Company Report: SSE Renewables
SSE plc is a large supplier of electricity and gas to Northern Ireland customers. The supply businesses, SSE Airtricity Energy and Gas, report their accounts separately from other parts of the larger SSE organisation.
There is a small number of other SSE subsidiaries which have their registration in Northern Ireland. The senior company, which holds the shares in four others, is SSE Renewables Onshore Windfarm Holdings. Several of the renewable investments held by this subsidiary are located here.
Some of the electricity supplied by SSE Airtricity Energy to local customers draws on supplies purchased from these related businesses.
The accounts for the onshore windfarms confirm both the large scale investment in these renewable assets and also the emerging profitability of this group.
The financial turnover for the onshore windfarms company represents the distributed profits made by these subsidiary businesses. The subsidiary companies have only very small operating costs so that most of the distributed profits are reflected in the stated operating profits. Operating profits in the year to March 2018 also included an exceptional gain of £39,048k on the disposal of some assets.
In a similar exceptional gain, the pre-tax profits in the year to March 2016 were increased by £138,561k.
Reflecting the 'lumpy' nature of on-shore investments, there were large capital investments in the financial years 2016 and 2018. The renewables onshore windfarm business makes annual dividend payments to other companies in the group. Recent annual payments, starting in the year to March 2016, were £92.3m, £53.9m and £60.5m respectively.
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