Notes to the Financial Statements
8. Operating Profit
2020 | 2019 | |
|---|---|---|
€’000 | €’000 | |
Operating Profit has been arrived at after charging/(crediting): | ||
Depreciation (see note 11) | 10,998 | 10,238 |
Amortisation of intangible assets (see note 12) | 86 | 80 |
Amortisation of capital grants (see note 20) | (564) | (582) |
Surplus on revaluation of investment properties (see note 6) | 665 | - |
Impairment loss on trade receivables | (120) | (28) |
Profit on disposal of tangible assets | (40) | (5) |
Auditors remuneration:
Remuneration (including expenses) for the statutory audit and other services carried out by the Company’s auditors is as follows:
2020 | 2019 | |
|---|---|---|
€’000 | €’000 | |
Audit of entity financial statements | 55 | 43 |
Other assurance services | 14 | 14 |
Other non-audit services | - | 8 |
Tax advisory services | 53 | 28 |
122 | 93 |
External Support and Specialist Advisory Costs
2020 | 2019 | |
|---|---|---|
€’000 | €’000 | |
Legal Advice | 531 | 946 |
Tax and Financial Advisory | 93 | 124 |
Public Relations/Marketing | 91 | 241 |
Pension and Human Resources | 474 | 312 |
Engineering | 304 | 471 |
Environmental | 418 | 303 |
Other | 596 | 1,099 |
Total Costs charged to the Profit and Loss Account | 2,507 | 3,496 |
Costs Capitalised | 7,168 | 8,307 |
Costs charged to the Profit and Loss Account | 2,507 | 3,496 |
Total Costs | 9,675 | 11,803 |
Legal Costs and Settlements
2020 | 2019 | |
|---|---|---|
€’000 | €’000 | |
Settlements Paid | 63 | 68 |
Settlements Received | (5) | (43) |
Total | 58 | 25 |
Travel and Subsistence Expenditure
2020 | 2019 | |
|---|---|---|
€’000 | €’000 | |
Domestic | ||
- Board | - | - |
- Employees | 8 | 17 |
International | ||
- Board | 1 | 6 |
- Employees | 17 | 43 |
Total | 26 | 66 |
Hospitality Expenditure
2020 | 2019 | |
|---|---|---|
€’000 | €’000 | |
Staff Hospitality | 40 | 104 |
Client Hospitality | 38 | 131 |
Total | 78 | 235 |
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 2020, together with comparative figures for 2019, is set out below.
2020 | 2019 | |
|---|---|---|
€’000 | €’000 | |
Turnover (included in Port Dues turnover – see note 5) | 3,701 | 4,362 |
Cost of Sales | 1,271 | 1,423 |
Gross Profit | 2,430 | 2,939 |
Administrative expenses | 1,016 | 973 |
Operating Profit | 1,414 | 1,966 |
Pilotage accounts
A Profit and Loss account in respect of the Company’s pilotage service for the year ended 31 December 2020, together with comparative figures for 2019, is set out below.
2020 |
2019 |
|
|---|---|---|
€’000 |
€’000 |
|
Turnover (included in Port Dues turnover – see note 5) |
3,704 |
4,486 |
Cost of Sales |
1,945 |
2,031 |
Gross Profit |
1,759 |
2,455 |
Administrative expenses |
1,119 |
1,075 |
Operating Profit |
640 |
1,380 |