<p class="section-heading" id="el-10-0">Notes to the consolidated financial statements</p>
<p class="sub-section-heading" id="el-10-1">forming part of the consolidated financial statements</p>
<p class="heading-1" id="el-10-2"><strong>1 Material accounting policies</strong></p>
<p class="heading-2" id="el-10-3"><strong>General information and basis of preparation</strong></p>
<p class="normal" id="el-10-4">Dalata Hotel Group plc (the ‘Company’) is a Company domiciled in the Republic of Ireland. The Company’s registered office is Termini, 3 Arkle Road, Sandyford Business Park, Dublin 18. The consolidated financial statements of the Company for the year ended 31 December 2024 include the Company and its subsidiaries (together referred to as the ‘Group’). The financial statements were authorised for issue by the Directors on 5 March 2025. </p>
<p class="normal" id="el-10-5">The consolidated financial statements have been prepared in accordance with IFRS, as adopted by the EU. In the preparation of these consolidated financial statements the accounting policies set out below have been applied consistently by all Group companies.</p>
<p class="normal" id="el-10-6">The preparation of financial statements in accordance with IFRS as adopted by the EU requires the Directors to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as disclosure of contingent assets and liabilities, at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting year. Such estimates and judgements are based on historical experience and other factors, including expectation of future events, that are believed to be reasonable under the circumstances and are subject to continued re-evaluation. Actual outcomes could differ from those estimates. </p>
<p class="normal" id="el-10-7">In preparing these consolidated financial statements, the key judgements and estimates impacting these consolidated financial statements were as follows:</p>
<p class="normal" id="el-10-8">Significant judgements </p>
<ul class="bullet" id="el-10-9">
<li>Carrying value of property measured at fair value (<a href="#note-10">note 10</a>, <a href="#note-13">13</a>, <a href="#note-18">18</a>).</li>
</ul>
<p class="normal" id="el-10-10">Key sources of estimation uncertainty</p>
<ul class="bullet" id="el-10-11">
<li>Carrying value of property measured at fair value (<a href="#note-10">note 10</a>, <a href="#note-13">13</a>, <a href="#note-18">18</a>); and</li>
<li>Carrying value of goodwill and right-of-use assets including assumptions underpinning value in use (‘VIU’) calculations in the impairment tests (notes <a href="#note-10">10</a>, <a href="#note-12">12</a>, <a href="#note-13">13</a>, <a href="#note-18">18</a>).</li>
</ul>
<p class="heading-3" id="el-10-12"><strong><em>Measurement of fair values</em></strong></p>
<p class="normal" id="el-10-13">A number of the Group’s accounting policies and disclosures require the measurement of assets and liabilities at fair value. When measuring the fair value of an asset or liability, the Group uses observable market data as far as possible, with non-financial assets being measured on a highest and best-use basis. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:</p>
<p class="normal" id="el-10-14"><em>Level 1</em>: quoted prices (unadjusted) in active markets for identical assets or liabilities.</p>
<p class="normal" id="el-10-15"><em>Level 2</em>: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).</p>
<p class="normal" id="el-10-16"><em>Level 3</em>: inputs for the asset or liability that are not based on observable market data (unobservable inputs).</p>
<p class="normal" id="el-10-17">Further information about the assumptions made in measuring fair values is included in <a href="#note-25">note 25</a> – Financial instruments and risk management (in relation to financial assets and financial liabilities) and <a href="#note-13">note 13</a> – Property, plant and equipment.</p>
<p class="heading-2" id="el-10-18"><strong>(i) Going concern</strong></p>
<p class="normal" id="el-10-19">The year ended 31 December 2024 saw the Group deliver strong results and continue the execution of its growth strategy. The full year impact of hotels added in the previous year and the addition of new openings in the current year has led to an increase in Group revenue from hotel operations from €607.7 million to €652.2 million, as well as net cash generated from operating activities in the year of €218.3 million (2023: €171.4 million).</p>
<p class="normal" id="el-10-20">The Group remains in a very strong financial position with significant financial headroom. The Group has cash and undrawn loan facilities of €364.6 million (2023: €283.5 million). The Group is in full compliance with its external borrowing covenants at 31 December 2024. During the financial year, the Group refinanced its existing debt facilities, entering new facilities of circa €600.0 million, comprising a green term loan facility of €100.0 million, a multi-currency revolving credit facility of €375.0 million and private placement loan notes of €124.7 million. The new facilities have maturity profiles of between five and seven years. Current base projections show compliance with all covenants at all future testing dates and significant levels of headroom.</p>
<p class="normal" id="el-10-21">The Directors have considered the above, with all available information, and the current liquidity and financial position in assessing the going concern of the Group. On this basis, the Directors have prepared these consolidated financial statements on a going concern basis. Furthermore, they do not believe there is any material uncertainty related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern for a period of at least 12 months after the date of these financial statements. </p>
<p class="heading-2" id="el-10-22"><strong>(ii) Statement of compliance </strong></p>
<p class="normal" id="el-10-23">The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (‘IFRS’) and their interpretations issued by the International Accounting Standards Board (‘IASB’) as adopted by the EU and those parts of the Companies Act 2014 applicable to companies reporting under IFRS and Article 4 of the IAS Regulation.</p>
<p class="normal" id="el-10-24">The following standards and interpretations were effective for the Group for the first time from 1 January 2024:</p>
<ul class="bullet" id="el-10-25">
<li>Amendments to IAS 1 <em>Classification of Liabilities as Current or Non-Current, and Non-current Liabilities with Covenants.</em></li>
<li>Amendments to IFRS 16<em> Lease Liability in a Sale and Leaseback. </em></li>
<li>Amendments to IAS 7 <em>Statement of Cash Flows </em>and IFRS 7 <em>Financial Instruments</em>: Disclosures: <em>Supplier Finance Arrangements.</em></li>
</ul>
<p class="normal" id="el-10-26">The above standards, amendments and interpretations have no material impact on the consolidated financial statements of the Group.</p>
<p class="heading-3" id="el-10-27"><strong><em>Accounting policies</em></strong></p>
<p class="normal" id="el-10-28">The accounting policies applied in these consolidated financial statements are consistent with those applied in the consolidated financial statements as at and for the year ended 31 December 2023, apart from the accounting policy for held for sale assets and liabilities (xvii).</p>
<p class="heading-3" id="el-10-29"><strong><em>Standards issued but not yet effective</em></strong></p>
<p class="normal" id="el-10-30">The following amendments to standards have been endorsed by the EU, are available for early adoption and are effective from 1 January 2025. The Group has not adopted these amendments to standards early, and instead intends to apply them from their effective date as determined by the date of EU endorsement. The potential impact of these amendments to standards on the Group is under review:</p>
<ul class="bullet" id="el-10-31">
<li>Amendments to IAS 21 <em>The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability</em>.</li>
</ul>
<p class="normal" id="el-10-32">The following standards and interpretations are not yet endorsed by the EU. The potential impact of these standards on the Group is under review:</p>
<ul class="bullet" id="el-10-33">
<li>IFRS 19 <em>Subsidiaries without Public Accountability: Disclosures</em>. IASB effective date 1 January 2027.</li>
<li>IFRS 18 <em>Presentation and Disclosure in Financial Statements</em>. IASB effective date 1 January 2027.</li>
<li>Amendments to classification and measurement of financial instruments under IFRS 9 <em>Financial Instruments</em> and IFRS 7 <em>Financial Instruments: Disclosures</em>. IASB effective date 1 January 2026.</li>
<li>Amendments to contracts referencing nature-dependent electricity under IFRS 9 <em>Financial Instruments</em> and IFRS 7 <em>Financial Instruments: Disclosures</em>. IASB effective date 1 January 2026.</li>
<li>Amendments to IFRS 10 <em>Consolidated Financial Statements</em> and IAS28 <em>Investments in Associates and Joint Ventures for sale or contribution of Assets between an Investor and its Associate or Joint Venture. </em>Effective date deferred indefinitely.</li>
</ul>
<p class="heading-2" id="el-10-34"><strong>(iii) Functional and presentation currency </strong></p>
<p class="normal" id="el-10-35">These consolidated financial statements are presented in Euro, being the functional currency of the Company and the majority of its subsidiaries. All financial information presented in Euro has been rounded to the nearest thousand or million and this is clearly set out in the financial statements where applicable.</p>
<p class="heading-2" id="el-10-36"><strong>(iv) Basis of consolidation</strong></p>
<p class="normal" id="el-10-37">The consolidated financial statements include the financial statements of the Company and all of its subsidiary undertakings. </p>
<p class="heading-3" id="el-10-38"><strong><em>Business combinations</em></strong></p>
<p class="normal" id="el-10-39">The Group accounts for business combinations using the acquisition method when control is transferred to the Group. </p>
<p class="normal" id="el-10-40">The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested at least annually for impairment. Any gain on a bargain purchase is recognised in profit or loss immediately. Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities.</p>
<p class="normal" id="el-10-41">When an acquisition does not represent a business, it is accounted for as a purchase of a group of assets and liabilities, not as a business combination. The cost of the acquisition is allocated to the assets and liabilities acquired based on their relative fair values, and no goodwill is recognised. Where the Group solely purchases the freehold interest in a property, this is accounted for as an asset purchase and not as a business combination on the basis that the asset(s) purchased do not constitute a business. Asset purchases are accounted for as additions to property, plant and equipment.</p>
<p class="heading-3" id="el-10-42"><strong><em>Subsidiaries</em></strong></p>
<p class="normal" id="el-10-43">Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated.</p>
<p class="heading-2" id="el-10-44"><strong>(v) Revenue recognition </strong></p>
<p class="normal" id="el-10-45">Revenue represents sales (excluding VAT) of goods and services net of discounts provided in the normal course of business and is recognised when services have been rendered.</p>
<p class="normal" id="el-10-46">Revenue is derived from hotel operations and includes the rental of rooms, food and beverage sales, car park revenue and leisure centre membership in leased and owned hotels operated by the Group. Revenue is recognised when rooms are occupied and food and beverages are sold. Car park revenue is recognised when the service is provided. Leisure centre membership revenue is recognised over the life of the membership. </p>
<p class="normal" id="el-10-47">Management fees are earned from hotels managed by the Group. Management fees are normally a percentage of hotel revenue and/or profit and are recognised when earned and recoverable under the terms of the management agreement. Management fee income is included within other income.</p>
<p class="normal" id="el-10-48">Rental income from investment property is recognised on a straight-line basis over the term of the lease and is included within other income.</p>
<p class="heading-2" id="el-10-49"><strong>(vi) Sales discounts and allowances </strong></p>
<p class="normal" id="el-10-50">The Group recognises revenue on a gross revenue basis and makes various deductions to arrive at net revenue as reported in profit or loss. These adjustments are referred to as sales discounts and allowances.</p>
<p class="heading-2" id="el-10-51"><strong>(vii) Leases </strong></p>
<p class="normal" id="el-10-52">At inception of a lease contract, the Group assesses whether a contract is, or contains, a lease. If the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration, it is recognised as a lease. </p>
<p class="normal" id="el-10-53">To assess the right to control, the Group assesses whether: </p>
<ul class="bullet" id="el-10-54">
<li>the contract involves the use of an identified asset; </li>
<li>the Group has the right to obtain substantially all of the economic benefits from the use of the asset; and </li>
<li>the Group has the right to direct the use of the asset.</li>
</ul>
<p class="normal" id="el-10-55">A lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate. The Group uses its incremental borrowing rate as the discount rate, which is defined as the estimated rate of interest that the lessee would have to pay to borrow, over a similar term and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The incremental borrowing rate is calculated for each individual lease. </p>
<p class="normal" id="el-10-56">The estimated incremental borrowing rate for each leased asset is derived from country-specific risk-free interest rates over the relevant lease term, adjusted for the finance margin attainable by each lessee and asset-specific adjustments designed to reflect the underlying asset’s location and condition.</p>
<p class="normal" id="el-10-57">Lease payments included in the measurement of the lease liability comprise the following: </p>
<ul class="bullet" id="el-10-58">
<li>fixed payments (including in-substance fixed payments) less any lease incentives receivable; </li>
<li>variable lease costs that depend on an index or a rate, initially measured using the index or rate as at the commencement date; </li>
<li>amounts expected to be payable under a residual value guarantee; </li>
<li>the exercise price under a purchase option that the Group is reasonably certain to exercise; and </li>
<li>penalties for early termination of a lease unless the Group is reasonably certain not to terminate early.</li>
</ul>
<p class="normal" id="el-10-59">Variable lease costs linked to future performance or use of an underlying asset are excluded from the measurement of the lease liability and the right-of-use asset. The related payments are recognised as an expense in the period in which the event or condition that triggers those payments occurs and are included in administrative expenses in profit or loss. </p>
<p class="normal" id="el-10-60">The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect lease payments. </p>
<p class="normal" id="el-10-61">The Group remeasures the lease liability where lease payments change due to changes in an index or rate, changes in expected lease term or where a lease contract is modified. When the lease liability is remeasured, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.</p>
<p class="normal" id="el-10-62">The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of any costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. </p>
<p class="normal" id="el-10-63">The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset, or a component thereof, or the end of the lease term. Right-of-use assets are reviewed on an annual basis or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The Group applies IAS 36 <em>Impairment of Assets</em> to determine whether a cash-generating unit with a right-of-use asset is impaired and accounts for any identified impairments through profit or loss. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The Group also applies IAS 36 <em>Impairment of Assets</em> to any cash-generating units, which have right-of-use assets which were previously impaired, to assess whether previous impairments should be reversed. A reversal of a previous impairment charge is accounted for through profit or loss and only increases the carrying amount of the right-of-use asset to a maximum of what it would have been if the original impairment charges had not been recognised in the first place.</p>
<p class="normal" id="el-10-64">The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases of fixtures, fittings and equipment that have a lease term of 12 months or less and leases of low-value assets. Assets are considered low value if the value of the asset when new is less than €5,000. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term.</p>
<p class="heading-2" id="el-10-65"><strong>(viii) Share-based payments</strong></p>
<p class="normal" id="el-10-66">The grant date fair value of equity-settled share-based payment awards and options granted to employees is recognised as an expense, with a corresponding increase in equity, over the vesting period of the awards and options. </p>
<p class="normal" id="el-10-67">This incorporates the effect of market-based conditions, where applicable, and the estimated fair value of equity-settled share-based payment awards issued with non-market performance conditions.</p>
<p class="normal" id="el-10-68">The amount recognised as an expense is adjusted to reflect the number of awards and options for which the related service and any non-market performance conditions are expected to be met, such that the amount ultimately recognised is based on the number of awards that met the related service and non-market performance conditions at the vesting date. The amount recognised as an expense is not adjusted for market conditions not being met.</p>
<p class="normal" id="el-10-69">On vesting of the equity-settled share-based payment awards and options, the cumulative expense recognised in the share-based payment reserve is transferred directly to retained earnings. An increase in ordinary share capital and share premium, in the case where the price paid per share is higher than the cost per share, is recognised reflecting the issuance of shares as a result of the vesting of the awards and options.</p>
<p class="normal" id="el-10-70">The dilutive effect of outstanding awards is reflected as additional share dilution in calculating diluted earnings per share.</p>
<p class="heading-2" id="el-10-71"><strong>(ix) Tax </strong></p>
<p class="normal" id="el-10-72">Tax charge or credit comprises current and deferred tax. Tax charge or credit is recognised in profit or loss except to the extent that it relates to a business combination or items recognised directly in other comprehensive income or equity.</p>
<p class="normal" id="el-10-73">Current tax is the expected tax payable or receivable on the taxable income or loss for the year using tax rates enacted or substantively enacted at the reporting date and any adjustment to tax payable in respect of previous years.</p>
<p class="normal" id="el-10-74">Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and amounts used for taxation purposes except for the initial recognition of goodwill and other assets and liabilities that do not affect accounting profit or taxable profit at the date of recognition and at the time of the transaction, do not give rise to taxable and deductible temporary differences.</p>
<p class="normal" id="el-10-75">Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date.</p>
<p class="normal" id="el-10-76">Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously.</p>
<p class="normal" id="el-10-77">Deferred tax liabilities are recognised where the carrying value of land and buildings for financial reporting purposes is greater than their tax cost base.</p>
<p class="normal" id="el-10-78">Deferred tax assets are recognised for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable future taxable profits will be available against which the temporary difference can be utilised.</p>
<p class="normal" id="el-10-79">Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Such reductions are reversed when the probability of future taxable profits improves.</p>
<p class="heading-2" id="el-10-80"><strong>(x) Earnings per share (‘EPS’)</strong></p>
<p class="normal" id="el-10-81">Basic earnings per share is calculated based on the profit or loss for the year attributable to owners of the Company and the basic weighted average number of shares outstanding. Diluted earnings per share is calculated based on the profit or loss for the year attributable to owners of the Company and the diluted weighted average number of shares and potential shares outstanding.</p>
<p class="normal" id="el-10-82">Shares are only treated as dilutive if their dilution results in a decreased earnings per share or increased loss per share. </p>
<p class="normal" id="el-10-83">Dilutive effects arise from share-based payments that are settled in shares. Conditional share awards to employees have a dilutive effect when the average share price during the period exceeds the exercise price of the awards and the market or non-market conditions of the awards are met, as if the current period end were the end of the vesting period. When calculating the dilutive effect, the exercise price is adjusted by the value of future services that have yet to be received related to the awards.</p>
<p class="heading-2" id="el-10-84"><strong>(xi) Property, plant and equipment</strong></p>
<p class="normal" id="el-10-85">Land and buildings are initially stated at cost, including directly attributable transaction costs, (or fair value when acquired through business combinations) and subsequently at fair value. </p>
