Vessels | Plant and Equipment | Land and Buildings | Total | |
€m | €m | €m | €m | |
Cost | ||||
At 31 December 2018 | - | - | - | - |
Reclassed 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 |
Additions | 10.1 | 2.4 | - | 12.5 |
Write out on lease expiry | - | (2.6) | - | (2.6) |
Currency adjustment | - | - | (0.7) | (0.7) |
At 31 December 2020 | 21.0 | 8.0 | 28.8 | 57.8 |
Accumulated depreciation | ||||
At 31 December 2018 | - | - | - | - |
Reclassed from property, plant and equipment | - | 3.5 | - | 3.5 |
At 1 January 2019 | - | 3.5 | - | 3.5 |
Charge for the period | 5.7 | 1.2 | 2.2 | 9.1 |
At 31 December 2019 | 5.7 | 4.7 | 2.2 | 12.6 |
Charge for period | 5.6 | 1.9 | 2.0 | 9.5 |
Write out on lease expiry | - | (2.6) | - | (2.6) |
At 31 December 2020 | 11.3 | 4.0 | 4.2 | 19.5 |
Carrying amount | ||||
At 31 December 2020 | 9.7 | 4.0 | 24.6 | 38.3 |
At 31 December 2019 | 5.2 | 3.5 | 27.3 | 36.0 |
Right-of-use assets are depreciated on a straight-line basis over the lease term. Where a lease contract contains extension options the Group includes such option periods in its valuation of right-of-use assets where it is reasonably certain to exercise the option. 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 3.4 years (2019: 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 94 years (2019: 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 5.7 years (2019: 6.7 years).