Notes to the Financial Statements
7. Operating Profit
2022 | 2021 | |
|---|---|---|
€’000 | €’000 | |
Operating Profit has been arrived at after charging/(crediting): | ||
Depreciation (see note 11) | 14,511 | 13,780 |
Amortisation of intangible assets (see note 13) | 108 | 94 |
Amortisation of capital grants (see note 21) | (454) | (490) |
Fair value loss on investment properties (see note 12) | 850 | - |
Impairment loss/(gain) on trade receivables | 32 | (45) |
Loss/(Profit) on disposal/write-off of tangible assets |
141 |
(50) |
Stock write-off/impairment | 26 | - |
Auditors remuneration:
Remuneration (including expenses) for the statutory audit and other services carried out by the Company’s auditor is as follows:
2022 | 2021 | |
|---|---|---|
€’000 | €’000 | |
Audit of entity financial statements | 70 | 50 |
Other assurance services | 14 | 14 |
Other non-audit services | 17 | - |
Tax advisory services | - | 9 |
101 | 73 |
External Support and Specialist Advisory Costs
2022 | 2021 | |
|---|---|---|
€’000 | €’000 | |
Legal Advice | 206 | 229 |
Tax and Financial Advisory | 107 | 21 |
Public Relations/Marketing | 259 | 230 |
Pension and Human Resources | 447 | 294 |
Engineering | 1,919 | 890 |
Environmental | 1,058 | 193 |
Other | 1,195 | 531 |
Total Costs charged to the Profit and Loss Account | 5,191 | 2,388 |
Costs Capitalised | 7,538 | 5,834 |
Costs charged to the Profit and Loss Account | 5,191 | 2,388 |
Total Costs | 12,729 | 8,222 |
Legal Costs and Settlements
2022 | 2021 | |
|---|---|---|
€’000 | €’000 | |
Settlements Paid | 45 | 234 |
Settlements Received | (17) | (315) |
Total | 28 | (81) |
Travel and Subsistence Expenditure
2022 | 2021 | |
|---|---|---|
€’000 | €’000 | |
Domestic | ||
- Board | - | - |
- Employees | 9 | 19 |
International | ||
- Board | 4 | 2 |
- Employees | 42 | 6 |
Total | 55 | 27 |
Hospitality Expenditure
2022 | 2021 | |
|---|---|---|
€’000 | €’000 | |
Staff Hospitality | 100 | 71 |
Client Hospitality | 42 | 106 |
Total | 142 | 177 |
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 2022, together with comparative figures for 2021, is set out below.
2022 | 2021 | |
|---|---|---|
€’000 | €’000 | |
Turnover (included in Port Dues turnover – see note 5) | 2,781 | 2,349 |
Cost of Sales | (1,732) | (1,802) |
Gross Profit | 1,049 | 547 |
Administrative expenses | (932) | (935) |
Operating Profit | 117 | (388) |
Pilotage accounts
A Profit and Loss account in respect of the Company’s pilotage service for the year ended 31 December 2022, together with comparative figures for 2021, is set out below.
2022 |
2021 |
|
|---|---|---|
€’000 |
€’000 |
|
Turnover (included in Port Dues turnover – see note 5) |
4,478 |
3,975 |
Cost of Sales |
(2,589) |
(2,561) |
Gross Profit |
1,889 |
1,414 |
Administrative expenses |
(659) |
(657) |
Operating Profit |
1,230 |
757 |