td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"3\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"17\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Liability-related other changes </strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"2\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"3\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"18\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">The effect of changes in foreign exchange rates</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">9,758</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">16,583</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">1,514</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"2\">\r\n<p class=\"normal align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"3\">\r\n<p class=\"accounts align-right\">27,855</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"19\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Changes in fair value </p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(923)</p>\r\n</td>\r\n<td colspan=\"2\">\r\n<p class=\"normal align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"3\">\r\n<p class=\"accounts-bracket align-right\">(923)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"20\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Interest expense on bank loans and private placement notes</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">18,239</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"2\">\r\n<p class=\"normal align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"3\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">18,239</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"21\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Other net finance costs movements</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">1,381</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">7,511</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"2\">\r\n<p class=\"normal align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"3\">\r\n<p class=\"accounts align-right\">8,892</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"22\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Other movements in trade and other payables</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(929)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"2\">\r\n<p class=\"normal align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"3\">\r\n<p class=\"accounts-bracket align-right\">(929)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"23\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Additions to lease liabilities during the year </p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">61,363</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"2\">\r\n<p class=\"normal align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"3\">\r\n<p class=\"accounts align-right\">61,363</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"24\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Interest on lease liabilities </p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">49,487</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"2\">\r\n<p class=\"normal align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"3\">\r\n<p class=\"accounts align-right\">49,487</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"25\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Remeasurement of lease liabilities </p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">13,781</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"2\">\r\n<p class=\"normal align-right\">-</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"3\">\r\n<p class=\"accounts align-right\">13,781</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"26\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Total liability-related other changes</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>29,378</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>141,214</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>8,096</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(923)</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"2\">\r\n<p class=\"normal align-right\">-</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>-</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>-</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>-</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>-</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"3\">\r\n<p class=\"accounts align-right\"><strong>177,765</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"27\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Total equity-related other changes</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>-</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>-</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>-</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>-</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"2\">\r\n<p class=\"accounts align-right\"><strong>-</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>-</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>48,683</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>5,585</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>30,944</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"3\">\r\n<p class=\"accounts align-right\"><strong>85,212</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"28\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Balance as at 31 December 2024</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>271,384</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>778,558</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>88,671</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>244</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"2\">\r\n<p class=\"accounts align-right\"><strong>2,129</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>507,365</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>107,104</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>(19)</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>320,157</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"3\">\r\n<p class=\"accounts align-right\"><strong>2,075,593</strong></p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"heading-2\" id=\"el-11-184\"><strong>Reconciliation of movements of liabilities to cash flows arising from financing activities for the year ended 31 December 2023.</strong></p>\r\n<table class=\"accounts-table\" id=\"el-11-185\"><tbody>\r\n<tr data-row-no=\"0\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"4\">\r\n<p class=\"table-headings align-center\"><strong>Liabilities</strong></p>\r\n</td>\r\n<td colspan=\"4\">\r\n<p class=\"table-headings align-center\"><strong>Equity</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"1\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Bank loans and private placement notes</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Lease liabilities</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Trade and other payables</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Derivatives (net)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Share capital</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Share premium</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Retained earnings</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Total</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"2\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"3\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Balance as at 31 December 2022</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>193,488</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>651,791</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>119,057</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>(11,717)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>2,229</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>504,910</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>232,541</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,692,299</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"4\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Changes from financing cash flows</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"5\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Vesting of share awards and options </p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">6</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">169</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">175</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"6\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Other interest and finance costs paid</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">(14,414)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">(1,261)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">6,949</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">(8,726)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"7\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Receipt of bank loans</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">120,648</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">120,648</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"8\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Repayment of bank loans</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">(64,374)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">(64,374)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"9\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Interest on lease liabilities</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(42,751)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(42,751)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"10\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Repayment of lease liabilities</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(10,747)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(10,747)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"11\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Dividends paid </p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(8,939)</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(8,939)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"12\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Total changes from financing cash flows</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>41,860</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>(53,498)</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>(1,261)</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>6,949</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>6</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>169</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>(8,939)</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>(14,714)</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"13\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"14\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Liability-related other changes </strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"15\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">The effect of changes in foreign exchange rates</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">3,448</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">5,989</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(480)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">8,957</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"16\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Changes in fair value </p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(1,753)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(1,753)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"17\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Interest expense on bank loans and private placement notes </p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">15,665</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">15,665</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"18\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Other movements in bank loans and private placement notes</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">(74) </p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">1,152</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">1,078</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"19\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Other movements in trade and other payables</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(32,071)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(32,071)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"20\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Additions to lease liabilities during the year </p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">375</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">375</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"21\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Acquisition of lease liabilities through business combinations</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">43,382</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">43,382</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"22\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Interest on lease liabilities </p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">42,751</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">42,751</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"23\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Remeasurement of lease liabilities </p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">7,808</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">7,808</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"24\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Total liability-related other changes</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>19,039</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>100,305</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>(31,399)</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>(1,753)</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>-</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>-</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>-</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>86,192</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"25\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Total equity-related other changes</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>-</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>-</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>-</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>-</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>-</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>-</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>92,726</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>92,726</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"26\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Balance as at 31 December 2023</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>254,387</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>698,598</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>86,397</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>(6,521)</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>2,235</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>505,079</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>316,328</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,856,503</strong></p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"normal\" id=\"el-11-186\">Net debt is calculated in line with external borrowing covenants and includes private placement notes issued and external bank loans drawn and owed to the banking club as at 31 December 2024 (rather than the amortised cost of the bank loans and private placement notes) less cash and cash equivalents. The below table also includes a reconciliation to net debt and lease liabilities. </p>\r\n<p class=\"heading-2\" id=\"el-11-187\"><strong>Reconciliation of movement in net debt for the year ended 31 December 2024</strong></p>\r\n<table class=\"accounts-table\" id=\"el-11-188\"><tbody>\r\n<tr data-row-no=\"0\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"2\">\r\n<p class=\"table-headings align-right\"><strong>Sterling bank loan facility</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Euro bank loan facility</strong></p>\r\n</td>\r\n<td colspan=\"2\">\r\n<p class=\"table-headings align-center\"><strong>Sterling private</strong></p>\r\n<p class=\"table-headings align-center\"><strong>placement notes</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Euro private placement notes</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Total</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"1\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>£’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>£’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"2\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"3\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">At 1 January 2024</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>221,367</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>254,723</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>4,000</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>-</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>-</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>-</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>258,723</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"4\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Cash flows</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"5\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Facilities drawn down</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">128,657</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">153,204</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">237,000</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">390,204</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"6\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Bank loans