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Leases | 12 Months Ended
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Dec. 31, 2024
Presentation of leases for lessee [abstract] |
Leases |
13 | Leases
The Group is a lessee and enters into contracts to lease office property. Leases are individually negotiated and include a variety of different terms and conditions in different countries. Lease contracts have fixed payments and are either non-cancellable or may only be cancelled by incurring a substantive termination fee. The Group is prohibited from selling or pledging the underlying leased assets as security. The Group includes renewal options as part of the lease term when these are reasonably certain. The Group has no material short term or low value asset leases. St. Pancras lease In September 2024, Camden Property Holding Limited (the landlord) communicated that the workings on St. Pancras Campus in London (UK) were finalized and the property was ready for the Group's fit out workings. Accordingly, the Group has recognized the right-of-use asset and lease liability arising from the contract. The St. Pancras lease has a term of 15 years, with a tenant-only break clause at the end of the 10th year. The leasehold improvements required will entitle the Group to a rent free period up to 12 months and the first lease payment is expected for October 2025. Right-of-use assets The amount recognized as right-of-use assets is as shown:
| Leasehold property € '000s
At January 1, 2023 | 14,165 |
Arising on business combinations | 4,195 |
Effects of movements in exchange rates | (568) |
Transfer to assets held for sale | (1,885) |
Additions | 4,412 |
Modification | 11,737 |
Disposals | (305) |
Depreciation | (6,885) |
At December 31, 2023 | 24,866 |
Effects of movements in exchange rates | 1,077 |
Additions | 47,212 |
Disposals | (172) |
Impairment | (188) |
Depreciation | (7,117) |
At December 31, 2024 | 65,678 |
13 | Leases (continued)
Lease liabilities The recognized lease liability is as shown:
| Leasehold property € '000s
At January 1, 2023 | 17,259 |
Arising on business combinations | 4,367 |
Effects of movements in exchange rates | (791) |
Transfer to liabilities associated with assets held for sale | (2,038) |
Additions | 4,410 |
Modification | 11,737 |
Disposals | (341) |
Interest expense | 2,068 |
Lease payments | (7,526) |
At December 31, 2023 | 29,145 |
Effects of movements in exchange rates | 1,118 |
Additions | 44,970 |
Disposals | (178) |
Interest expense | 3,256 |
Lease payments | (7,951) |
At December 31, 2024 | 70,360 |
Maturity analysis - contractual undiscounted cash flows
| 2024 € '000s | 2023 € '000s
Less than one year | 8,498 |  | 7,881 |
One to five years | 35,701 |  | 17,919 |
More than five years | 61,963 |  | 18,182 |
Total undiscounted lease liabilities | 106,162 |  | 43,982 |
Lease liabilities Lease liabilities included in the Consolidated Statement of Financial Position
| 2024 € '000s | 2023 € '000s
Current | 5,794 |  | 5,226 |
Non-Current | 64,566 |  | 23,919 |
Total lease liabilities | 70,360 |  | 29,145 |
13 | Leases (continued)
Amounts recognized in the Consolidated Statement of Profit or Loss and Other Comprehensive Income
| 2024 € '000s | 2023 € '000s | 2022 € '000s
Interest on lease liabilities | 3,256 |  | 2,068 |  | 954 |
Depreciation on right-of-use assets | 7,117 |  | 6,885 |  | 6,045 |
Impairment of right-of-use assets | 188 |  | — |  | — |
| 10,561 |  | 8,953 |  | 6,999 |
Amounts included in the Financing Activities of the Consolidated Statement of Cash Flows
| 2024 € '000s | 2023 € '000s | 2022 € '000s
Interest paid on lease liabilities | 2,558 |  | 1,837 |  | 1,196 |
Principal payment on lease liabilities | 5,393 |  | 5,689 |  | 7,026 |
Total cash outflow for leases | 7,951 |  | 7,526 |  | 8,222 |

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