Ornua top brass paid €4.8 million in 2017

Ornua paid out over €4.8 million in directors’ fees and global executive remuneration in 2017, according to the group’s annual results for 2017.

During 2017, global executive remuneration stood at €4.251 million – an average payment of €472,333 for each global executive on Ornua’s books.

However, this is down from €4.360 million in 2016; largely due to a reduction in performance-related bonuses and basic salaries, the group’s 2017 financial statements show.

Meanwhile, total fees for the 15 directors increased marginally (0.78%) and rose from €557,000 in 2016 to €561,000 last year; equating to an average payment of €37,400 per director.

Ornua states that executive remuneration is subject to full oversight by the board and specifically its personnel and remuneration sub-committee.

Ornua’s turnover up 18% to €2.1 billion in 2017

Earlier today, the group announced that its turnover increased by 18% to €2.1 billion in 2017.

Ornua delivered a “very strong trading performance” in 2017, with group EBITDA (Earnings before Interest, Taxes, Depreciation, and Amortisation) up 25% to €53.8 million.

In addition, operating profit increased by 32% to €35.2 million, while profit before tax increased by 84% to €29.1 million.

Ornua also achieved another year of record Irish purchase volumes of 338,000t. The group closed the year with net cash of €0.3 million.

In November 2017, it refinanced its bank facilities for another five years – increasing them to €610 million – with the aim of leaving it well placed to support dairy industry expansion and to drive further growth across the group.