Events after the\nfinancial reporting date
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"period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "zo0TEsNQpz": { "value": "-1758084.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:21380032UJDLSDYKD103", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "hOGeeccMPl": { "value": "279150.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:21380032UJDLSDYKD103", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "kEjVnmD5v.": { "value": "3658161.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "e-qqdTEsiJ": { "value": "1. \u00a0\u00a0\u00a0\u00a0\u00a0\nCorporate Information
\n\u00a0
\nThe consolidated\nfinancial statements of Hal Mann Vella Group p.l.c. and its\nsubsidiaries (\u201cthe Group\u201d) for the year ended 31\nDecember 2025 were authorized for issue in accordance with a\nresolution of the Directors on 17 April 2026.
\n\u00a0
\nHal Mann Vella Group\np.l.c. (\u201cthe Company\u201d) is a public limited liability\ncompany incorporated in Malta, under the Companies Act, Cap. 386 of\nthe Laws of Malta. The Company is principally a finance and\ninvestment company in connection with the ownership, development,\noperation and financing of the business activities of Hal Mann\nVella Group of companies. Its registered office is at The Factory,\nMosta Road, Lija, Malta.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Mte3EbWxvw": { "value": "Hal Mann Vella Group\np.l.c. (\u201cthe Company\u201d) is a public limited liability\ncompany incorporated in Malta, under the Companies Act, Cap. 386 of\nthe Laws of Malta. The Company is principally a finance and\ninvestment company in connection with the ownership, development,\noperation and financing of the business activities of Hal Mann\nVella Group of companies. Its registered office is at The Factory,\nMosta Road, Lija, Malta.", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "hoTP2YpldC": { "value": "incorporated in Malta", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ukb3_BjXar": { "value": "The Company is principally a finance and\ninvestment company in connection with the ownership, development,\noperation and financing of the business activities of Hal Mann\nVella Group of companies.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "cEV-g2ad7I": { "value": "Its registered office is at The Factory,\nMosta Road, Lija, Malta", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "p_XkpN7p0j": { "value": "2. \u00a0\u00a0\u00a0\u00a0\u00a0\nSignificant accounting policies
\n\u00a0
\n2.1 Basis of\npreparation and consolidation
\n\u00a0
\nBasis of\npreparation
\n\u00a0
\nThese financial\nstatements are prepared under the historical cost convention, as\nmodified by the measurement of investment property, land and\nbuildings classified as property, plant and equipment and financial\nassets at fair value and are in accordance with the requirements of\nthe International Financial Reporting Standards (IFRS) as adopted\nby the European Union and comply with the Companies Act, Cap. 386\nof the Laws of Malta.\u00a0 The consolidated financial statements\nare presented in Euro (\u20ac), which is the functional currency of\nthe Group.
\n\u00a0
\nConsolidation
\n\u00a0
\nThe consolidated\nfinancial statements comprise the financial statements of the\nCompany and its subsidiaries as at 31 December 2025.\u00a0 Control\nis achieved when the Group is exposed, or has rights, to variable\nreturns from its involvement with the investee and has the ability\nto affect those returns through its power over the investee.\nSpecifically, the Group controls an investee if, and only if, the\nGroup has:
\n| \n - \n | \n\n Power over the investee\n(i.e., existing rights that give it the current ability to direct\nthe relevant activities of the investee) \n | \n
| \n - \n | \n\n Exposure, or rights, to\nvariable returns from its involvement with the investee \n | \n
| \n - \n | \n\n The ability to use its\npower over the investee to affect its returns \n | \n
\u00a0
\nGenerally, there is a\npresumption that a majority of voting rights results in control. To\nsupport this presumption and when the Group has less than a\nmajority of the voting or similar rights of an investee, the Group\nconsiders all relevant facts and circumstances in assessing whether\nit has power over an investee, including:
\n| \n - \n | \n\n The contractual\narrangement(s) with the other vote holders of the\ninvestee \n | \n
| \n - \n | \n\n Rights arising from\nother contractual arrangements \n | \n
| \n - \n | \n\n The Group\u2019s voting\nrights and potential voting rights. \n | \n
\u00a0
\nThe Group re-assesses\nwhether or not it controls an investee if facts and circumstances\nindicate that there are changes to one or more of the three\nelements of control. Consolidation of a subsidiary begins when the\nGroup obtains control over the subsidiary and ceases when the Group\nloses control of the subsidiary. Assets, liabilities, income and\nexpenses of a subsidiary acquired or disposed of during the year\nare included in the consolidated financial statements from the date\nthe Group gains control until the date the Group ceases to control\nthe subsidiary.
\n\u00a0
\nWhen necessary,\nadjustments are made to the financial statements of subsidiaries to\nbring their accounting policies into line with the Group\u2019s\naccounting policies. All intra-group assets and liabilities,\nequity, income, expenses and cash flows relating to transactions\nbetween members of the Group are eliminated in full on\nconsolidation.
\n\u00a0
\nGoodwill is initially\nmeasured as the excess of the aggregate of the consideration\ntransferred, the amount of any non-controlling interests in the\nacquiree and the acquisition date fair value of any previous equity\ninterest in the acquiree over the fair value of the identifiable\nnet assets acquired. If this aggregate is less than the fair value\nof the identifiable net assets of the subsidiary acquired in the\ncase of a bargain purchase, the difference is recognised directly\nin profit or loss.
\n\u00a0
\nAfter initial\nrecognition, goodwill is measured at cost less any accumulated\nimpairment losses. For the purpose of impairment testing, goodwill\nacquired in a business combination is, from the acquisition date,\nallocated to each of the Group\u2019s cash-generating units (CGUs)\nthat are expected to benefit from the combination, irrespective of\nwhether other assets or liabilities of the acquiree are assigned to\nthose units.
\n\u00a0
\nWhere goodwill has been\nallocated to a CGU and part of the operation within that unit is\ndisposed of, the goodwill associated with the disposed operation is\nincluded in the carrying amount of the operation when determining\nthe gain or loss on disposal. Goodwill disposed in these\ncircumstances is measured based on the relative values of the\ndisposed operation and the portion of the CGU retained.
\n\u00a0
\nA change in the\nownership interest of a subsidiary, without a loss of control, is\naccounted for as an equity transaction.
\n\u00a0
\nIf the Group loses\ncontrol over a subsidiary, it derecognises the related assets\n(including goodwill), liabilities and other components of equity,\nwhile any resultant gain or loss is recognised in profit or loss.\nAny investment retained is recognised at fair value.
\n\u00a0
\n2.2\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nCurrent versus non-current\nclassification
\n\u00a0
\nThe Group presents\nassets and liabilities in the statement of financial position based\non current/non-current classification. An asset is current when it\nis:
\n| \n - \n | \n\n Expected to be realised\nor intended to be sold or consumed in the normal operating\ncycle; \n | \n
| \n - \n | \n\n Held primarily for the\npurpose of trading; \n | \n
| \n - \n | \n\n Expected to be realised\nwithin twelve months after the reporting date; or \n | \n
| \n - \n | \n\n Cash and cash\nequivalents unless restricted from being exchanged or used to\nsettle a liability for at least twelve months after the reporting\ndate. \n | \n
\u00a0
\nAll other assets are\nclassified as non-current.
\n\u00a0
\nA liability is current\nwhen:
\n| \n - \n | \n\n It is expected to be\nsettled in the normal operating cycle; \n | \n
| \n - \n | \n\n It is held primarily for\nthe purpose of trading; \n | \n
| \n - \n | \n\n It is due to be settled\nwithin twelve months after the reporting date; or \n | \n
| \n - \n | \n\n There is no\nunconditional right to defer the settlement of the liability for at\nleast twelve months after the reporting date. \n | \n
\u00a0
\nThe Group classifies all\nother liabilities as non-current.
\nDeferred tax assets and\nliabilities are classified as non-current assets and\nliabilities.
\n\u00a0
\n2.3 Investment in\njoint venture
\n\u00a0
\nThe Group has an\ninterest in joint ventures.\u00a0 A joint venture is a type of\njoint arrangement whereby the parties that have joint control of\nthe arrangement have rights to the net assets of the joint\nventure.\u00a0 Joint control is the contractually agreed sharing of\ncontrol of an arrangement, which exists only when decisions about\nthe relevant activities require unanimous consent of the parties\nsharing control. The Group recognises its interest in the\njoint-venture using the equity method. Investments in joint\nventures are included in the Group\u2019s statement of financial\nposition at cost and adjusted thereafter for the post-acquisition\nchange in the share of net assets. The statement of profit or loss\nand other comprehensive income includes the share of profit or loss\nin joint venture.
\n\u00a0
\n2.4 Financial\ninstruments
\n\u00a0
\nA financial instrument\nis any contract that gives rise to a financial asset of one entity\nand a financial liability or equity of another entity.
\n\u00a0
\nFinancial\nassets
\nInitial recognition\nand measurement
\n\u00a0
\nFinancial assets are\nclassified, at initial recognition, as financial assets measured at\namortized cost, fair value through profit or loss (FVTPL) and fair\nvalue through other comprehensive income (FVTOCI). All financial\nassets are recognized initially at fair value plus, in the case of\nfinancial assets not recorded at FVTPL, transaction costs that are\nattributable to the acquisition of the financial asset.
\n\u00a0
\nThe classification of\nfinancial assets at initial recognition depends on the financial\nasset\u2019s contractual cash flow characteristics and the\nGroup\u2019s business model for managing them. With the exception\nof trade receivables that do not contain a significant financing\ncomponent or for which the Group has applied the practical\nexpedient, the Group initially measures a financial asset at its\nfair value plus, in the case of a financial asset not at FVTPL,\ntransaction costs. Trade receivables that do not contain a\nsignificant financing component or for which the Group has applied\nthe practical expedient are measured at the transaction price\ndetermined under IFRS 15. Refer to the accounting policies in\nsection 2.15 (Revenue from contracts with customers).
\n\u00a0
\nIn order for a financial\nasset to be classified and measured at amortised cost or FVTOCI, it\nneeds to give rise to cash flows that are \u2018solely payments of\nprincipal and interest (SPPI)\u2019 on the principal amount\noutstanding. This assessment is referred to as the SPPI test and is\nperformed at an instrument level. Financial assets with cash flows\nthat are not SPPI are classified and measured at FVTPL,\nirrespective of the business model.
\n\u00a0
\nThe Group\u2019s\nbusiness model for managing financial assets refers to how it\nmanages its financial assets in order to generate cash flows. The\nbusiness model determines whether cash flows will result from\ncollecting contractual cash flows, selling the financial assets, or\nboth.
\n\u00a0
\nPurchases or sales of\nfinancial assets that require delivery of assets within a time\nframe established by regulation or convention in the market place\n(regular way trades) are recognised on the trade date, i.e., the\ndate that the Group commits to purchase or sell the\nasset.
\n\u00a0
\nSubsequent measurement
\n\u00a0
\nFor purposes of\nsubsequent measurement, financial assets in these financial\nstatements are classified in four categories:
\n| \n - \n | \n\n financial assets at\namortised cost (debt instruments) \n | \n
| \n - \n | \n\n financial assets at\nFVTOCI with recycling of cumulative gains and losses (debt\ninstruments) \n | \n
| \n - \n | \n\n financial assets\ndesignated at FVTOCI with no recycling of cumulative gains and\nlosses upon derecognition (equity instruments) \n | \n
| \n - \n | \n\n financial assets at\nFVTPL \n | \n
\u00a0
\nFinancial assets at\namortised cost (debt instruments)
\n\u00a0
\nFinancial assets at\namortised cost are subsequently measured using the effective\ninterest (EIR) method and are subject to impairment. Gains and\nlosses are recognised in profit or loss when the asset is\nderecognised, modified or impaired.
\n\u00a0
\nThe Group\u2019s\nfinancial assets at amortised cost include bank term deposits,\ntrade receivables, and receivables from joint ventures and other\nrelated undertakings which are included both under current and\nnon-current financial assets.
\n\u00a0
\nFinancial assets at\nFVTOCI (debt instruments)
\n\u00a0
\nFor debt instruments at\nFVTOCI, interest income, foreign exchange revaluation and\nimpairment losses or reversals are recognised in the statement of\nprofit or loss and computed in the same manner as for financial\nassets measured at amortised cost. The remaining fair value changes\nare recognised in OCI. Upon derecognition, the cumulative fair\nvalue change recognised in OCI is recycled to profit or\nloss.
\n\u00a0
\nAs at 31 December 2025\nand 2024, the Group has no debt instruments at FVTOCI.
\n\u00a0
\nFinancial assets\ndesignated at FVTOCI (equity instruments)
\n\u00a0
\nUpon initial\nrecognition, the Group can elect to classify irrevocably its equity\ninvestments as equity instruments designated at FVTOCI when they\nmeet the definition of equity under IAS 32 Financial\nInstruments: Presentation and are not held for trading. The\nclassification is determined on an instrument-by-instrument\nbasis.
\n\u00a0
\nGains and losses on\nthese financial assets are never recycled to profit or loss.\nDividends are recognised as other income in the statement of profit\nor loss when the right of payment has been established, except when\nthe Company benefits from such proceeds as a recovery of part of\nthe cost of the financial asset, in which case, such gains are\nrecorded in OCI. Equity instruments designated at FVTOCI are not\nsubject to impairment assessment.
\n\u00a0
\nThe Group elected to\nclassify irrevocably its equity investments under this\ncategory.
\n\u00a0
\nFinancial assets at\nFVTPL
\n\u00a0
\nFinancial assets at\nFVTPL are carried in the statement of financial position at fair\nvalue with net changes in fair value recognised in the statement of\nprofit or loss.
\n\u00a0
\nThis category includes\nderivative instruments and listed equity investments which the\nGroup had not irrevocably elected to classify at FVTOCI. Dividends\non listed equity investments are recognised as other income in the\nstatement of profit or loss when the right of payment has been\nestablished.
\n\u00a0
\nA derivative embedded in\na hybrid contract, with a financial liability or non-financial\nhost, is separated from the host and accounted for as a separate\nderivative if: the economic characteristics and risks are not\nclosely related to the host; a separate instrument with the same\nterms as the embedded derivative would meet the definition of a\nderivative; and the hybrid contract is not measured at fair value\nthrough profit or loss. Embedded derivatives are measured at fair\nvalue with changes in fair value recognised in profit or loss.\nReassessment only occurs if there is either a change in the terms\nof the contract that significantly modifies the cash flows that\nwould otherwise be required or a reclassification of a financial\nasset out of the fair value through profit or loss\ncategory.
\n\u00a0
\nAs at 31 December 2025\nand 2024, the Group has no financial assets at FVTPL.
\n\u00a0
\nDerecognition
\n\u00a0
\nA financial asset (or,\nwhere applicable, a part of a financial asset or part of a Group of\nsimilar financial assets) is primarily derecognised (i.e., removed\nfrom the Group\u2019s statement of financial position)\nwhen:
\n\u00a0
\n| \n - \n | \n\n the rights to receive\ncash flows from the asset have expired; or \n | \n
| \n - \n | \n\n the Group has\ntransferred its rights to receive cash flows from the asset or has\nassumed an obligation to pay the received cash flows in full\nwithout material delay to a third party under a\n\u2018pass-through\u2019 arrangement; and either (a) the Group\nhas transferred substantially all the risks and rewards of the\nasset, or (b) the Group has neither transferred nor retained\nsubstantially all the risks and rewards of the asset, but has\ntransferred control of the asset. \n | \n
\u00a0
\nWhen the Group has\ntransferred its rights to receive cash flows from an asset or has\nentered into a pass-through arrangement, it evaluates if, and to\nwhat extent, it has retained the risks and rewards of ownership.\nWhen it has neither transferred nor retained substantially all of\nthe risks and rewards of the asset, nor transferred control of the\nasset, the Group continues to recognise the transferred asset to\nthe extent of its continuing involvement. In that case, the Group\nalso recognises an associated liability. The transferred asset and\nthe associated liability are measured on a basis that reflects the\nrights and obligations that the Group has retained.
\n\u00a0
\nContinuing involvement\nthat takes the form of a guarantee over the transferred asset is\nmeasured at the lower of the original carrying amount of the asset\nand the maximum amount of consideration that the Group could be\nrequired to repay.
\n\u00a0
\nImpairment
\n\u00a0
\nFurther disclosures\nrelating to impairment of financial assets are also provided in\nnotes 3 and 34 to the consolidated financial statements.
\n\u00a0
\nThe Group recognises an\nallowance for expected credit losses (ECLs) for all debt\ninstruments not held at FVTPL. ECLs are based on the difference\nbetween the contractual cash flows due in accordance with the\ncontract and all the cash flows that the Company expects to\nreceive, discounted at an approximation of the original effective\ninterest rate.
\n\u00a0
\nECLs are recognised in\ntwo stages. For credit exposures for which there has not been a\nsignificant increase in credit risk since initial recognition, ECLs\nare provided for credit losses that result from default events that\nare possible within the next 12-months (a 12-month ECL). For those\ncredit exposures for which there has been a significant increase in\ncredit risk since initial recognition, a loss allowance is required\nfor credit losses expected over the remaining life of the exposure,\nirrespective of the timing of the default (a lifetime\nECL).
\n\u00a0
\nFor lease receivables\nand majority of trade receivables, the Group applies a simplified\napproach in calculating ECLs. Therefore, the Group does not track\nchanges in credit risk, but instead recognises a loss allowance\nbased on lifetime ECLs at each reporting date. The Group has\nestablished a provision matrix that is based on its historical\ncredit loss experience, adjusted for forward-looking factors\nspecific to the debtors and the economic environment.
\n\u00a0
\nFor cash in bank,\ncontract assets and amounts due from joint ventures and other\nrelated undertakings, the Group applies a general approach in\ncalculating ECLs. Therefore, the Group tracks changes in credit\nrisk, and recognises a loss allowance based on either 12-month ECLs\nor lifetime ECLs, depending on whether there has been a significant\nincrease in credit risk on the financial instrument since initial\nrecognition. This is being done by considering the change in the\nrisk of default occurring over the remaining life of the financial\ninstrument.
\n\u00a0
\n| \n The following are the\nkey elements in the calculation of ECLs: \n | \n|
| \n a. Probability of\nDefault (PD) \n | \n\n The PD is an estimate of\nthe likelihood of default over a given time horizon. A default may\nonly happen at a certain time over the assessed period, if the\nfinancial asset has not been previously derecognised. \n | \n
| \n b. Exposure at\nDefault (EAD) \n | \n\n The EAD is an estimate\nof the exposure at a future default date, taking into account\nexpected changes in the exposure after the reporting\ndate. \n | \n
| \n c. Loss Given\nDefault (LGD) \n | \n\n The LGD is an estimate\nof the loss arising in the case where a default occurs at a given\ntime. It is based on the difference between the contractual cash\nflows due and those that the lender would expect to\nreceive. \n | \n
| \n The mechanics of the ECL\nmethod are summarised below: \n | \n|
| \n Stage 1: \n | \n\n The 12-month ECL is\ncalculated as the portion of lifetime ECL that represent the ECL\nthat result from default events on a financial instrument that are\npossible within the 12 months after the reporting date. The Group\ncalculates the 12-month ECL allowance based on the expectation of a\ndefault occurring in the 12 months following the reporting date.\nThese expected 12-month default probabilities are applied to a\nforecast EAD and multiplied by the expected LGD. \n | \n
| \n Stage 2: \n | \n\n When a financial asset\nhas shown a significant increase in credit risk since origination,\nthe Group records an allowance for the lifetime ECL. The mechanics\nare similar to those explained above, but PDs and LGDs are\nestimated over the lifetime of the instrument. \n | \n
| \n Stage 3: \n | \n\n For financial asset\nconsidered as credit-impaired, the Group recognises the lifetime\nECL. The method is similar to that for Stage 2 financial assets,\nwith the PD set at 100%. \n | \n
\u00a0
\nThe Group considers a\nfinancial asset in default when contractual payments are 90 days\npast due. However, in certain cases, the Group may also consider a\nfinancial asset to be in default when internal or external\ninformation indicates that the Group is unlikely to receive the\noutstanding contractual amounts in full before taking into account\nany credit enhancements held by the Group. A financial asset is\nwritten off when there is no reasonable expectation of recovering\nthe contractual cash flows.
\n\u00a0
\nFinancial\nliabilities
\nInitial recognition\nand measurement
\n\u00a0
\nFinancial liabilities\nare classified, at initial recognition, as financial liabilities at\nFVTPL, loans and borrowings or as derivatives designated as hedging\ninstruments in an effective hedge, as appropriate.
\n\u00a0
\nAll financial\nliabilities are recognised initially at fair value and, in the case\nof loans and borrowings and payables, net of directly attributable\ntransaction costs.
\n\u00a0
\nThe Group\u2019s\nfinancial liabilities include trade and other payables, loans and\nborrowings including bank overdrafts.
\n\u00a0
\nSubsequent\nmeasurement
\n\u00a0
\nFor purposes of\nsubsequent measurement, financial liabilities are classified in two\ncategories:
\n\u00a0
\n| \n - \n | \n\n Financial liabilities at\nFVTPL \n | \n
| \n - \n | \n\n Financial liabilities at\namortised cost (loans and borrowings) \n | \n
\u00a0
\nFinancial liabilities\nat FVTPL
\n\u00a0
\nFinancial liabilities at\nFVTPL include financial liabilities held for trading and financial\nliabilities designated upon initial recognition as at\nFVTPL.
\n\u00a0
\nFinancial liabilities\nare classified as held for trading if they are incurred for the\npurpose of repurchasing in the near term. This category also\nincludes derivative financial instruments entered into by the Group\nthat are not designated as hedging instruments in hedge\nrelationships as defined by IFRS 9. Separated embedded derivatives\nare also classified as held for trading unless they are designated\nas effective hedging instruments.
\n\u00a0
\nGains or losses on\nliabilities held for trading are recognised in the statement of\nprofit or loss.
\n\u00a0
\nFinancial liabilities\ndesignated upon initial recognition at FVTPL are designated at the\ninitial date of recognition, and only if the criteria in IFRS 9 are\nsatisfied. The Group has not designated any financial liability at\nFVTPL as at 31 December 2025 and 2024.
\n\u00a0
\nFinancial liabilities\nat amortised cost (loans and borrowings)
\n\u00a0
\nThis is the category\nmost relevant to the Group. After initial recognition,\ninterest-bearing loans and borrowings are subsequently measured at\namortised cost using the EIR method. Gains and losses are\nrecognised in profit or loss when the liabilities are derecognised\nas well as through the EIR amortisation process.
\n\u00a0
\nAmortised cost is\ncalculated by taking into account any discount or premium on\nacquisition and fees or costs that are an integral part of the EIR.\nThe EIR amortisation is included as finance costs in the statement\nof profit or loss.
\n\u00a0
\nThis category generally\napplies to interest-bearing loans and borrowings. For more\ninformation, refer to notes 16 and 34 to the consolidated financial\nstatements.
\n\u00a0
\nDerecognition
\n\u00a0
\nA financial liability is\nderecognised when the obligation under the liability is discharged\nor cancelled or expires. When an existing financial liability is\nreplaced by another from the same lender on substantially different\nterms, or the terms of an existing liability are substantially\nmodified, such an exchange or modification is treated as the\nderecognition of the original liability and the recognition of a\nnew liability. The difference in the respective carrying amounts is\nrecognised in the statement of profit or loss.
\n\u00a0
\nOffsetting of financial instruments
\n\u00a0
\nFinancial assets and\nfinancial liabilities are offset and the net amount is reported in\nthe statement of financial position if there is a currently\nenforceable legal right to offset the recognised amounts and there\nis an intention to settle on a net basis, to realise the assets and\nsettle the liabilities simultaneously.
\n\u00a0
\n2.5 Property, plant\nand equipment
\n\u00a0
\nLand and buildings are\nstated in the statement of financial position at its revalued\namount, being the fair value at the date of revaluation.\u00a0\nRevaluations are performed with sufficient regularity such that the\ncarrying amount does not differ materially from those that would be\ndetermined using fair values at each reporting date.
