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 Post subject: Mulryan company reports €117m loss
PostPosted: Sat Nov 06, 2010 7:56 am 
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Mulryan company reports €117m loss

STEVEN CARROLL

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.


http://www.irishtimes.com/newspaper/fin ... 91588.html

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 Post subject: Re: Mulryan company reports €117m loss
PostPosted: Sat Nov 06, 2010 12:47 pm 
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Mulryan, is he one of Cowens good pals. Did I read somewhere where he use to fly Cowen around in his Helicopter.I wonder does Ballymore own any sites or property that would benifit from metro north going ahead ???

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 Post subject: Re: Mulryan company reports €117m loss
PostPosted: Sun Nov 07, 2010 8:39 am 
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Nama-bound Ballymore pays €250k to directors - Nick Webb -> http://www.independent.ie/business/iris ... 10748.html

Quote:
Directors of Sean Mulryan's Ballymore International Development shared €250,000 in fees last year despite the Nama-bound, debt-laden building firm's massive losses.
The five listed directors of the company include Mr Mulryan, former Irish Nationwide board member David Brophy, Monaco-based packaging tycoon Michael Smurfit, Davy stockbrokers' Brian Davy and company finance chief Brian Fagan.
Mulryan sold his Dassault Falcon 900 private jet last year, and also offloaded a number of racehorses and two helicopters. The property development outfit had a net debt of almost €890m at the end of 2009.

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 Post subject: Re: Mulryan company reports €117m loss
PostPosted: Sun Jan 23, 2011 12:14 pm 
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Ballymore holding posts losses of £223.8m - Colm kenna -> http://www.irishtimes.com/newspaper/fin ... 88190.html

Quote:
BALLYMORE Properties Ltd, a UK holding company within Seán Mulryan’s Ballymore Group, lost £223.8 million (€265.4 million) in the year to the end of March 2010, according to accounts filed recently in London.
The Oxford-based company and its subsidiaries suffered a loss of £12 million the previous year. The company is ultimately owned by Mr Mulryan’s unlimited Irish company, Ballymore Properties.
The directors’ report signed at the end of December 2010 said the group was in advanced discussions with the National Asset Management Agency in relation to its business plan.

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 Post subject: Re: Mulryan company reports €117m loss
PostPosted: Sun Jan 23, 2011 1:07 pm 
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Laura's story on same topic was significantly better:

http://www.independent.ie/business/iris ... 95836.html
By Laura Noonan


Friday January 14 2011

BALLYMORE Properties' boss Sean Mulryan had personal guarantees covering just £25m (€29.8m) of his UK company's £1.3bn (€1.55bn) debt pile when a batch of the loans was transferred over to NAMA last summer.

Mr Mulryan's minimal level of personal guarantees is revealed in accounts just filed by Ballymore Properties Holdings (BPH) in the UK, which also show the group repaid £437m of debt last year.

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 Post subject: Re: Mulryan company reports €117m loss
PostPosted: Sun Feb 27, 2011 11:33 am 
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Mulryan's Ballymore paid directors average of €729,000 each last year - Nick Webb -> http://www.independent.ie/business/iris ... 58148.html

Quote:
Property developer Sean Mulryan's debt-laden Ballymore Properties Ireland paid its directors a total of close to €2.92m last year, or an average of €729,000 for each of the four directors listed.
The company reported a €51m loss for the year.
Apart from Mr Mulryan, one of Nama's top developers, company documents list former Irish Nationwide board member David Brophy, Brian Fagan and Barry Hickey as the company's directors last year.

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 Post subject: Re: Mulryan company reports €117m loss
PostPosted: Sun Feb 27, 2011 4:01 pm 
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Financial statements of companies tend to disclose the amount "payable" rather than actually "paid" to directors. Unless these accounts disclose more than what is required under company law I doubt if its possible to know if all (or indeed any) of this was actually paid.


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 Post subject: Re: Mulryan company reports €117m loss
PostPosted: Sun Mar 13, 2011 10:45 am 
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http://www.independent.ie/national-news ... 77541.html
Quote:
Ballymore London plan gets go-ahead
Sunday March 13 2011
By RONALD QUINLAN

DEVELOPER Sean Mulryan's Ballymore Group received a welcome boost last week with their plans for Leamouth Peninsula, a 10-acre site at the heart of the London docklands, being granted planning permission.

