Documents obtained by the Irish Farmers Journal show that Irish beef company Dawn Meats made a €5m upfront payment in 2015 for a 49% stake in Elivia, France’s second largest beef processor. Accounts filed for DM Holdings Sárl, a company based in Luxembourg but controlled by Dawn Meats, show that the Waterford-based beef processor made a payment of just over €5m in 2015 for the 49% stake in Elivia with a further option to increase its stake to 70% up to last year.
In a statement, Dawn Meats said €5m has been paid as a portion of the acquisition costs of a 49% stake in Elivia, with a further balance to be paid in line with the confidential terms of the deal agreed. Since Dawn invested in 2015, Elivia has struggled to make a profit. For its 2017 financial year, the company recorded sales of €922m but racked up operating losses of almost €18m and made net losses of more than €19m. The French beef company processes almost 450,000 cattle and over 25,000 lambs every year.
The documents obtained by the Irish Farmers Journal also show DM Holdings Sárl, a subsidiary business of Dawn Meats Europe, made profits of €4.7m in 2018. Accounts filed in Luxembourg show DM Holdings Sárl had assets of over €170m at its 2018 financial year-end and paid a dividend of €4.6m to its sole shareholder, Dawn Meats Europe.
The accounts show DM Holdings Sárl has paid out €14.4m in dividends since 2013 to Dawn Meats Europe. In the years 2013 to 2018, the business reported steady profits of between €3m and €5m, save for in 2017 when losses of €7.1m were reported (see chart).
L to R: Richard Clinton, Group Commercial Director Dawn Meats; Nigel Maguire, Director of Development and Supply Chain McDonald’s Ireland; and Peter Roche, General Manager Dawn Meats Carroll’s Cross celebrate the milestone of producing the billionth burger since the production site at Carroll’s Cross in Waterford was opened in June 2012. The plant now produces more than 400m beef burgers each year for McDonald’s, and one in every five burgers sold in McDonald’s restaurants across Europe is of Irish origin.
DM Holdings Sárl employs no staff but Dan Browne and Patrick Browne are listed as directors.
While it’s not clear how it operates day to day, this Luxembourg-based company appears to act as the financing arm of the Dawn Meats group, providing loans and advances to other parts of the business. The accounts show that DM Holdings Sárl is owed more than €165m in loans issued to associated companies within the Dawn group.
Documents obtained by the Irish Farmers Journal show that Irish beef company Dawn Meats made a €5m upfront payment in 2015 for a 49% stake in Elivia, France’s second largest beef processor. Accounts filed for DM Holdings Sárl, a company based in Luxembourg but controlled by Dawn Meats, show that the Waterford-based beef processor made a payment of just over €5m in 2015 for the 49% stake in Elivia with a further option to increase its stake to 70% up to last year.
In a statement, Dawn Meats said €5m has been paid as a portion of the acquisition costs of a 49% stake in Elivia, with a further balance to be paid in line with the confidential terms of the deal agreed. Since Dawn invested in 2015, Elivia has struggled to make a profit. For its 2017 financial year, the company recorded sales of €922m but racked up operating losses of almost €18m and made net losses of more than €19m. The French beef company processes almost 450,000 cattle and over 25,000 lambs every year.
The documents obtained by the Irish Farmers Journal also show DM Holdings Sárl, a subsidiary business of Dawn Meats Europe, made profits of €4.7m in 2018. Accounts filed in Luxembourg show DM Holdings Sárl had assets of over €170m at its 2018 financial year-end and paid a dividend of €4.6m to its sole shareholder, Dawn Meats Europe.
The accounts show DM Holdings Sárl has paid out €14.4m in dividends since 2013 to Dawn Meats Europe. In the years 2013 to 2018, the business reported steady profits of between €3m and €5m, save for in 2017 when losses of €7.1m were reported (see chart).
L to R: Richard Clinton, Group Commercial Director Dawn Meats; Nigel Maguire, Director of Development and Supply Chain McDonald’s Ireland; and Peter Roche, General Manager Dawn Meats Carroll’s Cross celebrate the milestone of producing the billionth burger since the production site at Carroll’s Cross in Waterford was opened in June 2012. The plant now produces more than 400m beef burgers each year for McDonald’s, and one in every five burgers sold in McDonald’s restaurants across Europe is of Irish origin.
DM Holdings Sárl employs no staff but Dan Browne and Patrick Browne are listed as directors.
While it’s not clear how it operates day to day, this Luxembourg-based company appears to act as the financing arm of the Dawn Meats group, providing loans and advances to other parts of the business. The accounts show that DM Holdings Sárl is owed more than €165m in loans issued to associated companies within the Dawn group.
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