9. Lease Assets and Liabilities

The Company as Lessee

The Company has entered into various leasing arrangements which generally relate to the rental of land and buildings. There are no significant or unusual restrictions imposed by the terms of these leases. All lease arrangements are at an arm’s length basis.

(a) Amounts recognised on the balance sheet

Right-of-use assets

Cost

Fleet
€’000

Land and buildings
€’000

Total
€’000

At 1 January 2023

-

50,577

50,577

Additions

-

799

799

Disposals

-

(10,985)

(10,985)

At 31 December 2023

-

40,391

40,391

Additions

2,668

655

3,323

At 31 December 2024

2,668

41,046

43,714

Accumulated depreciation and impairment losses

At 1 January 2023

-

(20,098)

(20,098)

Depreciation charge

(i)

-

(4,795)

(4,795)

At 31 December 2023

-

(24,893)

(24,893)

Depreciation charge

(i)

(148)

(4,037)

(4,185)

At 31 December 2024

(148)

(28,930)

(29,078)

Carrying amounts

At 31 December 2023

-

15,498

15,498

At 31 December 2024

2,520

12,116

14,636

Lease liabilities

At 1 January 2023

-

(31,006)

(31,006)

Additions

-

(799)

(799)

Disposals

-

10,844

10,844

Interest expense

(i)

-

(377)

(377)

Lease payments

(ii)

-

5,764

5,764

At 31 December 2023

(iii)

-

(15,574)

(15,574)

Additions

(2,668)

(655)

(3,323)

Interest expense

(i)

(41)

(217)

(258)

Lease payments

(ii)

162

4,199

4,361

At 31 December 2024

(iii)

(2,547)

(12,247)

(14,794)

Analysed as follows:

31-Dec-24
€’000

31-Dec-23
€’000

Non-current

(9,126)

(12,041)

Current

(5,668)

(3,533)

Total

(14,794)

(15,574)

(i) During the year, the Company capitalised €nil in depreciation of right-of-use assets (2023: €0.414 million) and capitalised €nil of lease liability financing charges (2023: €0.001 million).

(ii) Lease payments includes payments for the principal portion of the lease liability, presented as financing activities of €4.1 million (2023: €5.2 million) in the statement of cash flows.

(iii) The Company does not face significant liquidity risk with regard to its lease liabilities. Refer to note 16 for a maturity analysis of lease liabilities.

(b) Other amounts recognised in the income statement

2024
€’000

2023
€’000

Expenses relating to short-term leases

(9,795)

(8,094)

Total

(9,795)

(8,094)