October 21, 2014 3:40 AM ET

Gas Utilities

Company Overview of Ervia

Company Overview

Ervia is engaged in the transportation of natural gas, generation of conventional and renewable energy, and sale of natural gas and electricity to residential and business customers in the Republic of Ireland, the United Kingdom, and the Isle of Man. It operates in the Networks, Energy, and Ancillary segments. The company also develops, operates, and maintains the natural gas transmission and distribution networks in the Republic of Ireland and provides gas transportation services to suppliers and shippers; and owns and operates two interconnector gas pipelines between Scotland and the Republic of Ireland, as well as has network infrastructure assets in Northern Ireland and the Isle of Man. ...

6 Lapps Quay

PO Box 835

Cork,  

Ireland

Founded in 1976

1,000 Employees

Phone:

353 21 465 8700

Fax:

353 21 465 8701

Key Executives for Ervia

Chief Executive Officer
Age: 53
Chief Financial Officer
Managing Director of Energy and Member of Bord Gáis Energy Sale Committee
Managing Director
Age: 67
Managing Director of Retail & Trading-Energy
Compensation as of Fiscal Year 2014.

Ervia Key Developments

Bord Gáis Éireann has Changed its Name to Ervia

Bord Gáis Éireann changed its name to Ervia.

Bord Gais Eireann Reports Earnings Results for the Year 2013

Bord Gais Eireann reported earnings results for the year 2013. For the period, the company reported profit before income tax for total operations increased by 44% (€52 million) to €171 million and EBITDA grew by €58 million to €437 million for the year. The Company generated €458 million in cash from operating activities. Profit after tax was €130 million, before exceptional charges and remeasurements of €298 million, primarily in respect of discontinuing operations (Bord Gáis Energy), leading to an overall accounting loss after tax of €169 million. The Company's financial statements recorded an exceptional charge of €72 million (post tax), reflecting the difference between the adjusted carrying value of Bord Gáis Energy assets and the proceeds from the sale of the Energy business. This charge includes all transaction costs, but does not reflect all contingent consideration which may be received in subsequent years. EBITDA from continuing operations was €346 million, a year on year increase of 15%.

Government May Raise €500 Million From ESB AND Bord Gais Sale

Government may raise €500 million in 2014 by selling assets including parts of Bord Gais Eireann and Electricity Supply Board (ESB), according to the European Commission. Commission said it has been given no guidance to date on how much of the cash will be used to pay off debt, despite an agreement by the Government to split the cash with lenders. "There has been no indication what proceeds from the sale of state assets would be used for debt reduction, a commitment under the former EU-IMF programme," the report said. The original proposal was that all money raised from the sale would pay down debt Bord Gais''s energy division and parts of the ESB are among the so-called "family silver" state assets put up for sale as part of the deal with the troika. Under a transaction struck with the current Government, half of the money raised was to be ploughed back into the economy through investment in job creation programmes while the balance would be used to pay down debt. The original proposal was that all of the money raised would be used to reduce the country’s debt. Commission said the sale of state assets was generating significant revenue for the Government and that the sale by the ESB of its interests in two overseas power plants - Marchwood in the UK and Bizkaia Energia in Spain - had led to the transfer of about €200 million to the Exchequer in 2014 through special dividend payments. Another €200 million is expected to be transferred through the sale by ESB of two peat stations, West Offaly Power and Lough Ree Power. Total government revenue this year from the Bord Gais and ESB sales could be up to half a billion euro, the report said. That could make it easier for the Government to hit this year's Budget target, but the Commission pointed out that it wasn't clear how the cash would impact on the deficit. "The Budget assumed only proceeds of €110 million which have been earmarked to foster public-private partnerships in infrastructure," it said. The Department of Public Expenditure and Reform said the amount available to benefit the general government balance sheet has yet to be determined. "The budget adjustment required to meet the deficit target for 2015 will be based on economic and fiscal data which will be updated before the Budget in October," it said in a statement.

Similar Private Companies By Industry

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
May 6, 2014
firmus energy (Distribution) Limited
Merger/Acquisition
December 12, 2013
Bord Gáis Energy Trading Limited
 

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