repaid</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(331,524)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(394,818)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(116,000)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(510,818)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"7\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Loan notes issued</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">52,500</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">62,694</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">62,000</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">124,694</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"8\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Non-cash changes</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"9\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Effect of foreign exchange movements</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">9,202</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">622</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">9,824</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"10\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>At 31 December 2024</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>18,500</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>22,311</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>125,000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>52,500</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>63,316</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>62,000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>272,627</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"11\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"12\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Cash and cash equivalents</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"13\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">At 1 January 2024</p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">34,173</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"14\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Movement during the year</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">5,402</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"15\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>At 31 December 2024</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>39,575</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"16\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Net debt at 31 December 2024</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>233,052</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"17\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"18\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Reconciliation of net debt and lease liabilities</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"19\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Net debt at 31 December 2024</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>233,052</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"20\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"21\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Lease liabilities as at 1 January 2024</p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>698,598</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"22\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Additions</p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">61,363</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"23\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Interest on lease liabilities </p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">49,487</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"24\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Lease payments</p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(61,254)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"25\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Remeasurement of lease liabilities </p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">13,781</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"26\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Translation adjustment</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">16,583</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"27\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Lease liabilities at 31 December 2024 (<a href=\"#note-14\">note 14</a>)</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>778,558</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"28\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Net debt and lease liabilities at 31 December 2024</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,011,610</strong></p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"heading-2\" id=\"el-11-189\"><strong>Reconciliation of movement in net debt for the year ended 31 December 2023</strong></p>\r\n<table class=\"accounts-table\" id=\"el-11-190\"><tbody>\r\n<tr data-row-no=\"0\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Sterling facility </strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Sterling facility</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Euro facility</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Total</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"1\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>£’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"2\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Bank loans – drawn amounts</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"3\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">At 1 January 2023</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>176,500</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>199,001</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>-</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>199,001</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"4\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Cash flows</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"5\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Facilities drawn down</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">72,882</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">84,648</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">36,000</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">120,648</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"6\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Loan repayments</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(28,015)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(32,374)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(32,000)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(64,374)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"7\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Non-cash changes</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"8\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Effect of foreign exchange movements</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">3,448</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">3,448</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"9\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>At 31 December 2023</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>221,367</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>254,723</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>4,000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>258,723</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"10\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"11\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Cash and cash equivalents</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"12\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">At 1 January 2023</p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">91,320</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"13\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Movement during the year</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(57,147)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"14\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>At 31 December 2023</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>34,173</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"15\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Net debt at 31 December 2023</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>224,550</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"16\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"17\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Reconciliation of net debt and lease liabilities</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"18\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Net debt at 31 December 2023</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>224,550</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"19\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"20\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Lease liabilities as at 1 January 2023 </p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>651,791</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"21\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Acquisitions through business combinations</p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">43,382</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"22\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Additions</p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">375</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"23\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Interest on lease liabilities </p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">42,751</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"24\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Lease payments</p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(53,498)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"25\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Remeasurement of lease liabilities </p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">7,808</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"26\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Translation adjustment</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">5,989</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"27\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Lease liabilities at 31 December 2023 (<a href=\"#note-14\">note 14</a>)</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>698,598</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"28\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Net debt and lease liabilities at 31 December 2023</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>923,148</strong></p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"heading-1\" id=\"el-11-191\"><strong>23 Derivatives</strong></p>\r\n<p class=\"normal\" id=\"el-11-192\">The Group has entered into interest rate swaps with a number of financial institutions in order to manage the interest rate risks arising from the Group’s borrowings (<a href=\"#note-22\">note 22</a>). Interest rate swaps are employed by the Group to partially convert the Group’s bank loans from floating to fixed interest rates. </p>\r\n<p class=\"normal\" id=\"el-11-193\">In October 2024, as a result of the Group’s refinancing, the Group entered into interest rate swaps to hedge the variable interest rate on its new €100.0 million euro term loan for a four year period to 9 October 2028. The weighted average fixed interest rate is 2.18%. </p>\r\n<p class=\"normal\" id=\"el-11-194\">During the year ended 31 December 2024, the Group issued €62.0 million of euro private placement loan notes and £52.2 million sterling private placement loan notes. Interest rates cannot vary on the private placement loan notes except where the Group\'s Net Debt to EBITDA after rent, calculated in line with external borrowing covenants exceeds certain ratchet levels, at which point varying premiums are added to the coupon rate depending on the ratchet level. Consequently, no hedging was put in place.</p>\r\n<p class=\"normal\" id=\"el-11-195\">At 31 December 2023 and up to 8 October 2024, the Group had interest rate swaps which hedged the SONIA benchmark rate on the previously held sterling term denominated borrowings of £176.5 million, which fixed the SONIA benchmark rate between 0.95% and 0.96%. These swaps matured in October 2024. </p>\r\n<p class=\"normal\" id=\"el-11-196\">At 31 December 2024, the interest rate swaps cover 100% of the Group’s term euro denominated borrowings for the period to 9 October 2028. The final year of the term debt, to 9 October 2029, is currently unhedged. All derivatives have been designated as hedging instruments for the purposes of IFRS 9. Hedging accounting has been applied and is fully effective at both inception and 31 December 2024.</p>\r\n<p class=\"heading-2\" id=\"el-11-197\"><strong>Fair value</strong></p>\r\n<table class=\"accounts-table\" id=\"el-11-198\"><tbody>\r\n<tr data-row-no=\"0\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2024</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2023</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"1\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"2\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Non-current liabilities</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"3\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Derivative liabilities</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(244)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"4\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"5\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Current assets</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"6\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Derivative assets</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>-</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">6,521</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"7\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Total derivative (liabilities) / assets</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(244)</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">6,521</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<table class=\"accounts-table\" id=\"el-11-199\"><tbody>\r\n<tr data-row-no=\"0\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2024</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2023</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"1\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"2\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Included in other comprehensive income</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"3\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Fair value gain on interest rate swaps</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>923</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">1,753</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"4\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Reclassified to profit or loss (<a href=\"#note-6\">note 6</a>)</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(7,688)</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(6,949)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"5\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(6,765)</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(5,196)</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"normal\" id=\"el-11-200\">The amount reclassified to profit or loss primarily represents the additional interest received by the Group as a result of the variable interest rates being higher than the swap rates. </p>\r\n<p class=\"heading-1\" id=\"el-11-201\"><strong>24 Deferred tax </strong></p>\r\n<table class=\"accounts-table\" id=\"el-11-202\"><tbody>\r\n<tr data-row-no=\"0\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2024</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2023</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"1\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"2\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"3\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Deferred tax assets</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>33,100</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">24,136</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"4\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Deferred tax liabilities</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(92,763)</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(84,441)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"5\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Net deferred tax liabilities</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(59,663)</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(60,305)</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<table class=\"accounts-table\" id=\"el-11-203\"><tbody>\r\n<tr data-row-no=\"0\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2024</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2023</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"1\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"2\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Movements in year</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"3\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">At 1 January – net liability</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(60,305)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(49,751)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"4\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Credit/(charge) for year – to profit or loss (<a href=\"#note-9\">note 9</a>)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>557</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(460)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"5\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Movement for year – to equity</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(1,822)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(9,152)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"6\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Realisation of tax charge associated with hotel disposal – to equity</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,907</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">-</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"7\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Acquired net deferred tax liabilities</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>-</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(942)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"8\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>At 31 December – net liability</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(59,663)</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(60,305)</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"normal\" id=\"el-11-204\">The majority of the deferred tax liabilities result from the Group’s policy of ongoing revaluation of land and buildings. Where the carrying value of a property in the financial statements is greater than its tax base cost, the Group recognises a deferred tax liability. This is calculated using applicable Irish and UK corporation tax rates. The use of these rates, in line with the applicable accounting standards, reflects the intention of the Group to use these assets for ongoing trading purposes. Where the Group disposes of a property or holds a property for sale, the actual tax liability is calculated with reference to rates for capital gains on commercial property. </p>\r\n<p class=\"normal\" id=\"el-11-205\">The net deferred tax liabilities have increased from €84.4 million at 31 December 2023 to €92.8 million at 31 December 2024. This relates primarily to an increase in taxable gains recognised on properties and an increase in temporary differences between the net book value and tax written down value of fixed assets.  </p>\r\n<p class=\"normal\" id=\"el-11-206\">A deferred tax asset of €25.0 million (2023: €18.1 million) has been recognised in respect of cumulative tax losses and interest carried forward at 31 December 2024 of €100.0 million (31 December 2023: €73.7 million). The tax losses can be carried forward indefinitely for offset against future taxable profits and cannot be carried back for offset against profits earned in earlier periods.</p>\r\n<p class=\"normal\" id=\"el-11-207\">The increase in the deferred tax asset recognised on tax losses and interest carried forward from €18.1 million at 31 December 2023 to €25.0 million at 31 December 2024, relates to the increase in foreign tax losses and interest recognised during the year ended 31 December 2024 partially offset by losses utilised in Ireland and the UK. </p>\r\n<p class=\"normal\" id=\"el-11-208\">Included within the €100.0 million tax losses and interest carried forward at 31 December 2024, is a balance of €40.6 million (31 December 2023: €30.8 million) relating to interest expenses carried forward in the UK. In the UK, there is a limit on corporation tax deductions taken each year for interest expense incurred. The unused interest expense carried forward by the UK Group companies at 31 December 2024 can be carried forward indefinitely and offset against future taxable profits.</p>\r\n<p class=\"normal\" id=\"el-11-209\">A deferred tax asset has been recognised in respect of Irish and foreign tax losses and interest, to the extent that it is probable that, after the carry back of tax losses to earlier periods, there will be sufficient taxable profits in future periods to utilise the carried forward tax losses and interest. </p>\r\n<p class=\"normal\" id=\"el-11-210\">In considering the available evidence to support the recognition of the deferred tax asset, the Group takes into consideration the impact of both positive and negative evidence including historical financial performance, projections of future taxable income and the enacted tax legislation. </p>\r\n<p class=\"normal\" id=\"el-11-211\">In preparing forecasts to determine future taxable profits, there are a number of positive factors underpinning the recoverability of the deferred tax assets:</p>\r\n<ul class=\"bullet\" id=\"el-11-212\">\r\n<li>Prior to the Covid-19 pandemic, the Group displayed a history of profit growth every year. When normal trading resumed in 2022 the Group returned to profitability and currently forecasts that taxable profits will continue to be earned in future years against which losses can be offset. </li>\r\n<li>The Group is confident that it is well positioned to take advantage of opportunities that will arise during 2025 and into the future, including the opening of a large pipeline of new hotels which will contribute particularly to the utilisation of UK tax losses, which can be carried forward and utilised on a group basis. The Group added four hotels in the UK in 2024. The Group has two new hotels in the pipeline in the UK, which will contribute to future growth. </li>\r\n<li>The absence of expiry dates for carrying forward foreign and Irish tax losses.</li>\r\n</ul>\r\n<p class=\"normal\" id=\"el-11-213\">The Group also considered the relevant negative evidence in determining the recoverability of deferred tax assets:</p>\r\n<ul class=\"bullet\" id=\"el-11-214\">\r\n<li>The quantum of profits required to be earned to utilise the tax losses carried forward; and</li>\r\n<li>Forecasts of future taxable profitability are subject to inherent uncertainty which is heightened due to the ongoing impact of operating cost increases, in particular payroll costs, and external geopolitical and economic factors outside of the Group’s control.</li>\r\n</ul>\r\n<p class=\"normal\" id=\"el-11-215\">Based on the Group’s financial projections, the deferred tax asset of €25.0 million recognised in respect of tax losses and interest expense carried forward of €100.0 million is estimated to be recovered in full by the year ending 31 December 2030, with the majority being recovered by the end of the year ending 31 December 2028.</p>\r\n<p class=\"normal\" id=\"el-11-216\">The total tax losses on which deferred tax is not recognised at 31 December 2024 is €15.1 million (2023: €9.1 million). The tax effect of these unrecognised tax losses at 31 December 2024 is €3.9 million (2023: €2.3 million). These specific losses are not permitted to be group relieved and there is uncertainty over sufficient future profits in the foreseeable future arising in the respective Group companies to utilise the losses not recognised. </p>\r\n<p class=\"normal\" id=\"el-11-217\">Deferred tax arises from temporary differences relating to: </p>\r\n<table class=\"accounts-table\" id=\"el-11-218\"><tbody>\r\n<tr data-row-no=\"0\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Net balance at 1 January </strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Recognised in profit or loss</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Recognised in equity</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Realisation of tax charge associated with hotel disposal</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Net deferred tax </strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Deferred tax assets</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Deferred tax liabilities</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"1\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2024</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2024</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2024</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2024</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2024</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2024</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2024</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"2\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"3\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Property, plant and equipment</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(77,910)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(7,706)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(3,730)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,907</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(87,439)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>961</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(88,400)</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"4\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Leases</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,140</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>837</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>-</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>-</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,977</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>60,982</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(59,005)</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"5\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Tax losses and interest carried forward</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>18,095</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>6,878</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>-</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>-</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>24,973</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>24,973</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>-</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"6\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Hedging reserve</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(1,630)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>-</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,660</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>-</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>30</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>30</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>-</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"7\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Share Based Payment Reserve</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>-</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>548</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>248</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>-</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>796</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>796</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>-</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"8\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Deferred tax (liabilities)/assets</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(60,305)</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>557</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(1,822)</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,907</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(59,663)</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>87,742</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(147,405)</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"9\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Offsetting of temporary differences related to ROU assets and lease liabilities on individual entity basis</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>-</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>-</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>-</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>-</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>-</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(54,642)</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>54,642</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"10\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"normal\">Net deferred tax (liabilities)/assets per statement of financial position</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(60,305)</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>557</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(1,822)</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,907</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(59,663)</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>33,100</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(92,763)</strong></p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<table class=\"accounts-table\" id=\"el-11-219\"><tbody>\r\n<tr data-row-no=\"0\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Net balance at 1 January </strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Recognised in profit or loss</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Recognised in equity</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Acquired net deferred tax liabilities</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Net deferred tax </strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Deferred tax assets</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Deferred tax liabilities</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"1\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2023</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2023</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2023</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2023</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2023</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2023</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2023</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"2\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"3\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Property, plant and equipment</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(63,563)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(2,954)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(10,451)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(942)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(77,910)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">1,081</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(78,991)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"4\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Leases</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(969)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">2,109</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">1,140</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">62,243</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(61,103)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"5\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Tax losses and interest carried forward</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">17,710</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">385</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">18,095</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">18,095</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"6\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Hedging reserve</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(2,929)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">1,299</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(1,630)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(1,630)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"7\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Deferred tax (liabilities)/assets</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(49,751)</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(460)</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(9,152)</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(942)</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(60,305)</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">81,419</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(141,724)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"8\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Offsetting of temporary differences related to ROU assets and lease liabilities on individual entity basis</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(57,283)</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">57,283</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"9\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"normal\">Net deferred tax (liabilities)/assets per statement of financial position</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(49,751)</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(460)</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(9,152)</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(942)</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(60,305)</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">24,136</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(84,441)</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"normal\" id=\"el-11-220\">The Group has multiple legal entities across the UK and Ireland that will not settle current tax liabilities and assets on a net basis and their assets and liabilities will not be realised on a net basis. Therefore, deferred tax assets and liabilities are recognised on an individual entity basis and are not offset on a Group or jurisdictional basis.</p>\r\n<p class=\"normal\" id=\"el-11-221\">IAS 12 requires separate presentation of deferred tax assets and liabilities arising on right-of-use assets and corresponding lease liabilities recognised under IFRS 16. Such deferred tax assets and liabilities are presented separately in the table above. The deferred tax assets and liabilities related to leases are offset on an individual entity basis and presented net in the statement of financial position.</p>\r\n<p class=\"heading-1\" id=\"el-11-222\"><strong>25 Financial instruments and risk management </strong></p>\r\n<p class=\"heading-3\" id=\"el-11-223\"><strong><em>Risk exposures</em></strong></p>\r\n<p class=\"normal\" id=\"el-11-224\">The Group is exposed to various financial risks arising in the normal course of business. Its financial risk exposures are predominantly related to the creditworthiness of counterparties and risks relating to changes in interest rates and foreign currency exchange rates. </p>\r\n<p class=\"normal\" id=\"el-11-225\">The Group uses financial instruments throughout its business: bank loans, private placement notes and cash and cash equivalents are used to finance the Group’s operations; trade and other receivables, trade and other payables and accruals arise directly from operations; and derivatives are used to manage interest rate risks and to achieve a desired profile of borrowings. The Group creates a net investment hedge with bank loans and private placement notes to hedge the foreign exchange risk from investments in certain UK operations. The Group does not trade in financial instruments. </p>\r\n<p class=\"normal\" id=\"el-11-226\">The following tables show the carrying amount of Group financial assets and liabilities including their values in the fair value hierarchy for the year ended 31 December 2024. The tables do not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value. A fair value disclosure for lease liabilities is not required.