Zelderbridge posts 2010 loss of €53.4m

ZELDERBRIDGE, A company controlled by developer Liam Carroll, made a loss of €53.4 million for the year ended December 31st, 2010, down from a loss of €124.5 million the previous year.

The smaller loss last year reflected a less severe write-down in the value of the development and investment property owned by the company. Zelderbridge’s development property was written down by €17.6 million in 2010, compared to a write-down of €89.9 million the previous year. It was valued at €442 million at year end. Similarly, the value of its investment property took a hit of €11 million, compared to a write-down of €34.4 million in 2009.

Accounts for Zelderbridge, whose interests include assets in Cherrywood business park and the former listed property company Dunloe Ewart, show that the company owed its lenders nearly €1 billion at the end of 2010. The group’s total borrowings stood at €985 million at year end. With its investment and development property portfolio worth €460 million, this led to a deficit in shareholders’ funds of €593 million.

Some €211 million of the company’s loans have transferred to Nama. The company has lending facilities with a number of non-Nama banks. The group has submitted a detailed business plan to Nama, the accounts state.

Turnover for the group last year was €20.4 million, down from €23.6 million in 2009. Most of this related to rental income.

The company employed 30 people, up from four the previous year, with payroll costs increasing to €2.7 million, up from €616,000 the previous year.

It sold an investment property in Mallow for €830,000 during the year, as well as a property in Tralee, believed to be the site of the old cinema, for €1.65 million.

The value of Zelderbridge’s listed investments stood at €31,000 following a write-down of €442,000 during the year.

Mr Carroll has held shares in Aer Lingus, Greencore and Irish Continental Group. In 2009 the value of the company’s listed investments were written down by more than €63 million, having been worth €90 million at the beginning of that year. His shareholdings were subsequently sold.

The company lost €10.3 million as part of joint venture undertakings in 2010, the accounts state.