Johnny Ronan’s company sold its Paris property for €24.5million this month to pay off the group’s debts.
The new consolidated accounts filed by Ardquade Ltd also reveal that Mr Ronan made a loan to the group this year which was used to repay “a substantial part” of the group’s subordinated debt.
At the end of December 30, 2021, the Group’s senior and subordinated debt totaled €194.88 million.
In March this year, the group’s senior lender appointed a receiver after the group’s senior and junior facilities expired in January.
In July, receivership ended after the group refinanced the senior lenders facility.
A note accompanying the financial statements states that the Group is in talks with new lenders to replace the existing subordinated debt and the junior loan is being revoked in whole or in part.
Commenting on the Group’s prospects, the Directors state, “The Group has a strong project pipeline, an impressive delivery history and an experienced development team to ensure projects are successfully delivered.”
They state that the group continues to advance projects where it will generate revenue, such as B. the former Irish Glass Bottles site in Ringsend and the Waterside site.
Ardquade Ltd’s pre-tax losses fell by 20.35 million euros or 67 per cent to 9.98 million euros last year as revenue increased 6 per cent to 23.71 million euros from 22.37 million euros.
The income consisted of rents of €11.3 million, management fees of €10.24 million and other income of €2.16 million.
The pre-tax loss includes a non-cash write-down of the value of the Group’s investment property portfolio of €3.3m and exceptional costs of €1.9m.
The company recorded an operating profit of €6.93 million. Net interest payments of €16.92 million resulted in a pre-tax loss of €9.98 million.
The group owes EUR 13.6 million to its directors, EUR 8.86 million to other holdings and EUR 6 million to an associated company.
Ardquade’s own investment properties were valued at €200 million on the books at the end of December last year.
https://www.independent.ie/business/irish/property-developer-johnny-ronan-pays-down-debt-and-sees-losses-narrow-42247605.html Real estate developer Johnny Ronan pays off debt and sees losses small