SEÁN MULRYAN’S property company Ballymore International Development Ltd booked a loss of €117 million last year following heavy impairment charges.

In recently filed accounts, the firm said the continuation of the “unprecedented” upheaval in the global financial and property markets had created a negative environment which had impacted on its operations significantly.

Ballymore suffered €69 million of impairment charges on properties, up from €65 million in 2008, which it said reflected reduced market valuations, and a further €17 million amortisations charge on zero coupon loan notes of €375 million.

Turnover fell to €18 million last year, from €35 million in 2008.

“The lack of availability of financing from banks has resulted in immediate liquidity challenges that the group is seeking to address,” Ballymore said.

“The board will pursue all reasonable financing avenues available to it in order to ensure the financing and capital base of the group is stabilised.” Ballymore expects some of its loans from Anglo Irish Bank and Bank of Ireland to be transferred to the National Assets Management Agency, but said it was not clear when this would happen.

A business plan has been developed and presented to the agency.

“The board believes that the group possess a highly attractive mix of city centre development properties which will be capable of fully repaying these loans in the medium term,” Ballymore said.

The company had net debt of €885 million at the end of last year, up from €685 million in 2008. Shareholder funds more than halved in 2009.

The group had €270 million of loans which were due for renewal, refinancing or repayment this year and had refinanced €82 million of bank and related party loans in 2009.