Mulryan firms’ losses top €162m

Losses at several of Sean Mulryan’s Ballymore firms increased last year with accumulated losses at four subsidiaries topping €162m.

New accounts lodged by four of his construction firms show a worsening in three of the firm’s finances.

Figures lodged by Ballymore Developments Ltd show the firm recorded a pre-tax loss of €1.2m in the 12 months to the end of March last with the firm’s accumulated losses standing at €37.3m.

The firm owed €16.9m in bank loans and €27.2m to group firms.

Separate accounts by Ballymore Land Ltd show that the firm recorded a pre-tax loss of €9.3m after a writedown of development stock of €7m.

Accumulated losses at the end of March last totalled €69.6m.

Ballymore Land Ltd owed €62.4m in bank/Nama loans and €23.2m to group firms.

Separate filings lodged by Ballymore Property Investments Ltd show that its pre-tax losses last year totalled €2.36m, with accumulated losses of 38.4m.

Bank loans totalled €38.5m and €19.3m owed to group undertakings.

The only firm of the four to make a profit last year was Ballymore Construction Projects Ltd which recorded a pre-tax profit of €313,000. Accumulated profits were €17.4m.

According to a note attached to the accounts, discussions have progressed to an advanced stage regarding the re-organisation of the group’s borrowing arrangements with Nama.

The note states: “Once complete, this will involve entering into a Connection Management Agreement (CMA) to replace the existing Memorandum of Understanding (MOU) and putting in place new arrangements in respect of existing Nama facilities.

The note adds: “This CMA, together with the business plan and new facility arrangements, will set out the various conditions and key performance indicators that the group is required to achieve in order to ensure Nama’s continued support.”

The note states that the directors of Ballymore Properties have carried out a detailed assessment of the group’s business plan, the status of its funding arrangements and its relationship with its key financiers including Nama.

The note states: “The key assumption underlying this assessment is that the group will meet the financial targets agreed with Nama. Based on this assessment, the directors of Ballymore Properties have a reasonable expectation that the group will continue to be able to meet its liabilities as they fall due for the foreseeable future.