Annual Report 2016

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14. Investments in joint ventures

30 March 2016
€’000
25 March 2015
€’000
At the beginning of the year3,5592,166
Investments made24,0081,775
Distributions received--
Share of losses – income statement(442)(382)
Share of joint venture other comprehensive income(2,056)-
At the end of the year25,0693,559

Owenniny

Oweninny Power Limited (‘’Oweninny’’) was incorporated in September 2011 as a joint venture between Bord na Móna Powergen Limited and ESB Wind Development Limited to develop a 172MW wind farm in Oweninny, Co. Mayo. The joint venture is developing the wind farm project and has commenced construction but commercial operations are not expected until 2019. The following table summaries the financial information of Oweninny as included in its own financial statements. The table also reconciles the summarised financial information to the carrying amount of the group’s interest in Oweninny. The information presented in the table includes the results of Oweninny for the year ended 30 March 2016.

(i) Summarised Income Statement

Percentage ownership interest50%50%
30 March 2016
€’000
25 March 2015
€’000
Revenue--
Depreciation and amortisation--
Interest expense(87)-
Other expenses(633)(764)
Income tax expense--
Cashflow hedge movement-
(720)(764)
Groups share of loss and total comprehensive income (50%)(360)(382)

(ii) Summarised Balance Sheet

Percentage ownership interest50%50%50%
30 March 2016
€’000
25 March 2015
€’000
27 March 2014
€’000
Non-current assets10,2549,3305,087
Current assets402354175
Non-current liabilities(458)--
Current liabilities(445)(2,566)(930)
Net assets (100%)9,7537,1184,332
Group share of net assets (50%)4,8773,5592,166
Carrying amount4,8773,5592,166

Sliabh Bawn

Sliabh Bawn Power Dac (‘’Sliabh Bawn’’) was incorporated in December 2015 as a joint venture between Bord na Móna Powergen Limited and Coillte Teoranta to develop a 58MW wind farm in Strokestown, Co. Roscommon. The wind farm in under construction and commercial operations are due to commence in April 2017. The following table summarises the financial information of Sliabh Bawn Power Dac. The table also reconciles the summarised financial information to the carrying amount of the group’s interest in Sliabh Bawn. The information presented in the table includes the results of Sliabh Bawn for the period from incorporation to 30 March 2016.

(i) Summarised Income Statement

Percentage ownership interest50%
30 March 2016
€’000
Revenue-
Depreciation and amortisation-
Interest expense(164)
Other expenses-
Income tax expense-
Cashflow hedge movement(4,109)
(4,273)
Groups share of loss and total comprehensive income (50%)(2,137)

(ii) Summarised Balance Sheet

Percentage ownership interest50%
30 March 2016€’000
Non-current assets67,531
Current assets365
Non-current liabilities(27,513)
Current liabilities-
Net assets (100%)40,383
Group share of net assets (50%)20,192
Carrying amount20,192