Online travel firm executives share €400,000 bonus
New accounts show that chief executive Feargal Mooney, along with three other executives, shared the €388,300 bonus payments after the company behind hostelworld.com and hostels.com sustained a marginal drop in operating profits to €9m in the 12 months to the end of December last.
The total remuneration for the four top-earning executives at the firm last year amounted to €1.32m.
The figures show that the holding firm that operates hostelworld.com and bedandbreakfastworld.com, H&F Wings Lux 1 S.a.r.l. recorded a pre-tax loss of €15.2m after finance expenses of €23m are taken into account.
Web Reservations International (WRI) operates the various websites, providing online reservations to more than 35,000 properties in 180 countries from hostels to budget hotels, B&Bs, guesthouses, campsites and holiday apartments.
According to the directors’ report, “the managers consider that the overall business performed satisfactorily during the year”.
The directors state the group plans to continue to focus on providing software and data processing services and anticipates increased revenues from expansion within worldwide markets.
Its parent, WRI, was purchased for over €200m in 2010 by a US private equity firm, Hellman & Friedman Capital Partners.
In April, WRI bought British web travel agency, hostelbookers.com for €$100m in a move that values the WRI group at $500m (€382m).
Net revenues at holding firm, H&F Wings Lux 1 S.a.r.l. increased by €5.8m or 13% from €46.1m to €46m in the 12 months to the end of December last.
The figures show that the firm’s operating profit takes account of non-cash depreciation and amortisation costs of €13.4m.
The filings show overall pay for the Dublin-based hostelworld.com’s management team of Mr Mooney, chief financial officer, Mari Hurley; chief technology officer John O’Donnell and chief technology officer Sanjay Balakrishnan decreased by 8% from €1.44m to €1.32m.
Last year’s pay for the executives included €879,166 in salaries, €388,300 in bonuses and €56,550 in benefits and payroll taxes.
The firm had net liabilities of €44.4m at the end of December and, in a note, it states that Hellman & Friedman has committed to continue to provide financial support to the company.
The partnership with Hellman & Friedman enables the business to take advantage of growth opportunities worldwide and to develop its accommodation management solutions.
