Coillte, Ireland’s semi-state forestry company, announced its annual results for 2019. The company delivered good financial performance despite some Brexit uncertainty and significant downward pressure on prices for its key products. Earnings before interest, tax, depreciation and amortisation (EBITDA) of €102.8m was down on the previous year’s record of €115m while revenues of €327.4m was slightly down on 2018’s record year of €330.3m. Operating cash flow was €54.2m while a zero net debt was recorded at the end of 2019 for the first time in Coillte’s history.
The strength of the underlying 2019 financial performance is evidenced by the fact that the business had to deal with increased market turbulence in the second half of the year and additionally, when account is taken of the reduction in recurring EBITDA and operating cash of €7m which arose directly as a result of the sale of the majority of Coillte’s operating wind farms in 2018.
The annual report can be accessed here: ANNUAL REPORT <www.coillte.ie/media/2020/05/Coillte-Annual-Report-2019.pdf>