|
Assets under Construction |
Vessels |
Plant, Equipment and Vehicles |
Land and Buildings |
Total |
|
€m |
€m |
€m |
€m |
€m |
Cost |
|
|
|
|
|
At 1 January 2021 |
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) |
Currency adjustment |
- |
1.4 |
0.2 |
- |
1.6 |
At 31 December 2021 |
0.6 |
481.3 |
61.6 |
26.2 |
569.7 |
Additions |
4.5 |
62.6 |
5.2 |
2.1 |
74.4 |
Reclassification |
(0.5) |
- |
0.5 |
- |
- |
Disposals |
- |
(7.4) |
(1.6) |
- |
(9.0) |
Currency adjustment |
- |
(2.4) |
(0.2) |
- |
(2.6) |
At 31 December 2022 |
4.6 |
534.1 |
65.5 |
28.3 |
632.5 |
|
|
|
|
|
|
Accumulated depreciation |
|
|
|
|
|
At 1 January 2021 |
- |
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 |
Depreciation charge for the financial year |
- |
34.7 |
3.3 |
0.5 |
38.5 |
Eliminated on disposals |
- |
(7.4) |
(1.6) |
- |
(9.0) |
Currency adjustment |
- |
(0.7) |
(0.1) |
- |
(0.8) |
At 31 December 2022 |
- |
213.8 |
45.5 |
10.9 |
270.2 |
|
|
|
|
|
|
Carrying amount |
|
|
|
|
|
At 31 December 2022 |
4.6 |
320.3 |
20.0 |
17.4 |
362.3 |
|
|
|
|
|
|
At 31 December 2021 |
0.6 |
294.1 |
17.7 |
15.8 |
328.2 |
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 €2.1 million (2021: €1.6 million) decrease/ €2.7 million (2021: €2.0 million) increase in depreciation in the Consolidated Income Statement, and a €2.1 million (2021: €1.6 million) increase/ €2.7 million (2021: €2.0 million) decrease on the carrying value of property, plant and equipment in the Statement of Financial Position.
In relation to one vessel which had reached 25 years from date of construction, the remaining useful life was increased from five years to ten years. The effect of the increase in useful life was to reduce the depreciation charge in the reporting period by €1.5 million.
During the years ended 31 December 2022 and 2021, no staff costs or interest costs were included in additions. Assets under construction at 31 December 2022 of €4.6 million (2021: €0.6 million) relate to construction completed on assets not in operation at the year end.