Annual Report and Accounts | 2024
Annual Report and Accounts | 2024
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
5. STATUTORY AND OTHER INFORMATION
The Group’s operating profit is stated after charging/(crediting) (including discontinued operations 2023):
3. EXCEPTIONAL ITEMS In accordance with the Group’s accounting policy, the following items were presented as exceptional items on continuing operations.
2024 €’000
2023 €’000
10,091
Depreciation of tangible assets Depreciation of right of use assets Amortisation of intangible assets Amortisation of capital grants
5,349
-
198 101
2024 €’000
2023 €’000 1,736 1,736
55
(2,094)
(1,698)
22,748 22,748
Reversal of impairment loss on property, plant and equipment (i)
Exceptional income
(i) Reversal of impairment loss on property, plant and equipment In 2020, due to the significant impact of Covid-19 on the Airport’s business and projected cash flows, the property, plant and equipment in the Airport CGU was written down to its recoverable amount, resulting in an impairment loss of €24,484,000. At 31 December 2023, management were satisfied that the impairment loss had reduced by €1,736,000 and reversed the impairment loss by this amount. Management considered the carrying value of property, plant and equipment at 31 December 2024, by reference to the estimated value in use of assets within the Airport CGU at that date, including consideration of whether any indicators exist that the conditions giving rise to the impairment have reversed. The value in use has increased as a result of the improvement in the airport’s performance post Covid-19 with an increase in passenger numbers driving improved cashflows. Management are satisfied that the conditions giving rise to the impairment have fully reversed and have reversed the remaining impairment loss of €22,748,000 (Note 11).
2024 €’000
2023 €’000
Auditor’s remuneration - audit of Group financial statements - audit of Company financial statements
104
99 20 34
20 18
- other audit services
142
153
The audit fee of the Company is borne by subsidiary companies.
4. OTHER INCOME/(EXPENSE)
2024 €’000
2023 €’000
14,509
Net increase in fair value of investment property (Note 12) Gain on disposal of investment properties (Note 12) Gain on disposal of property, plant and equipment
-
-
7,280
35
14
-
7,172
Government grants received (i)
14,544
14,466
Exceptional income Reversal of impairment loss on property, plant and equipment (Note 3)
22,748 37,292
1,736
Total other income
16,202
-
Net decrease in fair value of investment property (Note 12) Loss on disposal of investment properties (Notes 12)
(2,526)
(43) (43)
-
Total other expense
(2,526)
37,249
13,676
(i) The Group’s subsidiary company, Shannon Airport, received operational grant funding totalling €7,172,000 from the Department of Transport in respect of 2023.
78
79
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