<p class="normal" id="el-10-86">Assets under construction include sites where new hotels are currently being developed and significant development projects at hotels which are currently operational. These sites and the capital investment made are recorded at cost. Borrowing costs incurred in the construction of major assets or development projects which take a substantial period of time to complete are capitalised in the financial period in which they are incurred. Capitalisation of interest is suspended when an active development is delayed over an extended period and where costs are not deemed recoverable. Once construction is complete and the hotel is operating, the assets will be transferred to land and buildings and fixtures, fittings and equipment at cost. The land and buildings element will subsequently be measured at fair value. Depreciation will commence when the assets are available for use.</p>
<p class="normal" id="el-10-87">Fixtures, fittings and equipment are stated at cost, less accumulated depreciation and any impairment provision. </p>
<p class="normal" id="el-10-88">Cost includes expenditure that is directly attributable to the acquisition of property, plant and equipment unless it is acquired as part of a business combination under IFRS 3 <em>Business Combinations</em>, where the deemed cost is its acquisition date fair value. In the application of the Group’s accounting policy, judgement is exercised by management in the determination of fair value of land and buildings at each reporting date, residual values and useful lives.</p>
<p class="normal" id="el-10-89">Depreciation is charged through profit or loss on the cost or valuation less residual value on a straight-line basis over the estimated useful lives of the assets which are as follows:</p>
<table class="base-table" id="el-10-90"><tbody>
<tr data-row-no="0">
<td class="light-line" colspan="1">
<p class="normal">Buildings</p>
</td>
<td class="light-line" colspan="1">
<p class="normal">50 years</p>
</td>
</tr>
<tr data-row-no="1">
<td class="light-line" colspan="1">
<p class="normal">Fixtures, fittings and equipment</p>
</td>
<td class="light-line" colspan="1">
<p class="normal">3 – 15 years</p>
</td>
</tr>
<tr data-row-no="2">
<td class="light-line" colspan="1">
<p class="normal">Land is not depreciated.</p>
</td>
<td class="light-line" colspan="1">
</td>
</tr>
</tbody></table>
<p class="normal" id="el-10-91">Residual values and useful lives are reviewed and adjusted if appropriate at each reporting date.</p>
<p class="normal" id="el-10-92">Land and buildings are revalued by qualified valuers on a sufficiently regular basis using open market value (which reflects a highest and best-use basis) so that the carrying value of an asset does not materially differ from its fair value at the reporting date. External revaluations of the Group’s land and buildings have been carried out in accordance with the Royal Institution of Chartered Surveyors (RICS) Valuation Standards and IFRS 13 <em>Fair Value Measuremen</em>t.</p>
<p class="normal" id="el-10-93">Surpluses on revaluation are recognised in other comprehensive income and accumulated in equity in the revaluation reserve, except to the extent that they reverse impairment losses previously charged to profit or loss, in which case the reversal is recorded in profit or loss. Decreases in value are charged against other comprehensive income and the revaluation reserve to the extent that a previous gain has been recorded there and thereafter are charged through profit or loss. Prior to the disposal of any land and building, or reclassification as held for sale, a property asset is revalued. Any carried forward revaluation surplus is transferred to retained earnings in other comprehensive income on the completion of the disposal of the property asset.</p>
<p class="normal" id="el-10-94">Fixtures, fittings and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. Assets that do not generate independent cash flows are combined into cash-generating units. If carrying values exceed estimated recoverable amounts, the assets or cash-generating units are written down to their recoverable amount. Recoverable amount is the greater of fair value less costs to sell and VIU. VIU is assessed based on estimated future cash flows discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and risks specific to the asset.</p>
<p class="normal" id="el-10-95">The Group also applies IAS 36 <em>Impairment of Assets</em> to any cash-generating units, with fixtures, fittings and equipment which were previously impaired and which are not revalued, to assess whether previous impairments should be reversed. A reversal of a previous impairment charge is accounted for through profit or loss and only increases the carrying amount of the fixtures, fittings and equipment to a maximum of what it would have been if the original impairment charges had not been recognised in the first place.</p>
<p class="heading-2" id="el-10-96"><strong>(xii) Investment property</strong></p>
<p class="normal" id="el-10-97">Investment property is held either to earn rental income, or for capital appreciation, or for both, but not for sale in the ordinary course of business. </p>
<p class="normal" id="el-10-98">Investment property is initially measured at cost, including transaction costs, (or fair value when acquired through business combinations) and subsequently revalued by professional external valuers at their respective fair values. The difference between the fair value of an investment property at the reporting date and its carrying value prior to the external valuation is recognised in profit or loss. </p>
<p class="normal" id="el-10-99">The Group’s investment properties are valued by qualified valuers on an open market value basis in accordance with the Royal Institution of Chartered Surveyors (RICS) Valuation Standards and IFRS 13<em> Fair Value Measurement</em>.</p>
<p class="heading-2" id="el-10-100"><strong>(xiii) Goodwill</strong></p>
<p class="normal" id="el-10-101">Goodwill represents the excess of the fair value of the consideration for an acquisition over the Group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the acquiree. Goodwill is the future economic benefits arising from other assets in a business combination that are not individually identified and separately recognised.</p>
<p class="normal" id="el-10-102">Goodwill is measured at its initial carrying amount less accumulated impairment losses. The carrying amount of goodwill is tested annually for impairment, or more frequently if events or changes in circumstances indicate that it might be impaired. For the purposes of impairment testing, assets are grouped together into the smallest group of assets that generate cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the ‘cash-generating unit’).</p>
<p class="normal" id="el-10-103">The goodwill acquired in a business combination, for the purpose of impairment testing, is allocated to cash-generating units that are expected to benefit from the synergies of the combination.</p>
<p class="normal" id="el-10-104">The recoverable amount of a cash-generating unit is the greater of its VIU and its fair value less costs to sell. In assessing VIU, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects a current market assessment of the time value of money and the risks specific to the asset. </p>
<p class="normal" id="el-10-105">An impairment loss is recognised in profit or loss if the carrying amount of a cash-generating unit exceeds its estimated recoverable amount. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the units on a pro-rata basis. Impairment losses of goodwill are not reversed once recognised.</p>
<p class="normal" id="el-10-106">The impairment testing process requires management to make significant judgements and estimates regarding the future cash flows expected to be generated by the cash-generating unit. Management evaluates and updates the judgements and estimates which underpin this process on an ongoing basis.</p>
<p class="normal" id="el-10-107">The impairment methodology and key assumptions used by the Group for testing goodwill for impairment are outlined in notes <a href="#note-10">10</a> and <a href="#note-12">12</a>.</p>
<p class="normal" id="el-10-108">The assumptions and conditions for determining impairment of goodwill reflect management’s best estimates and judgements, but these items involve significant inherent uncertainties, many of which are not under the control of management. As a result, accounting for such items could result in different estimates or amounts if management used different assumptions or if different conditions occur in the future. </p>
<p class="heading-2" id="el-10-109"><strong>(xiv) Intangible assets other than goodwill </strong></p>
<p class="normal" id="el-10-110">An intangible asset is only recognised where the item lacks a physical presence, is identifiable, non-monetary, controlled by the Group and expected to provide future economic benefits to the Group. </p>
<p class="normal" id="el-10-111">Intangible assets are measured at cost (or fair value when acquired through business combinations), less accumulated amortisation and impairment losses.</p>
<p class="normal" id="el-10-112">Intangible assets are amortised over the period of their expected useful lives by charging equal annual instalments to profit or loss. The useful life used to amortise intangible assets relates to the future performance of the asset and management’s judgement as to the period over which economic benefits will be derived from the asset.</p>
<p class="heading-2" id="el-10-113"><strong>(xv) Inventories </strong></p>
<p class="normal" id="el-10-114">Inventories are stated at the lower of cost (using the first-in, first-out (FIFO) basis) and net realisable value. Inventories represent assets that are sold in the normal course of business by the Group and consumables.</p>
<p class="heading-2" id="el-10-115"><strong>(xvi) Cash and cash equivalents</strong></p>
<p class="normal" id="el-10-116">Cash and cash equivalents comprise cash balances and call deposits with original maturities of three months or less, which are carried at amortised cost. </p>
<p class="heading-2" id="el-10-117"><strong>(xvii) Held for sale assets and liabilities </strong></p>
<p class="normal" id="el-10-118">Assets and related liabilities are classified as held for sale if their carrying value will be recovered through a sale transaction rather than through continuing use. This condition is regarded as met if, the sale is highly probable, the assets and related liabilities are available for immediate sale in their present condition, management is committed to the sale and the sale is expected to be completed within one year from the date of classification. </p>
<p class="normal" id="el-10-119">On initial classification as held for sale, non-current assets are measured at the lower of; their carrying amount and fair value less costs to sell. Any land and buildings revaluation gain/loss immediately prior to reclassification as held for sale is measured in accordance with the land and buildings revaluation policy. </p>
<p class="heading-2" id="el-10-120"><strong>(xviii) Trade and other receivables</strong></p>
<p class="normal" id="el-10-121">Trade and other receivables are stated initially at their fair value and subsequently at amortised cost, less any expected credit loss provision. The Group applies the simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. Bad debts are written off to profit or loss on identification.</p>
<p class="heading-2" id="el-10-122"><strong>(xix) Trade and other payables</strong></p>
<p class="normal" id="el-10-123">Trade and other payables are initially recorded at fair value, which is usually the original invoiced amount. Fair value for the initial recognition of payroll tax liabilities is the amount payable stated on the payroll submission filed with the tax authorities. Fair value for the initial recognition of VAT liabilities is the net amount of VAT payable to, and recoverable from, the tax authorities. Trade and other payables are subsequently carried at amortised cost using the effective interest method. Liabilities are derecognised when the obligation under the liability is discharged, cancelled or expired. </p>
<p class="heading-2" id="el-10-124"><strong>(xx) Foreign currency</strong></p>
<p class="normal" id="el-10-125">Transactions in currencies other than the functional currency of a Group entity are recorded at the rate of exchange prevailing on the date of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated into the respective functional currency at the relevant rates of exchange ruling at the reporting date. Foreign exchange differences arising on translation are recognised in profit or loss.</p>
<p class="normal" id="el-10-126">The assets and liabilities of foreign operations are translated into Euro at the exchange rate ruling at the reporting date. The income and expenses of foreign operations are translated into Euro at rates approximating the exchange rates at the dates of the transactions. </p>
<p class="normal" id="el-10-127">Foreign exchange differences arising on the translation of foreign operations are recognised in other comprehensive income and are included in the translation reserve within equity. </p>
<p class="heading-2" id="el-10-128"><strong>(xxi) Provisions and contingent liabilities </strong></p>
<p class="normal" id="el-10-129">A provision is recognised in the statement of financial position when the Group has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability.</p>
<p class="normal" id="el-10-130">The provision in respect of self-insured risks includes projected settlements for known claims and incurred but not reported claims. </p>
<p class="normal" id="el-10-131">Where it is not probable that an outflow of economic benefits will be required, or the amount cannot be estimated reliably, the obligation is disclosed as a contingent liability, unless the probability of an outflow of economic benefits is remote. Possible obligations, whose existence will only be confirmed by the occurrence or non-occurrence of one or more future events, are also disclosed as contingent liabilities unless the probability of an outflow of economic benefits is remote.</p>
<p class="heading-2" id="el-10-132"><strong>(xxii) Ordinary shares</strong></p>
<p class="normal" id="el-10-133">Ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of ordinary shares are recognised as a deduction from equity, net of any tax effects. Merger relief is availed of by the Group where possible. Repurchased shares are classified as treasury shares and are presented in the treasury share reserve. Repurchase of the Company’s own equity instruments is recognised and deducted from equity with a transfer between the treasury share reserve and retained earnings when they are cancelled. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Company’s own equity instruments. When treasury shares are sold or reissued subsequently, the amount received is recognised as an increase in equity and the resulting surplus or deficit on the transaction is presented within share premium.</p>
<p class="heading-2" id="el-10-134"><strong>(xxiii) Loans and borrowings</strong></p>
<p class="normal" id="el-10-135">Bank loans and private placement notes are recognised initially at the fair value of the consideration received, less directly attributable transaction costs. Subsequent to initial recognition, bank loans and private placement notes are stated at amortised cost with any difference between cost and redemption value being recognised in profit or loss over the period of the bank loans and private placement loan notes on an effective interest rate basis. Commitment fees incurred in connection with bank loans are expensed as incurred to profit or loss.</p>
<p class="heading-2" id="el-10-136"><strong>(xxiv) Net finance costs</strong></p>
<p class="normal" id="el-10-137">Finance costs comprise interest expense on bank loans, private placement notes and related financial instruments, commitment fees and other costs relating to financing of the Group.</p>
<p class="normal" id="el-10-138">Interest expense on bank loans and private placement notes are recognised using the effective interest method. The effective interest rate of a financial liability is calculated on initial recognition of a financial liability. In calculating interest expense, the effective interest rate is applied to the amortised cost of the liability.</p>
<p class="normal" id="el-10-139">If a financial liability is deemed to be non-substantially modified (less than 10 percent different) (see policy (xxv)), the amortised cost of the liability is recalculated by discounting the modified cash flows at the original effective interest rate and the resulting modification gain or loss is recognised in finance costs in profit or loss.  For floating-rate financial liabilities, the original effective interest rate is adjusted to reflect the current market terms at the time of the modification.</p>
<p class="normal" id="el-10-140">If a financial liability is deemed to be substantially modified (more than 10 percent different) (see policy (xxv)), the difference between the carrying amount of the financial liability derecognised and consideration paid is recognised as a modification gain/loss in finance costs in profit or loss. Any costs in relation to the new financial liability are recognised as part of this modification gain/loss in finance costs in profit or loss.</p>
<p class="normal" id="el-10-141">Finance costs incurred for qualifying assets, which take a substantial period of time to construct, are added to the cost of the asset during the period of time required to complete and prepare the asset for its intended use or sale. The Group uses two capitalisation rates being the Euro and Sterling weighted average interest rates of borrowings and loan notes, including the impact of hedging if any, which are applied to qualifying assets based on the currency of their geographic jurisdiction. Capitalisation commences on the date on which the Group undertakes activities that are necessary to prepare the asset for its intended use. Capitalisation of borrowing costs ceases when the asset is ready for its intended use and is suspended when an active development is delayed over an extended period. </p>
<p class="normal" id="el-10-142">Finance costs also include interest on lease liabilities.</p>
<p class="heading-2" id="el-10-143"><strong>(xxv) Derecognition of financial liabilities</strong></p>
<p class="normal" id="el-10-144">The Group removes a financial liability from its statement of financial position when it is extinguished (when its contractual obligations are discharged, cancelled, or expire).</p>
<p class="normal" id="el-10-145">The Group also derecognises a financial liability when the terms and the cash flows of a modified liability are substantially different. The terms are substantially different if the discounted present value of the cash flows under the new terms, discounted using the original effective interest rate, including any fees paid to lenders net of any fees received, is at least 10 percent different from the discounted present value of the remaining cash flows of the original financial liability, discounted at the original effective interest rate, (the ‘10% test’). In addition, a qualitative assessment is carried out of the new terms in the new facility agreement to determine whether there is a substantial modification.</p>
<p class="normal" id="el-10-146">If the financial liability is deemed substantially modified, a new financial liability based on the modified terms is recognised at fair value. The difference between the carrying amount of the financial liability derecognised and consideration paid is recognised in profit or loss. Any costs in relation to the new financial liability are recognised in profit or loss. </p>
<p class="normal" id="el-10-147">If the financial liability is deemed non-substantially modified, the amortised cost of the liability is recalculated by discounting the modified cash flows at the original effective interest rate and the resulting modification gain or loss is recognised in profit or loss. Any costs and fees directly attributable to the modified financial liability are recognised as an adjustment to the carrying amount of the modified financial liability and amortised over its remaining term by re-computing the effective interest rate on the instrument.</p>
<p class="heading-2" id="el-10-148"><strong>(xxvi) Derivative financial instruments</strong></p>
<p class="normal" id="el-10-149">The Group’s borrowings expose it to the financial risks of changes in interest rates. The Group uses derivative financial instruments such as interest rate swap agreements to hedge these exposures. Interest rate swaps convert part of the Group’s borrowings from floating to fixed interest rates. The Group does not use derivatives for trading or speculative purposes.</p>
<p class="normal" id="el-10-150">Derivative financial instruments are recognised at fair value on the effective date of the derivative contract plus directly attributable transaction costs and are subsequently re-measured at fair value. Derivatives are carried as assets when the fair value is positive and as liabilities when the fair value is negative. </p>
<p class="normal" id="el-10-151">The full fair value of a hedging derivative is classified as a non-current asset or non-current liability if the remaining maturity of the hedging instrument is more than twelve months and as a current asset or current liability if the remaining maturity of the hedging instrument is less than twelve months.</p>
<p class="normal" id="el-10-152">The fair value of derivative instruments is determined by using valuation techniques. The Group uses its judgement to select the most appropriate valuation methods and makes assumptions that are mainly based on observable market conditions (Level 2 fair values) existing at the reporting date.</p>
