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 |
Land and buildings |
Total |
|
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 |
31-Dec-23 |
|
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 |
2023 |
|
Expenses relating to short-term leases |
(9,795) |
(8,094) |
Total |
(9,795) |
(8,094) |