Notes Forming Part of the Consolidated Financial Statements

For the year ended 31 December 2019

4. Segmental information

Business segments

The Executive Board is deemed the chief operating decision maker within the Group. For management purposes, the Group is currently organised into two operating segments; Ferries and Container & Terminal. These segments are the basis on which the Group reports internally and are the only two revenue generating segments of the Group.

The Ferries segment derives its revenue from the operation of combined RoRo passenger ferries and the chartering of vessels. The Container & Terminal segment derives its revenue from the provision of door-to-door and feeder LoLo freight services, stevedoring and other related terminal services.

Segment information about the Group’s operations is presented below.


Ferries

Container & Terminal

Inter- segment

Total


€m

€m

€m

€m

Revenue





2019





External revenue

204.2

153.2

-

357.4

Inter-segment revenue

8.2

1.2

(9.4)

-

Total

212.4

154.4

(9.4)

357.4






2018





External revenue

188.1

142.1

-

330.2

Inter-segment revenue

8.1

1.2

(9.3)

-

Total

196.2

143.3

(9.3)

330.2

Inter-segment revenue is at prevailing market prices. The inter-segment revenue in the Ferries division in 2019 of €8.2 million (2018: €8.1 million) primarily relates to container vessels which are on time charter to the Group’s container shipping subsidiary Eucon.

Revenue has been disaggregated into categories which reflect how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. As revenues are recognised over short time periods of no more than days, a key determinant to categorising revenues is whether they principally arise from a business to customer (passenger contracts) or a business to business relationship (freight and charter contracts) as this impacts directly on the uncertainty of cash flows.


Ferries

Container & Terminal

Total


2019

2018

2019

2018

2019

2018


€m

€m

€m

€m

€m

€m

Revenue







Passenger

112.7

109.2

-

-

112.7

109.2

Freight

86.2

76.8

153.2

142.1

239.4

218.9

Chartering and other

5.3

2.1

-

-

5.3

2.1

Total

204.2

188.1

153.2

142.1

357.4

330.2

For the year ended 31 December 2019 €338.8 million was recognised over time (2018: €312.0 million) and €18.6 million was recognised at a point in time (2018: €18.2 million). No single external customer in the current or prior financial year amounted to 10 per cent or more of the Group’s revenues.


Ferries

Container & Terminal

Total


2019

2018

2019

2018

2019

2018


€m

€m

€m

€m

€m

€m

Result







Operating profit

36.4

34.2

13.6

12.1

50.0

46.3

Finance income

0.1

0.2

-

-

0.1

0.2

Finance costs

(2.0)

(0.6)

(1.5)

(0.4)

(3.5)

(1.0)

Non-trading items

14.9

13.7

-

-

14.9

13.7

Profit before tax

49.4

47.5

12.1

11.7

61.5

59.2

Income tax expense

(0.4)

(0.5)

(0.9)

(0.9)

(1.3)

(1.4)

Profit for the financial year

49.0

47.0

11.2

10.8

60.2

57.8








Statement of Financial Position














Assets







Segment assets

391.1

334.4

89.8

55.2

480.9

389.6

Cash and cash equivalents

79.8

94.5

31.1

30.2

110.9

124.7

Consolidated total assets

470.9

428.9

120.9

85.4

591.8

514.3








Liabilities







Segment liabilities

34.6

31.9

29.4

24.5

64.0

56.4

Borrowings

183.3

204.3

56.6

0.7

239.9

205.0

Consolidated total liabilities

217.9

236.2

86.0

25.2

303.9

261.4








Other segment information







Capital additions

43.8

79.1

2.0

3.5

45.8

82.6

Right of use asset additions

-

-

12.5

-

12.5

-

Depreciation and amortisation

30.8

19.4

6.0

2.7

36.8

22.1


Ferries

Container & Terminal

Total


2019

2018

2019

2018

2019

2018


€m

€m

€m

€m

€m

€m

Operating expenses







Fuel

34.7

33.7

14.6

14.5

49.3

48.2

Labour costs

25.1

24.4

7.5

6.7

32.6

31.1

Port costs

41.9

39.7

30.9

29.4

72.8

69.1

Other costs

25.6

27.6

75.9

72.3

101.5

99.9

Intersegment costs

(1.2)

(1.2)

(8.2)

(8.1)

(9.4)

(9.3)

Total operating costs

126.1

124.2

120.7

114.8

246.8

239.0

Geographic analysis of revenue by origin of booking


2019

2018


€m

€m

Revenue



Ireland

177.9

156.7

United Kingdom

66.7

64.3

Netherlands

63.8

60.8

Belgium

32.8

29.9

France

5.8

6.3

Other

10.4

12.2

Total

357.4

330.2

Geographic analysis of location of property, plant and equipment


2019

2018


€m

€m

Property, plant and equipment






Vessels at sea/ assets in transit/ under construction



Vessels

283.9

272.6

Containers

4.4

5.8


288.3

278.4

On Shore



Ireland

28.1

28.6

Other

0.7

0.7


28.8

29.3




Carrying amount at 31 December

317.1

307.7

Due to the mobile nature of some of the assets in property, plant and equipment, their location is not always fixed.