<p class="normal" id="el-10-153">The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged.</p>
<p class="heading-2" id="el-10-154"><strong>(xxvii) Cash flow hedge accounting</strong></p>
<p class="normal" id="el-10-155">Cash flow hedge accounting is applied in accordance with IFRS 9 <em>Financial Instruments</em>. For those derivatives designated as cash flow hedges and for which hedge accounting is desired, the hedging relationship is documented at its inception. This documentation identifies the hedging instrument, the hedged item or transaction, the nature of the risk being hedged and its risk management objectives and strategy for undertaking the hedging transaction. The Group also documents its assessment, both at hedge inception and on a semi-annual basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flows of hedged items.</p>
<p class="normal" id="el-10-156">Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognised asset or liability, the effective part of any gain or loss on the derivative financial instrument is recognised in other comprehensive income and accumulated in equity in the hedging reserve. Any ineffective portion is recognised immediately in profit or loss as finance income or costs. The amount accumulated in equity is retained in other comprehensive income and reclassified to profit or loss in the same period or periods during which the hedged item affects profit or loss.</p>
<p class="normal" id="el-10-157">Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised, or no longer qualifies for hedge accounting or the designation is revoked. At that point in time, any cumulative gain or loss on the hedging instrument recognised in equity remains in equity and is recognised when the forecast transaction is ultimately recognised in profit or loss. However, if a hedged transaction is no longer anticipated to occur, the net cumulative gain or loss accumulated in equity is reclassified to profit or loss.</p>
<p class="heading-2" id="el-10-158"><strong>(xxviii) Net investment hedges</strong></p>
<p class="normal" id="el-10-159">Where relevant, the Group uses a net investment hedge, whereby the foreign currency exposure arising from a net investment in a foreign operation is hedged using borrowings held by a Group entity and loan notes issued by the Group that is denominated in the functional currency of the foreign operation. </p>
<p class="normal" id="el-10-160">Foreign currency differences arising on the retranslation of a financial liability designated as a hedge of a net investment in a foreign operation are recognised directly in other comprehensive income in the foreign currency translation reserve, to the extent that the hedge is effective. To the extent that the hedge is ineffective, such differences are recognised in profit or loss. When the hedged part of a net investment is disposed of, the associated cumulative amount in equity is reclassified to profit or loss.</p>
<p class="heading-2" id="el-10-161"><strong>(xxix) Adjusting items </strong></p>
<p class="normal" id="el-10-162">Consistent with how business performance is measured and managed internally, the Group reports both statutory measures prepared under IFRS and certain alternative performance measures (‘APMs’) that are not required under IFRS. These APMs are sometimes referred to as ‘non-GAAP’ measures and include, amongst others, Adjusted EBITDA, Free Cashflow per Share, and Adjusted EPS. </p>
<p class="normal" id="el-10-163">The Group believes that the presentation of these APMs provides useful supplemental information which, when viewed in conjunction with the financial information presented under IFRS, provides stakeholders with a meaningful understanding of the underlying financial and operating performance of the Group. </p>
<p class="normal" id="el-10-164">Adjusted measures of profitability represent the equivalent IFRS measures adjusted to show the underlying operating performance of the Group and exclude items which are not reflective of normal trading activities or distort comparability either year on year or with other similar businesses.</p>
<p class="heading-1" id="el-10-165"><strong>2 Operating segments</strong></p>
<p class="normal" id="el-10-166">The Group’s segments are reported in accordance with IFRS 8 <em>Operating Segments</em>. The segment information is reported in the same way as it is reviewed and analysed internally by the chief operating decision makers, primarily, the Executive Directors. </p>
<p class="normal" id="el-10-167">The Group segments its leased and owned business by geographical region within which the hotels operate being Dublin, Regional Ireland, the UK and Continental Europe. These comprise the Group’s four reportable segments. </p>
<p class="heading-2" id="el-10-168"><strong>Dublin, Regional Ireland, the UK and Continental Europe segments</strong></p>
<p class="normal" id="el-10-169">These segments are concerned with hotels that are either owned or leased by the Group. As at 31 December 2024, the owned portfolio consists of 31 hotels which it operates (31 December 2023: 31 hotels) and includes hotels for which the Group has majority or effective ownership. The Group also leases 22 hotel buildings from property owners (31 December 2023: 19 hotels) and is entitled to the benefits and carries the risks associated with operating these hotels.</p>
<p class="normal" id="el-10-170">The Group’s revenue from leased and owned hotels is primarily derived from room sales and food and beverage sales in restaurants, bars and banqueting. The main costs arising are payroll, cost of goods for resale, commissions paid on room sales, utilities, other operating costs, and, in the case of leased hotels, variable lease costs (where linked to turnover or profit) payable to lessors.</p>
<table class="accounts-table" id="el-10-171"><tbody>
<tr data-row-no="0">
<td class="heavy-line" colspan="1">
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>2024</strong></p>
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>2023</strong></p>
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
</tr>
<tr data-row-no="1">
<td colspan="1">
<p class="heading-2"><strong>Revenue</strong></p>
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
</tr>
<tr data-row-no="2">
<td colspan="1">
<p class="normal">Dublin</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>283,793</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">286,130</p>
</td>
</tr>
<tr data-row-no="3">
<td colspan="1">
<p class="normal">Regional Ireland</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>110,474</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">112,317</p>
</td>
</tr>
<tr data-row-no="4">
<td colspan="1">
<p class="normal">UK</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>220,813</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">186,292</p>
</td>
</tr>
<tr data-row-no="5">
<td class="light-line" colspan="1">
<p class="normal">Continental Europe</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right"><strong>37,110</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">22,959</p>
</td>
</tr>
<tr data-row-no="6">
<td class="heavy-line" colspan="1">
<p class="heading-2"><strong>Total revenue</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right"><strong>652,190</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right">607,698</p>
</td>
</tr>
</tbody></table>
<p class="normal" id="el-10-172">Segmental revenue for each of the geographical locations represents the operating revenue (room revenue, food and beverage revenue and other hotel revenue) from leased and owned hotels situated in the Group’s four reportable segments.</p>
<p class="normal" id="el-10-173">In November 2024, the Group disposed of Maldron Hotel, Wexford (<a href="#note-13">note 13</a>) and contracts were also exchanged for the sale of Clayton Whites Hotel, Wexford. This property was classified as held for sale at 31 December 2024 (<a href="#note-18">note 18</a>). Both hotels form part of the Regional Ireland segment.</p>
<p class="normal" id="el-10-174">The year ended 31 December 2024 saw the Group trade strongly and continue the execution of its growth strategy. The strong trade, the full year impact of hotels added during 2023 and the addition of four hotels during 2024 has led to an increase in Group revenue from hotel operations from €607.7 million to €652.2 million.</p>
<table class="accounts-table" id="el-10-175"><tbody>
<tr data-row-no="0">
<td class="heavy-line" colspan="1">
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>2024</strong></p>
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>2023</strong></p>
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
</tr>
<tr data-row-no="1">
<td colspan="1">
<p class="heading-2"><strong>Segmental results – EBITDAR (APM (iv))</strong></p>
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
</tr>
<tr data-row-no="2">
<td colspan="1">
<p class="normal">Dublin</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>132,308</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">135,883</p>
</td>
</tr>
<tr data-row-no="3">
<td colspan="1">
<p class="normal">Regional Ireland</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>34,990</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">37,018</p>
</td>
</tr>
<tr data-row-no="4">
<td colspan="1">
<p class="normal">UK</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>80,965</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">71,658</p>
</td>
</tr>
<tr data-row-no="5">
<td class="light-line" colspan="1">
<p class="normal">Continental Europe</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right"><strong>11,274</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">7,707</p>
</td>
</tr>
<tr data-row-no="6">
<td class="heavy-line" colspan="1">
<p class="heading-2"><strong>EBITDAR for reportable segments</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right"><strong>259,537</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right">252,266</p>
</td>
</tr>
<tr data-row-no="7">
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
</tr>
<tr data-row-no="8">
<td colspan="1">
<p class="heading-2"><strong>Segmental results – EBITDA</strong></p>
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
</tr>
<tr data-row-no="9">
<td colspan="1">
<p class="normal">Dublin</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>130,233</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">133,750</p>
</td>
</tr>
<tr data-row-no="10">
<td colspan="1">
<p class="normal">Regional Ireland</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>34,856</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">36,889</p>
</td>
</tr>
<tr data-row-no="11">
<td colspan="1">
<p class="normal">UK</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>80,627</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">71,082</p>
</td>
</tr>
<tr data-row-no="12">
<td class="light-line" colspan="1">
<p class="normal">Continental Europe</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right"><strong>11,177</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">6,915</p>
</td>
</tr>
<tr data-row-no="13">
<td class="heavy-line" colspan="1">
<p class="heading-2"><strong>EBITDA for reportable segments</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right"><strong>256,893</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right">248,636</p>
</td>
</tr>
<tr data-row-no="14">
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
</tr>
<tr data-row-no="15">
<td colspan="1">
<p class="heading-2"><strong>Reconciliation to results for the year</strong></p>
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
</tr>
<tr data-row-no="16">
<td colspan="1">
<p class="normal">Segmental results – EBITDA</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>256,893</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">248,636</p>
</td>
</tr>
<tr data-row-no="17">
<td colspan="1">
<p class="normal">Other income</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>1,447</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">1,484</p>
</td>
</tr>
<tr data-row-no="18">
<td colspan="1">
<p class="normal">Central costs</p>
</td>
<td colspan="1">
<p class="normal align-right"><strong>(20,272)</strong></p>
</td>
<td colspan="1">
<p class="accounts-bracket align-right">(21,102)</p>
</td>
</tr>
<tr data-row-no="19">
<td class="light-line" colspan="1">
<p class="normal">Share-based payments expense</p>
</td>
<td class="light-line" colspan="1">
<p class="normal align-right"><strong>(3,615)</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts-bracket align-right">(5,910)</p>
</td>
</tr>
<tr data-row-no="20">
<td colspan="1">
<p class="heading-2"><strong>Adjusted EBITDA</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>234,453</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">223,108</p>
</td>
</tr>
<tr data-row-no="21">
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
</tr>
<tr data-row-no="22">
<td colspan="1">
<p class="heading-3"><strong><em>Adjusting items</em></strong></p>
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
</tr>
<tr data-row-no="23">
<td colspan="1">
<p class="normal">Impairment charge relating to investment property</p>
</td>
<td colspan="1">
<p class="normal align-right"><strong>(96)</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">-</p>
</td>
</tr>
<tr data-row-no="24">
<td colspan="1">
<p class="normal">Impairment (charge)/reversal relating to property, plant and equipment through profit and loss</p>
</td>
<td colspan="1">
<p class="normal align-right"><strong>(1,322)</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">2,025</p>
</td>
</tr>
<tr data-row-no="25">
<td colspan="1">
<p class="normal">Impairment reversal relating to right-of-use assets</p>
</td>
<td colspan="1">
<p class="normal align-right"><strong>1,719</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">-</p>
</td>
</tr>
<tr data-row-no="26">
<td colspan="1">
<p class="normal">Hotel pre-opening expenses</p>
</td>
<td colspan="1">
<p class="normal align-right"><strong>(1,895)</strong></p>
</td>
<td colspan="1">
<p class="accounts-bracket align-right">(497)</p>
</td>
</tr>
<tr data-row-no="27">
<td class="light-line" colspan="1">
<p class="normal">Acquisition-related costs</p>
</td>
<td class="light-line" colspan="1">
<p class="normal align-right"><strong>(1,106)</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts-bracket align-right"> (4,389)</p>
</td>
</tr>
<tr data-row-no="28">
<td colspan="1">
<p class="heading-2"><strong>Group EBITDA</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>231,753</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">220,247</p>
</td>
</tr>
<tr data-row-no="29">
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
</tr>
<tr data-row-no="30">
<td colspan="1">
<p class="normal">Depreciation of property, plant and equipment</p>
</td>
<td colspan="1">
<p class="normal align-right"><strong>(39,316)</strong></p>
</td>
<td colspan="1">
<p class="accounts-bracket align-right">(32,791)</p>
</td>
</tr>
<tr data-row-no="31">
<td colspan="1">
<p class="normal">Depreciation of right-of-use assets</p>
</td>
<td colspan="1">
<p class="normal align-right"><strong>(33,727)</strong></p>
</td>
<td colspan="1">
<p class="accounts-bracket align-right">(30,663)</p>
</td>
</tr>
<tr data-row-no="32">
<td colspan="1">
<p class="normal">Amortisation of intangible assets</p>
</td>
<td colspan="1">
<p class="normal align-right"><strong>(252)</strong></p>
</td>
<td colspan="1">
<p class="accounts-bracket align-right">(650)</p>
</td>
</tr>
<tr data-row-no="33">
<td colspan="1">
<p class="normal">Interest on lease liabilities</p>
</td>
<td colspan="1">
<p class="normal align-right"><strong>(49,487)</strong></p>
</td>
<td colspan="1">
<p class="accounts-bracket align-right">(42,751)</p>
</td>
</tr>
<tr data-row-no="34">
<td class="light-line" colspan="1">
<p class="normal">Other net interest and finance costs</p>
</td>
<td class="light-line" colspan="1">
<p class="normal align-right"><strong>(17,733)</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts-bracket align-right">(7,860)</p>
</td>
</tr>
<tr data-row-no="35">
<td colspan="1">
<p class="heading-2"><strong>Profit before tax</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>91,238</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">105,532</p>
</td>
</tr>
<tr data-row-no="36">
<td class="light-line" colspan="1">
<p class="normal">Tax charge</p>
</td>
<td class="light-line" colspan="1">
<p class="normal align-right"><strong>(12,497)</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts-bracket align-right">(15,310)</p>
</td>
</tr>
<tr data-row-no="37">
<td class="heavy-line" colspan="1">
<p class="heading-2"><strong>Profit for the year attributable to owners of the Company</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right"><strong>78,741</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right">90,222</p>
</td>
</tr>
</tbody></table>
<p class="normal" id="el-10-176">Group EBITDA represents earnings before interest on lease liabilities, other interest and finance costs, tax, depreciation of property, plant and equipment and right-of-use assets and amortisation of intangible assets. </p>
<p class="normal" id="el-10-177">Adjusted EBITDA is presented as an alternative performance measure to show the underlying operating performance of the Group excluding items which are not reflective of normal trading activities or distort comparability either year on year or with other similar businesses. Consequently, Adjusted EBITDA represents Group EBITDA before: </p>
<ul class="bullet" id="el-10-178">
<li>Impairment reversal relating to right-of-use assets (<a href="#note-14">note 14</a>);</li>
<li>Impairment charge/(reversal) relating to property, plant and equipment through profit and loss (<a href="#note-13">note 13</a>);</li>
<li>Impairment charge relating to investment property;</li>
<li>Hotel pre-opening expenses, which relate primarily to payroll expenses, sales and marketing costs and training costs of new staff, that are incurred by the Group in advance of new hotel openings (<a href="#note-4">note 4</a>); and</li>
<li>Acquisition-related costs (<a href="#note-4">note 4</a>). </li>
</ul>
<p class="normal" id="el-10-179">The line item ‘central costs’ includes costs of the Group’s central functions including operations support, technology, sales and marketing, human resources, finance, corporate services and business development. Also included in central costs is the present value discounting of insurance provisions of €0.1 million (2023: unwinding of the discount on insurance provisions of €0.3 million) and the net reversal of prior period insurance provisions of €1.0 million (2023: €0.9 million) (<a href="#note-21">note 21</a>). Share-based payments expense is presented separately from central costs as this expense relates to employees across the Group (<a href="#note-7">note 7</a>).</p>
<p class="normal" id="el-10-180">‘Segmental results – EBITDA’ for Dublin, Regional Ireland, the UK and Continental Europe represents the ‘Adjusted EBITDA’ for each geographical location before central costs, share-based payments expense and other income. It is the net operational contribution of leased and owned hotels in each geographical location. </p>
<p class="normal" id="el-10-181">‘Segmental results – EBITDAR’ for Dublin, Regional Ireland, the UK and Continental Europe represents ‘Segmental results – EBITDA’ before variable lease costs (<a href="#note-30">note 30</a>). </p>
<p class="heading-2" id="el-10-182"><strong>Disaggregated revenue information</strong></p>
<p class="normal" id="el-10-183">Disaggregated segmental revenue is reported in the same way as it is reviewed and analysed internally by the chief operating decision makers, primarily, the Executive Directors. The key components of revenue reviewed by the chief operating decision makers are:</p>
<ul class="bullet" id="el-10-184">
<li>Room revenue which relates to the rental of rooms in each hotel. Revenue is recognised when the hotel room is occupied, and the service is provided;</li>
<li>Food and beverage revenue which relates to sales of food and beverages at the hotel property. Revenue is recognised at the point of sale; and</li>
<li>Other revenue includes revenue from leisure centres, car parks, meeting room hire and other revenue sources at the hotels. Leisure centre revenue is recognised over the life of the membership while the other items are recognised when the service is provided.</li>
</ul>
<table class="accounts-table" id="el-10-185"><tbody>
<tr data-row-no="0">
<td class="heavy-line" colspan="1">
<p class="table-headings align-left"><strong>Revenue review by segment – Dublin</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>2024</strong></p>
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>2023</strong></p>
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
</tr>
<tr data-row-no="1">
<td colspan="1">
<p class="normal">Room revenue</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>214,644</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">216,948</p>
</td>
</tr>
<tr data-row-no="2">
<td colspan="1">
<p class="normal">Food and beverage revenue</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>51,938</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">51,263</p>
</td>
</tr>
<tr data-row-no="3">
<td class="light-line" colspan="1">
<p class="normal">Other revenue </p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right"><strong>17,211</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">17,919</p>
</td>
</tr>
<tr data-row-no="4">
<td class="heavy-line" colspan="1">
<p class="heading-2"><strong>Total revenue </strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right"><strong>283,793</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right">286,130</p>
</td>
</tr>
</tbody></table>
