Annual Report and Accounts | 2024
Annual Report and Accounts | 2024
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
2. REVENUE All revenue of the group arises in the Republic of Ireland and from continuing activities. No one customer accounts for more than 10% of the Group’s revenue. In the following table, revenue is disaggregated by major product/service lines and by timing of revenue recognition.
1. MATERIAL ACCOUNTING POLICY INFORMATION (Continued) 1.22 Critical accounting estimates and judgements (Continued) Impairment assessment (Note 11) The carrying value of the Airport cash generating unit (CGU) is reviewed for potential impairment or reversal of a previous impairment by considering a series of external and internal indicators specific to the assets under consideration. The level of headroom is a direct function of the judgements and assumptions underpinning the rolling plan and is ultimately dependent on the discount rate, the terminal growth rate, capital expenditure and passenger annual growth. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a rate that reflects the time value of money and the risks specific to the cash-generating unit. The main assumptions that affect the estimation of the value-in-use are the existence and rate of passenger growth, projected capital expenditure and the discount rate. The cash flows are taken from the Group’s rolling five- year financial plan. The estimates and assumptions used are based on historical experience, industry knowledge and other factors that are believed to be reasonable based on information available. Valuation of investment properties (Note 12) Management assessed the fair value of the Group’s total investment property portfolio at 31 December 2024. The fair value of the investment properties is based on a valuation by internal management specialists, who have recent experience in the location and class of the investment properties being valued, and requires a high degree of management judgement and estimation. Final values were applied to each property, having regard to the relevant circumstances of the property including its location, type, size, use, existing tenancies and condition. These values, which are supported by market evidence, were determined by benchmarking against comparable transactions for similar properties in the same locations as those of the Group or through the use of valuation techniques including the use of market yield on comparable properties. Subjective judgements were made in arriving at the valuation and whilst management
consider these to be both logical and appropriate, they are not necessarily the same as would be made by every purchaser. Deferred Taxes (Note 14) Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits. Unrecognised deferred tax assets are reassessed at each reporting date and recognised to the extent to which it has become probable that taxable profits will be available against which they can be used. The Group has significant temporary differences carried forward, comprising temporary differences on the fair value of investment properties, financial assets, unutilised capital allowances and other temporary differences. These temporary differences may not be used to offset taxable income elsewhere in the Group nor are there any tax planning opportunities available that could partly support the recognition of these as deferred tax assets. On this basis, the Group has determined that it cannot recognise deferred tax assets on the temporary differences carried forward. Provision for liabilities (Note 22) A provision is recognised when the Group has a present obligation (either legal or constructive) as a result of a past event, it is probable that a transfer of economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The Group carries provisions for reported and potential claims under its insurance programme and for other liabilities, including legal claims. These provisions are made based on historical or other relevant information, adjusted for recent trends where appropriate. However, provisions represent estimates of the financial costs of events that may not occur for some years. The basis for these estimates are reviewed and updated at least annually and where information becomes available that may give rise to a material change.
2024 €’000
2023 €’000
Major product/service lines Aeronautical and related revenue
14,126 18,059
13,791 16,135
Retail revenue
8,514
Concession and service charge revenue
8,271
14,448 55,147 17,903 73,050
12,195 50,392 17,480 67,872
Other commercial revenue
Total revenue from contracts with customers
Commercial property revenue
Total revenue
Timing of revenue recognition Performance obligation performed: - At a point in time
58,233 14,817 73,050
51,894 15,978 67,872
- Over time Total revenue
Contract assets and contract liabilities The following table provides information about receivables, contract assets and contract liabilities from contracts with customers.
2024 €’000
2023 €’000
2,345
Trade receivables (Note 16) Contract assets (Note 16) Contract liabilities (Note 20)
2,676
691
537
(2,582)
(2,139)
Trade receivables comprise invoiced amounts as outlined in Note 16.
Contract assets at the Statement of Financial Position date comprise rights to consideration for performance obligations satisfied but not billed. Contract liabilities relate to the Group’s obligation to transfer goods or services to a customer for which the Group has received consideration (or the amount is due from the customer). No information has been provided in relation to unsatisfied performance obligations at the year end date that have an expected duration of less than one year, as permitted by IFRS 15.
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