€125m loss for Carroll-controlled firm

ZELDERBRIDGE, a Liam Carroll-controlled property company that has transferred assets to the National Asset Management Agency (Nama) made a loss of €124.5 million in 2009.

The loss was after Zelderbridge Ltd took a €34.5 million writedown on the value of its investment property and an €89.9 million hit on development land.

The value of the investment properties was written down from €69.3 million in 2008 to €33.5 million last year. The accounts also show that Mr Carroll took a €66 million impairment charge on his shares in listed companies.

Mr Carroll has held shares in Aer Lingus, Greencore, and Irish Continental Group. His shares were valued at €90 million at the beginning of the year but just €26.9 million by the close of 2009. All of the shares have since been sold by Mr Carroll.

Zelderbridge, whose interests included assets in Cherrywood, Dunloe Ewart entities, and Clondalkin Shopping Centre, has also changed its status to that of a limited liability company.

This offers Mr Carroll some protection for his personal assets from the company’s creditors.

It was due to repay €920 million within one year, according to the accounts. The bulk of this is now likely to be with Nama. Anglo Irish Bank, AIB, EBS and Bank of Ireland were among its eight lenders.

While substantial, the losses racked up in 2009 were 41 per cent below the €215.9 million deficit recorded in 2008, accounts just filed show.

There was a deficit of €539 million in shareholders’ equity at the end of 2009. The accounts state that the directors believe Zelderbridge would have sufficient finance to allow it “meet its obligations for a period of at least 12 months from the date of approval of the financial statements”, which were signed off in July.

The directors said it was “appropriate” to prepare the financial statements on a going concern basis.

Zelderbridge’s accounts state that the company had submitted a “detailed business plan” to Nama, which was being evaluated by the agency at the time the accounts were signed off in July.

“Whilst initial communications between Nama and the group support the directors’ belief that Nama will work alongside the group’s other banks to provide support to the operations of the group, no formal approval of the group’s business plan has been received to date,” it added.

Zelderbridge’s payroll costs amounted to €615,991 for its four staff – an average of €154,000.

Directors’ remuneration rose by 7 per cent to €419,260. Three directors were listed: Mr Carroll, John Pope and David Torpey.