SFPC-Annual-Accounts-2017.Pdf
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Shannon Foynes PORT COMPANY IRELANDS PREMIER DEEP WATER FACILITIES 2017 ANNUAL REPORT and Consolidated Financial Statements (a designated activity company) and its subsidiary undertakings Shannon Foynes 2017 Annual Energy Report PORT COMPANY ANNUAL REPORT 2017 Shannon Foynes Port Company has various consumers of energy inherent to operation and SHANNON FOYNES PORT COMPANY DAC management of port business such as public lighting, navigational aids, office building, marine craft, (A DESIGNATED ACTIVITYSHANNON COMPANY) FOYNES PORT AND ITS COMPANY SUBSIDUARY DAC UNDERTAKINGS heavy plant and equipment and various road vehicles. (A DESIGNATED ACTIVITY COMPANY) AND ITS SUBSIDIARY UNDERTAKINGS In 2017 SFPC consumed: Annual Report and Financial Statements 2017 • 758.34 MWH of electricity • 3881.01 MWH of mineral oil fuels Table of Contents Page Directors’ and Other Information 2 Actions undertaken in 2017: Governance Statement and Directors’ Report 3-8 • Continued roll out of low energy LED road lighting and high mast lights at Foynes and TRD. Directors Responsibilities Statement 9 • Established an Energy Policy and appointed an energy coordinator with overall for energy management within the organisation. Statement on Internal Control 10-13 • Organised an energy awareness campaign to include formal training programmes for Chairpersons Report 14-16 employees and promote energy awareness and an energy efficient culture amongst stakeholders. Business and Operating Review 17-20 • Where required, review Maximum Import Capacities (MIC) based on data collated to date to achieve opportunities where commercial rates are as low as possible. Independent Auditors’ Report 21-24 Accounting Policies 25-31 Actions planned for 2018: Consolidated Profit & Loss Account 32 Consolidated Statement of Comprehensive Income 33 • Continuation of a 5-year plan to upgrade all port lighting (Internal & external) to low energy LED light fittings. Consolidated Balance Sheet 34 • Review company vehicle fleet to explore opportunities for hybrid or electric vehicles Company Balance Sheet 35 • Conduct a review of SFPC office buildings with a view to developing more energy efficient heating/insulation systems. Consolidated Statement of Changes in Equity 36 • Conduct an Energy Awareness Week campaign at SFPC sites to rasie energy conservation Company Statement of Changes in Equity 37 awareness amongst staff and port users. Consolidated Cash flow Statement 38 Notes to the Financial Statements 39-57 1 1 Shannon Foynes Shannon Foynes PORT COMPANY ANNUAL REPORT 2017 PORT COMPANY ANNUAL REPORT 2017 SHANNONSHANNON FOYNES FOYNES PORT PORT COMPANY COMPANY DAC DAC SHANNONSHANNON FOYNESFOYNES PORT PORT COMPANY COMPANY DAC DAC (A(A DESIGNATED DESIGNATED ACTIVITY ACTIVITY COMPANY COMPANY)) AND AND IT ITSS SUBSIDIARY SUBSIDUARY UNDERTAKINGS UNDERTAKINGS (A DESIGNATED ACTIVITY ACTIVITY COMPANY)COMPANY) AND AND ITS ITS SUBSIDUARY SUBSIDIARY UNDERTAKINGS DIRECTORSDirectors AND and OtherOTHER Information INFORMATION GOVERNANCEGOVERNANCE STATEMENTSTATEMENT ANDAND DIRECTORS’ DIRECTORS’ REPORT REPORT Board Solicitors The Directors have pleasure in submitting their Annual Report to the Shareholders together with the Audited Consolidated Financial Statements for the financial year ended 31 December 2017. D. McGarry Harrison O’Dowd M. Finucane 98 Henry Street Governance C. Henry Limerick The Board of Shannon Foynes Port Company was established under the Harbours Act 1996. The Board is E. Jennings accountable to the Minister for Transport, Tourism & Sport and is responsible for ensuring good governance and P. Keating Philip Lee Solicitors performs this task by setting strategic objectives and targets and taking strategic decisions on all key business T. Treacy (Appointed 17th January 2018) 7-8 Wilton Terrace issues. The regular day-to-day management, control and direction of Shannon Foynes Port Company are the Dublin 2 responsibility of the Chief Executive Officer (CEO) and the senior management team. The CEO and the senior Secretary and Registered Office management team must follow the broad strategic direction set by the Board, and must ensure that all Board Bankers members have a clear understanding of the key activities and decisions related to the entity, and of any significant E. Stanley risks likely to arise. The CEO acts as a direct liaison between the Board and management of Shannon Foynes Harbour Office Allied Irish Bank Plc Port Company. Foynes The Square Co Limerick Newcastlewest Principal Activities Co. Limerick The business purpose of the group is to facilitate the flow of goods and attendant tracking information throughout Registered Number: 332414 the Shannon Estuary. With this purpose in mind, the group provides the