\n\u00a0
\nThe Company carries its\ninvestment property at fair value, with changes being recognised in\nprofit or loss.\u00a0 This is based on market valuations performed\nby independent professional architect at least every two\nyears.\u00a0 In a year when market valuations are not performed by\nthe independent professional architect, an assessment of the fair\nvalue of investment property is performed to reflect market\nconditions at the year-end date.
\n\u00a0
\nAn increase in the\ncarrying amount arising on the revaluation of such land and\nbuildings is recognised in the consolidated statement of profit or\nloss and other comprehensive income and afterwards held in the\nrevaluation reserve on property, plant and equipment relating to a\nprevious revaluation of that asset.
\n\u00a0
\nFreehold land is not\ndepreciated as it deemed to have an indefinite life.
\n\u00a0
\nProperty, plant and\nequipment, except for revalued land and buildings, are stated at\ncost less accumulated depreciation.\u00a0 Depreciation charge is\nprovided from the month of acquisition until the month in which the\nasset is disposed of or scrapped.
\n\u00a0
\nDepreciation is\ncalculated using the reducing balance method to allocate the cost\nof the assets to their residual values over their estimated useful\nlives, as follows:\u00a0
\n\u00a0
\n| \n Buildings \n | \n\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nnil \n | \n|
| \n Electrical installations\nand fittings \n | \n\n | \n 6.67% and\n20% \n | \n
| \n Renewable energy\nequipment \n | \n\n 6.67% \n | \n|
| \n Plant and\nmachinery \n | \n\n | \n 10% \n | \n
| \n Furniture and\nfittings \n | \n\n 10% \n | \n|
| \n Improvements to\npremises \n | \n\n | \n 10% \n | \n
| \n Air-conditioning\nequipment \n | \n\n 16.67% \n | \n|
| \n Tools \n | \n\n | \n 20% \n | \n
| \n Exhibits \n | \n\n | \n 20% \n | \n
| \n Exhibition stand and\nsite offices \n | \n\n | \n 20% and 25% \n | \n
| \n Motor\nvehicles \n | \n\n 20% \n | \n|
| \n Computer equipment and\nsoftware \n | \n\n | \n 25% \n | \n
| \n Office\nequipment \n | \n\n | \n 25% \n | \n
| \n Telecommunications\nequipment \n | \n\n | \n 25% \n | \n
| \n Computers and electronic\nequipment \n | \n\n \u00a0 \n | \n\n 25% \n | \n
\u00a0
\nDepreciation methods,\nuseful life and residual values are reassessed at each reporting\ndate.
\n\u00a0
\nAn item of property,\nplant and equipment is derecognised upon disposal or when no future\neconomic benefits are expected from its use or disposal.\u00a0 Any\ngain or loss arising on derecognition of the asset (calculated as\nthe difference between the net disposal proceeds and the carrying\namount of the asset) is included in the statement of profit or loss\nand other comprehensive income when the asset is\nderecognised.
\n\u00a0
\n2.6 Investment\nproperty
\n\u00a0
\nProperty that is held\nfor long-term rental yields or for capital appreciation or both,\nand is not occupied by the Group, is classified as investment\nproperty.\u00a0 Investment property comprises freehold and\nleasehold land and buildings held under long-term operating\nleases.
\n\u00a0
\nInvestment property is\nmeasured initially at its historical cost, including related\ntransaction costs and borrowing costs.\u00a0 Historical cost\nincludes expenditure that is directly attributable to the\nacquisition of the items.\u00a0 Borrowing costs which are incurred\nfor the purpose of acquiring or constructing a qualifying\ninvestment property are capitalised as part of its cost.\u00a0\nBorrowing costs are capitalised while acquisition or construction\nis actively underway.\u00a0 Capitalisation of borrowing costs is\nceased once the asset is substantially complete and is suspended if\nthe development of the asset is suspended.\u00a0 After initial\nrecognition, investment property is carried at fair value\nrepresenting open market value determined periodically.\u00a0 Fair\nvalue is based on active market prices, adjusted, if necessary, for\nany difference in the nature, location or condition of the specific\nasset.\u00a0 If the information is not available, the Group uses\nalternative valuation methods such as recent prices on less active\nmarkets or discounted cash flow projections.
\n\u00a0
\nThese valuations are\nreviewed on a regular basis (usually every two years).\u00a0\nInvestment property that is being redeveloped for continuing use as\ninvestment property or for which the market has become less active\ncontinues to be measured at fair value.\u00a0 Fair value\nmeasurement on property under construction is only applied if the\nfair value is considered to be reliably measurable.\u00a0 The fair\nvalue of investment property reflects, among other things, rental\nincome from current leases and assumptions about rental income from\nfuture leases in the light of current market conditions.\u00a0 The\nfair value also reflects, on a similar basis, any cash outflows\nthat could be expected in respect of the property.
\n\u00a0
\nSubsequent expenditure\nis capitalised to the asset's carrying amount only when it is\nprobable that future economic benefits associated with the\nexpenditure will flow to the Group and the cost of the item can be\nmeasured reliably.\u00a0 All other repairs and maintenance costs\nare charged to profit or loss during the financial period in which\nthey are incurred.\u00a0 When part of an investment property is\nreplaced, the carrying amount of the replaced part is\nderecognised.
\n\u00a0
\nThe fair value of\ninvestment property does not reflect future capital expenditure\nthat will improve or enhance the property and does not reflect the\nrelated future benefits from its future expenditure other than\nthose a rational market participant would take into account when\ndetermining the value of the property.
\n\u00a0
\nChanges in fair value\nare recognised in profit or loss and transferred to \"Revaluation\nreserve on investment property\" under equity.\u00a0 Investment\nproperties are derecognised either when they have been disposed of\nor when the investment property is permanently withdrawn from use\nand no future economic benefit is expected from its disposal. The\ndifference between the net disposal proceeds and the carrying\namount of the asset is recognised in profit or loss in the period\nof derecognition.
\n\u00a0
\nIf an investment\nproperty becomes owner-occupied, it is reclassified as property,\nplant and equipment.\u00a0 Its fair value at the date of the\nreclassification becomes its cost for subsequent accounting\npurposes.\u00a0 When the Group decides to dispose of an investment\nproperty without development, the Group continues to treat the\nproperty as an investment property.\u00a0 Similarly, if the Group\nbegins to redevelop an existing investment property for continued\nfuture use as investment property, it remains an investment\nproperty during the redevelopment.
\n\u00a0
\nIf an item of property,\nplant and equipment and property held-for-sale becomes an\ninvestment property because its use has changed, any difference\nresulting between the carrying amount and the fair value of this\nitem at the date of transfer is treated in the same way as\nrevaluation under IAS 16.\u00a0 Any resulting increase in the\ncarrying amount of the property is recognised in statement of\ncomprehensive income to the extent that it reverses a previous\nimpairment loss; with any remaining increase recognised in other\ncomprehensive income, directly to revaluation surplus with\nequity.\u00a0 Any resulting decrease in the carrying amount of the\nproperty is initially charged to other comprehensive income against\nany previously recognised revaluation surplus, with any remaining\ndecrease charged to the profit or loss.\u00a0 Upon the disposal of\nsuch investment property, any surplus previously recorded in equity\nis transferred to retained earnings; the transfer is not made\nthrough statement of comprehensive income.
\n\u00a0
\n2.7\u00a0\nInventories
\n\u00a0
\nInventories are valued\nat the lower of cost and net realisable value.
\n\u00a0
\nCost is determined on\nthe weighted average cost method.\u00a0 The cost of finished goods\ncomprises design costs, raw materials, direct labour, other direct\ncosts and related production overheads (based on normal operating\ncapacity).\u00a0 It excludes borrowing costs.
\n\u00a0
\nNet realisable value is\nthe estimated selling price in the ordinary course of business,\nless estimated costs of completion and the estimated costs\nnecessary to make the sale.
\n\u00a0
\n2.8\u00a0 Property\nheld-for-sale
\n\u00a0
\nProperty held-for-sale\nis included in the financial statements at the lower of cost and\nnet realisable value.\u00a0 Cost comprises the purchase price of\nacquiring the property and other costs incurred to develop the\nproperty.\u00a0 Net realisable value is the estimated selling price\nin the ordinary course of business, less estimated costs of\ncompletion and the estimated costs necessary to make the\nsale.
\n\u00a0
\n2.9 Cash and cash\nequivalents
\n\u00a0
\nCash and cash\nequivalents in the statement of financial position comprise cash at\nbank and in hand, which are subject to an insignificant risk of\nchanges in value.
\n\u00a0
\nFor the purpose of the\nstatement of cashflows, cash and cash equivalents consist of cash\nin hand and at bank as defined above, net of outstanding bank\noverdrafts as they are considered an integral part of the Group's\ncash management.
\n\u00a0
\n2.10\u00a0 Share\ncapital
\n\u00a0
\nOrdinary shares are\nclassified as equity.\u00a0 Incremental costs directly attributable\nto the issue of new shares are shown in equity as a deduction, net\nof tax, from the proceeds.
\n\u00a0
\n2.11\u00a0 Dividend\ndistribution
\n\u00a0
\nDividend distribution to\nthe Group's shareholders is recognised as a liability in the\nGroup's financial statements in the period in which the dividends\nare approved by the Group's shareholders.
\n\u00a0
\n2.12\u00a0 Trade\npayables
\n\u00a0
\nTrade payables are\nobligations to pay for goods or services that have been acquired in\nthe ordinary course of business from suppliers. Accounts payable\nare classified as current liabilities if payment is due within one\nyear or less. If not, they are presented as non-current\nliabilities.
\n\u00a0
\nTrade and other payables\nare recognised initially at fair value and subsequently measured at\namortised cost using the effective interest method.
\n\u00a0
\n2.13\u00a0\nProvisions
\n\u00a0
\nProvisions are\nrecognised when the Group has a present legal or constructive\nobligation as a result of past events, it is probable that an\noutflow of resources embodying economic benefits will be required\nto settle the obligation and a reliable estimate of the amount of\nthe obligation can be made.\u00a0
\n\u00a0
\nProvisions are measured\nat the present value of the expenditures expected to be required to\nsettle the obligation using a pre-tax rate that reflects current\nmarket assessments of the time value of money and the risks\nspecific to the obligation. The increase in the provision due to\nthe passage of time is recognised as interest expense.
\n\u00a0
\n2.14\u00a0 Foreign\ncurrencies
\n\u00a0
\nItems included in the\nfinancial statements of each of the Group's entities are measured\nusing the currency of the primary economic environment in which the\nentity operates (the functional currency). The consolidated\nfinancial statements are presented in euro, which is the Company's\nfunctional and presentation currency.
\n\u00a0
\nForeign currency\ntranslations are translated into the functional currency using the\nexchange rates prevailing at the dates of the transactions or\nvaluation where items are re-measured. Foreign exchange gains and\nlosses resulting from the settlement of such transactions and from\nthe translation at year-end exchange rates of monetary assets and\nliabilities denominated in foreign currencies are recognised in\nprofit or loss. All foreign exchange gains and losses are presented\nin the income statement within 'Other income' or 'Other\nexpenses'.
\n\u00a0
\n2.15 Revenue\nrecognition
\n\u00a0
\nRevenue from\ncontracts with customers (under IFRS 15)
\n\u00a0
\n'The Group's principal\nactivities relate to the manufacture and business of stones,\nmarbles, granites, patterned tiles, terrazzo and precast related\nproducts, as well as supply, installation, operation and\nmaintenance of photovoltaic (PV) systems. The Group is also\ninvolved in property development and resale. Revenue from contracts\nis recognised when control of the goods or services are transferred\nto the customer at an amount that reflects the consideration to\nwhich the Group expects in exchange for those goods or services.\nThe Group has generally concluded that it is the principal in its\nrevenue arrangements, because it typically controls the goods or\nservices before transferring them to the customer. Revenue is\nrecognized to the extent that it is probable that future economic\nbenefits will flow to the Group and these can be measured\nreliably.
\n\u00a0
\n'The Group's revenue\nrecognition is straight-forward, hence no significant accounting\njudgement, estimates and assumptions (i.e., in terms of estimating\nvariable considerations and stand-alone selling price) are\ninvolved.
\n\u00a0
\nSale of\nstones, marbles, granites, patterned tiles, terrazzo and precast\nrelated products
\n\u00a0
\n'Revenue from sale of\nmanufactured construction materials is recognised at the point in\ntime when control of asset is transferred to the customer,\ngenerally on delivery of products at the customer's location. The\nnormal credit term is 30 to 90 days upon delivery.
\n\u00a0
\nSale of\nelectricity generated from PV panels
\n\u00a0
\nRevenue from sale of\nelectricity is recognised at the point in time when control of the\nasset is transferred to the sole customer (i.e., Enemalta p.l.c.),\ngenerally upon exportation of the generated electricity to the\nsolar grid. Enemalta p.l.c. pays the Group feed-in tariff (i.e., a\ntariff which is paid to a producer of electricity for the amount of\nelectricity generated and exported to the electricity grid) based\non the actual meter readings.\u00a0 In the case where the amount\ndue to the Group from the electricity exported by the PV system\nexceeds the invoiced amount\u00a0 for the consumption of\nelectricity for a particular billing period that is due to Enemalta\np.l.c.,\u00a0 such amount will be carried forward in the form of a\ncredit note.\u00a0 When two consecutive scheduled bills based on\nactual meter readings are shown to be in credit, Enemalta p.l.c. is\nobliged to pay the Group the credit within 60 days of the date of\nthe second scheduled bill.\u00a0
\n\u00a0
\nSale of\nproperties
\n\u00a0
\n'Revenue from sale of\nreal properties is recognised at the point in time when control of\nasset is transferred to the customer, generally upon signing of\ndeed of sale where the customer obtains legal title to the\nproperty. Total fund is paid in full on date of deed.
\n\u00a0
\nRendering\nof general construction and other services
\n\u00a0
\nThe Group recognises\nrevenue from construction and other services over time because the\nGroup's\u00a0 performance creates or enhances an asset that the\ncustomer controls as the asset is enhanced or created. In some\ncases, the customer simultaneously receives and consumes the\nbenefits provided to them as the Group performs. The Group uses an\ninput method in measuring progress of the services since there is a\ndirect relationship between the Group\u2019s effort (i.e., based\non the costs incurred to date) and the transfer of service to the\ncustomer. The input method is implemented by first estimating the\ninputs required such as labor and other overheads, etc. to complete\nthe service. The Group recognises revenue on the basis of the\nefforts expended to date relative to the total expected inputs to\ncomplete the service. The normal credit term is 30 to 90 days upon\nissuance of invoice.
\n\u00a0
\nFurther, the Group\nprovides services that are either sold separately or bundled\ntogether with the sale of tiles, marble stones and granites to a\ncustomer. Contracts for bundled sales of tiles, marble stones,\ngranites and services are comprised of two performance obligations\nbecause the promise to transfer tiles, marbles, granites and\nprovide services are capable of being distinct and separately\nidentifiable. Accordingly, the Group allocates the transcation\nprice based on the relative stand-alone selling prices of tiles,\nmarbles, granites and services.
\n\u00a0
\n'In determining the\ntransaction price, the Group considers\u00a0 the effects of\nvariable consideration, existence of significant financing\ncomponent, non-cash consideration, and consideration payable to the\ncustomer.
\n\u00a0
\ni) Variable\nconsideration
\n\u00a0
\nIf the consideration in\na contract includes a variable amount, the Group estimates the\namount of consideration to which it will be entitled in exchange\nfor transferring the goods to the customer. The variable\nconsideration is estimated at contract inception and constrained\nuntil it is highly probable that a significant revenue reversal in\nthe amount of cumulative revenue recognised will not occur when the\nassociated uncertainty with the variable consideration is\nsubsequently resolved. In general, contracts for the sale of tiles,\nmarble stones and granites do not provide customers with a right to\nreturn the goods; hence, no refund liability is recognised. In\ncases of discounts and/or price concessions for good and services,\nsuch are already established with the customer at the inception of\nthe contract, thus, are not considered contingents as the amounts\nagreed are fixed and unavoidable. As at and for the years ended 31\nDecember 2025 and 2024, there are no known factors or events which\ncould make the consideration to be variable. The validity of this\nassessment is reassessed at each reporting date.
\n\u00a0
\nii) Significant\nfinancing component
\n\u00a0
\nIn most cases, the Group\nhas contract assets wherein payment for goods and services rendered\nis not due from the customer until the full services agreed upon\nare completed. A contract asset is recognised over the period in\nwhich the services are performed to represent the Company's right\nto consideration for the services performed to date. Generally, it\nis the customer's preference to withhold payments to ensure that\nall performance obligations are performed as specified in the\ncontract. This falls under one of the exemptions of 'significant\nfinancing component' - i.e., the difference between the promised\nconsideration and the cash selling price of the goods or services\nis due to something other than financing.
\n\u00a0
\nFurther, the Group\napplies the practical expedient for short-term advances received\nfrom customers - i.e., the promised amount of consideration is not\nadjusted for the effects of a significant financing component if\nthe period between the transfer of the promised goods or service\nand the payment is one year or less. As at and for the years ended\n31 December 2025 and 2024, the contract liabilities are\nsubsequently recognised as revenue within one year.
\n\u00a0
\niii) Non-cash\nconsideration
\n\u00a0
\nThe Group does not\nreceive non-cash considerations from customers for the sale of\ngoods and services.
\n\u00a0
\niv) Consideration\npayable to customer
\n\u00a0
\nThe Group exports solar\nenergy generated from PV panels to a customer who also supplies\nelectricity to the Group for consumption. The consideration payable\nto a customer is accounted for as a reduction of the transaction\nprice unless the payment to the customer is in exchange for a\ndistinct good or service that the customer transfers to the\nGroup.
\n\u00a0
\nContract\nbalances
\n\u00a0
\nContract\nassets
\n\u00a0
\nA contract asset is the\nright to consideration in exchange for goods or services\ntransferred to the customer. If the company performs by\ntransferring goods or services to a customer before the customer\npays consideration or before payment is due, a contract asset is\nrecognised for the earned consideration that is\nconditional.
\n\u00a0
\nTrade\nreceivables
\n\u00a0
\nA receivable represents\nthe company\u2019s right to an amount of consideration that is\nunconditional (i.e., only the passage of time is required before\npayment of the consideration is due).
\n\u00a0
\nContract\nliabilities
\n\u00a0
\nA contract liability is\nthe obligation to transfer goods or services to a customer for\nwhich the company has received consideration (or an amount of\nconsideration is due) from the customer. If a customer pays\nconsideration before the company transfers goods or services to the\ncustomer, a contract liability is recognised when the payment is\nmade or the payment is due (whichever is earlier). Contract\nliabilities are recognised as revenue when the company performs\nunder the contract (i.e., transfers control of the related goods or\nservices to the customer).
\n\u00a0
\nCost to\nobtain a contract
\n\u00a0
\nThe Group applies the\noptional practical expedient to immediately expense costs to obtain\na contract if the amortisation period of the asset that would have\nbeen recognised is one year or less. As such, payments for\ndesigners which constitute a relatively small amounts are\nimmediately recognised as an expense in the consolidated statement\nof profit or loss and other comprehensive income.
\n\u00a0
\nOther revenue sources\n(not within the scope of IFRS 15)
\n\u00a0
\nThe following\nrecognition criteria must also be met before revenue is\nrecognised:
\n\u00a0
\nRental\nincome
\n\u00a0
\nThis relates to the\nrental income from the rental of immovable property in the ordinary\ncouse of the Group's activities. For operating leases, it is\nrecognised at profit or loss on a straight-line basis over the term\nof the lease and is stated net of value added tax. For finance\nleases, it is recognised at balance sheet as a lease receivable and\namortised using effective interest method over the lease\nterm.
\n\u00a0
\nDividend\nincome
\n\u00a0
\nRevenue from dividend\nincome is recognised on the date the Group's right to receive\npayment is established.
\n\u00a0
\nInterest\nincome
\n\u00a0
\nInterest income is\naccounted for when it is probable that the economic benefits\nassociated with the transaction will flow to the Group and these\ncan be measured reliably. Interest income is recognised on an\naccrual or time proportion basis.
\n\u00a0
\nOther operating\nincome
\n\u00a0
\nOther operating income\nare accounted for when it is probable that the economic benefits\nassociated with the transaction will flow to the Group and these\ncan be measured reliably.
\n\u00a0
\n2.16\u00a0\nLeases
\n\u00a0
\nThe Group assesses at\ncontract inception whether a contract is, or contains, a lease.\nThat is, if the contract conveys the right to control the use of an\nidentified asset for a period of time in exchange for\nconsideration.
\n\u00a0
\nThe Group as a\nlessee
\n\u00a0
\nThe Group applies a\nsingle recognition and measurement approach for all leases, except\nfor short-term leases and leases of low-value assets. The Group\nrecognises lease liabilities to make lease payments and\nright-of-use assets representing the right to use the underlying\nassets.
\n\u00a0
\ni) Right-of-use\nassets
\n\u00a0
\nThe Group recognises\nright-of-use assets at the commencement date of the lease (i.e.,\nthe date the underlying asset is available for use). Right-of-use\nassets are measured at cost, less any accumulated depreciation and\nimpairment losses, and adjusted for any remeasurement of lease\nliabilities. The cost of right-of-use assets includes the amount of\nlease liabilities recognised, initial direct costs incurred, and\nlease payments made at or before the commencement date less any\nlease incentives received. Right-of-use assets are depreciated on a\nstraight-line basis over the shorter of the lease term and the\nestimated useful lives of the assets, as follows:
\n\u00a0
\n| \n Hotel\u00a0 \n | \n\n | \n | \n | \n 15 years \n | \n
| \n Industrial\nbuildings \n | \n\n | \n | \n | \n 15 to 65\nyears \n | \n
| \n Offices \n | \n\n | \n | \n | \n 3 to 15 years \n | \n
\u00a0
\nIf ownership of the\nleased asset transfers to the Group at the end of the lease term or\nthe cost reflects the exercise of a purchase option, depreciation\nis calculated using the estimated useful life of the\nasset.
\n\u00a0
\nThe right-of-use assets\nare also subject to impairment. Refer to the accounting policies in\nsection 2.21 (Impairment of non-financial assets).
\n\u00a0
\nii) Lease\nLiabilities
\n\u00a0
\nAt the commencement date\nof the lease, the Group recognises lease liabilities measured at\nthe present value of lease payments to be made over the lease term.\nThe lease payments include fixed payments (including in-substance\nfixed payments) less any lease incentives receivable, variable\nlease payments that depend on an index or a rate, and amounts\nexpected to be paid under residual value guarantees. The lease\npayments also include the exercise price of a purchase option\nreasonably certain to be exercised by the Group and payments of\npenalties for terminating the lease, if the lease term reflects the\nGroup exercising the option to terminate. Variable lease payments\nthat do not depend on an index or a rate are recognised as expenses\n(unless they are incurred to produce inventories) in the period in\nwhich the event or condition that triggers the payment\noccurs.
\n\u00a0
\nIn calculating the\npresent value of lease payments, the Group uses its incremental\nborrowing rate at the lease commencement date because the interest\nrate implicit in the lease is not readily determinable. After the\ncommencement date, the amount of lease liabilities is increased to\nreflect the accretion of interest and reduced for the lease\npayments made. In addition, the carrying amount of lease\nliabilities is remeasured if there is a modification, a change in\nthe lease term, a change in the lease payments (e.g., changes to\nfuture payments resulting from a change in an index or rate used to\ndetermine such lease payments) or a change in the assessment of an\noption to purchase the underlying asset.
\n\u00a0
\nThe Group\u2019s lease\nliabilities are included in Interest-bearing loans and borrowings\n(see note 16).
\n\u00a0
\niii) Short-term\nleases and leases of low-value assets
\n\u00a0
\nThe Group applies the\nshort-term lease recognition exemption to its short-term leases\n(i.e., those leases that have a lease term of 12 months or less\nfrom the commencement date and do not contain a purchase option).\nIt also applies the lease of low-value assets recognition exemption\nto leases of assets that are considered to be low value. Lease\npayments on short-term leases and leases of lowvalue assets are\nrecognised as expense on a straight-line basis over the lease\nterm.
