12. Tangible Assets
| Land and Buildings €’000 | Terminals €’000 | Dock Structures, Dry Docks and Quays €’000 | Floating Craft €’000 | Cranes €’000 | Plant and Machinery Restated €’000 | Investment Property €’000 | CIP €’000 | Total Restated €’000 | |
Cost or valuation | |||||||||
At 1 January 2015 | 77,483 | 210,401 | 64,171 | 16,417 | 3,800 | 24,308 | 5,150 | 11,360 | 413,090 |
Additions during year | 712 | 70 | 995 | 6 | - | 1,339 | - | 13,782 | 16,904 |
Revaluation of Investment Property | - | - | - | - | - | - | 800 | - | 800 |
Transfer from CIP | - | - | 10,807 | - | - | - | - | (10,807) | - |
At 31 December 2015 | 78,195 | 210,471 | 75,973 | 16,423 | 3,800 | 25,647 | 5,950 | 14,335 | 430,794 |
Accumulated Depreciation | |||||||||
At 1 January 2015 | 12,736 | 75,249 | 22,071 | 2,962 | 3,791 | 11,981 | - | - | 128,790 |
Charge for year | 1,412 | 2,992 | 1,328 | 546 | 3 | 1,328 | - | - | 7,609 |
At 31 December 2015 | 14,148 | 78,242 | 23,399 | 3,508 | 3,794 | 13,309 | - | - | 136,399 |
Net Book Amounts | |||||||||
At 1 January 2015 | 64,747 | 135,152 | 42,102 | 13,455 | 9 | 12,327 | 5,150 | 11,360 | 284,300 |
At 31 December 2015 | 64,047 | 132,229 | 52,574 | 12,915 | 6 | 12,338 | 5,950 | 14,335 | 294,394 |
| Land and Buildings €’000 | Terminals €’000 | Dock Structures, Dry Docks and Quays €’000 | Floating Craft €’000 | Cranes €’000 | Plant and Machinery €’000 | Investment Property €’000 | CIP €’000 | Total €’000 | |
Cost or valuation | |||||||||
At 1 January 2016 | 78,195 | 210,471 | 75,973 | 16,423 | 3,800 | 25,647 | 5,950 | 14,335 | 430,794 |
Reclassified | 10 | - | 5 | - | - | 2 | - | (17) | - |
Additions during year | 26,583 | 306 | 2,340 | 12 | - | 354 | - | 14,284 | 43,879 |
Revaluation of Investment Property | - | - | - | - | - | - | 350 | - | 350 |
Disposals | (150) | - | - | (3) | - | - | - | - | (153) |
Transfer from CIP | 8,179 | - | 2,996 | - | - | 23 | - | (11,198) | - |
At 31 December 2016 | 112,817 | 210,777 | 81,314 | 16,432 | 3,800 | 26,026 | 6,300 | 17,404 | 474,870 |
Accumulated Depreciation | |||||||||
At 1 January 2016 | 14,148 | 78,242 | 23,399 | 3,508 | 3,794 | 13,309 | - | - | 136,399 |
Reclassified | - | 1 | (2) | - | 1 | - | - | - | |
Charge for year | 1,751 | 2,972 | 2,424 | 546 | 3 | 1,308 | - | - | 9,004 |
Disposals | (15) | - | - | (3) | - | - | - | - | (18) |
Write-offs | - | - | - | - | - | (7) | - | - | (7) |
At 31 December 2016 | 15,884 | 81,215 | 25,823 | 4,049 | 3,797 | 14,611 | - | - | 145,378 |
Net Book Amounts | |||||||||
At 1 January 2016 | 64,047 | 132,229 | 52,574 | 12,915 | 6 | 12,338 | 5,950 | 14,335 | 294,394 |
At 31 December 2016 | 96,933 | 129,562 | 55,491 | 12,383 | 3 | 11,415 | 6,300 | 17,404 | 329,491 |
The cost to the Company of assets acquired on Vesting Day, 3 March 1997, under the Harbours Act, 1996 was determined by the then Minister for Communications, Marine and Natural Resources in consideration for shares issued.
In 2016 €169,000 profit on disposal of tangible assets was recognised (see note 6). There were no disposals of tangible fixed assets in 2015.
The investment property represents a 50% interest in freehold property and has been independently valued by Savills as at 31 December 2016 on an open market valuation basis. The valuation represented the valuer’s opinion of market value at 31 December 2016 and has been prepared in accordance with the RICS Valuation – Professional Standards (incorporating the International Valuation Standards) published March 2012 by the Royal Institution of Chartered Surveyors. The valuer noted that values are subject to changes on account of market adjustments and other factors, and that values in the future may therefore be higher or lower than at the valuation date. The revaluation surplus of €0.35m million (2015: €0.8 million surplus) arising on this revaluation has been credited to the other operating income line of the Profit and Loss account.
