Tuesday 17 July 2018

Oracle pays €39m tax as revenues top €8.1bn

Gordon Deegan

The main Irish subsidiary of US software and hardware giant Oracle last year paid corporation tax of €39m as revenues topped €8.14bn.

New figures lodged by Oracle EMEA Ltd to the Companies Office show that the firm recorded a pre-tax profit of €109m - a drop of 14pc on the €127.45m in pre-tax profits recorded in 2014.

Revenues at the firm in the 12 months to the end of May last year increased by 4pc to €8.14bn.

The firm's principal activities comprise of the manufacture and sale of computer hardware and software products in Europe, Middle East and Africa markets, together with the associated translation, finance and marketing services.

The revenues generated by the Irish arm represent 24pc of Oracle's global revenues of €33.83bn ($38.26bn) in the year to May 31 last.

According to the directors' report, "the trading results of the company have remained strong with a 4pc growth in turnover. The company earned a profit in the current year and our expectation is that the company will continue to trade successfully and remain profitable in future periods."

The filings show that the firm's tax liability for the year was €39m compared to a tax bill of €58m in 2014.

The firm's tax bill was made up of Irish corporation tax of €15m in addition to its foreign tax liability of €45m. Timing differences and adjustments reduced the tax-bill to €39m.

The firm's shareholder funds at the end of May 31, 2015stood at €2.24bn with the company's cash pile almost doubling from €382.68m to €771m.

The numbers employed by the company increased from 1,163 to 1,282.

Staff costs last year increased from €90m to €101.93m.

The profit takes account of combined non-cash depreciation and amortisation costs of €239.6m.

The firm recorded an operating profit of €95m and net interest receivable payments of €11.45m added to profits.

Indo Business

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