THE PHILIP Lynch-led One51 investment group recorded a loss of €10.9 million in 2009 as it booked €44.4 million in exceptional costs relating to write downs in the value of its investments and property assets.
In a letter sent to shareholders, Mr Lynch said its earnings before interest, tax, depreciation and amortisation (Ebitda) declined to €45.2 million in 2009 from €52.2 million a year earlier. Its turnover fell to €328.4 million last year from €433.3 million in 2008.
On a brighter note, One51 reduced its net debt by €49 million to €163.9 million.
Figures provided to shareholders show that One51 took a charge of €33.6 million relating to its investment in British-listed company Augean and other unlisted entities. It also included €1.9 million in re-organisation costs.
The investor update also states that it took a hit of €10.8 million last year on its investment in Irish Continental Group, the listed ferry operator. This compared with a write down of €12.6 million in 2008.
One51 and the Cork-based Doyle shipping group own 24 per cent of ICG through their Moonduster consortium.
In spite of write downs, the statement noted that ICG’s share price had traded up by about 40 per cent over the past 12 months to €16.70.
“We remain confident that ICG represents a sound investment for One51,” the statement added.
In renewable energy, Mr Lynch informed shareholders that the company had taken a controlling stake in Island Renewable, an Irish wind business headed by former NTR executive Michael King.
It has also made an investment in Pioneer Green, which is focused on developing wind assets in a number of US states. One51 has an option to take a controlling stake in this business.
In environment services, Mr Lynch said the process of “creating a unique brand” for this division would be concluded in the summer. Its WEEE recycling business in Switzerland was sold last year for a “satisfactory price”.
One51 has also participated in a funding round by OpenHydro, which will go towards the rollout of tidal farm projects in Europe and the US.
Mr Lynch said Irish Pride, which it wholly owns, continues to perform “satisfactorily”.
In terms of the outlook, Mr Lynch said the group has had “an encouraging start to 2010”.
“Volumes and prices in our operating businesses have held up well and the trend remains positive,” Mr Lynch said, adding that the company aimed to reduce its debt further at group level.
