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Port of Waterford Company & Subsidiaries
Annual report for the year ended 31 December 2014
PORT OF WATERFORD COMPANY & SUBSIDIARIES
DIRECTORS’ REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 December 2014
TABLE OF CONTENTS PAGE
CHAIRMAN’S STATEMENT 1 - 3
COMPANY INFORMATION 4
DIRECTORS’ REPORT 5 - 10
DIRECTORS’ RESPONSIBILITIES STATEMENT 11
INDEPENDENT AUDITOR’S REPORT 12 - 13
CONSOLIDATED PROFIT AND LOSS ACCOUNT 14
MOVEMENTS ON CONSOLIDATED PROFIT AND LOSS ACCOUNT 15
CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES 15
BALANCE SHEETS
- CONSOLIDATED 16
- COMPANY 17
CONSOLIDATED CASH FLOW STATEMENT 18
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 19 – 35
PORT OF WATERFORD COMPANY & SUBSIDIARIES
CHAIRMAN’S STATEMENT
for the year ended 31 December 2014
INTRODUCTION
The Port of Waterford Company is the statutory authority vested with the responsibility for the operation
and development of the Port of Waterford under the Harbours’ Act, 1996. The State is the sole
shareholder in the company.
The company’s remit as set down in Sc.11 of the Harbours Act 1996 and underscored by the
Memorandum and Articles of Association of the Company, is to manage, control, operate and develop
its harbour.
Mission Statement
‘‘The Port of Waterford will compete for as many customers and throughput as possible by
providing the infrastructure and service required by the markets, at an attractive but
commercially realistic price. We shall do this by ensuring the port is accountable to its
customers and stakeholders, is operated safely and efficiently and to the highest
environmental standards. It will remain financially sound and make best use of core and non
core assets, and so doing maximise regional and national economic contribution’’.
PERFORMANCE
In line with improved economic forecasts and a buoyant agricultural sector 2014 saw a considerable
improvement in trading performance of bulk commodity to 1,115,972 tonnes, a 4.9% increase on 2013.
Current developments and future planned investment in both warehousing and equipment by port
stevedores will drive future growth in this sector in the medium term, generating additional income for
the port without the requirement for additional port investment in infrastructure.
During 2014, the company stevedored 36,173 teu at Waterford Container Terminal (WCT), a decrease
of 9% on the previous year (39,834 teu). This is disappointing and is indicative of the South East
Region lagging behind the rest of the country’s economic performance. Despite the ESRI announcing
that consumer sentiment is improving and the expectation that the economy will grow by circa 5% in
2015, a significant increase in container volumes is not anticipated in 2015 however the Port Company
is confident that container traffic will improve in 2016 & 2017.
2014 2013
Lo-lo 36,173 teu Lo-lo 39,834 teu -9.2%
Bulk 1,115,972 tonnes Bulk 1,063,720tonnes +4.9%
The continuing challenge for the group is to sustain its business activity in the short‒term and to
position the port for the economic recovery which is now underway. In terms of infrastructure
investment there remains a requirement to complete the river training wall from Drumdowney to
Snowhill for which the company has planning consent in order to significantly reduce the cost of
maintenance dredging. A foreshore lease and the consent of the Marine Vetting Licence Committee
are required and efforts are underway to secure these necessary consents. Following storm force
winds in late 2013 and early 2014 Port of Waterford incurred maintenance dredging costs of
€1,138,643 in 2014, an increase of 173% on 2013, emphasising the need to complete the river training
wall as quickly as possible.
Fixed costs are significant and minimum levels of throughput are required to sustain operations.
PORT OF WATERFORD COMPANY & SUBSIDIARIES
CHAIRMAN’S STATEMENT (Continued)
for the year ended 31 December 2014
PERFORMANCE (continued)
The Directors remain confident of the fundamental benefits to both the South East Region and
nationally of the location of the port in terms of access, ability to expand, efficient modern facilities, a
flexible workforce, reduced cost base and vastly improved infrastructure, in particular the proximity of
the motorway to Dublin. This is supported by the following planning consents acquired by third parties:
150,000 sq ft of warehousing recently constructed
The €185,000,000 Glanbia development at IDA park adjacent to Belview which is in
commissioning phase
An anticipated planning application for a further 150,000 sq ft of warehousing during the first
half of 2015
It is a resounding confidence vote in the port company and the region that such prestigious and capital
intensive projects were offered for planning consent.
Exploitation of assets will secure the success of the port as a commercial entity into the future bringing
immense economic benefits to both the regional and national economies. The directors are motivated
and committed to taking necessary decisions to achieve this success.
Success will ultimately be achieved through the combined effort of the Port of Waterford Company,
the shareholder, Kilkenny County Council, Waterford City Council, other stakeholders and an
appropriate policy environment. Efforts continue to attract a deep sea container operator and this
initiative is supported strongly by the regions and we are hopeful that this can be achieved during
2015.
Increased revenues together with substantial cost savings resulted in a profit from operations of
€828,496 (2013: Profit € 927,669) excluding exceptional income/cost items. Exceptional items for the
year consisted of residual income from Bell Lines Limited liquidation of €205,900.
INTERNAL FINANCIAL CONTROLS
I hereby acknowledge on behalf of the Directors, the responsibility for ensuring that the company has
adequate internal control procedures. The implementation of a proper and practical system of internal
financial control can provide reasonable but not absolute assurance against material error.
The internal control system encompasses the policies, processes, tasks, behaviours and other aspects
of the company that, taken together, will facilitate effective and efficient operations by enabling the
company to respond to risks, help ensure the quality of internal and external reporting and also help
ensure compliance with applicable laws, regulations and internal policies.
Key procedures, which have been applied by the company, include the following: -
Properly defined management structure and responsibilities.
Preparation of budgets and their review by the Audit Committee and the Board.
Preparation of monthly financial statements and control accounts to identify discrepancies (if
they arise) in a timely manner. Comparison of actual performance against budget and prior
year and regular reporting of same to the Board.
Preparation of a monthly cash flow statement together with forecast of cash flows to year‒end
to determine in advance financing requirements.
Defined limits of authorization approved by the board.
Board approval required for all major projects.
To further strengthen compliance with audit requirements under the Code of Practice an
Internal Audit Charter has been written and adopted by the Board.
I believe that the extent of monthly controls and reporting provide sufficient assurance as to the
effectiveness of internal financial controls.
