The Directors, having made enquiries, believe that Bord na Móna has adequate resources to continue in operation for the foreseeable future and that it is appropriate to continue to adopt the going concern basis in preparing the financial statements.
In May 2018, Oweninny Power DAC, a joint venture wind farm with ESB, completed financial close on the first phase of the Oweninny wind farm and raised €180 million of project finance with a syndicate of banks. There have been no other events requiring disclosure between the balance sheet date and the other date on which the financial statements were approved by the Board, which would require disclosure and/or adjustment to the financial statements.
The Directors believe that they have complied with the requirements of Sections 281 to 285 of the Companies Act 2014, with regard to the obligation to keep adequate accounting records, by employing accounting personnel with appropriate expertise and by providing adequate resources to the finance function. The accounting records are kept at the Group’s registered office, Main Street, Newbridge, Co Kildare, W12 XR59.
The Directors acknowledge their responsibility for ensuring compliance, in all material respects, with the provisions of the Prompt Payments of Accounts Act 1997, the European Communities (Late Payment in Commercial Transactions) Regulations 2002 and the European Communities (Late Payment in Commercial Transactions) Regulations 2012 – 2016 (the “Regulations”). Procedures have been implemented to identify the dates upon which invoices fall due for payment and to ensure that payments are made by such dates. Such procedures provide reasonable but not absolute assurance against material non-compliance with the Regulations. The Directors are satisfied that Bord na Móna plc has complied in all material respects with the relevant requirements of the Regulations in relation to external supplier payments within the EU. In 2015, the Government launched the Prompt Payment Code of Conduct and Bord na Móna is a signatory to this code and undertakes to pay suppliers within agreed terms.
Details of the Group’s principal operating subsidiaries (including overseas branches) and joint ventures are set out in the financial statements.
The Group’s strategy on research and development and the costs incurred during the year are set out in the Chief Financial Officer’s review of the annual report.
The Board made no political donations during the year (FY17: €nil).
In accordance with Section 383(2) of the Companies Act 2014, the auditor KPMG, Chartered Accountants, who were re-appointed in January 2018, will continue in office.