Notes |
31-Dec-24 |
31-Dec-23 |
|
Property, plant and equipment - owned assets |
8,011,526 |
6,875,419 |
|
Property, plant and equipment - right-of-use assets |
14,636 |
15,498 |
|
Property, plant and equipment - as presented on the balance sheet |
8,026,162 |
6,890,917 |
Property, plant and equipment - owned assets
Infrastructure assets |
Operational assets |
Non-network assets €’000 |
Assets under construction €’000 |
Total €’000 |
|
Cost |
|||||
At 1 January 2023 |
2,845,563 |
2,079,119 |
245,270 |
1,187,348 |
6,357,300 |
Additions |
- |
- |
- |
1,249,506 |
1,249,506 |
Disposals |
- |
- |
(241) |
- |
(241) |
Derecognition charge |
- |
- |
- |
(1,435) |
(1,435) |
Transfers |
653,609 |
489,634 |
49,261 |
(1,192,504) |
- |
At 31 December 2023 |
3,499,172 |
2,568,753 |
294,290 |
1,242,915 |
7,605,130 |
Additions |
- |
- |
- |
1,320,543 |
1,320,543 |
Disposals |
- |
- |
(710) |
- |
(710) |
Derecognition charge |
- |
- |
- |
(27) |
(27) |
Transfers |
740,531 |
379,651 |
79,800 |
(1,199,982) |
- |
At 31 December 2024 |
4,239,703 |
2,948,404 |
373,380 |
1,363,449 |
8,924,936 |
Accumulated depreciation and impairment losses |
|||||
At 1 January 2023 |
(169,581) |
(300,568) |
(100,504) |
(8,309) |
(578,962) |
Depreciation charge |
(43,471) |
(79,205) |
(26,433) |
- |
(149,109) |
Impairment charge |
- |
- |
- |
(1,827) |
(1,827) |
Disposals |
- |
- |
187 |
- |
187 |
At 31 December 2023 |
(213,052) |
(379,773) |
(126,750) |
(10,136) |
(729,711) |
Depreciation charge |
(47,869) |
(97,328) |
(31,758) |
- |
(176,955) |
Impairment charge |
- |
- |
- |
(7,436) |
(7,436) |
Disposals |
- |
- |
692 |
- |
692 |
At 31 December 2024 |
(260,921) |
(477,101) |
(157,816) |
(17,572) |
(913,410) |
Carrying amounts |
|||||
At 31 December 2023 |
3,286,120 |
2,188,980 |
167,540 |
1,232,779 |
6,875,419 |
At 31 December 2024 |
3,978,782 |
2,471,303 |
215,564 |
1,345,877 |
8,011,526 |
During 2024, the Company undertook its regular review of capital expenditure as required by accounting standards, which this year coincided with the submission of its Capital Investment Plan for the five year Regulatory Control cycle (2025-2029). The Capital Investment Plan for each Revenue Control cycle is subject to an extensive stakeholder consultation process and is reviewed in detail by our economic regulator, the CRU as part of our Revenue Control process. Following these reviews, certain projects were identified for accounting impairment. The charge of €7.4 million in 2024 (2023: €1.8 million) is spread across 40 different capital projects. While the work done on the projects may inform future work, the spend on the projects was deemed to be impaired at year end. The impairment can be due to factors like alternative solutions being identified, an assessment that the project is no longer the optimal approach or investment reprioritisation resulting in a low probability of the project proceeding over the next Revenue Control cycle. These projects were all included in the Company’s previous Capital Investment Plans, and the capital expenditure was necessarily undertaken in compliance with the various public spending requirements.
The derecognition charge of €0.03 million in 2024 (2023: €1.4 million) relates to projects which have been derecognised as the project did not result in a capital asset.