</p>\r\n<table class=\"accounts-table\" id=\"el-11-227\"><tbody>\r\n<tr data-row-no=\"0\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Financial assets measured at fair value</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Financial assets measured at amortised cost</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Total carrying amount</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Level 1</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Level 2</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Level 3</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Total</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"1\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2024</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2024</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2024</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2024</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2024</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2024</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2024</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"2\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"3\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Financial assets</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"4\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Trade and other receivables excluding prepayments (<a href=\"#note-15\">note 15</a>)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>-</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>24,888</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>24,888</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"5\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Cash at bank and in hand (<a href=\"#note-17\">note 17</a>)</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>-</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>39,575</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>39,575</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"6\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>-</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>64,463</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>64,463</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<table class=\"accounts-table\" id=\"el-11-228\"><tbody>\r\n<tr data-row-no=\"0\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Financial liabilities measured at </strong></p>\r\n<p class=\"table-headings align-right\"><strong>fair value</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Financial liabilities measured at amortised cost</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Total carrying amount</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Level 1</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Level 2</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Level 3</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Total</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"1\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2024</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2024</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2024</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2024</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2024</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2024</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2024</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"2\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"3\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Financial liabilities</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"4\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Derivatives (<a href=\"#note-23\">note 23</a>) - hedging instruments</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(244)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>-</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(244)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>-</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(244)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>-</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(244)</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"5\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Bank loans (<a href=\"#note-22\">note 22</a>)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>-</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(147,384)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(147,384)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>-</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(147,384)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>-</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(147,384)</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"6\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Private placement notes (<a href=\"#note-22\">note 22</a>)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>-</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(124,000)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(124,000)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>-</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(124,000)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>-</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(124,000)</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"7\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Trade and other payables and accruals (<a href=\"#note-20\">note 20</a>)</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>-</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(62,035)</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(62,035)</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"8\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(244)</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(333,419)</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(333,663)</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"normal\" id=\"el-11-229\">The following tables show the carrying amount of Group financial assets and liabilities including their values in the fair value hierarchy for the year ended 31 December 2023. The tables do not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value. A fair value disclosure for lease liabilities is not required.</p>\r\n<table class=\"accounts-table\" id=\"el-11-230\"><tbody>\r\n<tr data-row-no=\"0\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Financial assets measured at fair value</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Financial assets measured at amortised cost</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Total carrying amount</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Level 1</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Level 2</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Level 3</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Total</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"1\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2023</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2023</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2023</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2023</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2023</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2023</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2023</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"2\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"3\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Financial assets</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"4\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Derivatives (<a href=\"#note-23\">note 23</a>) - hedging instruments</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">6,521</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">6,521</p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">6,521</p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">6,521</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"5\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Trade and other receivables excluding prepayments (<a href=\"#note-15\">note 15</a>)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">21,339</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">21,339</p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"6\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Cash at bank and in hand (<a href=\"#note-17\">note 17</a>)</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">34,173</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">34,173</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"7\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">6,521</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">55,512</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">62,033</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<table class=\"accounts-table\" id=\"el-11-231\"><tbody>\r\n<tr data-row-no=\"0\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Financial liabilities measured at </strong></p>\r\n<p class=\"table-headings align-right\"><strong>fair value</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Financial liabilities measured at amortised cost</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Total carrying amount</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Level 1</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Level 2</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Level 3</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Total</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"1\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2023</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2023</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2023</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2023</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2023</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2023</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2023</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"2\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"3\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Financial liabilities</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"4\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Bank loans (<a href=\"#note-22\">note 22</a>)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(254,387)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(254,387)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(254,387)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(254,387)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"5\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Trade and other payables and accruals (<a href=\"#note-20\">note 20</a>)</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(62,911)</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(62,911)</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"6\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(317,298)</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(317,298)</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"heading-3\" id=\"el-11-232\"><strong><em>Fair value hierarchy</em></strong></p>\r\n<p class=\"normal\" id=\"el-11-233\">The Group measures the fair value of financial instruments based on the degree to which inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurements. Financial instruments are categorised by the type of valuation method used. The valuation methods are as follows:</p>\r\n<ul class=\"bullet\" id=\"el-11-234\">\r\n<li>Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.</li>\r\n<li>Level 2: Inputs other than quoted prices included in Level 1 that are observable for the financial instrument, either directly (i.e. as prices) or indirectly (i.e. derived from prices).</li>\r\n<li>Level 3: Inputs for the financial instrument that are not based on observable market data (unobservable inputs).</li>\r\n</ul>\r\n<p class=\"normal\" id=\"el-11-235\">The Group’s policy is to recognise any transfers between levels of the fair value hierarchy as of the end of the reporting period during which the transfer occurred. During the year ended 31 December 2024, there were no reclassifications of financial instruments and no transfers between levels of the fair value hierarchy used in measuring the fair value of financial instruments.</p>\r\n<p class=\"heading-3\" id=\"el-11-236\"><strong><em>Estimation of fair values</em></strong></p>\r\n<p class=\"normal\" id=\"el-11-237\">The principal methods and assumptions used in estimating the fair values of financial assets and liabilities are explained hereafter.<br></p>\r\n<p class=\"heading-3\" id=\"el-11-238\"><strong><em>Cash at bank and in hand</em></strong></p>\r\n<p class=\"normal\" id=\"el-11-239\">For cash at bank and in hand, the carrying value is deemed to reflect a reasonable approximation of fair value. </p>\r\n<p class=\"heading-3\" id=\"el-11-240\"><strong><em>Derivatives</em></strong></p>\r\n<p class=\"normal\" id=\"el-11-241\">Discounted cash flow analyses have been used to determine the fair value of the interest rate swaps, taking into account current market inputs and rates (Level 2).</p>\r\n<p class=\"heading-3\" id=\"el-11-242\"><strong><em>Receivables/payables</em></strong></p>\r\n<p class=\"normal\" id=\"el-11-243\">For the receivables and payables with a remaining term of less than one year or on demand balances, the carrying value net of impairment provision, where appropriate, is a reasonable approximation of fair value. The non-current receivables and payables carrying value is a reasonable approximation of fair value.</p>\r\n<p class=\"heading-3\" id=\"el-11-244\"><strong><em>Bank loans and private placement notes</em></strong></p>\r\n<p class=\"normal\" id=\"el-11-245\">For bank loans and private placement notes, the fair value was calculated based on the present value of the expected future principal and interest cash flows discounted at interest rates effective at the reporting date. The carrying value of floating rate interest-bearing bank loans is considered to be a reasonable approximation of fair value. There is no material difference between margins available in the market at year end and the margins that the Group was paying at the year end.</p>\r\n<p class=\"heading-2\" id=\"el-11-246\"><strong>(a) Credit risk</strong></p>\r\n<p class=\"heading-3\" id=\"el-11-247\"><strong><em>Exposure to credit risk </em></strong></p>\r\n<p class=\"normal\" id=\"el-11-248\">Credit risk is the risk of financial loss to the Group arising from granting credit to customers and from investing cash and cash equivalents with banks and financial institutions.</p>\r\n<p class=\"heading-3\" id=\"el-11-249\"><strong><em>Trade and other receivables </em></strong></p>\r\n<p class=\"normal\" id=\"el-11-250\">The Group’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The Group is due €0.5 million (2023: €0.5 million) from a key institutional landlord under a contractual agreement where the landlord reimburses the Group for certain amounts spent on capital expenditure in that specific property. Non-current receivables include rent deposits of €2.3 million (2023: €2.3 million) owed by two landlords at the end of the lease term (<a href=\"#note-15\">note 15</a>). Other than this, there is no concentration of credit risk or dependence on individual customers due to the large number of customers. Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. Outstanding customer balances are regularly monitored and reviewed for indicators of impairment (evidence of financial difficulty of the customer or payment default). The maximum exposure to credit risk is represented by the carrying amount of each financial asset.</p>\r\n<p class=\"normal\" id=\"el-11-251\">The ageing profile of trade receivables at 31 December 2024 is provided in <a href=\"#note-15\">note 15</a>. Management does not expect any significant losses from trade receivables, apart from those provided for in <a href=\"#note-15\">note 15</a>, contract assets, accrued income or other receivables. </p>\r\n<p class=\"heading-3\" id=\"el-11-252\"><strong><em>Cash and cash equivalents</em></strong></p>\r\n<p class=\"normal\" id=\"el-11-253\">Cash and cash equivalents comprise cash at bank and in hand and give rise to credit risk on the amounts held with counterparties. The maximum credit risk is represented by the carrying value at the reporting date. The Group’s policy for investing cash is to limit risk of principal loss and to ensure the ultimate recovery of invested funds by limiting credit risk.</p>\r\n<p class=\"normal\" id=\"el-11-254\">The Group reviews regularly the credit rating of each bank and, if necessary, takes action to ensure there is appropriate cash and cash equivalents held with each bank based on their credit rating. During the year ended 31 December 2024, cash and cash equivalents were held in line within predetermined limits depending on the credit rating of the relevant bank or financial institution.