Assets under Construction | Vessels | Plant, Equipment and Vehicles | Land and Buildings | Total | |
€m | €m | €m | €m | €m | |
Cost | |||||
At 1 January 2020 | 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 |
Additions | 0.5 | 42.7 | 2.2 | 0.2 | 45.6 |
Reclassification | (0.6) | 0.6 | - | - | - |
Disposals | - | (7.6) | (5.6) | - | (13.2) |
Impairment | - | - | - | - | - |
Currency adjustment | - | 1.4 | 0.2 | - | 1.6 |
At 31 December 2021 | 0.6 | 481.3 | 61.6 | 26.2 | 569.7 |
Accumulated depreciation | |||||
At 1 January 2020 | - | 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 |
Depreciation charge for the financial year | - | 27.8 | 3.4 | 0.7 | 31.9 |
Eliminated on disposals | - | (7.6) | (5.6) | - | (13.2) |
Currency adjustment | - | 0.5 | 0.1 | - | 0.6 |
At 31 December 2021 | - | 187.2 | 43.9 | 10.4 | 241.5 |
Carrying amount | |||||
At 31 December 2021 | 0.6 | 294.1 | 17.7 | 15.8 | 328.2 |
At 31 December 2020 | 0.7 | 277.7 | 18.8 | 16.3 | 313.5 |
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 and further details are set out in note 3. In relation to the remaining estimated economic life of the vessels, a one year increase/ decrease would have a €1.6 million (2020: €1.0 million) decrease/ €2.0 million (2020: €1.2 million) increase in depreciation in the Consolidated Income Statement, and a €1.6 million (2020: €1.0 million) increase/ €2.0 million (2020: €1.2 million) decrease on the carrying value of property, plant and equipment in the Statement of Financial Position.
During the year ended 31 December 2021 and 2020 no staff costs or interest costs were included in additions. Assets under construction at 31 December 2021 of €0.6 million (2020: €0.7 million) relate to construction completed on assets not in operation at the year end.
During the prior year, a contract for the construction of a new vessel 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 in the prior year against costs previously capitalised not related to the deposit guarantee.