\n\u00a0
\nThe Group as a\nlessor
\n\u00a0
\nLeases in which the\nGroup does not transfer substantially all the risks and rewards\nincidental to ownership of an asset are classified as operating\nleases. Rental income arising is accounted for on a straight-line\nbasis over the lease terms and is included in revenue in the\nstatement of profit or loss and other comprehensive income due to\nits operating nature. Initial direct costs incurred in negotiating\nand arranging an operating lease are added to the carrying amount\nof the leased asset and recognised over the lease term on the same\nbasis as rental income. Contingent rents are recognised as revenue\nin the period in which they are earned.
\n\u00a0
\n2.17\u00a0 Government\ngrants
\n\u00a0
\nGovernment grants are\nrecognised where there is reasonable assurance that the Group will\ncomply with the conditions attaching to them and that the grants\nwill be received.
\n\u00a0
\nGovernment grants are\nrecognised in profit or loss on a systematic basis over the periods\nin which the Group recognises as expenses the related costs for\nwhich the grants are intended to compensate.\u00a0 Specifically,\ngovernment grants whose primary condition is that the Group should\npurchase, construct or otherwise acquire non-current assets are\nrecognised as deferred revenue in the statement of financial\nposition and transferred to profit or loss on a systematic and\nrational basis over the useful lives of the related\nassets.
\n\u00a0
\nGovernment grants that\nare receivable as compensation for expenses or losses already\nincurred or for the purpose of giving immediate financial support\nto the Group with no future related costs are recognised in profit\nor loss in their period in which they become receivable.
\n\u00a0
\n2.18\u00a0\nTaxation
\n\u00a0
\nThe tax expense for the\nyear comprises current and deferred tax.\u00a0 Tax is recognized in\nprofit or loss, except when it relates to items recognized in other\ncomprehensive income or directly in equity, in which case it is\nalso dealt with in other comprehensive income or in equity, as\nappropriate.
\n\u00a0
\nCurrent income\ntax
\n\u00a0
\nCurrent income tax\nassets and liabilities for the current period are measured at the\namount expected to be recovered or paid to the taxation\nauthorities. The tax rates and tax laws used to compute the amount\nare those that are enacted or substantially enacted, at the\nreporting date. Current income tax relating to items recognised\ndirectly in equity is recognised in equity and not in profit or\nloss.
\n\u00a0
\nDeferred income\ntax
\n\u00a0
\nDeferred tax is provided\nusing the liability method on temporary differences at the\nreporting date between the tax bases of assets and liabilities and\ntheir carrying amounts for financial reporting purposes.
\n\u00a0
\nDeferred tax liabilities\nare recognised for all temporary differences, except when the\ndeferred tax liability arises from the initial recognition of\ngoodwill or an asset or liability in a transaction that is not a\nbusiness combination and, at the time of the transaction, affects\nneither the accounting profit nor taxable profit or\nloss.
\n\u00a0
\nDeferred tax assets are\nrecognised for all deductible temporary differences, carry forward\nof unused tax credits and unused tax losses, to the extent probable\nthat taxable profit will be available against which the deductible\ntemporary differences, and the carry forward of unused tax credits\nand unused tax losses can be utilised, except when the deferred tax\nasset relating to the deductible temporary differences arises from\nthe initial recognition of an asset or liability in a transaction\nthat is not a business combination and, at the time of the\ntransaction, affects neither the accounting profit nor taxable\nprofit or loss.
\n\u00a0
\nUnrecognised deferred\ntax assets are reassessed at each reporting date and are recognised\nto the extent that it has become probable that future taxable\nprofits will allow the deferred tax asset to be\nrecovered.
\n\u00a0
\nDeferred tax assets and\nliabilities are measured at the tax rates that are expected to\napply in the year when the asset is realised or the liability is\nsettled, based on tax rates (and tax laws) that have been enacted\nor substantively enacted at each reporting date.
\n\u00a0
\nValue Added\nTax
\nRevenue, expenses and\nassets are recognised net of Value Added Tax, except:
\n| \n - \n | \n\n where the Value Added\nTax incurred on a purchase of assets or services is not recoverable\nfrom the taxation authority, in which case Value Added Tax is\nrecognised as part of the acquisition of the asset or as part of\nthe expense item, as applicable; \n | \n
| \n - \n | \n\n where receivables and\npayables that are stated with the amount of Value Added Tax\nincluded. \n | \n
\u00a0
\nThe net amount of Value\nAdded Tax recoverable from, or payable to, the taxation authority\nis included as part of receivables or payables in the statement of\nfinancial position.
\n\u00a0
\n2.19\u00a0 Borrowing\ncost
\n\u00a0
\nBorrowing costs consist\nof interest and other costs that an entity incurs in connection\nwith the borrowing of funds. Borrowing costs which are incurred for\nthe purpose of acquiring or constructing qualifying property, plant\nand equipment or investment property, are capitalised as part of\nits cost. Borrowing costs are capitalised while acquisition or\nconstruction is actively underway, during the period of time that\nis required to complete and prepare the asset for its intended use.\nCapitalisation of borrowing costs is ceased once the asset is\nsubstantially complete and is suspended if the development of the\nasset is suspended. All other borrowing costs are expensed.\nBorrowing costs are recognised for all interest-bearing instruments\non an accrual basis using the effective interest method. Interest\ncosts include the effect of amortising any difference between the\ninitial net proceeds and redemption value in respect of\ninterest-bearing borrowings.\u00a0
\n\u00a0
\n2.20\u00a0 Fair value\nmeasurements and valuation processes
\n\u00a0
\nThe Group measures\nnon-financial assets such as land and buildings and investment\nproperty at fair value at each reporting\ndate.\u00a0\u00a0\u00a0
\n\u00a0
\nFair value is the price\nthat would be received to sell an asset or paid to transfer a\nliability in an orderly transaction between the market participants\nat the measurement date.\u00a0 The fair value measurement is based\non the presumption that the transaction to sell the asset or\ntransfer the liability takes place either (a) in the principal\nmarket for the asset or liability or (b) in the absence of a\nprincipal market, in the most advantageous market for the asset or\nliability.
\n\u00a0
\nThe principal or the\nmost advantageous market must be accessible by the\nGroup.
\n\u00a0
\nThe fair value of an\nasset or liability is measured using the assumptions that market\nparticipants would use when pricing the asset or liability,\nassuming that market participants act in their economic best\ninterest.
\n\u00a0
\nA fair value measurement\nof non-financial asset takes into account a market participant's\nability to generate economic benefits by using the asset in its\nhighest and best use or by selling it to another market participant\nthat would use the asset in its highest and best use.
\n\u00a0
\nThe Group uses valuation\ntechniques that are appropriate in the circumstances and for which\nsufficient data are available to measure at fair value, maximising\nthe use of relevant observable inputs and minimising the use of\nunobservable inputs.
\n\u00a0
\nInformation about the\nvaluation techniques and inputs used in determining the fair value\nof the equity at FVTOCI, land and building and investment property\nis disclosed in notes 13, 16 and 17, respectively.
\n\u00a0
\n2.21\u00a0 Impairment\nof non-financial assets
\n\u00a0
\nThe Group assesses, at\neach reporting date, whether there is an indication that an asset\nmay be impaired. If any indication exists, or when annual\nimpairment testing for an asset is required, the Group estimates\nthe asset\u2019s recoverable amount. An asset\u2019s recoverable\namount is the higher of an asset\u2019s or CGU\u2019s fair value\nless costs of disposal and its value in use. The recoverable amount\nis determined for an individual asset, unless the asset does not\ngenerate cash inflows that are largely independent of those from\nother assets or groups of assets. When the carrying amount of an\nasset or CGU exceeds its recoverable amount, the asset is\nconsidered impaired and is written down to its recoverable\namount.
\n\u00a0
\nIn assessing value in\nuse, the estimated future cash flows are discounted to their\npresent value using a pre-tax discount rate that reflects current\nmarket assessments of the time value of money and the risks\nspecific to the asset. In determining fair value less costs of\ndisposal, recent market transactions are taken into account. If no\nsuch transactions can be identified, an appropriate valuation model\nis used. These calculations are corroborated by valuation\nmultiples, quoted share prices for publicly traded companies or\nother available fair value indicators.
\n\u00a0
\nThe Group bases its\nimpairment calculation on most recent budgets and forecast\ncalculations, which are prepared separately for each of the\nGroup\u2019s CGUs to which the individual assets are allocated.\nThese budgets and forecast calculations generally cover a period of\nfive years. A long-term growth rate is calculated and applied to\nproject future cash flows after the fifth year.
\n\u00a0
\nImpairment losses of\ncontinuing operations are recognised in the statement of profit or\nloss in expense categories consistent with the function of the\nimpaired asset, except for properties previously revalued with the\nrevaluation taken to OCI. For such properties, the impairment is\nrecognised in OCI up to the amount of any previous\nrevaluation.
\n\u00a0
\nFor assets excluding\ngoodwill, an assessment is made at each reporting date to determine\nwhether there is an indication that previously recognised\nimpairment losses no longer exist or have decreased. If such\nindication exists, the Group estimates the asset\u2019s or\nCGU\u2019s recoverable amount. A previously recognised impairment\nloss is reversed only if there has been a change in the assumptions\nused to determine the asset\u2019s recoverable amount since the\nlast impairment loss was recognised. The reversal is limited so\nthat the carrying amount of the asset does not exceed its\nrecoverable amount, nor exceed the carrying amount that would have\nbeen determined, net of depreciation, had no impairment loss been\nrecognised for the asset in prior years. Such reversal is\nrecognised in the statement of profit or loss unless the asset is\ncarried at a revalued amount, in which case, the reversal is\ntreated as a revaluation increase.
\n\u00a0
\nGoodwill is tested for\nimpairment annually and when circumstances indicate that the\ncarrying value may be impaired.
\n\u00a0
\nImpairment is determined\nfor goodwill by assessing the recoverable amount of each CGU (or\ngroup of CGUs) to which the goodwill relates. When the recoverable\namount of the CGU is less than its carrying amount, an impairment\nloss is recognised. Impairment losses relating to goodwill cannot\nbe reversed in future periods.
\n\u00a0
\nIntangible assets with\nindefinite useful lives are tested for impairment annually at the\nCGU level, as appropriate, and when circumstances indicate that the\ncarrying value may be impaired.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "b2kQ64ZW_C": { "value": "2.1 Basis of\npreparation and consolidation\n\u00a0\nBasis of\npreparation\n\u00a0\nThese financial\nstatements are prepared under the historical cost convention, as\nmodified by the measurement of investment property, land and\nbuildings classified as property, plant and equipment and financial\nassets at fair value and are in accordance with the requirements of\nthe International Financial Reporting Standards (IFRS) as adopted\nby the European Union and comply with the Companies Act, Cap. 386\nof the Laws of Malta.\u00a0 The consolidated financial statements\nare presented in Euro (\u20ac), which is the functional currency of\nthe Group.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfFinancialStatements", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "KA.mMOiY6.": { "value": "Consolidation
\n\u00a0
\nThe consolidated\nfinancial statements comprise the financial statements of the\nCompany and its subsidiaries as at 31 December 2025.\u00a0 Control\nis achieved when the Group is exposed, or has rights, to variable\nreturns from its involvement with the investee and has the ability\nto affect those returns through its power over the investee.\nSpecifically, the Group controls an investee if, and only if, the\nGroup has:
\n| \n - \n | \n\n Power over the investee\n(i.e., existing rights that give it the current ability to direct\nthe relevant activities of the investee) \n | \n
| \n - \n | \n\n Exposure, or rights, to\nvariable returns from its involvement with the investee \n | \n
| \n - \n | \n\n The ability to use its\npower over the investee to affect its returns \n | \n
\u00a0
\nGenerally, there is a\npresumption that a majority of voting rights results in control. To\nsupport this presumption and when the Group has less than a\nmajority of the voting or similar rights of an investee, the Group\nconsiders all relevant facts and circumstances in assessing whether\nit has power over an investee, including:
\n| \n - \n | \n\n The contractual\narrangement(s) with the other vote holders of the\ninvestee \n | \n
| \n - \n | \n\n Rights arising from\nother contractual arrangements \n | \n
| \n - \n | \n\n The Group\u2019s voting\nrights and potential voting rights. \n | \n
\u00a0
\nThe Group re-assesses\nwhether or not it controls an investee if facts and circumstances\nindicate that there are changes to one or more of the three\nelements of control. Consolidation of a subsidiary begins when the\nGroup obtains control over the subsidiary and ceases when the Group\nloses control of the subsidiary. Assets, liabilities, income and\nexpenses of a subsidiary acquired or disposed of during the year\nare included in the consolidated financial statements from the date\nthe Group gains control until the date the Group ceases to control\nthe subsidiary.
\n\u00a0
\nWhen necessary,\nadjustments are made to the financial statements of subsidiaries to\nbring their accounting policies into line with the Group\u2019s\naccounting policies. All intra-group assets and liabilities,\nequity, income, expenses and cash flows relating to transactions\nbetween members of the Group are eliminated in full on\nconsolidation.
\n\u00a0
\nGoodwill is initially\nmeasured as the excess of the aggregate of the consideration\ntransferred, the amount of any non-controlling interests in the\nacquiree and the acquisition date fair value of any previous equity\ninterest in the acquiree over the fair value of the identifiable\nnet assets acquired. If this aggregate is less than the fair value\nof the identifiable net assets of the subsidiary acquired in the\ncase of a bargain purchase, the difference is recognised directly\nin profit or loss.
\n\u00a0
\nAfter initial\nrecognition, goodwill is measured at cost less any accumulated\nimpairment losses. For the purpose of impairment testing, goodwill\nacquired in a business combination is, from the acquisition date,\nallocated to each of the Group\u2019s cash-generating units (CGUs)\nthat are expected to benefit from the combination, irrespective of\nwhether other assets or liabilities of the acquiree are assigned to\nthose units.
\n\u00a0
\nWhere goodwill has been\nallocated to a CGU and part of the operation within that unit is\ndisposed of, the goodwill associated with the disposed operation is\nincluded in the carrying amount of the operation when determining\nthe gain or loss on disposal. Goodwill disposed in these\ncircumstances is measured based on the relative values of the\ndisposed operation and the portion of the CGU retained.
\n\u00a0
\nA change in the\nownership interest of a subsidiary, without a loss of control, is\naccounted for as an equity transaction.
\n\u00a0
\nIf the Group loses\ncontrol over a subsidiary, it derecognises the related assets\n(including goodwill), liabilities and other components of equity,\nwhile any resultant gain or loss is recognised in profit or loss.\nAny investment retained is recognised at fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "uMTIZzy92I": { "value": "Goodwill is initially\nmeasured as the excess of the aggregate of the consideration\ntransferred, the amount of any non-controlling interests in the\nacquiree and the acquisition date fair value of any previous equity\ninterest in the acquiree over the fair value of the identifiable\nnet assets acquired. If this aggregate is less than the fair value\nof the identifiable net assets of the subsidiary acquired in the\ncase of a bargain purchase, the difference is recognised directly\nin profit or loss.
\n\u00a0
\nAfter initial\nrecognition, goodwill is measured at cost less any accumulated\nimpairment losses. For the purpose of impairment testing, goodwill\nacquired in a business combination is, from the acquisition date,\nallocated to each of the Group\u2019s cash-generating units (CGUs)\nthat are expected to benefit from the combination, irrespective of\nwhether other assets or liabilities of the acquiree are assigned to\nthose units.
\n\u00a0
\nWhere goodwill has been\nallocated to a CGU and part of the operation within that unit is\ndisposed of, the goodwill associated with the disposed operation is\nincluded in the carrying amount of the operation when determining\nthe gain or loss on disposal. Goodwill disposed in these\ncircumstances is measured based on the relative values of the\ndisposed operation and the portion of the CGU retained.
\n\u00a0
\nA change in the\nownership interest of a subsidiary, without a loss of control, is\naccounted for as an equity transaction.
\n\u00a0
\nIf the Group loses\ncontrol over a subsidiary, it derecognises the related assets\n(including goodwill), liabilities and other components of equity,\nwhile any resultant gain or loss is recognised in profit or loss.\nAny investment retained is recognised at fair value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "BebMTisX4W": { "value": "2.2\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nCurrent versus non-current\nclassification
\n\u00a0
\nThe Group presents\nassets and liabilities in the statement of financial position based\non current/non-current classification. An asset is current when it\nis:
\n| \n - \n | \n\n Expected to be realised\nor intended to be sold or consumed in the normal operating\ncycle; \n | \n
| \n - \n | \n\n Held primarily for the\npurpose of trading; \n | \n
| \n - \n | \n\n Expected to be realised\nwithin twelve months after the reporting date; or \n | \n
| \n - \n | \n\n Cash and cash\nequivalents unless restricted from being exchanged or used to\nsettle a liability for at least twelve months after the reporting\ndate. \n | \n
\u00a0
\nAll other assets are\nclassified as non-current.
\n\u00a0
\nA liability is current\nwhen:
\n| \n - \n | \n\n It is expected to be\nsettled in the normal operating cycle; \n | \n
| \n - \n | \n\n It is held primarily for\nthe purpose of trading; \n | \n
| \n - \n | \n\n It is due to be settled\nwithin twelve months after the reporting date; or \n | \n
| \n - \n | \n\n There is no\nunconditional right to defer the settlement of the liability for at\nleast twelve months after the reporting date. \n | \n
\u00a0
\nThe Group classifies all\nother liabilities as non-current.
\nDeferred tax assets and\nliabilities are classified as non-current assets and\nliabilities.
", "dimensions": { "concept": "halmann:DescriptionOfAccountingPolicyForCurrentVersusNonCurrentClassificationExplanatory", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tInPL47QDT": { "value": "2.3 Investment in\njoint venture
\n\u00a0
\nThe Group has an\ninterest in joint ventures.\u00a0 A joint venture is a type of\njoint arrangement whereby the parties that have joint control of\nthe arrangement have rights to the net assets of the joint\nventure.\u00a0 Joint control is the contractually agreed sharing of\ncontrol of an arrangement, which exists only when decisions about\nthe relevant activities require unanimous consent of the parties\nsharing control. The Group recognises its interest in the\njoint-venture using the equity method. Investments in joint\nventures are included in the Group\u2019s statement of financial\nposition at cost and adjusted thereafter for the post-acquisition\nchange in the share of net assets. The statement of profit or loss\nand other comprehensive income includes the share of profit or loss\nin joint venture.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ago7WcTXNc": { "value": "2.4 Financial\ninstruments
\n\u00a0
\nA financial instrument\nis any contract that gives rise to a financial asset of one entity\nand a financial liability or equity of another entity.
\n\u00a0
\nFinancial\nassets
\nInitial recognition\nand measurement
\n\u00a0
\nFinancial assets are\nclassified, at initial recognition, as financial assets measured at\namortized cost, fair value through profit or loss (FVTPL) and fair\nvalue through other comprehensive income (FVTOCI). All financial\nassets are recognized initially at fair value plus, in the case of\nfinancial assets not recorded at FVTPL, transaction costs that are\nattributable to the acquisition of the financial asset.
\n\u00a0
\nThe classification of\nfinancial assets at initial recognition depends on the financial\nasset\u2019s contractual cash flow characteristics and the\nGroup\u2019s business model for managing them. With the exception\nof trade receivables that do not contain a significant financing\ncomponent or for which the Group has applied the practical\nexpedient, the Group initially measures a financial asset at its\nfair value plus, in the case of a financial asset not at FVTPL,\ntransaction costs. Trade receivables that do not contain a\nsignificant financing component or for which the Group has applied\nthe practical expedient are measured at the transaction price\ndetermined under IFRS 15. Refer to the accounting policies in\nsection 2.15 (Revenue from contracts with customers).
\n\u00a0
\nIn order for a financial\nasset to be classified and measured at amortised cost or FVTOCI, it\nneeds to give rise to cash flows that are \u2018solely payments of\nprincipal and interest (SPPI)\u2019 on the principal amount\noutstanding. This assessment is referred to as the SPPI test and is\nperformed at an instrument level. Financial assets with cash flows\nthat are not SPPI are classified and measured at FVTPL,\nirrespective of the business model.
\n\u00a0
\nThe Group\u2019s\nbusiness model for managing financial assets refers to how it\nmanages its financial assets in order to generate cash flows. The\nbusiness model determines whether cash flows will result from\ncollecting contractual cash flows, selling the financial assets, or\nboth.
\n\u00a0
\nPurchases or sales of\nfinancial assets that require delivery of assets within a time\nframe established by regulation or convention in the market place\n(regular way trades) are recognised on the trade date, i.e., the\ndate that the Group commits to purchase or sell the\nasset.
\n\u00a0
\nSubsequent measurement
\n\u00a0
\nFor purposes of\nsubsequent measurement, financial assets in these financial\nstatements are classified in four categories:
\n| \n - \n | \n\n financial assets at\namortised cost (debt instruments) \n | \n
| \n - \n | \n\n financial assets at\nFVTOCI with recycling of cumulative gains and losses (debt\ninstruments) \n | \n
| \n - \n | \n\n financial assets\ndesignated at FVTOCI with no recycling of cumulative gains and\nlosses upon derecognition (equity instruments) \n | \n
| \n - \n | \n\n financial assets at\nFVTPL \n | \n
\u00a0
\nFinancial assets at\namortised cost (debt instruments)
\n\u00a0
\nFinancial assets at\namortised cost are subsequently measured using the effective\ninterest (EIR) method and are subject to impairment. Gains and\nlosses are recognised in profit or loss when the asset is\nderecognised, modified or impaired.
\n\u00a0
\nThe Group\u2019s\nfinancial assets at amortised cost include bank term deposits,\ntrade receivables, and receivables from joint ventures and other\nrelated undertakings which are included both under current and\nnon-current financial assets.
\n\u00a0
\nFinancial assets at\nFVTOCI (debt instruments)
\n\u00a0
\nFor debt instruments at\nFVTOCI, interest income, foreign exchange revaluation and\nimpairment losses or reversals are recognised in the statement of\nprofit or loss and computed in the same manner as for financial\nassets measured at amortised cost. The remaining fair value changes\nare recognised in OCI. Upon derecognition, the cumulative fair\nvalue change recognised in OCI is recycled to profit or\nloss.
\n\u00a0
\nAs at 31 December 2025\nand 2024, the Group has no debt instruments at FVTOCI.
\n\u00a0
\nFinancial assets\ndesignated at FVTOCI (equity instruments)
\n\u00a0
\nUpon initial\nrecognition, the Group can elect to classify irrevocably its equity\ninvestments as equity instruments designated at FVTOCI when they\nmeet the definition of equity under IAS 32 Financial\nInstruments: Presentation and are not held for trading. The\nclassification is determined on an instrument-by-instrument\nbasis.
\n\u00a0
\nGains and losses on\nthese financial assets are never recycled to profit or loss.\nDividends are recognised as other income in the statement of profit\nor loss when the right of payment has been established, except when\nthe Company benefits from such proceeds as a recovery of part of\nthe cost of the financial asset, in which case, such gains are\nrecorded in OCI. Equity instruments designated at FVTOCI are not\nsubject to impairment assessment.
\n\u00a0
\nThe Group elected to\nclassify irrevocably its equity investments under this\ncategory.
\n\u00a0
\nFinancial assets at\nFVTPL
\n\u00a0
\nFinancial assets at\nFVTPL are carried in the statement of financial position at fair\nvalue with net changes in fair value recognised in the statement of\nprofit or loss.
\n\u00a0
\nThis category includes\nderivative instruments and listed equity investments which the\nGroup had not irrevocably elected to classify at FVTOCI. Dividends\non listed equity investments are recognised as other income in the\nstatement of profit or loss when the right of payment has been\nestablished.
\n\u00a0
\nA derivative embedded in\na hybrid contract, with a financial liability or non-financial\nhost, is separated from the host and accounted for as a separate\nderivative if: the economic characteristics and risks are not\nclosely related to the host; a separate instrument with the same\nterms as the embedded derivative would meet the definition of a\nderivative; and the hybrid contract is not measured at fair value\nthrough profit or loss. Embedded derivatives are measured at fair\nvalue with changes in fair value recognised in profit or loss.\nReassessment only occurs if there is either a change in the terms\nof the contract that significantly modifies the cash flows that\nwould otherwise be required or a reclassification of a financial\nasset out of the fair value through profit or loss\ncategory.
