Operational revenues at the Convention Centre Dublin (CCD) last year plunged by 86.5% or €17.2m to €2.68m due to the Covid-19 impact on large scale events.
All major events at the CCD since March of last year were cancelled or postponed, though the business remained active with the Oireachtas staging Dail and Seanad sittings at the Convention Centre.
New accounts for CCD operator, Spencer Dock Convention Centre Dublin (SDCCD) DAC how that overall revenues reduced by 63pc or €18m from a record €28.6m in 2019 to €10.6m last year.
The revenue decline was cushioned somewhat by income to SDCCD DAC from the owner of the centre, the Office Of Public Works (OPW) declining by a much lower 8.6pc from €8.68m to €7.94m.
The convention centre recorded an operating loss of €2.94m after the revenue drop.
Accounts for a connected Convention Centre firm, Spencer Dock Convention Centre Dublin (No.2) DAC show that long-term incentive plan payments (LTIP) of €453,459 were approved for directors in 2020.
Eight directors served during the year and the bonus payments to directors related to a strong operating performance for the business in the evaluation period of 2017, 2018 and 2019.
No award was made in respect of the 2020 performance and the note confirms that the bonuses will fall for payment next year.
The bonus payment provision resulted in overall directors' pay increasing by 77% from €603,769 to €1.068m.
The pay was made up of €575,970 in pay, pension contributions of €38,718 and the bonus provision of €453,459.
During March and April 2020, dividends totalling €31.25m were paid by SDCCD to its parent companies Spencer Dock International Convention Centre DAC and HF CCD Limited.
The dividend payout followed a refinancing of the company's debt.
The Oireachtas used the CCD for sittings from 15 June 2020 to 15 July 2021.
It was costing the Oireachtas €25,000 per day to hold sittings at the Convention Centre.
However, the Convention Centre did not charge the Oireachtas for use of the building with costs incurred related to catering and use of broadcast technology.
"2020 was an exceptionally difficult year for the events industry throughout Ireland due to the pandemic," said Convention Centre, CEO Stephen Meehan.
"Our focus has been to maintain continuity and to ensure our readiness to restore normal service once public health restrictions permitted," he said.
"We are delighted that events have been able to return to fully seated capacity since 22 October accompanied by strict public health precautions, and we have a very healthy pipeline of bookings filling up for 2022 and future years, reaffirming our position as a high-quality venue capable of attracting major international events," Mr Meehan added.
2,500 people have attended the 14 events held at the CCD since restrictions were lifted on 20 September.
Staff costs for the Convention Centre business last year totalled €3.79 million as numbers employed reduced by three to 70.
The CCD building itself is owned by the OPW and SDCCD DAC has a licence from the OPW to operate and manage it for 25 years from 2010.
The company recorded a pre-tax profit of €7.68m last year and this was chiefly as a result of the company receiving a €12.44m gain through interest on a financial asset.
A note attached to the accounts states that the company has implemented controls to ensure that the company can trade through the current economic climate.