Annual Report and Accounts | 2024
Annual Report and Accounts | 2024
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
22. PROVISIONS
Provision for severance schemes €’000
Provision for remedial works €’000
Other provision €’000
Insurance provision €’000
Total €’000
21. DEFERRED INCOME – CAPITAL GRANTS
Group
2024 €’000 2,194 2,194
2023 €’000 2,173 2,173
At 1 January 2023
775
936
696
2,072 (259)
4,479
Provisions used during the year Provisions credited during the year
(392)
(550)
- -
(1,201)
Government grants
(67) 316 316 (19) 114 411
-
(5)
(72)
Current deferred income
386
696
1,808
3,206
At 31 December 2023
14,822 14,822 17,016
16,785 16,785 18,958
Government grants
386
696
1,808 (259)
3,206 (459)
At 1 January 2024
Non-current deferred income
(181)
-
Provisions used during the year Provisions charged during the year
Total deferred income
225 430
304
114
757
1,000
1,663
3,504
At 31 December 2024
2024 €’000
2023 €’000
At 31 December 2023 Current provisions Non-current provisions
Government grants At 1 January Grants received (a)
114 202 316
180 206 386
-
508
802
22,333
16,910
696 696
1,300 1,808
2,404 3,206
152
5,488
-
(65)
Grants repaid
Total provisions
22,485
At 31 December
22,333
Amortisation At 1 January Amortisation
At 31 December 2024 Current provisions Non-current provisions
3,375 2,094 5,469
1,677 1,698 3,375
166 245 411
337
-
471
974
93
1,000 1,000
1,192 1,663
2,530 3,504
At 31 December
430
Total provisions
18,958
15,233
Net book value at 1 January
Insurance provision Shannon Airport operates an insurance programme which recognises a provision for the excess associated with reported and potential claims. The amount provided at 31 December 2024 reflects management’s best estimate of the expenditure required to settle the obligations arising from these claims, based on experience and professional advice obtained. Provision for severance schemes A total provision of €1,599,000 was recorded at 31 December 2021 in respect of a voluntary severance scheme launched in 2018, and a further voluntary severance scheme which launched in 2020 following the onset of the Covid-19 crisis. The provision of €430,000 recorded at 31 December 2024 includes an amount of €205,000 which represents management’s best estimate of the expenditure required to meet the Group’s obligations in respect of its employees under these schemes. Payments totalling €180,000 were made in 2024 under existing schemes (2023: €550,000) . An additional provision of €225,000 was recorded at 31 December 2024 in respect of a severance scheme, this represents management’s best estimate of the expenditure required to meet the Group’s obligations under this scheme. Obligations totalling €337,000 are expected to be settled in 2025. Provision for remedial works As 31 December 2024 the Group has recorded a provision in respect of its commitment to pay a one-off contribution to Clare County Council and the Office of Public Works towards design and planning costs relating the Embankments surrounding the Shannon Airport campus. The amount represents management’s best estimate of the expenditure required to settle this commitment, the timing of which is not certain but not expected to be paid within the next 12 months. Other provision At 31 December 2024, the Group has recorded a provision for certain legal matters. This amount represents management’s best estimate of the expenditure required to settle the obligations. The ultimate outflow to settle the obligations could differ from the amount provided.
17,016
18,958
Net book value at 31 December
Capital grants received by the Group are recognised as deferred income and are amortised over the useful life of the assets to which they relate, from the date the assets are brought into use.
(a) The Group’s subsidiary company, Shannon Airport, received funding in respect of capital projects from the Department of Transport of €151,936 under the Regional State Airports Sustainability Programme during 2024 (2023: €5,488,000) .
98
99
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