</p>\r\n<p class=\"normal\" id=\"el-11-255\">The carrying amount of the following financial assets represents the Group’s maximum credit exposure. The maximum exposure to credit risk at year end was as follows:</p>\r\n<table class=\"accounts-table\" id=\"el-11-256\"><tbody>\r\n<tr data-row-no=\"0\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Carrying amount</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Carrying amount</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"1\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2024</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2023</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"2\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"3\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Trade receivables</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>10,846</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">10,830</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"4\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Other receivables</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>6,995</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">2,828</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"5\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Contract assets</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>3,448</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">4,612</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"6\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Accrued income</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>3,599</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">3,069</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"7\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Cash at bank and in hand</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>39,575</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">34,173</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"8\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>64,463</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">55,512</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"heading-2\" id=\"el-11-257\"><strong>(b) Liquidity risk</strong></p>\r\n<p class=\"normal\" id=\"el-11-258\">Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities. In general, the Group’s approach to managing liquidity risk is to ensure as far as possible that it will always have sufficient liquidity, through a combination of cash and cash equivalents, cash flows and undrawn credit facilities to:</p>\r\n<ul class=\"bullet\" id=\"el-11-259\">\r\n<li>Fund its ongoing activities;</li>\r\n<li>Allow it to invest in hotels that may create value for shareholders; and</li>\r\n<li>Maintain sufficient financial resources to mitigate against risks and unforeseen events.</li>\r\n</ul>\r\n<p class=\"normal\" id=\"el-11-260\">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). The Group has cash and undrawn loan facilities of €364.6 million at 31 December 2024 (2023: €283.5 million).</p>\r\n<p class=\"normal\" id=\"el-11-261\">In October 2024, the Group successfully completed a refinancing of its existing banking facilities to provide a €475.0 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. The Group also completed its inaugural issuance of €124.7 million of green loan notes to institutional investors for terms of five and seven years. The new facilities replace the original multicurrency loan facility consisting of a £176.5 million term loan facility and a €304.9 million revolving credit facility due to mature in October 2025 (<a href=\"#note-22\">note 22</a>). The refinancing further strengthens the Group’s financial position, providing greater financial flexibility through the extension of the debt facilities and supports the business as it continues to deliver on its exciting growth strategy. </p>\r\n<p class=\"normal\" id=\"el-11-262\">The Group remains in a very strong financial position with significant financial headroom. The Group is in full compliance with its covenants at 31 December 2024. The Group’s covenants relate to Net Debt to EBITDA, as defined in the Group’s external borrowings agreements which is equivalent to Net Debt to EBITDA after rent, (see APM (xv) in Supplementary Financial Information section) and Interest Cover (see APM (xvi) in Supplementary Financial Information section). The Net Debt to EBITDA covenant limit is 4.0 times and the Interest Cover minimum is 4.0 times. At 31 December 2024, Net Debt to EBITDA after rent for the Group is 1.3x and Interest Cover is 17.5 times.</p>\r\n<p class=\"normal\" id=\"el-11-263\">The Group monitors its Debt and Lease Service Cover (see APM (xiii) in Supplementary Financial Information section), which is 2.7 times for the year ended 31 December 2024 (31 December 2023: 3.0 times), in order to monitor gearing and liquidity taking into account both external lending and lease financing. The Group have prepared financial projections and subjected them to scenario testing which also supports ongoing liquidity risk assessment and management. Further detail of this is disclosed in the Viability Statement.</p>\r\n<p class=\"normal\" id=\"el-11-264\">The following are the contractual maturities of the Group’s financial liabilities at 31 December 2024, including estimated undiscounted interest payments. In the below table, bank loans are repaid in line with their maturity dates, even though the Group has the flexibility to repay and draw the revolving credit facility throughout the term of the facilities which would improve its liquidity position. The non-cancellable undiscounted lease cashflows payable under lease contracts are set out in <a href=\"#note-14\">note 14</a>. </p>\r\n<table class=\"accounts-table\" id=\"el-11-265\"><tbody>\r\n<tr data-row-no=\"0\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"6\">\r\n<p class=\"table-headings align-center\"><strong>Contractual cashflows</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"1\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Carrying value</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Total</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>6 months</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>6 – 12</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>1 – 2</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2 – 5</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>5 – 7</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"2\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2024</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2024</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>or less</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>months</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>years</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>years</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>years</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"3\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"4\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Bank loans</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(147,384)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(179,974)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(3,392)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(3,448)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(6,840)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(166,294)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>-</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"5\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Private placement notes</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(124,000)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(166,318)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(3,423)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(3,479)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(6,902)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(72,220)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(80,294)</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"6\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Trade and other payables and accruals</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(62,035)</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(62,035)</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(62,016)</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>-</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(19)</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>-</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>-</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"7\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(333,419)</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(408,327)</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(68,831)</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(6,927)</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(13,761)</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(238,514)</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(80,294)</strong></p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"normal\" id=\"el-11-266\">The equivalent disclosure for the prior year is as follows:</p>\r\n<table class=\"accounts-table\" id=\"el-11-267\"><tbody>\r\n<tr data-row-no=\"0\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"6\">\r\n<p class=\"table-headings align-center\"><strong>Contractual cashflows</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"1\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Carrying value</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Total</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>6 months</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>6 – 12</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>1 – 2</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2 – 5</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"2\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2023</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2023</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>or less</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>months</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>years</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>years</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"3\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"4\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Bank loans</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(254,387)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(281,042)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(8,347)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(7,978)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(264,717)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"5\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Trade and other payables and accruals</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(62,911)</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(62,911)</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(62,563)</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(348)</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"6\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(317,298)</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(343,953)</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(70,910)</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(7,978)</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(265,065)</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"heading-2\" id=\"el-11-268\"><strong>(c) Market risk</strong></p>\r\n<p class=\"normal\" id=\"el-11-269\">Market risk is the risk that changes in market prices and indices, such as interest rates and foreign exchange rates, will affect the Group’s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return.</p>\r\n<p class=\"heading-3\" id=\"el-11-270\"><strong><em>(i) Interest rate risk</em></strong></p>\r\n<p class=\"normal\" id=\"el-11-271\">The Group is exposed to floating interest rates on its debt obligations and uses hedging instruments to mitigate the risk associated with interest rate fluctuations. The Group has entered into interest rate swaps (<a href=\"#note-23\">note 23</a>) which hedge the variability in cash flows attributable to interest rate risk. All such transactions are carried out within the guidelines set by the Board. The Group seeks to apply hedge accounting to manage volatility in profit or loss.</p>\r\n<p class=\"normal\" id=\"el-11-272\">The Group determines the existence of an economic relationship between the hedging instrument and the hedged item based on the reference interest rates, maturities and notional amounts. The Group assesses whether the derivative designated in each hedging relationship is expected to be effective in offsetting changes in cash flows of the hedged item using the hypothetical derivative method.</p>\r\n<p class=\"normal\" id=\"el-11-273\">In October 2024, the Group entered into interest rate swaps to hedge the variable interest rate on its new €100.0 million euro term loan for a four year period to 9 October 2028. As at 31 December 2024, the interest rate swaps cover 100% of the Group’s term euro denominated borrowings of €100.0 million for the period to 9 October 2028. The final year of the term debt, to 9 October 2029, is currently unhedged. The Group’s revolving credit facilities of €47.3 million as at 31 December 2024 are unhedged. </p>\r\n<p class=\"normal\" id=\"el-11-274\">The private placement notes issued by the Group carry a fixed coupon rate. Interest rates cannot vary on the private placement loan notes except where the Group\'s Net Debt to EBITDA after rent, calculated in line with external borrowing covenants, exceeds certain ratchet levels, when varying premiums are added to the coupon rate depending on the ratchet level. Where the Group’s Net Debt to EBITDA after rent exceeds 3 times, a premium of 50 basis points is added to the coupon rate and where the Group’s Net Debt to EBITDA after rent exceeds 4 times, a premium of 75 basis points is added to the interest rate at the time. </p>\r\n<p class=\"normal\" id=\"el-11-275\">Up to 8 October 2024 and as at 31 December 2023, interest rate swaps covered 100% of the Group’s term Sterling denominated borrowings of £176.5 million. </p>\r\n<p class=\"normal\" id=\"el-11-276\">The interest rate profile of the Group’s interest-bearing financial liabilities as reported to the management of the Group is as follows:</p>\r\n<table class=\"accounts-table\" id=\"el-11-277\"><tbody>\r\n<tr data-row-no=\"0\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"2\">\r\n<p class=\"table-headings align-center\"><strong>Nominal amount</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"1\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2024</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2023</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"2\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"3\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Variable rate instruments</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"4\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Financial liabilities – borrowings</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>147,311</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">258,723</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"5\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Effect of interest rate swaps</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(100,000)</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(203,095)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"6\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>47,311</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">55,628</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"normal\" id=\"el-11-278\">These interest-bearing financial liabilities do not equate to amortised cost of bank loans and instead represent the drawn amounts of bank loans which are owed to external lenders. The private placement notes have a fixed coupon rate so are excluded from the above table. </p>\r\n<p class=\"normal\" id=\"el-11-279\">The weighted average interest rate on bank loans, including margin, in 2024 was 3.33% (2023: 3.20%). Margins on the Group’s bank loans are set with reference to the Group’s Net Debt to EBITDA after rent in line with external borrowing covenants and ratchet up or down accordingly. Following the Group’s refinancing in October 2024, the applicable margin on the term loan is 1.7% and on the revolving credit facility loans is 1.3% based on the Group’s Net Debt to EBITDA after rent at the time which was in the 1- 2 times ratchet level. If the Group’s Net Debt to EBITDA after rent exceeded 2 times, a premium of 25 basis points would be added on to each margin rate.</p>\r\n<p class=\"normal\" id=\"el-11-280\">The weighted average coupon rate on private placement notes issued in 2024 was 5.43% (2023: €Nil). The following table displays the coupon rates applicable on the private placement notes which were issued during the year ended 31 December 2024.</p>\r\n<table class=\"base-table\" id=\"el-11-281\"><tbody>\r\n<tr data-row-no=\"0\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-left\"><strong>Term</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Euro loan notes coupon rate</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Sterling loan notes coupon rate</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"1\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">5 year</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>4.51%</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>6.13%</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"2\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">7 year</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>4.71%</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>6.28%</strong></p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"normal\" id=\"el-11-282\">The interest expense for the year ended 31 December 2024 has been sensitised in the following tables for a reasonably possible change in variable interest rates for both Euro and Sterling bank loans. The weighted average variable interest rate includes the impact of hedging on hedged portions of the underlying loans. As the drawn term loan in 2024 was fully hedged with interest rate swaps and these swaps were in the money for the entire period of 2024, there is no impact on the interest incurred on these term loans in the following sensitivity as the rates were fixed (note 23). </p>\r\n<p class=\"normal\" id=\"el-11-283\">The Group have reviewed the EURIBOR and SONIA forward curves for the next ten years, as well as reviewing the historical rates for EURIBOR and SONIA/LIBOR over the past ten years. In relation to the upward sensitivity for the Sterling variable interest rate, the Group believes that a reasonable change in SONIA would be an uplift to 5.5%, which would give the Group a weighted average Sterling variable interest rate of 1.9% including the impact of interest rate swaps. </p>\r\n<p class=\"normal\" id=\"el-11-284\">In relation to the upward sensitivity for the Euro variable interest rate, the Group believes that a reasonable change in EURIBOR would be an uplift to 3.9%, which would give the Group a weighted average Euro variable interest rate of 2.4%, including the impact of interest rate swaps. </p>\r\n<p class=\"normal\" id=\"el-11-285\">In relation to the downward sensitivity, the Group has used an interest rate of zero as there is a floor embedded in the bank loan facilities, which prevents the Group from benefiting from any reduction in rates sub-zero, however, it results in an additional interest cost for the Group on hedged loans. As a result of this downward sensitivity analysis and taking into account the impact of hedging, the weighted average Sterling variable interest rate is 0.8% and the weighted average Euro variable interest rate is 1.9%.