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U2 firm needs elevation after (EU)1.7m cash fall

Irish Examiner, December 03, 2012
By: Gordon Deegan

 

The cash pile at a company controlled by the four members of U2 fell nearly (EU)1.7m last year as the company slipped into the red.

New figures for the loss-making U2 Ltd show the firm's accumulated profits plunged by (EU)2m, from (EU)2.978m to (EU)975,837, in the 12 months to the end of December last.

Figures lodged with the Companies Office show the cash pile at the band's firm last year dropped by (EU)1.7m to (EU)2.3m.

The loss follows a pre-tax profit of (EU)46,571 in 2010.

Auditors Mazars confirmed the company recorded a loss last year.

The main activity of U2 Ltd is the creation, protection, and licensing of intellectual property, and the abridged accounts do not provide a revenue figure or what may have been paid out in salaries or dividends during the year.

The figures show the amount U2 Ltd is owed by band members through shareholder loans increased from (EU)881,393 to (EU)1.1m during the year.

The loss comes in spite of U2's 360° world tour grossing $231.9m (EU178.7m) last year after 2.38m fans paid to see the band in 34 gigs across 26 cities.

U2 Ltd is controlled by Not Us Ltd, which has the four members of U2 — Bono, The Edge, Adam Clayton, and Larry Mullen — as its directors.

Accounts for that company show that its accumulated losses increased last year from (EU)3.8m to (EU)5.6m.

This mainly concerned amounts owed to related parties increasing from (EU)4.9m to (EU)5.9m.

(c) Irish Examiner, 2012.

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