<table class="accounts-table" id="el-10-186"><tbody>
<tr data-row-no="0">
<td class="heavy-line" colspan="1">
<p class="table-headings align-left"><strong>Revenue review by segment – Regional Ireland</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>2024</strong></p>
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>2023</strong></p>
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
</tr>
<tr data-row-no="1">
<td colspan="1">
<p class="normal">Room revenue</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>72,610</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">73,218</p>
</td>
</tr>
<tr data-row-no="2">
<td colspan="1">
<p class="normal">Food and beverage revenue</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>29,022</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">30,336</p>
</td>
</tr>
<tr data-row-no="3">
<td class="light-line" colspan="1">
<p class="normal">Other revenue</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right"><strong>8,842</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">8,763</p>
</td>
</tr>
<tr data-row-no="4">
<td class="heavy-line" colspan="1">
<p class="heading-2"><strong>Total revenue </strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right"><strong>110,474</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right">112,317</p>
</td>
</tr>
</tbody></table>
<table class="accounts-table" id="el-10-187"><tbody>
<tr data-row-no="0">
<td class="heavy-line" colspan="1">
<p class="table-headings align-left"><strong>Revenue review by segment – UK</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>2024</strong></p>
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>2023</strong></p>
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
</tr>
<tr data-row-no="1">
<td colspan="1">
<p class="normal">Room revenue</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>176,996</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">146,584</p>
</td>
</tr>
<tr data-row-no="2">
<td colspan="1">
<p class="normal">Food and beverage revenue</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>34,394</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">30,491</p>
</td>
</tr>
<tr data-row-no="3">
<td class="light-line" colspan="1">
<p class="normal">Other revenue </p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right"><strong>9,423</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">9,217</p>
</td>
</tr>
<tr data-row-no="4">
<td class="heavy-line" colspan="1">
<p class="heading-2"><strong>Total revenue </strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right"><strong>220,813</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right">186,292</p>
</td>
</tr>
</tbody></table>
<table class="accounts-table" id="el-10-188"><tbody>
<tr data-row-no="0">
<td class="heavy-line" colspan="1">
<p class="table-headings align-left"><strong>Revenue review by segment – Continental Europe</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>2024</strong></p>
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>2023</strong></p>
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
</tr>
<tr data-row-no="1">
<td colspan="1">
<p class="normal">Room revenue</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>26,989</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">16,353</p>
</td>
</tr>
<tr data-row-no="2">
<td colspan="1">
<p class="normal">Food and beverage revenue</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>8,596</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">4,935</p>
</td>
</tr>
<tr data-row-no="3">
<td class="light-line" colspan="1">
<p class="normal">Other revenue </p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right"><strong>1,525</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">1,671</p>
</td>
</tr>
<tr data-row-no="4">
<td class="heavy-line" colspan="1">
<p class="heading-2"><strong>Total revenue </strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right"><strong>37,110</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right">22,959</p>
</td>
</tr>
</tbody></table>
<p class="heading-2" id="el-10-189"><strong>Other geographical information</strong></p>
<table class="accounts-table" id="el-10-190"><tbody>
<tr data-row-no="0">
<td colspan="1">
</td>
<td colspan="4">
<p class="table-headings align-center"><strong>2024</strong></p>
</td>
<td colspan="1">
</td>
<td colspan="4">
<p class="table-headings align-center"><strong>2023</strong></p>
</td>
</tr>
<tr data-row-no="1">
<td colspan="1">
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>Republic of Ireland</strong></p>
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>UK</strong></p>
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>Continental Europe</strong></p>
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>Total</strong></p>
</td>
<td colspan="1">
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>Republic of Ireland</strong></p>
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>UK</strong></p>
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>Continental Europe</strong></p>
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>Total</strong></p>
</td>
</tr>
<tr data-row-no="2">
<td class="heavy-line" colspan="1">
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
<td colspan="1">
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
</tr>
<tr data-row-no="3">
<td colspan="1">
<p class="heading-2"><strong>Revenue</strong></p>
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
</tr>
<tr data-row-no="4">
<td colspan="1">
<p class="normal">Owned hotels</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>275,148</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>108,189</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>-</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>383,337</strong></p>
</td>
<td colspan="1">
</td>
<td colspan="1">
<p class="accounts align-right">276,188</p>
</td>
<td colspan="1">
<p class="accounts align-right">92,682</p>
</td>
<td colspan="1">
<p class="accounts align-right">-</p>
</td>
<td colspan="1">
<p class="accounts align-right">368,870</p>
</td>
</tr>
<tr data-row-no="5">
<td class="light-line" colspan="1">
<p class="normal">Leased hotels</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right"><strong>119,119</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right"><strong>112,624</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right"><strong>37,110</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right"><strong>268,853</strong></p>
</td>
<td colspan="1">
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">122,259</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">93,610</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">22,959</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">238,828</p>
</td>
</tr>
<tr data-row-no="6">
<td class="heavy-line" colspan="1">
<p class="heading-2"><strong>Total revenue</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right"><strong>394,267</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right"><strong>220,813</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right"><strong>37,110</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right"><strong>652,190</strong></p>
</td>
<td colspan="1">
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right">398,447</p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right">186,292</p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right">22,959</p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right">607,698</p>
</td>
</tr>
</tbody></table>
<table class="accounts-table" id="el-10-191"><tbody>
<tr data-row-no="0">
<td colspan="1">
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>Republic of Ireland</strong></p>
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>UK</strong></p>
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>Continental Europe</strong></p>
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>Total</strong></p>
</td>
<td colspan="1">
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>Republic of Ireland</strong></p>
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>UK</strong></p>
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>Continental Europe</strong></p>
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>Total</strong></p>
</td>
</tr>
<tr data-row-no="1">
<td class="heavy-line" colspan="1">
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
<td colspan="1">
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
</tr>
<tr data-row-no="2">
<td colspan="1">
<p class="heading-2"><strong>EBITDAR</strong></p>
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
</tr>
<tr data-row-no="3">
<td colspan="1">
<p class="normal">Owned hotels</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>116,036</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>41,761</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>-</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>157,797</strong></p>
</td>
<td colspan="1">
</td>
<td colspan="1">
<p class="accounts align-right">118,632</p>
</td>
<td colspan="1">
<p class="accounts align-right">37,284</p>
</td>
<td colspan="1">
<p class="accounts align-right">-</p>
</td>
<td colspan="1">
<p class="accounts align-right">155,916</p>
</td>
</tr>
<tr data-row-no="4">
<td class="light-line" colspan="1">
<p class="normal">Leased hotels</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right"><strong>51,262</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right"><strong>39,204</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right"><strong>11,274</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right"><strong>101,740</strong></p>
</td>
<td colspan="1">
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">54,269</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">34,374</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">7,707</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">96,350</p>
</td>
</tr>
<tr data-row-no="5">
<td class="heavy-line" colspan="1">
<p class="heading-2"><strong>Total EBITDAR</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right"><strong>167,298</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right"><strong>80,965</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right"><strong>11,274</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right"><strong>259,537</strong></p>
</td>
<td colspan="1">
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right">172,901</p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right">71,658</p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right">7,707</p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right">252,266</p>
</td>
</tr>
</tbody></table>
<table class="accounts-table" id="el-10-192"><tbody>
<tr data-row-no="0">
<td colspan="1">
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>Republic of Ireland</strong></p>
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>UK</strong></p>
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>Continental Europe</strong></p>
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>Total</strong></p>
</td>
<td colspan="1">
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>Republic of Ireland</strong></p>
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>UK</strong></p>
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>Continental Europe</strong></p>
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>Total</strong></p>
</td>
</tr>
<tr data-row-no="1">
<td class="heavy-line" colspan="1">
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
<td colspan="1">
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
</tr>
<tr data-row-no="2">
<td colspan="1">
<p class="heading-2"><strong>Other information</strong></p>
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
</tr>
<tr data-row-no="3">
<td colspan="1">
<p class="normal">Variable lease costs</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>2,209</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>338</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>97</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>2,644</strong></p>
</td>
<td colspan="1">
</td>
<td colspan="1">
<p class="accounts align-right">2,262</p>
</td>
<td colspan="1">
<p class="accounts align-right">576</p>
</td>
<td colspan="1">
<p class="accounts align-right">792</p>
</td>
<td colspan="1">
<p class="accounts align-right">3,630</p>
</td>
</tr>
<tr data-row-no="4">
<td colspan="1">
<p class="normal">Depreciation of property, plant and equipment</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>22,149</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>15,406</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>1,761</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>39,316</strong></p>
</td>
<td colspan="1">
</td>
<td colspan="1">
<p class="accounts align-right">20,500</p>
</td>
<td colspan="1">
<p class="accounts align-right">11,732</p>
</td>
<td colspan="1">
<p class="accounts align-right">559</p>
</td>
<td colspan="1">
<p class="accounts align-right">32,791</p>
</td>
</tr>
<tr data-row-no="5">
<td colspan="1">
<p class="normal">Depreciation of right-of-use assets</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>16,250</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>13,065</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>4,412</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>33,727</strong></p>
</td>
<td colspan="1">
</td>
<td colspan="1">
<p class="accounts align-right">16,036</p>
</td>
<td colspan="1">
<p class="accounts align-right">11,225</p>
</td>
<td colspan="1">
<p class="accounts align-right">3,402</p>
</td>
<td colspan="1">
<p class="accounts align-right">30,663</p>
</td>
</tr>
<tr data-row-no="6">
<td class="light-line" colspan="1">
<p class="normal">Interest on lease liabilities</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right"><strong>17,651</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right"><strong>25,356</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right"><strong>6,480</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right"><strong>49,487</strong></p>
</td>
<td colspan="1">
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">17,797</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">21,048</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">3,906</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">42,751</p>
</td>
</tr>
</tbody></table>
<p class="heading-2" id="el-10-193"><strong>Assets and liabilities</strong></p>
<table class="accounts-table" id="el-10-194"><tbody>
<tr data-row-no="0">
<td colspan="1">
</td>
<td colspan="4">
<p class="table-headings align-center"><strong>2024</strong></p>
</td>
<td colspan="1">
</td>
<td colspan="4">
<p class="table-headings align-center"><strong>2023</strong></p>
</td>
</tr>
<tr data-row-no="1">
<td colspan="1">
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>Republic of Ireland</strong></p>
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>UK</strong></p>
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>Continental Europe</strong></p>
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>Total</strong></p>
</td>
<td colspan="1">
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>Republic of Ireland</strong></p>
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>UK</strong></p>
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>Continental Europe</strong></p>
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>Total</strong></p>
</td>
</tr>
<tr data-row-no="2">
<td class="heavy-line" colspan="1">
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
<td colspan="1">
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
</tr>
<tr data-row-no="3">
<td colspan="1">
<p class="heading-2"><strong>Assets</strong></p>
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
</tr>
<tr data-row-no="4">
<td colspan="1">
<p class="normal">Intangible assets and goodwill</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>17,848</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>12,376</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>23,425</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>53,649</strong></p>
</td>
<td colspan="1">
</td>
<td colspan="1">
<p class="accounts align-right">18,826</p>
</td>
<td colspan="1">
<p class="accounts align-right">11,823</p>
</td>
<td colspan="1">
<p class="accounts align-right">23,425</p>
</td>
<td colspan="1">
<p class="accounts align-right">54,074</p>
</td>
</tr>
<tr data-row-no="5">
<td colspan="1">
<p class="normal">Property, plant and equipment</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>1,084,417</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>620,101</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>6,456</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>1,710,974</strong></p>
</td>
<td colspan="1">
</td>
<td colspan="1">
<p class="accounts align-right">1,100,355</p>
</td>
<td colspan="1">
<p class="accounts align-right">577,936</p>
</td>
<td colspan="1">
<p class="accounts align-right">6,540</p>
</td>
<td colspan="1">
<p class="accounts align-right">1,684,831</p>
</td>
</tr>
<tr data-row-no="6">
<td colspan="1">
<p class="normal">Right-of-use assets</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>280,868</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>401,597</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>77,686</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>760,151</strong></p>
</td>
<td colspan="1">
</td>
<td colspan="1">
<p class="accounts align-right">296,774</p>
</td>
<td colspan="1">
<p class="accounts align-right">306,381</p>
</td>
<td colspan="1">
<p class="accounts align-right">82,038</p>
</td>
<td colspan="1">
<p class="accounts align-right">685,193</p>
</td>
</tr>
<tr data-row-no="7">
<td colspan="1">
<p class="normal">Investment property</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>1,150</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>368</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>-</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>1,518</strong></p>
</td>
<td colspan="1">
</td>
<td colspan="1">
<p class="accounts align-right">1,625</p>
</td>
<td colspan="1">
<p class="accounts align-right">396</p>
</td>
<td colspan="1">
<p class="accounts align-right">-</p>
</td>
<td colspan="1">
<p class="accounts align-right">2,021</p>
</td>
</tr>
<tr data-row-no="8">
<td colspan="1">
<p class="normal">Other non-current receivables</p>
</td>
<td class="cell-bg" colspan="1">
<p class="accounts align-right"><strong>7,362</strong></p>
</td>
<td class="cell-bg" colspan="1">
<p class="accounts align-right"><strong>-</strong></p>
</td>
<td class="cell-bg" colspan="1">
<p class="accounts align-right"><strong>-</strong></p>
</td>
<td class="cell-bg" colspan="1">
<p class="accounts align-right"><strong>7,362</strong></p>
</td>
<td colspan="1">
</td>
<td colspan="1">
<p class="accounts align-right">3,287</p>
</td>
<td colspan="1">
<p class="accounts align-right">3,131</p>
</td>
<td colspan="1">
<p class="accounts align-right">-</p>
</td>
<td colspan="1">
<p class="accounts align-right">6,418</p>
</td>
</tr>
<tr data-row-no="9">
<td colspan="1">
<p class="normal">Other current assets</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>37,903</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>30,515</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>4,760</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>73,178</strong></p>
</td>
<td colspan="1">
</td>
<td colspan="1">
<p class="accounts align-right">35,033</p>
</td>
<td colspan="1">
<p class="accounts align-right">23,388</p>
</td>
<td colspan="1">
<p class="accounts align-right">6,415</p>
</td>
<td colspan="1">
<p class="accounts align-right">64,836</p>
</td>
</tr>
<tr data-row-no="10">
<td class="light-line" colspan="1">
<p class="normal">Assets held for sale</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right"><strong>20,717</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right"><strong>-</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right"><strong>-</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right"><strong>20,717</strong></p>
</td>
<td colspan="1">
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">-</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">-</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">-</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">-</p>
</td>
</tr>
<tr data-row-no="11">
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
</tr>
<tr data-row-no="12">
<td class="heavy-line" colspan="1">
<p class="heading-2"><strong>Total assets excluding derivatives and deferred tax assets</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right"><strong>1,450,265</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right"><strong>1,064,957</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right"><strong>112,327</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right"><strong>2,627,549</strong></p>
</td>
<td colspan="1">
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right">1,455,900</p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right">923,055</p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right">118,418</p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right">2,497,373</p>
</td>
</tr>
<tr data-row-no="13">
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
</tr>
<tr data-row-no="14">
<td colspan="1">
<p class="normal">Derivative assets</p>
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
<p class="accounts align-right"><strong>-</strong></p>
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
<p class="accounts align-right">6,521</p>
</td>
</tr>
<tr data-row-no="15">
<td class="light-line" colspan="1">
<p class="normal">Deferred tax assets</p>
</td>
<td class="light-line" colspan="1">
</td>
<td class="light-line" colspan="1">
</td>
<td class="light-line" colspan="1">
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right"><strong>33,100</strong></p>
</td>
<td colspan="1">
