Notes to the Financial Statements
Ownership of the Company: Bord na Móna plc is a majority state owned company. 95% of the issued share capital is held by the Minister for Finance. The other 5% is held by the employees of the Group.
Sales of goods, property and services to entities controlled by the Irish Government: In the ordinary course of its business the Group sold goods, property and provided services to entities controlled by the Irish Government, the principal of these being ESB. The Group operates a long-term agreement with ESB in relation to the sale of peat and provision of ancillary services to the power stations. Supply of these services in the year to 27 March 2013 amounted to €137.6 million (2012: €120.9 million) and amounts due from these entities to the Group at 27 March 2013 for these services amounted to €12.2 million (2012: €12.3 million).
From time to time the Group placed monies on deposit with financial institutions controlled by the State. The Group had placed monies on deposit of €87.0 million with Allied Irish Banks plc at 27 March 2013 (2012: €20.0 million). The Group earned rental income from Irish Bank Resolution Corporation (in special liquidation) of €0.8 million during the year (2012: €1.0 million) and from Allied Irish Banks plc of €0.1 million (2012: €Nil).
There have been no events between the balance sheet date and the date on which the financial statements were approved by the Board, which would require disclosure and/or adjustment to the financial statements.
The Board approved the financial statements on 27 June 2013.