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(1,1,'Investing in our people, driving our success','<p class=\"special-heading\" id=\"el-1-0\">Investing in our people, <em>driving our success</em></p>\r\n<p class=\"intro\" id=\"el-1-1\">As we embark on our journey towards our 2030 Vision, we are committed to expanding our horizons and enriching the experiences of our stakeholders. In 2024, we made significant strides in our growth strategy, aiming to have 21,000 rooms either open or under construction by 2030. Our people remain at the heart of our success. We have continued to invest in their development, with over 580 internal promotions and 675 participants in our Dalata Academy courses. Our commitment to creating an inclusive and supportive working environment ensures that our team members can grow personally and professionally. This focus on our people, alongside our dedication to innovation and sustainability, drives sustainable growth and long-term value creation. As we look to the future, we are excited about the opportunities ahead.</p>\r\n<p class=\"heading-2\" id=\"el-1-2\"><strong>Dermot Crowley</strong></p>\r\n<p class=\"normal\" id=\"el-1-3\">Chief Executive</p>\r\n','1.00',1,0,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,1758635396,1758635396,NULL),
(2,2,'OUR STORY','<p class=\"section-heading\" id=\"el-2-0\">OUR STORY</p>\r\n<p class=\"special-heading\" id=\"el-2-1\">The <em>heart</em> of hospitality</p>\r\n<p class=\"heading-5\" id=\"el-2-2\">Our Purpose is to <em>grow</em> and evolve as an <em>innovative </em>and<em> sustainable </em>international hotel company, delivering excellence in customer <em>service</em>, driven by ambitious<em> people </em>flourishing within a culture of integrity, fairness and inclusion.</p>\r\n','2.00',1,1,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,1758635402,1758635409,NULL),
(3,3,'CHIEF EXECUTIVE’S REVIEW','<p class=\"section-heading\" id=\"el-3-0\">CHIEF EXECUTIVE’S REVIEW</p>\r\n<p class=\"special-heading\" id=\"el-3-1\">The journey to <br>our <em>2030 Vision</em></p>\r\n<p class=\"intro\" id=\"el-3-2\">We launched our 2030 Vision at our Capital Markets Day in October. We have clearly set out that we aim to have 21,000 rooms either open or under construction by 2030. We are already the largest 4-star operator in Ireland, and we are on the way to becoming the leading 4-star operator in our target Regional UK cities. We are targeting a significant increase in the number of hotels that we operate in London and other major European cities. </p>\r\n<p class=\"intro\" id=\"el-3-3\">To achieve our 2030 Vision, we need to ensure that we are meeting the needs of our stakeholders as set out below. I am very excited about the years ahead as we realise our ambition to grow our presence significantly across Ireland, the UK and Europe. </p>\r\n<p class=\"heading-1\" id=\"el-3-4\"><strong>Our Shareholders</strong></p>\r\n<p class=\"normal\" id=\"el-3-5\">Group RevPAR only grew by 1% for the year which was marginally ahead of the market performance. Our biggest cost is payroll and the average increase in pay rates was 8%. It is always challenging when the rate by which costs are growing is significantly higher than the rate in which revenues are growing. In that context, I am very pleased with how we mitigated the impact on our ‘like-for-like’ Hotel EBITDAR margin (<a href=\"#glossary\">see glossary</a>) which only fell from 42.3% to 40.9%. Our focus on innovation ensured that we achieved increases in productivity throughout the business. This focus and the addition of new hotels contributed to an increase in Adjusted EBITDA (<a href=\"#supplementary-financial-information\">APM ii</a>) from €223.1 million in 2023 to €234.5 million in 2024.</p>\r\n<p class=\"normal\" id=\"el-3-6\">In 2023, we recommenced the payment of dividends. In 2024, we decided that it was appropriate to both pay dividends and also carry out two share buyback programmes totalling €55 million which facilitated the repurchase of 6% of our shares. We used the net proceeds from the disposal of our two Wexford hotels to fund the €25 million buyback. </p>\r\n<p class=\"normal\" id=\"el-3-7\">We will continue to look at all options open to us to enhance shareholder value. </p>\r\n<p class=\"heading-1\" id=\"el-3-8\"><strong>Our Customers</strong></p>\r\n<p class=\"normal\" id=\"el-3-9\">Over the last three years, we have significantly increased our investment in customer and consumer research. The results of this research have deepened our understanding of what our customers and guests expect from a hotel stay and specifically what they expect us to deliver at our hotels. Based on this research, we refreshed and repositioned our Dalata, Clayton, and Maldron brands. New creative campaigns were launched for both consumer brands, and we educated our teams on the positioning of the brands through our ‘Heart of Hospitality’ training programme.</p>\r\n<p class=\"normal\" id=\"el-3-10\">We have made a strategic shift to a data-driven, technology-powered approach to marketing within Dalata, resulting in streamlined processes, enhanced online visibility, and measurable growth. We have consolidated our social media efforts, with all content planned and managed by one centralised team, allowing for premium, consistent brand messaging. We launched our refreshed websites to support the repositioned brands.</p>\r\n<p class=\"normal\" id=\"el-3-11\">We are only at the start of our branding journey, and I am excited about the potential of the Maldron and Clayton brands to add shareholder value, where guests stay in our hotels not just because of their locations and physical appearance but also because they feel connected to Maldron or Clayton.</p>\r\n<p class=\"heading-1\" id=\"el-3-12\"><strong>Our People</strong></p>\r\n<p class=\"normal\" id=\"el-3-13\">I have said on many occasions that hospitality is all about people, and we have great people at Dalata. We have continued to be very focused on our people strategy, which supports the operation of our existing hotels as well as providing the talent for our future growth.</p>\r\n<p class=\"normal\" id=\"el-3-14\">We remain committed to training and development and providing career paths for our employees. There were over 580 internal promotions during 2024, and 675 people participated in our Dalata Academy development courses run during the year. This focus on development enabled us to open four new hotels in the UK during the year, with a significant percentage of the management positions filled by internal applicants.</p>\r\n<p class=\"normal\" id=\"el-3-15\">We launched our Female Employee Resource Group, which has been tasked with identifying, understanding, and removing barriers to females progressing within the organisation. Our people are our greatest asset and will continue to provide us with a competitive advantage. The focus on people will remain top of my agenda as CEO for the coming years.</p>\r\n<p class=\"heading-1\" id=\"el-3-16\"><strong>Our Environment</strong></p>\r\n<p class=\"normal\" id=\"el-3-17\">We have begun work on our Net-Zero Transition Plan, which we plan to publish in next year’s Annual Report. While the Net-Zero Transition plan is in development, we are continuing to decarbonise with strategic actions to influence the plan. We remain focused on reducing both the embodied carbon and operational carbon emissions when designing new hotels. Our new hotels currently under construction in Dublin and Edinburgh have been designed to operate with zero onsite carbon. We continue to reduce our carbon emissions per room sold, achieving a reduction of 31% in 2024 versus 2019. </p>\r\n<p class=\"normal\" id=\"el-3-18\">All our hotels achieved gold standard from Green Tourism in 2024. We launched a water stewardship programme and also increased our focus on reducing waste at our hotels. Our focus on sustainability is not only beneficial to the environment but also helps us reduce operational costs.</p>\r\n<p class=\"heading-1\" id=\"el-3-19\"><strong>Innovation</strong></p>\r\n<p class=\"normal\" id=\"el-3-20\">I am encouraged that a culture of innovation has taken hold throughout the Group. We made great progress in 2024, but there is still so much to do. In an industry where pay rates are rising faster than revenues, we simply cannot afford to sit back. We must always be looking for smarter ways to do things. The innovation focus expanded in 2024 to explore ways in which we can use technology to increase revenues.</p>\r\n<p class=\"normal\" id=\"el-3-21\">The projects rolled out in 2023 continued to have a very strong impact in 2024. In 2024 we reduced the hours worked in our accommodation and F&amp;B departments by 7% in the Irish portfolio on a ‘like-for-like’ basis, versus 2023. </p>\r\n<p class=\"normal\" id=\"el-3-22\">In 2024, we launched a new multilingual online training platform, with the multilingual feature enabling our training to be more inclusive and effective. The rollout of our new Revenue Management System (Duetto) has just begun and has significant potential for us as a business.</p>\r\n<p class=\"normal\" id=\"el-3-23\">In 2025, we have already started rolling out a number of new systems, including a CRM system to better manage our corporate sales process, a customer experience platform to better understand the profile and behaviour of our customers, and a new recruitment system with exciting potential to improve both the success rates and cost of our overall recruitment process.</p>\r\n<p class=\"normal\" id=\"el-3-24\">We have continued to deliver productivity gains through our focus on innovation without negatively impacting employee engagement or customer satisfaction. There have been a range of other smaller initiatives throughout the hotels and Central Office in our goal of working smarter. The focus on innovation will be as strong as ever in 2025.</p>\r\n<p class=\"heading-1\" id=\"el-3-25\"><strong>Growth</strong></p>\r\n<p class=\"normal\" id=\"el-3-26\">We have almost doubled the number of hotels we operate in the UK from 12 in mid-2021 to 22 by the end of 2024. We opened new Maldron hotels in Manchester, Liverpool, Brighton, and London in 2024, all of which are performing strongly.</p>\r\n<p class=\"normal\" id=\"el-3-27\">The current pipeline is robust, with our hotels in Edinburgh and Dublin currently under construction. We await clearance from the CCPC in Ireland on the purchase of the Radisson Blu Hotel Dublin Airport. I am very excited about the prospect of acquiring this hotel which has great potential.</p>\r\n<p class=\"normal\" id=\"el-3-28\">We also announced in 2024 that we had entered an agreement to lease another 154-room hotel in the city of London, increasing our presence in that part of the city to four hotels containing 612 rooms. Today, we are announcing that we have entered into an agreement to lease a new 256 room Clayton hotel in Edinburgh.</p>\r\n<p class=\"heading-1\" id=\"el-3-29\"><strong>Conclusion</strong></p>\r\n<p class=\"normal\" id=\"el-3-30\">2024 was another year of growth for Dalata, with increased revenues, increased EBITDA, and an increased number of rooms. We remain focused on creating and developing great teams around the Group, which gives us a powerful platform to support further growth. I am excited about the potential of our brands – we are more focused than ever on understanding and meeting the needs of our guests. Our focus on innovation and further investment in technology will enable us to further grow the earnings of our existing hotels and secure new, exciting hotels in our target markets.</p>\r\n<p class=\"normal\" id=\"el-3-31\">We continue to engage with and listen to our shareholders and are focused on enhancing shareholder value. As CEO, I look forward to the future with optimism and thank all our stakeholders for their ongoing support. I hope that you find our Annual Report interesting and informative. </p>\r\n<p class=\"normal\" id=\"el-3-32\"><strong>Dermot Crowley</strong></p>\r\n<p class=\"normal\" id=\"el-3-33\">Chief Executive</p>\r\n','3.00',1,2,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,1758635414,1758635418,NULL),
(4,4,'Statement of Directors’ Responsibilities','<p class=\"section-heading\" id=\"el-4-0\">Statement of Directors’ Responsibilities</p>\r\n<p class=\"sub-section-heading\" id=\"el-4-1\">in respect of the Annual Report and the Financial Statements</p>\r\n<p class=\"normal\" id=\"el-4-2\">The Directors are responsible for preparing the annual report and the consolidated and Company financial statements, in accordance with applicable law and regulations.</p>\r\n<p class=\"normal\" id=\"el-4-3\">Company law requires the Directors to prepare consolidated and Company financial statements for each financial year. Under that law, the Directors are required to prepare the consolidated financial statements in accordance with IFRS as adopted by the European Union and applicable law Commission Delegated Regulation 2018/815 regarding the single electronic reporting format including Article 4 of the IAS Regulation. The Directors have elected to prepare the Company financial statements in accordance with IFRS as adopted by the European Union as applied in accordance with the provisions of the Companies Act 2014.</p>\r\n<p class=\"normal\" id=\"el-4-4\">Under company law, the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the assets, liabilities and financial position of the Group and Company and of the Group’s profit or loss for that year. In preparing the consolidated and Company financial statements, the Directors are required to:</p>\r\n<ul class=\"bullet\" id=\"el-4-5\">\r\n<li>select suitable accounting policies and then apply them consistently;</li>\r\n<li>make judgements and estimates that are reasonable and prudent;</li>\r\n<li>state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;</li>\r\n<li>assess the Group’s and Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and</li>\r\n<li>use the going concern basis of accounting unless they either intend to liquidate the Group or Company or to cease operations, or have no realistic alternative but to do so.</li>\r\n</ul>\r\n<p class=\"normal\" id=\"el-4-6\">The Directors are also required by the Transparency (Directive 2004/109/EC) Regulations 2007 and the Transparency Rules of the Central Bank of Ireland to include a management report containing a fair review of the business and a description of the principal risks and uncertainties facing the Group.</p>\r\n<p class=\"normal\" id=\"el-4-7\">The Directors are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the assets, liabilities, financial position and profit or loss of the Company and which enable them to ensure that the financial statements of the Company comply with the provisions of the Companies Act 2014. The Directors are also responsible for taking all reasonable steps to ensure such records are kept by the Company’s subsidiaries which enable them to ensure that the financial statements of the Group comply with the provisions of the Companies Act 2014 and Article 4 of the IAS Regulation. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for safeguarding the assets of the Company and the Group, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Directors are also responsible for preparing a Directors’ Report that complies with the requirements of the Companies Act 2014.</p>\r\n<p class=\"normal\" id=\"el-4-8\">The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Group’s and Company’s website www.dalatahotelgroup.com. Legislation in the Republic of Ireland concerning the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.</p>\r\n<p class=\"heading-1\" id=\"el-4-9\"><strong>Responsibility statement as required by the Transparency Directive and UK Corporate Governance Code.</strong></p>\r\n<p class=\"normal\" id=\"el-4-10\">Each of the Directors, whose names and functions are listed in the Board of Directors section of this Annual Report, confirm that, to the best of each person’s knowledge and belief:</p>\r\n<ul class=\"bullet\" id=\"el-4-11\">\r\n<li>The consolidated financial statements, prepared in accordance with IFRS as adopted by the European Union, and the Company financial statements, prepared in accordance with IFRS as adopted by the European Union as applied in accordance with the provisions of the Companies Act 2014, give a true and fair view of the assets, liabilities, and financial position of the Group and Company at 31 December 2024 and of the profit of the Group for the year then ended;</li>\r\n<li>The Directors’ Report contained in the Annual Report includes a fair review of the development and performance of the business and the position of the Group and Company, together with a description of the principal risks and uncertainties that they face; </li>\r\n<li>The Sustainability Statement contained in the Directors’ Report is prepared in accordance with ESRS and Article 8)4) of Regulation (EU) 2020/852 and our responsibilities for the Sustainability Statement are discussed in full in our statement of Directors‘ responsibilities for the Sustainability Statement; and</li>\r\n<li>The Annual Report and financial statements, taken as a whole, provides the information necessary to assess the Group’s performance, business model and strategy and is fair, balanced and understandable and provides the information necessary for shareholders to assess the Company’s position and performance, business model and strategy.</li>\r\n</ul>\r\n<p class=\"normal\" id=\"el-4-12\">On behalf of the Board</p>\r\n<table class=\"base-table\" id=\"el-4-13\"><tbody>\r\n<tr data-row-no=\"0\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>John Hennessy</strong></p>\r\n<p class=\"normal\">Chair</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Dermot Crowley</strong></p>\r\n<p class=\"normal\">Director</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 March 2025</p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n','4.00',1,3,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,1758635424,1758635435,NULL),
(5,4,'Consolidated statement of profit or loss and other comprehensive income','<p class=\"section-heading\" id=\"el-5-0\">Consolidated statement of profit or loss and other comprehensive income</p>\r\n<p class=\"sub-section-heading\" id=\"el-5-1\">for the year ended 31 December 2024</p>\r\n<table class=\"accounts-table\" id=\"el-5-2\"><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>Note</strong></p>\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<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>2023</strong></p>\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"1\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Continuing operations</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</tr>\r\n<tr data-row-no=\"2\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Revenue </p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><a href=\"#note-2\">2</a></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>652,190</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">607,698</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"3\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Cost of sales </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<p class=\"normal align-right\"><strong>(238,847)</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(214,509)</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>Gross profit</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>413,343</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">393,189</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"5\">\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 colspan=\"1\">\r\n<p class=\"normal\">Administrative expenses</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><a href=\"#note-4\">4</a></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(256,332)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(238,530)</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\">Other income</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><a href=\"#note-5\">5</a></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,447</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">1,484</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>Operating profit</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>158,458</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">156,143</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"9\">\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=\"10\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Net finance costs</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><a href=\"#note-6\">6</a></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(67,220)</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(50,611)</p>\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>Profit before tax</strong></p>\r\n</td>\r\n<td colspan=\"1\">\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=\"12\">\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 class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Tax charge</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><a href=\"#note-9\">9</a></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(12,497)</strong></p>\r\n</td>\r\n<td class=\"light-line\" 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 class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Profit for the year attributable to owners of the Company</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<p class=\"accounts align-right\"><strong>78,741</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">90,222</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"15\">\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=\"16\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>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<td colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"17\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-3\"><strong><em>Items that will not be reclassified to profit or loss</em></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</tr>\r\n<tr data-row-no=\"18\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Revaluation of property</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><a href=\"#note-13\">13</a></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>13,083</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">92,098</p>\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=\"normal\">Related deferred tax</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><a href=\"#note-24\">24</a></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(3,513)</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(10,451)</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<p class=\"accounts align-right\"><strong>9,570</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">81,647</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"21\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-3\"><strong><em>Items that are or may be reclassified subsequently to profit or loss</em></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</tr>\r\n<tr data-row-no=\"22\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Exchange gain on translating foreign operations</p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>27,095</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">11,396</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"23\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Loss on net investment hedge</p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(8,590)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(6,343)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"24\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Fair value movement on cash flow hedges</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><a href=\"#note-23\">23</a></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=\"25\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Cash flow hedges – reclassified to profit or loss</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><a href=\"#note-23\">23</a></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(7,688)</strong></p>\r\n</td>\r\n<td 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=\"26\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Related deferred tax</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><a href=\"#note-24\">24</a></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,660</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">1,299</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"27\">\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>13,400</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">1,156</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"28\">\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=\"29\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Other comprehensive income for the year, net of tax</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<p class=\"accounts align-right\"><strong>22,970</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">82,803</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"30\">\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=\"31\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Total comprehensive income for the year attributable to owners of the Company</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<p class=\"accounts align-right\"><strong>101,711</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">173,025</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"32\">\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=\"33\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Earnings per share</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</tr>\r\n<tr data-row-no=\"34\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"normal\">Basic earnings per share</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><a href=\"#note-30\">30</a></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>35.5 cents</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" 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=\"35\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"normal\">Diluted earnings per share</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><a href=\"#note-30\">30</a></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>35.3 cents</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">39.9 cents</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"normal\" id=\"el-5-3\">Notes 1 to 31 are an integral part of these consolidated financial statements.</p>\r\n','4.00',1,4,NULL,'consolidated_statement_of_profit_or_loss_and_other_comprehensive_income___completed.json',NULL,NULL,NULL,NULL,'',NULL,1758635424,1758635435,NULL),
(6,4,'Consolidated statement of financial position','<p class=\"section-heading\" id=\"el-6-0\">Consolidated statement of financial position</p>\r\n<p class=\"sub-section-heading\" id=\"el-6-1\">at 31 December 2024</p>\r\n<table class=\"accounts-table\" id=\"el-6-2\"><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</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>2024</strong></p>\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>2023</strong></p>\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"1\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>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</tr>\r\n<tr data-row-no=\"2\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Non-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<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\">Intangible assets and goodwill</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><a href=\"#note-12\">12</a></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>53,649</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">54,074</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"4\">\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 align-right\"><a href=\"#note-13\">13</a></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,710,974</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">1,684,831</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"5\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Right-of-use assets</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><a href=\"#note-14\">14</a></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>760,151</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">685,193</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"6\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Investment property</p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,518</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">2,021</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"7\">\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\"><a href=\"#note-24\">24</a></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=\"8\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Other receivables</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><a href=\"#note-15\">15</a></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>7,362</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">6,418</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=\"heading-2\"><strong>Total non-current assets</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<p class=\"accounts align-right\"><strong>2,566,754</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">2,456,673</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</tr>\r\n<tr data-row-no=\"11\">\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<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\">Derivative assets</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><a href=\"#note-23\">23</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\">6,521</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"13\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Trade and other receivables</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><a href=\"#note-15\">15</a></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>30,842</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">28,262</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"14\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Inventories</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><a href=\"#note-16\">16</a></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>2,761</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">2,401</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"15\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Cash and cash equivalents</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><a href=\"#note-17\">17</a></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>39,575</strong></p>\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=\"16\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Assets held for sale</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><a href=\"#note-18\">18</a></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>20,717</strong></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=\"17\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Total current assets</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<p class=\"accounts align-right\"><strong>93,895</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">71,357</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"18\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Total assets</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<p class=\"accounts align-right\"><strong>2,660,649</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">2,528,030</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</tr>\r\n<tr data-row-no=\"20\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Equity</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</tr>\r\n<tr data-row-no=\"21\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Share capital</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><a href=\"#note-19\">19</a></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>2,129</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">2,235</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"22\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Share premium</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><a href=\"#note-19\">19</a></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>507,365</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">505,079</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"23\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Treasury share reserve</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><a href=\"#note-19\">19</a></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(19)</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=\"24\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Capital reserves</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><a href=\"#note-19\">19</a></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>107,104</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">106,988</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"25\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Share-based payment reserve</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><a href=\"#note-19\">19</a></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>7,955</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">8,417</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"26\">\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 align-right\"><a href=\"#note-19\">19</a></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(214)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">4,891</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"27\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Revaluation reserve</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><a href=\"#note-19\">19</a></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>468,605</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">461,181</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"28\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Translation reserve</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><a href=\"#note-19\">19</a></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>6,323</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(12,182)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"29\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Retained earnings</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<p class=\"accounts align-right\"><strong>320,157</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">316,328</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"30\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Total equity</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<p class=\"accounts align-right\"><strong>1,419,405</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">1,392,937</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"31\">\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=\"32\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>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</tr>\r\n<tr data-row-no=\"33\">\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<td colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"34\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Loans and borrowings</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><a href=\"#note-22\">22</a></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>271,384</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">254,387</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"35\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Lease liabilities</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><a href=\"#note-14\">14</a></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>764,619</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">686,558</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"36\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Deferred tax liabilities</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><a href=\"#note-24\">24</a></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>92,763</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">84,441</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"37\">\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=\"accounts align-right\"><a href=\"#note-23\">23</a></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts 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=\"38\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Provision for liabilities</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><a href=\"#note-21\">21</a></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>5,708</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">6,656</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"39\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Other payables</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><a href=\"#note-20\">20</a></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=\"accounts align-right\">348</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"40\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Total non-current 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<p class=\"accounts align-right\"><strong>1,134,737</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">1,032,390</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"41\">\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=\"42\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>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<td colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"43\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Lease liabilities</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><a href=\"#note-14\">14</a></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>13,939</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">12,040</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"44\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Trade and other payables</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><a href=\"#note-20\">20</a></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>88,652</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">86,049</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"45\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Current tax liabilities</p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,576</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">2,659</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"46\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Provision for liabilities</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><a href=\"#note-21\">21</a></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>2,340</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">1,955</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"47\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Total current 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<p class=\"accounts align-right\"><strong>106,507</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">102,703</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"48\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Total 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<p class=\"accounts align-right\"><strong>1,241,244</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">1,135,093</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"49\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Total equity and liabilities</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<p class=\"accounts align-right\"><strong>2,660,649</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">2,528,030</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"normal\" id=\"el-6-3\">Notes 1 to 31 are an integral part of these consolidated financial statements.</p>\r\n<p class=\"normal\" id=\"el-6-4\">On behalf of the Board:</p>\r\n<table class=\"base-table\" id=\"el-6-5\"><tbody>\r\n<tr data-row-no=\"0\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>John Hennessy</strong></p>\r\n<p class=\"normal\">Chair</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Dermot Crowley</strong></p>\r\n<p class=\"normal\">Director</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\">5 March 2025</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n','4.00',1,5,NULL,'consolidated_statement_of_financial_position_25_09_23_14_28_49.json',NULL,NULL,NULL,'','',NULL,1758635424,1758635435,NULL),