</td>
<td class="light-line" colspan="1">
</td>
<td class="light-line" colspan="1">
</td>
<td class="light-line" colspan="1">
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">24,136</p>
</td>
</tr>
<tr data-row-no="16">
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
</tr>
<tr data-row-no="17">
<td class="heavy-line" colspan="1">
<p class="heading-2"><strong>Total assets</strong></p>
</td>
<td class="heavy-line" colspan="1">
</td>
<td class="heavy-line" colspan="1">
</td>
<td class="heavy-line" colspan="1">
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right"><strong>2,660,649</strong></p>
</td>
<td colspan="1">
</td>
<td class="heavy-line" colspan="1">
</td>
<td class="heavy-line" colspan="1">
</td>
<td class="heavy-line" colspan="1">
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right">2,528,030</p>
</td>
</tr>
<tr data-row-no="18">
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
</tr>
<tr data-row-no="19">
<td colspan="1">
<p class="heading-3"><strong><em>Liabilities</em></strong></p>
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
</tr>
<tr data-row-no="20">
<td colspan="1">
<p class="normal">Bank loans and private placement notes </p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>186,379</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>85,005</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>-</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>271,384</strong></p>
</td>
<td colspan="1">
</td>
<td colspan="1">
<p class="accounts align-right">4,000</p>
</td>
<td colspan="1">
<p class="accounts align-right">250,387</p>
</td>
<td colspan="1">
<p class="accounts align-right">-</p>
</td>
<td colspan="1">
<p class="accounts align-right">254,387</p>
</td>
</tr>
<tr data-row-no="21">
<td colspan="1">
<p class="normal">Lease liabilities</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>291,699</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>401,276</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>85,583</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>778,558</strong></p>
</td>
<td colspan="1">
</td>
<td colspan="1">
<p class="accounts align-right">300,157</p>
</td>
<td colspan="1">
<p class="accounts align-right">310,697</p>
</td>
<td colspan="1">
<p class="accounts align-right">87,744</p>
</td>
<td colspan="1">
<p class="accounts align-right">698,598</p>
</td>
</tr>
<tr data-row-no="22">
<td class="light-line" colspan="1">
<p class="normal">Trade and other payables</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right"><strong>56,780</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right"><strong>27,756</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right"><strong>4,135</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right"><strong>88,671</strong></p>
</td>
<td colspan="1">
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">55,063</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">24,985</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">6,349</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">86,397</p>
</td>
</tr>
<tr data-row-no="23">
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
</tr>
<tr data-row-no="24">
<td class="heavy-line" colspan="1">
<p class="heading-2"><strong>Total liabilities excluding derivatives, provision for liabilities and tax liabilities</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right"><strong>534,858</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right"><strong>514,037</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right"><strong>89,718</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right"><strong>1,138,613</strong></p>
</td>
<td colspan="1">
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right">359,220</p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right">586,069</p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right">94,093</p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right">1,039,382</p>
</td>
</tr>
<tr data-row-no="25">
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
</tr>
<tr data-row-no="26">
<td colspan="1">
<p class="normal">Provision for liabilities</p>
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
<p class="accounts align-right"><strong>8,048</strong></p>
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
<p class="accounts align-right">8,611</p>
</td>
</tr>
<tr data-row-no="27">
<td colspan="1">
<p class="normal">Current tax liabilities</p>
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
<p class="accounts align-right"><strong>1,576</strong></p>
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
<p class="accounts align-right">2,659</p>
</td>
</tr>
<tr data-row-no="28">
<td colspan="1">
<p class="normal">Deferred tax liabilities</p>
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
<p class="accounts align-right"><strong>92,763</strong></p>
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
<p class="accounts align-right">84,441</p>
</td>
</tr>
<tr data-row-no="29">
<td class="light-line" colspan="1">
<p class="normal">Derivative liabilities</p>
</td>
<td class="light-line" colspan="1">
</td>
<td class="light-line" colspan="1">
</td>
<td class="light-line" colspan="1">
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right"><strong>244</strong></p>
</td>
<td colspan="1">
</td>
<td class="light-line" colspan="1">
</td>
<td class="light-line" colspan="1">
</td>
<td class="light-line" colspan="1">
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">-</p>
</td>
</tr>
<tr data-row-no="30">
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
</tr>
<tr data-row-no="31">
<td class="heavy-line" colspan="1">
<p class="heading-2"><strong>Total liabilities</strong></p>
</td>
<td class="heavy-line" colspan="1">
</td>
<td class="heavy-line" colspan="1">
</td>
<td class="heavy-line" colspan="1">
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right"><strong>1,241,244</strong></p>
</td>
<td colspan="1">
</td>
<td class="heavy-line" colspan="1">
</td>
<td class="heavy-line" colspan="1">
</td>
<td class="heavy-line" colspan="1">
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right">1,135,093</p>
</td>
</tr>
<tr data-row-no="32">
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
</tr>
<tr data-row-no="33">
<td class="heavy-line" colspan="1">
<p class="heading-2"><strong>Revaluation reserve</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right"><strong>390,606</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right"><strong>77,999</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right"><strong>-</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right"><strong>468,605</strong></p>
</td>
<td colspan="1">
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right">386,450</p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right">74,731</p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right">-</p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right">461,181</p>
</td>
</tr>
</tbody></table>
<p class="normal" id="el-10-195">The above information on assets, liabilities and revaluation reserve is presented by region as it does not form part of the segmental information routinely reviewed by the chief operating decision makers.</p>
<p class="normal" id="el-10-196">Bank loans and private placement notes are categorised according to their underlying currency (<a href="#note-22">note 22</a>).</p>
<p class="heading-1" id="el-10-197"><strong>3 Statutory and other information</strong></p>
<table class="accounts-table" id="el-10-198"><tbody>
<tr data-row-no="0">
<td colspan="1">
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>2024</strong></p>
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>2023</strong></p>
</td>
</tr>
<tr data-row-no="1">
<td class="heavy-line" colspan="1">
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
</tr>
<tr data-row-no="2">
<td colspan="1">
<p class="normal">Depreciation of property, plant and equipment</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>39,316</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">32,791</p>
</td>
</tr>
<tr data-row-no="3">
<td colspan="1">
<p class="normal">Depreciation of right-of-use assets</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>33,727</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">30,663</p>
</td>
</tr>
<tr data-row-no="4">
<td colspan="1">
<p class="normal">Variable lease costs: land and buildings </p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>2,644</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">3,630</p>
</td>
</tr>
<tr data-row-no="5">
<td class="heavy-line" colspan="1">
<p class="normal">Hotel pre-opening expenses</p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right"><strong>1,895</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right">497</p>
</td>
</tr>
</tbody></table>
<p class="normal" id="el-10-199">Hotel pre-opening expenses relate to costs incurred by the Group in advance of opening new hotels. In 2024, this related to four new hotels that opened throughout 2024. In 2023, this related to Maldron Hotel Finsbury Park, London, which opened during 2023. These costs primarily relate to payroll expenses, sales and marketing costs and training costs of new staff.</p>
<p class="normal" id="el-10-200">Variable lease costs relate to lease payments linked to performance which are excluded from the measurement of lease liabilities as they are not related to an index or rate or are not considered fixed payments in substance.</p>
<table class="accounts-table" id="el-10-201"><tbody>
<tr data-row-no="0">
<td colspan="1">
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>2024</strong></p>
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>2023</strong></p>
</td>
</tr>
<tr data-row-no="1">
<td class="heavy-line" colspan="1">
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
</tr>
<tr data-row-no="2">
<td colspan="1">
<p class="normal">Audit of Group, Company and subsidiary financial statements</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>500</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">470</p>
</td>
</tr>
<tr data-row-no="3">
<td colspan="1">
<p class="normal">Other assurance services </p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>362</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">32</p>
</td>
</tr>
<tr data-row-no="4">
<td class="light-line" colspan="1">
<p class="normal">Other non-audit services</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right"><strong>37</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">37</p>
</td>
</tr>
<tr data-row-no="5">
<td class="heavy-line" colspan="1">
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right"><strong>899</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right">539</p>
</td>
</tr>
</tbody></table>
<p class="normal" id="el-10-202">Auditor’s remuneration for the audit of the Company financial statements was €20,000 (2023: €20,000). Other assurance services primarily relate to the Sustainability Statement and the review of the interim condensed consolidated financial statements. </p>
<p class="heading-2" id="el-10-203"><strong>Directors’ remuneration</strong></p>
<table class="accounts-table" id="el-10-204"><tbody>
<tr data-row-no="0">
<td colspan="1">
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>2024</strong></p>
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>2023</strong></p>
</td>
</tr>
<tr data-row-no="1">
<td class="heavy-line" colspan="1">
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
</tr>
<tr data-row-no="2">
<td colspan="1">
<p class="normal">Salary and other emoluments</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>2,710</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">3,575</p>
</td>
</tr>
<tr data-row-no="3">
<td colspan="1">
<p class="normal">Gain on vesting of share-based awards</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>1,040</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">230</p>
</td>
</tr>
<tr data-row-no="4">
<td colspan="1">
<p class="normal">Fees</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>552</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">496</p>
</td>
</tr>
<tr data-row-no="5">
<td colspan="1">
<p class="normal">Pension costs – defined contribution</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>74</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">72</p>
</td>
</tr>
<tr data-row-no="6">
<td class="light-line" colspan="1">
<p class="normal">Transactions with past directors</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right"><strong>492</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">225</p>
</td>
</tr>
<tr data-row-no="7">
<td class="heavy-line" colspan="1">
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right"><strong>4,868</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right">4,598</p>
</td>
</tr>
</tbody></table>
<p class="normal" id="el-10-205">Transactions with past directors in 2024 relate to gains associated with the shares issued on vesting of awards under the 2021 LTIP scheme (2023: gains on vesting of awards under the 2020 LTIP). The gain on vesting of share-based awards represents the difference between the quoted share price per ordinary share and the exercise price on the vesting date (<a href="#note-8">note 8</a>) for all current directors.</p>
<p class="normal" id="el-10-206">Details of the directors’ remuneration, interests in conditional share awards and compensation of former directors are set out in the Remuneration Committee report.</p>
<p class="heading-1" id="el-10-207"><strong>4 Administrative expenses</strong></p>
<table class="accounts-table" id="el-10-208"><tbody>
<tr data-row-no="0">
<td colspan="1">
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>2024</strong></p>
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>2023</strong></p>
</td>
</tr>
<tr data-row-no="1">
<td class="heavy-line" colspan="1">
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
</tr>
<tr data-row-no="2">
<td colspan="1">
<p class="normal">Administrative wages and salaries</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>76,500</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">69,178</p>
</td>
</tr>
<tr data-row-no="3">
<td colspan="1">
<p class="normal">Depreciation and amortisation (<a href="#note-12">note 12</a>,<a href="#note-13">13</a>,<a href="#note-14">14</a>)</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>73,295</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">64,104</p>
</td>
</tr>
<tr data-row-no="4">
<td colspan="1">
<p class="normal">Other administrative expenses</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>61,405</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">56,977</p>
</td>
</tr>
<tr data-row-no="5">
<td colspan="1">
<p class="normal">Utilities – electricity and gas</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>24,762</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">27,783</p>
</td>
</tr>
<tr data-row-no="6">
<td colspan="1">
<p class="normal">Commercial rates</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>16,016</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">14,924</p>
</td>
</tr>
<tr data-row-no="7">
<td colspan="1">
<p class="normal">Variable lease costs (<a href="#note-14">note 14</a>)</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>2,644</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">3,630</p>
</td>
</tr>
<tr data-row-no="8">
<td colspan="1">
<p class="normal">Hotel pre-opening expenses</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>1,895</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">497</p>
</td>
</tr>
<tr data-row-no="9">
<td colspan="1">
<p class="normal">Impairment charge/(reversal) relating to property, plant and equipment through profit and loss (<a href="#note-13">note 13</a>)</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>1,322</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">(2,025)</p>
</td>
</tr>
<tr data-row-no="10">
<td colspan="1">
<p class="normal">Acquisition-related costs</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>1,106</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">4,389</p>
</td>
</tr>
<tr data-row-no="11">
<td colspan="1">
<p class="normal">Impairment charge relating to investment property</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>96</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">-</p>
</td>
</tr>
<tr data-row-no="12">
<td colspan="1">
<p class="normal">Impairment reversal relating to right-of-use assets (<a href="#note-14">note 14</a>)</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>(1,719)</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">-</p>
</td>
</tr>
<tr data-row-no="13">
<td class="light-line" colspan="1">
<p class="normal">Reversal of prior period insurance provisions (<a href="#note-21">note 21</a>)</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right"><strong>(990)</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts-bracket align-right">(927)</p>
</td>
</tr>
<tr data-row-no="14">
<td class="heavy-line" colspan="1">
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right"><strong>256,332</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right">238,530</p>
</td>
</tr>
</tbody></table>
<p class="normal" id="el-10-209">Other administrative expenses include costs related to marketing, commissions and general administration.</p>
<p class="heading-1" id="el-10-210"><strong>5 Other income</strong></p>
<table class="accounts-table" id="el-10-211"><tbody>
<tr data-row-no="0">
<td colspan="1">
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>2024</strong></p>
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>2023</strong></p>
</td>
</tr>
<tr data-row-no="1">
<td class="heavy-line" colspan="1">
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
</tr>
<tr data-row-no="2">
<td colspan="1">
<p class="normal">Income from managed hotels</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>1,063</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">1,099</p>
</td>
</tr>
<tr data-row-no="3">
<td class="light-line" colspan="1">
<p class="normal">Rental income from investment property </p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right"><strong>384</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">385</p>
</td>
</tr>
<tr data-row-no="4">
<td class="heavy-line" colspan="1">
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right"><strong>1,447</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right">1,484</p>
</td>
</tr>
</tbody></table>
<p class="normal" id="el-10-212">Income from managed hotels represents the fees and other income earned from services provided in relation to partner hotels which are not owned or leased by the Group. </p>
<p class="normal" id="el-10-213">Rental income from investment property relates to the following properties:</p>
<ul class="bullet" id="el-10-214">
<li>Two commercial properties which are leased to third parties for lease terms of 25 and 30 years;</li>
<li>A sub-lease of part of Clayton Hotel Cardiff, which is leased to a third party for a lease term of 20 years, with 8 years remaining at 31 December 2024; and</li>
<li>A sub-lease of part of Clayton Hotel Düsseldorf, which is leased to a third party for a rolling lease term.</li>
</ul>
<p class="normal" id="el-10-215">The carrying value of the investment properties at 31 December 2024 is €1.5 million (2023: €2.0 million). The movement during the year is primarily due to the reclassification of investment property adjacent to Clayton Whites Hotel, Wexford which has been classified as held for sale at 31 December 2024 (<a href="#note-18">note 18</a>). </p>
<p class="heading-1" id="el-10-216"><strong>6 Net finance costs</strong></p>
<table class="accounts-table" id="el-10-217"><tbody>
<tr data-row-no="0">
<td colspan="1">
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>2024</strong></p>
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>2023</strong></p>
</td>
</tr>
<tr data-row-no="1">
<td class="heavy-line" colspan="1">
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
</tr>
<tr data-row-no="2">
<td class="light-line" colspan="1">
<p class="normal">Finance income</p>
</td>
<td class="light-line" colspan="1">
<p class="normal align-right"><strong>(138)</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">-</p>
</td>
</tr>
<tr data-row-no="3">
<td class="heavy-line" colspan="1">
<p class="heading-2"><strong>Finance income</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="normal align-right"><strong>(138)</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right">-</p>
</td>
</tr>
<tr data-row-no="4">
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
</tr>
<tr data-row-no="5">
<td colspan="1">
<p class="normal">Interest on lease liabilities (<a href="#note-14">note 14</a>)</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>49,487</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">42,751</p>
</td>
</tr>
<tr data-row-no="6">
<td colspan="1">
<p class="normal">Interest expense on bank loans</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>16,736</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">15,665</p>
</td>
</tr>
<tr data-row-no="7">
<td colspan="1">
<p class="normal">Cash flow hedges – reclassified from other comprehensive income</p>
</td>
<td colspan="1">
<p class="normal align-right"><strong>(7,688)</strong></p>
</td>
<td colspan="1">
<p class="accounts-bracket align-right">(6,949)</p>
</td>
</tr>
<tr data-row-no="8">
<td colspan="1">
<p class="normal">Interest on private placement notes</p>
</td>
<td colspan="1">
<p class="normal align-right"><strong>1,597</strong></p>
</td>
<td colspan="1">
<p class="accounts-bracket align-right">-</p>
</td>
</tr>
<tr data-row-no="9">
<td colspan="1">
<p class="normal">Modification loss</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>7,525</strong></p>
</td>
<td colspan="1">
<p class="accounts-bracket align-right">-</p>
</td>
</tr>
<tr data-row-no="10">
<td colspan="1">
