Luxury car importer O'Flaherty Holdings back in profit after sales boost
ONE of the largest family owned businesses in the country, Mercedes importer O'Flaherty Holdings, returned to profit last year.
The company swung to a pre-tax profit of €9.1m, compared to a pre-tax loss of €25m in 2011.
The return to profit for the Dublin-based O'Flaherty Holdings and subsidiaries, follows a 6pc jump in sales to €304.3m.
The principal activity of the group is the importation of motor vehicles into Ireland including the Mercedes brand.
The group is also engaged in the manufacture and distribution of arial access equipment, and the fabrication and installation of custom heating equipment, ventilation and air conditioning products in the US.
The numbers employed by the group last year increased by 9.5pc from 984 to 1,077 made up of 825 in manufacturing, 160 in retail and 92 in wholesale.
Staff costs at the group last year increased by 8pc from €44.1m to €47.63m.
The group's balance sheet remains strong with shareholder funds totalling €158m that includes accumulated profits totalling €144.9m. The group's cash during the year increased from €60m to €66.3m.
The group paid a dividend last year of €8m and this followed a dividend pay-out of €8m in 2011.
A note attached to the accounts states that the €8m dividend paid during the year is reclassified as a reduction in debt due to the 2011 restructuring of ordinary shares into C shares.
The holders of a C share are entitled to a preferential cumulative annual dividend of €6.5m.
Emoluments to directors last year increased marginally from €1.563m to €1.573m. The group's non-cash depreciation costs last year totalled €3.6m.
The group's cost of sales last year increased from €237.59m to €247.47m.
During last year, the group incurred losses totalling €5m made up of an unrealised loss of €2.3m on financial assets, an actuarial loss of €1.48m on pensions and €1.19m write-down on fixed assets.