(7,4,'Consolidated statement of changes in equity','<p class=\"section-heading\" id=\"el-7-0\">Consolidated statement of changes in equity</p>\r\n<p class=\"sub-section-heading\" id=\"el-7-1\">for the year ended 31 December 2024</p>\r\n<table class=\"accounts-table\" id=\"el-7-2\"><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>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>Treasury share reserve</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Capital reserves</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Share-based payment reserve</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Hedging reserve</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Revaluation reserve</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Translation reserve</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=\"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<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=\"normal\">At 1 January 2024</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>2,235</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>505,079</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>106,988</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>8,417 </strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>4,891</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>461,181</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(12,182)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>316,328</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,392,937</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>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<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=\"4\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Profit for the year</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>-</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>-</strong></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\"><strong>78,741</strong></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>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<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=\"6\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Exchange gain on translating foreign operations</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>-</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>27,095</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>27,095</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"7\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Loss on net investment hedge</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>-</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=\"normal align-right\"><strong>(8,590)</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>(8,590)</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"8\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Revaluation of properties (<a href=\"#note-13\">note 13</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>-</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>-</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>13,083</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>13,083</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"9\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Fair value movement on cash flow hedges (<a href=\"#note-23\">note 23</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>-</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>923</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>923 </strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"10\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Cash flow hedges – reclassified to profit or loss (<a href=\"#note-23\">note 23</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>-</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=\"normal align-right\"><strong>(7,688)</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=\"normal align-right\"><strong>(7,688) </strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"11\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Release of cumulative revaluation gains on disposal of hotel</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>-</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=\"normal align-right\"><strong>(2,146)</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>2,146</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=\"12\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Related deferred tax</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=\"accounts align-right\"><strong>1,660</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(3,513)</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>(1,853) </strong></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=\"heading-2\"><strong>Total comprehensive income for the year</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=\"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>(5,105)</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>7,424</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>18,505</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>80,887</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>101,711</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"14\">\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<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=\"heading-2\"><strong>Transactions with owners of the Company:</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<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"16\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Equity-settled share-based payments (<a href=\"#note-8\">note 8</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>-</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>3,615 </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>-</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>3,615</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"17\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Transfer from share-based payment reserve to retained earnings</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>-</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(4,325) </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>4,325</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=\"18\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Vesting of share awards and options (<a href=\"#note-8\">note 8</a>)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>10</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>2,286</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>-</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=\"normal align-right\"><strong>-</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>2,296</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"19\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Dividends paid (<a href=\"#note-19\">note 19</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>-</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>-</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=\"normal align-right\"><strong>(27,115)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(27,115)</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"20\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Repurchase of treasury shares</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=\"normal align-right\"><strong>(6,279)</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>-</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=\"normal align-right\"><strong>(6,279)</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\">Issue of treasury shares</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>6,260</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>-</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>(5,585)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>675</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\">Purchase and cancellation of shares (<a href=\"#note-19\">note 19</a>)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(116)</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>116</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>-</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(48,683)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(48,683)</strong></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\">Related deferred tax</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>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>-</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>248</strong></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 transactions with owners of the Company</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(106)</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>2,286</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>116</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(462) </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>(77,058)</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(75,243)</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"25\">\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>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=\"normal 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>107,104</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>7,955 </strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(214)</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>468,605</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>6,323</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=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,419,405</strong></p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"normal\" id=\"el-7-3\">Notes 1 to 31 are an integral part of these consolidated financial statements.</p>\r\n','4.00',1,6,NULL,NULL,'equity_dimensions.json',NULL,NULL,'','',NULL,1758635424,1758635435,NULL),
(8,4,'Consolidated statement of changes in equity','<p class=\"section-heading\" id=\"el-8-0\">Consolidated statement of changes in equity</p>\r\n<p class=\"sub-section-heading\" id=\"el-8-1\">for the year ended 31 December 2023</p>\r\n<table class=\"accounts-table\" id=\"el-8-2\"><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>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>Capital reserves</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Share-based payment reserve</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Hedging reserve</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Revaluation reserve</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Translation reserve</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=\"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<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=\"normal\">At 1 January 2023</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>106,988</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>5,011</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>8,788</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>379,534</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(17,235)</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>1,222,766</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>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<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\">Profit for 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\">-</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\">90,222</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>90,222</strong></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>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<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=\"6\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Exchange gain on translating foreign operations</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\">11,396</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\"><strong>11,396</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"7\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Loss on net investment hedge</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-bracket align-right\">(6,343)</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=\"normal align-right\"><strong>(6,343)</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"8\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Revaluation of properties (<a href=\"#note-13\">note 13</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\">-</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\">92,098</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\"><strong>92,098</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"9\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Fair value movement on cash flow hedges (<a href=\"#note-23\">note 23</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\">-</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\">1,753</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 align-right\">-</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,753</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"10\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Cash flow hedges – reclassified to profit or loss (<a href=\"#note-23\">note 23</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\">-</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\">(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=\"normal align-right\"><strong>(6,949)</strong></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\">Related deferred tax</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\">1,299</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(10,451)</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=\"normal align-right\"><strong>(9,152)</strong></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 comprehensive income for the year</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>(3,897)</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>81,647</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>5,053</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>90,222</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>173,025</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<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>Transactions with owners of the Company:</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<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\">Equity-settled share-based payments (<a href=\"#note-8\">note 8</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\">-</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\">5,910</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\"><strong>5,910</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"16\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Transfer from share-based payment reserve to retained earnings</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\">(2,504)</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\">2,504</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=\"17\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Vesting of share awards and options (<a href=\"#note-8\">note 8</a>)</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\">-</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\"><strong> 175</strong></p>\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=\"normal\">Dividends paid (<a href=\"#note-19\">note 19</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\">-</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=\"normal align-right\"><strong>(8,939)</strong></p>\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>Total transactions with owners of the Company</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>-</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>3,406</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>(6,435)</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(2,854)</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"20\">\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>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>106,988</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>8,417</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>4,891</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>461,181</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(12,182)</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>1,392,937</strong></p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"normal\" id=\"el-8-3\">Notes 1 to 31 are an integral part of these consolidated financial statements.</p>\r\n','4.00',1,7,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,1758635424,1758635435,NULL),
(9,4,'Consolidated statement of cash flows','<p class=\"section-heading\" id=\"el-9-0\">Consolidated statement of cash flows</p>\r\n<p class=\"sub-section-heading\" id=\"el-9-1\">for the year ended 31 December 2024</p>\r\n<table class=\"accounts-table\" id=\"el-9-2\"><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<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>2023</strong></p>\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"1\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Cash flows from operating activities</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=\"2\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Profit for the year </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=\"3\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Adjustments for:</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\">Depreciation of property, plant and equipment</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>39,316</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">32,791</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"5\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Depreciation of right-of-use assets</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>33,727</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">30,663</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"6\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Amortisation of intangible assets</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>252</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">650</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=\"accounts align-right\"><strong>96</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=\"8\">\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-bracket align-right\">(2,025)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"9\">\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=\"10\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Share-based payments expense</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>3,615</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">5,910</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"11\">\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\"><strong>49,487</strong></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=\"12\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Other net interest and finance costs</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>17,733</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">7,860</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\">Tax charge</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>12,497</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts 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</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>235,067</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">224,132</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"15\">\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=\"16\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Increase/(decrease) in trade and other payables and provision for liabilities</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>756</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(33,625)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"17\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">(Increase)/decrease in current and non-current receivables</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(1,123)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">4,562</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"18\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">(Increase)/decrease in inventories</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(333)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">110</p>\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=\"normal\">Tax paid</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(16,094)</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(23,800)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"20\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Net cash from operating activities</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>218,273</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">171,379</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"21\">\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=\"22\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Cash flows from investing activities</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=\"23\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Purchase of property, plant and equipment</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(53,621)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(120,277)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"24\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Deposits paid on acquisitions</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(4,153)</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=\"25\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Contract fulfilment cost payments</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-bracket align-right\">(1,965)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"26\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Costs paid on entering new leases and agreements for leases</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(13,600)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(1,825)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"27\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Proceeds from sale of Maldron Hotel Wexford </p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>8,345</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=\"28\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Acquisitions of undertakings through business combinations, net of cash acquired</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-bracket align-right\">(90,294)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"29\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Purchase of intangible 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-bracket align-right\">(7)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"30\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Net cash used in investing activities</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(63,029)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(214,368)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"31\">\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=\"32\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Cash flows from financing activities</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=\"33\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Interest paid on lease liabilities</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(49,487)</strong></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=\"34\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Other net interest and finance costs paid </p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(14,595)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(8,726)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"35\">\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\"><strong>390,204</strong></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=\"36\">\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=\"normal align-right\"><strong>(510,818)</strong></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=\"37\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Issuance of private placement loan notes </p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>124,694</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=\"38\">\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=\"normal align-right\"><strong>(11,767)</strong></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=\"39\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Proceeds from vesting of share awards and options</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>2,296</strong></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=\"40\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Purchase of treasury shares</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(5,604)</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=\"41\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Purchase of own shares as part of buy back schemes</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(48,683)</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=\"42\">\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=\"normal align-right\"><strong>(27,115)</strong></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=\"43\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Net cash used in financing activities</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(150,875)</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(14,714)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"44\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Net increase/(decrease) in cash and cash equivalents</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>4,369</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(57,703)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"45\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Cash and cash equivalents at the beginning of the year</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>34,173</strong></p>\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=\"46\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Effect of movements in exchange rates</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,033</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">556</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"47\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Cash and cash equivalents at the end of the year</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>39,575</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">34,173</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"normal\" id=\"el-9-3\">Notes 1 to 31 are an integral part of these consolidated financial statements.</p>\r\n','4.00',1,8,NULL,NULL,NULL,NULL,NULL,NULL,NULL,NULL,1758635424,1758635435,NULL),
(10,5,'Notes to the consolidated financial statements','<p class=\"section-heading\" id=\"el-10-0\">Notes to the consolidated financial statements</p>\r\n<p class=\"sub-section-heading\" id=\"el-10-1\">forming part of the consolidated financial statements</p>\r\n<p class=\"heading-1\" id=\"el-10-2\"><strong>1 Material accounting policies</strong></p>\r\n<p class=\"heading-2\" id=\"el-10-3\"><strong>General information and basis of preparation</strong></p>\r\n<p class=\"normal\" id=\"el-10-4\">Dalata Hotel Group plc (the ‘Company’) is a Company domiciled in the Republic of Ireland. The Company’s registered office is Termini, 3 Arkle Road, Sandyford Business Park, Dublin 18. The consolidated financial statements of the Company for the year ended 31 December 2024 include the Company and its subsidiaries (together referred to as the ‘Group’). The financial statements were authorised for issue by the Directors on 5 March 2025. </p>\r\n<p class=\"normal\" id=\"el-10-5\">The consolidated financial statements have been prepared in accordance with IFRS, as adopted by the EU. In the preparation of these consolidated financial statements the accounting policies set out below have been applied consistently by all Group companies.</p>\r\n<p class=\"normal\" id=\"el-10-6\">The preparation of financial statements in accordance with IFRS as adopted by the EU requires the Directors to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as disclosure of contingent assets and liabilities, at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting year. Such estimates and judgements are based on historical experience and other factors, including expectation of future events, that are believed to be reasonable under the circumstances and are subject to continued re-evaluation. Actual outcomes could differ from those estimates. </p>\r\n<p class=\"normal\" id=\"el-10-7\">In preparing these consolidated financial statements, the key judgements and estimates impacting these consolidated financial statements were as follows:</p>\r\n<p class=\"normal\" id=\"el-10-8\">Significant judgements </p>\r\n<ul class=\"bullet\" id=\"el-10-9\">\r\n<li>Carrying value of property measured at fair value (<a href=\"#note-10\">note 10</a>, <a href=\"#note-13\">13</a>, <a href=\"#note-18\">18</a>).</li>\r\n</ul>\r\n<p class=\"normal\" id=\"el-10-10\">Key sources of estimation uncertainty</p>\r\n<ul class=\"bullet\" id=\"el-10-11\">\r\n<li>Carrying value of property measured at fair value (<a href=\"#note-10\">note 10</a>, <a href=\"#note-13\">13</a>, <a href=\"#note-18\">18</a>); and</li>\r\n<li>Carrying value of goodwill and right-of-use assets including assumptions underpinning value in use (‘VIU’) calculations in the impairment tests (notes <a href=\"#note-10\">10</a>, <a href=\"#note-12\">12</a>, <a href=\"#note-13\">13</a>, <a href=\"#note-18\">18</a>).</li>\r\n</ul>\r\n<p class=\"heading-3\" id=\"el-10-12\"><strong><em>Measurement of fair values</em></strong></p>\r\n<p class=\"normal\" id=\"el-10-13\">A number of the Group’s accounting policies and disclosures require the measurement of assets and liabilities at fair value. When measuring the fair value of an asset or liability, the Group uses observable market data as far as possible, with non-financial assets being measured on a highest and best-use basis. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:</p>\r\n<p class=\"normal\" id=\"el-10-14\"><em>Level 1</em>: quoted prices (unadjusted) in active markets for identical assets or liabilities.</p>\r\n<p class=\"normal\" id=\"el-10-15\"><em>Level 2</em>: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).</p>\r\n<p class=\"normal\" id=\"el-10-16\"><em>Level 3</em>: inputs for the asset or liability that are not based on observable market data (unobservable inputs).</p>\r\n<p class=\"normal\" id=\"el-10-17\">Further information about the assumptions made in measuring fair values is included in <a href=\"#note-25\">note 25</a> – Financial instruments and risk management (in relation to financial assets and financial liabilities) and <a href=\"#note-13\">note 13</a> – Property, plant and equipment.</p>\r\n<p class=\"heading-2\" id=\"el-10-18\"><strong>(i) Going concern</strong></p>\r\n<p class=\"normal\" id=\"el-10-19\">The year ended 31 December 2024 saw the Group deliver strong results and continue the execution of its growth strategy. The full year impact of hotels added in the previous year and the addition of new openings in the current year has led to an increase in Group revenue from hotel operations from €607.7 million to €652.2 million, as well as net cash generated from operating activities in the year of €218.3 million (2023: €171.4 million).</p>\r\n<p class=\"normal\" id=\"el-10-20\">The Group remains in a very strong financial position with significant financial headroom. The Group has cash and undrawn loan facilities of €364.6 million (2023: €283.5 million). The Group is in full compliance with its external borrowing covenants at 31 December 2024. During the financial year, the Group refinanced its existing debt facilities, entering new facilities of circa €600.0 million, comprising a green term loan facility of €100.0 million, a multi-currency revolving credit facility of €375.0 million and private placement loan notes of €124.7 million. The new facilities have maturity profiles of between five and seven years. Current base projections show compliance with all covenants at all future testing dates and significant levels of headroom.</p>\r\n<p class=\"normal\" id=\"el-10-21\">The Directors have considered the above, with all available information, and the current liquidity and financial position in assessing the going concern of the Group. On this basis, the Directors have prepared these consolidated financial statements on a going concern basis. Furthermore, they do not believe there is any material uncertainty related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern for a period of at least 12 months after the date of these financial statements. </p>\r\n<p class=\"heading-2\" id=\"el-10-22\"><strong>(ii) Statement of compliance </strong></p>\r\n<p class=\"normal\" id=\"el-10-23\">The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (‘IFRS’) and their interpretations issued by the International Accounting Standards Board (‘IASB’) as adopted by the EU and those parts of the Companies Act 2014 applicable to companies reporting under IFRS and Article 4 of the IAS Regulation.</p>\r\n<p class=\"normal\" id=\"el-10-24\">The following standards and interpretations were effective for the Group for the first time from 1 January 2024:</p>\r\n<ul class=\"bullet\" id=\"el-10-25\">\r\n<li>Amendments to IAS 1 <em>Classification of Liabilities as Current or Non-Current, and Non-current Liabilities with Covenants.</em></li>\r\n<li>Amendments to IFRS 16<em> Lease Liability in a Sale and Leaseback. </em></li>\r\n<li>Amendments to IAS 7 <em>Statement of Cash Flows </em>and IFRS 7 <em>Financial Instruments</em>: Disclosures: <em>Supplier Finance Arrangements.</em></li>\r\n</ul>\r\n<p class=\"normal\" id=\"el-10-26\">The above standards, amendments and interpretations have no material impact on the consolidated financial statements of the Group.</p>\r\n<p class=\"heading-3\" id=\"el-10-27\"><strong><em>Accounting policies</em></strong></p>\r\n<p class=\"normal\" id=\"el-10-28\">The accounting policies applied in these consolidated financial statements are consistent with those applied in the consolidated financial statements as at and for the year ended 31 December 2023, apart from the accounting policy for held for sale assets and liabilities (xvii).</p>\r\n<p class=\"heading-3\" id=\"el-10-29\"><strong><em>Standards issued but not yet effective</em></strong></p>\r\n<p class=\"normal\" id=\"el-10-30\">The following amendments to standards have been endorsed by the EU, are available for early adoption and are effective from 1 January 2025. The Group has not adopted these amendments to standards early, and instead intends to apply them from their effective date as determined by the date of EU endorsement. The potential impact of these amendments to standards on the Group is under review:</p>\r\n<ul class=\"bullet\" id=\"el-10-31\">\r\n<li>Amendments to IAS 21 <em>The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability</em>.</li>\r\n</ul>\r\n<p class=\"normal\" id=\"el-10-32\">The following standards and interpretations are not yet endorsed by the EU. The potential impact of these standards on the Group is under review:</p>\r\n<ul class=\"bullet\" id=\"el-10-33\">\r\n<li>IFRS 19 <em>Subsidiaries without Public Accountability: Disclosures</em>. IASB effective date 1 January 2027.</li>\r\n<li>IFRS 18 <em>Presentation and Disclosure in Financial Statements</em>. IASB effective date 1 January 2027.</li>\r\n<li>Amendments to classification and measurement of financial instruments under IFRS 9 <em>Financial Instruments</em> and IFRS 7 <em>Financial Instruments: Disclosures</em>. IASB effective date 1 January 2026.</li>\r\n<li>Amendments to contracts referencing nature-dependent electricity under IFRS 9 <em>Financial Instruments</em> and IFRS 7 <em>Financial Instruments: Disclosures</em>. IASB effective date 1 January 2026.</li>\r\n<li>Amendments to IFRS 10 <em>Consolidated Financial Statements</em> and IAS28 <em>Investments in Associates and Joint Ventures for sale or contribution of Assets between an Investor and its Associate or Joint Venture. </em>Effective date deferred indefinitely.</li>\r\n</ul>\r\n<p class=\"heading-2\" id=\"el-10-34\"><strong>(iii) Functional and presentation currency </strong></p>\r\n<p class=\"normal\" id=\"el-10-35\">These consolidated financial statements are presented in Euro, being the functional currency of the Company and the majority of its subsidiaries. All financial information presented in Euro has been rounded to the nearest thousand or million and this is clearly set out in the financial statements where applicable.</p>\r\n<p class=\"heading-2\" id=\"el-10-36\"><strong>(iv) Basis of consolidation</strong></p>\r\n<p class=\"normal\" id=\"el-10-37\">The consolidated financial statements include the financial statements of the Company and all of its subsidiary undertakings. </p>\r\n<p class=\"heading-3\" id=\"el-10-38\"><strong><em>Business combinations</em></strong></p>\r\n<p class=\"normal\" id=\"el-10-39\">The Group accounts for business combinations using the acquisition method when control is transferred to the Group. </p>\r\n<p class=\"normal\" id=\"el-10-40\">The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested at least annually for impairment. Any gain on a bargain purchase is recognised in profit or loss immediately. Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities.</p>\r\n<p class=\"normal\" id=\"el-10-41\">When an acquisition does not represent a business, it is accounted for as a purchase of a group of assets and liabilities, not as a business combination. The cost of the acquisition is allocated to the assets and liabilities acquired based on their relative fair values, and no goodwill is recognised. Where the Group solely purchases the freehold interest in a property, this is accounted for as an asset purchase and not as a business combination on the basis that the asset(s) purchased do not constitute a business. Asset purchases are accounted for as additions to property, plant and equipment.</p>\r\n<p class=\"heading-3\" id=\"el-10-42\"><strong><em>Subsidiaries</em></strong></p>\r\n<p class=\"normal\" id=\"el-10-43\">Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated.</p>\r\n<p class=\"heading-2\" id=\"el-10-44\"><strong>(v) Revenue recognition </strong></p>\r\n<p class=\"normal\" id=\"el-10-45\">Revenue represents sales (excluding VAT) of goods and services net of discounts provided in the normal course of business and is recognised when services have been rendered.</p>\r\n<p class=\"normal\" id=\"el-10-46\">Revenue is derived from hotel operations and includes the rental of rooms, food and beverage sales, car park revenue and leisure centre membership in leased and owned hotels operated by the Group. Revenue is recognised when rooms are occupied and food and beverages are sold. Car park revenue is recognised when the service is provided. Leisure centre membership revenue is recognised over the life of the membership. </p>\r\n<p class=\"normal\" id=\"el-10-47\">Management fees are earned from hotels managed by the Group. Management fees are normally a percentage of hotel revenue and/or profit and are recognised when earned and recoverable under the terms of the management agreement. Management fee income is included within other income.</p>\r\n<p class=\"normal\" id=\"el-10-48\">Rental income from investment property is recognised on a straight-line basis over the term of the lease and is included within other income.</p>\r\n<p class=\"heading-2\" id=\"el-10-49\"><strong>(vi) Sales discounts and allowances </strong></p>\r\n<p class=\"normal\" id=\"el-10-50\">The Group recognises revenue on a gross revenue basis and makes various deductions to arrive at net revenue as reported in profit or loss. These adjustments are referred to as sales discounts and allowances.</p>\r\n<p class=\"heading-2\" id=\"el-10-51\"><strong>(vii) Leases </strong></p>\r\n<p class=\"normal\" id=\"el-10-52\">At inception of a lease contract, the Group assesses whether a contract is, or contains, a lease. If the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration, it is recognised as a lease. </p>\r\n<p class=\"normal\" id=\"el-10-53\">To assess the right to control, the Group assesses whether: </p>\r\n<ul class=\"bullet\" id=\"el-10-54\">\r\n<li>the contract involves the use of an identified asset; </li>\r\n<li>the Group has the right to obtain substantially all of the economic benefits from the use of the asset; and </li>\r\n<li>the Group has the right to direct the use of the asset.</li>\r\n</ul>\r\n<p class=\"normal\" id=\"el-10-55\">A lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate. The Group uses its incremental borrowing rate as the discount rate, which is defined as the estimated rate of interest that the lessee would have to pay to borrow, over a similar term and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The incremental borrowing rate is calculated for each individual lease. </p>\r\n<p class=\"normal\" id=\"el-10-56\">The estimated incremental borrowing rate for each leased asset is derived from country-specific risk-free interest rates over the relevant lease term, adjusted for the finance margin attainable by each lessee and asset-specific adjustments designed to reflect the underlying asset’s location and condition.</p>\r\n<p class=\"normal\" id=\"el-10-57\">Lease payments included in the measurement of the lease liability comprise the following: </p>\r\n<ul class=\"bullet\" id=\"el-10-58\">\r\n<li>fixed payments (including in-substance fixed payments) less any lease incentives receivable; </li>\r\n<li>variable lease costs that depend on an index or a rate, initially measured using the index or rate as at the commencement date; </li>\r\n<li>amounts expected to be payable under a residual value guarantee; </li>\r\n<li>the exercise price under a purchase option that the Group is reasonably certain to exercise; and </li>\r\n<li>penalties for early termination of a lease unless the Group is reasonably certain not to terminate early.</li>\r\n</ul>\r\n<p class=\"normal\" id=\"el-10-59\">Variable lease costs linked to future performance or use of an underlying asset are excluded from the measurement of the lease liability and the right-of-use asset. The related payments are recognised as an expense in the period in which the event or condition that triggers those payments occurs and are included in administrative expenses in profit or loss. </p>\r\n<p class=\"normal\" id=\"el-10-60\">The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect lease payments. </p>\r\n<p class=\"normal\" id=\"el-10-61\">The Group remeasures the lease liability where lease payments change due to changes in an index or rate, changes in expected lease term or where a lease contract is modified. When the lease liability is remeasured, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.</p>\r\n<p class=\"normal\" id=\"el-10-62\">The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of any costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. </p>\r\n<p class=\"normal\" id=\"el-10-63\">The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset, or a component thereof, or the end of the lease term. Right-of-use assets are reviewed on an annual basis or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The Group applies IAS 36 <em>Impairment of Assets</em> to determine whether a cash-generating unit with a right-of-use asset is impaired and accounts for any identified impairments through profit or loss. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The Group also applies IAS 36 <em>Impairment of Assets</em> to any cash-generating units, which have right-of-use assets which were previously impaired, to assess whether previous impairments should be reversed. A reversal of a previous impairment charge is accounted for through profit or loss and only increases the carrying amount of the right-of-use asset to a maximum of what it would have been if the original impairment charges had not been recognised in the first place.</p>\r\n<p class=\"normal\" id=\"el-10-64\">The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases of fixtures, fittings and equipment that have a lease term of 12 months or less and leases of low-value assets. Assets are considered low value if the value of the asset when new is less than €5,000. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term.</p>\r\n<p class=\"heading-2\" id=\"el-10-65\"><strong>(viii) Share-based payments</strong></p>\r\n<p class=\"normal\" id=\"el-10-66\">The grant date fair value of equity-settled share-based payment awards and options granted to employees is recognised as an expense, with a corresponding increase in equity, over the vesting period of the awards and options. </p>\r\n<p class=\"normal\" id=\"el-10-67\">This incorporates the effect of market-based conditions, where applicable, and the estimated fair value of equity-settled share-based payment awards issued with non-market performance conditions.</p>\r\n<p class=\"normal\" id=\"el-10-68\">The amount recognised as an expense is adjusted to reflect the number of awards and options for which the related service and any non-market performance conditions are expected to be met, such that the amount ultimately recognised is based on the number of awards that met the related service and non-market performance conditions at the vesting date. The amount recognised as an expense is not adjusted for market conditions not being met.</p>\r\n<p class=\"normal\" id=\"el-10-69\">On vesting of the equity-settled share-based payment awards and options, the cumulative expense recognised in the share-based payment reserve is transferred directly to retained earnings. An increase in ordinary share capital and share premium, in the case where the price paid per share is higher than the cost per share, is recognised reflecting the issuance of shares as a result of the vesting of the awards and options.