<p class="normal">Other finance costs</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>1,232</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">1,332</p>
</td>
</tr>
<tr data-row-no="11">
<td colspan="1">
<p class="normal">Net foreign exchange gain on financing activities</p>
</td>
<td colspan="1">
<p class="normal align-right"><strong>(865)</strong></p>
</td>
<td colspan="1">
<p class="accounts-bracket align-right">(180)</p>
</td>
</tr>
<tr data-row-no="12">
<td class="light-line" colspan="1">
<p class="normal">Interest capitalised to property, plant and equipment (<a href="#note-13">note 13</a>)</p>
</td>
<td class="light-line" colspan="1">
<p class="normal align-right"><strong>(666)</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts-bracket align-right">(2,008)</p>
</td>
</tr>
<tr data-row-no="13">
<td class="light-line" colspan="1">
<p class="heading-2"><strong>Finance costs</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right"><strong>67,358</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">50,611</p>
</td>
</tr>
<tr data-row-no="14">
<td class="heavy-line" colspan="1">
<p class="heading-2"><strong>Net finance costs</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right"><strong>67,220</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right">50,611</p>
</td>
</tr>
</tbody></table>
<p class="normal" id="el-10-218">In October 2024, the Group successfully completed a refinancing of its existing banking facilities to provide a €475 million multicurrency loan facility consisting of a €100.0 million green term loan and €375.0 million revolving credit facility for a five-year term to 9 October 2029, with two options to extend by a year. As a result, the Group assessed whether the discounted cash flows under the new facility discounted at the old effective interest rate were substantially different from the discounted cash flows under the original facility. Based on this assessment, the bank loans were deemed to be substantially modified which resulted in a modification loss of €7.5 million, which is inclusive of €4.8 million of costs relating to the new facility, being recognised in profit or loss during the year ended 31 December 2024 (<a href="#note-22">note 22</a>). </p>
<p class="normal" id="el-10-219">The Group also completed the issuance of €124.7 million of green private placement loan notes to institutional investors for terms of five and seven years. Costs in relation to the private placement are included in the carrying value of the loans notes and are amortised over the terms of the loan notes at the effective interest rate (<a href="#note-22">note 22</a>). The private placement notes carry a fixed coupon rate. However, where the Group's Net Debt to EBITDA after rent, calculated in line with borrowing covenants, exceeds certain ratchet levels, varying premiums are added to the coupon rate depending on the ratchet level.</p>
<p class="normal" id="el-10-220">The Group uses interest rate swaps to convert the interest rate on part of its bank loans from floating rate to fixed rate (<a href="#note-23">note 23</a>). The cash flow hedge amount reclassified from other comprehensive income is shown separately within finance costs and primarily represents the additional interest received by the Group as a result of the interest rate swaps. The Group’s interest rate swaps, which hedged the interest rate on the previously drawn sterling term loan of £176.5 million, matured in October 2024. As a result of the refinancing in October 2024, the Group entered into new interest rate swaps to hedge the variable interest rate on the new term loan for four years to October 2028 (<a href="#note-23">note 23</a>). Margins on the Group’s bank loans are set with reference to the Net Debt to EBITDA after rent covenant levels and ratchet up or down accordingly.</p>
<p class="normal align-justify" id="el-10-221">Other finance costs include commitment fees and other banking and professional fees. Net foreign exchange gains on financing activities relate principally to loans which did not form part of the net investment hedge (<a href="#note-25">note 25</a>).</p>
<p class="normal align-justify" id="el-10-222">Finance costs incurred for qualifying assets, which take a substantial period of time to construct, are added to the cost of the asset during the period of time required to complete and prepare the asset for its intended use or sale. The Group uses two capitalisation rates being the Euro and Sterling weighted average interest rates of borrowings and loan notes, including the impact of hedging if any, which are applied to qualifying assets based on the currency of their geographic jurisdiction. Capitalisation commences on the date on which the Group undertakes activities that are necessary to prepare the asset for its intended use. Capitalisation of borrowing costs ceases when the asset is ready for its intended use and is suspended when an active development is delayed over an extended period and where costs are not deemed recoverable.</p>
<p class="normal" id="el-10-223">Interest on bank loans and private placement loan notes amounting to €0.7 million was capitalised to assets under construction on the basis that these costs were directly attributable to the construction of qualifying assets (<a href="#note-13">note 13</a>) (2023: €2.0 million). The capitalisation rates applied by the Group, which were reflective of the weighted average interest cost in respect of sterling denominated borrowings for the relevant capitalisation period, were 3.85% (2023: 3.2%).</p>
<p class="heading-1" id="el-10-224"><strong>7 Personnel expenses</strong></p>
<p class="normal" id="el-10-225">The average number of persons (full-time equivalents) employed by the Group (including Executive Directors), analysed by category, was as follows:</p>
<table class="accounts-table" id="el-10-226"><tbody>
<tr data-row-no="0">
<td class="heavy-line" colspan="1">
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>2024</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>2023</strong></p>
</td>
</tr>
<tr data-row-no="1">
<td colspan="1">
<p class="normal">Administration</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>991</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">886</p>
</td>
</tr>
<tr data-row-no="2">
<td class="light-line" colspan="1">
<p class="normal">Other</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right"><strong>3,041</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">3,110</p>
</td>
</tr>
<tr data-row-no="3">
<td class="heavy-line" colspan="1">
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right"><strong>4,032</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right">3,996</p>
</td>
</tr>
</tbody></table>
<p class="normal" id="el-10-227">The average number of persons (full-time equivalents) split by geographical region was as follows:</p>
<table class="accounts-table" id="el-10-228"><tbody>
<tr data-row-no="0">
<td class="heavy-line" colspan="1">
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>2024</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>2023</strong></p>
</td>
</tr>
<tr data-row-no="1">
<td colspan="1">
<p class="normal">Dublin (including the Group’s central functions)</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>1,791</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">1,854</p>
</td>
</tr>
<tr data-row-no="2">
<td colspan="1">
<p class="normal">Regional Ireland</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>939</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">978</p>
</td>
</tr>
<tr data-row-no="3">
<td colspan="1">
<p class="normal">UK</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>1,096</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">1,013</p>
</td>
</tr>
<tr data-row-no="4">
<td class="light-line" colspan="1">
<p class="normal">Continental Europe</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right"><strong>206</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">151</p>
</td>
</tr>
<tr data-row-no="5">
<td class="heavy-line" colspan="1">
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right"><strong>4,032</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right">3,996</p>
</td>
</tr>
</tbody></table>
<p class="normal" id="el-10-229">The aggregate payroll costs of these persons were as follows:</p>
<table class="accounts-table" id="el-10-230"><tbody>
<tr data-row-no="0">
<td colspan="1">
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>2024</strong></p>
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>2023</strong></p>
</td>
</tr>
<tr data-row-no="1">
<td class="heavy-line" colspan="1">
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
</tr>
<tr data-row-no="2">
<td colspan="1">
<p class="normal">Wages and salaries</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>159,680</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">140,674</p>
</td>
</tr>
<tr data-row-no="3">
<td colspan="1">
<p class="normal">Social welfare costs</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>15,274</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">14,187</p>
</td>
</tr>
<tr data-row-no="4">
<td colspan="1">
<p class="normal">Pension costs – defined contribution</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>3,310</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">1,702</p>
</td>
</tr>
<tr data-row-no="5">
<td colspan="1">
<p class="normal">Share-based payments expense</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>3,615</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">5,910</p>
</td>
</tr>
<tr data-row-no="6">
<td class="light-line" colspan="1">
<p class="normal">Severance costs</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right"><strong>75</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">-</p>
</td>
</tr>
<tr data-row-no="7">
<td class="heavy-line" colspan="1">
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right"><strong>181,954</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right">162,473</p>
</td>
</tr>
</tbody></table>
<p class="normal" id="el-10-231">Payroll costs of €0.4 million (2023: €0.5 million) relating to the Group’s internal development employees were capitalised as these costs are directly related to development, lease and other construction work completed during the year ended 31 December 2024.</p>
<p class="heading-1" id="el-10-232"><strong>8 Share-based payments expense</strong></p>
<p class="normal" id="el-10-233">The total share-based payments expense for the Group’s employee share schemes charged to profit or loss during the year was €3.6 million (2023: €5.9 million), analysed as follows: </p>
<table class="accounts-table" id="el-10-234"><tbody>
<tr data-row-no="0">
<td colspan="1">
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>2024</strong></p>
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>2023</strong></p>
</td>
</tr>
<tr data-row-no="1">
<td class="heavy-line" colspan="1">
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
</tr>
<tr data-row-no="2">
<td colspan="1">
<p class="normal">Long Term Incentive Plans</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>3,419</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">5,580</p>
</td>
</tr>
<tr data-row-no="3">
<td class="light-line" colspan="1">
<p class="normal">Share Save schemes</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right"><strong>196</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">330</p>
</td>
</tr>
<tr data-row-no="4">
<td class="heavy-line" colspan="1">
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right"><strong>3,615</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right">5,910</p>
</td>
</tr>
</tbody></table>
<p class="normal" id="el-10-235">Details of the schemes operated by the Group are set out below:</p>
<p class="heading-2" id="el-10-236"><strong>Long Term Incentive Plans</strong></p>
<p class="normal" id="el-10-237">During the year ended 31 December 2024, the Board approved the conditional grant of 1,634,668 ordinary shares (‘the Award’) pursuant to the terms and conditions of the Group’s 2017 Long Term Incentive Plan (‘the 2017 LTIP’). The Award was granted to senior employees across the Group (127 in total). Vesting of the Award is based on two independently assessed performance targets, 50% based on Total Shareholder Return (‘TSR’) and 50% based on Free Cashflow Per Share (‘FCPS’). The performance period of this award is 1 January 2024 to 31 December 2026. </p>
<p class="normal" id="el-10-238">Threshold performance for the TSR condition, which is a market-based condition, is a performance measure against a bespoke comparator group of 19 listed peer companies in the travel and leisure sector, with threshold 25% vesting if the Group’s TSR over the performance period is ranked at the median compared to the TSR of the comparator group. If the Group’s TSR performance is at or above the upper quartile compared to the comparator group, the remaining 75% of the award will vest, with pro-rata vesting on a straight-line basis for performance in between these thresholds. </p>
<p class="normal" id="el-10-239">Threshold performance (25% vesting) for the FCPS condition, which is a non-market-based performance condition, is based on the achievement of FCPS of €0.631, as disclosed in the Group’s 2026 audited consolidated financial statements, with 100% vesting for FCPS of €0.771 or greater. The FCPS based awards will vest on a straight-line basis for performance between these points.</p>
<p class="normal" id="el-10-240">Participants are also entitled to receive a dividend equivalent amount in respect of such number of shares as are released. The Remuneration Committee may amend or substitute a subsisting Performance Condition if one or more events occur which cause the Committee to consider that a substituted or amended Performance Condition would be more appropriate and would not be materially less or more difficult to satisfy than the subsisting Performance Condition. </p>
<p class="normal" id="el-10-241">Movements in the number of share awards are as follows:</p>
<table class="accounts-table" id="el-10-242"><tbody>
<tr data-row-no="0">
<td colspan="1">
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>2024</strong></p>
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>2023</strong></p>
</td>
</tr>
<tr data-row-no="1">
<td class="heavy-line" colspan="1">
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>Awards</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>Awards</strong></p>
</td>
</tr>
<tr data-row-no="2">
<td colspan="1">
<p class="normal">Outstanding at the beginning of the year</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>4,089,901</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">4,837,170</p>
</td>
</tr>
<tr data-row-no="3">
<td colspan="1">
<p class="normal">Granted during the year</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>1,634,668</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">1,574,799</p>
</td>
</tr>
<tr data-row-no="4">
<td colspan="1">
<p class="normal">Forfeited during the year </p>
</td>
<td colspan="1">
<p class="normal align-right"><strong>(127,780)</strong></p>
</td>
<td colspan="1">
<p class="accounts-bracket align-right">(52,901)</p>
</td>
</tr>
<tr data-row-no="5">
<td colspan="1">
<p class="normal">Lapsed unvested during the year</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>-</strong></p>
</td>
<td colspan="1">
<p class="accounts-bracket align-right">(1,733,533)</p>
</td>
</tr>
<tr data-row-no="6">
<td colspan="1">
<p class="normal">Dividend equivalent</p>
</td>
<td colspan="1">
<p class="normal align-right"><strong>(10,744)</strong></p>
</td>
<td colspan="1">
<p class="normal align-right">-</p>
</td>
</tr>
<tr data-row-no="7">
<td class="light-line" colspan="1">
<p class="normal">Exercised during the year </p>
</td>
<td class="light-line" colspan="1">
<p class="normal align-right"><strong>(1,081,517)</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts-bracket align-right">(535,634)</p>
</td>
</tr>
<tr data-row-no="8">
<td class="heavy-line" colspan="1">
<p class="heading-2"><strong>Outstanding at the end of the year</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right"><strong>4,504,528</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right">4,089,901</p>
</td>
</tr>
</tbody></table>
<table class="accounts-table" id="el-10-243"><tbody>
<tr data-row-no="0">
<td colspan="1">
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>2024</strong></p>
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>2023</strong></p>
</td>
</tr>
<tr data-row-no="1">
<td class="heavy-line" colspan="1">
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>Awards</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>Awards</strong></p>
</td>
</tr>
<tr data-row-no="2">
<td colspan="1">
<p class="heading-2"><strong>Grant date</strong></p>
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
</tr>
<tr data-row-no="3">
<td colspan="1">
<p class="normal">March 2021</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>-</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">1,099,661</p>
</td>
</tr>
<tr data-row-no="4">
<td colspan="1">
<p class="normal">March 2022</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>1,389,631</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">1,427,175</p>
</td>
</tr>
<tr data-row-no="5">
<td colspan="1">
<p class="normal">March 2023</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>1,498,692</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">1,540,346</p>
</td>
</tr>
<tr data-row-no="6">
<td colspan="1">
<p class="normal">May 2023</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>22,719</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">22,719</p>
</td>
</tr>
<tr data-row-no="7">
<td class="light-line" colspan="1">
<p class="normal">March 2024</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right"><strong>1,593,486</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">-</p>
</td>
</tr>
<tr data-row-no="8">
<td class="heavy-line" colspan="1">
<p class="heading-2"><strong>Outstanding at the end of the year</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right"><strong>4,504,528</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right">4,089,901</p>
</td>
</tr>
</tbody></table>
<p class="heading-2" id="el-10-244"><strong>Awards vested </strong></p>
<p class="normal" id="el-10-245">During the year ended 31 December 2024, the Company issued 1,092,261 shares on foot of the vesting of awards granted in March 2021 under the terms of the 2017 LTIP, of which 10,744 were dividend equivalents. The shares were issued through the Employee Benefit Trust (<a href="#note-19">note 19</a>). </p>
<p class="normal" id="el-10-246">The weighted average share price at the date of exercise of these awards was €4.32.</p>
<p class="heading-2" id="el-10-247"><strong>Measurement of fair values</strong></p>
<p class="normal" id="el-10-248">The fair value, at the grant date, of the TSR-based conditional share awards was measured using a Monte Carlo simulation model. Non-market-based performance conditions attached to the awards were not taken into account in measuring fair value at the grant date. </p>
<p class="normal" id="el-10-249">The valuation and key assumptions used in the measurement of the fair values of awards at the grant date were as follows:</p>
<table class="accounts-table" id="el-10-250"><tbody>
<tr data-row-no="0">
<td class="heavy-line" colspan="1">
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>March 2024</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>March 2023</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>March 2022</strong></p>
</td>
</tr>
<tr data-row-no="1">
<td colspan="1">
<p class="normal">Fair value at grant date for TSR-based awards</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>€2.33</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">€2.93</p>
</td>
<td colspan="1">
<p class="accounts align-right">€2.60</p>
</td>
</tr>
<tr data-row-no="2">
<td colspan="1">
<p class="normal">Fair value at grant date for FCPS-based awards</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>€4.50</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">€4.29</p>
</td>
<td colspan="1">
<p class="accounts align-right">€3.89</p>
</td>
</tr>
<tr data-row-no="3">
<td colspan="1">
<p class="normal">Share price at grant date</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>€4.51</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">€4.30</p>
</td>
<td colspan="1">
<p class="accounts align-right">€3.90</p>
</td>
</tr>
<tr data-row-no="4">
<td colspan="1">
<p class="normal">Exercise price</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>€0.01</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">€0.01</p>
</td>
<td colspan="1">
<p class="accounts align-right">€0.01</p>
</td>
</tr>
<tr data-row-no="5">
<td colspan="1">
<p class="normal">Expected volatility for TSR-based awards</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>35.04% p.a.</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">54.83% p.a.</p>
</td>
<td colspan="1">
<p class="accounts align-right">53.0% p.a.</p>
</td>
</tr>
<tr data-row-no="6">
<td colspan="1">
<p class="normal">Performance period</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>3 years </strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">3 years</p>
</td>
<td colspan="1">
<p class="accounts align-right">3 years</p>
</td>
</tr>
<tr data-row-no="7">
<td class="heavy-line" colspan="1">
<p class="normal">Risk-free rate</p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right"><strong>2.61%</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right">2.78%</p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts-bracket align-right">(0.31%)</p>
</td>
</tr>
</tbody></table>