Ballymore's announcement that the €520m development will now get under way this autumn will be welcomed by Nama (and by Irish taxpayers), as approximately half the net proceeds are expected to flow back to the agency in full repayment of its debt.

Upon its completion, the Leamouth Peninsula is expected to include 1,706 new homes, as well as arts, education and sports facilities.

The site is being developed as part of a joint venture with a third party

.....(cont'd)


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 Post subject: Re: Mulryan company reports €117m loss
PostPosted: Sun Mar 13, 2011 1:03 pm 
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What Goes Up... wrote:
http://www.independent.ie/national-news/ballymore-london-plan-gets-goahead-2577541.html
Quote:
Ballymore London plan gets go-ahead
Sunday March 13 2011
By RONALD QUINLAN

Upon its completion, the Leamouth Peninsula is expected to include 1,706 new homes, as well as arts, education and sports facilities.

.....(cont'd)


Yes, and they're just going to sell those 1,706 homes, no problem. NAMA can practially smell the money now I'm sure. It's not like the UK is at the start of an austerity cycle, bad fiscal situation or anything like that. That said, London is likely to be the most insulated from this, as opposed to the North, especially under a Conservative governent. All I'm saying is NAMA shouldn't count it's chickens too soon. Planning permission is worth the paper it's written on as we've found recently.

Is there a way of getting a detailed breakdown on advertising revenue Irish newspapers and their websites get from advertising revenue? So sick of agenda driven news-casting. I just read the BBC and the Guardian for Irish news now. Even RTE is more likely to give a balanced picture than the Indo or the Irish Times. The Irish Sunday Times is a joke. They don't even say that there might be a recovery in the property market by the end of the year, they say there *will* be a recovery, as if it's a scientifically verifiable fact. School children could write a better newspaper.

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 Post subject: Re: Mulryan company reports €117m loss
PostPosted: Sun Mar 13, 2011 2:55 pm 
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He never says they'll be sold, says it's expected to include that many homes.

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 Post subject: Re: Mulryan company reports €117m loss
PostPosted: Sun Mar 13, 2011 3:25 pm 
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ncallanan wrote:
He never says they'll be sold, says it's expected to include that many homes.


What's the point of building them if they're not sold? Just build them for the craic like?

Are Nama going to fund the business plan? Would be a lot to take if Irish taxpayers funds infrastuctral development in London with risky return. It's weird that they don't say who's actually going to pay for building this stuff. Just that Nama is going to get half the proceeds. But what's the need to provide a back story or the full picture if you work for the Sindo.

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 Post subject: Re: Mulryan company reports €117m loss
PostPosted: Sun Mar 13, 2011 11:02 pm 
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Pointless looking for funding until you've got planning - now they'll go look for it.

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 Post subject: Re: Mulryan company reports €117m loss
PostPosted: Mon Mar 14, 2011 9:06 am 
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ncallanan wrote:
Pointless looking for funding until you've got planning - now they'll go look for it.


The point I'm making is that there's a question mark about the viability about this venture going forward and the article makes the opposite argument - that this is a positive development for both Nama and the developer. All I'm asking for is an even handed approach to the issue. Fair enough if other people want to get wound up reading that crap - it's not for me though.

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 Post subject: Re: Mulryan company reports €117m loss
PostPosted: Mon Mar 14, 2011 9:24 am 
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the_clientele wrote:
The point I'm making is that there's a question mark about the viability about this venture going forward and the article makes the opposite argument - that this is a positive development for both Nama and the developer. All I'm asking for is an even handed approach to the issue. Fair enough if other people want to get wound up reading that crap - it's not for me though.

"Plans to build" and actual building are two separate things.

Getting planning permission is massive added value.

Take it that they were always going to sell on this land undeveloped - that they were merely flipping - their initial purchase price was what they had to justify.

If they had to sell on without planning they would have been seriously underwater.

Now they can sell on to others if they wish and could go a long way towards meeting or exceeding the original purchase price - but that depends on the expectations of others (the funder and the developer).


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 Post subject: Re: Mulryan company reports €117m loss
PostPosted: Mon Mar 14, 2011 11:04 am 
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Fair point about the planning permission upping the value of the site. If, and it's a big if, they're going to sell the site with planning permission (as opposed to develop), I think they should do so sooner rather than later.

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