Managers of Panda and Greenstar garbage owner share €52.8m profit from sale

Key employees at the country’s largest waste company, Beauparc Utilities, shared a €52.8 million windfall from the sale of the company last year.

eauparc owns waste companies Panda and Greenstar, and last year businessman Eamon Waters sold Beauparc Utilities to Australian financial services giant Macquarie.

The value of the transaction was not disclosed but was reported to be in the region of €1bn, giving Mr Waters a windfall of around €367m.

Now new 2021 financial statements for Beauparc Utilities Holdings Ltd show that key employees received €52.85m in cash-settled share-based payments when the company’s management incentive scheme was implemented on the sale of the group in August 2021.

The €52.85 million payout accounts for the bulk of the €56.29 million exceptional charge that reduced the group’s operating profit from €61.1 million to €4.4.8 million last year.

Financing costs of €8.57 million resulted in a pre-tax loss for the Group of €3.6 million.

The company continued on its growth trajectory over the past year as revenue rose 21% from €528.6 million to €640.76 million.

The company’s pre-tax loss of €3.6m also takes into account combined non-cash depreciation and amortization charges of €51.3m last year.

An accompanying note states that the acquisition costs relate to consulting fees incurred on both acquisitions and disposals of the group, including the management incentive plan, and the exceptional costs also include €2.79m in restructuring and other Integration costs included last year.

The number of employees rose by 91 last year from 2,112 to 2,203 as staff costs increased from €90.27 million to €147 million, with the €52.85 million payout to management being the main reason for the sharp rise in personnel costs.

Total compensation for key management personnel increased from €8.49 million to €56.82 million, largely due to cash-settled share-based payments.

Directors state that during the year the group will complete its growth strategy by acquiring 92.5 per cent of Exomex (Ireland) Limited for £16.7m.

Directors state that they are “very pleased with the integration of the company into the Beauparc Utilities Holdings Group and the group benefits from significant operational synergies”.

In addition to acquisitions, the Group also invested €48.4 million in property, plant and equipment and infrastructure over the course of the year.

The Directors state that they are satisfied that these investments, together with the cash generated from operations and access to the Bankers’ available banking facilities, provide the Group with the financial strength to undertake the future development of the Company in line with the Group’s strategy facilitate.

The group’s cumulative profits amounted to €28.24 million as shareholder funds amounted to €108 million. The Group’s cash and cash equivalents fell from €91.3 million to €42.95m. Managers of Panda and Greenstar garbage owner share €52.8m profit from sale

Fry Electronics Team

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