€903,000 directors' pay-off hurts Hertz
A compensation pay-off of €903,000 to directors for loss of office at the Irish arm of Hertz contributed to pre-tax profits slipping to €12.88m in 2015.
New accounts filed by Hertz Europe Service Centre Ltd show that the company's pre-tax profits declined marginally from €13m to €12.88m after revenues declined by 1.5pc from €63.7m to €62.7m in the 12 months to the end of December 2015.
According to the directors, "2015 was another successful year for HESC".
The company provides centralised reservation, customer and accounting services to each of the firm's corporate European locations and also offers Europe, Middle East and Africa licensee support.
At the end of December 2015, the company had accumulated profits of €49.6m and shareholder funds of €67m. No dividend was paid in 2015.
The firm's cash pile increased from €5.23m to €5.36m. The profit in 2015 takes account of combined non-cash amortisation and depreciation costs of €3.86m.
Numbers employed by the firm reduced from 948 to 925, with 481 in administration, 430 in sales and 14 in management.
Staff costs in 2015 declined from €39.9m to €37.8m, which includes €65,000 in equity settled share-based payments.
The accounts show that pay to directors reduced from €299,000 to €292,000 in 2015, while directors also enjoyed "other benefits" of €106,000 and €21,000 in pension contributions.
The accounts also show that €903,000 in compensation was paid or is payable to directors in respect of loss of office or other termination payments.