</p>\r\n<p class=\"normal\" id=\"el-11-286\"><br>As the private placement notes issued during the year ended 31 December 2024 carry fixed coupon rates, there is no impact on the interest incurred on them and therefore excluded from this sensitivity analysis. The finance income earned during the year ended 31 December 2024 has not been sensitised in the following tables due to its immateriality.</p>\r\n<p class=\"normal\" id=\"el-11-287\">The impact on profit or loss is shown hereafter. This analysis assumes that all other variables, in particular foreign currency exchange rates, remain constant.</p>\r\n<table class=\"accounts-table\" id=\"el-11-288\"><tbody>\r\n<tr data-row-no=\"0\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2024 actual weighted average variable benchmark rate</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Sensitised weighted average as a result of upward sensitivity</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Sensitised weighted average as a result of downward sensitivity</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"1\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Euro variable rate</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>2.3%</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>2.4%</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1.9%</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"2\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"normal\">Sterling variable rate</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1.8%</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1.9%</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>0.8%</strong></p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<table class=\"accounts-table\" id=\"el-11-289\"><tbody>\r\n<tr data-row-no=\"0\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2023 actual weighted average variable benchmark rate</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Sensitised weighted average as a result of upward sensitivity</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Sensitised weighted average as a result of downward sensitivity</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"1\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Euro variable rate</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>3.0%</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>3.9%</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>0.0%</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"2\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"normal\">Sterling variable rate</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1.7%</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1.7%</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1.1%</strong></p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"normal\" id=\"el-11-290\">The weighted average variable interest rates in the above tables include the impact of hedging and exclude margin costs</p>\r\n<p class=\"heading-3\" id=\"el-11-291\"><strong><em>Sensitivity analysis for variable rate instruments</em></strong></p>\r\n<table class=\"accounts-table\" id=\"el-11-292\"><tbody>\r\n<tr data-row-no=\"0\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"2\">\r\n<p class=\"table-headings align-center\"><strong>Effect on profit or loss</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"1\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Increase in rate</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Decrease in rate</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"2\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"3\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>2024</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"4\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">(Increase)/decrease in interest on bank loans </p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(151)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>2,226</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"5\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Decrease/(increase) in tax charge</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>19</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(278)</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"6\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>(Decrease)/increase in profit</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(132)</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,948</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"7\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"8\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>2023</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"9\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">(Increase)/decrease in interest on bank loans </p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(71)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">1,487</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"10\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Decrease/(increase) in tax charge</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">9</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(186)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"11\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"normal\">(Decrease)/increase in profit</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(62)</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">1,301</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"heading-3\" id=\"el-11-293\"><strong><em>Contracted maturities of estimated interest payments from swaps</em></strong></p>\r\n<p class=\"normal\" id=\"el-11-294\">The following table indicates the periods in which the cash flows associated with the interest rate swaps are expected to occur and the carrying amounts of the related hedging instruments for the year ended 31 December 2024. A positive cash flow in the below table indicates the variable rate for interest rate swaps, based on forward curves as at 31 December 2024, is forecast to be higher than fixed rates. The below amounts only refer to the undiscounted interest forecasted to be incurred under the interest rate swap liabilities.</p>\r\n<table class=\"accounts-table\" id=\"el-11-295\"><tbody>\r\n<tr data-row-no=\"0\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"4\">\r\n<p class=\"table-headings align-center\"><strong>31 December 2024</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"1\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Carrying amount</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Total</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>12 months or less</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>More than 1 year</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"2\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"3\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Interest rate swaps</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"4\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"normal\">Liabilities</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(244)</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(243)</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>33</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(276)</strong></p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"normal\" id=\"el-11-296\">The following table indicates the periods in which the cash flows associated with cash flow hedges are expected to impact profit or loss and the carrying amounts of the related hedging instruments for the year ended 31 December 2024. A positive cash flow in the table indicates the variable rate for interest rate swaps, based on forward curves as at 31 December 2024, is forecast to be higher than fixed rates. The below amounts only refer to the undiscounted interest forecasted to be incurred under the interest rate swap liabilities.</p>\r\n<table class=\"accounts-table\" id=\"el-11-297\"><tbody>\r\n<tr data-row-no=\"0\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"4\">\r\n<p class=\"table-headings align-center\"><strong>31 December 2024</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"1\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Carrying amount</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Total</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>12 months or less</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>More than 1 year</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"2\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"3\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Interest rate swaps</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"4\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"normal\">Liabilities</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(244)</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(243)</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>33</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(276)</strong></p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"normal\" id=\"el-11-298\">The following table indicates the periods in which the cash flows associated with the interest rate swaps are expected to occur and the carrying amounts of the related hedging instruments for the year ended 31 December 2023: </p>\r\n<table class=\"accounts-table\" id=\"el-11-299\"><tbody>\r\n<tr data-row-no=\"0\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"4\">\r\n<p class=\"table-headings align-center\"><strong>31 December 2023</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"1\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Carrying amount</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Total</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>12 months or less</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>More than 1 year</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"2\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"3\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Interest rate swaps</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"4\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"normal\">Assets</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">6,521</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">7,573</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">7,573</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"normal\" id=\"el-11-300\">The following table indicates the periods in which the cash flows associated with cash flow hedges are expected to impact profit or loss and the carrying amounts of the related hedging instruments for the year ended 31 December 2023:</p>\r\n<table class=\"accounts-table\" id=\"el-11-301\"><tbody>\r\n<tr data-row-no=\"0\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"4\">\r\n<p class=\"table-headings align-center\"><strong>31 December 2023</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"1\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Carrying amount</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Total</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>12 months or less</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>More than 1 year</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"2\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"3\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Interest rate swaps</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"4\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"normal\">Assets</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">6,521</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">7,573</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">7,573</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"heading-3\" id=\"el-11-302\"><strong><em>(ii) Foreign currency risk </em></strong></p>\r\n<p class=\"normal\" id=\"el-11-303\">As per the Risk Management section of the annual report, the Group is exposed to fluctuations in the Euro/Sterling exchange rate.</p>\r\n<p class=\"normal\" id=\"el-11-304\">The Group is exposed to transactional foreign currency risk on trading activities conducted by subsidiaries in currencies other than their functional currency and to foreign currency translation risk on the retranslation of foreign operations to Euro.</p>\r\n<p class=\"normal\" id=\"el-11-305\">The Group’s policy is to manage foreign currency exposures commercially and through netting of exposures where possible. The Group’s principal transactional exposure to foreign exchange risk relates to interest costs on its Sterling bank loans and private placement notes. This risk is mitigated by the earnings from UK subsidiaries which are denominated in Sterling.</p>\r\n<p class=\"normal\" id=\"el-11-306\">The Group’s gain or loss on retranslation of the net assets of foreign currency subsidiaries is taken directly to the translation reserve.</p>\r\n<p class=\"normal\" id=\"el-11-307\">The Group limits its exposure to foreign currency risk by using Sterling bank loans and private placement notes to hedge part of the Group’s investment in UK subsidiaries. At 31 December 2024, £52.5 million of private placement loan notes (€63.3 million) are designated as net investment hedges. This net investment hedge was fully effective from the date of issuance of these loan notes in October 2024, to 31 December 2024. In 2023 and from 1 January 2024 to 9 October 2024, the Group had £176.5 million sterling denominated term borrowings which hedged part of the Group’s investment in UK subsidiaries (2023: £176.5 million (€203.1 million). The net investment hedge was fully effective during this period. </p>\r\n<p class=\"normal\" id=\"el-11-308\">This enables gains and losses arising on retranslation of those foreign currency borrowings to be recognised in Other Comprehensive Income, providing a partial offset in reserves against the gains and losses arising on translation of the net assets of those UK operations.</p>\r\n<p class=\"heading-3\" id=\"el-11-309\"><strong><em>Sensitivity analysis on transactional risk</em></strong></p>\r\n<p class=\"normal\" id=\"el-11-310\">The Group performed a sensitivity analysis on the impact on the Group’s profit after tax and equity had foreign exchange rates been different. The impact of different foreign exchange rates was considered both on Sterling bank loans and Sterling private placement loan notes. The Group reviewed the historical Euro/Sterling foreign exchange rates for the previous ten years as well as the current forward curves for Euro/Sterling foreign exchange rates for the following five years which takes into account periods of market volatility. Based on the analysis, the Group have chosen to use 0.73 to calculate the impact of Euro weakening against Sterling and 0.94 in the upward sensitivity of Euro strengthening against Sterling. </p>\r\n<table class=\"accounts-table\" id=\"el-11-311\"><tbody>\r\n<tr data-row-no=\"0\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"2\">\r\n<p class=\"table-headings align-center\"><strong>Profit</strong></p>\r\n</td>\r\n<td colspan=\"2\">\r\n<p class=\"table-headings align-center\"><strong>Equity</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"1\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Strengthening of Euro</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Weakening of </strong></p>\r\n<p class=\"table-headings align-right\"><strong>Euro</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Strengthening of Euro</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Weakening of </strong></p>\r\n<p class=\"table-headings align-right\"><strong>Euro </strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"2\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"3\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Decrease/(increase) in interest costs on Sterling bank loans and private placement notes</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">870</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(1,449)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">870</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(1,449)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"4\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Impact on tax charge</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(109)</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">181</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(109)</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">181</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"5\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Increase/(decrease) in profit</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>761</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(1,268)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"6\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Increase/(decrease) in equity</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>761</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(1,268)</strong></p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"heading-2\" id=\"el-11-312\"><strong>(d) Capital management</strong></p>\r\n<p class=\"normal\" id=\"el-11-313\">The Group’s policy is to maintain a strong capital base to preserve investor, creditor and market confidence and to sustain future development of the business. Management monitors the return on capital to ordinary shareholders.