Summary Income Statement
2020 | 2019 | |
€m | €m | |
Revenue | 447 | 470 |
Operating costs | (182) | (186) |
EBITDA | 265 | 284 |
Depreciation and amortisation | (138) | (139) |
Finance costs | (17) | (19) |
Profit before income tax | 111 | 127 |
Distributions paid to shareholder | 70 | 139 |
Revenue
Revenue was €447m for the year to December 31st 2020, decreasing by €23m compared to 2019. This decrease was primarily driven by over-recoveries of revenue in prior years and lower pass-through revenues. Lower gas demand also contributed to the decrease in revenues. This was primarily due to high wind levels in the first quarter of 2020, and to a lesser extent due to COVID-19 related demand factors, as a result of the reduction in economic activities.
Operating Costs
Operating costs of €182m are €4m lower than 2019. This is primarily due to lower gas commodity costs to run the gas infrastructure.
Depreciation
Depreciation and amortisation of €138m is broadly aligned with prior year.
Profit before Income Tax
Profit before tax decreased by €16m to €111m for 2020 due to:
- Lower EBITDA of €19m,
- Partly offset by lower depreciation charges of €1m, and
- Lower finance costs of €2m, primarily due to lower financing costs and the reduction in debt during 2020.
Dividends
A dividend of €70m was paid in 2020, €47m relating to the annual dividend and a special dividend of €23m relating to the sale of the Bord Gáis Energy business. The annual dividend is based on 45% of Ervia’s profit before certain exceptional items.
Summary Balance Sheet
2020 | 2019 | |
€m | €m | |
Infrastructure assets | 2,507 | 2,550 |
Other assets | 204 | 223 |
Total assets | 2,711 | 2,772 |
Borrowings and other debt | (1,138) | (1,190) |
Other liabilities | (466) | (518) |
Total liabilities | (1,604) | (1,708) |
Net assets | 1,107 | 1,064 |
Net debt | (1,037) | (1,074) |