<p class="normal" id="el-10-251">Dividend equivalents accrue on awards that vest up to the time of vesting under the LTIP schemes, and therefore the dividend yield has been set to zero to reflect this. Such dividend equivalents will be released to participants in the form of additional shares on vesting subject to the satisfaction of performance criteria. In the absence of available market-implied and observable volatility, the expected volatility has been estimated based on the historic share price over a three-year period.</p>
<p class="normal" id="el-10-252">All active awards include FCPS-related performance conditions which are non-market-based performance conditions that do not impact the fair value of the award at the grant date, which equals the share price less exercise price. Instead, an estimate is made by the Group as to the number of shares which are expected to vest based on satisfaction of the FCPS-related performance condition, where applicable, and this, together with the fair value of the award at grant date, determines the accounting charge to be spread over the vesting period. The estimate of the number of shares which are expected to vest over the vesting period of the award is reviewed in each reporting period and the accounting charge is adjusted accordingly. </p>
<p class="heading-2" id="el-10-253"><strong>Share Save schemes</strong></p>
<p class="normal" id="el-10-254">The Remuneration Committee of the Board of Directors approved the granting of share options under the UK and Ireland Share Save schemes (the ‘Schemes’) for all eligible employees across the Group from 2019 to 2024. Each Scheme is for three years and employees may choose to purchase shares over the six month period following the end of the three year period at the fixed discounted price set at the start of the three year period. </p>
<p class="normal" id="el-10-255">During the year ended 31 December 2024, two new schemes were granted to ROI and UK employees (no new schemes granted in 2023). 535 employees availed of the ROI Scheme and 259 employees availed of the UK scheme. The share price for the schemes has been set at a 25% discount for Republic of Ireland based employees and 20% for UK based employees in line with the maximum amount permitted under tax legislation in both jurisdictions.</p>
<p class="normal" id="el-10-256">During the year ended 31 December 2024, 2,000 ordinary shares were exercised on maturity of the share options granted as part of the Share Save scheme in 2019. There were also 1,260,587 options exercised on maturity of the share options granted as part of the Share Save scheme in 2020. The weighted average exercise price for options exercised during the year ended 31 December 2024 was €2.35.</p>
<p class="normal" id="el-10-257">Movements in the number of share options and the related weighted average exercise price (‘WAEP’) are as follows:</p>
<table class="accounts-table" id="el-10-258"><tbody>
<tr data-row-no="0">
<td colspan="1">
</td>
<td colspan="2">
<p class="table-headings align-center"><strong>2024</strong></p>
</td>
<td colspan="2">
<p class="table-headings align-center"><strong>2023</strong></p>
</td>
</tr>
<tr data-row-no="1">
<td class="heavy-line" colspan="1">
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>Options</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>WAEP </strong></p>
<p class="table-headings align-right"><strong>€ per share</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>Options</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>WAEP </strong></p>
<p class="table-headings align-right"><strong>€ per share</strong></p>
</td>
</tr>
<tr data-row-no="2">
<td colspan="1">
<p class="normal">Outstanding at the beginning of the year</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>1,480,299</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>2.39</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">1,695,307</p>
</td>
<td colspan="1">
<p class="accounts align-right">2.53</p>
</td>
</tr>
<tr data-row-no="3">
<td colspan="1">
<p class="normal">Granted during the year</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>2,259,760</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>3.03</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">-</p>
</td>
<td colspan="1">
<p class="accounts align-right">-</p>
</td>
</tr>
<tr data-row-no="4">
<td colspan="1">
<p class="normal">Forfeited during the year</p>
</td>
<td colspan="1">
<p class="normal align-right"><strong>(118,199)</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>2.73</strong></p>
</td>
<td colspan="1">
<p class="accounts-bracket align-right">(167,520)</p>
</td>
<td colspan="1">
<p class="accounts align-right">2.78</p>
</td>
</tr>
<tr data-row-no="5">
<td class="light-line" colspan="1">
<p class="normal">Exercised during the year </p>
</td>
<td class="light-line" colspan="1">
<p class="normal align-right"><strong>(1,262,587)</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right"><strong>2.26</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts-bracket align-right">(47,488)</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">3.46</p>
</td>
</tr>
<tr data-row-no="6">
<td class="heavy-line" colspan="1">
<p class="heading-2"><strong>Outstanding at the end of the year</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right"><strong>2,359,273</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right"><strong>2.99</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right">1,480,299</p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right">2.39</p>
</td>
</tr>
</tbody></table>
<p class="normal" id="el-10-259">The weighted average remaining contractual life for the share options outstanding at 31 December 2024 is 3.1 years (31 December 2023: 0.8 years). </p>
<p class="heading-1" id="el-10-260"><strong>9 Tax charge</strong></p>
<table class="accounts-table" id="el-10-261"><tbody>
<tr data-row-no="0">
<td colspan="1">
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>2024</strong></p>
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>2023</strong></p>
</td>
</tr>
<tr data-row-no="1">
<td class="heavy-line" colspan="1">
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
</tr>
<tr data-row-no="2">
<td colspan="1">
<p class="heading-2"><strong>Current tax</strong></p>
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
</tr>
<tr data-row-no="3">
<td colspan="1">
<p class="normal">Irish corporation tax charge</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>12,686</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">15,377</p>
</td>
</tr>
<tr data-row-no="4">
<td colspan="1">
<p class="normal">Foreign corporation tax charge</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>-</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">33</p>
</td>
</tr>
<tr data-row-no="5">
<td class="light-line" colspan="1">
<p class="normal">Under/(over) provision in respect of prior years</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right"><strong>368</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts-bracket align-right">(560)</p>
</td>
</tr>
<tr data-row-no="6">
<td colspan="1">
</td>
<td colspan="1">
<p class="accounts align-right"><strong>13,054</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">14,850</p>
</td>
</tr>
<tr data-row-no="7">
<td class="light-line" colspan="1">
<p class="normal">Deferred tax (credit)/charge (<a href="#note-24">note 24</a>)</p>
</td>
<td class="light-line" colspan="1">
<p class="normal align-right"><strong>(557)</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">460</p>
</td>
</tr>
<tr data-row-no="8">
<td class="heavy-line" colspan="1">
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right"><strong>12,497</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right">15,310</p>
</td>
</tr>
</tbody></table>
<p class="normal" id="el-10-262">The tax assessed for the year differs from the standard rate of corporation tax in Ireland for the year. The differences are explained below.</p>
<table class="accounts-table" id="el-10-263"><tbody>
<tr data-row-no="0">
<td colspan="1">
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>2024</strong></p>
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>2023</strong></p>
</td>
</tr>
<tr data-row-no="1">
<td class="heavy-line" colspan="1">
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
</tr>
<tr data-row-no="2">
<td colspan="1">
<p class="normal">Profit before tax</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>91,238</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">105,532</p>
</td>
</tr>
<tr data-row-no="3">
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
</tr>
<tr data-row-no="4">
<td colspan="1">
<p class="normal">Tax on profit at standard Irish corporation tax rate of 12.5%</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>11,405</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">13,192</p>
</td>
</tr>
<tr data-row-no="5">
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
</tr>
<tr data-row-no="6">
<td colspan="1">
<p class="heading-2"><strong>Effects of:</strong></p>
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
</tr>
<tr data-row-no="7">
<td colspan="1">
<p class="normal">Income taxed at a higher rate</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>832</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">1,131</p>
</td>
</tr>
<tr data-row-no="8">
<td colspan="1">
<p class="normal">Expenses not deductible for tax purposes</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>393</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">1,556</p>
</td>
</tr>
<tr data-row-no="9">
<td colspan="1">
<p class="normal">Impact of impairments not deductible/(revaluation gains not subject to tax) </p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>161</strong></p>
</td>
<td colspan="1">
<p class="accounts-bracket align-right">(108)</p>
</td>
</tr>
<tr data-row-no="10">
<td colspan="1">
<p class="normal">Foreign losses taxed at higher rate</p>
</td>
<td colspan="1">
<p class="normal align-right"><strong>(1,424)</strong></p>
</td>
<td colspan="1">
<p class="accounts-bracket align-right">(1,137)</p>
</td>
</tr>
<tr data-row-no="11">
<td colspan="1">
<p class="normal">Under/(over) provision in respect of current tax in prior periods</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>368</strong></p>
</td>
<td colspan="1">
<p class="accounts-bracket align-right">(560)</p>
</td>
</tr>
<tr data-row-no="12">
<td colspan="1">
<p class="normal">Over provision in respect of deferred tax in prior periods</p>
</td>
<td colspan="1">
<p class="normal align-right"><strong>(919)</strong></p>
</td>
<td colspan="1">
<p class="accounts-bracket align-right">(893)</p>
</td>
</tr>
<tr data-row-no="13">
<td colspan="1">
<p class="normal">Impact of differing rates between current tax and deferred tax</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>905</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">991</p>
</td>
</tr>
<tr data-row-no="14">
<td class="light-line" colspan="1">
<p class="normal">Other differences</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right"><strong>776</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">1,138</p>
</td>
</tr>
<tr data-row-no="15">
<td class="heavy-line" colspan="1">
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right"><strong>12,497</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right">15,310</p>
</td>
</tr>
</tbody></table>
<p class="normal" id="el-10-264">The Group has recognised a tax charge of €12.5 million for the year ended 31 December 2024 (2023: €15.3 million). The tax charge primarily relates to current tax in respect of profits earned in Ireland during the year of €12.7 million (2023: €15.4 million). </p>
<p class="normal" id="el-10-265">The deferred tax credit for the year ended 31 December 2024 of €0.6 million (2023: deferred tax charge of €0.5 million) primarily relates to deferred tax in respect of tax losses which are available to utilise against future taxable profits, partially offset by a deferred tax charge arising in relation to temporary differences related to fixed assets and revaluations of land and buildings through profit and loss. The 2023 deferred tax charge primarily related to deferred tax arising on revaluation of land and buildings through profit and loss. </p>
<p class="heading-1" id="el-10-266"><strong>10 Impairment </strong></p>
<p class="normal" id="el-10-267">At 31 December 2024, as a result of the carrying amount of the net assets of the Group being more than its market capitalisation, the Group tested each cash generating unit (‘CGU’) for impairment as this was deemed to be a potential impairment indicator. Impairment arises where the carrying value of the CGU (which includes, where relevant, revalued properties and/or right-of-use assets, allocated goodwill, fixtures, fittings and equipment) exceeds its recoverable amount on a value in use (‘VIU’) basis. </p>
<p class="normal" id="el-10-268">At 31 December 2024, the market capitalisation of the Group (€994 million) was lower than the net assets of the Group (€1,419 million) (market capitalisation is calculated by multiplying the share price on that date by the number of shares in issue). Market capitalisation can be influenced by a number of different market factors and uncertainties. In addition, share prices reflect a discount due to lack of control rights. The Group as a whole is not considered to be a CGU for the purposes of impairment testing and instead each hotel operating unit is considered as a CGU as it is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. </p>
<p class="normal" id="el-10-269">At 31 December 2024, the recoverable amounts of the Group’s CGUs were based on VIU, determined by discounting the estimated future cash flows generated from the continuing use of these hotels. VIU cash flow projections are prepared for each CGU and then compared against the carrying value of the assets, including goodwill, properties, fixtures, fittings and equipment and right-of-use assets, in that CGU. The Group has not quantified any potential impact of decarbonisation on the carrying amounts of its assets as part of the impairment review. This approach may be reviewed in future periods in light of any emerging legislation or environmental policy changes.</p>
<p class="normal" id="el-10-270">The VIU estimates were based on the following key assumptions:</p>
<ul class="bullet" id="el-10-271">
<li>Cash flow projections are based on operating results and forecasts prepared by management covering a ten year period in the case of freehold properties. This period was chosen due to the nature of the hotel assets and is consistent with the valuation basis used by independent external property valuers when performing their hotel valuations (<a href="#note-13">note 13</a>). For CGUs with right-of-use assets, the lease term was used;</li>
<li>Revenue and EBITDA for 2025 and future years are based on management’s best estimate projections as at 31 December 2024. Forecasted revenue and EBITDA are based on expectations of future outcomes taking into account the macro-environment, current earnings, past experience and adjusted for anticipated revenue and cost growth; </li>
<li>Cash flow projections assume a long-term compound annual growth rate post 2029 of 2% (2023: 2%) in EBITDA for all CGUs;</li>
<li>Cash flows include an average annual capital outlay on maintenance for the hotels dependent on the condition of the hotel or typically 4% (2023: 4%) of revenues but assume no enhancements to any property;</li>
<li>In the case of CGUs with freehold properties, the VIU calculations also include a terminal value based on terminal (year ten) capitalisation rates consistent with those used by the external property valuers which incorporates a long-term growth rate of 2% for all properties;  </li>
<li>The cash flows are discounted using a risk adjusted discount rate specific to each property. Risk adjusted discount rates of 8.5% to 11.35% for Dublin assets (31 December 2023: 8.50% to 11.35%), 10.60% to 11.10% for Regional Ireland assets (31 December 2023: 10.00% to 12.75%), 7.60% to 10.20% for UK assets (31 December 2023: 7.40% to 11.50%), and 7.50% to 8.00% for Continental Europe assets (31 December 2023: 7.50% to 8.00%) have been used; and</li>
<li>The values applied to each of these key assumptions are derived from a combination of internal and external factors based on historical experience of the valuers and of management and taking into account the stability of cash flows typically associated with these factors. </li>
</ul>
<p class="normal" id="el-10-272">Following the impairment assessments carried out on the Group’s CGUs at 31 December 2024, the recoverable amount was deemed lower than the carrying amount in one of the Group’s UK CGUs and resulted in an impairment charge of €1.3 million (£1.1 million) relating to property, plant and equipment (<a href="#note-13">note 13</a>).</p>
<p class="normal" id="el-10-273">At 31 December 2024, the recoverable amount was deemed higher than the carrying amount in one of the Group’s UK CGUs, which had previously incurred impairment charges, and resulted in an impairment reversal of €1.7 million (£1.5 million), relating to a right-of-use asset (<a href="#note-14">note 14</a>).</p>
<p class="normal" id="el-10-274">At 31 December 2024, the carrying value of the Group’s other CGUs did not exceed their recoverable amount and no other impairment movements were required following the assessment.</p>
<p class="normal" id="el-10-275">If the 2025 EBITDA forecasts used in cashflow in VIU estimates for impairment testing as at 31 December 2024 had been forecast 10% lower, there would still have been no additional impairment for the year ended 31 December 2024 for right-of-use assets and fixtures, fittings and equipment and allocated goodwill.</p>
<p class="heading-1" id="el-10-276"><strong>11 Business combinations</strong></p>
<p class="normal" id="el-10-277">During the year ended 31 December 2023, the Group acquired two business units requiring the acquisition method of accounting.</p>
<p class="heading-2" id="el-10-278"><strong>Acquisition of Clayton Hotel London Wall </strong></p>
<p class="normal" id="el-10-279">On 3 July 2023, the Group acquired the long leasehold interest and trade of Apex Hotel London Wall, now trading as Clayton Hotel London Wall, for cash consideration of £53.4 million (€62.1 million). </p>
<p class="normal" id="el-10-280">The Group became party to a ground lease as part of the acquisition and recognised lease liabilities and right-of-use assets of £2.0 million (€2.3 million). The ground lease has a remaining life of 107 years. This exceeds the estimated useful life of the building as at the acquisition date and hence the building has been accounted for as an owned hotel.</p>
<p class="normal" id="el-10-281">The fair value of the identifiable assets and liabilities acquired were as follows:</p>
<table class="accounts-table" id="el-10-282"><tbody>
<tr data-row-no="0">
<td colspan="1">
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>3 July 2023</strong></p>
<p class="table-headings align-right"><strong>Fair value</strong></p>
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>3 July 2023 </strong></p>
<p class="table-headings align-right"><strong>Fair value</strong></p>
</td>
</tr>
<tr data-row-no="1">
<td class="heavy-line" colspan="1">
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>£’000</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
</tr>
<tr data-row-no="2">
<td colspan="1">
<p class="heading-2"><strong>Recognised amounts of identifiable assets acquired and liabilities assumed</strong></p>
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
</tr>
<tr data-row-no="3">
<td colspan="1">
<p class="heading-2"><strong>Non-current assets</strong></p>
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
</tr>
<tr data-row-no="4">
<td colspan="1">
<p class="normal">Hotel property</p>
</td>
<td colspan="1">
<p class="accounts align-right">51,366</p>
</td>
<td colspan="1">
<p class="accounts align-right">59,742</p>
</td>
</tr>
<tr data-row-no="5">
<td colspan="1">
<p class="normal">Fixtures, fittings and equipment</p>
</td>
<td colspan="1">
<p class="accounts align-right">2,034</p>
</td>
<td colspan="1">
<p class="accounts align-right">2,365</p>
</td>
</tr>
<tr data-row-no="6">
<td colspan="1">
<p class="normal">Right-of-use asset</p>
</td>
<td colspan="1">
<p class="accounts align-right">2,017</p>
</td>
<td colspan="1">
<p class="accounts align-right">2,346</p>
</td>
</tr>
<tr data-row-no="7">
<td colspan="1">
<p class="heading-2"><strong>Current assets</strong></p>
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
</tr>
<tr data-row-no="8">
<td colspan="1">
<p class="normal">Net working capital liabilities</p>
</td>
<td colspan="1">
<p class="accounts-bracket align-right">(21)</p>
</td>
<td colspan="1">
<p class="accounts-bracket align-right">(24)</p>
</td>
</tr>
<tr data-row-no="9">
<td colspan="1">
<p class="heading-2"><strong>Non-current liabilities</strong></p>
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
</tr>
<tr data-row-no="10">
<td colspan="1">
<p class="normal">Lease liability</p>
</td>
<td colspan="1">
<p class="accounts-bracket align-right">(1,997)</p>
</td>
<td colspan="1">
<p class="accounts-bracket align-right">(2,323)</p>
</td>
</tr>
<tr data-row-no="11">
<td colspan="1">
<p class="heading-2"><strong>Current liabilities</strong></p>
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
</tr>
<tr data-row-no="12">
<td class="light-line" colspan="1">
<p class="normal">Lease liability</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts-bracket align-right">(20)</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts-bracket align-right">(23)</p>
</td>
</tr>
<tr data-row-no="13">
<td class="light-line" colspan="1">
<p class="heading-2"><strong>Total identifiable net assets</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">53,379</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">62,083</p>
</td>
</tr>
<tr data-row-no="14">
<td class="heavy-line" colspan="1">
<p class="heading-2"><strong>Total cash consideration</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right">53,379</p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right">62,083</p>
