Annual Report 2013

Independent Auditor’s Report to the
Members of Bord na Móna plc

We have audited the Group and Parent Company financial statements (‘‘the financial statements’’) of Bord na Móna plc for the year ended 27 March 2013, which comprise the Group profit and loss account, the Group and Parent Company balance sheets, the Group cash flow statement, the Group statement of total recognised gains and losses, the Group and Parent Company reconciliation of movements in shareholders’ funds, the accounting policies and the related notes. The financial reporting framework that has been applied in their preparation is Irish law and accounting standards issued by the Financial Reporting Council and promulgated by the Institute of Chartered Accountants in Ireland (Generally Accepted Accounting Practice in Ireland).

This report is made solely to the Company’s members, as a body, in accordance with Section 193 of the Companies Act, 1990. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Respective responsibilities of directors and auditor

As explained more fully in the directors’ responsibilities statement set out on this page, the directors are responsible for the preparation of the financial statements giving a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with Irish law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Ethical Standards for Auditors issued by the Auditing Practices Board.

Scope of the audit of the financial statements

An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the Group and Company’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the annual report to identify material inconsistencies with the audited financial statements. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.

Opinion on financial statements

In our opinion:

  • the Group financial statements give a true and fair view, in accordance with Generally Accepted Accounting Practice in Ireland, of the state of the Group’s affairs as at 27 March 2013 and of its profit for the year then ended;
  • the Parent Company balance sheet gives a true and fair view, in accordance with Generally Accepted Accounting Practice in Ireland, as applied in accordance with the provisions of the Companies Acts, 1963 to 2012, of the state of the Company’s affairs as at 27 March 2013, and
  • the financial statements have been properly prepared in accordance with the Companies Acts, 1963 to 2012.

Matters on which we are required to report by the Companies Acts, 1963 to 2012

We have obtained all the information and explanations which we consider necessary for the purposes of our audit.

The Parent Company balance sheet is in agreement with the books of account and, in our opinion, proper books of account have been kept by the Company.

In our opinion the information given in the directors’ report is consistent with the financial statements.

The net assets of the Company, as stated in the Parent Company balance sheet on this page, are more than half of the amount of its called-up share capital and, in our opinion, on that basis there did not exist at 27 March 2013 a financial situation which under Section 40(1) of the Companies (Amendment) Act, 1983 would require the convening of an extraordinary general meeting of the Company.

Matters on which we are required to report by exception

We have nothing to report in respect of the following:

  • Under the Companies Acts, 1963 to 2012 we are required to report to you if, in our opinion the disclosures of directors’ remuneration and transactions specified by law are not made.
  • Under the Code of Practice for the Governance of State Bodies (‘‘the Code’’) we are required to report to you if the statement regarding the system of internal financial control required under the Code, as included in the directors’ report on this page, does not reflect the Group’s compliance with paragraph 13.1 (iii) of the Code or if it is not consistent with the information of which we are aware from our audit work on the financial statements and we report if it does not.

Laura Gallagher

for and on behalf of

Chartered Accountants, Statutory Audit Firm

1 Stokes Place, St. Stephen’s Green, Dublin 2, Ireland

27 June 2013