Notes to the Financial Statements
8. Operating Profit
2019 | 2018 | |
|---|---|---|
€’000 | €’000 | |
Operating Profit has been arrived at after charging/(crediting): | ||
Depreciation (see note 11) | 10,238 | 9,524 |
Amortisation of intangible assets (see note 12) | 80 | 75 |
Amortisation of capital grants (see note 20) | (582) | (542) |
Surplus on revaluation of investment properties (see note 6) | - | (600) |
Impairment (loss)/gain on trade receivables | (28) | 7 |
Profit on disposal of tangible assets | (5) | (18) |
Auditors remuneration:
Remuneration (including expenses) for the statutory audit and other services carried out by the Company’s auditors is as follows:
2019 | 2018 | |
|---|---|---|
€’000 | €’000 | |
Audit of entity financial statements | 43 | 43 |
Other assurance services | 14 | 14 |
Other non-audit services | 8 | 184 |
Tax advisory services | 28 | 25 |
93 | 266 |
External Support and Specialist Advisory Costs
2019 | 2018 | |
|---|---|---|
€’000 | €’000 | |
Legal Advice | 946 | 333 |
Tax and Financial Advisory | 124 | 100 |
Public Relations/Marketing | 241 | 210 |
Pension and Human Resources | 312 | 285 |
Engineering | 471 | 1,251 |
Environmental | 303 | 720 |
Other | 1,099 | 266 |
Total Costs charged to the Profit and Loss Account | 3,496 | 3,165 |
Costs Capitalised | 8,307 | 7,483 |
Costs charged to the Profit and Loss Account | 3,496 | 3,165 |
Total Costs | 11,803 | 10,648 |
Legal Costs and Settlements
2019 | 2018 | |
|---|---|---|
€’000 | €’000 | |
Settlements Paid | 68 | 57 |
Settlements Received | (43) | (23) |
Total | 25 | 34 |
Travel and Subsistence Expenditure
2019 | 2018 | |
|---|---|---|
€’000 | €’000 | |
Domestic | ||
- Board | - | 3 |
- Employees | 17 | 20 |
International | ||
- Board | 6 | - |
- Employees | 43 | 138 |
Total | 66 | 161 |
Hospitality Expenditure
2019 | 2018 | |
|---|---|---|
€’000 | €’000 | |
Staff Hospitality | 104 | 123 |
Client Hospitality | 131 | 158 |
Total | 235 | 281 |
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 2019, together with comparative figures for 2018, is set out below.
2019 | 2018 | |
|---|---|---|
€’000 | €’000 | |
Turnover (included in Port Dues turnover – see note 5) | 4,362 | 4,220 |
Cost of Sales | 1,423 | 1,289 |
Gross Profit | 2,939 | 2,931 |
Administrative expenses | 973 | 884 |
Operating Profit | 1,966 | 2,047 |