mars 28, 2023


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Johnny Ronan Group reports a loss of 30.34 million euros after writing off its assets

One of the main holdings in the property group owned by developer Johnny Ronan last year posted a pre-tax loss of 30.34 million euros.

According to the calculations provided by Ardquade Ltd, the company recorded the loss mainly as a result of a non-cash write-off of €25.48 million in the value of the Group’s investment property portfolio along with exceptional costs of €4. 9 million.

The pre-tax loss of €30.34 million followed a pre-tax profit of €1.8 million in 2019.


The company’s revenue increased last year by 6 percent from 21 million euros to 22.3 million euros.

Ardquade revenue consists of €11.9 million from rent, €6.2 million management fees, €2.73 million other revenue and €1 million recharge of development costs.

Last year, the group posted an operating loss of 15.68 million euros and net interest payments of 16.46 million euros contributed to a pre-tax loss of 30.34 million euros.

The Directors state that Covid-19 has not had any material impact on the operating activities of the Group.

The Board of Directors states that the Group continues to collect rental and management fee income in full and service interest on all Group facilities.

Directors expect this to continue into the next year.

They state that they are optimistic that after the lifting of restrictions and a concomitant rise in economic activity, retail property values ​​will rebound, and managers will continue to grow the business in the year ahead.

Pay for managers

The salary of directors last year more than doubled from 598,221 euros to 1.35 million euros consisting of salaries of 1.3 million euros and pension contributions of 51,337 euros.

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The group, which owns the personal business interests of Mr. Ronan and his family members, had net assets on its balance sheet of 7.3 million euros at the end of last December.

Ardquade’s investment properties were valued on its books at €203.5 million.

The company owes 191.9 million euros to credit institutions that have a term of up to January 2022 and attract interest and owes 14.36 million euros to directors who are not attracting any interest.

A note addressing the going concern status of the Company indicates that the indicative terms relating to the refinancing of the Company’s major and minor lending facilities have been received.

Managers state that they expect new lending facilities to be in place for the coming year.