Archive for May 13th, 2013

With the Bus Eireann strike ending its second day, you might be interested to take a quick look at the finances of that company. It made a profit of €455,000 in 2011, the last year for which accounts are available. It has a balance sheet with net assets of €23m. The annual report and accounts for 2011 are available here. The profit and loss account and the balance sheet are shown below. Bus Eireann says there are no recognized gains or losses other than those shown in the profit and loss account.



This is an organization about which An Tanaiste Eamon Gilmore said last Thursday “Bus Éireann is in a precarious financial situation with the very viability of the company under threat”. Well, if that is the case, something shocking must have happened in 2012, but we don’t yet have the accounts for 2012. Looking at the five year revenue figures for Bus Eireann, the income from tickets looks pretty stable.

But contrast the fortunes of Bus Eireann with those of another state company, RTE. In 2011, RTE made a fully recognized loss of €70m, mostly comprising a deficit of €17m and a pension scheme loss of €50m. RTE had net assets of €68.5m at the end of 2011. We do know that RTE has been failing to maintain its commercial income which RTE blames on the recession. Here is the profit and loss, statement of comprehensive income and balance sheet:


Unlike Bus Eireann, we do have an indication of RTE’s results for 2012; it is said in press reporting to have run up a deficit of “at least €60m”, we don’t know how the pension scheme performed. But a €60m deficit will practically wipe out RTE’s balance sheet and reduce equity from €68.5m to €8.5m.

When asked about the finances of RTE, Minister for Communications, Energy and Natural Resources, Pat Rabbitte says that it’s nothing to do with him, he says concerns about RTE’s finances “are purely matters for RTÉ management. RTÉ has a direct obligation under Section 105 of the Broadcasting Act 2009 to ensure that its revenue is at the earliest possible date at least sufficient to meet all sums properly chargeable to its current account and to make suitable provisions with respect to capital expenditure. I am satisfied that RTÉ management is fully cognisant of this obligation and are taking all the necessary steps to ensure that the company continues to be in compliance with the terms of the provision.”

Contrast the Government’s stance on pay and conditions of employees at Bus Eireann versus those at RTE.


Read Full Post »

Tilman Brewin Dolphin, formerly known as Tilman Asset Management is understood to have sold a retail block on Kings Road in the upmarket Chelsea area of south west London, turning a €13m profit on the reported purchase price in 2004. According to commercial property portal, CoStar, the 15,000 sq ft 6-unit property – which houses five retailers named as Petit Bateau, Reminiscence, Accessorize, Vodafone and Timberland – has been sold to Cadogan Estates for GBP 29m (€34m). Cadogan Estates is the property company owned by the Earl of Cadogan who originally owned much of the freehold of property in the Chelsea and Kensington areas.  The initial net yield is reported to be a lowly 3.65%.

The property was reportedly bought by the Irish consortium in 2004 for GBP 18.3m (€22m) yielding an overall profit of close to €13m. The initial net yield of 3.65% in last week’s reported sale would equate to a net yield previously of 5.75% to Tilman. So, looks like a very profitable property investment.

Tilman Brewin Dolphin, based in Clonskeagh in Dublin, says of itself it “provides a comprehensive service for the management, protection and growth of client wealth”

Read Full Post »

The reserved judgment in the Paddy McKillen
appeal hearing in London is due any day now
IBF mortgage drawdowns for Q1,2013 due
Central Bank arrears/repossessions Q1,2013 due
Monday 13th May 2013
Eurogroup meeting Brussels
Tuesday 14th May 2013
EcoFin meeting Brussels
Wednesday 15th May 2013
Allsop Space auction in Shelbourne Hotel, Dublin
IPD UK commercial property indices April 2013
(CSO) Agricultural Price Indices March 2013
(CSO) Industrial Disputes Quarter 1 2013
Educn & Soc Protection Oireachtas comm: rent allowance
Thursday 16th May 2013
(CSO) Goods Exports and Imports March 2013
KBC Ireland Q1,2013 results
ECB Governing Council meeting
Good Friday Agreemt Oireachtas comm: Narrow Water Bridge
Friday 17th May 2013
(CSO) Trade Statistics February 2013

Read Full Post »