Apple's Irish based business records €35 billion in pre-tax profits

Pre-tax profits at an Irish-based Apple business last year decreased by 11% to $41.68 billion (€35.47 billion).

The decrease in pre-tax profits at Apple Operations International Ltd (AOI) followed revenues declining by 9.5% from $155.83 billion to $140.99 billion in the 12 months to the end of September 29th last.

AOI is registered at the company’s Holyhill campus in Cork and covers most of Apple’s non-US subsidiaries.

The company acts as a holding company for a number of Apple subsidiaries. It manufactures and develops everything from the company’s iPhone and iPad products to Mac computers.

Pre-tax profits at the Apple campus in Cork fell by 11% to $41.68bn (€35.47bn) last year.
Pre-tax profits at the Apple campus in Cork fell by 11% to $41.68bn (€35.47bn) last year.

The company last year paid dividends of $196.7 billion to Apple Inc and has paid a further dividend of $51.8 billion since the end of September last resulting in a total dividend payout of $248.5 billion.

AOI incurred a tax charge of $6.19 billion last year across a number of countries where Apple operates and that the figure excludes US-based taxes.

The accounts don’t disclose corporate tax paid in Ireland. The accounts refer to the Apple and Irish Government appeals against European Commission decision four years ago that the iPhone maker owed Revenue €13.1 billion in back taxes.

Last month Europe's second-highest court last month ruled that the Government didn’t give Apple any State Aid.

The accounts were signed off on March 27th but only lodged with the CRO in recent days and don’t make reference to last month’s ruling.

AOI last year recorded post-tax profits of $35.49 billion.

Numbers employed at AOI and subsidiaries last year totalled 47,337 - an increase on the 43,325 employed in 2018. Some 6,000 of those employees are based in Ireland.

Staff Costs

Staff costs for the 47,337 last year totalled $4.19 billion and that included share-based compensation of $848 million.

AOI’s Research and Development (R&D) costs last year totalled €7.6 billion while AOL’s selling, general and administrative expenses last year totalled $8.5 billion.

AOI’s shareholder funds at the end of September last totalled $80.6 billion.

This is the only the second time in several years that AOI has filed accounts with the Irish Companies Registration Office.

Under previous rules, AOI wasn’t required to file accounts and the business’s accounts were beyond public scrutiny, but an EU directive that came into force for the company’s fiscal year 2018 has resulted in AOI filing accounts for last year and 2018.