Notes to the Financial Statements
7. Operating Profit
2023 | 2022 | |
|---|---|---|
€’000 | €’000 | |
Operating Profit has been arrived at after charging/(crediting): | ||
Depreciation (see note 11) | 16,717 | 14,511 |
Amortisation of intangible assets (see note 13) | 92 | 108 |
Amortisation of capital grants (see note 21) | (452) | (454) |
Fair value loss on investment properties (see note 12) | 1,315 | 850 |
Impairment of tangible assets (see note 11) | 442 | - |
| Impairment loss on trade receivables (see note 16) | 7 |
32 |
Profit)/Loss on disposal/write-off of tangible assets |
(75) |
141 |
Inventories write-off/impairment (see note 15) |
(26) |
26 |
Severance payments (see note 29) | 367 | - |
Auditors remuneration:
Remuneration (including expenses) for the statutory audit and other services carried out by the Company’s auditor is as follows:
2023 | 2022 | |
|---|---|---|
€’000 | €’000 | |
Audit of entity financial statements | 74 | 70 |
Other assurance services | 49 | 14 |
Other non-audit services | 5 | 17 |
128 | 101 |
External Support and Specialist Advisory Costs
2023 | 2022 | |
|---|---|---|
€’000 | €’000 | |
Legal Advice | 363 | 206 |
Tax and Financial Advisory | 98 | 107 |
Public Relations/Marketing | 699 | 259 |
Pension and Human Resources | 325 | 447 |
Engineering | 648 | 1,919 |
Environmental | 2,094 | 1,058 |
Other | 1,483 | 1,195 |
Total Costs charged to the Profit and Loss Account | 5,710 | 5,191 |
Costs Capitalised | 12,797 | 7,538 |
Costs charged to the Profit and Loss Account | 5,710 | 5,191 |
Total Costs | 18,507 | 12,729 |
Legal Costs and Settlements
2023 | 2022 | |
|---|---|---|
€’000 | €’000 | |
| Settlements Paid | 603 |
45 |
Settlements Received | (17) | (17) |
Legal Fees – Legal Proceedings | 176 | - |
Total | 762 | 28 |
Based on a High Court settlement agreement reached in 2023, the Company was obliged to make certain performance related payments in the amount of €415k to a past Chief Executive for services provided during his term in office from 2010 to 2022. This settlement is included above, inclusive of employers PRSI, and has also been disclosed in Directors Remuneration within Note 28 to the financial statements. The Company also incurred legal costs in respect of this settlement in the amount of €176k as disclosed above.
Travel and Subsistence Expenditure
2023 | 2022 | |
|---|---|---|
€’000 | €’000 | |
Domestic | ||
- Board | - | - |
- Employees | 17 | 1 |
International | ||
- Board | - | 4 |
- Employees | 37 | 42 |
Total | 54 | 55 |
Hospitality Expenditure
2023 |
2022 |
|
|---|---|---|
€’000 |
€’000 |
|
Staff Hospitality |
86 |
100 |
Client Hospitality |
58 |
42 |
Total |
144 |
142 |
Severance Payments
2023 | 2022 | |
|---|---|---|
€’000 | €’000 | |
Severance Payments | 367 | - |
The severance payments above relate to settlements with 2 staff during the reporting period.
Towage accounts
The Port Services Regulation (Regulation 2017/352) was introduced by the European Parliament on 15th February 2017.
The Regulation establishes a framework for the provision of Port services and common rules on the financial transparency
of ports.
A Profit and Loss account in respect of the Company’s towage service for the year ended 31 December 2023, together with comparative figures for 2022, is set out below.
2023 | 2022 | |
|---|---|---|
€’000 | €’000 | |
Turnover (included in Port Dues turnover – see note 5) | 3,021 | 2,781 |
Cost of Sales | (1,709) | (1,732) |
Gross Profit | 1,312 | 1,049 |
Administrative expenses | (957) | (932) |
Operating Profit | 355 | 117 |
Pilotage accounts
A Profit and Loss account in respect of the Company’s pilotage service for the year ended 31 December 2023, together with comparative figures for 2022, is set out below.
2023 |
2022 |
|
|---|---|---|
€’000 |
€’000 |
|
Turnover (included in Port Dues turnover – see note 5) |
4,413 |
4,478 |
Cost of Sales |
(2,501) |
(2,589) |
Gross Profit |
1,912 |
1,889 |
Administrative expenses |
(647) |
(659) |
Operating Profit |
1,265 |
1,230 |