PORT OF WATERFORD COMPANY & SUBSIDIARIES
CHAIRMAN’S STATEMENT (Continued)
for the year ended 31 December 2014
DONATIONS
The company is aware of the importance of social capital, its corporate social responsibility and
community support and is committed to supporting, where appropriate, regional and national
organizations.
During 2014 the company supported the following community projects and organizations:-
Alzheimers Society
South East Simon Community
Little Sisters of the Poor
South East Cancer Foundation
Waterford Hospice
Bone Marrow Trust
Oasis House Women’s Refuge
ACKNOWLEDGEMENTS
I would take this opportunity to thank my fellow directors for their advice and support and the
management and employees who continually demonstrate ability and determination to sustain and
grow the business.
Des Whelan
Chairman
26 March 2015
PORT OF WATERFORD COMPANY & SUBSIDIARIES
COMPANY INFORMATION
DIRECTORS Mr. Des Whelan – Chairman *^
(appointed 6 October 2014)
Mr. Michael Flynn - Chairman *^
(resigned 1 July 2014)
Mr. Stan McIlvenny (British) OBE - CEO
Mr. Derek Donnelly *
(resigned 12 February 2014)
Ms. Helen Noble (British) *^
Ms. Noreen McDonnell ^
(resigned 6 April 2014)
Ms. Fiona Ormond *^
(resigned 6 April 2014)
Mr. Patrick Heffernan
Mr. Joe Dreelan *
(appointed 25 June 2014)
Ms. Louise Grubb ^
(appointed 25 June 2014)
Ms. Mary Mosse *
(appointed 25 June 2014)
Mr. Jack Walsh
(appointed 25 June 2014)
* Members of Audit Committee
^ Members of Remuneration Committee
SECRETARY Mr. Stan McIlvenny (British) OBE
REGISTERED OFFICE 3rd Floor, Marine Point
Belview Port
Slieverue
Waterford
REGISTERED NUMBER
OF INCORPORATION 299445
AUDITOR Ernst & Young
The Atrium
Maritana Gate
Canada Street
Waterford
BANKERS Allied Irish Banks plc
Bank of Ireland
Permanent TSB
SOLICITORS M.J. O’Connor
Confederation House
Waterford Business Park
Cork Road
Waterford
PORT OF WATERFORD COMPANY & SUBSIDIARIES
DIRECTORS’ REPORT
for the year ended 31 December 2014
The directors present their report and audited financial statements for the year ended 31
December 2014.
PRINCIPAL ACTIVITY AND REVIEW OF THE DEVELOPMENT OF THE BUSINESS
The principal activity of the company is the management, control and development of the Port of
Waterford.
Commentary on the operating performance of the group during 2014 is set out in the Chairman’s
Statement.
RISKS AND UNCERTAINTIES
Under Irish Company Law (Statutory Instrument 116.2005 - European Communities (International
Financial Reporting Standards and Miscellaneous Amendments) Regulations 2005) the group
and the company are required to give a description of the principal risks and uncertainties faced,
as well as listing the key performance indicators used to monitor performance.
The company is the holding company for the group, so the risks below apply to both the company
and the group.
The principal risks and uncertainties that the business faces include:-
Defined benefit pension scheme
National and International economic outlook
Loss of a major customer
Damage to or loss of the company’s fixed assets
Legal actions by third parties
The company maintains a risk register which is reviewed at every meeting of the board.
The key performance indicators focused upon by management are:-
Analysis of volumes/revenues by category against prior year and budget
Monthly review under each cost heading against budget
Measurement of ROCE
Monitoring of employee statistics
Assessment of port throughput in context of national market trends
Monitoring and investment of cash flows
RESULTS FOR THE YEAR, DIVIDENDS AND STATE OF AFFAIRS
The profit and loss account, statement of total recognised gains and losses, cash flow statement
and balance sheet for the year ended 31 December 2014 and the notes thereon are set out on
pages 14 to 35.
The company, which is a company limited by shares, as a matter of policy approves the
declaration of a dividend when appropriate and in accordance the Memorandum and Articles of
Association. Any dividend paid will have to take account of the overall financial circumstances of
the company and its future financial obligations.
The directors of the company do not propose the payment of a dividend.
PORT OF WATERFORD COMPANY & SUBSIDIARIES
DIRECTORS’ REPORT (Continued)
for the year ended 31 December 2014
PORT OPERATIONS
Human Resources
The average number of people employed by the group in 2014 was 31 (2013: 29).
Restructuring and reorganisation are a constant theme with all employees having accepted
changes to contracts of employment, reductions in wages/fees, additional working hours, reduced
holiday entitlement, removal of overtime premiums, bonuses and maximum flexibility in working
practices in the last few years.
Safety, Health & Welfare at Work Act
The Act is designed to assist in the prevention of workplace accidents, illnesses and dangerous
occurrences.
Safety statements for both group companies were revised in 2014. Risk assessments for
employee activity were updated and the review is ongoing. Consultants were appointed to provide
a traffic management plan with a first site visit in late 2014. A safety management system audit
was undertaken and no issues were identified.
The Health & Safety Annual Report for 2014 is summarised as follows:
No lost work time incidents occurred during the year.
There were no H.S.A. Improvement Notices issued.
There were 6 Port User Safety Meetings during the year.
The company has an online induction training module for everyone who has business in
the port environs.
The following safety courses were completed by Port employees:
Manual Handling
Occupational first aid course
Safe Pass Course
Information Communications Technology (ICT) Over the course of the year, an upgrade programme was undertaken for to replace various ICT equipment such as computers, file server, switches and a telephone system. In Q3, a review of network security was carried out as part of the IT maintenance regime and no major issues were identified.
Social Media In 2014, there were approximately 6,000 unique visits to the company website. In addition to the company Facebook page, its Twitter account @PortofWaterford is now used as part of the company social media strategy of promoting port operations, news and events.
Security Security equipment was rehoused as part of an office relocation project. This work involved the installation of over 1.5km of new fibre optic cabling and the termination over 400 individual fibre optic connections. This substantially future-proofs the port security and data systems.
PORT OF WATERFORD COMPANY & SUBSIDIARIES
DIRECTORS’ REPORT (Continued)
for the year ended 31 December 2014
PORT OPERATIONS (continued)
Port Emergency Plan The plan was updated in 2014 and remains fully compatible with the requirements of the Major Emergency Management Framework 2006.
The Environment
An inspection of the port’s discharge licence was carried out during a site visit in December 2013.
