Brennans Row wrote: » Shannon Commercial Properties is seeking an Architect led Design team for R & D Technology Facilities in the Shannon Free Zone (EU-Supply).Detailed description:Bay 77 & 79, Block R is the most appropriate location for the development. The subject site is c. 2.6 acres adjacent the main entrance to the SFZ and in a very high profile location. Demolition of existing buildings on the subject site has recently been completed in October 2020. Shannon Commercial Properties strategy is to construct an R&D Technology Facility c. 40,000 sq. ft. including all site development works. In advance of the development works, Shannon Commercial Properties will appoint a suitably qualified multi-disciplinary design team responsible for managing the project stages following grant of planning permission.
Clareman wrote: » Haven't Genworth Financial been gone for years? Axa Partners now up in Westpoint I think
Brennans Row wrote: » I think that map is from 2010 and the buliding on the site at bay 77 is marked as GE Money (Genworth Financial / AXA). Good to see that this site is now cleared and hopefully will be replaced by a representative building as it is situated on the main entrance of the estate.
tv221 wrote: » They had a planning questioned on glare from solar panels. http://www.eplanning.ie/ClareCC/AppFileRefDetails/20575/0 Interesting whether they just want redesign or can't be bothered with county councils politics with Shannon, which would be sucking out rates etc
JCX BXC wrote: » http://clareherald.com/2021/04/boost-for-shannon-with-new-ryanair-route-59892/ Ryanair announce new Shannon to Corfu route, twice a week from July.
finbarrk wrote: » Nice one. The only thing that would put me off is the 4 hours in a Ryanair seat.
Masala wrote: » They won’t be happy being called a Regional Airport....... ouch!!
DHL commences freight operations from Cork Airport (Irish Examiner) DHL Express is to establish new cargo operations from Cork running a daily flight to the courier service's largest European hub in Leipzig, Germany. The freight service will be operated initially by a Boeing 767 lower deck aircraft five days per week, Monday to Friday inclusive. Condor, the German leisure airline, has leased four Boeing 767-300’s to DHL to carry cargo instead of passengers. The aircraft are being used by DHL to supplement the increase in cargo capacity on a number of routes as a result of the COVID-19 pandemic. One of these leased aircraft will operate on specific routes for DHL from their new operation at Cork Airport.
Shannon Group records loss of €28.2 million for 2020 (RTE) The Shannon Group which runs the airport, a number of heritage sites and a property portfolio recorded a loss of €28.2 million last year as passenger figures and visitor numbers to the Mid West airport and region collapsed because of the Covid pandemic. Its annual report released this afternoon showed there were just 352,000 passengers last year, a 79% decrease on 2019, and a 92% reduction over the period April to December last year. There was also a collapse in visitors across its portfolio of heritage attractions, including Bunratty castle and folk park, and King Johns Castle in Limerick which are heavily reliant on international visitors. The sites recorded 302,000 visitors in 2020, a drop of 69% on 2019. Mary Considine CEO of the Shannon group said "These declines reflect the devastating impact of Covid-19 and were particularly disappointing given the optimism with which we embarked on 2020, forecasting growth for each of our Group businesses. We had secured new routes for the Airport, were continuing our strong property development strategy and anticipating growth at our heritage sites. Unfortunately, instead we found ourselves facing an unprecedented crisis which resulted in the Group recording a loss for the year of €28.2 million compared to a profit in 2019 of €21.6 million. "Government support through the provision of capital funding under the Covid-19 Regional State Airports Programme is a welcome contribution towards the overall cost of a range of critical safety and security projects to futureproof the Airport," she added. "We know the importance of air connectivity in supporting tourism, Foreign Direct Investment (FDI) and indigenous investment in our region and along the West Coast and the need to restore air services for these sectors is crucial. "We appreciate the range of Government supports Shannon Group has received since the onset of the pandemic and we will continue to advocate the benefits of putting in place a multi-year funding arrangement, providing capital and operational funding for State-owned regional airports, support packages for airlines for route development, along with an increase in route marketing funds available to Tourism Ireland which will be critical to the economic recovery of the regions," she said. Shannon Group's property business performed strongly during 2020. The Group continued to deliver on its property development strategy which has seen it invest over €130 million and deliver 1 million sq ft of commercial property solutions across the Shannon Campus at Shannon Free Zone and Shannon Airport since 2015. The development of three advanced manufacturing and logistics facilities totalling 148,000 sq ft on a 12-acre site in the Shannon Free Zone is now complete. The US/UK based clinical-stage gene therapy company MeiraGTx are currently undertaking a fit out in the two buildings they have secured thee. Further strategic developments are planned for the Shannon Campus in 2021. The next phase of its property portfolio development strategy will see the delivery of a new 40,000 sq ft R&D high bay technology unit, the redevelopment of two existing buildings as multi-purpose units and small office suites, as well as advancing a planning application for the development of a 60,000 sq ft warehousing facility.