</p>\r\n<p class=\"normal\" id=\"el-10-70\">The dilutive effect of outstanding awards is reflected as additional share dilution in calculating diluted earnings per share.</p>\r\n<p class=\"heading-2\" id=\"el-10-71\"><strong>(ix) Tax </strong></p>\r\n<p class=\"normal\" id=\"el-10-72\">Tax charge or credit comprises current and deferred tax. Tax charge or credit is recognised in profit or loss except to the extent that it relates to a business combination or items recognised directly in other comprehensive income or equity.</p>\r\n<p class=\"normal\" id=\"el-10-73\">Current tax is the expected tax payable or receivable on the taxable income or loss for the year using tax rates enacted or substantively enacted at the reporting date and any adjustment to tax payable in respect of previous years.</p>\r\n<p class=\"normal\" id=\"el-10-74\">Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and amounts used for taxation purposes except for the initial recognition of goodwill and other assets and liabilities that do not affect accounting profit or taxable profit at the date of recognition and at the time of the transaction, do not give rise to taxable and deductible temporary differences.</p>\r\n<p class=\"normal\" id=\"el-10-75\">Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date.</p>\r\n<p class=\"normal\" id=\"el-10-76\">Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously.</p>\r\n<p class=\"normal\" id=\"el-10-77\">Deferred tax liabilities are recognised where the carrying value of land and buildings for financial reporting purposes is greater than their tax cost base.</p>\r\n<p class=\"normal\" id=\"el-10-78\">Deferred tax assets are recognised for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable future taxable profits will be available against which the temporary difference can be utilised.</p>\r\n<p class=\"normal\" id=\"el-10-79\">Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Such reductions are reversed when the probability of future taxable profits improves.</p>\r\n<p class=\"heading-2\" id=\"el-10-80\"><strong>(x) Earnings per share (‘EPS’)</strong></p>\r\n<p class=\"normal\" id=\"el-10-81\">Basic earnings per share is calculated based on the profit or loss for the year attributable to owners of the Company and the basic weighted average number of shares outstanding. Diluted earnings per share is calculated based on the profit or loss for the year attributable to owners of the Company and the diluted weighted average number of shares and potential shares outstanding.</p>\r\n<p class=\"normal\" id=\"el-10-82\">Shares are only treated as dilutive if their dilution results in a decreased earnings per share or increased loss per share. </p>\r\n<p class=\"normal\" id=\"el-10-83\">Dilutive effects arise from share-based payments that are settled in shares. Conditional share awards to employees have a dilutive effect when the average share price during the period exceeds the exercise price of the awards and the market or non-market conditions of the awards are met, as if the current period end were the end of the vesting period. When calculating the dilutive effect, the exercise price is adjusted by the value of future services that have yet to be received related to the awards.</p>\r\n<p class=\"heading-2\" id=\"el-10-84\"><strong>(xi) Property, plant and equipment</strong></p>\r\n<p class=\"normal\" id=\"el-10-85\">Land and buildings are initially stated at cost, including directly attributable transaction costs, (or fair value when acquired through business combinations) and subsequently at fair value. </p>\r\n<p class=\"normal\" id=\"el-10-86\">Assets under construction include sites where new hotels are currently being developed and significant development projects at hotels which are currently operational. These sites and the capital investment made are recorded at cost. Borrowing costs incurred in the construction of major assets or development projects which take a substantial period of time to complete are capitalised in the financial period in which they are incurred. Capitalisation of interest is suspended when an active development is delayed over an extended period and where costs are not deemed recoverable. Once construction is complete and the hotel is operating, the assets will be transferred to land and buildings and fixtures, fittings and equipment at cost. The land and buildings element will subsequently be measured at fair value. Depreciation will commence when the assets are available for use.</p>\r\n<p class=\"normal\" id=\"el-10-87\">Fixtures, fittings and equipment are stated at cost, less accumulated depreciation and any impairment provision. </p>\r\n<p class=\"normal\" id=\"el-10-88\">Cost includes expenditure that is directly attributable to the acquisition of property, plant and equipment unless it is acquired as part of a business combination under IFRS 3 <em>Business Combinations</em>, where the deemed cost is its acquisition date fair value. In the application of the Group’s accounting policy, judgement is exercised by management in the determination of fair value of land and buildings at each reporting date, residual values and useful lives.</p>\r\n<p class=\"normal\" id=\"el-10-89\">Depreciation is charged through profit or loss on the cost or valuation less residual value on a straight-line basis over the estimated useful lives of the assets which are as follows:</p>\r\n<table class=\"base-table\" id=\"el-10-90\"><tbody>\r\n<tr data-row-no=\"0\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Buildings</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">50 years</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"1\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Fixtures, fittings and equipment</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">3 – 15 years</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\">Land is not depreciated.</p>\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-10-91\">Residual values and useful lives are reviewed and adjusted if appropriate at each reporting date.</p>\r\n<p class=\"normal\" id=\"el-10-92\">Land and buildings are revalued by qualified valuers on a sufficiently regular basis using open market value (which reflects a highest and best-use basis) so that the carrying value of an asset does not materially differ from its fair value at the reporting date. External revaluations of the Group’s land and buildings have been carried out in accordance with the Royal Institution of Chartered Surveyors (RICS) Valuation Standards and IFRS 13 <em>Fair Value Measuremen</em>t.</p>\r\n<p class=\"normal\" id=\"el-10-93\">Surpluses on revaluation are recognised in other comprehensive income and accumulated in equity in the revaluation reserve, except to the extent that they reverse impairment losses previously charged to profit or loss, in which case the reversal is recorded in profit or loss. Decreases in value are charged against other comprehensive income and the revaluation reserve to the extent that a previous gain has been recorded there and thereafter are charged through profit or loss. Prior to the disposal of any land and building, or reclassification as held for sale, a property asset is revalued. Any carried forward revaluation surplus is transferred to retained earnings in other comprehensive income on the completion of the disposal of the property asset.</p>\r\n<p class=\"normal\" id=\"el-10-94\">Fixtures, fittings and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. Assets that do not generate independent cash flows are combined into cash-generating units. If carrying values exceed estimated recoverable amounts, the assets or cash-generating units are written down to their recoverable amount. Recoverable amount is the greater of fair value less costs to sell and VIU. VIU is assessed based on estimated future cash flows discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and risks specific to the asset.</p>\r\n<p class=\"normal\" id=\"el-10-95\">The Group also applies IAS 36 <em>Impairment of Assets</em> to any cash-generating units, with fixtures, fittings and equipment which were previously impaired and which are not revalued, to assess whether previous impairments should be reversed. A reversal of a previous impairment charge is accounted for through profit or loss and only increases the carrying amount of the fixtures, fittings and equipment to a maximum of what it would have been if the original impairment charges had not been recognised in the first place.</p>\r\n<p class=\"heading-2\" id=\"el-10-96\"><strong>(xii) Investment property</strong></p>\r\n<p class=\"normal\" id=\"el-10-97\">Investment property is held either to earn rental income, or for capital appreciation, or for both, but not for sale in the ordinary course of business. </p>\r\n<p class=\"normal\" id=\"el-10-98\">Investment property is initially measured at cost, including transaction costs, (or fair value when acquired through business combinations) and subsequently revalued by professional external valuers at their respective fair values. The difference between the fair value of an investment property at the reporting date and its carrying value prior to the external valuation is recognised in profit or loss. </p>\r\n<p class=\"normal\" id=\"el-10-99\">The Group’s investment properties are valued by qualified valuers on an open market value basis in accordance with the Royal Institution of Chartered Surveyors (RICS) Valuation Standards and IFRS 13<em> Fair Value Measurement</em>.</p>\r\n<p class=\"heading-2\" id=\"el-10-100\"><strong>(xiii) Goodwill</strong></p>\r\n<p class=\"normal\" id=\"el-10-101\">Goodwill represents the excess of the fair value of the consideration for an acquisition over the Group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the acquiree. Goodwill is the future economic benefits arising from other assets in a business combination that are not individually identified and separately recognised.</p>\r\n<p class=\"normal\" id=\"el-10-102\">Goodwill is measured at its initial carrying amount less accumulated impairment losses. The carrying amount of goodwill is tested annually for impairment, or more frequently if events or changes in circumstances indicate that it might be impaired. For the purposes of impairment testing, assets are grouped together into the smallest group of assets that generate cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the ‘cash-generating unit’).</p>\r\n<p class=\"normal\" id=\"el-10-103\">The goodwill acquired in a business combination, for the purpose of impairment testing, is allocated to cash-generating units that are expected to benefit from the synergies of the combination.</p>\r\n<p class=\"normal\" id=\"el-10-104\">The recoverable amount of a cash-generating unit is the greater of its VIU and its fair value less costs to sell. In assessing VIU, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects a current market assessment of the time value of money and the risks specific to the asset. </p>\r\n<p class=\"normal\" id=\"el-10-105\">An impairment loss is recognised in profit or loss if the carrying amount of a cash-generating unit exceeds its estimated recoverable amount. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the units on a pro-rata basis. Impairment losses of goodwill are not reversed once recognised.</p>\r\n<p class=\"normal\" id=\"el-10-106\">The impairment testing process requires management to make significant judgements and estimates regarding the future cash flows expected to be generated by the cash-generating unit. Management evaluates and updates the judgements and estimates which underpin this process on an ongoing basis.</p>\r\n<p class=\"normal\" id=\"el-10-107\">The impairment methodology and key assumptions used by the Group for testing goodwill for impairment are outlined in notes <a href=\"#note-10\">10</a> and <a href=\"#note-12\">12</a>.</p>\r\n<p class=\"normal\" id=\"el-10-108\">The assumptions and conditions for determining impairment of goodwill reflect management’s best estimates and judgements, but these items involve significant inherent uncertainties, many of which are not under the control of management. As a result, accounting for such items could result in different estimates or amounts if management used different assumptions or if different conditions occur in the future. </p>\r\n<p class=\"heading-2\" id=\"el-10-109\"><strong>(xiv) Intangible assets other than goodwill </strong></p>\r\n<p class=\"normal\" id=\"el-10-110\">An intangible asset is only recognised where the item lacks a physical presence, is identifiable, non-monetary, controlled by the Group and expected to provide future economic benefits to the Group. </p>\r\n<p class=\"normal\" id=\"el-10-111\">Intangible assets are measured at cost (or fair value when acquired through business combinations), less accumulated amortisation and impairment losses.</p>\r\n<p class=\"normal\" id=\"el-10-112\">Intangible assets are amortised over the period of their expected useful lives by charging equal annual instalments to profit or loss. The useful life used to amortise intangible assets relates to the future performance of the asset and management’s judgement as to the period over which economic benefits will be derived from the asset.</p>\r\n<p class=\"heading-2\" id=\"el-10-113\"><strong>(xv) Inventories </strong></p>\r\n<p class=\"normal\" id=\"el-10-114\">Inventories are stated at the lower of cost (using the first-in, first-out (FIFO) basis) and net realisable value. Inventories represent assets that are sold in the normal course of business by the Group and consumables.</p>\r\n<p class=\"heading-2\" id=\"el-10-115\"><strong>(xvi) Cash and cash equivalents</strong></p>\r\n<p class=\"normal\" id=\"el-10-116\">Cash and cash equivalents comprise cash balances and call deposits with original maturities of three months or less, which are carried at amortised cost. </p>\r\n<p class=\"heading-2\" id=\"el-10-117\"><strong>(xvii) Held for sale assets and liabilities </strong></p>\r\n<p class=\"normal\" id=\"el-10-118\">Assets and related liabilities are classified as held for sale if their carrying value will be recovered through a sale transaction rather than through continuing use. This condition is regarded as met if, the sale is highly probable, the assets and related liabilities are available for immediate sale in their present condition, management is committed to the sale and the sale is expected to be completed within one year from the date of classification. </p>\r\n<p class=\"normal\" id=\"el-10-119\">On initial classification as held for sale, non-current assets are measured at the lower of; their carrying amount and fair value less costs to sell. Any land and buildings revaluation gain/loss immediately prior to reclassification as held for sale is measured in accordance with the land and buildings revaluation policy. </p>\r\n<p class=\"heading-2\" id=\"el-10-120\"><strong>(xviii) Trade and other receivables</strong></p>\r\n<p class=\"normal\" id=\"el-10-121\">Trade and other receivables are stated initially at their fair value and subsequently at amortised cost, less any expected credit loss provision. The Group applies the simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. Bad debts are written off to profit or loss on identification.</p>\r\n<p class=\"heading-2\" id=\"el-10-122\"><strong>(xix) Trade and other payables</strong></p>\r\n<p class=\"normal\" id=\"el-10-123\">Trade and other payables are initially recorded at fair value, which is usually the original invoiced amount. Fair value for the initial recognition of payroll tax liabilities is the amount payable stated on the payroll submission filed with the tax authorities. Fair value for the initial recognition of VAT liabilities is the net amount of VAT payable to, and recoverable from, the tax authorities. Trade and other payables are subsequently carried at amortised cost using the effective interest method. Liabilities are derecognised when the obligation under the liability is discharged, cancelled or expired. </p>\r\n<p class=\"heading-2\" id=\"el-10-124\"><strong>(xx) Foreign currency</strong></p>\r\n<p class=\"normal\" id=\"el-10-125\">Transactions in currencies other than the functional currency of a Group entity are recorded at the rate of exchange prevailing on the date of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated into the respective functional currency at the relevant rates of exchange ruling at the reporting date. Foreign exchange differences arising on translation are recognised in profit or loss.</p>\r\n<p class=\"normal\" id=\"el-10-126\">The assets and liabilities of foreign operations are translated into Euro at the exchange rate ruling at the reporting date. The income and expenses of foreign operations are translated into Euro at rates approximating the exchange rates at the dates of the transactions. </p>\r\n<p class=\"normal\" id=\"el-10-127\">Foreign exchange differences arising on the translation of foreign operations are recognised in other comprehensive income and are included in the translation reserve within equity. </p>\r\n<p class=\"heading-2\" id=\"el-10-128\"><strong>(xxi) Provisions and contingent liabilities </strong></p>\r\n<p class=\"normal\" id=\"el-10-129\">A provision is recognised in the statement of financial position when the Group has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability.</p>\r\n<p class=\"normal\" id=\"el-10-130\">The provision in respect of self-insured risks includes projected settlements for known claims and incurred but not reported claims. </p>\r\n<p class=\"normal\" id=\"el-10-131\">Where it is not probable that an outflow of economic benefits will be required, or the amount cannot be estimated reliably, the obligation is disclosed as a contingent liability, unless the probability of an outflow of economic benefits is remote. Possible obligations, whose existence will only be confirmed by the occurrence or non-occurrence of one or more future events, are also disclosed as contingent liabilities unless the probability of an outflow of economic benefits is remote.</p>\r\n<p class=\"heading-2\" id=\"el-10-132\"><strong>(xxii) Ordinary shares</strong></p>\r\n<p class=\"normal\" id=\"el-10-133\">Ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of ordinary shares are recognised as a deduction from equity, net of any tax effects. Merger relief is availed of by the Group where possible. Repurchased shares are classified as treasury shares and are presented in the treasury share reserve. Repurchase of the Company’s own equity instruments is recognised and deducted from equity with a transfer between the treasury share reserve and retained earnings when they are cancelled. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Company’s own equity instruments. When treasury shares are sold or reissued subsequently, the amount received is recognised as an increase in equity and the resulting surplus or deficit on the transaction is presented within share premium.</p>\r\n<p class=\"heading-2\" id=\"el-10-134\"><strong>(xxiii) Loans and borrowings</strong></p>\r\n<p class=\"normal\" id=\"el-10-135\">Bank loans and private placement notes are recognised initially at the fair value of the consideration received, less directly attributable transaction costs. Subsequent to initial recognition, bank loans and private placement notes are stated at amortised cost with any difference between cost and redemption value being recognised in profit or loss over the period of the bank loans and private placement loan notes on an effective interest rate basis. Commitment fees incurred in connection with bank loans are expensed as incurred to profit or loss.</p>\r\n<p class=\"heading-2\" id=\"el-10-136\"><strong>(xxiv) Net finance costs</strong></p>\r\n<p class=\"normal\" id=\"el-10-137\">Finance costs comprise interest expense on bank loans, private placement notes and related financial instruments, commitment fees and other costs relating to financing of the Group.</p>\r\n<p class=\"normal\" id=\"el-10-138\">Interest expense on bank loans and private placement notes are recognised using the effective interest method. The effective interest rate of a financial liability is calculated on initial recognition of a financial liability. In calculating interest expense, the effective interest rate is applied to the amortised cost of the liability.</p>\r\n<p class=\"normal\" id=\"el-10-139\">If a financial liability is deemed to be non-substantially modified (less than 10 percent different) (see policy (xxv)), the amortised cost of the liability is recalculated by discounting the modified cash flows at the original effective interest rate and the resulting modification gain or loss is recognised in finance costs in profit or loss.  For floating-rate financial liabilities, the original effective interest rate is adjusted to reflect the current market terms at the time of the modification.</p>\r\n<p class=\"normal\" id=\"el-10-140\">If a financial liability is deemed to be substantially modified (more than 10 percent different) (see policy (xxv)), the difference between the carrying amount of the financial liability derecognised and consideration paid is recognised as a modification gain/loss in finance costs in profit or loss. Any costs in relation to the new financial liability are recognised as part of this modification gain/loss in finance costs in profit or loss.</p>\r\n<p class=\"normal\" id=\"el-10-141\">Finance costs incurred for qualifying assets, which take a substantial period of time to construct, are added to the cost of the asset during the period of time required to complete and prepare the asset for its intended use or sale. The Group uses two capitalisation rates being the Euro and Sterling weighted average interest rates of borrowings and loan notes, including the impact of hedging if any, which are applied to qualifying assets based on the currency of their geographic jurisdiction. Capitalisation commences on the date on which the Group undertakes activities that are necessary to prepare the asset for its intended use. Capitalisation of borrowing costs ceases when the asset is ready for its intended use and is suspended when an active development is delayed over an extended period. </p>\r\n<p class=\"normal\" id=\"el-10-142\">Finance costs also include interest on lease liabilities.</p>\r\n<p class=\"heading-2\" id=\"el-10-143\"><strong>(xxv) Derecognition of financial liabilities</strong></p>\r\n<p class=\"normal\" id=\"el-10-144\">The Group removes a financial liability from its statement of financial position when it is extinguished (when its contractual obligations are discharged, cancelled, or expire).</p>\r\n<p class=\"normal\" id=\"el-10-145\">The Group also derecognises a financial liability when the terms and the cash flows of a modified liability are substantially different. The terms are substantially different if the discounted present value of the cash flows under the new terms, discounted using the original effective interest rate, including any fees paid to lenders net of any fees received, is at least 10 percent different from the discounted present value of the remaining cash flows of the original financial liability, discounted at the original effective interest rate, (the ‘10% test’). In addition, a qualitative assessment is carried out of the new terms in the new facility agreement to determine whether there is a substantial modification.</p>\r\n<p class=\"normal\" id=\"el-10-146\">If the financial liability is deemed substantially modified, a new financial liability based on the modified terms is recognised at fair value. The difference between the carrying amount of the financial liability derecognised and consideration paid is recognised in profit or loss. Any costs in relation to the new financial liability are recognised in profit or loss. </p>\r\n<p class=\"normal\" id=\"el-10-147\">If the financial liability is deemed non-substantially modified, the amortised cost of the liability is recalculated by discounting the modified cash flows at the original effective interest rate and the resulting modification gain or loss is recognised in profit or loss. Any costs and fees directly attributable to the modified financial liability are recognised as an adjustment to the carrying amount of the modified financial liability and amortised over its remaining term by re-computing the effective interest rate on the instrument.</p>\r\n<p class=\"heading-2\" id=\"el-10-148\"><strong>(xxvi) Derivative financial instruments</strong></p>\r\n<p class=\"normal\" id=\"el-10-149\">The Group’s borrowings expose it to the financial risks of changes in interest rates. The Group uses derivative financial instruments such as interest rate swap agreements to hedge these exposures. Interest rate swaps convert part of the Group’s borrowings from floating to fixed interest rates. The Group does not use derivatives for trading or speculative purposes.</p>\r\n<p class=\"normal\" id=\"el-10-150\">Derivative financial instruments are recognised at fair value on the effective date of the derivative contract plus directly attributable transaction costs and are subsequently re-measured at fair value. Derivatives are carried as assets when the fair value is positive and as liabilities when the fair value is negative. </p>\r\n<p class=\"normal\" id=\"el-10-151\">The full fair value of a hedging derivative is classified as a non-current asset or non-current liability if the remaining maturity of the hedging instrument is more than twelve months and as a current asset or current liability if the remaining maturity of the hedging instrument is less than twelve months.</p>\r\n<p class=\"normal\" id=\"el-10-152\">The fair value of derivative instruments is determined by using valuation techniques. The Group uses its judgement to select the most appropriate valuation methods and makes assumptions that are mainly based on observable market conditions (Level 2 fair values) existing at the reporting date.</p>\r\n<p class=\"normal\" id=\"el-10-153\">The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged.</p>\r\n<p class=\"heading-2\" id=\"el-10-154\"><strong>(xxvii) Cash flow hedge accounting</strong></p>\r\n<p class=\"normal\" id=\"el-10-155\">Cash flow hedge accounting is applied in accordance with IFRS 9 <em>Financial Instruments</em>. For those derivatives designated as cash flow hedges and for which hedge accounting is desired, the hedging relationship is documented at its inception. This documentation identifies the hedging instrument, the hedged item or transaction, the nature of the risk being hedged and its risk management objectives and strategy for undertaking the hedging transaction. The Group also documents its assessment, both at hedge inception and on a semi-annual basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flows of hedged items.</p>\r\n<p class=\"normal\" id=\"el-10-156\">Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognised asset or liability, the effective part of any gain or loss on the derivative financial instrument is recognised in other comprehensive income and accumulated in equity in the hedging reserve. Any ineffective portion is recognised immediately in profit or loss as finance income or costs. The amount accumulated in equity is retained in other comprehensive income and reclassified to profit or loss in the same period or periods during which the hedged item affects profit or loss.</p>\r\n<p class=\"normal\" id=\"el-10-157\">Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised, or no longer qualifies for hedge accounting or the designation is revoked. At that point in time, any cumulative gain or loss on the hedging instrument recognised in equity remains in equity and is recognised when the forecast transaction is ultimately recognised in profit or loss. However, if a hedged transaction is no longer anticipated to occur, the net cumulative gain or loss accumulated in equity is reclassified to profit or loss.</p>\r\n<p class=\"heading-2\" id=\"el-10-158\"><strong>(xxviii) Net investment hedges</strong></p>\r\n<p class=\"normal\" id=\"el-10-159\">Where relevant, the Group uses a net investment hedge, whereby the foreign currency exposure arising from a net investment in a foreign operation is hedged using borrowings held by a Group entity and loan notes issued by the Group that is denominated in the functional currency of the foreign operation. </p>\r\n<p class=\"normal\" id=\"el-10-160\">Foreign currency differences arising on the retranslation of a financial liability designated as a hedge of a net investment in a foreign operation are recognised directly in other comprehensive income in the foreign currency translation reserve, to the extent that the hedge is effective. To the extent that the hedge is ineffective, such differences are recognised in profit or loss. When the hedged part of a net investment is disposed of, the associated cumulative amount in equity is reclassified to profit or loss.</p>\r\n<p class=\"heading-2\" id=\"el-10-161\"><strong>(xxix) Adjusting items </strong></p>\r\n<p class=\"normal\" id=\"el-10-162\">Consistent with how business performance is measured and managed internally, the Group reports both statutory measures prepared under IFRS and certain alternative performance measures (‘APMs’) that are not required under IFRS. These APMs are sometimes referred to as ‘non-GAAP’ measures and include, amongst others, Adjusted EBITDA, Free Cashflow per Share, and Adjusted EPS. </p>\r\n<p class=\"normal\" id=\"el-10-163\">The Group believes that the presentation of these APMs provides useful supplemental information which, when viewed in conjunction with the financial information presented under IFRS, provides stakeholders with a meaningful understanding of the underlying financial and operating performance of the Group. </p>\r\n<p class=\"normal\" id=\"el-10-164\">Adjusted measures of profitability represent the equivalent IFRS measures adjusted to show the underlying operating performance of the Group and exclude items which are not reflective of normal trading activities or distort comparability either year on year or with other similar businesses.</p>\r\n<p class=\"heading-1\" id=\"el-10-165\"><strong>2 Operating segments</strong></p>\r\n<p class=\"normal\" id=\"el-10-166\">The Group’s segments are reported in accordance with IFRS 8 <em>Operating Segments</em>. The segment information is reported in the same way as it is reviewed and analysed internally by the chief operating decision makers, primarily, the Executive Directors. </p>\r\n<p class=\"normal\" id=\"el-10-167\">The Group segments its leased and owned business by geographical region within which the hotels operate being Dublin, Regional Ireland, the UK and Continental Europe. These comprise the Group’s four reportable segments. </p>\r\n<p class=\"heading-2\" id=\"el-10-168\"><strong>Dublin, Regional Ireland, the UK and Continental Europe segments</strong></p>\r\n<p class=\"normal\" id=\"el-10-169\">These segments are concerned with hotels that are either owned or leased by the Group. As at 31 December 2024, the owned portfolio consists of 31 hotels which it operates (31 December 2023: 31 hotels) and includes hotels for which the Group has majority or effective ownership. The Group also leases 22 hotel buildings from property owners (31 December 2023: 19 hotels) and is entitled to the benefits and carries the risks associated with operating these hotels.</p>\r\n<p class=\"normal\" id=\"el-10-170\">The Group’s revenue from leased and owned hotels is primarily derived from room sales and food and beverage sales in restaurants, bars and banqueting. The main costs arising are payroll, cost of goods for resale, commissions paid on room sales, utilities, other operating costs, and, in the case of leased hotels, variable lease costs (where linked to turnover or profit) payable to lessors.</p>\r\n<table class=\"accounts-table\" id=\"el-10-171\"><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<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>2023</strong></p>\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"1\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Revenue</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=\"2\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Dublin</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>283,793</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">286,130</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"3\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Regional Ireland</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>110,474</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">112,317</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"4\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">UK</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>220,813</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">186,292</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\">Continental Europe</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>37,110</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">22,959</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>Total revenue</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>652,190</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">607,698</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"normal\" id=\"el-10-172\">Segmental revenue for each of the geographical locations represents the operating revenue (room revenue, food and beverage revenue and other hotel revenue) from leased and owned hotels situated in the Group’s four reportable segments.</p>\r\n<p class=\"normal\" id=\"el-10-173\">In November 2024, the Group disposed of Maldron Hotel, Wexford (<a href=\"#note-13\">note 13</a>) and contracts were also exchanged for the sale of Clayton Whites Hotel, Wexford. This property was classified as held for sale at 31 December 2024 (<a href=\"#note-18\">note 18</a>). Both hotels form part of the Regional Ireland segment.</p>\r\n<p class=\"normal\" id=\"el-10-174\">The year ended 31 December 2024 saw the Group trade strongly and continue the execution of its growth strategy. The strong trade, the full year impact of hotels added during 2023 and the addition of four hotels during 2024 has led to an increase in Group revenue from hotel operations from €607.7 million to €652.2 million.</p>\r\n<table class=\"accounts-table\" id=\"el-10-175\"><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<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>2023</strong></p>\r\n<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"1\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Segmental results – EBITDAR (APM (iv))</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=\"2\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Dublin</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>132,308</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">135,883</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"3\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Regional Ireland</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>34,990</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">37,018</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"4\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">UK</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>80,965</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">71,658</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\">Continental Europe</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>11,274</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">7,707</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>EBITDAR for reportable segments</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>259,537</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">252,266</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>Segmental results – EBITDA</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\">Dublin</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>130,233</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">133,750</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"10\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Regional Ireland</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>34,856</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">36,889</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"11\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">UK</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>80,627</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">71,082</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=\"normal\">Continental Europe</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>11,177</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">6,915</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"13\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>EBITDA for reportable segments</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>256,893</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">248,636</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"14\">\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=\"heading-2\"><strong>Reconciliation to results 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=\"16\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Segmental results – EBITDA</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>256,893</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">248,636</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"17\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Other income</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,447</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">1,484</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"18\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Central costs</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(20,272)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(21,102)</p>\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=\"normal\">Share-based payments expense</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(3,615)</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(5,910)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"20\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Adjusted EBITDA</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>234,453</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">223,108</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"21\">\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=\"22\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-3\"><strong><em>Adjusting items</em></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=\"23\">\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=\"24\">\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=\"normal 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=\"25\">\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=\"26\">\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=\"normal align-right\"><strong>(1,895)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(497)</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=\"normal\">Acquisition-related costs</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(1,106)</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\"> (4,389)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"28\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Group EBITDA</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>231,753</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">220,247</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"29\">\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=\"30\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Depreciation of property, plant and equipment</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(39,316)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(32,791)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"31\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Depreciation of right-of-use assets</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(33,727)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(30,663)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"32\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Amortisation of intangible assets</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(252)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(650)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"33\">\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=\"normal align-right\"><strong>(49,487)</strong></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=\"34\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Other net interest and finance costs</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(17,733)</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(7,860)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"35\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Profit before tax</strong></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=\"36\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Tax charge</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(12,497)</strong></p>\r\n</td>\r\n<td class=\"light-line\" 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=\"37\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Profit for the year attributable to owners of the Company</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>78,741</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">90,222</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"normal\" id=\"el-10-176\">Group EBITDA represents earnings before interest on lease liabilities, other interest and finance costs, tax, depreciation of property, plant and equipment and right-of-use assets and amortisation of intangible assets. </p>\r\n<p class=\"normal\" id=\"el-10-177\">Adjusted EBITDA is presented as an alternative performance measure to show the underlying operating performance of the Group excluding items which are not reflective of normal trading activities or distort comparability either year on year or with other similar businesses. Consequently, Adjusted EBITDA represents Group EBITDA before: </p>\r\n<ul class=\"bullet\" id=\"el-10-178\">\r\n<li>Impairment reversal relating to right-of-use assets (<a href=\"#note-14\">note 14</a>);</li>\r\n<li>Impairment charge/(reversal) relating to property, plant and equipment through profit and loss (<a href=\"#note-13\">note 13</a>);</li>\r\n<li>Impairment charge relating to investment property;</li>\r\n<li>Hotel pre-opening expenses, which relate primarily to payroll expenses, sales and marketing costs and training costs of new staff, that are incurred by the Group in advance of new hotel openings (<a href=\"#note-4\">note 4</a>); and</li>\r\n<li>Acquisition-related costs (<a href=\"#note-4\">note 4</a>). </li>\r\n</ul>\r\n<p class=\"normal\" id=\"el-10-179\">The line item ‘central costs’ includes costs of the Group’s central functions including operations support, technology, sales and marketing, human resources, finance, corporate services and business development. Also included in central costs is the present value discounting of insurance provisions of €0.1 million (2023: unwinding of the discount on insurance provisions of €0.3 million) and the net reversal of prior period insurance provisions of €1.0 million (2023: €0.9 million) (<a href=\"#note-21\">note 21</a>). Share-based payments expense is presented separately from central costs as this expense relates to employees across the Group (<a href=\"#note-7\">note 7</a>).