Notes to the Financial Statements
8. Operating Profit
2021 | 2020 | |
|---|---|---|
€’000 | €’000 | |
Operating Profit has been arrived at after charging/(crediting): | ||
Depreciation (see note 11) | 13,780 | 10,998 |
Amortisation of intangible assets (see note 12) | 94 | 86 |
Amortisation of capital grants (see note 20) | (490) | (564) |
Surplus on revaluation of investment properties (see note 6) | - | 665 |
Impairment (gain)/loss on trade receivables | 45 | (120) |
Profit on disposal of tangible assets | (50) | (40) |
Auditors remuneration:
Remuneration (including expenses) for the statutory audit and other services carried out by the Company’s auditor is as follows:
2021 | 2020 | |
|---|---|---|
€’000 | €’000 | |
Audit of entity financial statements | 50 | 50 |
Adjustment in respect of prior period |
- |
5 |
Other assurance services | 14 | 14 |
Other non-audit services | - | - |
Tax advisory services | 9 | 53 |
73 | 122 |
External Support and Specialist Advisory Costs
2021 | 2020 | |
|---|---|---|
€’000 | €’000 | |
Legal Advice | 229 | 531 |
Tax and Financial Advisory | 21 | 93 |
Public Relations/Marketing | 230 | 91 |
Pension and Human Resources | 294 | 474 |
Engineering | 890 | 304 |
Environmental | 193 | 418 |
Other | 531 | 596 |
Total Costs charged to the Profit and Loss Account | 2,388 | 2,507 |
Costs Capitalised | 5,834 | 7,168 |
Costs charged to the Profit and Loss Account | 2,388 | 2,507 |
Total Costs | 8,222 | 9,675 |
Legal Costs and Settlements
2021 | 2020 | |
|---|---|---|
€’000 | €’000 | |
Settlements Paid | 234 | 63 |
Settlements Received | (315) | (5) |
Total | 81 | 58 |
Travel and Subsistence Expenditure
2021 | 2020 | |
|---|---|---|
€’000 | €’000 | |
Domestic | ||
- Board | - | - |
- Employees | 19 | 8 |
International | ||
- Board | 2 | 1 |
- Employees | 6 | 17 |
Total | 27 | 26 |
Hospitality Expenditure
2021 | 2020 | |
|---|---|---|
€’000 | €’000 | |
Staff Hospitality | 71 | 40 |
Client Hospitality | 106 | 38 |
Total | 177 | 78 |
Towage accounts
The Port Services Regulation (Regulation 2017/352) was introduced by the European Parliament on 15th February 2017. The Regulation establishes a framework for the provision of port services and common rules on the financial transparency of ports.
A Profit and Loss account in respect of the Company’s towage service for the year ended 31 December 2021, together with comparative figures for 2020, is set out below.
2021 | 2020 | |
|---|---|---|
€’000 | €’000 | |
Turnover (included in Port Dues turnover – see note 5) | 2,349 | 3,701 |
Cost of Sales | (1,802) | (1,271) |
Gross Profit | 547 | 2,430 |
Administrative expenses | (1,331) | (1,016) |
Operating (Loss)/Profit | (784) | 1,414 |
Pilotage accounts
A Profit and Loss account in respect of the Company’s pilotage service for the year ended 31 December 2021, together with comparative figures for 2020, is set out below.
2021 |
2020 |
|
|---|---|---|
€’000 |
€’000 |
|
Turnover (included in Port Dues turnover – see note 5) |
3,975 |
3,704 |
Cost of Sales |
(2,561) |
(2,212) |
Gross Profit |
1,414 |
1,492 |
Administrative expenses |
(657) |
(549) |
Operating Profit |
757 |
943 |