Brennans Row wrote: » To go from a profit of €21.6 million in 2019 to a loss of €28.2 million in 2020, is a savage negative change of €50 million in one year! 2021 will be just as difficult for sure too. Here is a link to their Annual Report Publications.
(i) Provision for voluntary severance scheme A voluntary severance scheme was launched during 2020. An exceptional charge of €3,436,000 was recorded during the year in respect of costs arising under this scheme (Note 22). (ii) Impairment loss on tangible fixed assets Management have considered the carrying value of property, plant and equipment at 31 December 2020 by reference to the estimated value in use of assets within the Airport CGU. An impairment test was performed on a value in use basis, resulting in an impairment loss of €24,484,000 (Note 10).
How Is Impairment Loss Calculated? (Investopedia) Impairment occurs when a business asset suffers a depreciation in fair market value in excess of the book value of the asset on the company's financial statements. Under the U.S. generally accepted accounting principles, or GAAP, assets that are considered "impaired" must be recognized as a loss on an income statement. Understanding Impairment Loss The technical definition of the impairment loss is a decrease in net carrying value, the acquisition cost minus depreciation, of an asset that is greater than the future undisclosed cash flow of the same asset. Impairment occurs when assets are sold or abandoned because the company no longer expects them to benefit long-run operations. This is different from a write-down, though impairment losses often result in a tax deferral for the asset.1 Depending on the type of asset being impaired, stockholders of a publicly held company may also lose equity in their shares, which results in a lower debt-to-equity ratio.2 Calculating Impairment Loss The first step is to identify the factors that lead to an asset's impairment. Some factors may include changes in market conditions, new legislation or regulatory enforcement, turnover in the workforce or decreased asset functionality due to aging. In some circumstances, the asset itself may be functioning as well as ever, but new technology or new techniques may cause the fair market value of the asset to drop significantly. A fair market calculation is key; asset impairment cannot be recognized without a good approximation of fair market value. Fair market value is the price the asset would fetch if it was sold on the market. This is sometimes described as the future cash flow the asset would expect to generate in continued business operations. Another term for this value is "recoverable amount." Once the fair market value is assigned, it is then compared to the carrying value of the asset as represented on the company's financial statements. Carrying value does not need to be recalculated at this time since it exists in previous accounting records. If the calculated costs of holding the asset exceed the calculated fair market value, the asset is considered to be impaired. If the asset in question is going to be disposed of, the costs associated with the disposal must be added back into the net of the future net value less the carrying value.34 Impairment losses are either recognized through the cost model or the revaluation model, depending on whether the debited amount was changed through the new, adjusted fair market valuation described above. Even when impairment results in a small tax benefit for the company, the realization of impairment is bad for the company as a whole. It usually represents the need for an increased reinvestment.
Clareman wrote: » The headline figure will be the massive loss but looking at the accounts you can see 2 "Exceptional Items" Take those 2 exceptional items out of it the airport is almost at breakeven point, which considering the year is a fair achievement.
Kramer wrote: » That doesn't sound credible, that a desserted airport with many fixed costs, fire service/airport police, air traffic control etc., could break even with next to zero passengers. I reckon it's some accounting spin - maybe Pascal had some input! We did have reasonable GDP growth last year after all :eek:.
golfball37 wrote: » The property portfolio covers everything. The airport is nowhere near breaking even.
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