\n\u00a0
\nAs at 31 December 2025\nand 2024, the Group has no financial assets at FVTPL.
\n\u00a0
\nDerecognition
\n\u00a0
\nA financial asset (or,\nwhere applicable, a part of a financial asset or part of a Group of\nsimilar financial assets) is primarily derecognised (i.e., removed\nfrom the Group\u2019s statement of financial position)\nwhen:
\n\u00a0
\n| \n - \n | \n\n the rights to receive\ncash flows from the asset have expired; or \n | \n
| \n - \n | \n\n the Group has\ntransferred its rights to receive cash flows from the asset or has\nassumed an obligation to pay the received cash flows in full\nwithout material delay to a third party under a\n\u2018pass-through\u2019 arrangement; and either (a) the Group\nhas transferred substantially all the risks and rewards of the\nasset, or (b) the Group has neither transferred nor retained\nsubstantially all the risks and rewards of the asset, but has\ntransferred control of the asset. \n | \n
\u00a0
\nWhen the Group has\ntransferred its rights to receive cash flows from an asset or has\nentered into a pass-through arrangement, it evaluates if, and to\nwhat extent, it has retained the risks and rewards of ownership.\nWhen it has neither transferred nor retained substantially all of\nthe risks and rewards of the asset, nor transferred control of the\nasset, the Group continues to recognise the transferred asset to\nthe extent of its continuing involvement. In that case, the Group\nalso recognises an associated liability. The transferred asset and\nthe associated liability are measured on a basis that reflects the\nrights and obligations that the Group has retained.
\n\u00a0
\nContinuing involvement\nthat takes the form of a guarantee over the transferred asset is\nmeasured at the lower of the original carrying amount of the asset\nand the maximum amount of consideration that the Group could be\nrequired to repay.
\n\u00a0
\nImpairment
\n\u00a0
\nFurther disclosures\nrelating to impairment of financial assets are also provided in\nnotes 3 and 34 to the consolidated financial statements.
\n\u00a0
\nThe Group recognises an\nallowance for expected credit losses (ECLs) for all debt\ninstruments not held at FVTPL. ECLs are based on the difference\nbetween the contractual cash flows due in accordance with the\ncontract and all the cash flows that the Company expects to\nreceive, discounted at an approximation of the original effective\ninterest rate.
\n\u00a0
\nECLs are recognised in\ntwo stages. For credit exposures for which there has not been a\nsignificant increase in credit risk since initial recognition, ECLs\nare provided for credit losses that result from default events that\nare possible within the next 12-months (a 12-month ECL). For those\ncredit exposures for which there has been a significant increase in\ncredit risk since initial recognition, a loss allowance is required\nfor credit losses expected over the remaining life of the exposure,\nirrespective of the timing of the default (a lifetime\nECL).
\n\u00a0
\nFor lease receivables\nand majority of trade receivables, the Group applies a simplified\napproach in calculating ECLs. Therefore, the Group does not track\nchanges in credit risk, but instead recognises a loss allowance\nbased on lifetime ECLs at each reporting date. The Group has\nestablished a provision matrix that is based on its historical\ncredit loss experience, adjusted for forward-looking factors\nspecific to the debtors and the economic environment.
\n\u00a0
\nFor cash in bank,\ncontract assets and amounts due from joint ventures and other\nrelated undertakings, the Group applies a general approach in\ncalculating ECLs. Therefore, the Group tracks changes in credit\nrisk, and recognises a loss allowance based on either 12-month ECLs\nor lifetime ECLs, depending on whether there has been a significant\nincrease in credit risk on the financial instrument since initial\nrecognition. This is being done by considering the change in the\nrisk of default occurring over the remaining life of the financial\ninstrument.
\n\u00a0
\n| \n The following are the\nkey elements in the calculation of ECLs: \n | \n|
| \n a. Probability of\nDefault (PD) \n | \n\n The PD is an estimate of\nthe likelihood of default over a given time horizon. A default may\nonly happen at a certain time over the assessed period, if the\nfinancial asset has not been previously derecognised. \n | \n
| \n b. Exposure at\nDefault (EAD) \n | \n\n The EAD is an estimate\nof the exposure at a future default date, taking into account\nexpected changes in the exposure after the reporting\ndate. \n | \n
| \n c. Loss Given\nDefault (LGD) \n | \n\n The LGD is an estimate\nof the loss arising in the case where a default occurs at a given\ntime. It is based on the difference between the contractual cash\nflows due and those that the lender would expect to\nreceive. \n | \n
| \n The mechanics of the ECL\nmethod are summarised below: \n | \n|
| \n Stage 1: \n | \n\n The 12-month ECL is\ncalculated as the portion of lifetime ECL that represent the ECL\nthat result from default events on a financial instrument that are\npossible within the 12 months after the reporting date. The Group\ncalculates the 12-month ECL allowance based on the expectation of a\ndefault occurring in the 12 months following the reporting date.\nThese expected 12-month default probabilities are applied to a\nforecast EAD and multiplied by the expected LGD. \n | \n
| \n Stage 2: \n | \n\n When a financial asset\nhas shown a significant increase in credit risk since origination,\nthe Group records an allowance for the lifetime ECL. The mechanics\nare similar to those explained above, but PDs and LGDs are\nestimated over the lifetime of the instrument. \n | \n
| \n Stage 3: \n | \n\n For financial asset\nconsidered as credit-impaired, the Group recognises the lifetime\nECL. The method is similar to that for Stage 2 financial assets,\nwith the PD set at 100%. \n | \n
\u00a0
\nThe Group considers a\nfinancial asset in default when contractual payments are 90 days\npast due. However, in certain cases, the Group may also consider a\nfinancial asset to be in default when internal or external\ninformation indicates that the Group is unlikely to receive the\noutstanding contractual amounts in full before taking into account\nany credit enhancements held by the Group. A financial asset is\nwritten off when there is no reasonable expectation of recovering\nthe contractual cash flows.
\n\u00a0
\nFinancial\nliabilities
\nInitial recognition\nand measurement
\n\u00a0
\nFinancial liabilities\nare classified, at initial recognition, as financial liabilities at\nFVTPL, loans and borrowings or as derivatives designated as hedging\ninstruments in an effective hedge, as appropriate.
\n\u00a0
\nAll financial\nliabilities are recognised initially at fair value and, in the case\nof loans and borrowings and payables, net of directly attributable\ntransaction costs.
\n\u00a0
\nThe Group\u2019s\nfinancial liabilities include trade and other payables, loans and\nborrowings including bank overdrafts.
\n\u00a0
\nSubsequent\nmeasurement
\n\u00a0
\nFor purposes of\nsubsequent measurement, financial liabilities are classified in two\ncategories:
\n\u00a0
\n| \n - \n | \n\n Financial liabilities at\nFVTPL \n | \n
| \n - \n | \n\n Financial liabilities at\namortised cost (loans and borrowings) \n | \n
\u00a0
\nFinancial liabilities\nat FVTPL
\n\u00a0
\nFinancial liabilities at\nFVTPL include financial liabilities held for trading and financial\nliabilities designated upon initial recognition as at\nFVTPL.
\n\u00a0
\nFinancial liabilities\nare classified as held for trading if they are incurred for the\npurpose of repurchasing in the near term. This category also\nincludes derivative financial instruments entered into by the Group\nthat are not designated as hedging instruments in hedge\nrelationships as defined by IFRS 9. Separated embedded derivatives\nare also classified as held for trading unless they are designated\nas effective hedging instruments.
\n\u00a0
\nGains or losses on\nliabilities held for trading are recognised in the statement of\nprofit or loss.
\n\u00a0
\nFinancial liabilities\ndesignated upon initial recognition at FVTPL are designated at the\ninitial date of recognition, and only if the criteria in IFRS 9 are\nsatisfied. The Group has not designated any financial liability at\nFVTPL as at 31 December 2025 and 2024.
\n\u00a0
\nFinancial liabilities\nat amortised cost (loans and borrowings)
\n\u00a0
\nThis is the category\nmost relevant to the Group. After initial recognition,\ninterest-bearing loans and borrowings are subsequently measured at\namortised cost using the EIR method. Gains and losses are\nrecognised in profit or loss when the liabilities are derecognised\nas well as through the EIR amortisation process.
\n\u00a0
\nAmortised cost is\ncalculated by taking into account any discount or premium on\nacquisition and fees or costs that are an integral part of the EIR.\nThe EIR amortisation is included as finance costs in the statement\nof profit or loss.
\n\u00a0
\nThis category generally\napplies to interest-bearing loans and borrowings. For more\ninformation, refer to notes 16 and 34 to the consolidated financial\nstatements.
\n\u00a0
\nDerecognition
\n\u00a0
\nA financial liability is\nderecognised when the obligation under the liability is discharged\nor cancelled or expires. When an existing financial liability is\nreplaced by another from the same lender on substantially different\nterms, or the terms of an existing liability are substantially\nmodified, such an exchange or modification is treated as the\nderecognition of the original liability and the recognition of a\nnew liability. The difference in the respective carrying amounts is\nrecognised in the statement of profit or loss.
\n\u00a0
\nOffsetting of financial instruments
\n\u00a0
\nFinancial assets and\nfinancial liabilities are offset and the net amount is reported in\nthe statement of financial position if there is a currently\nenforceable legal right to offset the recognised amounts and there\nis an intention to settle on a net basis, to realise the assets and\nsettle the liabilities simultaneously.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "qEXQRSoKIk": { "value": "2.5 Property, plant\nand equipment
\n\u00a0
\nLand and buildings are\nstated in the statement of financial position at its revalued\namount, being the fair value at the date of revaluation.\u00a0\nRevaluations are performed with sufficient regularity such that the\ncarrying amount does not differ materially from those that would be\ndetermined using fair values at each reporting date.
\n\u00a0
\nThe Company carries its\ninvestment property at fair value, with changes being recognised in\nprofit or loss.\u00a0 This is based on market valuations performed\nby independent professional architect at least every two\nyears.\u00a0 In a year when market valuations are not performed by\nthe independent professional architect, an assessment of the fair\nvalue of investment property is performed to reflect market\nconditions at the year-end date.
\n\u00a0
\nAn increase in the\ncarrying amount arising on the revaluation of such land and\nbuildings is recognised in the consolidated statement of profit or\nloss and other comprehensive income and afterwards held in the\nrevaluation reserve on property, plant and equipment relating to a\nprevious revaluation of that asset.
\n\u00a0
\nFreehold land is not\ndepreciated as it deemed to have an indefinite life.
\n\u00a0
\nProperty, plant and\nequipment, except for revalued land and buildings, are stated at\ncost less accumulated depreciation.\u00a0 Depreciation charge is\nprovided from the month of acquisition until the month in which the\nasset is disposed of or scrapped.
\n\u00a0
\nDepreciation is\ncalculated using the reducing balance method to allocate the cost\nof the assets to their residual values over their estimated useful\nlives, as follows:\u00a0
\n\u00a0
\n| \n Buildings \n | \n\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nnil \n | \n|
| \n Electrical installations\nand fittings \n | \n\n | \n 6.67% and\n20% \n | \n
| \n Renewable energy\nequipment \n | \n\n 6.67% \n | \n|
| \n Plant and\nmachinery \n | \n\n | \n 10% \n | \n
| \n Furniture and\nfittings \n | \n\n 10% \n | \n|
| \n Improvements to\npremises \n | \n\n | \n 10% \n | \n
| \n Air-conditioning\nequipment \n | \n\n 16.67% \n | \n|
| \n Tools \n | \n\n | \n 20% \n | \n
| \n Exhibits \n | \n\n | \n 20% \n | \n
| \n Exhibition stand and\nsite offices \n | \n\n | \n 20% and 25% \n | \n
| \n Motor\nvehicles \n | \n\n 20% \n | \n|
| \n Computer equipment and\nsoftware \n | \n\n | \n 25% \n | \n
| \n Office\nequipment \n | \n\n | \n 25% \n | \n
| \n Telecommunications\nequipment \n | \n\n | \n 25% \n | \n
| \n Computers and electronic\nequipment \n | \n\n \u00a0 \n | \n\n 25% \n | \n
\u00a0
\nDepreciation methods,\nuseful life and residual values are reassessed at each reporting\ndate.
\n\u00a0
\nAn item of property,\nplant and equipment is derecognised upon disposal or when no future\neconomic benefits are expected from its use or disposal.\u00a0 Any\ngain or loss arising on derecognition of the asset (calculated as\nthe difference between the net disposal proceeds and the carrying\namount of the asset) is included in the statement of profit or loss\nand other comprehensive income when the asset is\nderecognised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "MYPjZmyEB7": { "value": "2.6 Investment\nproperty
\n\u00a0
\nProperty that is held\nfor long-term rental yields or for capital appreciation or both,\nand is not occupied by the Group, is classified as investment\nproperty.\u00a0 Investment property comprises freehold and\nleasehold land and buildings held under long-term operating\nleases.
\n\u00a0
\nInvestment property is\nmeasured initially at its historical cost, including related\ntransaction costs and borrowing costs.\u00a0 Historical cost\nincludes expenditure that is directly attributable to the\nacquisition of the items.\u00a0 Borrowing costs which are incurred\nfor the purpose of acquiring or constructing a qualifying\ninvestment property are capitalised as part of its cost.\u00a0\nBorrowing costs are capitalised while acquisition or construction\nis actively underway.\u00a0 Capitalisation of borrowing costs is\nceased once the asset is substantially complete and is suspended if\nthe development of the asset is suspended.\u00a0 After initial\nrecognition, investment property is carried at fair value\nrepresenting open market value determined periodically.\u00a0 Fair\nvalue is based on active market prices, adjusted, if necessary, for\nany difference in the nature, location or condition of the specific\nasset.\u00a0 If the information is not available, the Group uses\nalternative valuation methods such as recent prices on less active\nmarkets or discounted cash flow projections.
\n\u00a0
\nThese valuations are\nreviewed on a regular basis (usually every two years).\u00a0\nInvestment property that is being redeveloped for continuing use as\ninvestment property or for which the market has become less active\ncontinues to be measured at fair value.\u00a0 Fair value\nmeasurement on property under construction is only applied if the\nfair value is considered to be reliably measurable.\u00a0 The fair\nvalue of investment property reflects, among other things, rental\nincome from current leases and assumptions about rental income from\nfuture leases in the light of current market conditions.\u00a0 The\nfair value also reflects, on a similar basis, any cash outflows\nthat could be expected in respect of the property.
\n\u00a0
\nSubsequent expenditure\nis capitalised to the asset's carrying amount only when it is\nprobable that future economic benefits associated with the\nexpenditure will flow to the Group and the cost of the item can be\nmeasured reliably.\u00a0 All other repairs and maintenance costs\nare charged to profit or loss during the financial period in which\nthey are incurred.\u00a0 When part of an investment property is\nreplaced, the carrying amount of the replaced part is\nderecognised.
\n\u00a0
\nThe fair value of\ninvestment property does not reflect future capital expenditure\nthat will improve or enhance the property and does not reflect the\nrelated future benefits from its future expenditure other than\nthose a rational market participant would take into account when\ndetermining the value of the property.
\n\u00a0
\nChanges in fair value\nare recognised in profit or loss and transferred to \"Revaluation\nreserve on investment property\" under equity.\u00a0 Investment\nproperties are derecognised either when they have been disposed of\nor when the investment property is permanently withdrawn from use\nand no future economic benefit is expected from its disposal. The\ndifference between the net disposal proceeds and the carrying\namount of the asset is recognised in profit or loss in the period\nof derecognition.
\n\u00a0
\nIf an investment\nproperty becomes owner-occupied, it is reclassified as property,\nplant and equipment.\u00a0 Its fair value at the date of the\nreclassification becomes its cost for subsequent accounting\npurposes.\u00a0 When the Group decides to dispose of an investment\nproperty without development, the Group continues to treat the\nproperty as an investment property.\u00a0 Similarly, if the Group\nbegins to redevelop an existing investment property for continued\nfuture use as investment property, it remains an investment\nproperty during the redevelopment.
\n\u00a0
\nIf an item of property,\nplant and equipment and property held-for-sale becomes an\ninvestment property because its use has changed, any difference\nresulting between the carrying amount and the fair value of this\nitem at the date of transfer is treated in the same way as\nrevaluation under IAS 16.\u00a0 Any resulting increase in the\ncarrying amount of the property is recognised in statement of\ncomprehensive income to the extent that it reverses a previous\nimpairment loss; with any remaining increase recognised in other\ncomprehensive income, directly to revaluation surplus with\nequity.\u00a0 Any resulting decrease in the carrying amount of the\nproperty is initially charged to other comprehensive income against\nany previously recognised revaluation surplus, with any remaining\ndecrease charged to the profit or loss.\u00a0 Upon the disposal of\nsuch investment property, any surplus previously recorded in equity\nis transferred to retained earnings; the transfer is not made\nthrough statement of comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "N_Sc0Z7nio": { "value": "Changes in fair value\nare recognised in profit or loss and transferred to \"Revaluation\nreserve on investment property\" under equity.\u00a0 Investment\nproperties are derecognised either when they have been disposed of\nor when the investment property is permanently withdrawn from use\nand no future economic benefit is expected from its disposal. The\ndifference between the net disposal proceeds and the carrying\namount of the asset is recognised in profit or loss in the period\nof derecognition.", "dimensions": { "concept": "halmann:DisclosureOfAccountingPolicyForRevaluationOnInvestmentProperty", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0Q2oKSYKJ": { "value": "2.7\u00a0\nInventories
\n\u00a0
\nInventories are valued\nat the lower of cost and net realisable value.
\n\u00a0
\nCost is determined on\nthe weighted average cost method.\u00a0 The cost of finished goods\ncomprises design costs, raw materials, direct labour, other direct\ncosts and related production overheads (based on normal operating\ncapacity).\u00a0 It excludes borrowing costs.
\n\u00a0
\nNet realisable value is\nthe estimated selling price in the ordinary course of business,\nless estimated costs of completion and the estimated costs\nnecessary to make the sale.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "EwWkE-EwHk": { "value": "2.8\u00a0 Property\nheld-for-sale
\n\u00a0
\nProperty held-for-sale\nis included in the financial statements at the lower of cost and\nnet realisable value.\u00a0 Cost comprises the purchase price of\nacquiring the property and other costs incurred to develop the\nproperty.\u00a0 Net realisable value is the estimated selling price\nin the ordinary course of business, less estimated costs of\ncompletion and the estimated costs necessary to make the\nsale.
", "dimensions": { "concept": "halmann:DescriptionOfAccountingPolicyForPropertyHeldForSaleExplanatory", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "L8WTU3rm2N": { "value": "2.9 Cash and cash\nequivalents
\n\u00a0
\nCash and cash\nequivalents in the statement of financial position comprise cash at\nbank and in hand, which are subject to an insignificant risk of\nchanges in value.
\n\u00a0
\nFor the purpose of the\nstatement of cashflows, cash and cash equivalents consist of cash\nin hand and at bank as defined above, net of outstanding bank\noverdrafts as they are considered an integral part of the Group's\ncash management.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "rdj2HQRB3n": { "value": "Cash and cash\nequivalents in the statement of financial position comprise cash at\nbank and in hand, which are subject to an insignificant risk of\nchanges in value.
\n\u00a0
\nFor the purpose of the\nstatement of cashflows, cash and cash equivalents consist of cash\nin hand and at bank as defined above, net of outstanding bank\noverdrafts as they are considered an integral part of the Group's\ncash management.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "dKF.jZlPqq": { "value": "2.10\u00a0 Share\ncapital
\n\u00a0
\nOrdinary shares are\nclassified as equity.\u00a0 Incremental costs directly attributable\nto the issue of new shares are shown in equity as a deduction, net\nof tax, from the proceeds.
", "dimensions": { "concept": "halmann:DescriptionOfAccountingPolicyForShareCapitalExplanatory", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "_7Obm8yy0w": { "value": "2.11\u00a0 Dividend\ndistribution
\n\u00a0
\nDividend distribution to\nthe Group's shareholders is recognised as a liability in the\nGroup's financial statements in the period in which the dividends\nare approved by the Group's shareholders.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "IAYbxPXzoU": { "value": "2.12\u00a0 Trade\npayables
\n\u00a0
\nTrade payables are\nobligations to pay for goods or services that have been acquired in\nthe ordinary course of business from suppliers. Accounts payable\nare classified as current liabilities if payment is due within one\nyear or less. If not, they are presented as non-current\nliabilities.
\n\u00a0
\nTrade and other payables\nare recognised initially at fair value and subsequently measured at\namortised cost using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "QJv9Q.ICIM": { "value": "2.13\u00a0\nProvisions
\n\u00a0
\nProvisions are\nrecognised when the Group has a present legal or constructive\nobligation as a result of past events, it is probable that an\noutflow of resources embodying economic benefits will be required\nto settle the obligation and a reliable estimate of the amount of\nthe obligation can be made.\u00a0
\n\u00a0
\nProvisions are measured\nat the present value of the expenditures expected to be required to\nsettle the obligation using a pre-tax rate that reflects current\nmarket assessments of the time value of money and the risks\nspecific to the obligation. The increase in the provision due to\nthe passage of time is recognised as interest expense.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "z.dJ3HAtGi": { "value": "2.14\u00a0 Foreign\ncurrencies
\n\u00a0
\nItems included in the\nfinancial statements of each of the Group's entities are measured\nusing the currency of the primary economic environment in which the\nentity operates (the functional currency). The consolidated\nfinancial statements are presented in euro, which is the Company's\nfunctional and presentation currency.
\n\u00a0
\nForeign currency\ntranslations are translated into the functional currency using the\nexchange rates prevailing at the dates of the transactions or\nvaluation where items are re-measured. Foreign exchange gains and\nlosses resulting from the settlement of such transactions and from\nthe translation at year-end exchange rates of monetary assets and\nliabilities denominated in foreign currencies are recognised in\nprofit or loss. All foreign exchange gains and losses are presented\nin the income statement within 'Other income' or 'Other\nexpenses'.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "GKnGoIMCWP": { "value": "2.15 Revenue\nrecognition
\n\u00a0
\nRevenue from\ncontracts with customers (under IFRS 15)
\n\u00a0
\n'The Group's principal\nactivities relate to the manufacture and business of stones,\nmarbles, granites, patterned tiles, terrazzo and precast related\nproducts, as well as supply, installation, operation and\nmaintenance of photovoltaic (PV) systems. The Group is also\ninvolved in property development and resale. Revenue from contracts\nis recognised when control of the goods or services are transferred\nto the customer at an amount that reflects the consideration to\nwhich the Group expects in exchange for those goods or services.\nThe Group has generally concluded that it is the principal in its\nrevenue arrangements, because it typically controls the goods or\nservices before transferring them to the customer. Revenue is\nrecognized to the extent that it is probable that future economic\nbenefits will flow to the Group and these can be measured\nreliably.
\n\u00a0
\n'The Group's revenue\nrecognition is straight-forward, hence no significant accounting\njudgement, estimates and assumptions (i.e., in terms of estimating\nvariable considerations and stand-alone selling price) are\ninvolved.
\n\u00a0
\nSale of\nstones, marbles, granites, patterned tiles, terrazzo and precast\nrelated products
\n\u00a0
\n'Revenue from sale of\nmanufactured construction materials is recognised at the point in\ntime when control of asset is transferred to the customer,\ngenerally on delivery of products at the customer's location. The\nnormal credit term is 30 to 90 days upon delivery.