It was determined that the current licence is to be examined in full as it was issued in 1995. This
is ongoing.
Energy Usage The Port of Waterford group company employs 31 staff. Electricity is the main energy source in Marine Point and may be broken into the following categories:
Heating the offices
Lighting of yard areas and offices
Container terminal (including two container gantry cranes and refrigerated plug-in points)
Powering of electronic and electrical equipment
Vehicular and water-borne operating equipment
In 2014, the Port of Waterford consumed:
Energy Consumption MWh
Electricity 152
Fossil Fuels 4,273
Renewable Fuels -
Total Energy Consumed 4,425
Consumption was attributed to the container terminal operations and lighting at Belview. An annual review of pricing was undertaken. The electricity to the group is supplied by Airtricity and Electric Ireland. The average occupancy of the offices over the period from January to December 2014 was 13 persons so the average energy consumption was:
49,014 kWh per person/per year 4,084 kWh per person/per month
In 2014, where possible, energy efficient bulbs were used for any new lighting installed or replaced. Energy awareness increased with the use of timer-switches and individual heating controls.
PORT OF WATERFORD COMPANY & SUBSIDIARIES
DIRECTORS’ REPORT (Continued)
for the year ended 31 December 2014
CORPORATE PLAN 2015-2019
A corporate plan for 2015-2019 has been prepared. Continuing economic uncertainty remains,
however the plan reflects an expected improved trading performance from 2016 onwards.
EVENTS SINCE THE BALANCE SHEET DATE
There have been no events since the balance sheet date that require comment.
FUTURE DEVELOPMENTS
There are no developments requiring comment.
POLITICAL DONATIONS
The company did not make any political donations during the year.
PROMPT PAYMENT OF ACCOUNTS
In accordance with the Prompt Payments of Accounts Act 1997 and the European Communities
(Late Payment in Commercial Transactions) Regulations, 2002 it is group policy to pay all
creditors within the limits prescribed in legislation or limits agreed in advance with suppliers.
Invoices are recorded on receipt and cheques are issued as required to ensure timely payment.
The system of internal financial control incorporates such controls and procedures as are
considered necessary to ensure compliance with the legislation.
CORPORATE GOVERNANCE
The directors are committed to maintaining high standards of corporate governance including
compliance with the guidelines set out for port companies in the Corporate Governance
Framework issued by the Department of Communications, Marine and Natural Resources in
February 1997, the Code of Practice for Governance of State Bodies (as updated in May 2009)
and the UK combined Code of Practice.
The main areas covered by the corporate governance framework are as follows:
Directors’ Code of Conduct
It is the company’s aim to ensure that all directors are aware of, and in compliance with, the code
of conduct for directors.
The directors are subject to the rigours of the ‘Combined Code.’
Procurement procedures, advertising and awards of contracts
The company has procedures in place to ensure compliance with public procurement guidelines.
Travel Policy
The company has procedures in place to achieve economy and efficiency in expenditure on
official travel.
PORT OF WATERFORD COMPANY & SUBSIDIARIES
DIRECTORS’ REPORT (Continued)
for the year ended 31 December 2014
CORPORATE GOVERNANCE (continued)
Chief Executive’s Remuneration
The Chief Executive’s salary and benefits package is subject to ratification by the Board of
Directors by virtue of Section 35 (5) of the Harbours Act 1996.
A Remuneration Committee of the Board meets for this purpose. There are 3 non‒executive
directors nominated to this Committee.
Remuneration Committee members are listed separately on page 4 of the report.
Investment appraisal procedures
All investments of a material nature are approved by the Board of Directors.
Procedure for the disposal of fixed assets
All asset disposals of a material nature are ratified by the Board of Directors.
Reporting arrangements and requirements
It is the company’s aim to comply with the agreed reporting requirements of the Department of
Transport, Tourism and Sport and other government departments in a timely and accurate
manner.
Audit Committee
The audit committee met 3 times during 2014. This committee has terms of reference, approved
by the board and is composed entirely of non‒executive directors and they are listed on page 4
of the report.
Internal Audit
The establishment of an internal audit function is considered inappropriate in the context of the
size of the organisation. In order to meet the requirements of the code in relation to internal audit,
a three year rolling programme (as approved by the audit committee) covering various aspects of
the business has been put in place. The programme as outlined is complete to date with the
exception of two items deferred. All reviews were carried out independently. All reports were
reviewed by the audit committee who concluded, on the basis of the reports, that the controls
operating and the level of compliance in these specific areas were satisfactory. The audit
committee reported accordingly to the main Board.
DIRECTORS
The directors of the company in 2014 are listed on page 4. Mr. Derek Donnelly resigned as a
director of the company on 12 February 2014. Ms. Noreen McDonnell and Miss Fiona Ormond
resigned on 6 April 2014. Mr. Michael Flynn resigned on 1 July 2014. Mr. Joe Dreelan, Ms. Louise
Grubb, Ms. Mary Mosse and Mr Jack Walsh were appointed on 25 June 2014. Mr. Des Whelan
was appointed on 6 October 2014.
DIRECTORS’ AND SECRETARY’S INTERESTS IN SHARES
None of the directors or secretary or their immediate families holds shares in the company or
group at the balance sheet date.
PORT OF WATERFORD COMPANY & SUBSIDIARIES
DIRECTORS’ REPORT (Continued)
for the year ended 31 December 2014
BOOKS OF ACCOUNT
The directors are responsible for ensuring that proper books and accounting records, as outlined
in Section 202 of the Companies Act, 1990 are kept by the group. To achieve this, the directors
have appointed a professionally qualified accountant who reports to the board and ensures that
the requirements of Section 202 of the Companies Act, 1990 are complied with.
The books and accounting records are maintained at the company’s premises:
Port of Waterford Company
3rd Floor, Marine Point
Belview Port
Slieverue
Waterford.
AUDITOR
The auditor, Ernst & Young, Chartered Accountants, will continue in office in accordance with
Section 160(2) of the Companies Act, 1963.
On behalf of the Board:
Des Whelan
Chairman
Stan McIlvenny
Chief Executive
26 March 2015
PORT OF WATERFORD COMPANY & SUBSIDIARIES
DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Directors’ Report and the financial statements
in accordance with Irish law and regulations.
