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Saturday 24 June 2017

Assets of firm linked to Irish beef baron triple assets to over €800m

Larry Goodman owns the ABP beef processing empire Picture: Steve Humphreys
Larry Goodman owns the ABP beef processing empire Picture: Steve Humphreys
John Mulligan

John Mulligan

The assets held by a Luxembourg company connected to Larry Goodman's beef empire more than tripled to €803.6m in its 2014 financial year - and its liabilities rose in tandem.

Accounts filed in Luxembourg by Silverbirch Investments, formerly Parma Investments, revealed the huge increase in assets, up from €261.2m in 2013.

The company is one of those used by the ABP (Anglo Beef Processors) group for its wider finance functions. Silverbirch and another Luxembourg firm make loans and investments to and in connected ABP units.

Many companies from around the world, as in the case of Silverbirch, legitimately use Luxembourg entities to undertake such activities.

The accounts for Silverbirch Investments also show that it reported profits of €8.1m in the 2014 financial year. The firm generated total income of €36.9m in the year, which included €18.6m derived from affiliated undertakings, and €18.1m in "other interest and similar financial income".

Its assets comprised €458.9m of fixed financial assets, and debtors of €344.7m. It had liabilities of €803.6m at the end of March 2014. They included non-subordinated debts of €485m.

ABP is one of Europe's largest beef processors and is headquartered in Ardee, Co Louth.

Irish Independent

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