\n\u00a0
\nSale of\nelectricity generated from PV panels
\n\u00a0
\nRevenue from sale of\nelectricity is recognised at the point in time when control of the\nasset is transferred to the sole customer (i.e., Enemalta p.l.c.),\ngenerally upon exportation of the generated electricity to the\nsolar grid. Enemalta p.l.c. pays the Group feed-in tariff (i.e., a\ntariff which is paid to a producer of electricity for the amount of\nelectricity generated and exported to the electricity grid) based\non the actual meter readings.\u00a0 In the case where the amount\ndue to the Group from the electricity exported by the PV system\nexceeds the invoiced amount\u00a0 for the consumption of\nelectricity for a particular billing period that is due to Enemalta\np.l.c.,\u00a0 such amount will be carried forward in the form of a\ncredit note.\u00a0 When two consecutive scheduled bills based on\nactual meter readings are shown to be in credit, Enemalta p.l.c. is\nobliged to pay the Group the credit within 60 days of the date of\nthe second scheduled bill.\u00a0
\n\u00a0
\nSale of\nproperties
\n\u00a0
\n'Revenue from sale of\nreal properties is recognised at the point in time when control of\nasset is transferred to the customer, generally upon signing of\ndeed of sale where the customer obtains legal title to the\nproperty. Total fund is paid in full on date of deed.
\n\u00a0
\nRendering\nof general construction and other services
\n\u00a0
\nThe Group recognises\nrevenue from construction and other services over time because the\nGroup's\u00a0 performance creates or enhances an asset that the\ncustomer controls as the asset is enhanced or created. In some\ncases, the customer simultaneously receives and consumes the\nbenefits provided to them as the Group performs. The Group uses an\ninput method in measuring progress of the services since there is a\ndirect relationship between the Group\u2019s effort (i.e., based\non the costs incurred to date) and the transfer of service to the\ncustomer. The input method is implemented by first estimating the\ninputs required such as labor and other overheads, etc. to complete\nthe service. The Group recognises revenue on the basis of the\nefforts expended to date relative to the total expected inputs to\ncomplete the service. The normal credit term is 30 to 90 days upon\nissuance of invoice.
\n\u00a0
\nFurther, the Group\nprovides services that are either sold separately or bundled\ntogether with the sale of tiles, marble stones and granites to a\ncustomer. Contracts for bundled sales of tiles, marble stones,\ngranites and services are comprised of two performance obligations\nbecause the promise to transfer tiles, marbles, granites and\nprovide services are capable of being distinct and separately\nidentifiable. Accordingly, the Group allocates the transcation\nprice based on the relative stand-alone selling prices of tiles,\nmarbles, granites and services.
\n\u00a0
\n'In determining the\ntransaction price, the Group considers\u00a0 the effects of\nvariable consideration, existence of significant financing\ncomponent, non-cash consideration, and consideration payable to the\ncustomer.
\n\u00a0
\ni) Variable\nconsideration
\n\u00a0
\nIf the consideration in\na contract includes a variable amount, the Group estimates the\namount of consideration to which it will be entitled in exchange\nfor transferring the goods to the customer. The variable\nconsideration is estimated at contract inception and constrained\nuntil it is highly probable that a significant revenue reversal in\nthe amount of cumulative revenue recognised will not occur when the\nassociated uncertainty with the variable consideration is\nsubsequently resolved. In general, contracts for the sale of tiles,\nmarble stones and granites do not provide customers with a right to\nreturn the goods; hence, no refund liability is recognised. In\ncases of discounts and/or price concessions for good and services,\nsuch are already established with the customer at the inception of\nthe contract, thus, are not considered contingents as the amounts\nagreed are fixed and unavoidable. As at and for the years ended 31\nDecember 2025 and 2024, there are no known factors or events which\ncould make the consideration to be variable. The validity of this\nassessment is reassessed at each reporting date.
\n\u00a0
\nii) Significant\nfinancing component
\n\u00a0
\nIn most cases, the Group\nhas contract assets wherein payment for goods and services rendered\nis not due from the customer until the full services agreed upon\nare completed. A contract asset is recognised over the period in\nwhich the services are performed to represent the Company's right\nto consideration for the services performed to date. Generally, it\nis the customer's preference to withhold payments to ensure that\nall performance obligations are performed as specified in the\ncontract. This falls under one of the exemptions of 'significant\nfinancing component' - i.e., the difference between the promised\nconsideration and the cash selling price of the goods or services\nis due to something other than financing.
\n\u00a0
\nFurther, the Group\napplies the practical expedient for short-term advances received\nfrom customers - i.e., the promised amount of consideration is not\nadjusted for the effects of a significant financing component if\nthe period between the transfer of the promised goods or service\nand the payment is one year or less. As at and for the years ended\n31 December 2025 and 2024, the contract liabilities are\nsubsequently recognised as revenue within one year.
\n\u00a0
\niii) Non-cash\nconsideration
\n\u00a0
\nThe Group does not\nreceive non-cash considerations from customers for the sale of\ngoods and services.
\n\u00a0
\niv) Consideration\npayable to customer
\n\u00a0
\nThe Group exports solar\nenergy generated from PV panels to a customer who also supplies\nelectricity to the Group for consumption. The consideration payable\nto a customer is accounted for as a reduction of the transaction\nprice unless the payment to the customer is in exchange for a\ndistinct good or service that the customer transfers to the\nGroup.
\n\u00a0
\nContract\nbalances
\n\u00a0
\nContract\nassets
\n\u00a0
\nA contract asset is the\nright to consideration in exchange for goods or services\ntransferred to the customer. If the company performs by\ntransferring goods or services to a customer before the customer\npays consideration or before payment is due, a contract asset is\nrecognised for the earned consideration that is\nconditional.
\n\u00a0
\nTrade\nreceivables
\n\u00a0
\nA receivable represents\nthe company\u2019s right to an amount of consideration that is\nunconditional (i.e., only the passage of time is required before\npayment of the consideration is due).
\n\u00a0
\nContract\nliabilities
\n\u00a0
\nA contract liability is\nthe obligation to transfer goods or services to a customer for\nwhich the company has received consideration (or an amount of\nconsideration is due) from the customer. If a customer pays\nconsideration before the company transfers goods or services to the\ncustomer, a contract liability is recognised when the payment is\nmade or the payment is due (whichever is earlier). Contract\nliabilities are recognised as revenue when the company performs\nunder the contract (i.e., transfers control of the related goods or\nservices to the customer).
\n\u00a0
\nCost to\nobtain a contract
\n\u00a0
\nThe Group applies the\noptional practical expedient to immediately expense costs to obtain\na contract if the amortisation period of the asset that would have\nbeen recognised is one year or less. As such, payments for\ndesigners which constitute a relatively small amounts are\nimmediately recognised as an expense in the consolidated statement\nof profit or loss and other comprehensive income.
\n\u00a0
\nOther revenue sources\n(not within the scope of IFRS 15)
\n\u00a0
\nThe following\nrecognition criteria must also be met before revenue is\nrecognised:
\n\u00a0
\nRental\nincome
\n\u00a0
\nThis relates to the\nrental income from the rental of immovable property in the ordinary\ncouse of the Group's activities. For operating leases, it is\nrecognised at profit or loss on a straight-line basis over the term\nof the lease and is stated net of value added tax. For finance\nleases, it is recognised at balance sheet as a lease receivable and\namortised using effective interest method over the lease\nterm.
\n\u00a0
\nDividend\nincome
\n\u00a0
\nRevenue from dividend\nincome is recognised on the date the Group's right to receive\npayment is established.
\n\u00a0
\nInterest\nincome
\n\u00a0
\nInterest income is\naccounted for when it is probable that the economic benefits\nassociated with the transaction will flow to the Group and these\ncan be measured reliably. Interest income is recognised on an\naccrual or time proportion basis.
\n\u00a0
\nOther operating\nincome
\n\u00a0
\nOther operating income\nare accounted for when it is probable that the economic benefits\nassociated with the transaction will flow to the Group and these\ncan be measured reliably.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ptSUEDGVL4": { "value": "2.16\u00a0\nLeases
\n\u00a0
\nThe Group assesses at\ncontract inception whether a contract is, or contains, a lease.\nThat is, if the contract conveys the right to control the use of an\nidentified asset for a period of time in exchange for\nconsideration.
\n\u00a0
\nThe Group as a\nlessee
\n\u00a0
\nThe Group applies a\nsingle recognition and measurement approach for all leases, except\nfor short-term leases and leases of low-value assets. The Group\nrecognises lease liabilities to make lease payments and\nright-of-use assets representing the right to use the underlying\nassets.
\n\u00a0
\ni) Right-of-use\nassets
\n\u00a0
\nThe Group recognises\nright-of-use assets at the commencement date of the lease (i.e.,\nthe date the underlying asset is available for use). Right-of-use\nassets are measured at cost, less any accumulated depreciation and\nimpairment losses, and adjusted for any remeasurement of lease\nliabilities. The cost of right-of-use assets includes the amount of\nlease liabilities recognised, initial direct costs incurred, and\nlease payments made at or before the commencement date less any\nlease incentives received. Right-of-use assets are depreciated on a\nstraight-line basis over the shorter of the lease term and the\nestimated useful lives of the assets, as follows:
\n\u00a0
\n| \n Hotel\u00a0 \n | \n\n | \n | \n | \n 15 years \n | \n
| \n Industrial\nbuildings \n | \n\n | \n | \n | \n 15 to 65\nyears \n | \n
| \n Offices \n | \n\n | \n | \n | \n 3 to 15 years \n | \n
\u00a0
\nIf ownership of the\nleased asset transfers to the Group at the end of the lease term or\nthe cost reflects the exercise of a purchase option, depreciation\nis calculated using the estimated useful life of the\nasset.
\n\u00a0
\nThe right-of-use assets\nare also subject to impairment. Refer to the accounting policies in\nsection 2.21 (Impairment of non-financial assets).
\n\u00a0
\nii) Lease\nLiabilities
\n\u00a0
\nAt the commencement date\nof the lease, the Group recognises lease liabilities measured at\nthe present value of lease payments to be made over the lease term.\nThe lease payments include fixed payments (including in-substance\nfixed payments) less any lease incentives receivable, variable\nlease payments that depend on an index or a rate, and amounts\nexpected to be paid under residual value guarantees. The lease\npayments also include the exercise price of a purchase option\nreasonably certain to be exercised by the Group and payments of\npenalties for terminating the lease, if the lease term reflects the\nGroup exercising the option to terminate. Variable lease payments\nthat do not depend on an index or a rate are recognised as expenses\n(unless they are incurred to produce inventories) in the period in\nwhich the event or condition that triggers the payment\noccurs.
\n\u00a0
\nIn calculating the\npresent value of lease payments, the Group uses its incremental\nborrowing rate at the lease commencement date because the interest\nrate implicit in the lease is not readily determinable. After the\ncommencement date, the amount of lease liabilities is increased to\nreflect the accretion of interest and reduced for the lease\npayments made. In addition, the carrying amount of lease\nliabilities is remeasured if there is a modification, a change in\nthe lease term, a change in the lease payments (e.g., changes to\nfuture payments resulting from a change in an index or rate used to\ndetermine such lease payments) or a change in the assessment of an\noption to purchase the underlying asset.
\n\u00a0
\nThe Group\u2019s lease\nliabilities are included in Interest-bearing loans and borrowings\n(see note 16).
\n\u00a0
\niii) Short-term\nleases and leases of low-value assets
\n\u00a0
\nThe Group applies the\nshort-term lease recognition exemption to its short-term leases\n(i.e., those leases that have a lease term of 12 months or less\nfrom the commencement date and do not contain a purchase option).\nIt also applies the lease of low-value assets recognition exemption\nto leases of assets that are considered to be low value. Lease\npayments on short-term leases and leases of lowvalue assets are\nrecognised as expense on a straight-line basis over the lease\nterm.
\n\u00a0
\nThe Group as a\nlessor
\n\u00a0
\nLeases in which the\nGroup does not transfer substantially all the risks and rewards\nincidental to ownership of an asset are classified as operating\nleases. Rental income arising is accounted for on a straight-line\nbasis over the lease terms and is included in revenue in the\nstatement of profit or loss and other comprehensive income due to\nits operating nature. Initial direct costs incurred in negotiating\nand arranging an operating lease are added to the carrying amount\nof the leased asset and recognised over the lease term on the same\nbasis as rental income. Contingent rents are recognised as revenue\nin the period in which they are earned.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "lH-d2Ny5VK": { "value": "2.17\u00a0 Government\ngrants
\n\u00a0
\nGovernment grants are\nrecognised where there is reasonable assurance that the Group will\ncomply with the conditions attaching to them and that the grants\nwill be received.
\n\u00a0
\nGovernment grants are\nrecognised in profit or loss on a systematic basis over the periods\nin which the Group recognises as expenses the related costs for\nwhich the grants are intended to compensate.\u00a0 Specifically,\ngovernment grants whose primary condition is that the Group should\npurchase, construct or otherwise acquire non-current assets are\nrecognised as deferred revenue in the statement of financial\nposition and transferred to profit or loss on a systematic and\nrational basis over the useful lives of the related\nassets.
\n\u00a0
\nGovernment grants that\nare receivable as compensation for expenses or losses already\nincurred or for the purpose of giving immediate financial support\nto the Group with no future related costs are recognised in profit\nor loss in their period in which they become receivable.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "g6_MwRqTJP": { "value": "2.18\u00a0\nTaxation
\n\u00a0
\nThe tax expense for the\nyear comprises current and deferred tax.\u00a0 Tax is recognized in\nprofit or loss, except when it relates to items recognized in other\ncomprehensive income or directly in equity, in which case it is\nalso dealt with in other comprehensive income or in equity, as\nappropriate.
\n\u00a0
\nCurrent income\ntax
\n\u00a0
\nCurrent income tax\nassets and liabilities for the current period are measured at the\namount expected to be recovered or paid to the taxation\nauthorities. The tax rates and tax laws used to compute the amount\nare those that are enacted or substantially enacted, at the\nreporting date. Current income tax relating to items recognised\ndirectly in equity is recognised in equity and not in profit or\nloss.
\n\u00a0
\nDeferred income\ntax
\n\u00a0
\nDeferred tax is provided\nusing the liability method on temporary differences at the\nreporting date between the tax bases of assets and liabilities and\ntheir carrying amounts for financial reporting purposes.
\n\u00a0
\nDeferred tax liabilities\nare recognised for all temporary differences, except when the\ndeferred tax liability arises from the initial recognition of\ngoodwill or an asset or liability in a transaction that is not a\nbusiness combination and, at the time of the transaction, affects\nneither the accounting profit nor taxable profit or\nloss.
\n\u00a0
\nDeferred tax assets are\nrecognised for all deductible temporary differences, carry forward\nof unused tax credits and unused tax losses, to the extent probable\nthat taxable profit will be available against which the deductible\ntemporary differences, and the carry forward of unused tax credits\nand unused tax losses can be utilised, except when the deferred tax\nasset relating to the deductible temporary differences arises from\nthe initial recognition of an asset or liability in a transaction\nthat is not a business combination and, at the time of the\ntransaction, affects neither the accounting profit nor taxable\nprofit or loss.
\n\u00a0
\nUnrecognised deferred\ntax assets are reassessed at each reporting date and are recognised\nto the extent that it has become probable that future taxable\nprofits will allow the deferred tax asset to be\nrecovered.
\n\u00a0
\nDeferred tax assets and\nliabilities are measured at the tax rates that are expected to\napply in the year when the asset is realised or the liability is\nsettled, based on tax rates (and tax laws) that have been enacted\nor substantively enacted at each reporting date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Z4Kp8EDKn4": { "value": "Value Added\nTax
\nRevenue, expenses and\nassets are recognised net of Value Added Tax, except:
\n| \n - \n | \n\n where the Value Added\nTax incurred on a purchase of assets or services is not recoverable\nfrom the taxation authority, in which case Value Added Tax is\nrecognised as part of the acquisition of the asset or as part of\nthe expense item, as applicable; \n | \n
| \n - \n | \n\n where receivables and\npayables that are stated with the amount of Value Added Tax\nincluded. \n | \n
\u00a0
\nThe net amount of Value\nAdded Tax recoverable from, or payable to, the taxation authority\nis included as part of receivables or payables in the statement of\nfinancial position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ryR9k4D_ZA": { "value": "2.19\u00a0 Borrowing\ncost
\n\u00a0
\nBorrowing costs consist\nof interest and other costs that an entity incurs in connection\nwith the borrowing of funds. Borrowing costs which are incurred for\nthe purpose of acquiring or constructing qualifying property, plant\nand equipment or investment property, are capitalised as part of\nits cost. Borrowing costs are capitalised while acquisition or\nconstruction is actively underway, during the period of time that\nis required to complete and prepare the asset for its intended use.\nCapitalisation of borrowing costs is ceased once the asset is\nsubstantially complete and is suspended if the development of the\nasset is suspended. All other borrowing costs are expensed.\nBorrowing costs are recognised for all interest-bearing instruments\non an accrual basis using the effective interest method. Interest\ncosts include the effect of amortising any difference between the\ninitial net proceeds and redemption value in respect of\ninterest-bearing borrowings.\u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "wzQxsn63-h": { "value": "2.20\u00a0 Fair value\nmeasurements and valuation processes
\n\u00a0
\nThe Group measures\nnon-financial assets such as land and buildings and investment\nproperty at fair value at each reporting\ndate.\u00a0\u00a0\u00a0
\n\u00a0
\nFair value is the price\nthat would be received to sell an asset or paid to transfer a\nliability in an orderly transaction between the market participants\nat the measurement date.\u00a0 The fair value measurement is based\non the presumption that the transaction to sell the asset or\ntransfer the liability takes place either (a) in the principal\nmarket for the asset or liability or (b) in the absence of a\nprincipal market, in the most advantageous market for the asset or\nliability.
\n\u00a0
\nThe principal or the\nmost advantageous market must be accessible by the\nGroup.
\n\u00a0
\nThe fair value of an\nasset or liability is measured using the assumptions that market\nparticipants would use when pricing the asset or liability,\nassuming that market participants act in their economic best\ninterest.
\n\u00a0
\nA fair value measurement\nof non-financial asset takes into account a market participant's\nability to generate economic benefits by using the asset in its\nhighest and best use or by selling it to another market participant\nthat would use the asset in its highest and best use.
\n\u00a0
\nThe Group uses valuation\ntechniques that are appropriate in the circumstances and for which\nsufficient data are available to measure at fair value, maximising\nthe use of relevant observable inputs and minimising the use of\nunobservable inputs.
\n\u00a0
\nInformation about the\nvaluation techniques and inputs used in determining the fair value\nof the equity at FVTOCI, land and building and investment property\nis disclosed in notes 13, 16 and 17, respectively.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "OvwVyqYjoa": { "value": "2.21\u00a0 Impairment\nof non-financial assets
\n\u00a0
\nThe Group assesses, at\neach reporting date, whether there is an indication that an asset\nmay be impaired. If any indication exists, or when annual\nimpairment testing for an asset is required, the Group estimates\nthe asset\u2019s recoverable amount. An asset\u2019s recoverable\namount is the higher of an asset\u2019s or CGU\u2019s fair value\nless costs of disposal and its value in use. The recoverable amount\nis determined for an individual asset, unless the asset does not\ngenerate cash inflows that are largely independent of those from\nother assets or groups of assets. When the carrying amount of an\nasset or CGU exceeds its recoverable amount, the asset is\nconsidered impaired and is written down to its recoverable\namount.
\n\u00a0
\nIn assessing value in\nuse, the estimated future cash flows are discounted to their\npresent value using a pre-tax discount rate that reflects current\nmarket assessments of the time value of money and the risks\nspecific to the asset. In determining fair value less costs of\ndisposal, recent market transactions are taken into account. If no\nsuch transactions can be identified, an appropriate valuation model\nis used. These calculations are corroborated by valuation\nmultiples, quoted share prices for publicly traded companies or\nother available fair value indicators.
\n\u00a0
\nThe Group bases its\nimpairment calculation on most recent budgets and forecast\ncalculations, which are prepared separately for each of the\nGroup\u2019s CGUs to which the individual assets are allocated.\nThese budgets and forecast calculations generally cover a period of\nfive years. A long-term growth rate is calculated and applied to\nproject future cash flows after the fifth year.
\n\u00a0
\nImpairment losses of\ncontinuing operations are recognised in the statement of profit or\nloss in expense categories consistent with the function of the\nimpaired asset, except for properties previously revalued with the\nrevaluation taken to OCI. For such properties, the impairment is\nrecognised in OCI up to the amount of any previous\nrevaluation.
\n\u00a0
\nFor assets excluding\ngoodwill, an assessment is made at each reporting date to determine\nwhether there is an indication that previously recognised\nimpairment losses no longer exist or have decreased. If such\nindication exists, the Group estimates the asset\u2019s or\nCGU\u2019s recoverable amount. A previously recognised impairment\nloss is reversed only if there has been a change in the assumptions\nused to determine the asset\u2019s recoverable amount since the\nlast impairment loss was recognised. The reversal is limited so\nthat the carrying amount of the asset does not exceed its\nrecoverable amount, nor exceed the carrying amount that would have\nbeen determined, net of depreciation, had no impairment loss been\nrecognised for the asset in prior years. Such reversal is\nrecognised in the statement of profit or loss unless the asset is\ncarried at a revalued amount, in which case, the reversal is\ntreated as a revaluation increase.
\n\u00a0
\nGoodwill is tested for\nimpairment annually and when circumstances indicate that the\ncarrying value may be impaired.
\n\u00a0
\nImpairment is determined\nfor goodwill by assessing the recoverable amount of each CGU (or\ngroup of CGUs) to which the goodwill relates. When the recoverable\namount of the CGU is less than its carrying amount, an impairment\nloss is recognised. Impairment losses relating to goodwill cannot\nbe reversed in future periods.
\n\u00a0
\nIntangible assets with\nindefinite useful lives are tested for impairment annually at the\nCGU level, as appropriate, and when circumstances indicate that the\ncarrying value may be impaired.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tfZOZ0sykC": { "value": "3. \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nCritical accounting estimates and\njudgements
\n\u00a0
\nIn preparing the\nfinancial statements, the Directors are required to make judgments,\nestimates and assumptions that affect reported income, expenses,\nassets, liabilities and disclosure of contingent assets and\nliabilities. Use of available information and application of\njudgment are inherent in the formation of estimates. Actual results\nin the future could differ from such estimates and the differences\nmay be material to the financial statements. These estimates are\nreviewed on a regular basis and if a change is needed, it is\naccounted in the period the changes become known. The most\nsignificant judgment and estimates are as follows:
\n\u00a0
\nJudgments
\nIn the process of\napplying the Group\u2019s accounting policies, management has made\nthe following judgments, which have the most significant effect on\nthe amounts recognised in the consolidated financial\nstatements:
\n\u00a0
\nDetermining the\nlease term of contracts with renewal and termination options\n\u2013 Group as lessee
\n\u00a0
\nThe Group determines\nthe lease term as the non-cancellable term of the lease, together\nwith any periods covered by an option to extend the lease if it is\nreasonably certain to be exercised, or any periods covered by an\noption to terminate the lease, if it is reasonably certain not to\nbe exercised.
\n\u00a0
\nThe Group has several\nlease contracts that include extension and termination options. The\nGroup applies judgment in evaluating whether it is reasonably\ncertain whether or not to exercise the option to renew or terminate\nthe lease. That is, it considers all relevant factors that create\nan economic incentive for it to exercise either the renewal or\ntermination. After the commencement date, the Group reassesses the\nlease term if there is a significant event or change in\ncircumstances that is within its control and affects its ability to\nexercise or not to exercise the option to renew or to\nterminate.
\n\u00a0
\nThe Group includes the\nrenewal period as part of the lease term for leases of assets with\nshorter non-cancellable period (i.e., three to five years). The\nGroup typically exercises its option to renew for these leases\nbecause there will be a significant negative effect on production\nif a replacement asset is not readily available. The renewal\nperiods for leases of assets with longer non-cancellable periods\n(i.e., 10 to 15 years) are not included as part of the lease term\nas these are not reasonably certain to be exercised. Furthermore,\nthe periods covered by termination options are included as part of\nthe lease term only when they are reasonably certain not to be\nexercised.
