Assets under Construction | Vessels | Plant, Equipment and Vehicles | Land and Buildings | Total | |
€m | €m | €m | €m | €m | |
Cost | |||||
At 31 December 2018 | 161.0 | 278.1 | 63.4 | 25.9 | 528.4 |
Adjustment on application of IFRS 16 | - | - | (4.7) | - | (4.7) |
At 1 January 2019 | 161.0 | 278.1 | 58.7 | 25.9 | 523.7 |
Additions | 2.8 | 40.6 | 2.3 | 0.1 | 45.8 |
Reclassification | (156.9) | 156.9 | - | - | - |
Disposals | - | (47.5) | (0.8) | - | (48.3) |
Currency adjustment | - | 1.0 | 0.2 | - | 1.2 |
At 31 December 2019 | 6.9 | 429.1 | 60.4 | 26.0 | 522.4 |
Additions | 1.6 | 27.4 | 5.6 | - | 34.6 |
Reclassification | (0.1) | 0.1 | - | - | - |
Disposals | (5.4) | (11.0) | (1.1) | - | (17.5) |
Impairment | (2.3) | - | - | - | (2.3) |
Currency adjustment | - | (1.4) | (0.1) | - | (1.5) |
At 31 December 2020 | 0.7 | 444.2 | 64.8 | 26.0 | 535.7 |
Accumulated depreciation | |||||
At 31 December 2018 | - | 166.7 | 45.1 | 8.9 | 220.7 |
Adjustment on application of IFRS 16 | - | - | (3.5) | - | (3.5) |
At 1 January 2019 | - | 166.7 | 41.6 | 8.9 | 217.2 |
Depreciation charge for the financial year | - | 24.1 | 3.0 | 0.4 | 27.5 |
Eliminated on disposals | - | (38.9) | (0.8) | - | (39.7) |
Currency adjustment | - | 0.2 | 0.1 | - | 0.3 |
At 31 December 2019 | - | 152.1 | 43.9 | 9.3 | 205.3 |
Depreciation charge for the financial year | - | 25.7 | 3.2 | 0.4 | 29.3 |
Eliminated on disposals | - | (11.0) | (1.1) | - | (12.1) |
Currency adjustment | - | (0.3) | - | - | (0.3) |
At 31 December 2020 | - | 166.5 | 46.0 | 9.7 | 222.2 |
Carrying amount | |||||
At 31 December 2020 | 0.7 | 277.7 | 18.8 | 16.3 | 313.5 |
At 31 December 2019 | 6.9 | 277.0 | 16.5 | 16.7 | 317.1 |
In accordance with IAS 16, the property, plant and equipment of the Group and Company has been reviewed in relation to the residual values used for the purpose of depreciation calculations. In considering residual values of passenger vessels, the Directors have taken into consideration the valuation of the scrap value of the vessels per light displacement tonne. Residual values are reviewed annually and updated where the Directors consider the latest estimates of residual value estimates would lead to a significant change in depreciation charges.
Estimations of economic life of vessels are a key judgemental estimate in the Financial Statements. In relation to the remaining estimated economic life of the vessels, a one year increase / decrease would have a €1.0 million (2019: €0.8 million) decrease / €1.2 million (2019: €1.0 million) increase in depreciation in the Consolidated Income Statement, and a €1.0 million (2019: €0.8 million) increase / €1.2 million (2019: €1.0 million) decrease on the carrying value of property, plant and equipment in the Statement of Financial Position.
During the year ended 31 December 2020 additions to assets under construction included staff costs of €nil (2019: €0.1 million) and interest costs of €nil (2019: €1.4 million). The Group had entered into a contract for the construction of a vessel of which the amount of €6.4 million of the total of €6.9 million represents the estimated value of work completed at 31 December 2019. The current year balance of €0.7m relates to construction completed on assets not in operation at the year end.
During the year the contract was cancelled due to the inability of the shipyard to deliver the vessel. Previously paid contractual deposits were returned to the Company by the deposit guarantor. An impairment charge of €2.3 million was recognised against costs previously capitalised not related to the deposit guarantee.