Annual Report and Accounts | 2024
Annual Report and Accounts | 2024
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
2024
2023
Term Years
Face value €’000
Carrying value €’000
Face value €’000
Carrying value €’000
Currency
-
-
-
Secured bank loan (a) Secured bank loan (b) Secured bank loan (c)
EUR EUR EUR
11,917
11,901
< 5
2,930 7,588
2,922 7,576
3,893 8,515
3,864 8,483
22. PROVISIONS (Continued)
5-10
Other provision €’000
Total €’000
10,518
10,498
24,325
24,248
Total interest-bearing liabilities (Note 25)
Company At 1 January 2023
241
241
Provisions used during the year Provisions made during the year
(259)
(259)
61 43
61 43
The Group’s bank loans comprise borrowings by its subsidiary companies, Shannon Commercial Enterprises and Shannon Airport. (a) In 2017 Shannon Airport obtained a long-term bank loan to fund the cost of the runway rehabilitation. This loan was repaid in full in 2024. (b) In 2018 Shannon Commercial Enterprises obtained a development loan and long-term loan to partially fund its capital investment programme. During 2019, the development loan was repaid with an additional long-term loan. As security for its borrowings the company has granted its lender an assignment and charge over three investment properties and an assignment of the rental income from the secured properties. The outstanding loans have fixed interest rates. All loans are amortising facilities with periodic repayments of both principal and interest. The company is subject to financial covenants: debt service cover ratio, interest cover and loan to value ratio. These will remain in place until the loans are repaid in full. (c) During 2019 Shannon Airport obtained a long-term bank loan to partially fund the cost of development of a new aircraft hangar. As security for its borrowings the company has granted its lender an assignment and charge over the hangar, an assignment of the rental income from the hangar and an assignment and charge over a bank account, with a €1,254,446 balance at year end (2023: €1,247,300) (Note 18). The loan is an amortising facility with periodic repayments of both principal and interest. The interest rate is fixed with a pre-agreed increase post year 10 if the loan remains outstanding. The company is subject to a debt service cover ratio financial covenant, which will remain in place until the loan is repaid in full.
At 31 December 2023
43
43
At 1 January 2024
(143)
(143)
Provisions used during the year Provisions made during the year
114
114
14
14
At 31 December 2024
At 31 December 2023 Current provisions Non-current provisions
43
43
-
-
43
43
Total provisions
At 31 December 2024 Current provisions Non-current provisions
14
14
-
-
14
14
Total provisions
Other provision At 31 December 2024 the Company has recorded a provision for certain legal matters. The amounts recorded represent management’s best estimate of the expenditure required to settle the relevant obligations.
23. LOANS AND BORROWINGS
All companies are in compliance with their applicable financial covenants at the year-end date.
2024 €’000
2023 €’000
Group Secured bank loans
10,498 10,498
24,248 24,248
Total loans and borrowings
2024 €’000 1,832 1,832 8,666 8,666
2023 €’000 2,465 2,465
Secured bank loans
Current loans and borrowings
21,783 21,783
Secured bank loans
Non-current loans and borrowings
10,498
Total loans and borrowings
24,248
100
101
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