</p>\r\n<p class=\"normal\" id=\"el-11-314\">The Board of Directors seeks to maintain a balance between the higher returns that might be possible with higher levels of borrowings and the advantages and security afforded by a sound capital position. The Group’s target is to achieve a pre-tax leveraged internal rate of return of at least 15% on investments and typically a rent cover of 1.85 times in year three for leased assets.</p>\r\n<p class=\"normal\" id=\"el-11-315\">Typically, the Group monitors capital using a ratio of Net Debt to EBITDA after rent which excludes the effects of IFRS 16, in line with its external borrowings covenants. This is calculated based on the prior 12-month period. The Net Debt to EBITDA after rent as at 31 December 2024 is 1.3 times (31 December 2023: 1.3 times).</p>\r\n<p class=\"normal\" id=\"el-11-316\">The Group also monitors Net Debt and Lease Liabilities to Adjusted EBITDA which, at 31 December 2024, is 4.3x (31 December 2023: 4.1x) (APM (viii)). </p>\r\n<p class=\"normal\" id=\"el-11-317\">The Group’s approach to capital management has ensured that it continues to maintain a very strong financial position. </p>\r\n<p class=\"heading-1\" id=\"el-11-318\"><strong>26 Commitments </strong></p>\r\n<p class=\"heading-2\" id=\"el-11-319\"><strong>Section 357 Companies Act 2014</strong></p>\r\n<p class=\"normal\" id=\"el-11-320\">Dalata Hotel Group plc, as the parent company of the Group and for the purposes of filing exemptions referred to in Section 357 of the Companies Act 2014, has entered into guarantees in relation to the liabilities and commitments of the Republic of Ireland registered subsidiary companies which are listed below:</p>\r\n<table class=\"text-table\" id=\"el-11-321\"><tbody>\r\n<tr data-row-no=\"0\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Suvanne Management Limited </p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Candlevale Limited</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"1\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Carasco Management Limited</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">DHG Arden Limited</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"2\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Heartside Limited </p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Merzolt Limited </p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"3\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Palaceglen Limited </p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Pondglen Limited </p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"4\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Songdale Limited </p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Lintal Commercial Limited </p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"5\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Amelin Commercial Limited </p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Pillo Hotels Limited</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"6\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">DHG Burlington Road Limited </p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Loadbur Limited</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"7\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Dalata Support Services Limited</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">DHG Cordin Limited</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"8\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Bernara Commercial Limited</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Leevlan Limited</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"9\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Adelka Limited</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Fonteyn Property Holdings Limited</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"10\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">DS Charlemont Limited</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">DHG Dalton Limited </p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"11\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">DHG Barrington Limited</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">DHG Glover Limited</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"12\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Fonteyn Property Holdings No. 2 Limited</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">DHG Harton Limited</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"13\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">DHG Eden Limited </p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">DHG Indigo Limited</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"14\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Galsay Limited </p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">DHG Fleming Limited</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"15\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Williamsberg Property Limited</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"heading-2\" id=\"el-11-322\"><strong>Capital commitments </strong></p>\r\n<p class=\"normal\" id=\"el-11-323\">The Group has the following commitments for future capital expenditure under its contractual arrangements.</p>\r\n<table class=\"accounts-table\" id=\"el-11-324\"><tbody>\r\n<tr data-row-no=\"0\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2024</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2023</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"1\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"2\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"normal\">Contracted but not provided for</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>55,783</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">20,569</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"normal\" id=\"el-11-325\">This relates primarily to the construction of a new hotel in Edinburgh (€41.7 million) which is contractually committed and the development of Clayton Cardiff Lane (€6.5 million). It also includes committed capital expenditure at other hotels in the Group. </p>\r\n<p class=\"normal\" id=\"el-11-326\">The Group has further commitments in relation to fixtures, fittings and equipment in some of its leased hotels. Under certain lease agreements, the Group has committed to spending a percentage of turnover on capital expenditure in respect of fixtures, fittings and equipment in the leased hotels over the life of the lease. The Group has estimated this commitment to be €66.9 million (31 December 2023: €77.3 million) spread over the life of the various leases with the majority ranging in length from 17 years to 33 years. The turnover figures used in this estimate are based on 2025 budgeted revenues.</p>\r\n<p class=\"heading-1\" id=\"el-11-327\"><strong>27 Related party transactions</strong></p>\r\n<p class=\"normal\" id=\"el-11-328\">Under IAS 24 <em>Related Party Disclosures</em>, the Group has related party relationships with Shareholders and the Executive Directors of the Company. </p>\r\n<p class=\"heading-3\" id=\"el-11-329\"><strong><em>Remuneration of key management</em></strong></p>\r\n<p class=\"normal\" id=\"el-11-330\">Key management is defined as the Directors of the Company and does not extend to any other members of the Executive Management Team. The compensation of key management personnel is set out in the Remuneration Committee report. In addition, the share-based payments expense for key management in 2024 was €1.0 million (2023: €0.9 million).</p>\r\n<p class=\"normal\" id=\"el-11-331\">There are no other related party transactions requiring disclosure in accordance with IAS 24 in these consolidated financial statements.</p>\r\n<p class=\"heading-1\" id=\"el-11-332\"><strong>28 Subsequent events</strong></p>\r\n<p class=\"normal\" id=\"el-11-333\">On 9 January 2025, the group completed the sale of the Clayton Whites Hotel, Wexford for a cash consideration of €21.0 million.</p>\r\n<p class=\"normal\" id=\"el-11-334\">In January 2025, the group repurchased €6.5 million worth of shares, concluding the second share buyback programme announced in October 2024.</p>\r\n<p class=\"normal\" id=\"el-11-335\">In February 2025, the Group entered a lease agreement for a hotel to be developed at 60 Morrison Street, Edinburgh, which is expected to open in 2028, subject to planning permission.</p>\r\n<p class=\"normal\" id=\"el-11-336\">On 5 March 2025, the Board proposed a final dividend of 8.4 cents per share. This proposed dividend is subject to approval by the shareholders at the Annual General Meeting. The payment date for the final dividend will be 8 May 2025 to shareholders registered on the record date 4 April 2025. Based on the expected number of shares that will be in issue on this date, the amount of the proposed dividend will be €17.8 million. These consolidated financial statements do not reflect this dividend.</p>\r\n<p class=\"heading-1\" id=\"el-11-337\"><strong>29 Subsidiary undertakings </strong></p>\r\n<p class=\"normal\" id=\"el-11-338\">A list of all subsidiary undertakings at 31 December 2024 is set out below:</p>\r\n<table class=\"text-table\" id=\"el-11-339\"><tbody>\r\n<tr data-row-no=\"0\">\r\n<td class=\"cell-bg\" colspan=\"1\">\r\n</td>\r\n<td class=\"cell-bg\" colspan=\"1\">\r\n</td>\r\n<td class=\"cell-bg\" colspan=\"1\">\r\n</td>\r\n<td class=\"cell-bg\" colspan=\"2\">\r\n<p class=\"table-headings align-center\"><strong>Ownership</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"1\">\r\n<td class=\"heavy-line cell-bg\" colspan=\"1\">\r\n<p class=\"table-headings align-left\"><strong>Subsidiary undertaking</strong></p>\r\n</td>\r\n<td class=\"heavy-line cell-bg\" colspan=\"1\">\r\n<p class=\"table-headings align-left\"><strong>Country of Incorporation</strong></p>\r\n</td>\r\n<td class=\"heavy-line cell-bg\" colspan=\"1\">\r\n<p class=\"table-headings align-left\"><strong>Activity</strong></p>\r\n</td>\r\n<td class=\"heavy-line cell-bg\" colspan=\"1\">\r\n<p class=\"table-headings align-left\"><strong>Direct</strong></p>\r\n</td>\r\n<td class=\"heavy-line cell-bg\" colspan=\"1\">\r\n<p class=\"table-headings align-left\"><strong>Indirect</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"2\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">DHG Glover Limited<sup>1</sup></p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Ireland</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Holding company</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"3\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">DHG Fleming Limited<sup>1</sup></p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Ireland</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Financing company</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"4\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">DHG Harton Limited<sup>1</sup></p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Ireland</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Holding company</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"5\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">DHGL Limited<sup>1</sup></p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Ireland</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Holding company</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"6\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Dalata Limited<sup>1</sup></p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Ireland</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Holding company</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"7\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Hanford Commercial Limited<sup>1</sup> </p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Ireland</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Hotel and catering</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"8\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Anora Commercial Limited<sup>1</sup></p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Ireland</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Hotel and catering</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"9\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Ogwell Limited<sup>1</sup> </p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Ireland</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Hotel and catering</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"10\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Caruso Limited<sup>1 </sup></p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Ireland</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Hotel and catering</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"11\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">C I Hotels Limited<sup>1</sup> </p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Ireland</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Hotel and catering</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"12\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Tulane Business Management Limited<sup>1</sup> </p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Ireland</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Hotel and catering</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"13\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Dalata Support Services Limited<sup>1</sup> </p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Ireland</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Hotel management</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"14\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Fonteyn Property Holdings Limited<sup>1</sup> </p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Ireland</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Hotel management</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"15\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Fonteyn Property Holdings No. 2 Limited<sup>1</sup></p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Ireland</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Hotel and catering</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"16\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Suvanne Management Limited<sup>1</sup></p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Ireland</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Hotel and catering</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"17\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Carasco Management Limited<sup>1</sup></p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Ireland</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Hotel and catering</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"18\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Amelin Commercial Limited<sup>1</sup></p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Ireland</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Hotel and catering</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"19\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Lintal Commercial Limited<sup>1</sup></p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Ireland</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Hotel and catering</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"20\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Bernara Commercial Limited<sup>1</sup></p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Ireland</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Property investment</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"21\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Pillo Hotels Limited<sup>1</sup></p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Ireland</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Dormant company</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"22\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Loadbur Limited<sup>1</sup> </p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Ireland</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Hotel and catering</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"23\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Heartside Limited<sup>1</sup></p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Ireland</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Hotel and catering</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"24\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Pondglen Limited<sup>1</sup></p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Ireland</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Hotel and catering</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"25\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Candlevale Limited<sup>1</sup></p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Ireland</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Hotel and catering</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"26\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Songdale Limited<sup>1</sup></p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Ireland</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Hotel and catering</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"27\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Palaceglen Limited<sup>1</sup></p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Ireland</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Hotel and catering</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"28\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Adelka Limited<sup>1</sup></p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Ireland</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Property holding company</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"29\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Leevlan Limited<sup>1</sup></p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Ireland</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Hotel and catering</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"30\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">DHG Arden Limited<sup>1</sup></p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Ireland</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Hotel and catering</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"31\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">DHG