Annual Report 2016

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7. Other income & exceptional items

Other income

30 March 2016
€’000
25 March 2015
€’000
Other Income555500
Fair value movement on investment properties (Note 11)7,48914,505

Exceptional items

The group presents certain items which are unusual by virtue of their size and incidence in the context of its ongoing operations. This presentation is made in the income statement to aid understanding of the performance of the Group’s underlying business. Judgement is used by the Group in assessing the particular items which should be disclosed as exceptional.

30 March 2016
€’000
25 March 2015
€’000
Impairment of tangible assets (Note 10)(23,643)-
Impairment of intangible assets (Note 12)(847)-
Restructuring costs(7,259)-
Pension obligations past service curtailment gain (Note 26)10,700-

In accordance with the Group’s accounting policies, the directors undertake an annual review of the carrying amount of all Property, plant and equipment and intangible assets to determine whether there is any indication of impairment. The market changes within the energy sector with reduced projected capacity payments and projected Irish Wholesale Electricity Price Curve triggered an impairment on property, plant and equipment of €22.7 million and an impairment of €0.7 million on intangible assets within the Powergen business.

In addition changes in the solid fuel market triggered an impairment of €0.9 million on property, plant and equipment and a restructuring charge of €4.3 million to enable the retirement of surplus production capacity. The Group has restructured its finance service delivery model and provided for a restructuring charge of €2.1 million and an impairment on software of €0.1 million.

Additional redundancy costs of €0.6m were incurred in other business units.

During the year, the Group implemented a restructuring of the General Employee Superannuation Scheme that triggered a past service credit of €10.7 million recognised in the income statement.