<p class="section-heading" id="el-9-0">Consolidated statement of cash flows</p>
<p class="sub-section-heading" id="el-9-1">for the year ended 31 December 2024</p>
<table class="accounts-table" id="el-9-2"><tbody>
<tr data-row-no="0">
<td class="heavy-line" colspan="1">
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>2024</strong></p>
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="table-headings align-right"><strong>2023</strong></p>
<p class="table-headings align-right"><strong>€’000</strong></p>
</td>
</tr>
<tr data-row-no="1">
<td colspan="1">
<p class="heading-2"><strong>Cash flows from operating activities</strong></p>
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
</tr>
<tr data-row-no="2">
<td colspan="1">
<p class="normal">Profit for the year </p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>78,741</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">90,222</p>
</td>
</tr>
<tr data-row-no="3">
<td colspan="1">
<p class="normal">Adjustments for:</p>
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
</tr>
<tr data-row-no="4">
<td colspan="1">
<p class="normal">Depreciation of property, plant and equipment</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>39,316</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">32,791</p>
</td>
</tr>
<tr data-row-no="5">
<td colspan="1">
<p class="normal">Depreciation of right-of-use assets</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>33,727</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">30,663</p>
</td>
</tr>
<tr data-row-no="6">
<td colspan="1">
<p class="normal">Amortisation of intangible assets</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>252</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">650</p>
</td>
</tr>
<tr data-row-no="7">
<td colspan="1">
<p class="normal">Impairment charge relating to investment property</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>96</strong></p>
</td>
<td colspan="1">
<p class="accounts-bracket align-right">-</p>
</td>
</tr>
<tr data-row-no="8">
<td colspan="1">
<p class="normal">Impairment charge/(reversal) relating to property, plant and equipment through profit and loss</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>1,322</strong></p>
</td>
<td colspan="1">
<p class="accounts-bracket align-right">(2,025)</p>
</td>
</tr>
<tr data-row-no="9">
<td colspan="1">
<p class="normal">Impairment reversal relating to right-of-use assets</p>
</td>
<td colspan="1">
<p class="normal align-right"><strong>(1,719)</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">-</p>
</td>
</tr>
<tr data-row-no="10">
<td colspan="1">
<p class="normal">Share-based payments expense</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>3,615</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">5,910</p>
</td>
</tr>
<tr data-row-no="11">
<td colspan="1">
<p class="normal">Interest on lease liabilities</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>49,487</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">42,751</p>
</td>
</tr>
<tr data-row-no="12">
<td colspan="1">
<p class="normal">Other net interest and finance costs</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>17,733</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">7,860</p>
</td>
</tr>
<tr data-row-no="13">
<td class="light-line" colspan="1">
<p class="normal">Tax charge</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right"><strong>12,497</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">15,310</p>
</td>
</tr>
<tr data-row-no="14">
<td colspan="1">
</td>
<td colspan="1">
<p class="accounts align-right"><strong>235,067</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">224,132</p>
</td>
</tr>
<tr data-row-no="15">
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
</tr>
<tr data-row-no="16">
<td colspan="1">
<p class="normal">Increase/(decrease) in trade and other payables and provision for liabilities</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>756</strong></p>
</td>
<td colspan="1">
<p class="accounts-bracket align-right">(33,625)</p>
</td>
</tr>
<tr data-row-no="17">
<td colspan="1">
<p class="normal">(Increase)/decrease in current and non-current receivables</p>
</td>
<td colspan="1">
<p class="normal align-right"><strong>(1,123)</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">4,562</p>
</td>
</tr>
<tr data-row-no="18">
<td colspan="1">
<p class="normal">(Increase)/decrease in inventories</p>
</td>
<td colspan="1">
<p class="normal align-right"><strong>(333)</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">110</p>
</td>
</tr>
<tr data-row-no="19">
<td class="light-line" colspan="1">
<p class="normal">Tax paid</p>
</td>
<td class="light-line" colspan="1">
<p class="normal align-right"><strong>(16,094)</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts-bracket align-right">(23,800)</p>
</td>
</tr>
<tr data-row-no="20">
<td colspan="1">
<p class="heading-2"><strong>Net cash from operating activities</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>218,273</strong></p>
</td>
<td colspan="1">
<p class="accounts-bracket align-right">171,379</p>
</td>
</tr>
<tr data-row-no="21">
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
</tr>
<tr data-row-no="22">
<td colspan="1">
<p class="heading-2"><strong>Cash flows from investing activities</strong></p>
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
</tr>
<tr data-row-no="23">
<td colspan="1">
<p class="normal">Purchase of property, plant and equipment</p>
</td>
<td colspan="1">
<p class="normal align-right"><strong>(53,621)</strong></p>
</td>
<td colspan="1">
<p class="accounts-bracket align-right">(120,277)</p>
</td>
</tr>
<tr data-row-no="24">
<td colspan="1">
<p class="normal">Deposits paid on acquisitions</p>
</td>
<td colspan="1">
<p class="normal align-right"><strong>(4,153)</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">-</p>
</td>
</tr>
<tr data-row-no="25">
<td colspan="1">
<p class="normal">Contract fulfilment cost payments</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>-</strong></p>
