Mr. Seamus McCarthy:

As members are aware, Uisce Éireann is Ireland's national water utility company responsible for developing and maintaining water and wastewater infrastructure, and for providing related services. Its operations are regulated by the Commission for Regulation of Utilities.

The income statement indicates that Uisce Éireann had revenue from its continuing operations totalling €1.6 billion in 2024. Government subvention funding accounted for just over €1.1 billion, representing over two thirds of the company’s operating revenue. The subvention is provided in substitution of the company’s estimated potential income from domestic water charges. Revenues in 2024 from non-domestic water charges were €272 million. Fees for new connections generated income of €195 million.

Uisce Éireann’s operating costs totalled just over €1 billion in 2024. Uisce Éireann incurred expenditure totalling €336 million in 2024 in relation to hired and contracted-out services. The company incurred expenditure of €159 million in respect of its own employee costs. A further €138 million was incurred in relation to costs arising from long-standing agreements with local authorities. These comprise payments in respect of local authority staff and other costs associated with the continuing involvement of local authorities in the delivery of water and wastewater services. Uisce Éireann’s operating profit for 2024 was €332 million. Unusually for a body on which I report, it incurred tax charges of €42.5 million in 2024. As a result, the profit after tax and net finance costs was €279 million.

During 2024, Uisce Éireann invested €1.32 billion in capital projects. At the end of 2024, the company held €8 billion in property, plant and equipment. Deferred revenue totalling €334 million was held at the year-end in respect of new connection fees. These fees are received in advance of development and are recognised as revenue once the related connections are made.

As set out in note 25, the State funding of Uisce Éireann extends significantly beyond the recurring subvention in substitution of domestic water charges. In 2024, Uisce Éireann received a capital contribution of €571.7 million issued from subhead B5 of the water services programme of Vote 34. This brought the aggregate capital contribution to €4.5 billion at the year end. Uisce Éireann also has a €1 billion loan facility, agreed with the Minister for Finance in 2020, drawn from the Central Fund of the Exchequer. The facility was put in place to allow Uisce Éireann to repay non-domestic commercial debt it had previously taken on and to fund its future non-domestic water borrowing requirements. A sum of €644 million was drawn during 2024, bringing the total drawdown to end 2024 to €998.6 million.

I certified the financial statements on 29 April 2025 and issued a clear audit opinion.