Annual Report and Accounts | 2024
Annual Report and Accounts | 2024
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
17. FINANCIAL ASSETS
2024 €’000
2023 €’000
Company Interest in subsidiary companies – shares at cost At beginning of year
15. INVENTORIES
78,618 33,657
78,618
Reversal of impairment charge (i)
-
2024 €’000
2023 €’000
(i) In 2020, due to the significant impact of Covid-19 on the Airport’s business and projected cash flows, the Company’s investment in Shannon Airport Authority DAC was written down to its recoverable amount, resulting in an impairment loss of €33,657,000. Management considered the carrying value of the financial asset at 31 December 2024, by reference to the estimated value in use of assets within the Airport CGU at that date. Management are satisfied that the conditions giving rise to the impairment have fully reversed and have reversed the impairment loss of €33,657,000.
Group Finished goods for resale
1,778
1,814
251
135
Maintenance stock and consumables
2,029
1,949
The replacement cost of inventories did not differ significantly from its carrying value. A total of €8,627,000 (2023: €7,881,000) was recognised as an expense and included in ‘Cost of sales’. This includes a net Statement of Profit or Loss credit of €2,700 (2023: charge of €55,700) arising on the inventory impairment allowance. The inventory impairment allowance levels are continuously reviewed by management and revised where appropriate, taking account of the latest available information on the recoverability of carrying amounts.
Principal subsidiaries and related companies are listed below.
Name
Nature of Business
% Share Capital Owned
Registered Office
Subsidiary Companies Shannon Airport Authority DAC
16. TRADE AND OTHER RECEIVABLES
Operation of Shannon Airport (trading)
100%
Shannon Airport, Shannon, Co. Clare
2024 €’000
2023 €’000
Shannon Commercial Enterprises DAC
Management and development of commercial property portfolio (trading)
100%
Shannon Airport, Shannon, Co. Clare
Group Trade receivables Other receivables Contract assets
2,345 2,419
2,676 2,232
SAA Pension Corporate Trustee DAC
Pension trustee company
100% (indirect) Shannon Airport, Shannon, Co. Clare
691
537
Shannon Airport Authority Financial Services DAC
Trustee company
100% (indirect) Shannon Airport, Shannon, Co. Clare
5,455
5,445
Related Companies Shannon Broadband Limited
Regional broadband development (trading) 20% (indirect)
Mill House, Henry Street, Limerick
2024 €’000
2023 €’000
Company Trade receivables Other receivables
-
42
307 383
191 297
Amounts due from subsidiary companies
81
48
VAT
771
578
Amounts due from subsidiary companies arise due to recharges of operating costs, are interest free and repayable on demand. The carrying amount of trade and other receivables approximate their fair value given their short-term nature.
94
95
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