Irish company law requires the directors to prepare financial statements giving a true and fair
view of the state of affairs of the company and of the profit or loss for each financial year. Under
that law the directors have elected to prepare financial statements in accordance with Irish
Generally Accepted Accounting Practice (accounting standards issued by the Financial
Reporting Council and promulgated by the Institute of Chartered Accountants in Ireland and
Irish law).
In preparing these financial statements, the directors are required to:
• Select suitable accounting policies and then apply them consistently;
• Make judgements and estimates that are reasonable and prudent;
• Prepare the financial statements on the going concern basis unless it is inappropriate to
presume that the company will continue in business.
The directors are responsible for keeping proper books of account that disclose with reasonable
accuracy at any time the financial position of the company and enable them to ensure that the
financial statements comply with the Companies Acts, 1963 to 2013. They are also responsible
for safeguarding the assets of the company and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial
information included on the company’s website. Legislation in Ireland governing the preparation
and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by the Board on 26 March 2015
Des Whelan
Chairman
Stan McIlvenny
Chief Executive
PORT OF WATERFORD COMPANY & SUBSIDIARIES
CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the year ended 31 December 2014
2014 2013
Note € €
Turnover – continuing operations 2 6,300,874 5,999,303
Other operating income – profit on sale of landbank 85,182 –
Exceptional items 3 205,900 1,053,696
Operating and maintenance costs - (1,207,458) (1,091,843)
Dredging costs (1,138,643) (416,427)
Staff costs 4 (1,615,143) (1,556,546)
Depreciation 8 (1,247,313) (1,726,957)
Grant amortisation 13 328,662 335,208
Other operating charges (677,665) (615,069)
________ ________
Operating profit – continuing operations 5 1,034,396 1,981,365
Profit on disposal of fixed assets 234,945 (91,469)
________ ________
1,269,341 1,889,896
Interest receivable 64,965 64,950
Interest payable and similar charges 6 (7,963) (12,403)
Other financing costs 15 (250,335) (234,771)
________ ________
Profit on ordinary activities before taxation 1,076,008 1,707,672
Tax on profit on ordinary activities 7 157,243 (159,142)
________ ________
Profit on ordinary activities after taxation 17 1,233,251 1,548,530
========== ==========
Approved by the Board on 26 March 2015
Des Whelan
Chairman
Stan McIlvenny
Chief Executive
PORT OF WATERFORD COMPANY & SUBSIDIARIES
MOVEMENTS ON CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the year ended 31 December 2014
2014 2013
Note € €
At 1 January 9,960,572 8,705,287
Profit for the year 1,233,251 1,548,530
Pension scheme actuarial losses 15 (536,319) (151,872)
Deferred tax charge in relation to pension scheme 15 (38,668) (141,373)
________ _________
At 31 December 10,618,836 9,960,572
========== ==========
CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES.
2014 2013
Note € €
Profit for the year 1,233,251 1,548,530
________ ________
Pension scheme actuarial losses
Return on scheme assets
greater than/(less than) expected return 2,132,154 (245,310)
Experience (losses)/gains (2,668,473) 93,438
________ ________
15 (536,319) (151,872)
________ ________
Deferred tax charge in relation to pension scheme 15 (38,668) (141,373)
________ ________
Total recognised gains and losses for year 658,264 1,255,285
========== ==========
PORT OF WATERFORD COMPANY & SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
at 31 December 2014
2014 2013
ASSETS EMPLOYED Note € €
FIXED ASSETS
Tangible assets 8 37,609,369 38,383,744
_________ _________
CURRENT ASSETS
Stock 10 1,369,601 1,805,000
Debtors 11 2,007,371 3,091,399
Cash at bank and in hand 5,647,729 3,516,943
_________ _________
9,024,701 8,413,342
CREDITORS (amounts falling due within one year) 12 (1,439,461) (1,504,158)
_________ _________
NET CURRENT ASSETS 7,585,240 6,909,184
_________ _________
TOTAL ASSETS LESS CURRENT LIABILITIES 45,194,609 45,292,928
_________ _________
CAPITAL GRANTS 13 (9,929,139) (10,257,801)
DEFERRED TAXATION 14 (395,213) (552,456)
DEFINED BENEFIT PENSION LIABILITY 15 (5,483,095) (5,753,773)
_________ __________
(15,807,447) (16,564,030)
_________ __________
29,387,162 28,728,898
========== ==========
CAPITAL AND RESERVES
Called up share capital 16 18,675,803 18,675,803
Capital reserves 17 92,523 92,523
Profit and loss account 17 10,618,836 9,960,572
_________ __________
Shareholders’ funds 17 29,387,162 28,728,898
========== ==========
Approved by the Board on 26 March 2015
Des Whelan
Chairman
Stan McIlvenny
Chief Executive
PORT OF WATERFORD COMPANY & SUBSIDIARIES
COMPANY BALANCE SHEET
at 31 December 2014
2014 2013
ASSETS EMPLOYED Note € €
FIXED ASSETS
Tangible assets 8 37,599,329 38,379,004
Financial assets 9 100 100
_________ _________
37,599,429 38,379,104
_________ _________
CURRENT ASSETS
Stock 10 1,369,601 1,805,000
Debtors 11 1,867,413 2,986,346
Cash at bank and in hand 5,582,426 3,456,196
_________ _________
8,819,440 8,247,542
CREDITORS (amounts falling due within one year) 12 (1,349,613) (1,401,247)
_________ _________
NET CURRENT ASSETS 7,469,827 6,846,295
_________ _________
TOTAL ASSETS LESS CURRENT LIABILITIES 45,069,256 45,225,399
_________ _________
CAPITAL GRANTS 13 (9,929,139) (10,257,801)
DEFERRED TAXATION 14 (395,213) (552,456)
DEFINED BENEFIT PENSION LIABILITY 15 (5,483,095) (5,753,773)
_________ _________
(15,807,447) (16,564,030)
_________ _________
29,261,809 28,661,369
========== ==========
CAPITAL AND RESERVES
Called up share capital 16 18,675,803 18,675,803
Capital reserves 17 92,523 92,523
Profit and loss account 17 10,493,483 9,893,043
_________ _________
Shareholders’ funds 17 29,261,809 28,661,369
========== ==========
Approved by the Board on 26 March 2015
Des Whelan
Chairman
Stan McIlvenny
Chief Executive
PORT OF WATERFORD COMPANY & SUBSIDIARIES
CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 December 2014
2014 2013
Note € € € €
Net cash inflow from
operating activities 20 3,195,396 2,132,191
Returns on investments and
servicing of finance
Interest paid (8,027) (12,860)
Interest received 54,693 68,917
________ ________
46,666 56,057
Pension liabilities
Payments of past service pension liabilities
and contributions (1,164,105) (977,631)
Taxation
Corporation tax repaid/(paid) 542 (542)
Capital expenditure and
financial investment
Net Proceeds from sale of
tangible fixed assets 354,248 2,000
Disposal costs (9,501) (37,687)
Purchase of tangible fixed assets (292,460) (77,881)
________ _________
52,287 (113,568)
Financing
Loans repaid 21 – (230,647)
________ ________
Increase in cash 21 & 22 2,130,786 865,860
========== ==========
PORT OF WATERFORD COMPANY & SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 December 2014
1. ACCOUNTING POLICIES
(a) Basis of preparation of financial statements
The financial statements have been prepared in accordance with Generally Accepted
Accounting Principles and comply with Financial Reporting Standards approved by the
Accounting Standards Board for use in Ireland and the UK, and promulgated in Ireland by
the Institute of Chartered Accountants in Ireland, and have been prepared under the
Historical Cost Convention. The profit and loss account of the company departs from the
formats prescribed under the Companies Act, 1986, in order to reflect the special nature of
the company’s business.
