Annual Report and Accounts | 2024
Annual Report and Accounts | 2024
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
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 of €63,859,000 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 impairment loss of €22,748,000 has reduced to nil and have reversed the impairment loss by this amount (Note 3). The reversal of the impairment is based on a reasonable scenario which showed headroom of €24,907,000. The scenario contains a number of key judgements and estimates including but not limited to the level of ongoing capital expenditure required to maintain the Airport in its current condition. This capital expenditure includes the future spending on the Group’s sustainability projects required by the Climate Action and Low Carbon Development Act 2015 as amended by the Climate Action and Low Carbon Development (Amendment) Act 2021. A change in a key judgement or estimate could result in a different conclusion. However, management is satisfied that the reversal of impairment of €22,748,000 is not likely to result in an impairment in the future. Property, plant & equipment include a number of hangars at the Airport which are reflected in Other Property and General Infrastructure. The hangar facilities are held to deliver essential services required within the Airport and the Group have accounted for these assets in accordance with the accounting policy in 1.9. Certain of the Group’s assets have been pledged as security against the Group’s overdraft facility and a secured loan respectively (Note 23). At 31 December 2024 the net carrying amount of these assets was €17,155,228 (2023: €13,896,256) .
11. PROPERTY, PLANT AND EQUIPMENT
Terminal Complexes €’000
Lands and Airfields €’000
Tourism Buildings €’000
Other Property and General Infrastructure €’000
Plant, Fixtures and Fittings €’000
Group Cost
Work in Progress €’000
Total €’000 7,687 (150) 126,291
At 1 January 2023
18,427 37,340
321
27,580
38,602
4,021 7,544
Additions Disposals
- -
- -
11
- -
132
- -
(150) 1,968
-
85
5,947
(740)
(7,260)
-
Transfers to completed assets
At 31 December 2023
18,512 18,512
43,287 43,287
332 332
26,840 26,840
40,552 40,552
4,305 4,305 6,469
133,828 133,828
At 1 January 2024
- -
- -
- - -
- -
-
6,469 (118)
Additions Disposals
(118) 4,674
-
542
47
73
(5,336)
-
Transfers to completed assets
19,054
43,334
332
26,913
45,108
5,438
140,179
At 31 December 2024
Accumulated Depreciation and Impairment Losses At 1 January 2023
13,852 22,983
311
13,816
20,303
- - - - - - - - - - - -
71,265
Charge for year
512
2,200
1
144
2,274 (134) 1,399 (342)
5,131 (134)
Disposals
-
-
- - -
-
Reclassification
1,798 (1,825)
(1,372)
-
Company
Reversal of impairment (Note 3)
(431)
(458)
(505)
(1,736)
-
-
20
-
-
20
Impairment loss
Plant, Fixtures and Fittings €’000
At 31 December 2023
15,731 22,900 15,731 22,900
332 332
12,083 12,083
23,500 23,500
74,546 74,546 10,091
Total €’000
At 1 January 2024 Charge for year
1,589
2,860
- - -
1,074
4,568 (111)
Cost At 1 January 2023
-
-
-
(111)
Disposals
141 132 (42) 231 231
141 132 (42) 231 231
(5,650)
(6,000)
(6,614)
(4,484) 23,473
(22,748)
Reversal of impairment (Note 3)
Additions Disposals
11,670 19,760
332
6,543
61,778
At 31 December 2024
At 31 December 2023
Net book value At 31 December 2024
At 1 January 2024
7,384 23,574
-
20,370
21,635
5,438
78,401
- -
- -
Additions Disposals
At 31 December 2023
2,781
20,387
-
14,757
17,052
4,305
59,282
231
231
At 31 December 2024
At 31 December 2022
4,575
14,357
10
13,764
18,299
4,021
55,026
Accumulated Depreciation At 1 January 2023
56 43
56 43
Management have 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 cash generating unit (CGU), to determine whether there is any indication of impairment in accordance with the accounting policy in 1.10. The impairment test was performed on a value in use basis, with the value in use of Airport assets determined by calculating the net present value of estimated future cash flows arising from that income generating unit, discounted using a discount factor of 8.5% (2023: 9.5%). The relevant cash flows were derived from the approved Group 5 year rolling plan 2025-2029. In determining an asset’s recoverable amount the directors are required to make judgements, estimates and assumptions that impact on the carrying value of the property, plant and equipment. 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. 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. €1,736,000 of this impairment loss was reversed at 31 December 2023.
Charge for year
Disposals
(38)
(38)
At 31 December 2023
61 61 76
61 61 76
At 1 January 2024 Charge for year
-
-
Disposals
137
137
At 31 December 2024
Net book value At 31 December 2024
94
94
170
170
At 31 December 2023
85
85
At 31 December 2022
88
89
Powered by FlippingBook