Insurance magnate Seán Quinn received a once-off pension contribution of €6.5 million from his Quinn Group business last year before the Government placed new limits in the Budget on the tax relief on such payments.
The pension contribution was paid out on top of Mr Quinn's €1.11 million salary as pretax profits from his diversified activities rose 46 per cent to €326 million last year on the back of a 38 per cent rise in turnover to €1.21 billion.
Mr Quinn is the dominant figure in Quinn Group, whose entire share capital is held by members of his immediate family. The business includes insurance operator Quinn Direct, which accounted for €576.17 million of turnover. Revenues of €635.61 million were derived from the group's hospitality interests and its operations in the cement, glass, radiator and plastics sectors. The most prominent assets in its portfolio include the Slieve Russell Hotel in Cavan, Buswells Hotel in Dublin and the Belfry golf resort in Warwickshire, England.
Accounts filed in the past week for the Northern Ireland-registered group show that Mr Quinn's total remuneration package of €7.61 million was up from €340,150 in 2004.
A spokesman confirmed that the once-off pension payment was related to a new restriction on the tax relief on contributions that was introduced by Minister for Finance Brian Cowen.
The accounts for the group, which had 4,600 employees in 2005, show that its net profit of €282.57 million for 2005 brought accumulated profits to €767.22 million at the end of the year. The group did not pay out a dividend in 2005.
As Mr Quinn continued with the group's expansion, the level of bank debt in the business rose last year to €627 million from €328.09 million. However, interest payable and similar charges decreased to €11.55 million from €12.19 million.
The accounts show debt repayable after five years includes loan notes of $300 million (€237.51 million) placed with US institutional investors. They also indicate the group took out a syndicated bank loan for €297.92 million last year.
Equity shareholders funds rose to €930.66 million from €640.76 million in 2005. The accounts also indicate the group paid €8.76 million after expenses for plastics company Polyex Ltd (now Quinn Plastics) in June 2005.
