The parent of a Cork manufacturer of ingredients for the fizzy drinks industry has recorded losses after tax of €110,000 on revenues of €7.71 billion at its Irish-registered holding company, according to accounts newly filed in Companies Office.
ADM Ireland Holdings Ltd, which is owned by the Archer Daniels Midland Company of Illinois, is the fourth-biggest Irish-registered company by declared sales, behind building materials group CRH and technology giants Dell and Microsoft Europe.
The accounts for the year to June 30th, 2004, indicate that some €6.99 billion of its €7.71 billion in revenues came from its German operations.
The Irish subsidiary, ADM Ringaskiddy, employs 142 workers at a plant in Cork where it makes citric and gluconic acid.
Results from ADM Ringaskiddy are embraced in the latest accounts for ADM Ireland Holdings Ltd, which incorporate the operations of 53 subsidiaries, associates and joint ventures in Europe, the US and Africa.
The holding company's accounts for the year ended June 30th, 2004, indicate that its overall revenues increased in the period to €7.71 billion from €7.65 billion.
While sales of foodstuffs declined to €2.13 billion from €3.03 billion, revenues from commodity trading increased to €5.58 billion from €4.64 billion.
The holding company's operating profit rose to €78.09 million from €50.77 million. It had a pretax profit of €23.59 million, reversing a €14.3 million deficit the previous year.
The accounts indicate that most of its €23.7 million tax bill was paid abroad. It is unclear how much Irish corporation tax the holding company paid. It paid PAYE and PRSI of €2.16 million in the year, up from €1.34 million.
After minority interest profits of €4.54 million were stripped out of the accounts, the company had €4.65 million retained losses at the end of the year.
The company had accumulated retained losses in its profit and loss account of €39.85 million at the end of the year, an increase from €32.98 million the previous year. The company had €61.84 million in cash at the end of year, up from €44.21 million a year previously.
ADM Ringaskiddy declined to comment on the ADM Holdings accounts.