The fixed assets of the Waterford Harbour Commissioners were revalued in consultation
with the Minister for Communications, Marine and Natural Resources. The revalued assets
were transferred to the company on vesting day 11 January 1999, under the Harbours’ Act,
1996.
(b) Basis of consolidation
The consolidated accounts incorporate the accounts of the company and each of its
subsidiaries for the year ended 31 December 2014. No profit and loss account is presented
for Port of Waterford Company as is permitted by Section 148 (8) of the Companies Act,
1963 and Section 7 (1A) of the Companies Amendment Act, 1986.
(c) Turnover
Turnover, which is stated net of value added tax, comprises charges to port users, rents
and income from car parking.
(d) Tangible fixed assets
Freehold land is stated at cost. Other tangible fixed assets are stated at cost less
accumulated depreciation. Fixed assets acquired from the company’s predecessor entity,
Waterford Harbour Commissioners, are stated at their vesting day transfer values.
Depreciation is calculated in order to write off the cost of tangible fixed assets other than
freehold land over their estimated useful lives by equal annual instalments as follows:
Buildings 40 years
Dock structures 50 years
Floating craft up to 30 years
Cranes 12 years
Plant, machinery and equipment 4 - 15 years
Capital dredging 5 years
Motor vehicles 5 years
Computer and office equipment 4 - 7 years
PORT OF WATERFORD COMPANY & SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 December 2014 (continued)
1. ACCOUNTING POLICIES (continued)
(e) Development land
Development land comprises land which is not held for long-term business usage, but
which is held for development or re-sale purposes. It is carried as stock on the balance
sheet and is stated at the lower of cost and net realisable value. Net realisable value is
based on estimated market value.
(f) Leases
Operating lease rentals are charged to the profit and loss account as they fall due.
(g) Taxation
Current tax is recognised on the basis of tax rates and laws in place during the year.
Deferred tax is recognised in respect of all timing differences that have originated but not
reversed at the balance sheet date where transactions or events that result in an obligation
to pay more, or a right to pay less, tax, with the exception that deferred tax assets are
recognised only to the extent that the directors consider that it is more likely than not that
there will be suitable taxable profits from which the future reversal of the underlying timing
differences can be deducted.
Timing differences are differences between profit as computed for taxation purposes and
profit as stated in the financial statements, which arise because certain items of income
and expenditure in the financial statements are dealt with in different periods for taxation
purposes.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to
apply in the periods in which timing differences reverse, based on tax rates and laws
enacted or substantively enacted at the balance sheet date.
(h) Grants and contributions to tangible fixed asset costs
Grants and contributions to the cost of tangible fixed assets are treated as deferred credits,
which are amortised to the profit and loss account on the same basis as the related tangible
fixed assets are depreciated.
Grants to subvent revenue expenditure are treated as deferred credits and released to the
profit and loss account over the period that the grants are subventing.
(i) Foreign currencies
The financial statements are denominated in Euro (€).
Monetary assets and liabilities denominated in foreign currencies are translated at the
exchange rates ruling at the balance sheet date and revenues, costs and non‒monetary
assets at the exchange rates ruling at the dates of the transactions.
Profits and losses arising from foreign currency translations and on settlement of amounts
receivable and payable in foreign currency are dealt with in the profit and loss account.
Monetary assets are money held and amounts to be received in money; all other assets
are non‒monetary assets.
PORT OF WATERFORD COMPANY & SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 December 2014 (continued)
1. ACCOUNTING POLICIES (continued)
(j) Pension costs
Defined benefit scheme
Pension scheme assets are measured using market value. Pension scheme liabilities are
measured using the projected unit actuarial method and are discounted at the current rate
of return on a high quality corporate bond of equivalent terms and currency to the liability.
The increase in the present value of the liabilities of the group’s defined benefit pension
schemes expected to arise from the employee service in the period is charged to operating
profit. The expected return on the schemes’ assets and the increase during the year in the
present value of the schemes’ liabilities arising from the passage of time are included in
other finance income. Actuarial gains and losses are recognised in the statement of total
recognised gains and losses. Pension schemes’ surpluses to the extent that they are
considered recoverable, or deficits are recognised in full and presented on the face of the
balance sheet, net of the related deferred tax.
Defined contribution scheme
The group operates defined contribution pension schemes. Contributions are charged to
the profit and loss account as they become payable in accordance with the rules of the
scheme.
2. TURNOVER 2014 2013
€ €
Turnover comprises the following:
Port dues and other port related income 5,589,580 5,278,203
Car parking and other revenues 711,294 721,100
_________ _________
6,300,874 5,999,303
========== ==========
3. EXCEPTIONAL ITEMS 2014 2013
€ €
Bell Lines Limited – Final liquidation
dividend 205,900 2,013,203
Write down of Development Land - (959,507)
_________ _________
205,900 1,053,696
========== ==========
PORT OF WATERFORD COMPANY & SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 December 2014 (continued)
4. EMPLOYEES, (INCLUDING PILOTS) AND REMUNERATION
The average number of persons employed (including pilots) during the year was as follows:
2014 2013
No. No.
