Ms Bernie Gray:

I am pleased to be back before the committee today following my confirmatory hearing with it earlier this year. I am particularly pleased to introduce our new chief executive officer, who will also address members as part of our opening statement this afternoon. Ms Imelda Hurley joined us just last month and brings a wealth of experience, which has included roles as chief financial officer, CFO, in Origin Enterprises and previous roles as both chief financial officer and head of sustainability with PCH International.

The Coillte annual report for 2018 highlights a company that has been transformed in recent years and is in good financial health today. In 2018, the company had revenues of €330 million and earnings before interest, tax, depreciation and amortisation of €115 million. The strong financial performance and delivery of key strategic objectives in recent years mean the company’s debt reduced to €15 million, while we also reinvested approximately €40 million in renewing our forests. We also paid our shareholder, the State, a dividend of €15 million. The fact that we have such a strong forestry company in Coillte, which is sustainably managed, is good news both for the economy and the environment.

Since I spoke to the committee in March, climate action has continued to move to centre stage as a critical policy issue, not just in Ireland but across the globe. Coillte fully recognises and embraces its responsibility to optimise the use of its natural asset and resource for Ireland in a way that maximises its contribution to the climate action agenda and delivers for communities and the economy. A strong and financially healthy Coillte is a prerequisite to delivering value in these three key areas. We will be best positioned to contribute effectively to sustainable climate action by continuing to generate sufficient profit and cash from our commercial activities. This will allow us to continue to deliver important economic benefits, while at the same time self-financing innovative climate action initiatives, which may not always generate a direct economic benefit for the company.

As I said in March, the next phase of Coillte’s evolution is to consolidate the financial and operational health of the company and build on this momentum in order that we can contribute further to Ireland’s approach to forestry, climate change and the optimal use of our natural resources for the greater good of Irish citizens. As our range of activities increases and we intensify the use of our forests for climate change and recreation purposes, there will be an even greater need for community consultation. We are fortunate in having a nationwide staff of foresters who are respected by local communities and understand and live in local communities. This is a strength we have to build upon and leverage in the best interests of the public at large. Our objective is to work collaboratively with Government, the Oireachtas, this committee and the public to ensure the value in Coillte is optimised to address our economic growth, the challenges of climate action and biodiversity protection, as well as the recreational needs of our citizens. Just as we are always changing, so too are the challenges we face and the opportunities that will arise. I invite Ms Hurley to address the committee and expand on some of the points I have raised.