Eircom Tell Comreg 'WE MADE LOADSA MONEY' Last year

spongebob

Eircom made some €350 million or so last year. No wonder they are paying dividends left right and centre.

All their divisions made a profit including Internet. The Figures are in a 1Mb PDF Here if you choose to d/l and read them. They spend about €3-400m culling Biddies during the year at €200k a pop so you can imagine the profits when they Biddies have gone.

Turnover was €2.9 Billion. They paid less than €2Bn for it and are in line to make €700m a year profit from the end of next year.

Thats good business, I bet that the new owners have a soft spot for the muppets who sold it to them at that price. Alfie Kane, Ray Mc Sharry and Dick Spring.

M

dahamsta

Hmmm. Perhaps I'm reading this wrong, but doesn't this mean that they actually took OUT more last year than they MADE. Negative investment like?

adam

spongebob

FY April 2002-2003 €350 M profit (or so)
June 2003 €500M dividend (or so)

Diff = - €150m

is that what you mean Adam?

dahamsta

Uh-huh. They covered that with the junk issue, but of course that should never have been allowed happen without no-contest investment assurances.

adam

zz03

Does anyone not think it mildly suspicious that the return on capital employed for the local access network business (p12) is exactly 12% for both years – the maximum rate permitted by the regulations.

The accounts don’t comply with IAS / GAAP, and don’t have IAS/GAAP accounts attached for reference (and the latter isn’t on the website yet either – six months after the end of the accounting period).

If one can't trust one number, can one trust any?

Not worth the virtual paper they are “printed” on IMHO.

zz..

LFCFan

They should be pumping all this profit back into the network to bring it up to 21st century levels and start providing a decent service......hold on, just read that back to myself. Forgot it was €ircon we were talking about