Administration 9 9
Operations and maintenance 22 20
___ ___
31 29
___ ___
The payroll costs of these persons were as follows: € €
Wages and salaries 1,309,638 1,260,019
Social welfare costs 147,976 140,424
Pension cost – defined benefit 63,765 58,038
Pension cost ‒ defined contribution 93,764 98,065
________ _________
1,615,143 1,556,546
========== ==========
5. OPERATING PROFIT 2014 2013
€ € € €
This is stated after charging/(crediting):
Directors’ remuneration
- For management services
Basic salary 122,059 122,059
Bonus - -
Additional benefits 7,824 7,824
Pension contributions – regular 30,515 30,515
- For services as directors 53,851 58,762
- Pensions paid to past directors 124,309 124,309
Auditors’ remuneration
- Audit of Group Accounts 18,228 15,000
- Other Assurance Services 1,150 5,710
- Other non‒audit services 1,600 1,600
Depreciation (note 8) 1,247,313 1,726,957
Grant amortisation (note 13) (328,662) (335,208)
________ ________
918,651 1,391,749
========== ==========
PORT OF WATERFORD COMPANY & SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 December 2014 (continued)
6. INTEREST PAYABLE AND SIMILAR CHARGES 2014 2013
€ €
Bank overdraft interest and bank charges 7,963 7,065
Bank loans repayable within five years by instalments - 5,338
________ ________
7,963 12,403
========= ==========
7. TAX ON PROFIT ON ORDINARY ACTIVITIES 2014 2013
€ €
(a) Analysis of charge/(credit) for the year:
Current tax
Corporation tax – –
________ ________
Current tax (Note 7 (b)) – –
Deferred tax (credit)/charge (Note 14) (157,243) 159,142
________ ________
Tax on profit on ordinary activities (157,243) 159,142
========= ==========
(b) Factors affecting tax charge for the year:
The tax assessed for the year differs from that
calculated using the standard rate of corporation tax
in the Republic of Ireland (12.5%).
The differences are explained below:
Profit on ordinary activities before taxation 1,076,008 1,707,672
========= ==========
PORT OF WATERFORD COMPANY & SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 December 2014 (continued)
7. TAX ON PROFIT ON ORDINARY ACTIVITIES 2014 2013
(continued) € €
Profit on ordinary activities before tax
multiplied by standard rate of corporation
tax in the Republic of Ireland 12.5% 134,501 213,459
Effects of:
Expenses not allowable for tax purposes 1,183 (196)
Depreciation in excess of capital allowances (14,642) 99,905
Estate and investment income @ 25% 12,386 35,683
Pension payment in excess of charge (174,944) (160,356)
Other timing differences – 6,313
Losses brought forward from prior periods (10,648) (247,269)
Losses carried forward to future periods 52,164 52,461
________ ________
Current tax charge for the year (Note 7 (a)) - -
========= ==========
8. TANGIBLE FIXED ASSETS
Motor
Land Vehicles,
Wharves Cranes Capital Office
& Buildings & Plant Dredging Equipment Total
Group € € € € €
Cost
At 1 January 2014 49,345,223 13,175,007 1,577,572 142,439 64,240,241
Additions during year 361,186 170,362 43,727 7,465 582,740
Disposals during year (160,757) (750) - - (161,507)
_________ _________ ________ _______ _________
At 31 December 2014 49,545,652 13,344,619 1,621,299 149,904 64,661,474
_________ _________ ________ _______ _________
Accumulated depreciation
At 1 January 2014 12,183,910 12,658,184 874,110 140,293 25,856,497
Charge for year 1,022,776 183,647 39,238 1,652 1,247,313
On disposals (50,955) (750) - - (51,705)
_________ ________ _______ _______ _________
At 31 December 2014 13,155,731 12,841,081 913,348 141,945 27,052,105
_________ ________ _______ _______ _________
Net book value
At 31 December 2014 36,389,921 503,538 707,951 7,959 37,609,369
=========== ========== ========== ========= ==========
At 31 December 2013 37,161,313 516,823 703,462 2,146 38,383,744
=========== ========== ========== ========= ==========
Land, wharves and buildings include land in the amount of €1,657,173 on which no
depreciation is charged.
PORT OF WATERFORD COMPANY & SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 December 2014 (continued)
8. TANGIBLE FIXED ASSETS
Motor
Land Vehicles,
Wharves Cranes Capital
& Buildings & Plant Dredging Total
Company € € € €
Cost:
At 1 January 2014 49,345,223 12,140,624 1,577,572 63,063,419
Additions during year 361,186 170,362 43,727 575,275
Disposals during year (160,757) (750) - (161,507)
_________ _________ ________ _________
At 31 December 2014 49,545,652 12,310,236 1,621,299 63,477,187
_________ _________ ________ _________
Accumulated
Depreciation:
At 1 January 2014 12,183,910 11,626,395 874,110 24,684,415
Charge for year 1,022,776 183,134 39,238 1,245,148
On disposals (50,955) (750) - (51,705)
_________ ________ _______ _________
At 31 December 2014 13,155,731 11,808,779 913,348 25,877,858
_________ ________ _______ _________
Net book value:
At 31 December 2014 36,389,921 501,457 707,951 37,599,329
=========== ========== ========== ==========
At 31 December 2013 37,161,313 514,229 703,462 38,379,004
=========== ========== ========== ==========
Land, wharves and buildings include land in the amount of €1,657,173 on which no
depreciation is charged.
PORT OF WATERFORD COMPANY & SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 December 2014 (continued)
9. FINANCIAL FIXED ASSETS Company
2014 2013
€ €
Group undertakings – unlisted
Shares at cost 100 100
========= ==========
The investment comprises 100% of the share capital of Waterford Container Terminal
Limited, whose registered office is at 3rd Floor, Marine Point, Belview Port, Slieverue,
Waterford. Waterford Container Terminal Limited is engaged in the provision of stevedoring
services. The investment comprises 100 Ordinary Shares of €1 each.
In the opinion of the directors, the value to the company of the unlisted investment is not
less than the book amount shown above.
10. STOCK Group and Company
2014 2013
€ €
Development land:
Land bank 1,369,601 1,805,000
========= ==========
The company is engaged in the development of land adjacent to the port for industrial
purposes. The amount stated above for 2013 is the revalued amount at the end of that year.
15 acres of this land was sold in 2014.
