Albany adds €14.6m to provision for impaired land assets
Published 29/09/2010 | 05:00
HOUSE builder Albany Homes made a provision of €14.6m during the company's last financial year for further impairments in the value of its land bank, adding to a €29.3m impairment provision made in the previous period, according to accounts for the business.
Controlled by David Daly, Albany's loans from Bank of Ireland are among those already transferred to the National Asset Management Agency (NAMA).
The accounts, for the 12 months to the end of September 2009, show that it had net debt of €115.2m compared with €128m at the end of the previous fiscal year. The company owed €104.5m to Bank of Ireland.
Albany's auditors, BBT, note that €71m of that is shown as being repayable within 12 months because those loans are demand-type facilities. The accounts note that while Albany is satisfied that the facilities will be continued following their transfer to NAMA, no decision had been made by the agency regarding their continuation.
Previously one of the largest home builders around the capital, David Daly also owns prime commercial premises such as Airside Retail Park in north Dublin, while he spent close to €115m in 2007 forthe River Island outlet and an adjoining property on Grafton Street.He also paid the equivalent of €120m an acre in 2006 for a building in Ballsbridge.
Albany valued its group land holdings at €157.4m at the end of September 2009, compared with €159.6m a year earlier, and its work in progress at €27m compared with €70m at end of September 2008.
Turnover fell 70pc to €28.2m, while its operating loss narrowed to €10.8m from €24.8m. The company recorded a pre-tax loss of €14.4m compared with €33m in the previous period. It has just 15 staff, down from 35 a year earlier.
Directors were paid a total of €290,000.They include Mr Daly and Rory O'Donnell. Mr Daly's wife Mary resigned as a director in March She owns a clothing boutique in Malahide.