Just a few weeks ago the accounts for last year for Quinn Group were published and they tried to paint a rosy picture of £7 million pre-tax profits on a turnover of £700 million. Where did all the the money GO?
Last year 2012 EBITDA was £47 million.
This year since January 2013 EBITDA £23 million. Now you don't need a calculator to work out what profit they will make on that sum.
I suppose we could add the price in they got for the restaurant utilities they sold and that will put it back up to £47 million with creative accountancy.
1 comment:
Can you please add the letter sent to the Taoiseach to your Blog? I think it would be of interest. See below first paragraph:
Dear Taoiseach,
As long serving employees of the Quinn Group, we are familiar with all parts of the business and wish to outline, specifically to you, what we believe to be the precarious position in which the Group currently finds itself.
Based on the presentation last week announcing the 2012 results we are convinced that some members of the board recognise that their time is limited and to put it bluntly that the company is destined for failure. The 2012 results were designed to keep the financiers happy in the short-term. The results presented concentrate on an improved cash position but without stating where the cash came from. We believe this cash is as a result of a reduction in stocks, reduction in spare parts, no plant maintenance, asset sales and no replenishment of raw materials. The very basis for the previous success of the group. The current management know that it is a full year until they have to announce their next results and that based on current trading they may not be there at that stage and they will no longer have an interest in the group – and the jobs of thousands and our communities.
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