Ballymore pre-tax losses top £372m

Pre-tax losses at a UK arm of Sean Mulryan’s Ballymore group last year topped £372m (€457m).

Accounts filed with Companies House in the UK confirm one of the largest write-downs in value by an Irish-owned property business in one year as a result of the property crash.

Figures filed by Ballymore Properties Holdings Ltd and subsidiaries show that the combined write-down in stock and fixed assets totalled £293.8m (€361.3m) in the 12 months to the end of March 31 (2012) was the chief factor behind the loss.

The figures show that in spite of the significant losses recorded by the Oxford-based firm, the highest paid — and unidentified — director last year received a salary of £175,000 (€215,330).

The filings show the UK group owed £1.047bn in bank and Nama loans at the end of March last.

The figures show that the group’s revenues last year declined by 14% from £162.4m to £139.2m.

The revenues were made up of £120.2m in property sales; £12.5m in rental income and management fees and £6.4m in hotel revenues.

However, cost of sales totalling £144.8m resulted in a gross loss of £5.6m.

The filings show that the group recorded an impairment of stock totalling £282.3m and £11.4m in fixed assets. Administrative expenses amounting to £33.5m contributed to the group’s operating loss of £336.4m.

Losses were further increased by £36.6m in bank loan interest payments and £10m on the loss of the disposal of a fixed asset.

The loss last year follows pre-tax losses of £119.2m in 2010. The group’s accumulated losses at the end of March last stood at £685m with shareholders’ deficit topping £811.3m.

The directors are listed as Roscommon native, Sean Mulryan, John Mulryan, Brian Fagan and David Pearson, who was appointed as director in Oct 28, 2011. David Brophy resigned as director in November 2011.

Total emolument for directors last year more than doubled from £195,000 to £399,000.

Numbers employed last year fell from 259 to 220 with staff costs reducing from £10.9m to £10.1m The accounts disclose that Sean Mulryan has guaranteed the indebtedness of group companies to certain financial institutions to the extent of £25m.

© Irish Examiner Ltd. All rights reserved

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