Notes to the Financial Statements

14. Development Land Receivable

The Company entered into a Development Agreement dated 6th July 1999 with Earlsfort East Point and Eastpoint (Development) Two Ltd. (“the Developer”), for a development comprising approximately 14 acres of land adjoining the East Point Business Park Development Phase I.

At 31 December 2022, a receivable of €1.246m remains outstanding (2021: €1.246m) relating to the final three sites of land (comprising approximately 6 acres of land) which are subject to this arrangement. The Directors are satisfied that the carrying value of this receivable is fully recoverable at 31 December 2022.

In addition to consideration for the land sold, the Company is also entitled to further consideration calculated based on a share of the net profits realised on the sale of the developed properties by Eastpoint (Development) Two Ltd.

The consideration under this agreement will be recognised in the financial statements in the period when it is determinable by Dublin Port Company. During the year €10m consideration was received (2021: NIL) which has been recognised in the Profit and Loss account in Exceptional Items.

The Company is currently engaged in discussions with the Developer with a view to finalising the timeframe for receipt of the consideration in respect of land and the timing and quantum of any further consideration to be received on the ultimate sale of the relevant properties.