</p>\r\n<p class=\"normal\" id=\"el-10-180\">‘Segmental results – EBITDA’ for Dublin, Regional Ireland, the UK and Continental Europe represents the ‘Adjusted EBITDA’ for each geographical location before central costs, share-based payments expense and other income. It is the net operational contribution of leased and owned hotels in each geographical location. </p>\r\n<p class=\"normal\" id=\"el-10-181\">‘Segmental results – EBITDAR’ for Dublin, Regional Ireland, the UK and Continental Europe represents ‘Segmental results – EBITDA’ before variable lease costs (<a href=\"#note-30\">note 30</a>). </p>\r\n<p class=\"heading-2\" id=\"el-10-182\"><strong>Disaggregated revenue information</strong></p>\r\n<p class=\"normal\" id=\"el-10-183\">Disaggregated segmental revenue is reported in the same way as it is reviewed and analysed internally by the chief operating decision makers, primarily, the Executive Directors. The key components of revenue reviewed by the chief operating decision makers are:</p>\r\n<ul class=\"bullet\" id=\"el-10-184\">\r\n<li>Room revenue which relates to the rental of rooms in each hotel. Revenue is recognised when the hotel room is occupied, and the service is provided;</li>\r\n<li>Food and beverage revenue which relates to sales of food and beverages at the hotel property. Revenue is recognised at the point of sale; and</li>\r\n<li>Other revenue includes revenue from leisure centres, car parks, meeting room hire and other revenue sources at the hotels. Leisure centre revenue is recognised over the life of the membership while the other items are recognised when the service is provided.</li>\r\n</ul>\r\n<table class=\"accounts-table\" id=\"el-10-185\"><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>Revenue review by segment – Dublin</strong></p>\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<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>2023</strong></p>\r\n<p class=\"table-headings align-right\"><strong>€’000</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\">Room revenue</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>214,644</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">216,948</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"2\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Food and beverage revenue</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>51,938</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">51,263</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"3\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Other revenue </p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>17,211</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">17,919</p>\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=\"heading-2\"><strong>Total revenue </strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>283,793</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">286,130</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<table class=\"accounts-table\" id=\"el-10-186\"><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>Revenue review by segment – Regional Ireland</strong></p>\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<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>2023</strong></p>\r\n<p class=\"table-headings align-right\"><strong>€’000</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\">Room revenue</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>72,610</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">73,218</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"2\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Food and beverage revenue</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>29,022</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">30,336</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"3\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Other revenue</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>8,842</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">8,763</p>\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=\"heading-2\"><strong>Total revenue </strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>110,474</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">112,317</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<table class=\"accounts-table\" id=\"el-10-187\"><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>Revenue review by segment – UK</strong></p>\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<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>2023</strong></p>\r\n<p class=\"table-headings align-right\"><strong>€’000</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\">Room revenue</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>176,996</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">146,584</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"2\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Food and beverage revenue</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>34,394</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">30,491</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"3\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Other revenue </p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>9,423</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">9,217</p>\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=\"heading-2\"><strong>Total revenue </strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>220,813</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">186,292</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<table class=\"accounts-table\" id=\"el-10-188\"><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>Revenue review by segment – Continental Europe</strong></p>\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<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>2023</strong></p>\r\n<p class=\"table-headings align-right\"><strong>€’000</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\">Room revenue</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>26,989</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">16,353</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"2\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Food and beverage revenue</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>8,596</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">4,935</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"3\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Other revenue </p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,525</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">1,671</p>\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=\"heading-2\"><strong>Total revenue </strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>37,110</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">22,959</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"heading-2\" id=\"el-10-189\"><strong>Other geographical information</strong></p>\r\n<table class=\"accounts-table\" id=\"el-10-190\"><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>2024</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"4\">\r\n<p class=\"table-headings align-center\"><strong>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>Republic of Ireland</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>UK</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Continental Europe</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</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Republic of Ireland</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>UK</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Continental Europe</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 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>Revenue</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<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\">Owned hotels</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>275,148</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>108,189</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>383,337</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">276,188</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">92,682</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\">368,870</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\">Leased hotels</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>119,119</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>112,624</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>37,110</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>268,853</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">122,259</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">93,610</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">22,959</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">238,828</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>Total revenue</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>394,267</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>220,813</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>37,110</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>652,190</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">398,447</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">186,292</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">22,959</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">607,698</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<table class=\"accounts-table\" id=\"el-10-191\"><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>Republic of Ireland</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>UK</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Continental Europe</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</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Republic of Ireland</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>UK</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Continental Europe</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 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>EBITDAR</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<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\">Owned hotels</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>116,036</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>41,761</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>157,797</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">118,632</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">37,284</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\">155,916</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\">Leased hotels</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>51,262</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>39,204</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>11,274</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>101,740</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">54,269</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">34,374</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">7,707</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">96,350</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>Total EBITDAR</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>167,298</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>80,965</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>11,274</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>259,537</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">172,901</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">71,658</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">7,707</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">252,266</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<table class=\"accounts-table\" id=\"el-10-192\"><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>Republic of Ireland</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>UK</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Continental Europe</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</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Republic of Ireland</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>UK</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Continental Europe</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 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>Other information</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<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\">Variable lease costs</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>2,209</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>338</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>97</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>2,644</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">2,262</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">576</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">792</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">3,630</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"4\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Depreciation of property, plant and equipment</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>22,149</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>15,406</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,761</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>39,316</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">20,500</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">11,732</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">559</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">32,791</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"5\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Depreciation of right-of-use assets</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>16,250</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>13,065</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>4,412</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>33,727</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">16,036</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">11,225</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">3,402</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">30,663</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\">Interest on lease liabilities</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>17,651</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>25,356</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>6,480</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>49,487</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">17,797</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">21,048</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">3,906</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">42,751</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"heading-2\" id=\"el-10-193\"><strong>Assets and liabilities</strong></p>\r\n<table class=\"accounts-table\" id=\"el-10-194\"><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>2024</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"4\">\r\n<p class=\"table-headings align-center\"><strong>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>Republic of Ireland</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>UK</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Continental Europe</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</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Republic of Ireland</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>UK</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Continental Europe</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 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>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<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\">Intangible assets and goodwill</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>17,848</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>12,376</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>23,425</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>53,649</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">18,826</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">11,823</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">23,425</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">54,074</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"5\">\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 align-right\"><strong>1,084,417</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>620,101</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>6,456</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,710,974</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">1,100,355</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">577,936</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">6,540</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">1,684,831</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"6\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Right-of-use assets</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>280,868</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>401,597</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>77,686</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>760,151</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">296,774</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">306,381</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">82,038</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">685,193</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"7\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Investment property</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,150</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>368</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>1,518</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">1,625</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">396</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\">2,021</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"8\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Other non-current receivables</p>\r\n</td>\r\n<td class=\"cell-bg\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>7,362</strong></p>\r\n</td>\r\n<td class=\"cell-bg\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>-</strong></p>\r\n</td>\r\n<td class=\"cell-bg\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>-</strong></p>\r\n</td>\r\n<td class=\"cell-bg\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>7,362</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">3,287</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">3,131</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\">6,418</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"9\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Other current assets</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>37,903</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>30,515</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>4,760</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>73,178</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">35,033</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">23,388</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">6,415</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">64,836</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\">Assets held for sale</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>20,717</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>20,717</strong></p>\r\n</td>\r\n<td 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 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</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<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 class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Total assets excluding derivatives and deferred tax assets</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,450,265</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,064,957</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>112,327</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>2,627,549</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">1,455,900</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">923,055</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">118,418</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">2,497,373</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<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=\"normal\">Derivative assets</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>-</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<p class=\"accounts align-right\">6,521</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=\"normal\">Deferred tax assets</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>33,100</strong></p>\r\n</td>\r\n<td 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\">24,136</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<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=\"heavy-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Total assets</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>2,660,649</strong></p>\r\n</td>\r\n<td 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\">2,528,030</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"18\">\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<td colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"19\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-3\"><strong><em>Liabilities</em></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<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\">Bank loans and private placement notes </p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>186,379</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>85,005</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>271,384</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">4,000</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">250,387</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\">254,387</p>\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</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>291,699</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>401,276</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>85,583</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>778,558</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">300,157</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">310,697</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">87,744</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">698,598</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"22\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Trade and other payables</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>56,780</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>27,756</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>4,135</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>88,671</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">55,063</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">24,985</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">6,349</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">86,397</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"23\">\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<td colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"24\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Total liabilities excluding derivatives, provision for liabilities and tax liabilities</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>534,858</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>514,037</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>89,718</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,138,613</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">359,220</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">586,069</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">94,093</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">1,039,382</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"25\">\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<td colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"26\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Provision for 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\"><strong>8,048</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<p class=\"accounts align-right\">8,611</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"27\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Current tax 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\"><strong>1,576</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<p class=\"accounts align-right\">2,659</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"28\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Deferred tax 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\"><strong>92,763</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<p class=\"accounts align-right\">84,441</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"29\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Derivative liabilities</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>244</strong></p>\r\n</td>\r\n<td 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\">-</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"30\">\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<td colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"31\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Total liabilities</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>1,241,244</strong></p>\r\n</td>\r\n<td 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\">1,135,093</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"32\">\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<td colspan=\"1\">\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"33\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Revaluation reserve</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>390,606</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>77,999</strong></p>\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>468,605</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">386,450</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">74,731</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<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">461,181</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"normal\" id=\"el-10-195\">The above information on assets, liabilities and revaluation reserve is presented by region as it does not form part of the segmental information routinely reviewed by the chief operating decision makers.</p>\r\n<p class=\"normal\" id=\"el-10-196\">Bank loans and private placement notes are categorised according to their underlying currency (<a href=\"#note-22\">note 22</a>).</p>\r\n<p class=\"heading-1\" id=\"el-10-197\"><strong>3 Statutory and other information</strong></p>\r\n<table class=\"accounts-table\" id=\"el-10-198\"><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=\"normal\">Depreciation of property, plant and equipment</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>39,316</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">32,791</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"3\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Depreciation of right-of-use assets</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>33,727</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">30,663</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"4\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Variable lease costs: land and buildings </p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>2,644</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">3,630</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=\"normal\">Hotel pre-opening expenses</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,895</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">497</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"normal\" id=\"el-10-199\">Hotel pre-opening expenses relate to costs incurred by the Group in advance of opening new hotels. In 2024, this related to four new hotels that opened throughout 2024. In 2023, this related to Maldron Hotel Finsbury Park, London, which opened during 2023. These costs primarily relate to payroll expenses, sales and marketing costs and training costs of new staff.</p>\r\n<p class=\"normal\" id=\"el-10-200\">Variable lease costs relate to lease payments linked to performance which are excluded from the measurement of lease liabilities as they are not related to an index or rate or are not considered fixed payments in substance.</p>\r\n<table class=\"accounts-table\" id=\"el-10-201\"><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=\"normal\">Audit of Group, Company and subsidiary financial statements</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>500</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">470</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"3\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Other assurance services </p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>362</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">32</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\">Other non-audit services</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>37</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">37</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=\"accounts align-right\"><strong>899</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">539</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"normal\" id=\"el-10-202\">Auditor’s remuneration for the audit of the Company financial statements was €20,000 (2023: €20,000). Other assurance services primarily relate to the Sustainability Statement and the review of the interim condensed consolidated financial statements. </p>\r\n<p class=\"heading-2\" id=\"el-10-203\"><strong>Directors’ remuneration</strong></p>\r\n<table class=\"accounts-table\" id=\"el-10-204\"><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=\"normal\">Salary and other emoluments</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>2,710</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">3,575</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"3\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Gain on vesting of share-based awards</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,040</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">230</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"4\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Fees</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>552</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">496</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"5\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Pension costs – defined contribution</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>74</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">72</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\">Transactions with past directors</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>492</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">225</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=\"accounts align-right\"><strong>4,868</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">4,598</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"normal\" id=\"el-10-205\">Transactions with past directors in 2024 relate to gains associated with the shares issued on vesting of awards under the 2021 LTIP scheme (2023: gains on vesting of awards under the 2020 LTIP). The gain on vesting of share-based awards represents the difference between the quoted share price per ordinary share and the exercise price on the vesting date (<a href=\"#note-8\">note 8</a>) for all current directors.</p>\r\n<p class=\"normal\" id=\"el-10-206\">Details of the directors’ remuneration, interests in conditional share awards and compensation of former directors are set out in the Remuneration Committee report.</p>\r\n<p class=\"heading-1\" id=\"el-10-207\"><strong>4 Administrative expenses</strong></p>\r\n<table class=\"accounts-table\" id=\"el-10-208\"><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=\"normal\">Administrative wages and salaries</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>76,500</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">69,178</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"3\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Depreciation and amortisation (<a href=\"#note-12\">note 12</a>,<a href=\"#note-13\">13</a>,<a href=\"#note-14\">14</a>)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>73,295</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">64,104</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 administrative expenses</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>61,405</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">56,977</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"5\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Utilities – electricity and gas</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>24,762</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">27,783</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"6\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Commercial rates</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>16,016</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">14,924</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"7\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Variable lease costs (<a href=\"#note-14\">note 14</a>)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>2,644</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">3,630</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"8\">\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=\"9\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Impairment charge/(reversal) relating to property, plant and equipment through profit and loss (<a href=\"#note-13\">note 13</a>)</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=\"10\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Acquisition-related costs</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,106</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">4,389</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"11\">\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=\"accounts 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=\"12\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Impairment reversal relating to right-of-use assets (<a href=\"#note-14\">note 14</a>)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts 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=\"13\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Reversal of prior period insurance provisions (<a href=\"#note-21\">note 21</a>)</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>(990)</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(927)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"14\">\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>256,332</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">238,530</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"normal\" id=\"el-10-209\">Other administrative expenses include costs related to marketing, commissions and general administration.</p>\r\n<p class=\"heading-1\" id=\"el-10-210\"><strong>5 Other income</strong></p>\r\n<table class=\"accounts-table\" id=\"el-10-211\"><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=\"normal\">Income from managed hotels</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,063</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">1,099</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"3\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Rental income from investment property </p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>384</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">385</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"4\">\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>1,447</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">1,484</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"normal\" id=\"el-10-212\">Income from managed hotels represents the fees and other income earned from services provided in relation to partner hotels which are not owned or leased by the Group. </p>\r\n<p class=\"normal\" id=\"el-10-213\">Rental income from investment property relates to the following properties:</p>\r\n<ul class=\"bullet\" id=\"el-10-214\">\r\n<li>Two commercial properties which are leased to third parties for lease terms of 25 and 30 years;</li>\r\n<li>A sub-lease of part of Clayton Hotel Cardiff, which is leased to a third party for a lease term of 20 years, with 8 years remaining at 31 December 2024; and</li>\r\n<li>A sub-lease of part of Clayton Hotel Düsseldorf, which is leased to a third party for a rolling lease term.</li>\r\n</ul>\r\n<p class=\"normal\" id=\"el-10-215\">The carrying value of the investment properties at 31 December 2024 is €1.5 million (2023: €2.0 million). The movement during the year is primarily due to the reclassification of investment property adjacent to Clayton Whites Hotel, Wexford which has been classified as held for sale at 31 December 2024 (<a href=\"#note-18\">note 18</a>). </p>\r\n<p class=\"heading-1\" id=\"el-10-216\"><strong>6 Net finance costs</strong></p>\r\n<table class=\"accounts-table\" id=\"el-10-217\"><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=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Finance income</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(138)</strong></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=\"3\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Finance income</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(138)</strong></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<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=\"normal\">Interest on lease liabilities (<a href=\"#note-14\">note 14</a>)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>49,487</strong></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=\"6\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Interest expense on bank loans</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>16,736</strong></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=\"7\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Cash flow hedges – reclassified from other comprehensive income</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(7,688)</strong></p>\r\n</td>\r\n<td 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=\"8\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Interest on private placement notes</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>1,597</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=\"9\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Modification loss</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-bracket 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\">Other finance costs</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,232</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">1,332</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"11\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Net foreign exchange gain on financing activities</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(865)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(180)</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=\"normal\">Interest capitalised to property, plant and equipment (<a href=\"#note-13\">note 13</a>)</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(666)</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(2,008)</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=\"heading-2\"><strong>Finance costs</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>67,358</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">50,611</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"14\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Net finance costs</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>67,220</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">50,611</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"normal\" id=\"el-10-218\">In October 2024, the Group successfully completed a refinancing of its existing banking facilities to provide a €475 million multicurrency loan facility consisting of a €100.0 million green term loan and €375.0 million revolving credit facility for a five-year term to 9 October 2029, with two options to extend by a year. As a result, the Group assessed whether the discounted cash flows under the new facility discounted at the old effective interest rate were substantially different from the discounted cash flows under the original facility. Based on this assessment, the bank loans were deemed to be substantially modified which resulted in a modification loss of €7.5 million, which is inclusive of €4.8 million of costs relating to the new facility, being recognised in profit or loss during the year ended 31 December 2024 (<a href=\"#note-22\">note 22</a>). </p>\r\n<p class=\"normal\" id=\"el-10-219\">The Group also completed the issuance of €124.7 million of green private placement loan notes to institutional investors for terms of five and seven years. Costs in relation to the private placement are included in the carrying value of the loans notes and are amortised over the terms of the loan notes at the effective interest rate (<a href=\"#note-22\">note 22</a>). The private placement notes carry a fixed coupon rate. However, where the Group\'s Net Debt to EBITDA after rent, calculated in line with borrowing covenants, exceeds certain ratchet levels, varying premiums are added to the coupon rate depending on the ratchet level.</p>\r\n<p class=\"normal\" id=\"el-10-220\">The Group uses interest rate swaps to convert the interest rate on part of its bank loans from floating rate to fixed rate (<a href=\"#note-23\">note 23</a>). The cash flow hedge amount reclassified from other comprehensive income is shown separately within finance costs and primarily represents the additional interest received by the Group as a result of the interest rate swaps. The Group’s interest rate swaps, which hedged the interest rate on the previously drawn sterling term loan of £176.5 million, matured in October 2024. As a result of the refinancing in October 2024, the Group entered into new interest rate swaps to hedge the variable interest rate on the new term loan for four years to October 2028 (<a href=\"#note-23\">note 23</a>). Margins on the Group’s bank loans are set with reference to the Net Debt to EBITDA after rent covenant levels and ratchet up or down accordingly.