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 2019 | 145,499 | 210,864 | 144,734 | 16,665 | 3,370 | 26,446 | 8,500 | 101,944 | 658,022 |
Additions during year | 629 | 557 | 9,074 | - | 170 | 2,203 | - | 65,492 | 78,125 |
Transfer from CIP | 456 | - | 17,460 | 203 | - | 67 | - | (18,186) | - |
At 31 December 2019 | 146,584 | 211,421 | 171,268 | 16,868 | 3,540 | 28,716 | 8,500 | 149,250 | 736,147 |
Accumulated Depreciation | |||||||||
At 1 January 2019 | 19,930 | 87,122 | 31,361 | 5,188 | 3,370 | 14,861 | - | - | 161,832 |
Charge for year | 2,205 | 2,844 | 3,264 | 602 | 8 | 1,315 | - | - | 10,238 |
At 31 December 2019 | 22,135 | 89,966 | 34,625 | 5,790 | 3,378 | 16,176 | - | - | 172,070 |
Net Book Amounts | |||||||||
At 1 January 2019 | 125,569 | 123,742 | 113,373 | 11,477 | - | 11,585 | 8,500 | 101,944 | 496,190 |
At 31 December 2019 | 124,449 | 121,455 | 136,643 | 11,078 | 162 | 12,540 | 8,500 | 149,250 | 564,077 |
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.
In 2019 €5,000 (2018: €18,000) 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 2019 on an open market valuation basis. The valuation represented the valuer’s opinion of market value at 31 December 2019 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. No revaluation surplus arose in 2019 (2018: €0.6 million surplus). Any surpluses arising on this revaluation are credited to the other operating income line of the Profit and Loss account.