</td>
<td colspan="1">
<p class="accounts-bracket align-right">(1,965)</p>
</td>
</tr>
<tr data-row-no="26">
<td colspan="1">
<p class="normal">Costs paid on entering new leases and agreements for leases</p>
</td>
<td colspan="1">
<p class="normal align-right"><strong>(13,600)</strong></p>
</td>
<td colspan="1">
<p class="accounts-bracket align-right">(1,825)</p>
</td>
</tr>
<tr data-row-no="27">
<td colspan="1">
<p class="normal">Proceeds from sale of Maldron Hotel Wexford </p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>8,345</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">-</p>
</td>
</tr>
<tr data-row-no="28">
<td colspan="1">
<p class="normal">Acquisitions of undertakings through business combinations, net of cash acquired</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>-</strong></p>
</td>
<td colspan="1">
<p class="accounts-bracket align-right">(90,294)</p>
</td>
</tr>
<tr data-row-no="29">
<td class="light-line" colspan="1">
<p class="normal">Purchase of intangible assets</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right"><strong>-</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts-bracket align-right">(7)</p>
</td>
</tr>
<tr data-row-no="30">
<td colspan="1">
<p class="heading-2"><strong>Net cash used in investing activities</strong></p>
</td>
<td colspan="1">
<p class="normal align-right"><strong>(63,029)</strong></p>
</td>
<td colspan="1">
<p class="accounts-bracket align-right">(214,368)</p>
</td>
</tr>
<tr data-row-no="31">
<td colspan="1">
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
</tr>
<tr data-row-no="32">
<td colspan="1">
<p class="heading-2"><strong>Cash flows from financing activities</strong></p>
</td>
<td colspan="1">
</td>
<td colspan="1">
</td>
</tr>
<tr data-row-no="33">
<td colspan="1">
<p class="normal">Interest paid on lease liabilities</p>
</td>
<td colspan="1">
<p class="normal align-right"><strong>(49,487)</strong></p>
</td>
<td colspan="1">
<p class="accounts-bracket align-right">(42,751)</p>
</td>
</tr>
<tr data-row-no="34">
<td colspan="1">
<p class="normal">Other net interest and finance costs paid </p>
</td>
<td colspan="1">
<p class="normal align-right"><strong>(14,595)</strong></p>
</td>
<td colspan="1">
<p class="accounts-bracket align-right">(8,726)</p>
</td>
</tr>
<tr data-row-no="35">
<td colspan="1">
<p class="normal">Receipt of bank loans</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>390,204</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">120,648</p>
</td>
</tr>
<tr data-row-no="36">
<td colspan="1">
<p class="normal">Repayment of bank loans</p>
</td>
<td colspan="1">
<p class="normal align-right"><strong>(510,818)</strong></p>
</td>
<td colspan="1">
<p class="accounts-bracket align-right">(64,374)</p>
</td>
</tr>
<tr data-row-no="37">
<td colspan="1">
<p class="normal">Issuance of private placement loan notes </p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>124,694</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">-</p>
</td>
</tr>
<tr data-row-no="38">
<td colspan="1">
<p class="normal">Repayment of lease liabilities</p>
</td>
<td colspan="1">
<p class="normal align-right"><strong>(11,767)</strong></p>
</td>
<td colspan="1">
<p class="accounts-bracket align-right">(10,747)</p>
</td>
</tr>
<tr data-row-no="39">
<td colspan="1">
<p class="normal">Proceeds from vesting of share awards and options</p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>2,296</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">175</p>
</td>
</tr>
<tr data-row-no="40">
<td colspan="1">
<p class="normal">Purchase of treasury shares</p>
</td>
<td colspan="1">
<p class="normal align-right"><strong>(5,604)</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">-</p>
</td>
</tr>
<tr data-row-no="41">
<td colspan="1">
<p class="normal">Purchase of own shares as part of buy back schemes</p>
</td>
<td colspan="1">
<p class="normal align-right"><strong>(48,683)</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">-</p>
</td>
</tr>
<tr data-row-no="42">
<td class="light-line" colspan="1">
<p class="normal">Dividends paid</p>
</td>
<td class="light-line" colspan="1">
<p class="normal align-right"><strong>(27,115)</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts-bracket align-right">(8,939)</p>
</td>
</tr>
<tr data-row-no="43">
<td class="light-line" colspan="1">
<p class="heading-2"><strong>Net cash used in financing activities</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="normal align-right"><strong>(150,875)</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts-bracket align-right">(14,714)</p>
</td>
</tr>
<tr data-row-no="44">
<td class="light-line" colspan="1">
<p class="heading-2"><strong>Net increase/(decrease) in cash and cash equivalents</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right"><strong>4,369</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts-bracket align-right">(57,703)</p>
</td>
</tr>
<tr data-row-no="45">
<td colspan="1">
<p class="heading-2"><strong>Cash and cash equivalents at the beginning of the year</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right"><strong>34,173</strong></p>
</td>
<td colspan="1">
<p class="accounts align-right">91,320</p>
</td>
</tr>
<tr data-row-no="46">
<td class="light-line" colspan="1">
<p class="normal">Effect of movements in exchange rates</p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right"><strong>1,033</strong></p>
</td>
<td class="light-line" colspan="1">
<p class="accounts align-right">556</p>
</td>
</tr>
<tr data-row-no="47">
<td class="heavy-line" colspan="1">
<p class="heading-2"><strong>Cash and cash equivalents at the end of the year</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right"><strong>39,575</strong></p>
</td>
<td class="heavy-line" colspan="1">
<p class="accounts align-right">34,173</p>
</td>
</tr>
</tbody></table>
<p class="normal" id="el-9-3">Notes 1 to 31 are an integral part of these consolidated financial statements.</p>