</td>
</tr>
</tbody></table>
<p class="normal" id="el-10-283">The acquisition method of accounting has been used to consolidate the business acquired in the Group’s consolidated financial statements. No goodwill has been recognised on acquisition as the fair value of the net assets acquired equated to the consideration paid. </p>
<p class="normal" id="el-10-284">Acquisition-related costs of £3.3 million (€3.8 million) were charged to administrative expenses in profit or loss in respect of this business combination. </p>
<p class="heading-2" id="el-10-285"><strong>Acquisition of Clayton Hotel Amsterdam American</strong></p>
<p class="normal" id="el-10-286">On 3 October 2023, the Group acquired 100% of the share capital of American Hotel Exploitatie BV which holds the operational lease of the Hard Rock Hotel Amsterdam American, now trading as Clayton Hotel Amsterdam American, for cash consideration of €28.3 million and assumed net working capital liabilities of €1.2 million.</p>
<p class="normal" id="el-10-287">The remaining lease term is 18 years, with two 5-year tenant extension options. This resulted in the recognition of a lease liability of €41.0 million and a right-of-use asset of €41.0 million.</p>
<p class="normal" id="el-10-288">The fair value of the identifiable assets and liabilities acquired were as follows:</p>
<table class="accounts-table" id="el-10-289"><tbody>
<tr data-row-no="0">
<td colspan="1">
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>3 October 2023</strong></p>
<p class="table-headings align-right"><strong>Fair value </strong></p>
</td>
</tr>
<tr data-row-no="1">
<td class="heavy-line" colspan="1">
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
</tr>
<tr data-row-no="2">
<td colspan="1">
<p class="heading-2"><strong>Recognised amounts of identifiable assets acquired and liabilities assumed</strong></p>
</td>
<td colspan="1">
</td>
</tr>
<tr data-row-no="3">
<td colspan="1">
<p class="heading-2"><strong>Non-current assets</strong></p>
</td>
<td colspan="1">
</td>
</tr>
<tr data-row-no="4">
<td colspan="1">
<p class="normal">Right-of-use asset</p>
</td>
<td colspan="1">
<p class="accounts align-right">41,036</p>
</td>
</tr>
<tr data-row-no="5">
<td colspan="1">
<p class="normal">Fixtures, fittings and equipment</p>
</td>
<td colspan="1">
<p class="accounts align-right">6,065</p>
</td>
</tr>
<tr data-row-no="6">
<td colspan="1">
<p class="normal">Deferred tax asset</p>
</td>
<td colspan="1">
<p class="accounts align-right">10,587</p>
</td>
</tr>
<tr data-row-no="7">
<td colspan="1">
<p class="heading-2"><strong>Current assets</strong></p>
</td>
<td colspan="1">
</td>
</tr>
<tr data-row-no="8">
<td colspan="1">
<p class="normal">Trade and other receivables</p>
</td>
<td colspan="1">
<p class="accounts align-right">974</p>
</td>
</tr>
<tr data-row-no="9">
<td colspan="1">
<p class="normal">Stock</p>
</td>
<td colspan="1">
<p class="accounts align-right">98</p>
</td>
</tr>
<tr data-row-no="10">
<td colspan="1">
<p class="normal">Cash</p>
</td>
<td colspan="1">
<p class="accounts align-right">8</p>
</td>
</tr>
<tr data-row-no="11">
<td colspan="1">
<p class="heading-2"><strong>Non-current liabilities</strong></p>
</td>
<td colspan="1">
</td>
</tr>
<tr data-row-no="12">
<td colspan="1">
<p class="normal">Deferred tax liability</p>
</td>
<td colspan="1">
<p class="accounts-bracket align-right">(10,587)</p>
</td>
</tr>
<tr data-row-no="13">
<td colspan="1">
<p class="normal">Lease liability</p>
</td>
<td colspan="1">
<p class="accounts-bracket align-right">(40,066)</p>
</td>
</tr>
<tr data-row-no="14">
<td colspan="1">
<p class="heading-2"><strong>Current liabilities</strong></p>
</td>
<td colspan="1">
<p class="accounts-bracket align-right">(1,962)</p>
</td>
</tr>
<tr data-row-no="15">
<td colspan="1">
<p class="normal">Trade and other payables</p>
</td>
<td colspan="1">
<p class="accounts-bracket align-right">(970)</p>
</td>
</tr>
<tr data-row-no="16">
<td colspan="1">
<p class="normal">Lease liability</p>
</td>
<td colspan="1">
<p class="accounts-bracket align-right">(264)</p>
</td>
</tr>
<tr data-row-no="17">
<td class="light-line" colspan="1">
<p class="normal">Accruals</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">41,036</p>
</td>
</tr>
<tr data-row-no="18">
<td class="light-line" colspan="1">
<p class="heading-2"><strong>Total identifiable net assets</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right"><strong>4,919</strong></p>
</td>
</tr>
<tr data-row-no="19">
<td class="light-line" colspan="1">
<p class="heading-2"><strong>Total cash consideration</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right"><strong>28,344</strong></p>
</td>
</tr>
<tr data-row-no="20">
<td class="heavy-line" colspan="1">
<p class="heading-2"><strong>Goodwill</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right"><strong>23,425</strong></p>
</td>
</tr>
</tbody></table>
<p class="normal" id="el-10-290">Goodwill of €23.4 million has been recognised due to the acquisition of Clayton Hotel Amsterdam American, as the consideration exceeded the fair value of the identifiable net assets acquired.</p>
<p class="normal" id="el-10-291">The goodwill acquired as part of this transaction comprises certain intangible assets that cannot be separately identified. This includes future trading and the future growth opportunities the business provides to the Group’s operations due to the geographical location of the hotel, access to the Amsterdam market, which restricts new hotel developments, and the skills and experience of an assembled workforce.</p>
<p class="normal" id="el-10-292">Acquisition-related costs of €0.6 million were charged to administrative expenses in profit or loss in respect of this business combination.  </p>
<p class="heading-1" id="el-10-293"><strong>12 Intangible assets and goodwill</strong></p>
<table class="accounts-table" id="el-10-294"><tbody>
<tr data-row-no="0">
<td colspan="1">
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>Goodwill</strong></p>
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>Other <br>intangible assets</strong></p>
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>Total</strong></p>
</td>
</tr>
<tr data-row-no="1">
<td class="heavy-line" colspan="1">
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
</tr>
<tr data-row-no="2">
<td colspan="1">
<p class="heading-2"><strong>Cost or valuation</strong></p>
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
</tr>
<tr data-row-no="3">
<td colspan="1">
<p class="normal">Balance at 1 January 2024</p>
</td>
<td colspan="1">
<p class="accounts align-right">102,769</p>
</td>
<td colspan="1">
<p class="accounts align-right">2,804</p>
</td>
<td colspan="1">
<p class="accounts align-right">105,573</p>
</td>
</tr>
<tr data-row-no="4">
<td colspan="1">
<p class="normal">Disposal</p>
</td>
<td colspan="1">
<p class="accounts-bracket align-right">(176)</p>
</td>
<td colspan="1">
<p class="accounts align-right">-</p>
</td>
<td colspan="1">
<p class="accounts-bracket align-right">(176)</p>
</td>
</tr>
<tr data-row-no="5">
<td colspan="1">
<p class="normal">Reclassification to held for sale assets (<a href="#note-18">note 18</a>)</p>
</td>
<td colspan="1">
<p class="accounts-bracket align-right">(550)</p>
</td>
<td colspan="1">
<p class="accounts align-right">-</p>
</td>
<td colspan="1">
<p class="accounts-bracket align-right">(550)</p>
</td>
</tr>
<tr data-row-no="6">
<td class="light-line" colspan="1">
<p class="normal">Effect of movements in exchange rates</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">553</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">-</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">553</p>
</td>
</tr>
<tr data-row-no="7">
<td class="heavy-line" colspan="1">
<p class="heading-2"><strong>Balance at 31 December 2024</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right"><strong>102,596</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right"><strong>2,804</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right"><strong>105,400</strong></p>
</td>
</tr>
<tr data-row-no="8">
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
</tr>
<tr data-row-no="9">
<td colspan="1">
<p class="normal">Balance at 1 January 2023</p>
</td>
<td colspan="1">
<p class="accounts align-right">79,106</p>
</td>
<td colspan="1">
<p class="accounts align-right">2,797</p>
</td>
<td colspan="1">
<p class="accounts align-right">81,903</p>
</td>
</tr>
<tr data-row-no="10">
<td colspan="1">
<p class="normal">Additions</p>
</td>
<td colspan="1">
<p class="accounts align-right">23,425</p>
</td>
<td colspan="1">
<p class="accounts align-right">7</p>
</td>
<td colspan="1">
<p class="accounts align-right">23,432</p>
</td>
</tr>
<tr data-row-no="11">
<td class="light-line" colspan="1">
<p class="normal">Effect of movements in exchange rates</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">238</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">-</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">238</p>
</td>
</tr>
<tr data-row-no="12">
<td class="light-line" colspan="1">
<p class="normal">Balance at 31 December 2023</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">102,769</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">2,804</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">105,573</p>
</td>
</tr>
<tr data-row-no="13">
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
</tr>
<tr data-row-no="14">
<td colspan="1">
<p class="heading-2"><strong>Accumulated amortisation and impairment losses</strong></p>
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
</tr>
<tr data-row-no="15">
<td colspan="1">
<p class="normal">Balance at 1 January 2024</p>
</td>
<td colspan="1">
<p class="accounts-bracket align-right">(48,947)</p>
</td>
<td colspan="1">
<p class="accounts-bracket align-right">(2,552)</p>
</td>
<td colspan="1">
<p class="accounts-bracket align-right">(51,499)</p>
</td>
</tr>
<tr data-row-no="16">
<td class="light-line" colspan="1">
<p class="normal">Amortisation of intangible assets</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">-</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts-bracket align-right">(252)</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">(252)</p>
</td>
</tr>
<tr data-row-no="17">
<td class="heavy-line" colspan="1">
<p class="heading-2"><strong>Balance at 31 December 2024</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="normal align-right"><strong>(48,947)</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="normal align-right"><strong>(2,804)</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="normal align-right"><strong>(51,751)</strong></p>
</td>
</tr>
<tr data-row-no="18">
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
</tr>
<tr data-row-no="19">
<td colspan="1">
<p class="normal">Balance at 1 January 2023</p>
</td>
<td colspan="1">
<p class="accounts-bracket align-right">(48,947)</p>
</td>
<td colspan="1">
<p class="accounts-bracket align-right">(1,902)</p>
</td>
<td colspan="1">
<p class="accounts-bracket align-right">(50,849)</p>
</td>
</tr>
<tr data-row-no="20">
<td class="light-line" colspan="1">
<p class="normal">Amortisation of intangible assets</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">-</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts-bracket align-right">(650)</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts-bracket align-right">(650)</p>
</td>
</tr>
<tr data-row-no="21">
<td class="light-line" colspan="1">
<p class="normal">Balance at 31 December 2023</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts-bracket align-right">(48,947)</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts-bracket align-right">(2,552)</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts-bracket align-right">(51,499)</p>
</td>
</tr>
<tr data-row-no="22">
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
</tr>
<tr data-row-no="23">
<td colspan="1">
<p class="heading-2"><strong>Carrying amounts</strong></p>
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
</tr>
<tr data-row-no="24">
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
</tr>
<tr data-row-no="25">
<td class="light-line" colspan="1">
<p class="heading-2"><strong>At 31 December 2024</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right"><strong>53,649</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right"><strong>-</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right"><strong>53,649</strong></p>
</td>
</tr>
<tr data-row-no="26">
<td class="heavy-line" colspan="1">
<p class="normal">At 31 December 2023</p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right">53,822</p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right">252</p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right">54,074</p>
</td>
</tr>
</tbody></table>
<p class="heading-2" id="el-10-295"><strong>Goodwill</strong></p>
<p class="normal" id="el-10-296">Goodwill is attributable to factors including expected profitability and revenue growth, increased market share, increased geographical presence, the opportunity to develop the Group’s brands and the synergies expected to arise within the Group after acquisition.  </p>
<p class="normal" id="el-10-297">During the year, the Group disposed of Maldron Hotel Wexford, disposing of goodwill of €0.2 million. At 31 December 2024, the goodwill associated with Clayton Whites Hotel, Wexford of €0.6 million, was reclassified to held for sale (<a href="#note-18">note 18</a>). </p>
<p class="normal" id="el-10-298">As at 31 December 2024, the goodwill cost figure includes €12.4 million (£10.3 million) which is attributable to goodwill arising on acquisition of foreign operations denominated in sterling. Consequently, such goodwill is subsequently retranslated at the closing rate. The retranslation at 31 December 2024 resulted in a foreign exchange gain of €0.6 million and a corresponding increase in goodwill. The comparative retranslation at 31 December 2023 resulted in a foreign exchange gain of €0.2 million.</p>
<table class="accounts-table" id="el-10-299"><tbody>
<tr data-row-no="0">
<td colspan="1">
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>Number of cash-generating units</strong></p>
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
</tr>
<tr data-row-no="1">
<td colspan="1">
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>At 31 December 2024 </strong></p>
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>2024</strong></p>
</td>
<td colspan="1">
<p class="table-headings align-right"><strong>2023</strong></p>
</td>
</tr>
<tr data-row-no="2">
<td class="heavy-line" colspan="1">
<p class="table-headings align-left"><strong>Carrying amount of goodwill allocated</strong></p>
</td>
<td class="heavy-line" colspan="1">
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
</tr>
<tr data-row-no="3">
<td colspan="1">
<p class="normal">Moran Bewley Hotel Group (i)</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>7</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>25,245</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">24,725</p>
</td>
</tr>
<tr data-row-no="4">
<td colspan="1">
<p class="normal">Other acquisitions (i)</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>2</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>810</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">1,327</p>
</td>
</tr>
<tr data-row-no="5">
<td colspan="1">
<p class="normal">2007 Irish hotel operations acquired (ii)</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>2</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>4,169</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">4,345</p>
</td>
</tr>
<tr data-row-no="6">
<td class="light-line" colspan="1">
<p class="normal">Clayton Hotel Amsterdam American (iii)</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right"><strong>1</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right"><strong>23,425</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">23,425</p>
</td>
</tr>
<tr data-row-no="7">
<td class="heavy-line" colspan="1">
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right"><strong>12</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right"><strong>53,649</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right">53,822</p>
</td>
</tr>
</tbody></table>
<p class="normal" id="el-10-300">The above table represents the number of CGUs to which goodwill was allocated at 31 December 2024. </p>
<p class="heading-2" id="el-10-301"><strong>Annual goodwill testing</strong></p>
<p class="normal" id="el-10-302">The Group tests goodwill annually for impairment and more frequently if there are indications that goodwill might be impaired. Due to the Group’s policy of revaluation of land and buildings, and the allocation of goodwill to individual CGUs, impairment of goodwill can occur for CGUs where the Group owns the freehold as the Group realises the profit and revenue growth and synergies which underpinned the goodwill. As these materialise, they are recorded as revaluation gains to the carrying value of the property and consequently, elements of goodwill may be required to be written off if the carrying value of the CGU (which includes revalued property and allocated goodwill) exceeds its recoverable amount on a VIU basis. The impairment of goodwill is recorded through profit or loss though the revaluation gains on property are taken to reserves through other comprehensive income provided there were no previous impairment charges through profit or loss. </p>
<p class="normal" id="el-10-303">At 31 December 2024, the recoverable amounts of the CGUs were based on VIU, determined by discounting the future cash flows generated from the continuing use of these hotels. Following the impairment assessment carried out at 31 December 2024, there was no impairment relating to the CGUs with a carrying value of goodwill (2023: €Nil). For freehold assets, costs of acquisition of a willing buyer which are factored in by external valuers when calculating the fair value price of the asset are significant for these assets (2024: Ireland 9.96%, UK 6.8%, 2023: Ireland 9.96%, UK 6.8%). Purchasers’ costs are a key difference between VIU and fair value less costs of disposal as prepared by external valuers. <a href="#note-10">Note 10</a> details the assumptions used in the VIU estimates for impairment testing.</p>
<p class="normal" id="el-10-304">Future under-performance in any of the Group’s major CGUs may result in a material write-down of goodwill which would have a substantial impact on the Group’s results and equity. </p>
<p class="heading-3" id="el-10-305"><strong><em>(i) Moran Bewley Hotel Group and other single asset acquisitions </em></strong></p>
<p class="normal" id="el-10-306">For the purposes of impairment testing, goodwill has been allocated to each of the hotels acquired as CGUs. The freehold interest in the property is owned by the Group and therefore these hotel properties are valued annually by independent external valuers. As such the recoverable amount of each CGU is based on a fair value less costs of disposal estimate, or where this value is less than the carrying value of the asset, the VIU of the CGU is assessed. The goodwill relating to Clayton Whites Hotel, Wexford was reclassified to held for sale (<a href="#note-18">note 18</a>).  </p>
<p class="heading-3" id="el-10-307"><strong><em>(ii) 2007 Irish hotel operations acquired</em></strong></p>
<p class="normal" id="el-10-308">For the purposes of impairment testing, goodwill has been allocated to each of the CGUs representing the Irish hotel operations acquired in 2007. Eight hotels were acquired at that time but only four of these hotels had goodwill associated with them. The goodwill related to one of these CGUs was fully impaired (€2.6 million) during the year ended 31 December 2020. During 2024 the Group disposed of Maldron Hotel Wexford and the goodwill relating to the hotel was derecognised. The remaining two hotels are valued annually by independent external valuers, as the freehold interest in the property is now also owned by the Group. Where hotel properties are valued annually by independent external valuers, the recoverable amount of each CGU is based on a fair value less costs of disposal estimate, or where this value is less than the carrying value of the asset, the VIU of the CGU is assessed. The recoverable amount at 31 December 2024 of each of these CGUs which have associated goodwill is based on VIU. VIU is determined by discounting the future cash flows to be generated from the continuing use of these hotels. Following the impairment assessment carried out at 31 December 2024, there was no impairment of goodwill relating to these CGUs.</p>
<p class="heading-3" id="el-10-309"><strong><em>(iii) Clayton Hotel Amsterdam American</em></strong></p>
<p class="normal" id="el-10-310">Goodwill of €23.4 million has been recognised due to the acquisition of the leasehold of Clayton Hotel Amsterdam American, as the consideration exceeded the fair value of the identifiable net assets acquired. The goodwill acquired as part of this transaction comprises certain intangible assets that cannot be separately identified. This includes future trading and the future growth opportunities the business provides to the Group’s operations due to the geographical location of the hotel, access to the Amsterdam market, which restricts new hotel developments, and the skills and experience of an assembled workforce.</p>
<p class="normal" id="el-10-311">The recoverable amount at 31 December 2024 is based on VIU. VIU is determined by discounting the future cash flows to be generated from the continuing use of the hotel. Following the impairment assessment carried out at 31 December 2024, there was no impairment of goodwill.</p>
<p class="heading-2" id="el-10-312"><strong>Other intangible assets</strong></p>
<p class="normal" id="el-10-313">Other intangible assets are fully amortised at 31 December 2024 (2023: €0.3 million).</p>
