Profits at Mr Bill Cullen's motor and property group fell by 56 per cent last year, the latest figures filed with the Companies' Registration Office (CRO) show. Barry O'Halloran reports.

Accounts for Glencullen Holdings Ltd, which owns Mr Cullen's Renault distribution business, show that sales dropped 22 per cent in 2003 to €213.8 million from €275.4 million the previous year.

The figures show that operating profits dropped 56 per cent to €4.9 million in 2003 from €11.1 million in 2002. A near €4 million boost from the sale of property narrowed the gap on the previous year's earnings.

After an interest bill of €1.7 million, Glencullen Holdings' pre-tax profits came to €7.2 million, a 35 per cent fall on the €11.2 million recorded in 2002. After tax, the company posted an overall gain for 2003 of €6.2 million, 35 per cent off its 2002 net earnings of €9.6 million.

The balance sheet shows that the company had €11.4 million in cash at the end of 2003, compared with just €1 million a year earlier.

Total assets net of liabilities were €54.5 million compared to €49.3 million the previous year. Shareholders' funds were €47.4 million, up on €41.2 million in 2002. The company's net debt at the end of 2003 was €32.5 million from €33.3 million the previous year.

The group paid out €12.5 million in wages and salaries during the year. It did not pay a dividend in 2003, but it had paid €2.2 million the previous year. As the only shareholder, Mr Cullen would have been the only beneficiary of this.

The accounts also state that he is the ultimate controlling party of the business.

The accounts show that the directors received payments of €4.5 million from the company for "services other than as directors". They do not indicate how much of this money Mr Cullen received. The comparable figure the previous year was €5.1 million.

The company's other directors were Mr Paddy Barrett, Mr Ian Young and Mr JJ Nolan.

During the year the company paid off over €400,000 against a loan that it owed to Mr Cullen. At the end of 2002, the accounts state that he was owed €405,402, but a year later this figure had fallen to €335.

Glencullen Holdings had guaranteed loans to subsidiaries to a maximum of €54.2 million, of which €35.3 million had actually been borrowed.

All told the company had 30 trading and non-trading subsidiaries at the end of 2003. They were involved in motor vehicle importation and distribution, motor retailing and property holding activities.

One company, Glencullen Training Ltd, listed its business as helicopter hire.

Glencullen Holdings employed 244 people in 2003, five fewer than the previous year.