Vessels | Plant and Equipment | Land and Buildings | Total | |
€m | €m | €m | €m | |
Cost | ||||
At 1 January 2020 | 10.9 | 8.2 | 29.5 | 48.6 |
Additions | 10.1 | 2.4 | - | 12.5 |
Derecognition 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 |
Additions | 28.5 | 5.0 | 5.3 | 38.8 |
Lease remeasurement | (0.3) | - | - | (0.3) |
Derecognition on lease expiry | - | (0.9) | - | (0.9) |
Currency adjustment | - | - | 1.0 | 1.0 |
At 31 December 2021 | 49.2 | 12.1 | 35.1 | 96.4 |
Accumulated depreciation | ||||
At 1 January 2020 | 5.7 | 4.7 | 2.2 | 12.6 |
Charge for the period | 5.6 | 1.9 | 2.0 | 9.5 |
Derecognition on lease expiry | - | (2.6) | - | (2.6) |
At 31 December 2020 | 11.3 | 4.0 | 4.2 | 19.5 |
Charge for period | 16.2 | 1.9 | 2.2 | 20.3 |
Derecognition on lease expiry | - | (0.9) | - | (0.9) |
Currency adjustment | - | - | 0.3 | 0.3 |
At 31 December 2021 | 27.5 | 5.0 | 6.7 | 39.2 |
Carrying amount | ||||
At 31 December 2021 | 21.7 | 7.1 | 28.4 | 57.2 |
At 31 December 2020 | 9.7 | 4.0 | 24.6 | 38.3 |
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. Initial direct costs incurred in the period relating to the acquisition of leases and included in additions amounted to €0.3 million (2020: €nil).
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 3.9 years (2020: 3.4 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 93 years (2020: 94 years); (ii) a concession agreement at Belfast Harbour from which the Group operates a container terminal where the average remaining lease term was 4.7 years (2020: 5.7 years) and (iii) land leased during 2021 at Dublin Inland Port from which the Group operates a container depot where the average remaining lease term was 20.0 years.
Related lease liabilities of €57.6 million (2020: €38.5 million) are disclosed in note 23 to the Consolidated Financial Statements.