infrastructure, facilities, services and Allied Irish Bank Plc accommodation necessary to cater for the efficient transfer of goods between land and sea transport. Revenue Independent Auditors 106/108 O’Connell St in connection with the provision of these facilities is generated from vessel and goods dues, stevedoring, rent and Limerick the ancillary services provided. Grant Thornton Chartered Accountants & Statutory Audit Firm Bank of Ireland Accounting Records Mill House 125 O’Connell Street The directors believe that they have complied with the requirements of Sections 281 to 285 of the Companies Henry Street Limerick Act, 2014 with regard to the keeping of accounting records by employing persons with appropriate expertise and Limerick by providing adequate resources to the financial function. The accounting records are held at the company's Rabobank Ireland Plc business address at Mill House, Foynes, Co Limerick. Management Charlemont Place Dublin 2 Board Responsibilities P. Keating Chief Executive Officer The work and responsibilities of the Board are set out in the Board Terms of Reference which also contain the J. Carlton Port Services Manager Actuaries matters specifically reserved for Board decision. M. Morrissey Commercial Manager Invesco Limited The purpose of the Board of Directors is: E. Stanley Financial Controller & Secretary 4 South Bank to act as custodians for, and to maximise the value of, the assets of Shannon Foynes Port Company Crosses Green (SFPC) Cork to direct the strategy and operations of SFPC to act in the best interests of SFPC and its stakeholders at all times; to ensure that good corporate governance is always practiced within SFPC and to manage risk appropriately. Board members should act on a fully informed basis, in good faith, with due diligence and care, and in the best interest of SFPC, subject to the objectives set by Government and all statutory obligations. The Board of Shannon Foynes Port Company delegates authorities and responsibilities to management to ensure the orderly, efficient and effective running of Company affairs. 2 3 2 3 Shannon Foynes Shannon Foynes PORT COMPANY ANNUAL REPORT 2017 PORT COMPANY ANNUAL REPORT 2017 SHANNONSHANNON FOYNES PORT COMPANY DACDAC SHANNONSHANNON FOYNESFOYNES PORT PORT COMPANY COMPANY DAC DAC (A(A DESIGNATED DESIGNATED ACTIVITY COMPANY)COMPANY) AND ITSITS SUBSIDUARYSUBSIDIARY UNDERTAKINGS UNDERTAKINGS (A DESIGNATED ACTIVITY ACTIVITY COMPANY)COMPANY) AND AND ITS ITS SUBSIDUARY SUBSIDIARY UNDERTAKINGS GOVERNANCEGOVERNANCE STATEMENT STATEMENT AND DIRECTORS’ REPORT GOVERNANCEGOVERNANCE STATEMENTSTATEMENT ANDAND DIRECTORS’ DIRECTORS’ REPORT REPORT Prompt Payment of Accounts Act, 1997 Board Structure & Key Personnel Changes It is the policy of the company and the group to comply in all material respects with the terms of the Prompt In accordance with Section 326 and Section 329 of the Companies Act 2014, the director’s that served at any time Payment of Accounts Act, 1997. during the financial year and the directors’ and secretary’s interest in the shares of the company and the group undertakings and the movements therein during the financial year ended 31 December 2017 were as follows: Business Review A detailed review of the group’s operations is set out on pages 17 – 20. D. McGarry Chairperson (Appointed for a 5 year term, 6th December 2017) P. Keating, CEO Future Developments M. Finucane (Resigned 4th April 2017, Reappointed for a 3 year term, 4th April 2017) The strategy of the group is aimed at developing its activities in the Shannon Estuary and this will continue in the C. Henry (Resigned 4th April 2017, Reappointed for a 3 year term, 4th April 2017) coming years. E. Jennings J. Treacy (Resigned 29th August 2017) Post Balance Sheet Events There have been no significant events affecting the group since the year end. The directors and secretary have no beneficial interests, including family interests, in the share capital of the company or its subsidiary company at 31 December 2016 and 31 December 2017. Results and Dividends The consolidated profit and loss account on page 32 shows the group’s results for the year. The Board has established two committees, as follows: Audit and Risk Committee (ARC): comprises three non-executive Board members. The Board of The company paid a dividend in the year 2017 in the amount of €250,000 Shannon Foynes Port Company has established an Audit and Risk Committee to support them in their responsibilities for issues of risk, control and governance by reviewing the comprehensiveness of Capital Injection assurances in meeting the Board’s assurance needs and reviewing the reliability and integrity of these This represented the difference between the net book value of assets taken over on Vesting Day (17 September assurances. The role of the Audit &