11. DEBTORS Group Company
(amounts falling due within one year) 2014 2013 2014 2013
€ € € €
Trade debtors and prepayments 2,007,371 1,077,861 1,826,173 968,922
Other debtors – 2,013,203 – 2,013,203
Amounts due by subsidiary
undertaking - trade – – 41,240 3,886
Corporation tax – 335 – 335
________ ________ ________ ________
2,007,371 3,091,399 1,867,413 2,986,346
========= ========= ========= =========
PORT OF WATERFORD COMPANY & SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 December 2014 (continued)
12. CREDITORS Group Company
(amounts falling due within one year) 2014 2013 2014 2013
€ € € €
Trade creditors and accruals 1,351,829 1,414,075 1,249,435 1,313,155
Amount due to subsidiary
undertaking - trade - - 7,957 4,188
PAYE 45,547 50,707 39,447 45,082
PRSI 17,235 16,753 10,926 11,163
VAT 24,645 22,623 41,643 27,659
Corporation tax 205 - 205 -
________ ________ ________ ________
1,439,461 1,504,158 1,349,613 1,401,247
========= ========= ========= =========
13. CAPITAL GRANTS: Group and Company
Government and EU Grants 2014
€
Receivable
At 1 January 2014 and
at 31 December 2014 17,906,486
_________
Amortisation
At 1 January 2014 7,648,685
Credited in year 328,662
_________
At 31 December 2014 7,977,347
_________
Net book amounts
At 31 December 2014 9,929,139
=========
At 31 December 2013 10,257,801
=========
Prior to vesting day Waterford Harbour Commissioners had received capital grants
amounting to €24,319,608.
PORT OF WATERFORD COMPANY & SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 December 2014 (continued)
14. DEFERRED TAXATION Group and Company
2014 2013
€ €
Principally on accelerated capital allowances
and unutilised tax losses
At 1 January 552,456 393,314
(Credit)/charge for the year (Note 7) (157,243) 159,142
_______ ________
At 31 December 395,213 552,456
========= ==========
A deferred tax asset of €204,442 in respect of losses forward in relation to the company’s
landbank is not recognised in these financial statements due to the uncertainty surrounding
future taxable profits against which these losses can be utilised. A potential deferred tax
asset of €106,499 (2013: €233,509) in respect of trading losses carried forward to future
periods has not been recognised as there is uncertainty over the timing of future taxable
profits arising from the company’s subsidiary undertaking’s principal activity.
15. PENSION COMMITMENTS
Defined contribution schemes
The group operates defined contribution pension schemes for certain employees. The
assets of the schemes are held separately from those of the group in independently
administered funds. The advice of a professionally qualified actuary was taken in the setting
up and maintenance of the schemes. Total pension costs of the defined contribution
schemes for the year ended 31 December 2014 amounted to €93,764 (2013: €98,065).
Defined benefit scheme
The company operates defined benefit schemes for certain of its permanent employees,
including employees and former employees of the company’s predecessor entity Waterford
Harbour Commissioners. Contributions to the scheme are based on the advice of an
independent qualified actuary. The scheme is funded by the payment of contributions to a
separately administered fund.
The company has agreed with the Pensions Board, the funding of the scheme over a period
which is longer than the maximum normally allowed. To facilitate this extended funding
period the company has granted a charge over certain non-core assets in favour of the
Trustees of the Pension Scheme. This charge is granted as security for any deficit of funds
as certified by the scheme actuary in relation to the Pension Scheme until such time as the
Trustees are satisfied that the deficit is unconditionally and irrevocably paid in full.
The overall expected rate of return on plan assets of 1.35% has been derived from the
weighted expected return of each of the major categories of assets after allowing for the
pension levy deduction of 0.75%. In particular the expected annual return on bonds has
been taken to be 1.5%. The expected annual return on cash has been taken to be 0.25%.
This has been derived from the average yield on long term Eurozone Government debt.
PORT OF WATERFORD COMPANY & SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 December 2014 (continued)
15. PENSION COMMITMENTS (continued)
The amounts recognised in the balance sheet are as follows:
2014 2013
€’000 €’000
Present value of funded obligations 16,220 14,039
Fair value of plan assets (9,954) (7,463)
________ ________
Deficit 6,266 6,576
Related deferred tax asset (783) (822)
________ ________
Net liability 5,483 5,754
========= ==========
The amounts recognised in the profit and loss account are as follows:
2014 2013
€’000 €’000
In staff costs:
Current service cost 64 58
________ ________
In other financing costs:
Interest on obligation 436 453
Expected return on plan asset (185) (218)
________ ________
251 235
________ ________
Total 315 293
========= ==========
Actual return on plan assets 2,318 (27)
========= ==========
PORT OF WATERFORD COMPANY & SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 December 2014 (continued)
15. PENSION COMMITMENTS (continued)
Changes in present value of the defined benefit obligation are as follows:
2014 2013
€’000 €’000
Opening defined benefit obligation 14,039 14,585
Current service cost 64 58
Employees’ contribution 4 4
Interest cost 436 453
Actuarial losses/(gains) 2,668 (93)
Benefits paid (991) (968)
________ ________
Closing defined benefit obligation 16,220 14,039
========= ==========
Changes in the fair value of plan assets are as follows:
2014 2013
€’000 €’000
Opening fair value of plan assets 7,463 6,878
Expected return 185 218
Employers contributions 1,160 1,576
Employees’ contribution 4 4
Actuarial experience gains/(losses) 2,133 (245)
Benefits paid (991) (968)
________ ________
Closing fair value of plan assets 9,954 7,463
========= ==========
PORT OF WATERFORD COMPANY & SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 December 2014 (continued)
15. PENSION COMMITMENTS (continued)
The company expects to contribute a total of €1.16m to the defined benefit plan including
€0.92m contribution in 2015. This is in accordance with the funding plan agreed in 2013.
The major categories of plan assets as a percentage of total plan assets are as follows:
2014 2013
Bonds 99.5% 92%
Cash 0.5% 8%
Principal actuarial assumptions at the balance sheet date (expressed as weighted
averages)
2014 2013
Discount rate at 31 December 1.75% 3.20%
Inflation 2.00% 2.00%
Salary increases 2.50% 2.50%
Increase in pensions 0.50% 0.50%
Expected return on assets (net of pension levy) 1.35% 2.45%
Base mortality table:
Active members: M - 62% PMNL 2000 F - 70% PNFL 2000
Current pensioners: M - 62% PMNL 2000 F - 70% PNFL 2000
The mortality basis for Active Members and Current Pensioners is updated to mortality basis
set out in Actuarial Standards of Practice – Pensions No.3.