</p>\r\n<p class=\"normal align-justify\" id=\"el-10-221\">Other finance costs include commitment fees and other banking and professional fees. Net foreign exchange gains on financing activities relate principally to loans which did not form part of the net investment hedge (<a href=\"#note-25\">note 25</a>).</p>\r\n<p class=\"normal align-justify\" id=\"el-10-222\">Finance costs incurred for qualifying assets, which take a substantial period of time to construct, are added to the cost of the asset during the period of time required to complete and prepare the asset for its intended use or sale. The Group uses two capitalisation rates being the Euro and Sterling weighted average interest rates of borrowings and loan notes, including the impact of hedging if any, which are applied to qualifying assets based on the currency of their geographic jurisdiction. Capitalisation commences on the date on which the Group undertakes activities that are necessary to prepare the asset for its intended use. Capitalisation of borrowing costs ceases when the asset is ready for its intended use and is suspended when an active development is delayed over an extended period and where costs are not deemed recoverable.</p>\r\n<p class=\"normal\" id=\"el-10-223\">Interest on bank loans and private placement loan notes amounting to €0.7 million was capitalised to assets under construction on the basis that these costs were directly attributable to the construction of qualifying assets (<a href=\"#note-13\">note 13</a>) (2023: €2.0 million). The capitalisation rates applied by the Group, which were reflective of the weighted average interest cost in respect of sterling denominated borrowings for the relevant capitalisation period, were 3.85% (2023: 3.2%).</p>\r\n<p class=\"heading-1\" id=\"el-10-224\"><strong>7 Personnel expenses</strong></p>\r\n<p class=\"normal\" id=\"el-10-225\">The average number of persons (full-time equivalents) employed by the Group (including Executive Directors), analysed by category, was as follows:</p>\r\n<table class=\"accounts-table\" id=\"el-10-226\"><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\">Administration</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>991</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">886</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\">Other</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>3,041</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">3,110</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=\"accounts align-right\"><strong>4,032</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">3,996</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"normal\" id=\"el-10-227\">The average number of persons (full-time equivalents) split by geographical region was as follows:</p>\r\n<table class=\"accounts-table\" id=\"el-10-228\"><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\">Dublin (including the Group’s central functions)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,791</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">1,854</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"2\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Regional Ireland</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>939</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">978</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"3\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">UK</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,096</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">1,013</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\">Continental Europe</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>206</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">151</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=\"accounts align-right\"><strong>4,032</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">3,996</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"normal\" id=\"el-10-229\">The aggregate payroll costs of these persons were as follows:</p>\r\n<table class=\"accounts-table\" id=\"el-10-230\"><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>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=\"normal\">Wages and salaries</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>159,680</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">140,674</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"3\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Social welfare costs</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>15,274</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">14,187</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"4\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Pension costs – defined contribution</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>3,310</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">1,702</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"5\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Share-based payments expense</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>3,615</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">5,910</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\">Severance costs</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>75</strong></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=\"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\"><strong>181,954</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">162,473</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"normal\" id=\"el-10-231\">Payroll costs of €0.4 million (2023: €0.5 million) relating to the Group’s internal development employees were capitalised as these costs are directly related to development, lease and other construction work completed during the year ended 31 December 2024.</p>\r\n<p class=\"heading-1\" id=\"el-10-232\"><strong>8 Share-based payments expense</strong></p>\r\n<p class=\"normal\" id=\"el-10-233\">The total share-based payments expense for the Group’s employee share schemes charged to profit or loss during the year was €3.6 million (2023: €5.9 million), analysed as follows: </p>\r\n<table class=\"accounts-table\" id=\"el-10-234\"><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=\"normal\">Long Term Incentive Plans</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>3,419</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">5,580</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"3\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Share Save schemes</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>196</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">330</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"4\">\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>3,615</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">5,910</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"normal\" id=\"el-10-235\">Details of the schemes operated by the Group are set out below:</p>\r\n<p class=\"heading-2\" id=\"el-10-236\"><strong>Long Term Incentive Plans</strong></p>\r\n<p class=\"normal\" id=\"el-10-237\">During the year ended 31 December 2024, the Board approved the conditional grant of 1,634,668 ordinary shares (‘the Award’) pursuant to the terms and conditions of the Group’s 2017 Long Term Incentive Plan (‘the 2017 LTIP’). The Award was granted to senior employees across the Group (127 in total). Vesting of the Award is based on two independently assessed performance targets, 50% based on Total Shareholder Return (‘TSR’) and 50% based on Free Cashflow Per Share (‘FCPS’). The performance period of this award is 1 January 2024 to 31 December 2026. </p>\r\n<p class=\"normal\" id=\"el-10-238\">Threshold performance for the TSR condition, which is a market-based condition, is a performance measure against a bespoke comparator group of 19 listed peer companies in the travel and leisure sector, with threshold 25% vesting if the Group’s TSR over the performance period is ranked at the median compared to the TSR of the comparator group. If the Group’s TSR performance is at or above the upper quartile compared to the comparator group, the remaining 75% of the award will vest, with pro-rata vesting on a straight-line basis for performance in between these thresholds. </p>\r\n<p class=\"normal\" id=\"el-10-239\">Threshold performance (25% vesting) for the FCPS condition, which is a non-market-based performance condition, is based on the achievement of FCPS of €0.631, as disclosed in the Group’s 2026 audited consolidated financial statements, with 100% vesting for FCPS of €0.771 or greater. The FCPS based awards will vest on a straight-line basis for performance between these points.</p>\r\n<p class=\"normal\" id=\"el-10-240\">Participants are also entitled to receive a dividend equivalent amount in respect of such number of shares as are released. The Remuneration Committee may amend or substitute a subsisting Performance Condition if one or more events occur which cause the Committee to consider that a substituted or amended Performance Condition would be more appropriate and would not be materially less or more difficult to satisfy than the subsisting Performance Condition. </p>\r\n<p class=\"normal\" id=\"el-10-241\">Movements in the number of share awards are as follows:</p>\r\n<table class=\"accounts-table\" id=\"el-10-242\"><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>Awards</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Awards</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"2\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Outstanding at the beginning of the year</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>4,089,901</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">4,837,170</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"3\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Granted during the year</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,634,668</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">1,574,799</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"4\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Forfeited during the year </p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(127,780)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(52,901)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"5\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Lapsed unvested during the year</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-bracket align-right\">(1,733,533)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"6\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Dividend equivalent</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(10,744)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal 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\">Exercised during the year </p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(1,081,517)</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(535,634)</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>Outstanding at the end of the year</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>4,504,528</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">4,089,901</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<table class=\"accounts-table\" id=\"el-10-243\"><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>Awards</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Awards</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>Grant date</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\">March 2021</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\">1,099,661</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"4\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">March 2022</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,389,631</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">1,427,175</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"5\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">March 2023</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,498,692</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">1,540,346</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"6\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">May 2023</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>22,719</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">22,719</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\">March 2024</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,593,486</strong></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=\"8\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Outstanding at the end of the year</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>4,504,528</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">4,089,901</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"heading-2\" id=\"el-10-244\"><strong>Awards vested </strong></p>\r\n<p class=\"normal\" id=\"el-10-245\">During the year ended 31 December 2024, the Company issued 1,092,261 shares on foot of the vesting of awards granted in March 2021 under the terms of the 2017 LTIP, of which 10,744 were dividend equivalents. The shares were issued through the Employee Benefit Trust (<a href=\"#note-19\">note 19</a>). </p>\r\n<p class=\"normal\" id=\"el-10-246\">The weighted average share price at the date of exercise of these awards was €4.32.</p>\r\n<p class=\"heading-2\" id=\"el-10-247\"><strong>Measurement of fair values</strong></p>\r\n<p class=\"normal\" id=\"el-10-248\">The fair value, at the grant date, of the TSR-based conditional share awards was measured using a Monte Carlo simulation model. Non-market-based performance conditions attached to the awards were not taken into account in measuring fair value at the grant date. </p>\r\n<p class=\"normal\" id=\"el-10-249\">The valuation and key assumptions used in the measurement of the fair values of awards at the grant date were as follows:</p>\r\n<table class=\"accounts-table\" id=\"el-10-250\"><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>March 2024</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>March 2023</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>March 2022</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\">Fair value at grant date for TSR-based awards</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>€2.33</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">€2.93</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">€2.60</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"2\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Fair value at grant date for FCPS-based awards</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>€4.50</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">€4.29</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">€3.89</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"3\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Share price at grant date</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\">€4.30</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">€3.90</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"4\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Exercise price</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>€0.01</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">€0.01</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">€0.01</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"5\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Expected volatility for TSR-based awards</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>35.04% p.a.</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">54.83% p.a.</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">53.0% p.a.</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"6\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Performance period</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>3 years </strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">3 years</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">3 years</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=\"normal\">Risk-free rate</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>2.61%</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">2.78%</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(0.31%)</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"normal\" id=\"el-10-251\">Dividend equivalents accrue on awards that vest up to the time of vesting under the LTIP schemes, and therefore the dividend yield has been set to zero to reflect this. Such dividend equivalents will be released to participants in the form of additional shares on vesting subject to the satisfaction of performance criteria. In the absence of available market-implied and observable volatility, the expected volatility has been estimated based on the historic share price over a three-year period.</p>\r\n<p class=\"normal\" id=\"el-10-252\">All active awards include FCPS-related performance conditions which are non-market-based performance conditions that do not impact the fair value of the award at the grant date, which equals the share price less exercise price. Instead, an estimate is made by the Group as to the number of shares which are expected to vest based on satisfaction of the FCPS-related performance condition, where applicable, and this, together with the fair value of the award at grant date, determines the accounting charge to be spread over the vesting period. The estimate of the number of shares which are expected to vest over the vesting period of the award is reviewed in each reporting period and the accounting charge is adjusted accordingly. </p>\r\n<p class=\"heading-2\" id=\"el-10-253\"><strong>Share Save schemes</strong></p>\r\n<p class=\"normal\" id=\"el-10-254\">The Remuneration Committee of the Board of Directors approved the granting of share options under the UK and Ireland Share Save schemes (the ‘Schemes’) for all eligible employees across the Group from 2019 to 2024. Each Scheme is for three years and employees may choose to purchase shares over the six month period following the end of the three year period at the fixed discounted price set at the start of the three year period. </p>\r\n<p class=\"normal\" id=\"el-10-255\">During the year ended 31 December 2024, two new schemes were granted to ROI and UK employees (no new schemes granted in 2023). 535 employees availed of the ROI Scheme and 259 employees availed of the UK scheme. The share price for the schemes has been set at a 25% discount for Republic of Ireland based employees and 20% for UK based employees in line with the maximum amount permitted under tax legislation in both jurisdictions.</p>\r\n<p class=\"normal\" id=\"el-10-256\">During the year ended 31 December 2024, 2,000 ordinary shares were exercised on maturity of the share options granted as part of the Share Save scheme in 2019. There were also 1,260,587 options exercised on maturity of the share options granted as part of the Share Save scheme in 2020. The weighted average exercise price for options exercised during the year ended 31 December 2024 was €2.35.</p>\r\n<p class=\"normal\" id=\"el-10-257\">Movements in the number of share options and the related weighted average exercise price (‘WAEP’) are as follows:</p>\r\n<table class=\"accounts-table\" id=\"el-10-258\"><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>2024</strong></p>\r\n</td>\r\n<td colspan=\"2\">\r\n<p class=\"table-headings align-center\"><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>Options</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>WAEP </strong></p>\r\n<p class=\"table-headings align-right\"><strong>€ per share</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Options</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>WAEP </strong></p>\r\n<p class=\"table-headings align-right\"><strong>€ per share</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"2\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Outstanding at the beginning of the year</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,480,299</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>2.39</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">1,695,307</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">2.53</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"3\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Granted during the year</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>2,259,760</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>3.03</strong></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</tr>\r\n<tr data-row-no=\"4\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Forfeited during the year</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(118,199)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>2.73</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(167,520)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">2.78</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\">Exercised during the year </p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(1,262,587)</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>2.26</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(47,488)</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">3.46</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>Outstanding at the end of the year</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>2,359,273</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>2.99</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">1,480,299</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">2.39</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"normal\" id=\"el-10-259\">The weighted average remaining contractual life for the share options outstanding at 31 December 2024 is 3.1 years (31 December 2023: 0.8 years). </p>\r\n<p class=\"heading-1\" id=\"el-10-260\"><strong>9 Tax charge</strong></p>\r\n<table class=\"accounts-table\" id=\"el-10-261\"><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>Current tax</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\">Irish corporation tax charge</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>12,686</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">15,377</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"4\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Foreign corporation tax charge</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\">33</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\">Under/(over) provision in respect of prior years</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>368</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(560)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"6\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>13,054</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">14,850</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 (credit)/charge (<a href=\"#note-24\">note 24</a>)</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(557)</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">460</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>12,497</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">15,310</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"normal\" id=\"el-10-262\">The tax assessed for the year differs from the standard rate of corporation tax in Ireland for the year. The differences are explained below.</p>\r\n<table class=\"accounts-table\" id=\"el-10-263\"><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=\"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=\"3\">\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\">Tax on profit at standard Irish corporation tax rate of 12.5%</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>11,405</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">13,192</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"5\">\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 colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Effects of:</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=\"7\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Income taxed at a higher rate</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>832</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">1,131</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"8\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Expenses not deductible for tax purposes</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>393</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">1,556</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"9\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Impact of impairments not deductible/(revaluation gains not subject to tax) </p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>161</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(108)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"10\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Foreign losses taxed at higher rate</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(1,424)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(1,137)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"11\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Under/(over) provision in respect of current tax in prior periods</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>368</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(560)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"12\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Over provision in respect of deferred tax in prior periods</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(919)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(893)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"13\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Impact of differing rates between current tax and deferred tax</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>905</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">991</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\">Other differences</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>776</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">1,138</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"15\">\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>12,497</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">15,310</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"normal\" id=\"el-10-264\">The Group has recognised a tax charge of €12.5 million for the year ended 31 December 2024 (2023: €15.3 million). The tax charge primarily relates to current tax in respect of profits earned in Ireland during the year of €12.7 million (2023: €15.4 million). </p>\r\n<p class=\"normal\" id=\"el-10-265\">The deferred tax credit for the year ended 31 December 2024 of €0.6 million (2023: deferred tax charge of €0.5 million) primarily relates to deferred tax in respect of tax losses which are available to utilise against future taxable profits, partially offset by a deferred tax charge arising in relation to temporary differences related to fixed assets and revaluations of land and buildings through profit and loss. The 2023 deferred tax charge primarily related to deferred tax arising on revaluation of land and buildings through profit and loss. </p>\r\n<p class=\"heading-1\" id=\"el-10-266\"><strong>10 Impairment </strong></p>\r\n<p class=\"normal\" id=\"el-10-267\">At 31 December 2024, as a result of the carrying amount of the net assets of the Group being more than its market capitalisation, the Group tested each cash generating unit (‘CGU’) for impairment as this was deemed to be a potential impairment indicator. Impairment arises where the carrying value of the CGU (which includes, where relevant, revalued properties and/or right-of-use assets, allocated goodwill, fixtures, fittings and equipment) exceeds its recoverable amount on a value in use (‘VIU’) basis. </p>\r\n<p class=\"normal\" id=\"el-10-268\">At 31 December 2024, the market capitalisation of the Group (€994 million) was lower than the net assets of the Group (€1,419 million) (market capitalisation is calculated by multiplying the share price on that date by the number of shares in issue). Market capitalisation can be influenced by a number of different market factors and uncertainties. In addition, share prices reflect a discount due to lack of control rights. The Group as a whole is not considered to be a CGU for the purposes of impairment testing and instead each hotel operating unit is considered as a CGU as it is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. </p>\r\n<p class=\"normal\" id=\"el-10-269\">At 31 December 2024, the recoverable amounts of the Group’s CGUs were based on VIU, determined by discounting the estimated future cash flows generated from the continuing use of these hotels. VIU cash flow projections are prepared for each CGU and then compared against the carrying value of the assets, including goodwill, properties, fixtures, fittings and equipment and right-of-use assets, in that CGU. The Group has not quantified any potential impact of decarbonisation on the carrying amounts of its assets as part of the impairment review. This approach may be reviewed in future periods in light of any emerging legislation or environmental policy changes.</p>\r\n<p class=\"normal\" id=\"el-10-270\">The VIU estimates were based on the following key assumptions:</p>\r\n<ul class=\"bullet\" id=\"el-10-271\">\r\n<li>Cash flow projections are based on operating results and forecasts prepared by management covering a ten year period in the case of freehold properties. This period was chosen due to the nature of the hotel assets and is consistent with the valuation basis used by independent external property valuers when performing their hotel valuations (<a href=\"#note-13\">note 13</a>). For CGUs with right-of-use assets, the lease term was used;</li>\r\n<li>Revenue and EBITDA for 2025 and future years are based on management’s best estimate projections as at 31 December 2024. Forecasted revenue and EBITDA are based on expectations of future outcomes taking into account the macro-environment, current earnings, past experience and adjusted for anticipated revenue and cost growth; </li>\r\n<li>Cash flow projections assume a long-term compound annual growth rate post 2029 of 2% (2023: 2%) in EBITDA for all CGUs;</li>\r\n<li>Cash flows include an average annual capital outlay on maintenance for the hotels dependent on the condition of the hotel or typically 4% (2023: 4%) of revenues but assume no enhancements to any property;</li>\r\n<li>In the case of CGUs with freehold properties, the VIU calculations also include a terminal value based on terminal (year ten) capitalisation rates consistent with those used by the external property valuers which incorporates a long-term growth rate of 2% for all properties;  </li>\r\n<li>The cash flows are discounted using a risk adjusted discount rate specific to each property. Risk adjusted discount rates of 8.5% to 11.35% for Dublin assets (31 December 2023: 8.50% to 11.35%), 10.60% to 11.10% for Regional Ireland assets (31 December 2023: 10.00% to 12.75%), 7.60% to 10.20% for UK assets (31 December 2023: 7.40% to 11.50%), and 7.50% to 8.00% for Continental Europe assets (31 December 2023: 7.50% to 8.00%) have been used; and</li>\r\n<li>The values applied to each of these key assumptions are derived from a combination of internal and external factors based on historical experience of the valuers and of management and taking into account the stability of cash flows typically associated with these factors. </li>\r\n</ul>\r\n<p class=\"normal\" id=\"el-10-272\">Following the impairment assessments carried out on the Group’s CGUs at 31 December 2024, the recoverable amount was deemed lower than the carrying amount in one of the Group’s UK CGUs and resulted in an impairment charge of €1.3 million (£1.1 million) relating to property, plant and equipment (<a href=\"#note-13\">note 13</a>).</p>\r\n<p class=\"normal\" id=\"el-10-273\">At 31 December 2024, the recoverable amount was deemed higher than the carrying amount in one of the Group’s UK CGUs, which had previously incurred impairment charges, and resulted in an impairment reversal of €1.7 million (£1.5 million), relating to a right-of-use asset (<a href=\"#note-14\">note 14</a>).</p>\r\n<p class=\"normal\" id=\"el-10-274\">At 31 December 2024, the carrying value of the Group’s other CGUs did not exceed their recoverable amount and no other impairment movements were required following the assessment.</p>\r\n<p class=\"normal\" id=\"el-10-275\">If the 2025 EBITDA forecasts used in cashflow in VIU estimates for impairment testing as at 31 December 2024 had been forecast 10% lower, there would still have been no additional impairment for the year ended 31 December 2024 for right-of-use assets and fixtures, fittings and equipment and allocated goodwill.</p>\r\n<p class=\"heading-1\" id=\"el-10-276\"><strong>11 Business combinations</strong></p>\r\n<p class=\"normal\" id=\"el-10-277\">During the year ended 31 December 2023, the Group acquired two business units requiring the acquisition method of accounting.</p>\r\n<p class=\"heading-2\" id=\"el-10-278\"><strong>Acquisition of Clayton Hotel London Wall </strong></p>\r\n<p class=\"normal\" id=\"el-10-279\">On 3 July 2023, the Group acquired the long leasehold interest and trade of Apex Hotel London Wall, now trading as Clayton Hotel London Wall, for cash consideration of £53.4 million (€62.1 million). </p>\r\n<p class=\"normal\" id=\"el-10-280\">The Group became party to a ground lease as part of the acquisition and recognised lease liabilities and right-of-use assets of £2.0 million (€2.3 million). The ground lease has a remaining life of 107 years. This exceeds the estimated useful life of the building as at the acquisition date and hence the building has been accounted for as an owned hotel.</p>\r\n<p class=\"normal\" id=\"el-10-281\">The fair value of the identifiable assets and liabilities acquired were as follows:</p>\r\n<table class=\"accounts-table\" id=\"el-10-282\"><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>3 July 2023</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>3 July 2023 </strong></p>\r\n<p class=\"table-headings align-right\"><strong>Fair value</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>Recognised amounts of identifiable assets acquired and liabilities assumed</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=\"heading-2\"><strong>Non-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=\"4\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Hotel property</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">51,366</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">59,742</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"5\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Fixtures, fittings and equipment</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">2,034</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">2,365</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"6\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Right-of-use asset</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">2,017</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">2,346</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>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=\"8\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Net working capital liabilities</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(21)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(24)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"9\">\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=\"10\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Lease liability</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(1,997)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(2,323)</p>\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>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=\"12\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Lease liability</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(20)</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(23)</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=\"heading-2\"><strong>Total identifiable net assets</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">53,379</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">62,083</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"14\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Total cash consideration</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">53,379</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">62,083</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"normal\" id=\"el-10-283\">The acquisition method of accounting has been used to consolidate the business acquired in the Group’s consolidated financial statements. No goodwill has been recognised on acquisition as the fair value of the net assets acquired equated to the consideration paid. </p>\r\n<p class=\"normal\" id=\"el-10-284\">Acquisition-related costs of £3.3 million (€3.8 million) were charged to administrative expenses in profit or loss in respect of this business combination. </p>\r\n<p class=\"heading-2\" id=\"el-10-285\"><strong>Acquisition of Clayton Hotel Amsterdam American</strong></p>\r\n<p class=\"normal\" id=\"el-10-286\">On 3 October 2023, the Group acquired 100% of the share capital of American Hotel Exploitatie BV which holds the operational lease of the Hard Rock Hotel Amsterdam American, now trading as Clayton Hotel Amsterdam American, for cash consideration of €28.3 million and assumed net working capital liabilities of €1.2 million.</p>\r\n<p class=\"normal\" id=\"el-10-287\">The remaining lease term is 18 years, with two 5-year tenant extension options. This resulted in the recognition of a lease liability of €41.0 million and a right-of-use asset of €41.0 million.</p>\r\n<p class=\"normal\" id=\"el-10-288\">The fair value of the identifiable assets and liabilities acquired were as follows:</p>\r\n<table class=\"accounts-table\" id=\"el-10-289\"><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>3 October 2023</strong></p>\r\n<p class=\"table-headings align-right\"><strong>Fair value </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</tr>\r\n<tr data-row-no=\"2\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Recognised amounts of identifiable assets acquired and liabilities assumed</strong></p>\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=\"heading-2\"><strong>Non-current assets</strong></p>\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\">Right-of-use asset</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">41,036</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"5\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Fixtures, fittings and equipment</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">6,065</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"6\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Deferred tax asset</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">10,587</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>Current assets</strong></p>\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=\"normal\">Trade and other receivables</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">974</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"9\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Stock</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">98</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"10\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Cash</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">8</p>\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>Non-current liabilities</strong></p>\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\">Deferred tax liability</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(10,587)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"13\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Lease liability</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(40,066)</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>Current liabilities</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(1,962)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"15\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Trade and other payables</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(970)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"16\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Lease liability</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(264)</p>\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=\"normal\">Accruals</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">41,036</p>\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>Total identifiable net assets</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>4,919</strong></p>\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>Total cash consideration</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>28,344</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"20\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Goodwill</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>23,425</strong></p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"normal\" id=\"el-10-290\">Goodwill of €23.4 million has been recognised due to the acquisition of Clayton Hotel Amsterdam American, as the consideration exceeded the fair value of the identifiable net assets acquired.</p>\r\n<p class=\"normal\" id=\"el-10-291\">The goodwill acquired as part of this transaction comprises certain intangible assets that cannot be separately identified. This includes future trading and the future growth opportunities the business provides to the Group’s operations due to the geographical location of the hotel, access to the Amsterdam market, which restricts new hotel developments, and the skills and experience of an assembled workforce.</p>\r\n<p class=\"normal\" id=\"el-10-292\">Acquisition-related costs of €0.6 million were charged to administrative expenses in profit or loss in respect of this business combination.  </p>\r\n<p class=\"heading-1\" id=\"el-10-293\"><strong>12 Intangible assets and goodwill</strong></p>\r\n<table class=\"accounts-table\" id=\"el-10-294\"><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>Goodwill</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Other <br>intangible assets</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</tr>\r\n<tr data-row-no=\"2\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Cost or valuation</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</tr>\r\n<tr data-row-no=\"3\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Balance at 1 January 2024</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">102,769</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">2,804</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">105,573</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"4\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Disposal</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(176)</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\">(176)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"5\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Reclassification to held for sale assets (<a href=\"#note-18\">note 18</a>)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(550)</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\">(550)</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\">Effect of movements in exchange rates</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">553</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\">553</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>Balance 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>102,596</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>2,804</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>105,400</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"8\">\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 colspan=\"1\">\r\n<p class=\"normal\">Balance at 1 January 2023</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">79,106</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">2,797</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">81,903</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"10\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Additions</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">23,425</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">7</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">23,432</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\">Effect of movements in exchange rates</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">238</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\">238</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=\"normal\">Balance at 31 December 2023</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">102,769</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">2,804</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">105,573</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</tr>\r\n<tr data-row-no=\"14\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Accumulated amortisation and impairment losses</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</tr>\r\n<tr data-row-no=\"15\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Balance at 1 January 2024</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(48,947)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(2,552)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(51,499)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"16\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Amortisation of intangible assets</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\">(252)</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">(252)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"17\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Balance at 31 December 2024</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(48,947)</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(2,804)</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(51,751)</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"18\">\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=\"19\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Balance at 1 January 2023</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(48,947)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(1,902)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(50,849)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"20\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Amortisation of intangible assets</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\">(650)</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(650)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"21\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Balance at 31 December 2023</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(48,947)</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(2,552)</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(51,499)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"22\">\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=\"23\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Carrying 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</tr>\r\n<tr data-row-no=\"24\">\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=\"25\">\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<p class=\"accounts align-right\"><strong>53,649</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>53,649</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=\"normal\">At 31 December 2023</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">53,822</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">252</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">54,074</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"heading-2\" id=\"el-10-295\"><strong>Goodwill</strong></p>\r\n<p class=\"normal\" id=\"el-10-296\">Goodwill is attributable to factors including expected profitability and revenue growth, increased market share, increased geographical presence, the opportunity to develop the Group’s brands and the synergies expected to arise within the Group after acquisition.  </p>\r\n<p class=\"normal\" id=\"el-10-297\">During the year, the Group disposed of Maldron Hotel Wexford, disposing of goodwill of €0.2 million. At 31 December 2024, the goodwill associated with Clayton Whites Hotel, Wexford of €0.6 million, was reclassified to held for sale (<a href=\"#note-18\">note 18</a>). </p>\r\n<p class=\"normal\" id=\"el-10-298\">As at 31 December 2024, the goodwill cost figure includes €12.4 million (£10.3 million) which is attributable to goodwill arising on acquisition of foreign operations denominated in sterling. Consequently, such goodwill is subsequently retranslated at the closing rate. The retranslation at 31 December 2024 resulted in a foreign exchange gain of €0.6 million and a corresponding increase in goodwill. The comparative retranslation at 31 December 2023 resulted in a foreign exchange gain of €0.2 million.</p>\r\n<table class=\"accounts-table\" id=\"el-10-299\"><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>Number of cash-generating units</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=\"1\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>At 31 December 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>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<p class=\"table-headings align-left\"><strong>Carrying amount of goodwill allocated</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<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\">Moran Bewley Hotel Group (i)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>7</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>25,245</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">24,725</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 acquisitions (i)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>2</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>810</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">1,327</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"5\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">2007 Irish hotel operations acquired (ii)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>2</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>4,169</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">4,345</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\">Clayton Hotel Amsterdam American (iii)</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>23,425</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">23,425</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=\"accounts align-right\"><strong>12</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>53,649</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">53,822</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"normal\" id=\"el-10-300\">The above table represents the number of CGUs to which goodwill was allocated at 31 December 2024. </p>\r\n<p class=\"heading-2\" id=\"el-10-301\"><strong>Annual goodwill testing</strong></p>\r\n<p class=\"normal\" id=\"el-10-302\">The Group tests goodwill annually for impairment and more frequently if there are indications that goodwill might be impaired. Due to the Group’s policy of revaluation of land and buildings, and the allocation of goodwill to individual CGUs, impairment of goodwill can occur for CGUs where the Group owns the freehold as the Group realises the profit and revenue growth and synergies which underpinned the goodwill. As these materialise, they are recorded as revaluation gains to the carrying value of the property and consequently, elements of goodwill may be required to be written off if the carrying value of the CGU (which includes revalued property and allocated goodwill) exceeds its recoverable amount on a VIU basis. The impairment of goodwill is recorded through profit or loss though the revaluation gains on property are taken to reserves through other comprehensive income provided there were no previous impairment charges through profit or loss. </p>\r\n<p class=\"normal\" id=\"el-10-303\">At 31 December 2024, the recoverable amounts of the CGUs were based on VIU, determined by discounting the future cash flows generated from the continuing use of these hotels. Following the impairment assessment carried out at 31 December 2024, there was no impairment relating to the CGUs with a carrying value of goodwill (2023: €Nil). For freehold assets, costs of acquisition of a willing buyer which are factored in by external valuers when calculating the fair value price of the asset are significant for these assets (2024: Ireland 9.96%, UK 6.8%, 2023: Ireland 9.96%, UK 6.8%). Purchasers’ costs are a key difference between VIU and fair value less costs of disposal as prepared by external valuers. <a href=\"#note-10\">Note 10</a> details the assumptions used in the VIU estimates for impairment testing.</p>\r\n<p class=\"normal\" id=\"el-10-304\">Future under-performance in any of the Group’s major CGUs may result in a material write-down of goodwill which would have a substantial impact on the Group’s results and equity. </p>\r\n<p class=\"heading-3\" id=\"el-10-305\"><strong><em>(i) Moran Bewley Hotel Group and other single asset acquisitions </em></strong></p>\r\n<p class=\"normal\" id=\"el-10-306\">For the purposes of impairment testing, goodwill has been allocated to each of the hotels acquired as CGUs. The freehold interest in the property is owned by the Group and therefore these hotel properties are valued annually by independent external valuers. As such the recoverable amount of each CGU is based on a fair value less costs of disposal estimate, or where this value is less than the carrying value of the asset, the VIU of the CGU is assessed. The goodwill relating to Clayton Whites Hotel, Wexford was reclassified to held for sale (<a href=\"#note-18\">note 18</a>).  </p>\r\n<p class=\"heading-3\" id=\"el-10-307\"><strong><em>(ii) 2007 Irish hotel operations acquired</em></strong></p>\r\n<p class=\"normal\" id=\"el-10-308\">For the purposes of impairment testing, goodwill has been allocated to each of the CGUs representing the Irish hotel operations acquired in 2007. Eight hotels were acquired at that time but only four of these hotels had goodwill associated with them. The goodwill related to one of these CGUs was fully impaired (€2.6 million) during the year ended 31 December 2020. During 2024 the Group disposed of Maldron Hotel Wexford and the goodwill relating to the hotel was derecognised. The remaining two hotels are valued annually by independent external valuers, as the freehold interest in the property is now also owned by the Group. Where hotel properties are valued annually by independent external valuers, the recoverable amount of each CGU is based on a fair value less costs of disposal estimate, or where this value is less than the carrying value of the asset, the VIU of the CGU is assessed. The recoverable amount at 31 December 2024 of each of these CGUs which have associated goodwill is based on VIU. VIU is determined by discounting the future cash flows to be generated from the continuing use of these hotels. Following the impairment assessment carried out at 31 December 2024, there was no impairment of goodwill relating to these CGUs.</p>\r\n<p class=\"heading-3\" id=\"el-10-309\"><strong><em>(iii) Clayton Hotel Amsterdam American</em></strong></p>\r\n<p class=\"normal\" id=\"el-10-310\">Goodwill of €23.4 million has been recognised due to the acquisition of the leasehold of Clayton Hotel Amsterdam American, as the consideration exceeded the fair value of the identifiable net assets acquired. The goodwill acquired as part of this transaction comprises certain intangible assets that cannot be separately identified. This includes future trading and the future growth opportunities the business provides to the Group’s operations due to the geographical location of the hotel, access to the Amsterdam market, which restricts new hotel developments, and the skills and experience of an assembled workforce.</p>\r\n<p class=\"normal\" id=\"el-10-311\">The recoverable amount at 31 December 2024 is based on VIU. VIU is determined by discounting the future cash flows to be generated from the continuing use of the hotel. Following the impairment assessment carried out at 31 December 2024, there was no impairment of goodwill.</p>\r\n<p class=\"heading-2\" id=\"el-10-312\"><strong>Other intangible assets</strong></p>\r\n<p class=\"normal\" id=\"el-10-313\">Other intangible assets are fully amortised at 31 December 2024 (2023: €0.3 million).</p>\r\n','5.00',1,9,NULL,NULL,NULL,'block-tags-enabled','inline-tags-enabled',NULL,NULL,NULL,1758635442,1758635449,NULL),
(11,6,'13 Property, plant and equipment','<p class=\"heading-1\" id=\"el-11-0\"><strong>13 Property, plant and equipment</strong></p>\r\n<table class=\"accounts-table\" id=\"el-11-1\"><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>Land and buildings</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Assets under construction</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Fixtures, fittings and equipment</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>At 31 December 2024</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\">Valuation</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">1,564,246</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\">1,564,246</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"4\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Cost</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\">30,741</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">217,508</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">248,249</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\">Accumulated depreciation (and impairment charges) *</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\">(101,521)</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(101,521)</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>Net carrying amount</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">1,564,246</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">30,741</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">115,987</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">1,710,974</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<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>At 1 January 2024, net carrying amount</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,478,636</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>101,703</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>104,492</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,684,831</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"9\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Additions through capital expenditure</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">64</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">21,123</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">31,891</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">53,078</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"10\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Disposal</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(7,347)</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\">(861)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(8,208)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"11\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Assets held for sale (<a href=\"#note-18\">note 18</a>)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(17,650)</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\">(2,092)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(19,742)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"12\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Transfer from Assets under construction to Land and buildings, and Fixtures, fittings and equipment</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">91,350</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(97,036)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">5,686</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=\"13\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Capitalised labour costs </p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">52</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">47</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">23</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">122</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"14\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Capitalised borrowing costs (<a href=\"#note-6\">note 6</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\">666</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\">666</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"15\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Revaluation gains through OCI</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">13,083</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\">13,083</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"16\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Impairment charge through profit or loss</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(1,352)</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\">30</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(1,322)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"17\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Depreciation charge for the year</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(14,663)</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\">(24,653)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(39,316)</p>\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=\"normal\">Translation adjustment</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">22,073</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">4,238</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">1,471</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">27,782</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"19\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>At 31 December 2024, net carrying amount</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,564,246</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>30,741</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>115,987</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,710,974</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</tr>\r\n<tr data-row-no=\"21\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">The equivalent disclosure for the prior year is as follows:</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=\"22\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>At 31 December 2023</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=\"23\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Valuation</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">1,478,636</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\">1,478,636</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"24\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Cost</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\">101,703</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">187,951</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">289,654</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\">Accumulated depreciation (and impairment charges) *</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\">(83,459)</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(83,459)</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>Net carrying amount</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,478,636</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>101,703</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>104,492</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,684,831</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"27\">\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=\"28\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>At 1 January 2023, net carrying amount</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,281,344</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>64,556</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>81,547</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,427,447</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"29\">\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<p class=\"accounts align-right\">59,742</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\">8,430</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">68,172 </p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"30\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Additions through capital expenditure</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">50,351</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">33,892</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">34,038</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">118,281</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"31\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Capitalised labour costs </p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">120</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">142</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">66</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">328</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"32\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Capitalised borrowing costs (<a href=\"#note-6\">note 6</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\">2,008</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\">2,008</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"33\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Revaluation gains through OCI</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">92,098</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\">92,098</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"34\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Reversal of impairment charge through profit or loss</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">2,020</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\">2,020</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"35\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Depreciation charge for the year</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(12,769)</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\">(20,022)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(32,791)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"36\">\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<p class=\"accounts align-right\">5,730</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">1,105</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">433</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">7,268</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"37\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>At 31 December 2023, net carrying amount</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,478,636</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>101,703</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>104,492</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,684,831</strong></p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"footnote\" id=\"el-11-2\">* Accumulated depreciation of buildings is stated after the elimination of depreciation, revaluation, disposals and impairments.</p>\r\n<p class=\"normal\" id=\"el-11-3\">The carrying value of land and buildings (revalued at 31 December 2024) is €1,564.2 million (2023: €1,478.6 million). The value of these assets under the cost model is €1,037.2 million (2023: €959.9 million). In 2024, unrealised revaluation gains of €13.1 million have been reflected in other comprehensive income and in the revaluation reserve in equity (2023: €92.1 million). Impairment losses through profit and loss were €1.3 million and were reflected in administrative expenses through profit or loss (2023: Impairment reversal €2.0 million). </p>\r\n<p class=\"normal\" id=\"el-11-4\">Included in land and buildings at 31 December 2024 is land at a carrying value of €563.4 million (2023: €521.9 million) which is not depreciated. There are €17.3 million of fixtures, fittings and equipment which have been depreciated in full but are still in use at 31 December 2024 (31 December 2023: €13.5 million).</p>\r\n<p class=\"normal\" id=\"el-11-5\">Additions to assets under construction during the year end 31 December 2024 primarily relate to development expenditure incurred on the construction of the Clayton Hotel Edinburgh. On the completion of Maldron Hotel Shoreditch, the cumulative costs capitalised to assets under construction related to the hotel were transferred to land and buildings and fixtures, fittings and equipment.</p>\r\n<p class=\"normal\" id=\"el-11-6\">During the year end 31 December 2024, the Group disposed of Maldron Hotel Wexford for a consideration of €8.6 million. The net proceeds amounted to €8.3 million. The gain after transaction costs amounted to €4.0 million, which has been measured in other comprehensive income. The cumulative revaluation reserve gain, net of tax charges of €1.9 million (<a href=\"#note-24\">note 24</a>) was transferred to retained earnings on completion of the disposal.</p>\r\n<p class=\"normal\" id=\"el-11-7\">During November 2024, management exchanged contracts for the sale of Clayton Whites Hotel, Wexford. At the end of the financial year, the hotel was revalued based on the agreed transaction values and the fair value uplift was recognised in the revaluation reserve. The fair value of the Clayton Whites Hotel, Wexford property was reclassified as a current asset held for sale at 31 December 2024 (<a href=\"#note-18\">note 18</a>), with completion of the sale taking place in January 2025 (<a href=\"#note-28\">note 28</a>).</p>\r\n<p class=\"normal\" id=\"el-11-8\">Capitalised labour costs of €0.1 million (2023: €0.3 million) relate to the Group’s internal development and building team and are directly related to asset acquisitions and construction and maintenance work completed in relation to the Group’s property, plant and equipment.</p>\r\n<p class=\"normal\" id=\"el-11-9\">Acquisitions through business combinations for the year ended 31 December 2023, relate to the acquisition of Clayton Hotel London Wall of £53.4 million (€62.1 million) and Clayton Hotel Amsterdam American of €6.1 million (<a href=\"#note-11\">note 11</a>). Other additions through capital expenditure primarily relate to the 2023 acquisition of Maldron Hotel Finsbury Park, London, which totalled £49.5 million (€56.9 million).</p>\r\n<p class=\"normal\" id=\"el-11-10\">Impairment assessments were carried out on the Group’s CGUs at 31 December 2024. The recoverable amount was deemed lower than the carrying amount in one of the Group’s UK CGUs and resulted in an impairment charge of €1.3 million (£1.1 million) relating to property, plant and equipment (<a href=\"#note-10\">note 10</a>). No other impairment charge has been recorded for the Group’s other CGUs as the recoverable amount was deemed higher than the carrying amount.</p>\r\n<p class=\"normal\" id=\"el-11-11\">At 31 December 2024, impairment reversal assessments were carried out on the Group’s CGUs where there had been a previous impairment of fixtures, fittings and equipment. Following this assessment, no impairment reversals of previous impairments were necessary (2023: €Nil) (<a href=\"#note-10\">note 10</a>).</p>\r\n<p class=\"normal\" id=\"el-11-12\">At 31 December 2024, property, plant and equipment with a carrying amount of €1,054.1million (2023: €1,368.3 million) were pledged as security for bank loans and private placement notes. </p>\r\n<p class=\"normal\" id=\"el-11-13\">The Group operates the Maldron Hotel Limerick and, since the acquisition of Fonteyn Property Holdings Limited in 2013, holds a secured loan over that property. The loan is not expected to be repaid. Accordingly, the Group has the risks and rewards of ownership and accounts for the hotel as an owned property, reflecting the substance of the arrangement.</p>\r\n<p class=\"normal\" id=\"el-11-14\">The value of the Group’s property at 31 December 2024 reflects open market valuations carried out as at 31 December 2024 by independent external valuers having appropriate recognised professional qualifications and recent experience in the location and value of the property being valued. The external valuations performed were in accordance with the Royal Institution of Chartered Surveyors (RICS) Valuation Standards. </p>\r\n<p class=\"heading-2\" id=\"el-11-15\"><strong>Measurement of fair value</strong></p>\r\n<p class=\"normal\" id=\"el-11-16\">The fair value measurement of the Group’s own-use property has been categorised as a Level 3 fair value based on the inputs to the valuation technique used. At 31 December 2024, 30 properties were revalued by independent external valuers engaged by the Group (31 December 2023: 31). </p>\r\n<p class=\"normal\" id=\"el-11-17\">The principal valuation technique used by the independent external valuers engaged by the Group was discounted cash flows. This valuation model considers the present value of net cash flows to be generated from the property over a ten year period (with an assumed terminal value at the end of year 10). Valuers’ forecast cash flow included in these calculations represents the expectations of the valuers for EBITDA (driven by average room rate (‘ARR’) (calculated as total revenue divided by total rooms sold) and occupancy) for the property and also takes account of the expectations of a prospective purchaser. It also includes their expectation for capital expenditure which the valuers, typically, assume as approximately 3%-4% of revenue per annum, dependent on the individual property’s characteristics. This does not always reflect the profile of actual capital expenditure incurred by the Group. On specific assets, refurbishments are, by nature, periodic rather than annual. Valuers’ expectations of EBITDA are based off their trading forecasts (benchmarked against competition, market and actual performance). The expected net cash flows are discounted using risk adjusted discount rates. Among other factors, the discount rate estimation considers the quality of the property and its location. The final valuation also includes a deduction of full purchaser’s costs based on the valuers’ estimates at 9.96% for assets located in the Republic of Ireland (31 December 2023: 9.96%) and 6.8% for assets located in the UK (31 December 2023: 6.8%).</p>\r\n<p class=\"normal\" id=\"el-11-18\">The valuers use their professional judgement and experience to balance the interplay between the different assumptions and valuation influences. For example, initial discounted cash flows based on individually reasonable inputs may result in a valuation which challenges the price per key metrics (value of hotel divided by room numbers) in recent hotel transactions. This would then result in one or more of the inputs being amended for preparation of a revised discounted cash flow. Consequently, the individual inputs may change from the prior period or may look individually unusual and therefore must be considered as a whole in the context of the overall valuation.</p>\r\n<p class=\"normal\" id=\"el-11-19\">It was noted by the independent valuers that climate risk and ESG considerations have had little or no impact on valuations at 31 December 2024.</p>\r\n<p class=\"normal\" id=\"el-11-20\">The significant unobservable inputs and drivers thereof are summarised in the following table:</p>\r\n<p class=\"heading-2\" id=\"el-11-21\"><strong>Significant unobservable inputs</strong></p>\r\n<table class=\"accounts-table\" id=\"el-11-22\"><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>Dublin</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Regional Ireland</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>UK</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=\"4\">\r\n<p class=\"table-headings align-center\"><strong>Number of hotel assets</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>RevPar (Revenue per available room)</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 colspan=\"1\">\r\n<p class=\"normal\">&lt;€/£100</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>4</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>6</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>11</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\"> €100-€125/£100-£125</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>4</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>5</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>2</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>11</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\">&gt;€125/£125</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>5</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>2</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>8</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=\"accounts align-right\"><strong>10</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>10</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>10</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>30</strong></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>Terminal (Year 10) capitalisation rate</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=\"9\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">&lt;8%</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>7</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>2</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>7</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>16</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"10\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">8%-10%</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>3</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>6</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>3</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>12</strong></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\">&gt;10%</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>2</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>2</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"12\">\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>10</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>10</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>10</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>30</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"13\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Price per key*</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=\"14\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">&lt; €150k/£150k</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>6</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>4</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>11</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"15\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">€150k-€250k/£150k-£250k</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>2</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>4</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>7</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"16\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">€250k-€350k/£250k-£350k</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>3</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>2</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>5</strong></p>\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=\"normal\">&gt; €350k/£350k</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>4</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>3</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>7</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"18\">\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>10</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>10</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>10</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>30</strong></p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<table class=\"accounts-table\" id=\"el-11-23\"><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>Dublin</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Regional Ireland</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>UK</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=\"4\">\r\n<p class=\"table-headings align-center\"><strong>Number of hotel assets</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>RevPar (Revenue per available room)</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 colspan=\"1\">\r\n<p class=\"normal\">&lt;€/£100</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\">2</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">2</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"5\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\"> €100-€125/£100-£125</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">2</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">7</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">4</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">13</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\">&gt;€125/£125</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">8</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">5</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">3</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">16</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=\"accounts align-right\">10</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">12</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">9</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">31</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>Terminal (Year 10) capitalisation rate</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=\"9\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">&lt;8%</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">7</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\">5</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">12</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"10\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">8%-10%</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">3</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">8</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">4</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">15</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\">&gt;10%</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\">4</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\">4</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"12\">\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\">10</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">12</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">9</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">31</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"13\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Price per key*</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=\"14\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">&lt; €150k/£150k</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">1</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">9</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">4</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">14</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"15\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">€150k-€250k/£150k-£250k</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">1</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">2</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">1</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">4</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"16\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">€250k-€350k/£250k-£350k</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">5</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">1</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">2</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">8</p>\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=\"normal\">&gt; €350k/£350k</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">3</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\">2</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">5</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"18\">\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\">10</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">12</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">9</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">31</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"footnote\" id=\"el-11-24\">* Price per key represents the valuation of a hotel divided by the number of rooms in that hotel.</p>\r\n<p class=\"normal\" id=\"el-11-25\">The significant unobservable inputs are:</p>\r\n<ul class=\"bullet\" id=\"el-11-26\">\r\n<li>Valuers’ forecast cash flows. </li>\r\n<li>Risk adjusted discount rates and terminal (Year 10) capitalisation rates are specific to each property; </li>\r\n</ul>\r\n<p class=\"normal\" id=\"el-11-27\">Dublin assets: </p>\r\n<ul class=\"bullet\" id=\"el-11-28\">\r\n<li>Risk adjusted discount rates range between 8.50% and 11.35% (31 December 2023: 8.50% and 11.35%).</li>\r\n<li>Weighted average risk adjusted discount rate is 9.41% (31 December 2023: 9.40%). </li>\r\n<li>Terminal capitalisation rates range between 6.50% and 9.35% (31 December 2023: 6.50% and 9.35%). </li>\r\n<li>Weighted average terminal capitalisation rate is 7.41% (31 December 2023: 7.40%).</li>\r\n</ul>\r\n<p class=\"normal\" id=\"el-11-29\">Regional Ireland: </p>\r\n<ul class=\"bullet\" id=\"el-11-30\">\r\n<li>Risk adjusted discount rates range between 9.75% and 12.75% (31 December 2023: 10.0% and 12.75%).