For the purposes of the Statement of Cash Flows, cash and cash equivalents include cash on hand and in banks. There were no bank overdrafts outstanding at 31 December which met the offsetting conditions under IAS 32 Financial Instruments. Cash and cash equivalents at the end of the reporting period as shown in the Statement of Cash Flows were:
|
2022 |
2021 |
|
€m |
€m |
Cash and cash equivalents |
39.0 |
38.5 |
Cash and cash equivalents comprise cash held by the Group and Company and short-term bank deposits with an original maturity of three months or less. The carrying amount of these assets approximates their fair value. 95 per cent of the cash and cash equivalents were on deposit in institutions rated A2 or above by Moodys. The Directors consider the credit risk of these counterparties to be compatible with the Group’s credit policy and operational requirements.
The geographic spread by deposit institution for the Group was as follows:
|
2022 |
2021 |
|
€m |
€m |
Ireland |
36.8 |
32.5 |
United Kingdom |
1.4 |
3.3 |
Europe |
0.8 |
2.7 |
Total |
39.0 |
38.5 |
The cash and cash equivalents figure of €39.0 million (2021: €38.5 million) at 31 December 2022 includes a deposit of €3.5 million (2021: €3.5 million) over which the Group has granted a charge in favour of the Irish Ferries Pension Trustee Limited as continuing security for amounts due under a deficit funding agreement concluded with the Trustee on behalf of the Irish Ferries Limited Pension Scheme.