Shannon Airport Thread [Mod Warning in First Post]

Brennans Row · 22-03-2021 2:02pm

German MP dies after plane makes emergency stop at Shannon Airport (Irish Examiner)

A prominent German MP has died after her plane was forced to make an emergency landing at Shannon Airport.

Karin Strenz, who was a member of German Chancellor Angela Merkel’s Christian Democratic Union (CDU) party, is reported to have lost consciousness after taking ill on a flight from Cuba to Germany.

As a result, the plane was forced to make an emergency stop in Shannon at around 7.30pm on Sunday.

Brennans Row · 22-03-2021 9:12pm

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 · 22-03-2021 11:18pm

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.

Haven't Genworth Financial been gone for years? Axa Partners now up in Westpoint I think

Brennans Row · 23-03-2021 8:23pm

Clareman wrote: »

Haven't Genworth Financial been gone for years? Axa Partners now up in Westpoint I think

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.

Clareman · 23-03-2021 9:28pm

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.

GE Money was different, that was the old Woodchester (sp), Genworth used to be GE Insurance Holdings (GEIH), they were based where the big L is in the map

tv221 · 23-03-2021 10:40pm

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.

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

MarkR · 24-03-2021 2:14pm

Those bays were viking pump, and a ge call centre from many years ago. Wife worked in former, me the latter. :-)

Brennans Row · 26-03-2021 7:05pm

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

Looks like I have read this procurement thing wrong.

From the elevations in the planning, this building has already been designed by Hassett Leyden Associates Architects & Civil Engineers.

So basically they are looking for an Architectural Team to execute the building of the facility once planning has been given. Or what?

JCX BXC · 06-04-2021 6:07pm

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 · 07-04-2021 8:15am

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.

Nice one. The only thing that would put me off is the 4 hours in a Ryanair seat.

happyoutscan · 07-04-2021 8:47am

finbarrk wrote: »

Nice one. The only thing that would put me off is the 4 hours in a Ryanair seat.

Don't let that put you off. You won't mind on the way out anyway. Corfu is a stunning country, get there if you get a chance.

(Edit: Oops was thinking of Cyprus! Can't say much about Corfu, was there in the early 90's but all a bit of a haze!)

Brennans Row · 14-04-2021 9:13pm

Shannon - Commercial Movements (IAA)

|Jan|Feb|Mar|Apr|May|Jun|Jul|Aug|Sept|Oct|Nov|Dec|Total
2015|

1,253

|

1,026

|

1,277

|

1,454

|

1,725

|

2,169

|

2,058

|

1,728

|

1,780

|

1,645

|

1,283

|

1,312

|18,710
2016|

1,222

|

1,128

|

1,390

|

1,488

|

1,807

|

2,031

|

2,032

|

1,834

|

1,839

|

1,698

|

1,353

|

1,327

|19,149
2017|

1,291

|

1,215

|

1,429

|

1,446

|

1,776

|

1,975

|

1,949

|

1,885

|

1,778

|

1,796

|

1,440

|

1,316

|19,296
2018|

1,301

|

1,200

|

1,368

|

1,575

|

1,829

|

2,098

|

2,104

|

1,949

|

2,066

|

1,858

|

1,385

|

1,369

|20,102
2019|

1,246

|

1,087

|

1,320

|

1,444

|

1,836

|

1,951

|

1,976

|

1,843

|

1,974

|

1,738

|

1,254

|

1,191

|18,833
2020|

1,221

|

1,179

|

691

|

261

|

238

|

322

|

850

|

725

|

557

|

557

|

397

|

476

|_7,229
2021|

333

|

372

|

477

||||||||||
Change|-72.7%|-65.8%|-63.9%|||||||||

The March figures are compared with the 2019 March figures.

17-04-2021 9:55pm

Another new Ryanair route from Shannon. LPA starts in July as well every saturday until October.

Brennans Row · 19-04-2021 6:23pm

€6.3m in funding for Shannon Airport (Clare Herald)

Shannon Airport is set to receive over €6.3m from a government programme aimed at assisting regional state airports.

The allocations will contribute towards capital investment in the areas of safety, security and sustainability.

