4. Segmental information

Business segments

The Executive Board is deemed the chief operating decision maker within the Group. For management purposes, the Group is currently organised into two operating segments; Ferries and Container and Terminal. These segments are the basis on which the Group reports internally and are the only two revenue generating segments of the Group.

The Ferries segment derives its revenue from the operation of combined RoRo passenger ferries and the chartering of vessels. The Container and Terminal segment derives its revenue from the provision of door-to-door and feeder LoLo freight services, stevedoring and other related terminal services.

Segment information about the Group’s operations is presented below.

Ferries

Container & Terminal

Inter- segment

Total

€m

€m

€m

€m

Revenue

2020

External revenue

131.8

145.3

-

277.1

Inter-segment revenue

9.6

1.2

(10.8)

-

Total

141.4

146.5

(10.8)

277.1

2019

External revenue

204.2

153.2

-

357.4

Inter-segment revenue

8.2

1.2

(9.4)

-

Total

212.4

154.4

(9.4)

357.4

Inter-segment revenue is at prevailing market prices. The inter-segment revenue in the Ferries Division in 2020 of €9.6 million (2019: €8.2 million) primarily relates to container vessels which are on time charter to the Group’s container shipping subsidiary Eucon.

Revenue has been disaggregated into categories which reflect how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. As revenues are recognised over short time periods of no more than days, a key determinant to categorising revenues is whether they principally arise from a business to customer (passenger contracts) or a business to business relationship (freight and charter contracts) as this impacts directly on the uncertainty of cash flows.

Ferries

Container & Terminal

Total

2020

2019

2020

2019

2020

2019

€m

€m

€m

€m

€m

€m

Revenue

Passenger

33.7

112.7

-

-

33.7

112.7

Freight

92.2

86.2

145.3

153.2

237.5

239.4

Chartering and other

5.9

5.3

-

-

5.9

5.3

Total

131.8

204.2

145.3

153.2

277.1

357.4

For the year ended 31 December 2020, €272.3 million was recognised over time (2019: €338.8 million) and €4.8 million was recognised at a point in time (2019: €18.6 million). No single external customer in the current or prior financial year amounted to 10 per cent or more of the Group’s revenues.

Ferries

Container & Terminal

Total

2020

2019

2020

2019

2020

2019

€m

€m

€m

€m

€m

€m

Result

Operating (loss) / profit

(12.3)

36.4

13.1

13.6

0.8

50.0

Finance income

0.2

0.1

-

-

0.2

0.1

Finance costs

(6.4)

(2.0)

(1.4)

(1.5)

(7.8)

(3.5)

Non-trading items

(11.2)

14.9

-

-

(11.2)

14.9

(Loss) / profit before tax

(29.7)

49.4

11.7

12.1

(18.0)

61.5

Income tax expense

(0.3)

(0.4)

(0.7)

(0.9)

(1.0)

(1.3)

(Loss) / profit for the financial year

(30.0)

49.0

11.0

11.2

(19.0)

60.2

Statement of Financial Position

Assets

Segment assets

341.4

391.1

87.1

89.8

428.5

480.9

Cash and cash equivalents

117.2

79.8

33.2

31.1

150.4

110.9

Consolidated total assets

458.6

470.9

120.3

120.9

578.9

591.8

Liabilities

Segment liabilities

48.2

34.6

25.9

29.4

74.1

64.0

Borrowings

190.7

183.3

48.2

56.6

238.9

239.9

Consolidated total liabilities

238.9

217.9

74.1

86.0

313.0

303.9

Other segment information

Capital additions

29.9

43.8

4.7

2.0

34.6

45.8

Right-of-use asset additions

7.2

-

5.3

12.5

12.5

12.5

Depreciation, impairment and amortisation

34.6

30.8

6.7

6.0

41.3

36.8


Ferries

Container & Terminal

Total

2020

2019

2020

2019

2020

2019

€m

€m

€m

€m

€m

€m

Other operating expenses

Fuel

23.8

34.7

9.0

14.6

32.8

49.3

Labour

22.9

25.1

8.4

8.1

31.3

33.2

Port charges

38.9

41.9

29.5

30.9

68.4

72.8

Haulage

-

-

43.9

45.2

43.9

45.2

Other

20.4

25.6

31.0

30.1

51.4

55.7

Inter-segment

(1.2)

(1.2)

(9.6)

(8.2)

(10.8)

(9.4)

Total other operating costs

104.8

126.1

112.2

120.7

217.0

246.8

Geographic analysis of revenue by origin of booking

2020

2019

€m

€m

Revenue

Ireland

116.2

177.9

United Kingdom

55.1

66.7

Netherlands

58.6

63.8

Belgium

31.7

32.8

France

1.3

5.8

Other

14.2

10.4

Total

277.1

357.4

Geographic analysis of location of property, plant and equipment


2020

2019

€m

€m

Property, plant and equipment

Vessels at sea / assets in transit / under construction

Vessels

278.7

283.9

Containers

3.7

4.4

282.4

288.3

On Shore

Ireland

30.2

28.1

Other

0.9

0.7

31.1

28.8

Carrying amount at 31 December

313.5

317.1

Due to the mobile nature of some of the assets in property, plant and equipment, their location is not always fixed.