The Group has lease contracts for land and buildings, vehicles and other equipment used in its operations. Carrying amounts of Right-of-use ("ROU") assets recognized and the movements during the year are as follows:
2025 in EUR m | Land and buildings | Catering and other equipment | Vehicles | Total |
Net book value | ||||
Balance at January 1, 2025 | 327.4 | 4.4 | 86.4 | 418.2 |
Additions | 35.9 | 4.3 | 52.1 | 92.3 |
Disposal of subsidiaries (Note 7.1) | (0.9) | - | - | (0.9) |
Depreciation charge for the year | (76.2) | (2.5) | (16.7) | (95.4) |
Modifications | 40.5 | 0.2 | 8.7 | 49.4 |
Exchange differences | (14.3) | (0.2) | (4.7) | (19.2) |
Balance at December 31, 2025 | 312.4 | 6.2 | 125.8 | 444.4 |
Net book value | ||||
Cost | 594.5 | 12.7 | 157.5 | 764.7 |
Accumulated depreciation | (282.1) | (6.5) | (31.7) | (320.3) |
Balance at December 31, 2025 | 312.4 | 6.2 | 125.8 | 444.4 |
2024 in EUR m | ||||
Net book value | ||||
Balance at January 1, 2024 | 310.3 | 3.8 | 19.0 | 333.1 |
Additions | 30.6 | 3.2 | 66.6 | 100.4 |
Disposal of subsidiaries (Note 7.1) | (1.1) | - | - | (1.1) |
Depreciation charge for the year | (74.4) | (2.8) | (9.6) | (86.8) |
Modifications | 57.9 | 0.1 | 8.3 | 66.3 |
Exchange differences | 4.1 | 0.1 | 2.1 | 6.3 |
Balance at December 31, 2024 | 327.4 | 4.4 | 86.4 | 418.2 |
Net book value | ||||
Cost | 609.8 | 10.9 | 105.8 | 726.5 |
Accumulated depreciation | (282.4) | (6.5) | (19.4) | (308.3) |
Balance at December 31, 2024 | 327.4 | 4.4 | 86.4 | 418.2 |
2023 in EUR m | ||||
Net book value | ||||
Balance at January 1, 2023 | 352.0 | 4.1 | 10.9 | 367.0 |
Additions(I) | 19.3 | 2.3 | 13.0 | 34.6 |
Depreciation charge for the year | (65.2) | (2.6) | (5.0) | (72.8) |
Modifications | 6.6 | - | 0.4 | 7.0 |
Exchange differences | (2.4) | - | (0.3) | (2.7) |
Balance at December 31, 2023 | 310.3 | 3.8 | 19.0 | 333.1 |
Net book value | ||||
Cost | 536.2 | 15.2 | 32.8 | 584.2 |
Accumulated depreciation | (225.9) | (11.4) | (13.8) | (251.1) |
Balance at December 31, 2023 | 310.3 | 3.8 | 19.0 | 333.1 |
(I)Additions to land and buildings include a right-of-use asset of EUR 2.2m related to the sale and leaseback transaction in Hoogstraten, Belgium (Note 4.4)
The Group has total cash outflows for leases of EUR 141.1m in 2025 (2024: EUR 134.5m; 2023: EUR 111.4m) of which EUR 84.9m is attributable to principal amount of lease liabilities in the Consolidated Cash Flow Statement (2024: EUR 79.3m; 2023: EUR 65.0m) (Note 4.4). The amounts recognized in the Consolidated Income Statement are as follows:
in EUR m | 2025 | 2024 | 2023 |
Depreciation expense of right-of-use assets | (95.4) | (86.8) | (72.8) |
Interest on lease liabilities (Note 4.2) | (36.5) | (35.3) | (29.6) |
Variable lease payments not included in the measurement of lease liabilities | (2.6) | (2.7) | (2.5) |
Expenses relating to short-term leases | (15.3) | (15.7) | (13.3) |
Expenses relating to leases of low-value assets, excl. short-term leases of low-value assets | (1.9) | (1.6) | (1.0) |
Other lease expenses | (0.1) | (0.7) | (0.5) |
Other lease income | 0.9 | 0.8 | 0.8 |
Total amounts recognized in profit and loss | (150.9) | (142.0) | (118.9) |
Information on lease liabilities is disclosed in Note 4.4 and the maturity analysis of the same in Note 4.6.
The Group applies the recognition exemptions for short-term leases (those with a term of 12 months or less without purchase options) and for leases of low-value assets (e.g., IT equipment). Payments for these leases are recognized as expenses on a straight-line basis over the lease term.
For all other leases, the Group recognizes a ROU asset and a corresponding lease liability at the commencement date. Lease liabilities are measured at the present value of lease payments, discounted using the Group’s Incremental Borrowing Rate ("IBR") as the interest rates implicit in the leases are not readily determinable. ROU assets are measured at cost and subsequently depreciated on a straight-line basis over the shorter of the lease term or the useful life of the underlying asset.
ROU assets are presented within property, plant, and equipment, while lease liabilities are classified as short-term debt and long-term debt in the Consolidated Balance Sheet.
The Group applies judgment in assessing whether it is reasonably certain that extension or termination options in lease contracts will be exercised. This evaluation considers factors such as operational requirements, historical practices, and economic incentives.
Since the interest rates implicit in the leases are generally not readily determinable, the Group applies its IBR to measure lease liabilities. The IBR is estimated using observable inputs, including market interest rates and a risk-free rate adjusted for the specific duration of the lease term and the Group’s credit spread. A single discount rate curve is applied per currency across the Group.