Johnny Ronan’s property group this month sold its Paris property for €24.5 million to help pay down the group’s debt.
Consolidated accounts filed by Mr Ronan’s Ardquade Ltd also reveal that this year Mr Ronan also advanced a loan to the group which was used to repay “a substantial part” of the group’s junior debt.
At the end of December 30th last, the group’s senior and junior debt amounted to a combined €194.88 million.
The continuing efforts to pay down the debt are disclosed in the new accounts, which also show that pretax losses narrowed at the business last year by €20.35 million, or 67 per cent, to €9.98 million.
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Ardquade Ltd reduced its pretax losses as revenues rose by 6 per cent from €22.37 million to €23.71 million.
The pretax loss takes account of a non-cash write down of €3.3 million in the value of the group’s investment property portfolio along with exceptional costs of €1.9 million.
The business recorded an operating profit of €6.93 million and net interest payments of €16.92 million resulted in the pretax loss of €9.98m.
On the group’s prospects, a directors’ note with the accounts said that “the group has a strong pipeline of projects, an impressive delivery history, and an experienced development team to ensure that the projects are successfully delivered”.
The note said that the group was in discussions with new lenders to replace the existing junior debt.
The note also said that if the group successfully refinances junior debt before agreed dates, the obligation to pay exit fees of €20.7 million to the junior lender will be revoked fully or partially.
The group owes €13.6 million to its directors.
The accounts noted that the group continued to progress projects that will generate,income streams, such as the former Irish Glass Bottle site in Ringsend.
Ardquade’s 2021 revenues were made up of €11.3 million in rent, management fees of €10.24 million and other income of €2.16 million.
The directors said that they were confident that the group would continue its growth and improve its trading position in 2023.
Pay to directors last year declined by €78,000 to €1.274 million made up of emoluments of €1.22 million and pension contributions of €46,787.
The group had a shareholders’ deficit of €2.82 million at the end of December 30th last. Its cash funds increased from €7.3 million to €10.55 million during last year.
Ardquade-owned investment properties were valued on its books at €200 million at the end of December 30th last.
