15. Right of use assets
Vessels | Plant and Equipment | Land and Buildings | Total | |
|---|---|---|---|---|
€m | €m | €m | €m | |
Cost | ||||
At 31 December 2018 | - | - | - | - |
Re-classed from property, plant and equipment | - | 4.7 | - | 4.7 |
Initial application of IFRS 16 | 10.9 | 1.8 | 18.3 | 31.0 |
At 1 January 2019 | 10.9 | 6.5 | 18.3 | 35.7 |
Additions | - | 1.7 | 10.8 | 12.5 |
Currency adjustment | - | - | 0.4 | 0.4 |
At 31 December 2019 | 10.9 | 8.2 | 29.5 | 48.6 |
Accumulated depreciation | ||||
At 31 December 2018 | - | - | - | - |
Re-classed from property, plant and equipment | - | 3.5 | - | 3.5 |
Initial application of IFRS 16 | - | - | - | - |
At 1 January 2019 | - | 3.5 | - | 3.5 |
Charge for period | 5.7 | 1.2 | 2.2 | 9.1 |
At 31 December 2019 | 5.7 | 4.7 | 2.2 | 12.6 |
Carrying amount | ||||
At 31 December 2019 | 5.2 | 3.5 | 27.3 | 36.0 |
At 31 December 2018 | - | - | - | - |
The Group’s applied IFRS: 16 Leases with effect from 1 January 2019 as set out at note 2 Accounting Policies. At initial application, the Group recognised right of use assets and related lease liabilities by adjusting the opening balances brought forward from the Statement of Financial Position reported at 31 December 2018. The impact of the application of IFRS 16 is set at note 30.
Right of use assets are depreciated on a straight line basis over the lease term. Vessels include a lease contract expiring in November 2020 over which the Group retains an option to renew for a further year which at 31 December 2019, it was not reasonably certain that this option would be exercised. Plant and equipment mainly relates to containers used in the Group’s container fleet leased under various master agreements with an average remaining term of 3.1 years. Land and buildings comprised (i) leased land at Dublin Port from which the Group operates a container terminal where the average remaining lease term was 95 years and (ii) a concession agreement at Belfast Harbour from which the Group operates a container terminal where the average remaining lease term was 6.7 years.