THE Quinn Group in Northern Ireland registers financial results which include many of the diverse businesses in Northern Ireland as well as extending into Britain and the Republic.
The Northern Ireland group is itself a subsidiary of another Quinn Group, registered in Dublin.
The registered results are declared in euro. They are one of (if not) the largest sets of consolidated trading figures for a Northern Ireland registered company. The details here are reported in € million.
The main feature of the 2007 results is the impact of the emerging difficulties affecting the value of investments and loans which are reflected in large exceptional losses to be deducted from the trading accounts and also impacting on the overall value of the company as seen in the balance sheet value of the shareholders funds.
The diverse range of businesses, ranging from cement, glass, plastics, packaging, radiators, hospitality and financial services and insurance, all continued to trade acceptably.
Excluding exceptional losses, the operating profit would have been 28% higher in 2007 than 2006.
However the Group provided for exceptional losses of €759m.
The exceptional losses were partly attributed to foreign exchange losses of €67m but the remaining €692m is linked to provisions for “amounts advanced to related party investment companies” and irrecoverable amounts of interest on these advances.
As a consequence of the write down of certain assets, the balance sheet value of the shareholders funds fell by €346m, or by 26%.