</li>\r\n<li>Weighted average risk adjusted discount rate is 10.56% (31 December 2023: 11.06%). </li>\r\n<li>Terminal capitalisation rates range between 7.75% and 10.75% (31 December 2023: 8.0% and 10.75%).</li>\r\n<li>Weighted average terminal capitalisation rate is 8.56% (31 December 2023: 9.06%).</li>\r\n</ul>\r\n<p class=\"normal\" id=\"el-11-31\">UK:</p>\r\n<ul class=\"bullet\" id=\"el-11-32\">\r\n<li>Risk adjusted discount rates range between 7.30% and 11.50% (31 December 2023: 7.40% and 11.50%). </li>\r\n<li>Weighted average risk adjusted discount rate is 8.31% (31 December 2023: 8.77%). </li>\r\n<li>Terminal capitalisation rates range between 5.30% and 9.50% (31 December 2023: 5.40% and 9.50%). </li>\r\n<li>Weighted average terminal capitalisation rate is 6.31% (31 December 2023: 6.77%).</li>\r\n</ul>\r\n<p class=\"normal\" id=\"el-11-33\">The estimated fair value under this valuation model may increase or decrease if:</p>\r\n<ul class=\"bullet\" id=\"el-11-34\">\r\n<li>Valuers’ forecast cash flow was higher or lower than expected; and/or </li>\r\n<li>The risk adjusted discount rate and terminal capitalisation rate was lower or higher.</li>\r\n</ul>\r\n<p class=\"normal\" id=\"el-11-35\">Valuations also had regard to relevant price per key metrics from hotel sales activity.</p>\r\n<p class=\"normal\" id=\"el-11-36\">The property revaluation exercise carried out by the Group’s external valuers is a complex exercise, which not only takes into account the future earnings forecast for the hotels, but also a number of other factors, including and not limited to, market conditions, comparable hotel sale transactions, inflation and the underlying value of an asset. As a result, it is not possible for the Group to perform a quantitative sensitivity for a change in the property values. A change in an individual quantitative variable would not necessarily lead to an equivalent change in the overall outcome and would require the application of judgement of the valuers in terms of how the variable change could potentially impact on overall valuations.</p>\r\n<p class=\"heading-1\" id=\"el-11-37\"><strong>14 Leases </strong></p>\r\n<p class=\"heading-2\" id=\"el-11-38\"><strong>Group as a lessee</strong></p>\r\n<p class=\"normal\" id=\"el-11-39\">The Group leases property assets, which includes land and buildings and related fixtures and fittings, and other equipment, relating to vehicles, machinery and IT equipment. Information about leases for which the Group is a lessee is presented below:</p>\r\n<p class=\"heading-2\" id=\"el-11-40\"><strong>Right-of-use assets</strong></p>\r\n<table class=\"accounts-table\" id=\"el-11-41\"><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>Property assets</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Other equipment</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</tr>\r\n<tr data-row-no=\"2\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Net book value at 1 January 2024</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>684,600</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>593</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>685,193</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"3\">\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\">Additions</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">75,816</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">206</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">76,022</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"5\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Depreciation charge for the year </p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(33,531)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(196)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(33,727)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"6\">\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<p class=\"accounts align-right\">14,743</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\">14,743</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"7\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Reversal of previous impairment charge</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">1,719</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\">1,719</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\">Translation adjustment</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">16,198</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">3</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">16,201</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>Net book value 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>759,545</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>606</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>760,151</strong></p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<table class=\"accounts-table\" id=\"el-11-42\"><tbody>\r\n<tr data-row-no=\"0\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Net book value at 1 January 2023</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">657,790</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">311</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">658,101</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</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=\"2\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Acquisitions through business combinations (<a href=\"#note-11\">note 11</a>)</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\">43,382</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"3\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Additions</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\">375</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"4\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Depreciation charge for the year </p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(30,570)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(93)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(30,663)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"5\">\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<p class=\"accounts align-right\">7,808</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\">7,808</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\">Translation adjustment</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">6,190</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\">6,190</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>Net book value 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>684,600</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>593</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>685,193</strong></p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"normal\" id=\"el-11-43\">Right-of-use assets comprise leased assets that do not meet the definition of investment property. </p>\r\n<p class=\"heading-2\" id=\"el-11-44\"><strong>Lease liabilities</strong></p>\r\n<table class=\"accounts-table\" id=\"el-11-45\"><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=\"normal\">Current </p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">12,040</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">10,347</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"3\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Non-current </p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">686,558</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">641,444</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=\"heading-2\"><strong>Lease liabilities at 1 January </strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>698,598</strong></p>\r\n</td>\r\n<td class=\"light-line\" 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=\"5\">\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 colspan=\"1\">\r\n<p class=\"normal\">Additions</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\">375</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"7\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Acquisitions through business combinations (<a href=\"#note-11\">note 11</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\">43,382</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"8\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Interest on lease liabilities (<a href=\"#note-6\">note 6</a>)</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\">42,751</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"9\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Lease payments</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(61,254)</p>\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=\"10\">\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<p class=\"accounts align-right\">13,781</p>\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=\"11\">\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<p class=\"accounts align-right\">16,583</p>\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=\"12\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Lease liabilities at 31 December </strong></p>\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<td class=\"light-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=\"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</tr>\r\n<tr data-row-no=\"14\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Current</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">13,939</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">12,040</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=\"normal\">Non-current</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">764,619</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">686,558</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>Lease liabilities at 31 December </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>698,598</strong></p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"normal\" id=\"el-11-46\">Additions during the year ended 31 December 2024 relate to:</p>\r\n<ul class=\"bullet\" id=\"el-11-47\">\r\n<li>In May 2024, the Group entered into a 35 year lease of Maldron Hotel Manchester Cathedral Quarter. This resulted in the recognition of a lease liability of €16.3 million (£13.9 million) and a right-of-use asset of €20.3 million (£17.2 million), which includes initial direct costs of €4.0 million (£3.3 million). </li>\r\n<li>In July 2024, the Group entered into a 35 year lease of Maldron Hotel Liverpool. This resulted in the recognition of a lease liability of €21.4 million (£18.1 million) and a right-of-use asset of €27.4 million (£23.2 million), which includes initial direct costs of €6.0 million (£5.1 million). </li>\r\n<li>In July 2024, the Group entered into a 35 year lease of Maldron Hotel Brighton. This resulted in the recognition of a lease liability of €23.5 million (£19.8 million) and a right-of-use asset of €28.2 million (£23.9 million), which includes initial direct costs of €4.7 million (£4.1 million). </li>\r\n</ul>\r\n<p class=\"normal\" id=\"el-11-48\">Acquisitions through business combinations during the year ended 31 December 2023 related to:</p>\r\n<ul class=\"bullet\" id=\"el-11-49\">\r\n<li>In July 2023, the Group acquired the ground lease of the Apex Hotel London Wall, which was subsequently re-branded Clayton Hotel London Wall, with 107 years remaining on the lease at the date of acquisition. This resulted in the recognition of a lease liability of €2.3 million (£2.0 million) and a right-of-use asset of €2.3 million (£2.0 million). </li>\r\n<li>In October 2023, the Group acquired 100% of the share capital of American Hotel Exploitatie BV which held the operational lease of the Hard Rock Hotel Amsterdam American, now trading as Clayton Hotel Amsterdam American. The lease term remaining on acquisition was 18 years, with two 5-year tenant extension options. This resulted in the recognition of a lease liability of €41.0 million and right-of-use asset of €41.0 million.</li>\r\n</ul>\r\n<p class=\"normal\" id=\"el-11-50\">The weighted average incremental borrowing rate for leases newly entered into during the year ended 31 December 2024 is 10.0% (2023: 8.8%). </p>\r\n<p class=\"normal\" id=\"el-11-51\">During the year ended 31 December 2024, a lease amendment, which was not included in the original lease agreement was made to Clayton Hotel Manchester Airport. This has been treated as a modification of lease liabilities and resulted in an increase to the lease liability of €7.2 million (£6.0 million) and an increase to the carrying value of the right-of-use asset of €8.1 million (£6.8 million), which includes initial direct costs of €0.9 million (£0.8 million). </p>\r\n<p class=\"normal\" id=\"el-11-52\">During the year ended 31 December 2023, a lease amendment, which was not included in the original lease agreement, was made to one of the Group’s leases. This was treated as a modification of lease liabilities and resulted in an increase in lease liabilities and the carrying value of the right-of-use asset of €4.5 million.</p>\r\n<p class=\"normal\" id=\"el-11-53\">Following agreed rent reviews and rent adjustments, which formed part of the original lease agreements, certain of the Group’s leases were reassessed during the year. This resulted in an increase in lease liabilities and related right-of-use assets of €6.6 million (2023: €3.3 million). </p>\r\n<p class=\"normal\" id=\"el-11-54\">Variable lease costs which are linked to an index rate or are considered fixed payments in substance are included in the measurement of lease liabilities. These represent €80.0 million of lease liabilities at 31 December 2024 (31 December 2023: €61.2 million).</p>\r\n<p class=\"normal\" id=\"el-11-55\">Non-cancellable undiscounted lease cash flows payable under lease contracts are set out below:</p>\r\n<table class=\"accounts-table\" id=\"el-11-56\"><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>At 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>Republic of Ireland </strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Continental Europe</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>UK</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</tr>\r\n<tr data-row-no=\"3\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">During the year 2025</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>26,540</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>8,836</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>26,266</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>67,053</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\">During the year 2026</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>24,457</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>8,836</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>25,783</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>64,388</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\">During the year 2027</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>24,485</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>8,836</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>26,232</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>64,957</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\">During the year 2028</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>24,565</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>8,836</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>26,300</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>65,119</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"7\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">During the year 2029</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>24,527</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>8,836</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>26,474</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>65,291</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"8\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">During the years 2030 – 2039</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>234,867</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>88,362</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>276,287</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>656,434</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"9\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">During the years 2040 – 2049</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>135,452</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>19,143</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>297,687</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>513,609</strong></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\">From 2050 onwards</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>59,594</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>817,603</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,045,632</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"11\">\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>554,487</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>151,685</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,522,632</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>2,542,483</strong></p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<table class=\"accounts-table\" id=\"el-11-57\"><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>At 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>Republic of Ireland </strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Continental Europe</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>UK</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</tr>\r\n<tr data-row-no=\"3\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Year ended 31 December 2024</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">26,283</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">8,780</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">19,588</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">57,603</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"4\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">During the year 2025</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">26,475</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">8,827</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">19,660</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">57,924</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"5\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">During the year 2026</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">24,577</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">8,827</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">19,753</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">56,133</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"6\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">During the year 2027</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">24,419</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">8,827</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">20,211</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">56,502</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"7\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">During the year 2028</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">24,500</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">8,827</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">20,327</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">56,717</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"8\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">During the year 2029</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">24,462</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">8,827</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">20,403</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">56,766</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"9\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">During the years 2030 – 2039</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">234,867</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">88,268</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">213,524</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">568,833</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"10\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">During the years 2040 – 2049</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">135,452</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">19,121</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">230,987</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">420,366</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\">From 2050 onwards</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">59,594</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\">145,688</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">227,235</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"12\">\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\">580,629</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">160,304</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">710,141</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">1,558,079</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"normal\" id=\"el-11-58\">Sterling amounts have been converted using the closing foreign exchange rate of 0.82918 as at 31 December 2024 (0.86905 as at 31 December 2023).</p>\r\n<p class=\"normal\" id=\"el-11-59\">The actual cash flows will depend on the composition of the Group’s lease portfolio in future years and are subject to change, driven by: </p>\r\n<ul class=\"bullet\" id=\"el-11-60\">\r\n<li>commencement of new leases; </li>\r\n<li>modifications of existing leases; and </li>\r\n<li>reassessments of lease liabilities following periodic rent reviews.  </li>\r\n</ul>\r\n<p class=\"normal\" id=\"el-11-61\">It excludes leases on hotels for which an agreement for lease has been signed.</p>\r\n<p class=\"normal\" id=\"el-11-62\">During the year ended 31 December 2024, the Group made lease amendments, which were not included in the original lease agreements, and entered new lease agreements. One of the lease amendments extended the remaining lease term from 60 to 200 years, significantly increasing the value of non-cancellable undiscounted lease cash flows payable and the weighted average lease life of future minimum rental payments.</p>\r\n<p class=\"normal\" id=\"el-11-63\">The weighted average lease life of future minimum rentals payable under leases is 82.8 years (31 December 2023: 29.5 years). Excluding the lease at Clayton Manchester Airport which has a term of 200 years, the weighted average lease of future minimum rentals payable under leases would be 29.0 years. Lease liabilities are monitored within the Group’s treasury function.</p>\r\n<p class=\"normal\" id=\"el-11-64\">For the year ended 31 December 2024, the total fixed cash outflows relating to property assets and other equipment amounted to €61.3 million (31 December 2023: €53.5 million).</p>\r\n<p class=\"heading-2\" id=\"el-11-65\"><strong>Unwind of right-of-use assets and release of interest charge</strong></p>\r\n<p class=\"normal\" id=\"el-11-66\">The unwinding of the right-of-use assets as at 31 December 2024 and the release of the interest on the lease liabilities as at 31 December 2024 through profit or loss over the terms of the leases have been disclosed in the following tables:</p>\r\n<table class=\"accounts-table\" id=\"el-11-67\"><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>Depreciation of right-of-use assets</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>Republic of Ireland</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Continental Europe</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>UK</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</tr>\r\n<tr data-row-no=\"3\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">During the year 2025</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>16,148</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>4,754</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>12,287</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>35,720</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\">During the year 2026</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>14,165</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>4,754</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>11,942</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>33,321</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\">During the year 2027</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>13,689</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>4,754</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>11,712</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>32,568</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\">During the year 2028</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>13,516</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>4,754</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>11,510</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>32,151</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"7\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">During the year 2029</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>13,296</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>4,480</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>10,850</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>30,861</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"8\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">During the years 2030 – 2039</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>121,287</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>44,540</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>103,244</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>290,341</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"9\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">During the years 2040 – 2049</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>63,889</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>9,650</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>102,546</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>197,211</strong></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\">From 2050 onwards</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>24,878</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>68,905</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>107,978</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"11\">\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>280,868</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>77,686</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>332,996</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>760,151</strong></p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<table class=\"accounts-table\" id=\"el-11-68\"><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>Interest on lease 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>Republic of Ireland</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Continental Europe</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>UK</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</tr>\r\n<tr data-row-no=\"3\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">During the year 2025</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>17,181</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>6,256</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>24,442</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>52,914</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\">During the year 2026</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>16,641</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>6,061</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>24,371</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>52,094</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\">During the year 2027</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>16,182</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>5,851</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>24,278</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>51,313</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\">During the year 2028</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>15,684</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>5,624</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>24,153</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>50,437</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"7\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">During the year 2029</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>15,154</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>5,380</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>24,013</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>49,494</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"8\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">During the years 2030 – 2039</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>117,821</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>35,397</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>226,057</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>425,845</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"9\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">During the years 2040 – 2049</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>54,650</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,533</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>168,709</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>259,648</strong></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\">From 2050 onwards</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>9,475</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>673,879</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>822,180</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"11\">\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>262,788</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>66,102</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,189,902</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,763,925</strong></p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"normal\" id=\"el-11-69\">Sterling amounts have been converted using the closing foreign exchange rate of 0.82918 as at 31 December 2024.</p>\r\n<p class=\"normal\" id=\"el-11-70\">The actual depreciation and interest charge through profit or loss will depend on the composition of the Group’s lease portfolio in future years and are subject to change, driven by:</p>\r\n<ul class=\"bullet\" id=\"el-11-71\">\r\n<li>commencement of new leases;</li>\r\n<li>modifications of existing leases; </li>\r\n<li>reassessments of lease liabilities following periodic rent reviews; and</li>\r\n<li>impairments and reversals of previous impairment charges of right-of-use assets.</li>\r\n</ul>\r\n<p class=\"normal\" id=\"el-11-72\">Impairment assessments were carried out on the Group’s CGUs at 31 December 2024. No impairment charge has been recorded as the recoverable amount was deemed higher than the carrying amount for all the Group’s CGUs. A reversal of previous impairment charges of €1.7 million (£1.4 million) relating to a UK CGU was recognised in profit or loss during the year ended 31 December 2024 (2023: €Nil) (<a href=\"#note-10\">note 10</a>).</p>\r\n<p class=\"heading-2\" id=\"el-11-73\"><strong>Leases of property assets</strong></p>\r\n<p class=\"normal\" id=\"el-11-74\">The Group leases properties for its hotel operations and office space. The leases of hotels typically run for a period of between 25 and 35 years and leases of office space for 10 years.</p>\r\n<p class=\"normal\" id=\"el-11-75\">Some leases provide for additional rent payments that are based on a percentage of the revenue/EBITDAR that the Group generates at the hotel in the period. The Group sub-leases part of two of its properties to a tenant under an operating lease.</p>\r\n<p class=\"heading-3\" id=\"el-11-76\"><strong><em>Variable lease costs based on revenue</em></strong></p>\r\n<p class=\"normal\" id=\"el-11-77\">These variable lease costs link rental payments to hotel cash flows and reduce fixed payments. Variable lease costs which are considered fixed in substance are included as part of lease liabilities and not in the following table.</p>\r\n<p class=\"normal\" id=\"el-11-78\">Variable lease costs based on revenue for the year ended 31 December 2024 are as follows:</p>\r\n<table class=\"accounts-table\" id=\"el-11-79\"><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>Variable lease costs element</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Estimated impact on variable lease costs of 5% increase in revenue/EBITDAR</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\">Leases with lease payments based on revenue</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>2,644</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>506</strong></p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"normal\" id=\"el-11-80\">Variable lease costs based on revenue for the year ended 31 December 2023 are as follows:</p>\r\n<table class=\"accounts-table\" id=\"el-11-81\"><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> Variable lease costs element</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Estimated impact on variable lease costs of 5% increase in revenue/EBITDAR</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\">Leases with lease payments based on revenue</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">3,630</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">782</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"heading-3\" id=\"el-11-82\"><strong><em>Extension options </em></strong></p>\r\n<p class=\"normal\" id=\"el-11-83\">As at 31 December 2024, the Group, as a hotel lessee, has two hotels which each have two 5-year extension options. The Group assesses at lease commencement whether it is reasonably certain to exercise the options and reassesses if there is a significant event or change in circumstances within its control. At 31 December 2024, the Group has assessed that it is not reasonably certain that the options will be exercised. The relative magnitude of optional lease payments to lease payments is as follows:</p>\r\n<table class=\"accounts-table\" id=\"el-11-84\"><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>Lease liabilities recognised (discounted)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Potential future lease payments not included in lease liabilities (discounted)</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\">Hotel leases</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>85,583</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>11,498</strong></p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"heading-3\" id=\"el-11-85\"><strong><em>Termination options</em></strong></p>\r\n<p class=\"normal\" id=\"el-11-86\">The Group holds a termination option in an office space lease. The Group assesses at lease commencement whether it is reasonably certain not to exercise the option and reassesses if there is a significant event or change in circumstances within its control. At 31 December 2024, the Group has assessed that it is not reasonably certain that the option will not be exercised. The relative magnitude of optional lease payments to lease payments is as follows:</p>\r\n<table class=\"accounts-table\" id=\"el-11-87\"><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>Lease liabilities recognised (discounted)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Potential future lease payments not included in lease liabilities (discounted)</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\">Office building</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>3,411</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,475</strong></p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"heading-3\" id=\"el-11-88\"><strong><em>Leases not yet commenced to which the lessee is committed</em></strong></p>\r\n<p class=\"normal\" id=\"el-11-89\">The Group has two agreements for lease at 31 December 2024 and details of the non-cancellable lease rentals and other contractual obligations payable under these agreements are set out hereafter. These represent the minimum future lease payments (undiscounted) in aggregate that the Group is required to make under the agreements. An agreement for lease is a binding agreement between external third parties and the Group to enter into a lease at a future date. The dates of commencement of these leases may change based on the hotel opening dates. The amounts payable may also change slightly if there are any changes in room numbers delivered through construction.</p>\r\n<table class=\"accounts-table\" id=\"el-11-90\"><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>At 31 December 2024</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>At 31 December 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>Agreements for lease</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\">Less than one year</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\">9,503</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"4\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">One to two years</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>613</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">5,745</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"5\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Two to three years</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>2,450</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">7,991</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"6\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Three to five years</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>12,310</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">16,389</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"7\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Five to fifteen years</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>69,307</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">86,181</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"8\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Fifteen to twenty five years</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>75,209</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">92,658</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\">After twenty five years</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>49,634</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">107,305</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>Total future lease payments</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>209,523</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">325,772</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"normal\" id=\"el-11-91\">Included in the above table at 31 December 2024 are future lease payments for agreements for lease for Maldron Hotel Croke Park, Dublin and Clayton Hotel Old Broad Street, London. The lease for Maldron Hotel Croke Park, Dublin has a term of 35 years and the hotel is expected to open in H2 2026. The lease for Clayton Hotel Old Broad Street, London has a term of 25 years and the hotel is expected to open in H2 2028.</p>\r\n<p class=\"heading-2\" id=\"el-11-92\"><strong>Other leases</strong></p>\r\n<p class=\"normal\" id=\"el-11-93\">The Group has applied the short-term and low-value exemptions available under IFRS 16 where applicable and recognises lease payments associated with short-term leases or leases for which the underlying asset is of low-value as an expense on a straight-line basis over the lease term. Where the exemptions were not available, right-of-use assets have been recognised with corresponding lease liabilities.</p>\r\n<table class=\"accounts-table\" id=\"el-11-94\"><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=\"normal\">Expenses relating to short-term leases recognised in administrative expenses</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>250</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">174</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"3\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Expenses relating to leases of low-value assets, excluding short-term leases of low-value assets, recognised in administrative expenses</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>496</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">365</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"4\">\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>746</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">539</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"normal\" id=\"el-11-95\">For the year ended 31 December 2024, cash outflows relating to fixtures, fittings and equipment, for which the Group has availed of the IFRS 16 short-term and low-value exemptions, amounted to €0.7 million (31 December 2023: €0.5 million).</p>\r\n<p class=\"heading-2\" id=\"el-11-96\"><strong>Group as a lessor</strong></p>\r\n<p class=\"normal\" id=\"el-11-97\">Lease income from lease contracts in which the Group acts as lessor is outlined below:</p>\r\n<table class=\"accounts-table\" id=\"el-11-98\"><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\">Operating lease income (<a href=\"#note-5\">note 5</a>)</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>384</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">385</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"normal\" id=\"el-11-99\">The Group leases its investment property and has classified these leases as operating leases because they do not transfer substantially all of the risks and rewards incidental to ownership of these assets to the lessee. Operating lease income from sub-leasing right-of-use assets for the year ended 31 December 2024 amounted to €0.2 million (31 December 2023: €0.2 million).</p>\r\n<p class=\"normal\" id=\"el-11-100\">The following table sets out a maturity analysis of lease payments, showing the undiscounted lease payments receivable:</p>\r\n<table class=\"accounts-table\" id=\"el-11-101\"><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=\"normal\">Less than one year</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>309</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">364</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"3\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">One to two years</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>297</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">303</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"4\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Two to three years</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>287</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">303</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"5\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Three to four years</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>254</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">262</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"6\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Four to five years</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>254</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">248</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\">More than five years</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>535</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">767</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>Total undiscounted lease payments receivable</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,936</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">2,247</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"normal\" id=\"el-11-102\">Sterling amounts have been converted using the closing foreign exchange rate of 0.82918 as at 31 December 2024 (31 December 2023: 0.86905).