Barrington Limited<sup>1</sup></p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Ireland</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Hotel and catering</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"32\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">DHG Cordin Limited<sup>1</sup></p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Ireland</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Hotel and catering</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"33\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">DS Charlemont Limited<sup>1</sup></p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Ireland</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Hotel and catering</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"34\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Galsay Limited<sup>1</sup></p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Ireland</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Hotel and catering</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"35\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Merzolt Limited<sup>1</sup></p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Ireland</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Hotel and catering</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"36\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">DHG Burlington Road Limited<sup>1</sup></p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Ireland</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Hotel and catering</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"37\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">DHG Eden Limited<sup>1</sup></p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Ireland</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Hotel and catering</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"38\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">DHG Dalton Limited<sup>1</sup></p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Ireland</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Property holding company</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"39\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Williamsberg Property Limited<sup>1</sup></p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Ireland</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Hotel and catering</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"40\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">DHG Indigo Limited<sup>1</sup></p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Ireland</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Holding company</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"41\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">DHG Belfast Limited<sup>2</sup></p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">N Ireland</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Hotel and catering</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"42\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">DHG Derry Limited<sup>2</sup></p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">N Ireland</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Hotel and catering</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"43\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">DHG Derry Commercial Limited<sup>2</sup></p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">N Ireland</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Dormant company</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"44\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">DHG Brunswick Limited<sup>2</sup></p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">N Ireland</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Hotel and catering</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"45\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Dalata UK Limited<sup>3</sup></p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">UK</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Holding company</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"46\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Dalata Cardiff Limited<sup>3</sup></p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">UK</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Hotel and catering </p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"47\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Trackdale Limited<sup>3</sup></p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">UK</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Hotel and catering</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"48\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Islandvale Limited<sup>3</sup></p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">UK</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Dormant company</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"49\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Crescentbrook Limited<sup>3</sup></p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">UK</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Hotel and catering</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"50\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Hallowridge Limited<sup>3</sup></p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">UK</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Hotel and catering</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"51\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Rush (Central) Limited<sup>3</sup></p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">UK</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Property holding company</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"52\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Hotel La Tour Birmingham Limited<sup>3</sup></p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">UK</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Hotel and catering</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"53\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">SRD (Trading) Limited<sup>3</sup></p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">UK</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Hotel and catering</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"54\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">SRD (Management) Limited<sup>3</sup></p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">UK</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Hotel and catering</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"55\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">DHG Finsbury Park Limited<sup>3</sup></p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">UK</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Property holding company</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"56\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">DHG Castle Limited<sup>3</sup> </p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">UK</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Hotel and catering</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"57\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">DHG Phoenix Limited<sup>3</sup></p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">UK</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Property holding company</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"58\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Hintergard Limited<sup>4</sup></p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Jersey</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Property holding company</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"59\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Dalata Deutschland Holding GmbH<sup>5</sup></p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Germany</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Holding company</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"60\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Dalata Deutschland Hotelbetriebs GmbH<sup>5</sup></p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Germany</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Hotel and catering</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"61\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">American Hotel Exploitatie B.V.<sup> 6</sup></p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Netherlands</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Hotel and catering</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"62\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">DHG Amsterdam B.V.<sup> 6</sup></p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Netherlands</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Holding company</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"63\">\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Dalata Coliseo S.L.<sup> 7</sup></p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Spain</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">Dormant company</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">-</p>\r\n</td>\r\n<td class=\"light-line  cell-bg\" colspan=\"1\">\r\n<p class=\"normal\">100%</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<ul class=\"decimal\" id=\"el-11-340\">\r\n<li>The registered address of these companies is Termini, 3 Arkle Road, Sandyford Business Park, Dublin 18, D18C9C5.</li>\r\n<li>The registered address of these companies is Butcher Street, Londonderry, County Derry BT48 6HL, UK.</li>\r\n<li>The registered address of these companies is St Mary Street, Cardiff, Wales, CF10 1GD, UK.</li>\r\n<li>The registered address of this company is 12 Castle Street, St Helier Jersey, JE2 3RT.</li>\r\n<li>The registered address of this company is Thurn-und-Taxis-Platz 6, 60313 Frankfurt am Main, Germany.</li>\r\n<li>The registered address of this company is Leidsekade 97, 1017 PN Amsterdam, Netherlands.</li>\r\n<li>The registered address of this company is Calle Trafalgar, 25, Principal PTA, 1, Barcelona, Spain.</li>\r\n</ul>\r\n<p class=\"normal\" id=\"el-11-341\">During the 2023 year the registered address for the Irish subsidiary undertakings was changed from 4<sup>th</sup> Floor, Burton Court, Burton Hall Drive, Sandyford, Dublin 18 to Termini, 3 Arkle Road, Sandyford Business Park, Dublin 18.</p>\r\n<p class=\"heading-1\" id=\"el-11-342\"><strong>30 Earnings per share </strong></p>\r\n<p class=\"normal\" id=\"el-11-343\">Basic earnings per share is computed by dividing the profit for the year available to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share is computed by dividing the profit for the year available to ordinary shareholders by the weighted average number of ordinary shares outstanding and, when dilutive, adjusted for the effect of all potentially dilutive shares.</p>\r\n<p class=\"normal\" id=\"el-11-344\">The following table sets out the computation for basic and diluted earnings per share for the years ended 31 December 2024 and 31 December 2023.</p>\r\n<table class=\"accounts-table\" id=\"el-11-345\"><tbody>\r\n<tr data-row-no=\"0\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2024</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2023</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"1\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Profit attributable to shareholders of the parent (€’000) – basic and diluted</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>78,741</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">90,222</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"2\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Adjusted profit attributable to shareholders of the parent (€’000) – basic and diluted</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>89,460</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">93,213</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"3\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Earnings per share – Basic</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>35.5 cents</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">40.4 cents</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"4\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Earnings per share – Diluted</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>35.3 cents</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">39.9 cents</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"5\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Adjusted earnings per share – Basic</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>40.4 cents</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">41.7 cents</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"6\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Adjusted earnings per share – Diluted</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>40.1 cents</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">41.2 cents</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"7\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Weighted average shares outstanding – Basic</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>221,621,597</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">223,299,760</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"8\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"normal\">Weighted average shares outstanding – Diluted</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>223,320,862</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">226,396,287</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"normal\" id=\"el-11-346\">The difference between the basic and diluted weighted average shares outstanding for the year ended 31 December 2024 is due to the dilutive impact of the conditional share awards granted in 2021, 2022, 2023 and 2024. For the year ended 31 December 2023, the difference between basic and diluted EPS is due to the dilutive impact of the conditional share awards granted in 2020, 2021, 2022 and 2023. </p>\r\n<p class=\"normal\" id=\"el-11-347\">Adjusted earnings per share (basic and diluted) are presented as alternative performance measures to show the underlying performance of the Group excluding the tax adjusted effects of items considered by management to not reflect normal trading activities or distort comparability either year on year or with other similar businesses (<a href=\"#note-2\">note 2</a>). </p>\r\n<p class=\"normal\" id=\"el-11-348\">As a result of the refinancing in October 2024, the Group recognised a modification loss of €7.5 million in net finance costs in profit or loss for the year ended 31 December 2024. As this is not reflective of normal trading activity, it is presented as an Adjusting item to arrive at Adjusted profit before tax and Adjusted profit after tax.</p>\r\n<table class=\"accounts-table\" id=\"el-11-349\"><tbody>\r\n<tr data-row-no=\"0\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2024</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2023</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"1\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"2\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Reconciliation to adjusted profit for the year</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"3\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Profit before tax</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>91,238</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">105,532</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"4\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"5\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Adjusting items (<a href=\"#note-2\">note 2</a>, <a href=\"#note-6\">6</a>)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"6\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Impairment charge/(reversal) relating to property, plant and equipment through profit and loss</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,322</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">(2,025)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"7\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Impairment charge relating to investment property</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>96</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"8\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Impairment reversal relating to right-of-use assets</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(1,719)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"9\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Modification loss on refinancing</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>7,525</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"10\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Hotel pre-opening expenses</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,895</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">497</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"11\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Acquisition-related costs</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,106</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">4,389</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"12\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Adjusted profit before tax</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>101,463</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">108,393</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"13\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Tax charge (<a href=\"#note-9\">note 9</a>)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(12,497)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(15,310)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"14\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Adjusting items in tax charge</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"15\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Tax adjustment for adjusting items</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>494</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">130</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"16\">\r\n<td class=\"heavy-line\" 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