9. Lease Assets and Liabilities
The Company as Lessee
The Company has entered into various leasing arrangements. 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
|
Fleet €’000 |
Land and buildings €’000 |
Total €’000 |
||
Cost |
||||
At 1 January 2024 |
- |
40,391 |
40,391 |
|
Additions |
2,668 |
655 |
3,323 |
|
At 31 December 2024 |
2,668 |
41,046 |
43,714 |
|
Additions |
6,244 |
11,853 |
18,097 |
|
Disposals |
(2,719) |
- |
(2,719) |
|
Retirements |
(i) |
- |
(3,122) |
(3,122) |
At 31 December 2025 |
6,193 |
49,777 |
55,970 |
|
Accumulated depreciation and impairment losses |
||||
At 1 January 2024 |
- |
(24,893) |
(24,893) |
|
Depreciation charge |
(ii) |
(148) |
(4,037) |
(4,185) |
At 31 December 2024 |
(148) |
(28,930) |
(29,078) |
|
Disposals |
491 |
- |
491 |
|
Retirements |
(i) |
- |
3,122 |
3,122 |
Depreciation charge |
(ii) |
(792) |
(4,081) |
(4,873) |
At 31 December 2025 |
(449) |
(29,889) |
(30,338) |
|
Carrying amounts |
||||
At 31 December 2024 |
2,520 |
12,116 |
14,636 |
|
At 31 December 2025 |
5,744 |
19,888 |
25,632 |
|
Lease liabilities |
||||
At 1 January 2024 |
- |
(15,574) |
(15,574) |
|
Additions |
(2,668) |
(655) |
(3,323) |
|
Interest expense |
(ii) |
(41) |
(217) |
(258) |
Lease payments |
(iii) |
162 |
4,199 |
4,361 |
At 31 December 2024 |
(iv) |
(2,547) |
(12,247) |
(14,794) |
Additions |
(6,244) |
(11,853) |
(18,097) |
|
Interest expense |
(ii) |
(144) |
(422) |
(566) |
Lease payments |
(iii) |
3,773 |
4,143 |
7,916 |
At 31 December 2025 |
(iv) |
(5,162) |
(20,379) |
(25,541) |
Analysed as follows:
|
31-Dec-25 €’000 |
31-Dec-24 €’000 |
|
Non-current |
(18,055) |
(9,126) |
Current |
(7,486) |
(5,668) |
Total |
(25,541) |
(14,794) |
(i) During 2025, €3.1 million of right-of-use assets that had a nil carrying value were retired from the Fixed Asset Register (2024: €nil).
(ii) During 2025, the Company capitalised €0.118 million of depreciation relating to right-of-use assets (2024: €nil).
(iii) In 2025, total lease payments, net of interest, amounted to €7.3 million (2024: €4.1 million), this includes €2.2 million paid in respect of the exercise of a lease purchase option which is recognised within payments for property, plant and equipment in the statement of cashflows.
(iv) The Company does not face significant liquidity risk with regard to its lease liabilities. Refer to note 22 for a maturity analysis of lease liabilities.
(b) Other amounts recognised in the income statement
|
2025 €’000 |
2024 €’000 |
|
Expenses relating to short-term leases |
(15,156) |
(8,621) |
Expenses relating to leases of low-value assets |
(733) |
(1,174) |
Total |
(15,889) |
(9,795) |