One of the main holding companies in the property group owned by developer, Johnny Ronan last year recorded a pre-tax loss of €30.34m.
According to accounts filed by Ardquade Ltd, the business recorded the loss chiefly as a result of a non-cash write down of €25.48m in the value of group's investment property portfolio along with exceptional costs of €4. 9m.
The pre-tax loss of €30.34m followed a pre-tax profit of €1.8m in 2019.
The company’s revenues last year increased 6% from €21m to €22.3m.
Ardquade’s revenues were made up of €11.9m in rent, management fees of €6.2m, other income of €2.73m and development cost recharges of €1m.
The group last year recorded an operating loss of €15.68m and net interest payments of €16.46m contributed to the pre-tax loss of €30.34m.
The directors state that Covid-19 has had no material impact on the group’s operating activities.
The directors state that the group is continuing to collect its rental and management fee income in full and service the interest on all of the group’s facilities.
The directors expect this to continue in the coming year.
They say that they are optimistic that following the lifting of restrictions and the attendant uplift in economic activity, retail property values will rebound and the directors will continue to grow the business in the coming year.
Pay to directors last year more than doubled from €598,221 to €1.35m made up of pay of €1.3m and pension contributions of €51,337.
The group, which holds the personal business interests of Mr Ronan and members of his family, had net assets on its balance sheet of €7.3m at the end of last December.
Ardquade owned investment properties were valued on its books at €203.5m.
The business owes credit institutions €191.9m which have a term to January 2022 and attract interest and owes €14.36m to directors that attract no interest.
A note addressing the company's going concern status states that indicative terms have been received relating to the refinancing of the company’s senior and junior lending facilities.
The directors state that they expect the new lending facilities to be in place for the coming year.