\n\u00a0
\nProperty lease\nclassification \u2013 Group as lessor
\n\u00a0
\nThe Group has entered\ninto commercial property leases on its investment property\nportfolio. The Group has determined, based on an evaluation of the\nterms and conditions of the arrangements, such as the lease term\nnot constituting a major part of the economic life of the\ncommercial property and the present value of the minimum lease\npayments not amounting to substantially all of the fair value of\nthe commercial property, that it retains substantially all the\nrisks and rewards incidental to ownership of these properties and\naccounts for the contracts as operating leases.
\n\u00a0
\nProperty lease\nclassification \u2013 Group as intermediate lessor
\n\u00a0
\nThe Group has entered\ninto property leases on its right of use asset meeting the\ndefinition of investment property. Based on an evaluation of the\nterms and conditions of the arrangements, the Group has determined\nthat it has the right to use the underlying asset for a period of\ntime which is long term, and the sublease is not for all of the\nremaining term of the head lease. Then, the intermediate lessor, in\neffect has not transferred that right to another party and accounts\nfor the contracts as operating leases. During the term of the\nsublease, the intermediate lessor recognises a depreciation charge\nfor the right-of-use asset, interest on the lease liability and\nlease income from the sublease.
\n\u00a0
\nFair value of\ninvestment property
\n\u00a0
\nThe Group carries its\ninvestment property at fair value, with changes being recognised in\nprofit or loss.\u00a0 This is based on market valuations performed\nby independent professional architect at least every two\nyears.\u00a0 In a year when market valuations are not performed by\nthe independent professional architect, an internal assessment of\nthe fair value of investment property is performed to reflect\nmarket conditions at the year-end date.
\n\u00a0
\nThe last market\nvaluations were performed in December 2024 and the Group recognized\nfair values of investment property in note 17 to the financial\nstatements.
\n\u00a0
\nFair value of equity\ninstruments designated at FVTOCI
\n\u00a0
\nWhen the fair values of\nfinancial assets and financial liabilities recorded in the\nstatement of financial position cannot be measured based on quoted\nprices in active markets, their fair value is measured using other\nvaluation techniques including the net value asset method. The\ninputs to these models are taken from observable markets where\npossible, but where this is not feasible, a degree of judgement is\nrequired in establishing fair values. Judgements include\nconsiderations of inputs such as liquidity risk, credit risk and\nvolatility. Changes in assumptions relating to these factors could\naffect the reported fair value of financial instruments. See note\n34 for further disclosures.
\n\u00a0
\nRecognition of\ndeferred tax assets
\n\u00a0
\nThe extent to which\ndeferred tax assets can be recognized is based on an assessment of\nthe probability that future taxable income will be available\nagainst which the deductible temporary differences and tax loss\ncarry-forward can be utilized. In addition, significant judgement\nis required in assessing the impact of any legal or economic limits\nor uncertainties in various tax jurisdictions.
\n\u00a0
\nEstimates and\nassumptions
\n\u00a0
\nImpairment of\nnon-financial assets
\n\u00a0
\nImpairment exists when\nthe carrying value of an asset or CGU exceeds its recoverable\namount, which is the higher of its fair value less costs of\ndisposal and its value in use. The fair value less costs of\ndisposal calculation is based on available data from binding sales\ntransactions, conducted at arm\u2019s length, for similar assets\nor observable market prices less incremental costs of disposing of\nthe asset. The value in use calculation is based on a discounted\ncash flow (DCF) model. The cash flows are derived from the budget\nfor the next five years and do not include restructuring activities\nthat the Group is not yet committed to or significant future\ninvestments that will enhance the performance of the assets of the\nCGU being tested. The recoverable amount is sensitive to the\ndiscount rate used for the DCF model as well as the expected future\ncash-inflows and the growth rate used for extrapolation purposes.\nThese estimates are most relevant to goodwill recognised by the\nGroup.
\n\u00a0
\nProvision for ECL on\ntrade receivables and lease receivables
\n\u00a0
\nThe Group uses a\nprovision matrix to calculate ECLs for trade receivables and lease\nreceivables. The provision rates are based on days past due for\ngroupings of various customer segments that have similar loss\npatterns (i.e., by geography, product type, customer type and\nrating).\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\nThe provision matrix is\ninitially based on the Group\u2019s historical observed default\nrates. The Group calibrates the matrix to adjust the historical\ncredit loss experience with forward-looking information. For\ninstance, if forecast economic conditions (i.e., gross domestic\nproduct) are expected to deteriorate over\u00a0 the next year which\ncan lead to an increased number of defaults in the manufacturing\nsector, the historical default rates are adjusted. At every\nreporting date, the historical observed default rates are updated\nand changes in the forward-looking estimates are\nanalysed.
\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\nThe assessment of the\ncorrelation between historical observed default rates, forecast\neconomic conditions and ECLs is a significant estimate. The amount\nof ECLs is sensitive to changes in circumstances and of forecast\neconomic conditions. The Group\u2019s historical credit loss\nexperience and forecast of economic conditions may also not be\nrepresentative of customer\u2019s actual default in the\nfuture.
\n\u00a0
\nProvision for ECL on\nother financial assets
\n\u00a0
\nThe measurement of the\nGroup's ECL on cash in banks, contracts assets, and amounts due\nfrom joint ventures and other related undertakings is a function of\nthe PD, LGD and the EAD. These financial assets are measured under\nStage 1 of the impairment model, and therefore ECLs are calculated\non 12-month basis.
\n\u00a0
\nElements of the ECL\nmodel which are considered accounting judgments and estimates\ninclude:
\n\u00a0
\n| \n - \n | \n\n The Group's internal\ncredit grading model, which assigns PDs to the individual\ngrades \n | \n
| \n - \n | \n\n The Group\u2019s\ncriteria for assessing if there has been a significant increase in\ncredit risk and so allowances should be measured on a lifetime ECL\nbasis and the qualitative assessment \n | \n
| \n - \n | \n\n Development of ECL\nmodels, including the various formulas and the choice of\ninputs \n | \n
| \n - \n | \n\n Determination of\nassociations between macroeconomic scenarios and, economic inputs,\nand the effect on PDs, EADs and LGDs \n | \n
| \n - \n | \n\n Selection of\nforward-looking macroeconomic scenarios and their probability\nweightings, to derive the economic inputs into the ECL\nmodels \n | \n
\u00a0
\nIt is the Group\u2019s\npolicy to regularly review its model in the context of actual loss\nexperience and adjust when necessary.
\n\u00a0
\nLeases - Estimating\nthe incremental borrowing rate
\n\u00a0
\nThe Group cannot\nreadily determine the interest rate implicit in the lease,\ntherefore, it uses its incremental borrowing rate (IBR) to measure\nlease liabilities. The IBR is the rate of interest that the Group\nwould have to pay to borrow over a similar term, and with a similar\nsecurity, the funds necessary to obtain an asset of a similar value\nto the right-of-use asset in a similar economic environment. The\nIBR therefore reflects what the Group \u2018would have to\npay\u2019, which requires estimation when no observable rates are\navailable (such as for subsidiaries that do not enter into\nfinancing transactions) or when they need to be adjusted to reflect\nthe terms and conditions of the lease (for example, when leases are\nnot in the subsidiary\u2019s functional currency). The Group\nestimates the IBR using observable inputs (such as market interest\nrates) when available and is required to make certain\nentity-specific estimates (such as the subsidiary\u2019s\nstand-alone credit\nrating).\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\nIn the opinion of the\nmanagement, except for the above, the accounting estimates,\nassumptions and judgements made in the course of preparing these\nfinancial statements are not difficult, subjective or complex to a\ndegree which would warrant their description as significant in\nterms of the requirements of IAS 1 (revised) \u2013\n\u2018Presentation of Financial Statements\u2019.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "K8gmaNAb7_": { "value": "4.\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nApplication of New and Revised\nIFRS
\n\u00a0
\n4.1\u00a0 New and\namended standards and interpretations
\n\u00a0
\nThe Company applied for\nthe first time certain standards and amendments, which are\neffective for annual periods beginning on or after 1 January\n2025.\u00a0 The Company has not early adopted any other standard,\ninterpretation or amendment that has been issued but is not yet\neffective.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\nThe nature and the\nimpact of each new standard and amendment is described\nbelow:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\nLack of exchangeability\n\u2013 Amendments to IAS\n21\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\nAn entity should assess\nwhether a currency is exchangeable and how it should determine a\nspot exchange rate when exchangeability is lacking. The amendments\nalso require disclosure of information that enables users of its\nfinancial statements to understand how the currency not being\nexchangeable into the other currency affects, or is expected to\naffect, the entity\u2019s financial performance, financial\nposition and cash\nflows.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\nThese amendments had no\nimpact on the financial statements of the Company. The Company\nintends to use the practical expedients in future periods if they\nbecome applicable.
\n\u00a0
\n4.2\u00a0 Standards\nissued but not yet effective
\n\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\nThe standards and\ninterpretations that are issued, but not yet effective, up to the\ndate of issuance of the Company\u2019s financial statements are\ndisclosed below. The Company intends to adopt these standards, if\napplicable, when they become\neffective.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\nContracts Referencing\nNature-dependent Electricity \u2013 Amendments to IFRS 9 and IFRS\n7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\nIn December 2024, the\nIASB issued Amendments to IFRS 9 and IFRS 7 - Contracts Referencing\nNature-dependent Electricity. The amendments apply only to\ncontracts that reference nature-dependent electricity; the\namendments:
\n\u00a0
\n| \n \u2022 \n | \n\n Clarify the application\nof the \u2018own-use\u2019 requirements for in-scope\ncontracts \n | \n
| \n \u2022 \n | \n\n Amend the designation\nrequirements for a hedged item in a cash flow hedging relationship\nfor in-scope contracts \n | \n
| \n \u2022 \n | \n\n Add new disclosure\nrequirements to enable investors to understand the effect of these\ncontracts on a company\u2019s financial performance and cash\nflows \n | \n
\u00a0
\nAnnual Improvements to\nIFRS Accounting Standards - Volume 11
\n\u00a0
\nIn July 2024, the IASB\nissued nine narrow scope amendments as part of its periodic\nmaintenance of IFRS accounting standards. The amendments include\nclarifications, simplifications, corrections or changes to improve\nconsistency in IFRS 1 First-time Adoption of International\nFinancial Reporting Standards, IFRS 7 Financial instruments:\nDisclosure and its accompanying Guidance on implementing IFRS 7,\nIFRS 9 Financial Instruments, IFRS 10 Consolidated Financial\nStatements and IAS 7 Statements of Cash Flows.
\n\u00a0
\nAmendments to the\nClassification and Measurement of Financial\nInstruments\u2014Amendments to IFRS 9 and\u00a0\u00a0 IFRS\n7
\n\u00a0
\nIn May 2024, the IASB\nissued Amendments to IFRS 9 and IFRS 7, Amendments to the\nClassification and Measurement of Financial Instruments (the\nAmendments). The Amendments include:
\n\u00a0
\n| \n \u2022 \n | \n\n A clarification that a\nfinancial liability is derecognised on the \u2018settlement\ndate\u2019 and the introduction of an accounting policy choice (if\nspecific conditions are met) to derecognise financial liabilities\nsettled using an electronic payment system before the settlement\ndate \n | \n
| \n \u2022 \n | \n\n Additional guidance on\nhow the contractual cash flows for financial assets with\nenvironmental, social and corporate governance (ESG) and similar\nfeatures should be assessed \n | \n
| \n \u2022 \n | \n\n Clarifications on what\nconstitute \u2018non-recourse features\u2019 and what are the\ncharacteristics of contractually linked instruments \n | \n
| \n \u2022 \n | \n\n The introduction of\ndisclosures for financial instruments with contingent features and\nadditional disclosure requirements for equity instruments\nclassified at fair value through other comprehensive income\n(OCI) \n | \n
\u00a0
\nThe above amendments\nwill take effect for annual reporting periods starting on or after\n1 January 2026. The Company does not intend to early adopt these\npronouncements. Management has reviewed the forthcoming changes and\nconsidered their relevance to the Company\u2019s operations,\nfinancial position, and reporting processes. For those standards\nexpected to be applicable, the Company has commenced an assessment\nof the potential impact. At this stage, no material effects on the\nCompany\u2019s financial statements are anticipated. Where the\nimpact of a standard cannot yet be reasonably estimated, the\nCompany will provide updated disclosures as the effective date\napproaches.
\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\nIFRS 18 Presentation\nand Disclosure in Financial\nStatements\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\nIn April 2024, the IASB\nissued IFRS 18, which replaces IAS 1 Presentation of Financial\nStatements. IFRS 18 introduces new requirements for presentation\nwithin the statement of profit or loss, including specified totals\nand subtotals. Furthermore, entities are required to classify all\nincome and expenses within the statement of profit or loss into one\nof five categories: operating, investing, financing, income taxes\nand discontinued operations, whereof the first three are\nnew.
\n\u00a0
\nThe standard requires\ndisclosure of newly defined management-defined performance\nmeasures, subtotals of income and expenses, and it also includes\nnew requirements for aggregation and disaggregation of financial\ninformation based on the identified \u2018roles\u2019 of the\nprimary financial statements (PFS) and the\nnotes.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n\u00a0
\nIn addition,\nnarrow-scope amendments have been made to IAS 7 Statement of Cash\nFlows, which include changing the starting point for determining\ncash flows from operations under the indirect method, from\n\u2018profit or loss\u2019 to \u2018operating profit or\nloss\u2019 and removing the optionality around classification of\ncash flows from dividends and interest. In addition, there are\nconsequential amendments to several other\nstandards.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n\u00a0
\nThe Company is currently\nworking to identify all impacts the amendments will have on the\nprimary financial statements and notes to the financial statements.\nThe initial expected material impacts on Company\u2019s financial\nstatements are, as follows:
\n\u00a0
\n| \n \u2022 \n | \n\n Rental income, change in\nfair value from investment properties and share of profit or an\nassociate and a joint venture will be classified in the investing\ncategory within the statement of profit or loss. \n | \n
| \n \u2022 \n | \n\n New disclosure will be\nadded: (a) management-defined performance measures; (b) specified\nexpense by nature if expenses are presented by function in the\noperating category of the statement of profit or loss; and (c) a\nreconciliation for each line item in the statement of profit or\nloss between the restated amounts presented applying IFRS 18 and\nthe amounts previously presented applying IAS 1. \n | \n
| \n \u2022 \n | \n\n Interest received and\ninterest paid will be classified in the investing activities and\nfinancing activities, respectively, on the statement of cash\nflows. \n | \n
\u00a0
\nIFRS 18, and the\namendments to the other standards, are effective for reporting\nperiods beginning on or after 1 January 2027. The Company does not\nintend to early adopt these\npronouncements.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n\u00a0
\nIFRS 19 Subsidiaries\nwithout Public Accountability:\nDisclosures\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n\u00a0
\nIn May 2024, the IASB\nissued IFRS 19, which allows eligible entities to elect to apply\nits reduced disclosure requirements while still applying the\nrecognition, measurement and presentation requirements in other\nIFRS accounting standards. To be eligible, at the end of the\nreporting period, an entity must be a subsidiary as defined in IFRS\n10, cannot have public accountability and must have a parent\n(ultimate or intermediate) that prepares consolidated financial\nstatements, available for public use, which comply with IFRS\naccounting standards.
\n\u00a0
\nIFRS 19 will become\neffective for reporting periods beginning on or after 1 January\n2027.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "CS6i0ZktzA": { "value": "5. \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nSegment information
\n\u00a0
\nFor management purposes,\nthe Group is organised into business units based on its products\nand services and has two reportable segments, as\nfollows:
\n\u00a0
\n| \n Property Development\nand Letting \n | \n\n This\u00a0 segment\ncarries works in the building industry, including construction\nworks, plumbing and electrical and to operate as turnkey\ncontractors.\u00a0 Also in this segment, the Group leases out\noffices and residential building to third parties. The Group owns\none hotel namely the Huli Hotel with an underlying Bistro\nRestaurant. The hotel as well as the restaurant are leased out to\nthird parties. \n | \n
| \n Manufacturing,\nProducts and General Contracting Services \n | \n\n This segment includes\nthe companies responsible for manufacturing and exports.\u00a0 This\nsegment includes specialising in the manufacture of stone elements,\narranging logistics, plant hire, deliveries, and supplies and\nsubcontracting work.\u00a0 Also, coordination of orders for\ncustomers for products and services is done. \n | \n
\u00a0
\nManagement monitors the\noperating results of its business units separately for the purpose\nof making decisions about resource allocation and performance\nassessment.\u00a0 Segment performance is evaluated based on profit\nor loss and is measured consistently with profit or loss in the\nconsolidated financial statements.
\n\u00a0
\nTransfer prices between\noperating segments are on an arm\u2019s length basis in a manner\nsimilar to transactions with third parties.
\n\u00a0
\nInter-segment\ntransactions, assets and liabilities are eliminated upon\nconsolidation and reflected in the \u2018eliminations\u2019\ncolumn.
\n\u00a0
\n| \n The\nGroup \n | \n|||||
| \n \u00a0 \n | \n|||||
| \n Year ended 31\nDecember 2025 \n | \n\n Property development\nand Letting \n | \n\n Manufacturing and\ngeneral contracting services \n | \n\n Total\nsegments \n | \n\n \u00a0Eliminations \n | \n\n Consolidated \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n | \n | \n | \n | \n | \n |
| \n External\ncustomers \n | \n\n 6,826,439 \n | \n\n 25,131,724 \n | \n\n 31,958,163 \n | \n\n - \n | \n\n 31,958,163 \n | \n
| \n Inter-segment \n | \n\n 705,015 \n | \n\n 9,704,360 \n | \n\n 10,409,375 \n | \n\n (10,409,375) \n | \n\n - \n | \n
| \n Total revenue \n | \n\n 7,531,454 \n | \n\n 34,836,084 \n | \n\n 42,367,538 \n | \n\n (10,409,375) \n | \n\n 31,958,163 \n | \n
| \n Income/(expenses) \n | \n\n | \n | \n | \n | \n |
| \n Finance and similar\nincome \n | \n\n 1,335,866 \n | \n\n 35,543 \n | \n\n 1,371,409 \n | \n\n (1,354,214) \n | \n\n 17,195 \n | \n
| \n Finance cost \n | \n\n (2,456,333) \n | \n\n (1,472,195) \n | \n\n (3,928,528) \n | \n\n 1,488,987 \n | \n\n (2,439,541) \n | \n
| \n Depreciation of\nproperty, plant and equipment \n | \n\n (33,537) \n | \n\n (1,545,763) \n | \n\n (1,579,300) \n | \n\n | \n (1,579,300) \n | \n
| \n Income tax\nexpense \n | \n\n (917,010) \n | \n\n 2,360,796 \n | \n\n 1,443,786 \n | \n\n (38,608) \n | \n\n 1,405,178 \n | \n
| \n Segment profit\nbefore tax (note 8) \n | \n\n 2,331,034 \n | \n\n 273,857 \n | \n\n 2,604,891 \n | \n\n (525,728) \n | \n\n 2,079,163 \n | \n
| \n Total\nassets \n | \n\n 133,411,675 \n | \n\n 53,589,175 \n | \n\n 187,000,850 \n | \n\n (55,039,556) \n | \n\n 131,961,294 \n | \n
| \n Total\nliabilities \n | \n\n 73,902,562 \n | \n\n 48,229,736 \n | \n\n 122,132,298 \n | \n\n (47,537,332) \n | \n\n 74,594,965 \n | \n
| \n | \n | \n | \n | \n | \n |
| \n Other\ndisclosures \n | \n\n | \n | \n | \n | \n |
| \n Interest in joint\nventures \n | \n\n 120 \n | \n\n - \n | \n\n 120 \n | \n\n 1,662,453 \n | \n\n 1,662,573 \n | \n