Amounts for the current and previous four periods are as follows:
2014 2013 2012 2011 2010
€’000 €’000 €’000 €’000 €’000
Fair value of assets 9,954 7,463 6,878 5,498 4,656
Defined benefit of obligation (16,220) (14,039) (14,585) (15,116) (15,124)
Deficit (6,266) (6,576) (7,707) (9,618) (10,468)
Experience adjustments in assets 2,133 (245) 712 5 (111)
Experience adjustments in liability (2,668) 93 210 732 (220)
====== ====== ====== ====== ======
16. CALLED UP SHARE CAPITAL 2014 2013
€ €
Authorised:
32,000,000 Ordinary Shares of €1.25 each 40,000,000 40,000,000
========== ==========
Allotted, called up and fully paid:
14,940,642 Ordinary Shares of €1.25 each 18,675,803 18,675,803
========== ==========
PORT OF WATERFORD COMPANY & SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 December 2014 (continued)
17. RECONCILIATION OF MOVEMENTS
IN SHAREHOLDERS' FUNDS
Capital
Issued conversion Profit Total
share reserve and loss shareholders’
capital fund account funds
Group € € € €
At 1 January 2014 18,675,803 92,523 9,960,572 28,728,898
Profit for the year – – 1,233,251 1,233,251
Pension scheme actuarial
losses – – (536,319) (536,319)
Deferred tax charge in relation
to pension scheme – – (38,668) (38,668)
_________ ________ ________ _________
At 31 December 2014 18,675,803 92,523 10,618,836 29,387,162
========== ========== ========== ==========
Capital
Issued conversion Profit Total
share reserve and loss shareholders’
capital fund account funds
Company € € € €
At 1 January 2014 18,675,803 92,523 9,893,043 28,661,369
Profit for the year – – 1,175,427 1,175,427
Pension scheme actuarial
losses – – (536,319) (536,319)
Deferred tax charge in relation
to pension scheme – – (38,668) (38,668)
_________ ________ ________ _________
At 31 December 2014 18,675,803 92,523 10,493,483 29,261,809
========== ========== ========== ==========
PORT OF WATERFORD COMPANY & SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 December 2014 (continued)
18. CONTINGENCIES
Company
(i) Contingent liabilities
Section 17, Companies (Amendment) Act, 1986:
The company has guaranteed the liabilities (as defined in Section 5 (c) (ii) of the
Companies Amendment Act, 1986) of its subsidiary set out at Note 9 and consequently,
the subsidiary undertaking does not file its financial statements.
19. COMMITMENTS
Under the terms of a sales contract entered into by the company during the year, for the
sale of a site from its landbank, the company is committed to paying a contribution of up
to €175,000 to the purchaser of the site in respect of an access road.
20. RECONCILIATION OF OPERATING PROFIT TO 2014 2013
NET CASH INFLOW FROM OPERATING ACTIVITIES € €
Operating profit 1,034,396 1,981,365
Depreciation 1,247,313 1,726,957
Grants amortised (328,662) (335,208)
Decrease in stock 435,399 –
Decrease/(increase) in debtors 1,093,965 (2,045,086)
Decrease in creditors (355,118) (217,720)
Pension cost 63,765 58,038
Pension ‒ Regular employee contributions 4,338 4,338
Write down of development land – 959,507
________ _________
Net cash inflow from operating activities 3,195,396 2,132,191
========== ==========
21. RECONCILIATION OF NET CASH FLOW 2014 2013
TO MOVEMENT IN NET FUNDS € €
Increase in cash for year 2,130,786 865,860
Cash outflow from term loan repayments - 230,647
_________ _________
Increase in net funds for the year 2,130,786 1,096,507
Net funds at 1 January 3,516,943 2,420,436
_________ _________
Net funds at 31 December 5,647,729 3,516,943
========== ==========
PORT OF WATERFORD COMPANY & SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 December 2014 (continued)
22. ANALYSIS OF CHANGES IN NET FUNDS
At At
1 Jan Cash Other 31 Dec
2014 Flows Movements 2014
€ € € €
Cash at bank and in hand 3,516,943 2,130,786 – 5,647,729
========== ========== ========= ==========
23. PROFIT FOR THE YEAR ATTRIBUTABLE TO MEMBERS OF THE PARENT COMPANY
AND AUDITOR’S REMUNERATION
(i) As provided under Section 148(8) of the Companies Act, 1963 and Section 7(1A) of the
Companies Amendment Act, 1986 a separate profit and loss account of the holding
company is not presented.
The amount of the profit dealt with in the accounts of the holding company for the year
ended 31 December 2014 was €1,175,427.
(ii) The fees paid to Ernst & Young for the audit of the parent company were €14,464 and
€12,750 for 2014 and 2013 respectively. Note 5 provides additional information regarding
auditors’ remuneration applicable to the group.
24. RELATED PARTY TRANSACTIONS
- Mr. Derek Donnelly, a director of the company during the year, is also a director of Passage
East Car Ferries Limited, a port user, with which the company had transactions on normal
commercial terms.
- Mr. Patrick Heffernan is a full time employee of the company. Mr. Heffernan’s terms of
employment are the same as those applying to other employees in a similar position.
- The only other transactions between the company and its directors were the payment for
services as executive, director or chairman.
PORT OF WATERFORD COMPANY & SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 December 2014 (continued)
25. DIRECTORS’ DISCLOSURES
Meetings* Fees
Director attended €
Des Whelan (Chairman) 2/2 2,961
Michael Flynn (Chairman) 6/6 5,595
S. McIllvenny (CEO) 9/9 8,100
D. Donnelly 0/1 888
Fiona Ormond 3/3 2,010
N. McDonnell 3/3 2,010
Pat Heffernan 8/9 7,766
Helen Noble 8/9 7,766
Joe Dreelan 2/2 4,189
Louise Grubb 2/2 4,189
Mary Mosse 2/2 4,189
Jack Walsh 0/2 4,189
*Meetings attended/meetings eligible
The total of expenses paid to directors (excluding the CEO) was €390 broken down as follows:
€
Travel expenses 5
Conference Fee 385
_____
390
======
26. CONTROLLING PARTY
The company’s immediate and ultimate controlling party is the Minister for Transport, Tourism
and Sport.
27. APPROVAL OF FINANCIAL STATEMENTS
The financial statements were approved and authorised for issue by the board of directors on
26 March 2015.