing commitment to its customers, Electric Ireland has focused on delivering the best long term value in the market for customers.

ESB’s networks businesses (ESB Networks and NIE Networks) continued to focus on customer service and delivering reliable and safe electricity over increasingly smarter networks to 3.1 million homes, farms and businesses  across the island of Ireland.

Contribution to the Economy

ESB invested €396 million in energy infrastructure investments during 2019.

ESB contributes €1.7 billion annually to the Irish economy through dividends, investments, taxes and jobs. ESB provides significant employment both directly, with over 7,800 employees, and indirectly through contractors and service providers. Read more here

 The ESB Group Financial Statements for the six months  ended 30 June 2019 can be found here – www.esb.ie/ir

Ends

 

About ESB

ESB operates across the electricity market: from generation, through transmission and distribution to the supply of customers with an expanding presence in the British generation market. In addition, we extract further value through supplying gas, energy services and using our networks to carry fibre for telecommunications. ESB is the owner of the distribution and transmission networks in the Republic of Ireland (via ESB Networks) and Northern Ireland (via Northern Ireland Electricity Networks Ltd).  In H1 2019 it had a 32% share of generation in the all-island market (via ESB Generation and Trading) and a 33% share of electricity supply in the all-island market (via Electric Ireland) with 1.3 million customer accounts.