Welcoming the announcement Mary Considine, CEO, Shannon Group said: “ . . . . . these funds will assist us to deliver a range of critical safety and security capital projects, including, security equipment upgrades, and airfield rehabilitation works.”

Masala · 19-04-2021 8:25pm

They won’t be happy being called a Regional Airport....... ouch!!

JCX BXC · 19-04-2021 9:23pm

Masala wrote: »

They won’t be happy being called a Regional Airport....... ouch!!

I'm sure for €6.3 million they'd let you call it a grassy airfield!

Deagol · 19-04-2021 10:30pm

Same money as was announced in November...

http://clareherald.com/2021/04/airport-rehashed-funding-announcement-a-cynical-pr-exercise-62637/

Brennans Row · 20-04-2021 5:19pm

Masala wrote: »

They won’t be happy being called a Regional Airport....... ouch!!

It will hurt if the EU don’t allow this funding.

Brennans Row · 20-04-2021 5:24pm

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.

Is this a new parallel service for Munster or have they moved the Shannon – Leipzig service using the Condor aircraft to Cork?

Brennans Row · 22-04-2021 5:01pm

Shannon Technical Services to create 80 jobs by 2023 (RTE)

Irish-owned aviation company Shannon Technical Services has announced that it will create 80 new jobs by the end of 2023.

The company, which is based in Shannon in Co Clare, currently employs 40 people.

Founded in February 2019, its services include management of aircraft transitions, redeliveries, engine management and materials and logistics management for global aircraft lessors and airlines.

It said it will increase headcount to 60 by the end of 2021, 100 by the end of 2022, and upwards to 120 by 2023.

The new roles will be across operations, commercial, administration and aviation technical services.

As part of its expansion, Shannon Technical Services (STS) said it will also open a new office in Dublin.

Brennans Row · 26-04-2021 5:19pm

Pre Clearance for Private Aircraft

According to Joe Buckley (Clare Echo) in 2019, we had 4,405 business jets movements, up 7.6 percent on 2018.

Shannon Airport he calculated has already 70 percent of the Middle-East and European business aviation traffic heading to the North-Atlantic.

Brennans Row · 29-04-2021 5:23pm

DTTAS Quarterly Aviation Statistics

Brennans Row · 30-04-2021 5:18pm

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.

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.

Cosmo Kramer · 30-04-2021 7:59pm

Looks like Covid has the potential to be a handy excuse for any missed targets for the next few years anyway.

Clareman · 30-04-2021 10:22pm

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.

The headline figure will be the massive loss but looking at the accounts you can see 2 "Exceptional Items"

(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).

Take those 2 exceptional items out of it the airport is almost at breakeven point, which considering the year is a fair achievement.

Brennans Row · 30-04-2021 11:07pm

I had to google as to find out as to what Impairment Loss means.

So does this reflect the need to upgrade an aged airport infrastructure or is it to reflect the depressed nature of the aviation sector?

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 · 30-04-2021 11:20pm

My understanding of it, and I know nothing about finance, I've done the "Finance for Non-Finance Managers" about 10 times at this stage in my career

,
is that means that something that was worth something at some stage, and you still regard it to be worth something but you've moved on to other stuff. The way it was described to me, you bought your PS1 for €100, it's still worth €100 to you because you still have it and might use it, you put it up in the attic and forget about it but it's still a €100 asset to you, but when you clear out the attic and throw it out, regardless of the fact that you don't use it anymore you need to account for that €100

Kramer · 30-04-2021 11:31pm

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.

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 · 01-05-2021 9:07am

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:.

The property portfolio covers everything. The airport is nowhere near breaking even.

AnRothar · 01-05-2021 12:46pm

golfball37 wrote: »

The property portfolio covers everything. The airport is nowhere near breaking even.

Agreed, the airport only covers part of the Shannon Group activities.

Regarding the core property assets they are slowly upgrading the stock.

Take a trip around the industrial estate and you can still see some legacy buildings.
These are no longer suitable for modern industry.
Eventually they will need to be demolished as upgrading them is not viable.

Shannon Airport Thread [Mod Warning in First Post]

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