Notes to the Financial Statements
11. Tangible Assets
Land and Buildings | Terminals | Dock Structures, Dry Docks and Quays | Floating Craft | Cranes | Plant and Machinery | Investment Property | CIP | Total | |
|---|---|---|---|---|---|---|---|---|---|
€’000 | €’000 | €’000 | €’000 | €’000 | €’000 | €’000 | €’000 | €’000 | |
Cost or valuation | |||||||||
At 1 January 2021 | 156,879 | 212,192 | 186,033 | 21,313 | 3,540 | 29,558 | 9,165 | 177,095 | 795,775 |
Additions during year | 19,169 | 2,465 | 20,862 | - | - | 2,102 | - | 28,231 | 72,829 |
| Proceeds from insurance claim | - |
- |
- |
(1,272) |
- |
- |
- |
- |
- |
Disposals | - | - | - | - | - | (57) | - | - | (57) |
Transfer from CIP | 27,931 | 10,348 | 36,385 | - | - | 3,552 | - | (78,216) | - |
Revaluation of IP | - | - | - | - | - | - | - | - | - |
At 31 December 2021 | 203,979 | 225,005 | 243,280 | 20,041 | 3,540 | 35,155 | 9,165 | 127,110 | 867,275 |
Accumulated Depreciation | |||||||||
At 1 January 2021 | 24,403 | 92,833 | 38,375 | 6,541 | 3,386 | 17,465 | - | - | 183,004 |
Charge for year | 2,724 | 3,130 | 5,382 | 708 | 8 | 1,828 | - | - | 13,780 |
Disposals | - | - | - | - | - | (57) | - | - | (57) |
At 31 December 2021 | 27,127 | 95,963 | 43,757 | 7,249 | 3,394 | 19,236 | - | - | 196,727 |
Net Book Amounts | |||||||||
At 1 January 2021 | 132,476 | 119,359 | 147,658 | 14,772 | 153 | 12,093 | 9,165 | 177,095 | 612,771 |
At 31 December 2021 | 176,852 | 129,042 | 199,523 | 12,792 | 146 | 15,919 | 9,165 | 127,110 | 670,548 |
The cost to the Company of assets acquired on Vesting Day, 3 March 1997, under the Harbours Act, 1996 was determined by the then Minister for Communications, Marine and Natural Resources in consideration for shares issued.
€2.1m was spent on an asset in 2020 that was the subject of an insurance claim. Following the processing of this claim in 2021, compensation of €1.3m was received and has been offset against the asset costs. Costs of fixed assets includes cumulative interest capitalised of €6.3m (2020:€4.8m).
In 2021 €50,000 (2020: €40,000) profit on disposal of tangible assets was recognised.
The investment property represents a 50% interest in freehold property and has been independently valued by Lisney as at 31 December 2021 on an open market valuation basis. The valuation represented the valuer’s opinion of market value at 31 December 2021 and has been prepared in accordance with the RICS Valuation – Global Standards (incorporating the International Valuation Standards) published July 2017 by the Royal Institution of Chartered Surveyors. The valuer noted that values are subject to changes on account of market adjustments and other factors, and that values in the future may therefore be higher or lower than at the valuation date. A revaluation surplus of €Nil arose in 2021 (2020: €0.7m). Any surpluses arising on this revaluation are credited to the other operating income line of the Profit and Loss account.