| \n Capital\nexpenditure \n | \n\n 7,394,228 \n | \n\n 1,912,028 \n | \n\n 9,306,256 \n | \n\n - \n | \n\n 9,306,256 \n | \n
\u00a0
\n\u00a0
\n| \n The\nGroup \n | \n|||||
| \n | \n | \n | \n | \n | \n |
| \n Year ended 31\nDecember 2024 \n | \n\n Property development\nand Letting \n | \n\n Manufacturing and\ngeneral contracting services \n | \n\n Total\nsegments \n | \n\n \u00a0Eliminations \n | \n\n Consolidated \n | \n
| \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n | \n | \n | \n | \n | \n |
| \n External\ncustomers \n | \n\n 4,576,856 \n | \n\n 22,471,062 \n | \n\n 27,047,918 \n | \n\n - \n | \n\n 27,047,918 \n | \n
| \n Inter-segment \n | \n\n 680,828 \n | \n\n 8,531,369 \n | \n\n 9,212,197 \n | \n\n (9,212,197) \n | \n\n - \n | \n
| \n Total revenue \n | \n\n 5,257,684 \n | \n\n 31,002,431 \n | \n\n 36,260,115 \n | \n\n (9,212,197) \n | \n\n 27,047,918 \n | \n
| \n Income/(expenses) \n | \n\n | \n | \n | \n | \n |
| \n Finance and similar\nincome \n | \n\n 1,085,505 \n | \n\n 166,603 \n | \n\n 1,252,108 \n | \n\n (1,122,445) \n | \n\n 129,663 \n | \n
| \n Finance cost \n | \n\n (2,614,280) \n | \n\n (1,449,835) \n | \n\n (4,064,115) \n | \n\n 1,386,129 \n | \n\n (2,677,986) \n | \n
| \n Depreciation of\nproperty, plant and equipment \n | \n\n (32,395) \n | \n\n (1,461,679) \n | \n\n (1,494,074) \n | \n\n - \n | \n\n (1,494,074) \n | \n
| \n Share in profit of joint\nventures \n | \n\n 109,996 \n | \n\n - \n | \n\n 109,996 \n | \n\n - \n | \n\n 109,996 \n | \n
| \n Income tax\nexpense \n | \n\n (1,258,888) \n | \n\n (483,134) \n | \n\n (1,742,022) \n | \n\n (15,454) \n | \n\n (1,757,476) \n | \n
| \n Segment profit before\ntax \n | \n\n 3,522,943 \n | \n\n 209,057 \n | \n\n 3,732,000 \n | \n\n 320,194 \n | \n\n 4,052,194 \n | \n
| \n Total\nassets \n | \n\n 123,365,624 \n | \n\n 52,233,776 \n | \n\n 175,599,399 \n | \n\n (37,434,998) \n | \n\n 138,164,402 \n | \n
| \n Total\nliabilities \n | \n\n 65,270,535 \n | \n\n 49,618,007 \n | \n\n 114,888,542 \n | \n\n (30,606,127) \n | \n\n 84,282,415 \n | \n
| \n | \n | \n | \n | \n | \n |
| \n Other\ndisclosures \n | \n\n | \n | \n | \n | \n |
| \n Interest in joint\nventures \n | \n\n 15,720 \n | \n\n - \n | \n\n 15,720 \n | \n\n 1,661,852 \n | \n\n 1,677,572 \n | \n
| \n Capital\nexpenditure \n | \n\n 6,364,295 \n | \n\n 2,639,561 \n | \n\n 9,003,856 \n | \n\n - \n | \n\n 9,003,856 \n | \n
| \n | \n | \n | \n | \n | \n |
\u00a0
\nCapital expenditure\nconsists of additions of property, plant and equipment, and\ninvestment properties.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOperatingSegmentsExplanatory", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "d7c55.3.Q-": { "value": "6. \u00a0\u00a0\u00a0\u00a0 Revenue from contracts with customers
\n\u00a0
\nDisaggregated revenue information
\nSet out below is the\ndisaggregation of the Group's revenue from contracts with\ncustomers:
\n\u00a0
\n| \n \u00a0 \n | \n\n For the year ended\n31 December 2025 \n | \n||||
| \n | \n Manufacturing and\ngeneral contracting services \n | \n\n | \n Property\ndevelopment \n | \n\n | \n Total \n | \n
| \n | \n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n
| \n Type of goods or\nservice \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Sale of stones, marbles,\ngranites, patterned tiles, terrazzo and precast related\nproducts \n | \n\n 11,956,021 \n | \n\n \u00a0 \n | \n\n - \n | \n\n \u00a0 \n | \n\n 11,956,021 \n | \n
| \n Sale of electricity\ngenerated from PV panels \n | \n\n 271,502 \n | \n\n \u00a0 \n | \n\n - \n | \n\n \u00a0 \n | \n\n 271,502 \n | \n
| \n Rendering of general\nconstruction and other services \n | \n\n 12,904,201 \n | \n\n \u00a0 \n | \n\n - \n | \n\n \u00a0 \n | \n\n 12,904,201 \n | \n
| \n Sale of\nproperties \n | \n\n - \n | \n\n \u00a0 \n | \n\n 4,207,820 \n | \n\n \u00a0 \n | \n\n 4,207,820- \n | \n
| \n \u00a0 \n | \n\n 25,131,724 \n | \n\n \u00a0 \n | \n\n 4,207,820 \n | \n\n \u00a0 \n | \n\n 29,339,544 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Geographical\nmarkets \n | \n\n \u00a0 \n | \n\n | \n \u00a0 \n | \n\n | \n |
| \n Local \n | \n\n 24,792,902 \n | \n\n | \n 4,207,820 \n | \n\n | \n 29,000,722 \n | \n
| \n Foreign \n | \n\n 338,822 \n | \n\n | \n - \n | \n\n | \n 338,822 \n | \n
| \n | \n 25,131,724 \n | \n\n | \n 4,207,820 \n | \n\n | \n 29,339,544 \n | \n
| \n Timing of revenue\nrecognition \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Goods transferred at a\npoint in time \n | \n\n 12,227,523 \n | \n\n \u00a0 \n | \n\n 4,207,820 \n | \n\n \u00a0 \n | \n\n 16,435,343 \n | \n
| \n Services transferred\nover time \n | \n\n 12,904,201 \n | \n\n \u00a0 \n | \n\n - \n | \n\n \u00a0 \n | \n\n 12,904,201 \n | \n
| \n \u00a0 \n | \n\n 25,131,724 \n | \n\n \u00a0 \n | \n\n 4,207,820 \n | \n\n \u00a0 \n | \n\n 29,339,544 \n | \n
| \n | \n | \n | \n | \n | \n |
| \n \u00a0 \n | \n\n For the year ended\n31 December 2024 \n | \n||||
| \n | \n Manufacturing and\ngeneral contracting services \n | \n\n | \n Property\ndevelopment \n | \n\n | \n Total \n | \n
| \n | \n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n
| \n Type of goods or\nservice \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Sale of stones, marbles,\ngranites, patterned tiles, terrazzo and precast related\nproducts \n | \n\n 4,196,319 \n | \n\n \u00a0 \n | \n\n - \n | \n\n \u00a0 \n | \n\n 4,196,319 \n | \n
| \n Sale of electricity\ngenerated from PV panels \n | \n\n 274,624 \n | \n\n \u00a0 \n | \n\n - \n | \n\n \u00a0 \n | \n\n 274,624 \n | \n
| \n Rendering of general\nconstruction and other services \n | \n\n 18,000,119 \n | \n\n \u00a0 \n | \n\n - \n | \n\n \u00a0 \n | \n\n 18,000,119 \n | \n
| \n Sale of\nproperties \n | \n\n - \n | \n\n \u00a0 \n | \n\n 2,011,000 \n | \n\n \u00a0 \n | \n\n 2,011,000 \n | \n
| \n \u00a0 \n | \n\n 22,471,062 \n | \n\n \u00a0 \n | \n\n 2,011,000 \n | \n\n \u00a0 \n | \n\n 24,482,062 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Geographical\nmarkets \n | \n\n \u00a0 \n | \n\n | \n \u00a0 \n | \n\n | \n |
| \n Local \n | \n\n 22,469,179 \n | \n\n | \n 2,011,000 \n | \n\n | \n 24,480,179 \n | \n
| \n Foreign \n | \n\n 1,883 \n | \n\n | \n - \n | \n\n | \n 1,883 \n | \n
| \n | \n 22,471,062 \n | \n\n | \n 2,011,000 \n | \n\n | \n 24,482,062 \n | \n
| \n Timing of revenue\nrecognition \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Goods transferred at a\npoint in time \n | \n\n 4,470,943 \n | \n\n \u00a0 \n | \n\n 2,011,000 \n | \n\n \u00a0 \n | \n\n 6,481,943 \n | \n
| \n Services transferred\nover time \n | \n\n 18,000,119 \n | \n\n \u00a0 \n | \n\n - \n | \n\n \u00a0 \n | \n\n 18,000,119 \n | \n
| \n \u00a0 \n | \n\n 22,471,062 \n | \n\n \u00a0 \n | \n\n 2,011,000 \n | \n\n \u00a0 \n | \n\n 24,482,062 \n | \n
| \n | \n | \n | \n | \n | \n |
Set out below is the\nreconciliation of the revenue from contracts with customers with\nthe amounts disclosed in the segment information (see note\n5):
\n\u00a0
\n| \n | \n | \n For the years ended\n31 December \n | \n||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n 2025 \n | \n\n \u00a0 \n | \n\n 2025 \n | \n\n \u00a0 \n | \n\n 2024 \n | \n\n \u00a0 \n | \n\n 2024 \n | \n
| \n | \n | \n Manufacturing and\ngeneral contracting services \n | \n\n | \n Property\ndevelopment \n | \n\n | \n Manufacturing and\ngeneral contracting services \n | \n\n | \n Property\ndevelopment \n | \n
| \n | \n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n
| \n Revenue \n | \n\n | \n | \n | \n | \n | \n | \n | \n |
| \n External\ncustomer \n | \n\n | \n 25,131,724 \n | \n\n | \n 4,207,820 \n | \n\n | \n 22,471,062 \n | \n\n | \n 2,011,000 \n | \n
| \n Inter-segment \n | \n\n | \n 9,704,360 \n | \n\n | \n - \n | \n\n | \n 8,531,369 \n | \n\n | \n - \n | \n
| \n | \n | \n 34,836,084 \n | \n\n | \n 4,207,820 \n | \n\n | \n 31,002,431 \n | \n\n | \n 2,011,000 \n | \n
| \n Inter-segment\nadjustments and eliminations \n | \n\n | \n (9,704,360) \n | \n\n | \n - \n | \n\n | \n (8,531,369) \n | \n\n | \n - \n | \n
| \n Total revenue from\ncontracts with customers \n | \n\n | \n 25,131,724 \n | \n\n | \n 4,207,820 \n | \n\n | \n 22,471,062 \n | \n\n | \n 2,011,000 \n | \n
| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0
\n| \n Contract\nbalances \n | \n\n | \n | \n | \n | \n | \n | \n | \n |
| \n | \n | \n \u00a0The\nGroup \n | \n\n | \n \u00a0The\nCompany \n | \n||||
| \n | \n | \n 2025 \n | \n\n | \n 2024 \n | \n\n | \n 2025 \n | \n\n | \n 2024 \n | \n
| \n | \n | \n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n
| \n Trade receivables - net\nof ECL \n(note 21) \n | \n\n 4,557,418 \n | \n\n | \n 8,957,002 \n | \n\n | \n - \n | \n\n | \n - \n | \n|
| \n Contract assets - net of\nECL \n(note 22) \n | \n\n 4,361,520 \n | \n\n | \n 2,295,441 \n | \n\n | \n - \n | \n\n | \n - \n | \n
\u00a0
\nIn 2025, \u20ac100,739\nwas recognised as reversal of excess provision for ECL on trade\nreceivables (2024: provision expense of \u20ac110,931), see notes\n21 and 34.
\n\u00a0
\nContract assets relate\nto revenue earned from ongoing construction services and finishing\nworks. As such, the balances of this account vary and depend on the\nnumber of ongoing construction services at the end of the year. In\n2025, allowance for ECL on contract assets increased by\n\u20ac331,490 (2024: increased by \u20ac46,107).
\n\u00a0
\nPerformance obligations
\nInformation about the\nGroup\u2019s performance obligations are summarised\nbelow:
\n\u00a0
\nStones, marbles,\ngranites, patterned tiles, terrazzo and precast related\nproducts
\n\u00a0
\nThe performance\nobligation is satisfied upon delivery of stones, marbles, granites,\npatterned tiles, terrazzo and precast related products; and payment\nis generally due within 30 to 90 days from delivery.
\n\u00a0
\nThe performance\nobligation to deliver stones, marbles, granites, patterned tiles,\nterrazzo and precast related products with a manufacturing lead\ntime of one month has only one payment option. The customer pays\nthe transaction price equal to the cash selling price within 30 to\ndays upon delivery of the goods. This results to no significant\nfinancing component for those contracts.
\n\u00a0
\nThe Group assesses that\nthere are no other promises in the contract of sale of stones,\nmarbles, granites, patterned tiles, terrazzo and precast related\nproducts that are separate performance obligations to which a\nportion of the transaction price needs to be allocated, such as\nwarranties and customer loyalty points. The transaction price,\nwhich is equal to the selling price indicated in the sales invoices\nissued, is therefore allocated to only one performance obligation.\nThe Group assesses that there exist no variable considerations,\nnon-cash consideration and consideration payable to the customer\nrelating to the sale of stones, marbles, granites, patterned tiles,\nterrazzo and precast related products.
\n\u00a0
\nElectricity\ngenerated from PV panels
\n\u00a0
\nThe performance\nobligation is satisfied upon exportation of the generated\nelectricity to the solar grid.
\n\u00a0
\nIn the case where the\namount due to the Group from the electricity exported by the PV\nsystem exceeds the invoiced amount\u00a0 for the consumption of\nelectricity for a particular billing period that is due to the\ncustomer, such amount will be carried forward in the form of a\ncredit note.\u00a0 When two consecutive scheduled bills based on\nactual meter readings are shown to be in credit, Enemalta plc is\nobliged to pay the Group the credit within 60 days of the date of\nthe second scheduled bill.
\n\u00a0
\nThe Group assesses that\nthere are no other promises in the contract of sale of electricity\nthat are separate performance obligations to which a portion of the\ntransaction price needs to be allocated. The transaction price,\nwhich is equal to the selling price indicated in the sales invoices\nissued, is therefore allocated to only one performance obligation.\nThe Group assesses that there exist no variable considerations, and\nnon-cash consideration payable to the customer relating to the sale\nof electricity. The consideration payable to a customer who also\nsupplies electricity to the Group for consumption is accounted for\nas a reduction of the transaction price unless the payment to the\ncustomer is in exchange for a distint good or service that the\ncustomer transfers to the Group.
\n\u00a0
\nGeneral construction\nand other services
\n\u00a0
\nThe performance\nobligation is satisfied over-time and payment is generally due upon\ncompletion of projects and acceptance of the customer. In some\ncontracts, short-term advances are required before the construction\nis provided.
\n\u00a0
\nThe Group uses an input\nmethod in measuring progress of the services since there is a\ndirect relationship between the Group\u2019s effort (i.e., based\non the costs incurred to date) and the transfer of service to the\ncustomer. The input method is implemented by first estimating the\ninputs required such as labor and other overheads, etc. to complete\nthe service. The Group recognises revenue on the basis of the\nefforts expended to date relative to the total expected inputs to\ncomplete the service. The normal credit term is 30 to 90 days upon\nissuance of invoice.
\n\u00a0
\nFurther, the Group\nprovides services that are either sold separately or bundled\ntogether with the sale of tiles, marble stones and granites to a\ncustomer. Contracts for bundled sales of tiles, marble stones,\ngranites and services are comprised of two performance obligations\nbecause the promise to transfer tiles, marbles, granites and\nprovide services are capable of being distinct and separately\nidentifiable. Accordingly, the Group allocates the transcation\nprice based on the relative stand-alone selling prices of tiles,\nmarbles, granites and services.
\n\u00a0
\nProperties\nheld-for-sale
\n\u00a0
\nThe performance\nobligation is satisfied at the point in time when control of the\nasset is transferred to the customer, generally upon signing of\ndeed of sale where the customer obtains legal title to the\nproperty. The normal credit term is 30 to 90 days from date of\ndeed.
\n\u00a0
\nThe Group assesses that\nthere are no other promises in the contract of sale of properties\nheld-for-sale that are separate performance obligations to which a\nportion of the transaction price needs to be allocated. The\ntransaction price, which is equal to the selling price indicated in\nthe deed of sale signed by both parties, is therefore allocated to\nonly one performance obligation. The Group assesses that there\nexist no variable considerations, noncash consideration and\nconsideration payable to the customer relating to the sale of\nproperties held-for-sale.
\n\u00a0
\nAs at 31 December 2024\nand 2023, the transaction price allocated to the remaining\nperformance obligations (unsatisfied or partially unsatisfied)\namounted to nil.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Roo5jYgjI6": { "value": "7. \u00a0\u00a0\u00a0\u00a0\u00a0\nExpenses by nature
\n\u00a0
\n| \n | \n | \n \u00a0The\nGroup \n | \n\n | \n \u00a0The\nCompany \n | \n||||
| \n | \n | \n 2025 \n | \n\n | \n 2024 \n | \n\n | \n 2025 \n | \n\n | \n 2024 \n | \n
| \n | \n | \n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n
| \n \u00a0Cost of\nsales \n | \n\n | \n \u00a0 \n | \n\n | \n | \n | \n | \n | \n |
| \n \u00a0Direct wages (note\n11) \n | \n\n | \n 3,783,488 \n | \n\n | \n 3,601,654 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0Social security\ncontributions (note 11) \n | \n\n | \n 247,318 \n | \n\n | \n 246,270 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0Cost of property\nsold (note 20) \n | \n\n | \n 3,586,432 \n | \n\n | \n 1,462,255 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0Onsite\nexpenditure \n | \n\n | \n 197,166 \n | \n\n | \n 123,164 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0Cost of goods sold\n(note 19) \n | \n\n | \n 12,545,999 \n | \n\n | \n 11,287,762 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0Other direct\ncosts \n | \n\n | \n 446,552 \n | \n\n | \n 430,936 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n | \n | \n 20,806,955 \n | \n\n | \n 17,152,041 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0Distribution\nand selling costs \n | \n\n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0Advertising and\npromotions \n | \n\n | \n 47,885 \n | \n\n | \n 77,342 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0Other distribution\ncosts \n | \n\n | \n 35,143 \n | \n\n | \n 54,249 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n | \n | \n 83,028 \n | \n\n | \n 131,591 \n | \n\n | \n - \n | \n\n | \n - \n | \n
Administrative\nexpenses
\n| \n | \n | \n \u00a0The\nGroup \n | \n\n | \n \u00a0The\nCompany \n | \n||||
| \n | \n | \n 2025 \n | \n\n | \n 2024 \n | \n\n | \n 2025 \n | \n\n | \n 2024 \n | \n
| \n | \n | \n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n
| \n \u00a0 \n | \n\n | \n | \n | \n | \n | \n | \n | \n |
| \n Directors'\nremuneration (note 11) \n | \n\n | \n 330,789 \n | \n\n | \n 329,973 \n | \n\n | \n 27,000 \n | \n\n | \n 27,000 \n | \n
| \n \u00a0Office salaries\n(note 11) \n | \n\n | \n 2,372,315 \n | \n\n | \n 2,073,883 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0 Social security\ncontributions and \n | \n\n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0maternity (note\n11) \n | \n\n | \n 189,134 \n | \n\n | \n 154,765 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0Auditors'\nremuneration \n | \n\n | \n 39,254 \n | \n\n | \n 38,104 \n | \n\n | \n 4,300 \n | \n\n | \n 4,300 \n | \n
| \n \u00a0Provision for ECL\n(notes 16, 21, 22 \n | \n\n | \n 30,883 \n | \n\n | \n 225,537 \n | \n\n | \n 23,454 \n | \n\n | \n (260,625) \n | \n
| \n \u00a0\u00a0 and\n33) \n | \n\n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0Legal and\nprofessional fees \n | \n\n | \n 570,818 \n | \n\n | \n 460,186 \n | \n\n | \n 400,507 \n | \n\n | \n 240,717 \n | \n
| \n \u00a0Repairs and\nmaintenance \n | \n\n | \n 477,916 \n | \n\n | \n 486,616 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0Rent (note\n24) \n | \n\n | \n 35,423 \n | \n\n | \n 8,500 \n | \n\n | \n 29,615 \n | \n\n | \n 1,989 \n | \n
| \n \u00a0Utilities \n | \n\n | \n 229,475 \n | \n\n | \n 309,008 \n | \n\n | \n 476 \n | \n\n | \n 541 \n | \n
| \n \u00a0Information and\ncommunication technology fees \n | \n\n | \n 118,997 \n | \n\n | \n 75,736 \n | \n\n | \n 54,353 \n | \n\n | \n - \n | \n
| \n \u00a0Insurance \n | \n\n | \n 337,864 \n | \n\n | \n 268,815 \n | \n\n | \n 12,231 \n | \n\n | \n 23,049 \n | \n
| \n \u00a0Motor vehicle\nexpenses \n | \n\n | \n 20,670 \n | \n\n | \n 9,169 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0Donations \n | \n\n | \n 64,716 \n | \n\n | \n 47,824 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0Other\nadministrative expenses \n | \n\n | \n 682,801 \n | \n\n | \n 780,234 \n | \n\n | \n 116,142 \n | \n\n | \n 232,960 \n | \n
| \n | \n | \n 5,501,055 \n | \n\n | \n 5,268,350 \n | \n\n | \n 668,078 \n | \n\n | \n 269,931 \n | \n
Other operating\ncharges
\n| \n Provision for impairment\nof investment \n | \n\n | \n | \n | \n | \n | \n | \n | \n |
| \n in joint\nventure \n | \n\n | \n 15,600 \n | \n\n | \n - \n | \n\n | \n 15,600 \n | \n\n | \n - \n | \n
| \n \u00a0Others \n | \n\n | \n 15,784 \n | \n\n | \n - \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n | \n | \n 31,384 \n | \n\n | \n - \n | \n\n | \n 15,600 \n | \n\n | \n - \n | \n
Depreciation
\n| \n Depreciation (cost of\nsales) \n | \n\n | \n 717,126 \n | \n\n \u00a0 \n | \n\n 722,308 \n | \n\n \u00a0 \n | \n\n - \n | \n\n \u00a0 \n | \n\n - \n | \n
| \n Depreciation\n(distribution and selling costs) \n | \n\n | \n 42,609 \n | \n\n \u00a0 \n | \n\n 82,829 \n | \n\n \u00a0 \n | \n\n - \n | \n\n \u00a0 \n | \n\n - \n | \n
| \n \u00a0Depreciation\n(administrative expenses) \n | \n\n | \n 1,084,091 \n | \n\n \u00a0 \n | \n\n 952,587 \n | \n\n \u00a0 \n | \n\n 33,012 \n | \n\n \u00a0 \n | \n\n 31,812 \n | \n
| \n | \n | \n 1,843,826 \n | \n\n \u00a0 \n | \n\n 1,757,724 \n | \n\n \u00a0 \n | \n\n 33,012 \n | \n\n \u00a0 \n | \n\n 31,812 \n | \n
Auditors'\nfees
\n\u00a0
\nFees charged by the\nauditors for services rendered during the financial years ended 31\nDecember 2025 and 2024 relate to the following:
\n\u00a0
\n| \n | \n | \n \u00a0The\nGroup \n | \n\n | \n \u00a0The\nCompany \n | \n||||
| \n | \n | \n 2025 \n | \n\n | \n 2024 \n | \n\n | \n 2025 \n | \n\n | \n 2024 \n | \n
| \n | \n | \n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n
| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0Annual statutory\naudit\u00a0 \n | \n\n \u00a0 \n | \n\n 39,254 \n | \n\n | \n 38,104 \n | \n\n | \n 4,300 \n | \n\n | \n 4,300 \n | \n
\u00a0
\nOther non-audit\nfees
\n\u00a0
\nFees charged by the\nauditor for non-audit services rendered are included in Legal and\nProfessional fees, and are the following:
\n\u00a0
\n| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0The\nGroup \n | \n\n | \n \u00a0The\nCompany \n | \n||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n 2025 \n | \n\n | \n 2024 \n | \n\n | \n 2025 \n | \n\n | \n 2024 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n
| \n \u00a0Tax advisory and\ncompliance\u00a0 \n | \n\n \u00a0 \n | \n\n 1,800 \n | \n\n | \n 1,800 \n | \n\n | \n 200 \n | \n\n | \n 200 \n | \n
| \n \u00a0Other\nnon-assurance services \n | \n\n \u00a0 \n | \n\n 15,240 \n | \n\n | \n 15,240 \n | \n\n | \n 15,240 \n | \n\n | \n 15,240 \n | \n
| \n | \n | \n 17,040 \n | \n\n | \n 17,040 \n | \n\n | \n 15,440 \n | \n\n | \n 15,440 \n | \n
7. \u00a0\u00a0\u00a0\u00a0\u00a0\nExpenses by nature
\n\u00a0
