Green directors get €2.89m in pay
Accounts just filed with the Companies Registration Office by the Dublin-based Green Property Holdings and subsidiaries, the firm’s five directors received on average of €579,411 each between remuneration and pension contributions for the year to the end of June 2010. The firm owns one of the country’s largest shopping centres, the Blanchardstown Shopping Centre in Dublin, and other Irish properties the company owns or manages include E-Bay’s Atrium office building in Dublin; the Killarney Outlet Centre; South Dublin Business Park; and the Rosemount and Fonthill Business Parks in Dublin.
The figures show that the company’s profits increased by 35% from €8.4m to €11.3m after revenues increased from €14.4m to €16.8m.
The directors are listed as Bruce Anderson, James McKenna, Paul Culhane, Mark Munro and Green Property chairman Stephen Vernon.
The figures show that the directors received an aggregate €2 million in remuneration last year and an additional €824,422 in pension contributions. No individual payments are provided.
The company’s accumulated profits at the end of fiscal 2010 stood at €20.1m. Shareholder funds stood at €21.1m, while the group’s cash increased in 2010 from €14.4m to €23.3m. The company paid a dividend of €78,351 during the year.
The group is a joint venture between management and Bank of Scotland and is involved in the management of properties in the UK and Ireland.
According to the directors’ report, the directors state that the group “traded satisfactorily during the year”.
The figures show that the firm’s 20 staff (including executive directors) shared €3.8m in salaries, bonuses and emoluments of €3.8m compared to €3.2m in 2009.
The company had 10 in administration, seven in management, including executive directors, and three in technical.
The filings confirm the company’s revenues are made up of management fees earned in the Republic of Ireland and Britain including development service management fees of €11.6m; fund management fees of €3.3m; and property management fees of €1.8m.
The firm’s operating profit increased from €8.2m to €11.1m and net interest receivable of €262,690 increased the profit to €11.3m.
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