</p>\r\n<p class=\"heading-1\" id=\"el-11-103\"><strong>15 Trade and other receivables </strong></p>\r\n<table class=\"accounts-table\" id=\"el-11-104\"><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 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=\"3\">\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>6,495</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">2,328</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\">Prepayments</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>867</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">4,090</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=\"accounts align-right\"><strong>7,362</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">6,418</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"6\">\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=\"7\">\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=\"8\">\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=\"9\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Prepayments</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>12,449</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">9,251</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"10\">\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=\"11\">\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=\"12\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Other receivables</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>500</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">500</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"13\">\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>30,842</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">28,262</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"14\">\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=\"15\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Total</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>38,204</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">34,680</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"heading-2\" id=\"el-11-105\"><strong>Non-current assets</strong></p>\r\n<p class=\"normal\" id=\"el-11-106\">Included in non-current other receivables at 31 December 2024 is a rent deposit of €1.4 million paid to the landlord on the sale and leaseback of a hotel property (31 December 2023: €1.4 million). This deposit is repayable to the Group at the end of the lease term. Also included is a deposit paid as part of another hotel property lease contract of €0.9 million (31 December 2023: €0.9 million) which is interest-bearing and refundable at the end of the lease term. </p>\r\n<p class=\"normal\" id=\"el-11-107\">During the year, the Group paid a deposit of €4.2 million for the acquisition of the Radisson Blu Hotel Dublin Airport. This will be held in other receivables until the sale is finalised, which is subject to contractual conditions and regulatory approval.</p>\r\n<p class=\"normal\" id=\"el-11-108\">Included in non-current prepayments at 31 December 2024 are costs of €0.9 million (31 December 2023: €4.1 million) associated with future lease agreements for hotels which are currently being constructed or in planning. Costs associated with leases which were signed during 2024 were reclassified to right-of-use assets on lease commencement.</p>\r\n<p class=\"heading-2\" id=\"el-11-109\"><strong>Current assets</strong></p>\r\n<p class=\"normal\" id=\"el-11-110\">Trade receivables are subject to the expected credit loss model in IFRS 9 <em>Financial Instruments</em>. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the number of days past due. </p>\r\n<p class=\"heading-2\" id=\"el-11-111\"><strong>Aged analysis of trade receivables</strong></p>\r\n<table class=\"accounts-table\" id=\"el-11-112\"><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>Gross receivables</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Expected<br>credit loss</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Impairment provision</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Net </strong></p>\r\n<p class=\"table-headings align-right\"><strong>receivables</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>Rate</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>2024</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\">Not past due</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>5,338</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<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>5,338</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\">Past due &lt; 30 days</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>3,155</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<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>3,155</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\">Past due 30 – 60 days</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,171</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<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>1,171</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\">Past due 60 – 90 days</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>126</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<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>126</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\">Past due &gt; 90 days</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,404</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>24.8%</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(348)</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,056</strong></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>11,194</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<p class=\"normal align-right\"><strong>(348)</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>10,846</strong></p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<table class=\"accounts-table\" id=\"el-11-113\"><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>Gross receivables</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Expected </strong></p>\r\n<p class=\"table-headings align-right\"><strong>credit loss</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Impairment provision</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Net </strong></p>\r\n<p class=\"table-headings align-right\"><strong>receivables</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>Rate</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>2023</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\">Not past due</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">5,984</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">0.0%</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\">5,984</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"4\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Past due &lt; 30 days</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">2,804</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">0.0%</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\">2,804</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"5\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Past due 30 – 60 days</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">1,337</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">0.0%</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\">1,337</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"6\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Past due 60 – 90 days</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">147</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">0.0%</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\">147</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\">Past due &gt; 90 days</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">883</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">36.8%</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(325)</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">558</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\">11,155</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<p class=\"accounts-bracket align-right\">(325)</p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">10,830</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"normal\" id=\"el-11-114\">Management does not expect any significant losses from trade receivables that have not been provided for as shown above, contract assets, accrued income or other receivables. Details are included in the credit risk section in <a href=\"#note-25\">note 25</a>.</p>\r\n<p class=\"heading-1\" id=\"el-11-115\"><strong>16 Inventories </strong></p>\r\n<table class=\"accounts-table\" id=\"el-11-116\"><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=\"normal\">Goods for resale</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,987</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">1,882</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"3\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Consumable stores</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>774</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">519</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"4\">\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>2,761</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">2,401</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"normal\" id=\"el-11-117\">Inventories recognised as cost of sales during the year amounted to €35.1 million (2023: €33.6 million).</p>\r\n<p class=\"heading-1\" id=\"el-11-118\"><strong>17 Cash and cash equivalents</strong></p>\r\n<table class=\"accounts-table\" id=\"el-11-119\"><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=\"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=\"3\">\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>39,575</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">34,173</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"heading-1\" id=\"el-11-120\"><strong>18 Held for sale assets </strong></p>\r\n<p class=\"normal\" id=\"el-11-121\">On 19 November 2024, the Group announced that it had exchanged contracts for the sale of Clayton Whites Hotel, Wexford for €21.0 million. The Group treated the business unit as held for sale as of this date. Prior to the reclassification, hotel land and buildings were remeasured in accordance with the revaluation model, resulting in a fair value increase of €4.2 million and associated deferred tax liabilities were remeasured on a realisation basis. The net movement was recognised in other comprehensive income.</p>\r\n<p class=\"normal\" id=\"el-11-122\">On 9 January 2025, the Group completed the sale for a cash consideration of €21.0 million. The net proceeds from the transaction amount to €20.7 million. The assets held for sale at 31 December 2024 relate to:</p>\r\n<table class=\"accounts-table\" id=\"el-11-123\"><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>Note</strong></p>\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<p class=\"table-headings align-right\"><strong>€’000</strong></p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"1\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Property, plant and equipment</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">13</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">19,742</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"2\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Goodwill </p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">12</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">550</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"3\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Investment property</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<p class=\"accounts align-right\">425</p>\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=\"heading-2\"><strong>Assets held for sale </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<p class=\"accounts align-right\">20,717</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"normal\" id=\"el-11-124\">The above divestment is not regarded as a discontinued operation as it was not considered to be either a separate major line of business or geographical area of operations. Separately, the Group completed the disposal of the Maldron Hotel Wexford (<a href=\"#note-13\">note 13</a>).</p>\r\n<p class=\"heading-1\" id=\"el-11-125\"><strong>19 Capital and reserves</strong></p>\r\n<p class=\"heading-3\" id=\"el-11-126\"><strong><em>At 31 December 2024</em></strong></p>\r\n<table class=\"accounts-table\" id=\"el-11-127\"><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>Number</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=\"1\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Authorised share capital</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>10,000,000,000</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>100,000</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\">Ordinary shares of €0.01 each</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</tr>\r\n<tr data-row-no=\"3\">\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</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Number </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=\"5\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Allotted, called-up and fully paid shares</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>212,872,966</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>2,129</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\">Ordinary shares of €0.01 each</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</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 class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Share premium </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<p class=\"accounts align-right\"><strong>507,365</strong></p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<table class=\"accounts-table\" id=\"el-11-128\"><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>Number </strong></p>\r\n</td>\r\n<td 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=\"1\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Treasury reserve</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>4,153</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\"><strong>(19)</strong></p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"heading-2\" id=\"el-11-129\"><strong>Capital reserves </strong></p>\r\n<table class=\"accounts-table\" id=\"el-11-130\"><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=\"normal\">Capital contribution </p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>25,724</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">25,724</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"3\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Merger reserve </p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>81,264</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">81,264</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\">Other un-denominated capital</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>116</strong></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=\"5\">\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>107,104</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">106,998</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"heading-3\" id=\"el-11-131\"><strong><em>At 31 December 2023</em></strong></p>\r\n<table class=\"accounts-table\" id=\"el-11-132\"><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>Number</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=\"1\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Authorised share capital</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=\"2\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Ordinary shares of €0.01 each</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">10,000,000,000</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">100,000</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"3\">\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</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Number </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=\"5\">\r\n<td colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Allotted, called-up and fully paid shares</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\">Ordinary shares of €0.01 each</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">223,454,844</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">2,235</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 class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Share premium </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<p class=\"accounts align-right\">505,079</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"heading-3\" id=\"el-11-133\"><strong><em>(a) Share capital </em></strong></p>\r\n<p class=\"normal\" id=\"el-11-134\">All ordinary shares rank equally with regard to the Company’s residual assets. </p>\r\n<p class=\"normal\" id=\"el-11-135\">Between January and April 2024, the Company issued 975,316 shares of €0.01 per share at par, following the vesting of awards granted as part of the Share Save scheme in 2019 and 2020 (<a href=\"#note-8\">note 8</a>). The weighted average exercise price at the date of exercise for options exercised during the year ended 31 December 2024 was €2.35 (2023: €3.57).</p>\r\n<p class=\"normal\" id=\"el-11-136\">In February 2024, an Employee Benefit Trust (‘the Trust’) was established to periodically make market purchases of ordinary shares of the company in order to satisfy exercises of vested options granted pursuant to the Group’s Long Term Incentive Plans and the Share Save schemes. During the year ended 31 December 2024, 1,383,685 shares were purchased by the Trust. 1,092,261 of these shares were acquired to fulfil the exercise of vested options under the 2017 Long Term Incentive Plan award (<a href=\"#note-8\">note 8</a>), while 287,271 shares were used to satisfy the exercise of vested options pursuant to the 2020 Share Save schemes. The remaining 4,153 shares are held by the Trust.</p>\r\n<p class=\"normal\" id=\"el-11-137\">In September and October 2024, the Group announced two share buyback programmes to purchase the Company’s ordinary shares of €0.01 for an aggregate value (excluding associated expenses) of up to €55 million (€30 and €25 million). The programmes concluded on 14 October 2024 and 27 January 2025 respectively. During the year ended 31 December 2024, the Group repurchased 11.6 million (2023: €Nil) ordinary shares under the programmes on Euronext Dublin at an average price of €4.20 per share which were subsequently cancelled.  The 11.6m million ordinary shares cancelled via the share buyback programmes during the financial year represent 5.4% of the Company’s total called up share capital. In January 2025, €6.5 million worth of shares were repurchased, concluding the second share buyback programme.</p>\r\n<p class=\"heading-3\" id=\"el-11-138\"><strong><em>(b) Treasury shares</em></strong></p>\r\n<p class=\"normal\" id=\"el-11-139\">At 31 December 2024, the Trust held 4,153 of the Company’s own shares (31 December 2023: Nil), which were acquired at a total cost of €0.02 million (31 December 2023: €Nil) which is recorded directly in equity under treasury share reserve.</p>\r\n<p class=\"heading-3\" id=\"el-11-140\"><strong><em>(c) Capital reserves </em></strong></p>\r\n<p class=\"heading-4\" id=\"el-11-141\"><strong><em>Capital contribution reserve</em></strong></p>\r\n<p class=\"normal\" id=\"el-11-142\">As part of a Group reorganisation in 2014, the Company became the ultimate parent entity of the then existing Group, when it acquired 100% of the issued share capital of DHGL Limited in exchange for the issue of 9,500 ordinary shares of €0.01 each. By doing so, it also indirectly acquired the 100% shareholdings previously held by DHGL Limited in each of its subsidiaries. As part of that reorganisation, shareholder loan note obligations (including accrued interest) of DHGL Limited were assumed by the Company as part of the consideration paid for the equity shares in DHGL Limited.</p>\r\n<p class=\"normal\" id=\"el-11-143\">The fair value of the Group (as then headed by DHGL Limited) at that date was estimated at €40.0 million. The fair value of the shareholder loan note obligations assumed by the Company as part of the acquisition was €29.7 million and the fair value of the shares issued by the Company in the share exchange was €10.3 million. </p>\r\n<p class=\"normal\" id=\"el-11-144\">The difference between the carrying value of the shareholder loan note obligations (€55.4 million) prior to the reorganisation and their fair value (€29.7 million) at that date represents a contribution from shareholders of €25.7 million which has been credited to a separate capital contribution reserve. Subsequently, all shareholder loan note obligations were settled in 2014, in exchange for shares issued in the Company. </p>\r\n<p class=\"heading-3\" id=\"el-11-145\"><strong><em>Merger reserve</em></strong></p>\r\n<p class=\"normal\" id=\"el-11-146\">The insertion of Dalata Hotel Group plc as the new holding company of DHGL Limited in 2014 did not meet the definition of a business combination under IFRS 3 <em>Business Combinations</em>, and, as a consequence, the acquired assets and liabilities of DHGL Limited and its subsidiaries continued to be carried in the consolidated financial statements at their respective carrying values as at the date of the reorganisation. The consolidated financial statements of Dalata Hotel Group plc were prepared on the basis that the Company is a continuation of DHGL Limited, reflecting the substance of the arrangement. </p>\r\n<p class=\"normal\" id=\"el-11-147\">As a consequence, a merger reserve of €10.3 million (negative) arose in the consolidated statement of financial position. This represents the difference between the consideration paid for DHGL Limited in the form of shares of the Company, and the issued share capital of DHGL Limited at the date of the reorganisation which was a nominal amount of €95. </p>\r\n<p class=\"normal\" id=\"el-11-148\">In September 2020, the Company completed a placing of new ordinary shares of €0.01 each in the share capital of the Company. 37.0 million ordinary shares were issued at €2.55 each which raised €92.0 million after costs of €2.4 million. The Group availed of merger relief to simplify future distributions and as a result, €91.6 million was recognised in the merger reserve being the difference between the nominal value of each share (€0.01 each) and the amount paid (€2.55 per share) after deducting costs of the share placing of €2.4 million. </p>\r\n<p class=\"heading-3\" id=\"el-11-149\"><strong><em>Other un-denominated capital</em></strong></p>\r\n<p class=\"normal\" id=\"el-11-150\">The reserve represents the nominal value of the shares that were repurchased and cancelled during the financial year and serves to maintain the Company’s capital structure. As noted above, the Company repurchased 11.6 million shares with a nominal value of €0.01 per share resulting in the transfer of €0.1 million (2023: €Nil) to the other un-denominated capital.</p>\r\n<p class=\"heading-3\" id=\"el-11-151\"><strong><em>(d) Share-based payment reserve </em></strong></p>\r\n<p class=\"normal\" id=\"el-11-152\">The share-based payment reserve comprises amounts equivalent to the cumulative cost of awards by the Group under equity-settled share-based payment arrangements, being the Group’s Long Term Incentive Plans and the Share Save schemes. On vesting, the cost of awards previously recognised in the share-based payments reserve is transferred to retained earnings. Details of the share awards, in addition to awards which vested during the current year, are disclosed in (<a href=\"#note-8\">note 8</a>) and in the Remuneration Committee report.</p>\r\n<p class=\"heading-3\" id=\"el-11-153\"><strong><em>(e) Hedging reserve</em></strong></p>\r\n<p class=\"normal\" id=\"el-11-154\">The hedging reserve comprises the effective portion of the cumulative net change in the fair value of hedging instruments used in cash flow hedges, net of deferred tax.</p>\r\n<p class=\"heading-3\" id=\"el-11-155\"><strong><em>(f) Revaluation reserve</em></strong></p>\r\n<p class=\"normal\" id=\"el-11-156\">The revaluation reserve relates to the revaluation of land and buildings in line with the Group’s policy to fair value these assets at each reporting date (<a href=\"#note-13\">note 13</a>), net of deferred tax.</p>\r\n<p class=\"heading-3\" id=\"el-11-157\"><strong><em>(g) Translation reserve</em></strong></p>\r\n<p class=\"normal\" id=\"el-11-158\">The translation reserve comprises all foreign currency exchange differences arising from the translation of the financial statements of foreign operations, as well as the effective portion of any foreign currency differences arising from hedges of a net investment in a foreign operation (<a href=\"#note-25\">note 25</a>).</p>\r\n<p class=\"heading-2\" id=\"el-11-159\"><strong>(h) Dividends </strong></p>\r\n<p class=\"normal\" id=\"el-11-160\">A final dividend for the year ended 31 December 2023 of 8.0 cents was paid on 1 May 2024 on the ordinary shares in Dalata Hotel Group plc and amounted to €18.0 million (2023: €Nil).</p>\r\n<p class=\"normal\" id=\"el-11-161\">An interim dividend for 2024 of 4.1 cents was paid on 4 October 2024 on the ordinary shares in Dalata Hotel Group plc and amounted to €9.1 million (2023: €8.9 million).</p>\r\n<p class=\"normal\" id=\"el-11-162\">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-11-163\"><strong>20 Trade and other payables</strong></p>\r\n<table class=\"accounts-table\" id=\"el-11-164\"><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 class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Other payables</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=\"accounts align-right\">348</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"4\">\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>19</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">348</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"5\">\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 colspan=\"1\">\r\n<p class=\"heading-2\"><strong>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=\"7\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Trade payables</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>16,110</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">16,724</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"8\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Accruals</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>45,906</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">45,839</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"9\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Contract liabilities</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>15,244</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">13,459</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"10\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Value added tax</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>7,396</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">4,957</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"11\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Payroll taxes</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>3,788</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">3,641</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=\"normal\">Tourist taxes</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>208</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">1,429</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"13\">\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>88,652</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">86,049</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"14\">\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=\"15\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Total</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\">86,397</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"normal\" id=\"el-11-165\">Accruals at 31 December 2024 include €5.4 million related to amounts not yet invoiced for capital expenditure and for costs related to entering new leases and agreements for lease (31 December 2023: €6.2 million).</p>\r\n<p class=\"heading-1\" id=\"el-11-166\"><strong>21 Provision for liabilities</strong></p>\r\n<table class=\"accounts-table\" id=\"el-11-167\"><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 class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Insurance provision</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>5,708</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">6,656</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 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=\"6\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Insurance provision</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>2,340</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">1,955</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=\"accounts align-right\"><strong>8,048</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">8,611</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"normal\" id=\"el-11-168\">The reconciliation of the movement in the provision during the year is as follows:</p>\r\n<table class=\"accounts-table\" id=\"el-11-169\"><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=\"normal\">At 1 January</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>8,611</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">9,179</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"3\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Provisions made during the year – charged to profit or loss</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>1,500</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">2,500</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"4\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Utilised during the year</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(1,219)</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(1,815)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"5\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Impact of discounting – credited to profit or loss</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>146</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(326)</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\">Reversed to profit or loss during the year</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(990)</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts-bracket align-right\">(927)</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>At 31 December</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>8,048</strong></p>\r\n</td>\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\">8,611</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"normal\" id=\"el-11-170\">This provision relates to actual and potential obligations arising from the Group’s insurance arrangements where the Group is self-insured. The Group has third party insurance cover above specific limits for individual claims and has an overall maximum aggregate payable for all claims in any one year. The amount provided is principally based on projected settlements as determined by external loss adjusters. The provision also includes an estimate for claims incurred but not yet reported and incurred but not enough reported.</p>\r\n<p class=\"normal\" id=\"el-11-171\">The utilisation of the provision is dependent on the timing of settlement of the outstanding claims. The Group expects the majority of the insurance provision will be utilised within five years of the period end date, however, due to the nature of the provision, there is a level of uncertainty in the timing of settlement as the Group generally cannot precisely determine the extent and duration of the claim process. The provision has been discounted to reflect the time value of money.</p>\r\n<p class=\"normal\" id=\"el-11-172\">The self-insurance programme commenced in July 2015 and increasing levels of claims data is becoming available. Claim provisions are assessed in light of claims experience and amended accordingly to ensure provisions reflect recent experience and trends. There has been a reversal of €1.0 million in the year ended 31 December 2024 of provisions made in prior periods (2023: €0.9 million).</p>\r\n<p class=\"heading-1\" id=\"el-11-173\"><strong>22 Loans and borrowings</strong></p>\r\n<p class=\"heading-2\" id=\"el-11-174\"><strong>Non-current liabilities</strong></p>\r\n<table class=\"accounts-table\" id=\"el-11-175\"><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=\"normal\">Bank loans</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>147,384</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">254,387</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"3\">\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal\">Private placement notes</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>124,000</strong></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=\"4\">\r\n<td class=\"heavy-line\" colspan=\"1\">\r\n<p class=\"heading-2\"><strong>Total bank loans and private placement notes</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\">254,387</p>\r\n</td>\r\n</tr>\r\n</tbody></table>\r\n<p class=\"normal align-justify\" id=\"el-11-176\">The amortised cost of bank loans at 31 December 2024 is €147.4 million (31 December 2023: €254.4 million). The drawn loan facility at that date is €147.3 million (2023: €258.7 million) comprised of a €100 million euro green term loan and revolving credit facility loans of £18.5 million (€22.3 million) in sterling denominated and €25.0 million in euro denominated revolving credit facilities. The undrawn bank loan facilities at 31 December 2024 is €325.0 million (2023: €249.3 million).</p>\r\n<p class=\"normal\" id=\"el-11-177\">On 9 October 2024, the Group completed a refinancing of its existing banking facilities to provide a €475 million multicurrency loan facility consisting of a €100 million green term loan and a €375 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.</p>\r\n<p class=\"normal\" id=\"el-11-178\">In line with IFRS 9 derecognition criteria, the Group performed the 10 percent test (referred to in <a href=\"#note-1\">note 1</a> (xxv) derecognition of financial liabilities accounting policy) to assess whether the discounted present value of the cash flows under the new terms of the new banking facility, discounted using the original effective interest rate, including any lender fees paid, were at least 10 percent different from the discounted present value of the remaining cash flows of the original financial liability. As the cash flows were more than 10 percent different, the financial liabilities were deemed to be substantially modified and as a result, the original financial liabilities were derecognised, with the difference between the amortised cost of the original facility and the consideration paid on repayment, recognised as a modification loss in profit or loss. Costs of €4.8 million incurred in relation to the refinanced banking facility were also recognised as part of this modification loss in profit or loss. The total modification loss recognised in profit or loss was €7.5 million for the year ended 31 December 2024.</p>\r\n<p class=\"normal\" id=\"el-11-179\">In October 2024, a total of €62.0 million of loan notes denominated in euro were issued by the Group (€22.0 million for a five year term and €40.0 million for a seven year term). At the same time, the Group also issued loan notes denominated in sterling of £52.5 million (£25.0 million for a five year term and £27.5 million for a seven year term). The private placement loan notes were initially recognised at fair value less directly related costs of €1.3 million and are recognised on an amortised cost basis thereafter. </p>\r\n<p class=\"normal\" id=\"el-11-180\">The Group entered into four-year interest rate swaps to hedge the variable interest rate on the €100.0 million euro term loan (<a href=\"#note-23\">note 23</a>).</p>\r\n<p class=\"normal\" id=\"el-11-181\">At 31 December 2024, property, plant and equipment with a carrying amount of €1,054.1 million (2023: €1,368.3 million) were pledged as security for bank loans and private placement notes (<a href=\"#note-13\">note 13</a>).</p>\r\n<p class=\"heading-2\" id=\"el-11-182\"><strong>Reconciliation of movements of liabilities to cash flows arising from financing activities for the year ended 31 December 2024.</strong></p>\r\n<table class=\"accounts-table\" id=\"el-11-183\"><tbody>\r\n<tr data-row-no=\"0\">\r\n<td colspan=\"1\">\r\n</td>\r\n<td colspan=\"5\">\r\n<p class=\"table-headings align-center\"><strong>Liabilities</strong></p>\r\n</td>\r\n<td colspan=\"6\">\r\n<p class=\"table-headings align-center\"><strong>Equity</strong></p>\r\n</td>\r\n<td colspan=\"2\">\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</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>Capital reserves</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"table-headings align-right\"><strong>Treasury share reserve</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=\"3\">\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=\"2\">\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=\"3\">\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 2023</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>254,387</strong></p>\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<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>86,397</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>(6,521)</strong></p>\r\n</td>\r\n<td colspan=\"2\">\r\n<p class=\"accounts align-right\"><strong>2,235</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>505,079</strong></p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>106,988</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>316,328</strong></p>\r\n</td>\r\n<td colspan=\"3\">\r\n<p class=\"accounts align-right\"><strong>1,963,491</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=\"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=\"5\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Proceeds from 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=\"2\">\r\n<p class=\"accounts align-right\">10</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">2,286</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\">2,296</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 net interest and finance costs paid</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">(16,461)</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\">(5,822)</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">7,688</p>\r\n</td>\r\n<td colspan=\"2\">\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=\"3\">\r\n<p class=\"accounts align-right\">(15,595)</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\">390,204</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=\"1\">\r\n<p class=\"accounts align-right\">-</p>\r\n</td>\r\n<td colspan=\"3\">\r\n<p class=\"accounts align-right\">390,204</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\">(510,818)</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=\"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=\"3\">\r\n<p class=\"accounts align-right\">(510,818)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"9\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Issuance of private placement loan notes net of costs paid</p>\r\n</td>\r\n<td colspan=\"1\">\r\n<p class=\"accounts align-right\">124,694</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 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\">124,694</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"10\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Interest paid 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\">(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-bracket align-right\">(49,487)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"11\">\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\">(11,767)</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-bracket align-right\">(11,767)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"12\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Purchase of treasury shares</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=\"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-bracket align-right\">(5,604)</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\">(5,604)</p>\r\n</td>\r\n</tr>\r\n<tr data-row-no=\"13\">\r\n<td colspan=\"1\">\r\n<p class=\"normal\">Purchase of own shares as part of buy back scheme</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=\"2\">\r\n<p class=\"accounts-bracket align-right\">(116)</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\">(48,567)</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\">(48,683)</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\">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=\"2\">\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\">(27,115)</p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"3\">\r\n<p class=\"accounts-bracket align-right\">(27,115)</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>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>(12,381)</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>(61,254)</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>(5,822)</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>7,688</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"2\">\r\n<p class=\"accounts align-right\"><strong>(106)</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"accounts align-right\"><strong>2,286</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(48,567)</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(5,604)</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"1\">\r\n<p class=\"normal align-right\"><strong>(27,115)</strong></p>\r\n</td>\r\n<td class=\"light-line\" colspan=\"3\">\r\n<p class=\"normal align-right\"><strong>(150,875)</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<td colspan=\"2\">\r\n</td>\r\n<td colspan=\"1\">\r\n</