Clancourt, the property group owned by Mr Charles Kenny (68), made a profit before tax of €4.8 million in the year to December 31st, 2002, according to accounts just filed.
Turnover for the group, which owns a number of office developments around the State, including the Harcourt Centre in Dublin, was €17 million, according to the accounts.
Fixed assets were €254.8 million and net assets were €186.7 million.
The dividend paid at the end of the year was €1 million.
Clancourt Group Ltd and its subsidiaries publish consolidated accounts. The accounts state that profits for the year for Clancourt Group Ltd (as against profits for the group overall) were €73.4 million. There was no one available at Clancourt to comment on the figures.
Non-group companies representing the children of Mr Kenny hold options over shares in a group company, Mall Holdings Ltd, which were worth €94.8 million at balance sheet date, according to the group accounts.
The group's income for the year included rents from investment properties, interest income, and property management fees, with all income arising in the Republic. Non-fee directors' emoluments, including pensions, were €4.3 million.
The accounts noted that investment properties are valued by the directors as of the balance sheet date and that, in the event of a sale at the revalued amounts, Capital Gains Tax of €34.4 million might be payable. Capital Gains Tax is payable at 20 per cent indicating an assessed profit of €172 million on the properties.
Clancourt Management Ltd, one of the Clancourt group companies, has a 41 per cent shareholding in a US food preservatives company, CO2 Technologies, according to the accounts. The group invested €1.3 million in the US company in what the accounts said was a "speculative" investment.
The accounts also disclose that Mr Kenny is a director of the US company and that a pension scheme whose sole beneficiary is Mr Kenny has also purchased shares in the US company.
The ultimate parent of Clancourt Group Ltd is Clancourt Group Holdings Ltd, the figures for which are not included in the consolidated accounts.
The company's accounts for the year to December 31st, 2002, show the payment of a dividend of €1.4 million to Mr Kenny. Profits for the year before tax were €795,146.
The accounts also disclose that during 2001 Mr Kenny purchased 12.5 per cent of Harcourt Block 5 , a property owned by a group company, for €1.2 million.
