Press Release Dublin, Friday 9th March 2018 ESB GROUP ANNOUNCES ANNUAL RESULTS FOR 2017 DELIVERED RELIABLE ELECTRICITY NETWORKS, LONG TERM SAVINGS FOR RESIDENTIAL CUSTOMERS TOTAL CAPITAL INVESTMENT OF €867 MILLION AND DIVIDEND OF €1.4 BILLION TO IRISH EXCHEQUER OVER LAST 10 YEARS. Financial Highlights Capital Investment - €867 million Operating Profit before exceptional charges- €490 million Dividends - €60 million declared for 2017, €1.4 billion paid to the Irish Exchequer in the last ten years Loss after exceptional charges, Interest and tax - €32 million ESB Group today published its Annual Report and Financial Statements for 2017, reporting an operating profit before exceptional charges of €490 million. ESB continues to deliver reliable and safe electricity networks to 3.1 million customers, provide significant long term savings to over one million Electric Ireland residential electricity and gas customers and invest in critical long term electricity infrastructure including low carbon and renewable generation. 2017 - the 90th anniversary of the establishment of ESB – saw the delivery of a satisfactory financial performance in challenging market conditions with operating profit before exceptional charges of €490 million and capital investment of €867 million in long term electricity and other infrastructure. There was a €32 million loss after interest and taxation, mainly due to exceptional non-cash impairment charges of €276 million on ESB’s generation assets which represents approximately 2% of ESB’s total assets. ESB took this prudent decision, based on the estimated impact on projected revenues of the introduction of the new Integrated Single Electricity Market (I-SEM) in May 2018 and lower wholesale electricity margins. ESB’s strategy through to 2030 commits to leading the transition to reliable, affordable low-carbon energy for the benefit of our customers and the economy. This is demonstrated by our capital investment in strengthening electricity networks, investing in sustainable low-carbon generation like wind and solar and empowering our customers to control how and when they use electricity through smart energy services for Homes and Businesses. Commenting on the results Pat Fenlon, ESB’s Executive Director, Group Finance and Commercial said, “In 2017, ESB delivered a satisfactory performance in challenging market conditions with operating profit before exceptional charges of €490 million and €867 million of energy infrastructure and other investments.” Pat O’ Doherty, ESB’s Chief Executive said, “In 2017, ESB continued to focus on delivering long term value and investing in critical long term electricity infrastructure for the benefit of our customers, shareholders
Press Release Dublin, Friday 9th March 2018 ESB GROUP ANNOUNCES ANNUAL RESULTS FOR 2017 DELIVERED RELIABLE ELECTRICITY NETWORKS, LONG TERM SAVINGS FOR RESIDENTIAL CUSTOMERS TOTAL CAPITAL INVESTMENT OF €867 MILLION AND DIVIDEND OF €1.4 BILLION TO IRISH EXCHEQUER OVER LAST 10 YEARS. Financial Highlights Capital Investment - €867 million Operating Profit before exceptional charges- €490 million Dividends - €60 million declared for 2017, €1.4 billion paid to the Irish Exchequer in the last ten years Loss after exceptional charges, Interest and tax - €32 million ESB Group today published its Annual Report and Financial Statements for 2017, reporting an operating profit before exceptional charges of €490 million. ESB continues to deliver reliable and safe electricity networks to 3.1 million customers, provide significant long term savings to over one million Electric Ireland residential electricity and gas customers and invest in critical long term electricity infrastructure including low carbon and renewable generation. 2017 - the 90th anniversary of the establishment of ESB – saw the delivery of a satisfactory financial performance in challenging market conditions with operating profit before exceptional charges of €490 million and capital investment of €867 million in long term electricity and other infrastructure. There was a €32 million loss after interest and taxation, mainly due to exceptional non-cash impairment charges of €276 million on ESB’s generation assets which represents approximately 2% of ESB’s total assets. ESB took this prudent decision, based on the estimated impact on projected revenues of the introduction of the new Integrated Single Electricity Market (I-SEM) in May 2018 and lower wholesale electricity margins. ESB’s strategy through to 2030 commits to leading the transition to reliable, affordable low-carbon energy for the benefit of our customers and the economy. This is demonstrated by our capital investment in strengthening electricity networks, investing in sustainable low-carbon generation like wind and solar and empowering our customers to control how and when they use electricity through smart energy services for Homes and Businesses. Commenting on the results Pat Fenlon, ESB’s Executive Director, Group Finance and Commercial said, “In 2017, ESB delivered a satisfactory performance in challenging market conditions with operating profit before exceptional charges of €490 million and €867 million of energy infrastructure and other investments.” Pat O’ Doherty, ESB’s Chief Executive said, “In 2017, ESB continued to focus on delivering long term value and investing in critical long term electricity infrastructure for the benefit of our customers, shareholders
ESB-2017-Results-Press-Release-Final-9th-March-2018.docx