|
Vessels |
Plant and Equipment |
Land and Buildings |
Total |
|
€m |
€m |
€m |
€m |
Cost |
|
|
|
|
At 1 January 2021 |
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 |
Additions |
2.8 |
3.2 |
0.2 |
6.2 |
Lease remeasurement |
- |
- |
- |
- |
Derecognition on lease expiry |
(2.8) |
(0.1) |
(0.4) |
(3.3) |
Currency adjustment |
- |
- |
(0.8) |
(0.8) |
At 31 December 2022 |
49.2 |
15.2 |
34.1 |
98.5 |
|
|
|
|
|
Accumulated depreciation |
|
|
|
|
At 1 January 2021 |
11.3 |
4.0 |
4.2 |
19.5 |
Charge for the 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 |
Charge for period |
17.0 |
2.2 |
2.4 |
21.6 |
Derecognition on lease expiry |
(2.8) |
(0.1) |
(0.4) |
(3.3) |
Currency adjustment |
- |
- |
(0.4) |
(0.4) |
At 31 December 2022 |
41.7 |
7.1 |
8.3 |
57.1 |
|
|
|
|
|
Carrying amount |
|
|
|
|
At 31 December 2022 |
7.5 |
8.1 |
25.8 |
41.4 |
At 31 December 2021 |
21.7 |
7.1 |
28.4 |
57.2 |
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 €nil (2021: €0.3 million).
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 2.8 years (2021: 3.9 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 92 years (2021: 93 years); (ii) a concession agreement at Belfast Harbour from which the Group operates a container terminal where the average remaining lease term was 3.7 years (2021: 4.7 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 19.0 years (2021: 20.0 years).
Related lease liabilities of €42.4 million (2021: €57.6 million) are disclosed in note 22 to the Consolidated Financial Statements.