Top-paid director at Quinn Group 'had €800,000 slashed from wage packet'
Published 23/12/2011 | 05:00
THE Quinn Group's highest-paid director saw his remuneration more than halved in the year before the group was taken over by Anglo Irish Bank and other lenders.
The €800,000 fall in the un-named director's remuneration, which left him with a package of just over €410,000 for 2010, is revealed in accounts published yesterday.
The figures also show that Quinn Group stumped up €53m in "exceptional costs" in 2010, largely linked to work around the group's restructuring.
Further disclosures show restructuring advisers Talbot Hughes McKillop, which had two directors on the Quinn Group board for the year, racked up fees of €3.4m.
The accounts were signed off by auditors PwC earlier this week but include an "emphasis of matter" about the prospect of further losses on an under-development plant in Germany.
The plant is valued at €89m in the latest accounts, but a feasibility study into its future is ongoing, and funding to build it out has not yet been secured, since it may not be required.
"In the event that sufficient funding is not obtained, a further impairment to the plant may be required," the auditors noted.
The group booked more than €230m of impairments in 2010 -- a figure in line with predictions in Quinn Group's 2009 accounts -- after "protracted trading conditions" prompted a detailed review of asset carrying values.
The bulk of the impairments -- some €100m -- was linked to the group's radiators division, while another €36.5m hit was taken on the chemicals unit.
Impairments of €39.9m were booked on landfill and wind-farm assets that belong to the Quinn Insurance and are no longer owned by the Quinn Group.
The 2010 accounts include a contribution from Quinn Insurance for the first three months of the year, the period immediately before the insurer was put into administration.
The subsequent omission of Quinn Insurance makes direct comparisons with 2009's figures difficult -- average staff numbers fell by more than 2,200, but this is likely to be linked to the pro-rata inclusion of Quinn Insurance staff.