Carroll firm paid €800k in director fees

22 November 2013 01:05

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Carroll firm paid €800k in director fees

Accounts filed by Carroll's Zelderbridge show that €797,502 was paid to the firm's directors last year.

The directors are listed as Mr Carroll, accountant John Pope and David Torpey, with Mr Carroll's wife Roisin and Noel Murray listed as alternate directors.

No breakdown is provided in the accounts of how much each director received last year or if any director received no remuneration at all.

Mr Carroll (63), who lived a relatively low-profile lifestyle given his prominence as one of the State's main developers, was one of the first high-profile casualties of the property crash when a liquidator was appointed to group firms in 2009.

The payment to the directors of Zelderbridge accounts for 5pc of the firm's turnover last year of €15.9m. The figures show that remuneration for directors last year fell 8pc to €797,502, while revenues tumbled 34pc to €15.9m.

Zelderbridge recorded an operating profit last year of €5.2m, and a €7m share of an operating profit resulted in profits before interest of €12.4m. Net interest payments of €24.7m resulted in the firm recording a pre-tax loss of €12.3m.

Last year, its revenues were made up of €10.7m in rental income and €1.6m from management fee income. The firm employed 23 people with staff costs totalling almost €2m.

The firm owes €806m in banks loans and overdrafts, with €200m owed to NAMA. The firm's other banks are listed as Bank of Scotland, KBC Bank Ireland, EBS Building Society, AIB, Bank of Ireland, Danske Bank, Ulster Bank, Bank of Ireland and the IBRC.

Other creditors to the group totalling €26.9m are made up of unsecured loan notes issued to companies previously controlled by Mr Carroll but now in liquidation and a pension fund for the benefit of Mr Carroll.

Zelderbridge's investment and development property portfolio was valued at €271m at the end of December last while the group's shareholders' deficit was €608m.

A note attached to the accounts concedes "there is considerable uncertainty in relation to the carrying value of the group's investment and development property portfolio".

Source: independent.ie

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