\n| \n | \n | \n \u00a0The\nGroup \n | \n\n | \n \u00a0The\nCompany \n | \n||||
| \n | \n | \n 2025 \n | \n\n | \n 2024 \n | \n\n | \n 2025 \n | \n\n | \n 2024 \n | \n
| \n | \n | \n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n
| \n \u00a0Cost of\nsales \n | \n\n | \n \u00a0 \n | \n\n | \n | \n | \n | \n | \n |
| \n \u00a0Direct wages (note\n11) \n | \n\n | \n 3,783,488 \n | \n\n | \n 3,601,654 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0Social security\ncontributions (note 11) \n | \n\n | \n 247,318 \n | \n\n | \n 246,270 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0Cost of property\nsold (note 20) \n | \n\n | \n 3,586,432 \n | \n\n | \n 1,462,255 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0Onsite\nexpenditure \n | \n\n | \n 197,166 \n | \n\n | \n 123,164 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0Cost of goods sold\n(note 19) \n | \n\n | \n 12,545,999 \n | \n\n | \n 11,287,762 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0Other direct\ncosts \n | \n\n | \n 446,552 \n | \n\n | \n 430,936 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n | \n | \n 20,806,955 \n | \n\n | \n 17,152,041 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0Distribution\nand selling costs \n | \n\n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0Advertising and\npromotions \n | \n\n | \n 47,885 \n | \n\n | \n 77,342 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0Other distribution\ncosts \n | \n\n | \n 35,143 \n | \n\n | \n 54,249 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n | \n | \n 83,028 \n | \n\n | \n 131,591 \n | \n\n | \n - \n | \n\n | \n - \n | \n
Administrative\nexpenses
\n| \n | \n | \n \u00a0The\nGroup \n | \n\n | \n \u00a0The\nCompany \n | \n||||
| \n | \n | \n 2025 \n | \n\n | \n 2024 \n | \n\n | \n 2025 \n | \n\n | \n 2024 \n | \n
| \n | \n | \n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n
| \n \u00a0 \n | \n\n | \n | \n | \n | \n | \n | \n | \n |
| \n Directors'\nremuneration (note 11) \n | \n\n | \n 330,789 \n | \n\n | \n 329,973 \n | \n\n | \n 27,000 \n | \n\n | \n 27,000 \n | \n
| \n \u00a0Office salaries\n(note 11) \n | \n\n | \n 2,372,315 \n | \n\n | \n 2,073,883 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0 Social security\ncontributions and \n | \n\n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0maternity (note\n11) \n | \n\n | \n 189,134 \n | \n\n | \n 154,765 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0Auditors'\nremuneration \n | \n\n | \n 39,254 \n | \n\n | \n 38,104 \n | \n\n | \n 4,300 \n | \n\n | \n 4,300 \n | \n
| \n \u00a0Provision for ECL\n(notes 16, 21, 22 \n | \n\n | \n 30,883 \n | \n\n | \n 225,537 \n | \n\n | \n 23,454 \n | \n\n | \n (260,625) \n | \n
| \n \u00a0\u00a0 and\n33) \n | \n\n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0Legal and\nprofessional fees \n | \n\n | \n 570,818 \n | \n\n | \n 460,186 \n | \n\n | \n 400,507 \n | \n\n | \n 240,717 \n | \n
| \n \u00a0Repairs and\nmaintenance \n | \n\n | \n 477,916 \n | \n\n | \n 486,616 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0Rent (note\n24) \n | \n\n | \n 35,423 \n | \n\n | \n 8,500 \n | \n\n | \n 29,615 \n | \n\n | \n 1,989 \n | \n
| \n \u00a0Utilities \n | \n\n | \n 229,475 \n | \n\n | \n 309,008 \n | \n\n | \n 476 \n | \n\n | \n 541 \n | \n
| \n \u00a0Information and\ncommunication technology fees \n | \n\n | \n 118,997 \n | \n\n | \n 75,736 \n | \n\n | \n 54,353 \n | \n\n | \n - \n | \n
| \n \u00a0Insurance \n | \n\n | \n 337,864 \n | \n\n | \n 268,815 \n | \n\n | \n 12,231 \n | \n\n | \n 23,049 \n | \n
| \n \u00a0Motor vehicle\nexpenses \n | \n\n | \n 20,670 \n | \n\n | \n 9,169 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0Donations \n | \n\n | \n 64,716 \n | \n\n | \n 47,824 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0Other\nadministrative expenses \n | \n\n | \n 682,801 \n | \n\n | \n 780,234 \n | \n\n | \n 116,142 \n | \n\n | \n 232,960 \n | \n
| \n | \n | \n 5,501,055 \n | \n\n | \n 5,268,350 \n | \n\n | \n 668,078 \n | \n\n | \n 269,931 \n | \n
Other operating\ncharges
\n| \n Provision for impairment\nof investment \n | \n\n | \n | \n | \n | \n | \n | \n | \n |
| \n in joint\nventure \n | \n\n | \n 15,600 \n | \n\n | \n - \n | \n\n | \n 15,600 \n | \n\n | \n - \n | \n
| \n \u00a0Others \n | \n\n | \n 15,784 \n | \n\n | \n - \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n | \n | \n 31,384 \n | \n\n | \n - \n | \n\n | \n 15,600 \n | \n\n | \n - \n | \n
Depreciation
\n| \n Depreciation (cost of\nsales) \n | \n\n | \n 717,126 \n | \n\n \u00a0 \n | \n\n 722,308 \n | \n\n \u00a0 \n | \n\n - \n | \n\n \u00a0 \n | \n\n - \n | \n
| \n Depreciation\n(distribution and selling costs) \n | \n\n | \n 42,609 \n | \n\n \u00a0 \n | \n\n 82,829 \n | \n\n \u00a0 \n | \n\n - \n | \n\n \u00a0 \n | \n\n - \n | \n
| \n \u00a0Depreciation\n(administrative expenses) \n | \n\n | \n 1,084,091 \n | \n\n \u00a0 \n | \n\n 952,587 \n | \n\n \u00a0 \n | \n\n 33,012 \n | \n\n \u00a0 \n | \n\n 31,812 \n | \n
| \n | \n | \n 1,843,826 \n | \n\n \u00a0 \n | \n\n 1,757,724 \n | \n\n \u00a0 \n | \n\n 33,012 \n | \n\n \u00a0 \n | \n\n 31,812 \n | \n
Auditors'\nfees
\n\u00a0
\nFees charged by the\nauditors for services rendered during the financial years ended 31\nDecember 2025 and 2024 relate to the following:
\n\u00a0
\n| \n | \n | \n \u00a0The\nGroup \n | \n\n | \n \u00a0The\nCompany \n | \n||||
| \n | \n | \n 2025 \n | \n\n | \n 2024 \n | \n\n | \n 2025 \n | \n\n | \n 2024 \n | \n
| \n | \n | \n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n
| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0Annual statutory\naudit\u00a0 \n | \n\n \u00a0 \n | \n\n 39,254 \n | \n\n | \n 38,104 \n | \n\n | \n 4,300 \n | \n\n | \n 4,300 \n | \n
\u00a0
\nOther non-audit\nfees
\n\u00a0
\nFees charged by the\nauditor for non-audit services rendered are included in Legal and\nProfessional fees, and are the following:
\n\u00a0
\n| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0The\nGroup \n | \n\n | \n \u00a0The\nCompany \n | \n||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n 2025 \n | \n\n | \n 2024 \n | \n\n | \n 2025 \n | \n\n | \n 2024 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n
| \n \u00a0Tax advisory and\ncompliance\u00a0 \n | \n\n \u00a0 \n | \n\n 1,800 \n | \n\n | \n 1,800 \n | \n\n | \n 200 \n | \n\n | \n 200 \n | \n
| \n \u00a0Other\nnon-assurance services \n | \n\n \u00a0 \n | \n\n 15,240 \n | \n\n | \n 15,240 \n | \n\n | \n 15,240 \n | \n\n | \n 15,240 \n | \n
| \n | \n | \n 17,040 \n | \n\n | \n 17,040 \n | \n\n | \n 15,440 \n | \n\n | \n 15,440 \n | \n
8. \u00a0\u00a0\u00a0\u00a0 Other operating income
\n\u00a0
\n| \n | \n | \n \u00a0The\nGroup \n | \n\n | \n \u00a0The\nCompany \n | \n||||
| \n | \n | \n 2025 \n | \n\n | \n 2024 \n | \n\n | \n 2025 \n | \n\n | \n 2024 \n | \n
| \n | \n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n
| \n \u00a0Other income from\nconstruction works \n | \n\n \u00a0 \n | \n\n 5,074 \n | \n\n | \n 24,485 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0Income from\ngovernment grants \n | \n\n \u00a0 \n | \n\n 33,720 \n | \n\n | \n - \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0Exchange\nfluctuation \n | \n\n \u00a0 \n | \n\n - \n | \n\n | \n 13,976 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0Works and\ninstallations \n | \n\n \u00a0 \n | \n\n - \n | \n\n | \n 7,952 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0Gain on assignment\nof property \n | \n\n \u00a0 \n | \n\n - \n | \n\n | \n 25,000 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0Income from\nexpense recharge to subsidiaries \n | \n\n \u00a0 \n | \n\n - \n | \n\n | \n - \n | \n\n | \n 281,818 \n | \n\n | \n 407,268 \n | \n
| \n \u00a0Others (note\n5) \n | \n\n \u00a0 \n | \n\n 240,932 \n | \n\n | \n 1,085,037 \n | \n\n | \n - \n | \n\n | \n 6,996 \n | \n
| \n | \n | \n 279,726 \n | \n\n | \n 1,156,450 \n | \n\n | \n 281,818 \n | \n\n | \n 414,264 \n | \n
9. \u00a0\u00a0\u00a0\u00a0 Finance and similar income
\n\u00a0
\n| \n | \n | \n \u00a0The\nGroup \n | \n\n | \n \u00a0The\nCompany \n | \n||||
| \n | \n | \n 2025 \n | \n\n | \n 2024 \n | \n\n | \n 2025 \n | \n\n | \n 2024 \n | \n
| \n | \n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n
| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n Other interest\nincome \n | \n\n \u00a0 \n | \n\n 15,044 \n | \n\n | \n 126,061 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n Interest from\nbanks \n | \n\n \u00a0 \n | \n\n 2,151 \n | \n\n | \n 3,602 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n Interest from related\nand subsidiary\u00a0 undertakings \n | \n\n \u00a0 \n | \n\n - \n | \n\n | \n - \n | \n\n | \n 1,318,671 \n | \n\n | \n 1,081,903 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n 17,195 \n | \n\n | \n 129,663 \n | \n\n | \n 1,318,671 \n | \n\n | \n 1,081,903 \n | \n
10. \u00a0 Finance\ncosts
\n\u00a0
\n| \n | \n | \n \u00a0The\nGroup \n | \n\n | \n \u00a0The\nCompany \n | \n||||
| \n | \n | \n 2025 \n | \n\n | \n 2024 \n | \n\n | \n 2025 \n | \n\n | \n 2024 \n | \n
| \n | \n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n
| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0Bank overdraft\ninterest \n | \n\n \u00a0 \n | \n\n 85,249 \n | \n\n | \n 112,744 \n | \n\n | \n - \n | \n\n | \n 2,496 \n | \n
| \n \u00a0Interest on bonds\nand amortisation of bond issue cost \n | \n\n \u00a0 \n | \n\n 1,269,972 \n | \n\n | \n 1,566,986 \n | \n\n | \n 1,269,972 \n | \n\n | \n 1,566,986 \n | \n
| \n \u00a0Bank loan\ninterest \n | \n\n \u00a0 \n | \n\n 758,905 \n | \n\n | \n 631,940 \n | \n\n | \n 357,403 \n | \n\n | \n 110,667 \n | \n
| \n \u00a0Interest on\nfinance lease liability (note 24) \n | \n\n \u00a0 \n | \n\n 317,783 \n | \n\n | \n 317,001 \n | \n\n | \n 40,962 \n | \n\n | \n 41,005 \n | \n
| \n \u00a0Other\ninterest \n | \n\n \u00a0 \n | \n\n 7,632 \n | \n\n | \n 49,315 \n | \n\n | \n 37 \n | \n\n | \n 2 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n 2,439,541 \n | \n\n | \n 2,677,986 \n | \n\n | \n 1,668,374 \n | \n\n | \n 1,721,156 \n | \n
11. \u00a0 Staff costs\nand employee information
\n\u00a0
\nStaff costs for the year\ncomprised the following:
\n\u00a0
\n| \n | \n | \n \u00a0The\nGroup \n | \n\n | \n \u00a0The\nCompany \n | \n||||
| \n | \n | \n 2025 \n | \n\n | \n 2024 \n | \n\n | \n 2025 \n | \n\n | \n 2024 \n | \n
| \n | \n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n
| \n \u00a0Wages and salaries\n(including Directors\u2019 remuneration) (note 7) \n | \n\n \u00a0 \n | \n\n 6,486,592 \n | \n\n | \n 6,005,510 \n | \n\n | \n 27,000 \n | \n\n | \n 27,000 \n | \n
| \n \u00a0Social security\ncontributions (note 7) \n | \n\n \u00a0 \n | \n\n 436,452 \n | \n\n | \n 401,035 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n 6,923,044 \n | \n\n | \n 6,406,545 \n | \n\n | \n 27,000 \n | \n\n | \n 27,000 \n | \n
\u00a0
\nThe average number of\npersons (including Directors) employed by the company during the\nyear was as follows:
\n\u00a0
\n| \n | \n | \n \u00a0The\nGroup \n | \n\n | \n \u00a0The\nCompany \n | \n||||
| \n | \n | \n 2025 \n | \n\n | \n 2024 \n | \n\n | \n 2025 \n | \n\n | \n 2024 \n | \n
| \n | \n | \n No. \n | \n\n | \n No. \n | \n\n | \n No. \n | \n\n | \n No. \n | \n
| \n \u00a0Operational \n | \n\n \u00a0 \n | \n\n 157 \n | \n\n | \n 131 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0Administration \n | \n\n \u00a0 \n | \n\n 62 \n | \n\n | \n 63 \n | \n\n | \n 3 \n | \n\n | \n 3 \n | \n
| \n \u00a0Distribution \n | \n\n \u00a0 \n | \n\n 16 \n | \n\n | \n 13 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n 235 \n | \n\n | \n 207 \n | \n\n | \n 3 \n | \n\n | \n 3 \n | \n
12. \u00a0 Income\ntax
\n\u00a0
\nTax expense on\nprofit on ordinary activities
\n\u00a0
\nProvision for income\ntax has been made at the rate of 35% on the chargeable income for\nthe year except for investment income which is charged at the rates\nof 15% and 35% and for proceeds from sale of property taxable at 8%\nand 5% final withholding tax.
\n\u00a0
\n| \n | \n | \n \u00a0The\nGroup \n | \n\n | \n \u00a0The\nCompany \n | \n||||
| \n | \n | \n 2025 \n | \n\n | \n 2024 \n | \n\n | \n 2025 \n | \n\n | \n 2024 \n | \n
| \n | \n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n
| \n \u00a0Income tax expense: \n | \n\n \u00a0 \n | \n\n | \n | \n | \n | \n | \n | \n |
| \n \u00a0Tax at\nsource \n | \n\n \u00a0 \n | \n\n (272,809) \n | \n\n | \n - \n | \n\n | \n (272,809) \n | \n\n | \n - \n | \n
| \n \u00a0Current tax\ncharge \n | \n\n \u00a0 \n | \n\n (314,826) \n | \n\n | \n (458,309) \n | \n\n | \n (155,036) \n | \n\n | \n (193,925) \n | \n
| \n \u00a0Final withholding\ntax at 15% \n | \n\n \u00a0 \n | \n\n (343,108) \n | \n\n | \n (323,719) \n | \n\n | \n (31,738) \n | \n\n | \n (28,181) \n | \n
| \n \u00a0Final withholding\ntax at 8% \n | \n\n \u00a0 \n | \n\n (184,810) \n | \n\n | \n (312,800) \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0Final withholding\ntax at 10% \n | \n\n \u00a0 \n | \n\n - \n | \n\n | \n (700,000) \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0Total current\ntax expense \n | \n\n \u00a0 \n | \n\n (1,115,553) \n | \n\n | \n (1,794,828) \n | \n\n | \n (459,583) \n | \n\n | \n (222,106) \n | \n
| \n \u00a0Deferred\ntaxation (note 25): \n | \n\n \u00a0 \n | \n\n | \n | \n | \n | \n | \n | \n |
| \n \u00a0Credit/ (charge)\nfor the year \n | \n\n \u00a0 \n | \n\n 2,520,731 \n | \n\n | \n 37,352 \n | \n\n | \n 114,900 \n | \n\n | \n (409,234) \n | \n
| \n \u00a0Income tax expense\nfor the year \n | \n\n \u00a0 \n | \n\n 1,405,178 \n | \n\n | \n (1,757,476) \n | \n\n | \n (314,683) \n | \n\n | \n (631,340) \n | \n
\u00a0
\nTax\nreconciliation
\n\u00a0
\n| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0The\nGroup \n | \n\n | \n \u00a0The\nCompany \n | \n||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n 2025 \n | \n\n | \n 2024 \n | \n\n | \n 2025 \n | \n\n | \n 2024 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n
| \n \u00a0Profit before\ntax \n | \n\n \u00a0 \n | \n\n 2,079,163 \n | \n\n | \n 4,052,194 \n | \n\n | \n 1,087,247 \n | \n\n | \n 1,169,507 \n | \n
| \n \u00a0Taxation charge\nthereon \n | \n\n \u00a0 \n | \n\n 727,707 \n | \n\n | \n 1,418,268 \n | \n\n | \n 380,536 \n | \n\n | \n 409,327 \n | \n
| \n \u00a0Tax effect\nof: \n | \n\n \u00a0 \n | \n\n | \n | \n | \n | \n | \n | \n |
| \n \u00a0- excess of\ncarrying amount of property, plant and equipment over tax\nbase \n | \n\n \u00a0 \n | \n\n (20,560) \n | \n\n | \n 190,374 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0- expenses not\nallowed for tax purposes \n | \n\n \u00a0 \n | \n\n 42,501 \n | \n\n | \n 197,956 \n | \n\n | \n 701,878 \n | \n\n | \n 165,299 \n | \n
| \n \u00a0- income not\nallowed for tax purposes \n | \n\n \u00a0 \n | \n\n (1,229) \n | \n\n | \n (131,096) \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0- income taxed at\ndifferent rates \n | \n\n \u00a0 \n | \n\n (1,624,447) \n | \n\n | \n 264,402 \n | \n\n | \n (622,831) \n | \n\n | \n (84,445) \n | \n
| \n \u00a0- unabsorbed\ncapital allowances \n | \n\n \u00a0 \n | \n\n (38,393) \n | \n\n | \n (38,315) \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0- unabsorbed\ncapital losses \n | \n\n \u00a0 \n | \n\n (10,885) \n | \n\n | \n 3,295 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0- change in the\nfair value of investment property \n | \n\n \u00a0 \n | \n\n - \n | \n\n | \n (262,971) \n | \n\n | \n - \n | \n\n | \n (268,075) \n | \n
| \n \u00a0- effect of\nadoption of IFRS 16 \n | \n\n \u00a0 \n | \n\n (80,903) \n | \n\n | \n (110,263) \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0- deferred tax\ncharge \n | \n\n \u00a0 \n | \n\n (398,970) \n | \n\n | \n 225,826 \n | \n\n | \n (144,900) \n | \n\n | \n 409,234 \n | \n
| \n \u00a0Income tax\n(credit)/expense for the year \n | \n\n \u00a0 \n | \n\n (1,405,178) \n | \n\n | \n 1,757,476 \n | \n\n | \n 314,683 \n | \n\n | \n 631,340 \n | \n
Current\ntaxation
\n\u00a0
\nTaxation due/recoverable\nis made up as follows:
\n\u00a0
\n| \n | \n | \n \u00a0The\nGroup \n | \n\n | \n \u00a0The\nCompany \n | \n||||
| \n | \n | \n 2025 \n | \n\n | \n 2024 \n | \n\n | \n 2025 \n | \n\n | \n 2024 \n | \n
| \n | \n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n
| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n As at 1\nJanuary \n | \n\n \u00a0 \n | \n\n 1,572,179 \n | \n\n | \n 1,151,983 \n | \n\n | \n 719,935 \n | \n\n | \n 585,588 \n | \n
| \n \u00a0Income tax\nexpense \n | \n\n \u00a0 \n | \n\n 1,115,553 \n | \n\n | \n 1,794,828 \n | \n\n | \n 459,583 \n | \n\n | \n 222,106 \n | \n
| \n \u00a0Tax\nrefund \n | \n\n \u00a0 \n | \n\n 2,936 \n | \n\n | \n 31,808 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n 2,690,668 \n | \n\n | \n 2,978,619 \n | \n\n | \n 1,179,518 \n | \n\n | \n 807,694 \n | \n
| \n \u00a0Payments: \n | \n\n \u00a0 \n | \n\n | \n | \n | \n | \n | \n | \n |
| \n \u00a0Settlement\ntax \n | \n\n \u00a0 \n | \n\n (636,405) \n | \n\n | \n (69,922) \n | \n\n | \n (366,387) \n | \n\n | \n (59,578) \n | \n
| \n \u00a0Final withholding\ntax \n | \n\n \u00a0 \n | \n\n (527,918) \n | \n\n | \n (1,336,519) \n | \n\n | \n (31,738) \n | \n\n | \n (28,181) \n | \n
| \n \u00a0Tax at\nsource \n | \n\n \u00a0 \n | \n\n (397,144) \n | \n\n | \n - \n | \n\n | \n (272,809) \n | \n\n | \n - \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n (1,561,467) \n | \n\n | \n (1,406,440) \n | \n\n | \n (670,934) \n | \n\n | \n (87,759) \n | \n
| \n \u00a0As at 31\nDecember \n | \n\n \u00a0 \n | \n\n 1,129,201 \n | \n\n | \n 1,572,179 \n | \n\n | \n 508,584 \n | \n\n | \n 719,935 \n | \n
Current\ntaxation
\n\u00a0
\nTaxation due/recoverable\nis made up as follows:
\n\u00a0
\n| \n | \n | \n \u00a0The\nGroup \n | \n\n | \n \u00a0The\nCompany \n | \n||||
| \n | \n | \n 2025 \n | \n\n | \n 2024 \n | \n\n | \n 2025 \n | \n\n | \n 2024 \n | \n
| \n | \n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n
| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n As at 1\nJanuary \n | \n\n \u00a0 \n | \n\n 1,572,179 \n | \n\n | \n 1,151,983 \n | \n\n | \n 719,935 \n | \n\n | \n 585,588 \n | \n
| \n \u00a0Income tax\nexpense \n | \n\n \u00a0 \n | \n\n 1,115,553 \n | \n\n | \n 1,794,828 \n | \n\n | \n 459,583 \n | \n\n | \n 222,106 \n | \n
| \n \u00a0Tax\nrefund \n | \n\n \u00a0 \n | \n\n 2,936 \n | \n\n | \n 31,808 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n 2,690,668 \n | \n\n | \n 2,978,619 \n | \n\n | \n 1,179,518 \n | \n\n | \n 807,694 \n | \n
| \n \u00a0Payments: \n | \n\n \u00a0 \n | \n\n | \n | \n | \n | \n | \n | \n |
| \n \u00a0Settlement\ntax \n | \n\n \u00a0 \n | \n\n (636,405) \n | \n\n | \n (69,922) \n | \n\n | \n (366,387) \n | \n\n | \n (59,578) \n | \n
| \n \u00a0Final withholding\ntax \n | \n\n \u00a0 \n | \n\n (527,918) \n | \n\n | \n (1,336,519) \n | \n\n | \n (31,738) \n | \n\n | \n (28,181) \n | \n
| \n \u00a0Tax at\nsource \n | \n\n \u00a0 \n | \n\n (397,144) \n | \n\n | \n - \n | \n\n | \n (272,809) \n | \n\n | \n - \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n (1,561,467) \n | \n\n | \n (1,406,440) \n | \n\n | \n (670,934) \n | \n\n | \n (87,759) \n | \n
| \n \u00a0As at 31\nDecember \n | \n\n \u00a0 \n | \n\n 1,129,201 \n | \n\n | \n 1,572,179 \n | \n\n | \n 508,584 \n | \n\n | \n 719,935 \n | \n
13. \u00a0 Property,\nplant and equipment
\n\u00a0
\nThe\nGroup
\n\u00a0
\nFair\nvalue
\nFreehold land and\nbuildings were revalued on 30 December 2024. An independent\nvaluation of the freehold land and buildings was performed by\nindependent professional architects. The valuation for this\ncommercial building was determined by the market comparison method.\nIt has been categorised to fall within Level 2 of the fair value\nhierarchy. There were no transfers between levels during the year.\nThe different levels in fair value hierarchy have been defined in\nnote 34.\u00a0 As at 31 December 2025, management also assessed\nwhether there are any significant changes to the significant inputs\nof the valuation.
\n\u00a0
\nIf these assets were\nincluded in the financial statements at cost, their carrying\namounts would have been \u20ac4,901,223 (2024:\n\u20ac4,913,058).
Owner-occupied property\nis disclosed in property, plant and equipment as leasehold\nindustrial buildings
\n\u00a0
\n| \n \u00a0 \n | \n\n The\nGroup \n | \n||||||||||||||||
| \n \u00a0 \n | \n\n Freehold land and\nbuildings \n | \n\n Plant and\nmachinery \n | \n\n Tools \n | \n\n Computer\u00a0\nequipment\u00a0 and software \n | \n\n Office\nequipment \n | \n\n Air-conditioning\nequipment \n | \n\n Tele- | \n\n Furniture and\nfittings \n | \n\n Motor\nvehicles \n | \n||||||||
| \n \u00a0 \n | \n\n \u00a0\u20ac \n | \n\n \u00a0\u20ac \n | \n\n \u00a0\u20ac \n | \n\n \u00a0\u20ac \n | \n\n \u00a0\u20ac \n | \n\n \u00a0\u20ac \n | \n\n \u00a0\u20ac \n | \n\n \u00a0\u20ac \n | \n\n \u00a0\u20ac \n | \n||||||||
| \n Cost /\nValuation \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n||||||||
| \n As at 1 January\n2024 \n | \n\n 24,255,653 \n | \n\n 9,979,432 \n | \n\n 236,600 \n | \n\n 594,390 \n | \n\n 57,979 \n | \n\n 46,485 \n | \n\n 12,528 \n | \n\n 767,271 \n | \n\n 1,406,137 \n | \n||||||||
| \n Additions \n | \n\n - \n | \n\n 1,108,582 \n | \n\n 45,170 \n | \n\n 34,650 \n | \n\n - \n | \n\n 2,769 \n | \n\n - \n | \n\n 2,585 \n | \n\n 12,976 \n | \n||||||||
| \n Write-off \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (8,711) \n | \n\n - \n | \n||||||||
| \n Revaluation surplus\n(note 28) \n | \n\n (543,186) \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n||||||||
| \n As at 31 December\n2024 \n | \n\n 23,682,467 \n | \n\n 11,088,014 \n | \n\n 281,770 \n | \n\n 629,040 \n | \n\n 57,979 \n | \n\n 49,254 \n | \n\n 12,528 \n | \n\n 761,145 \n | \n\n 1,419,133 \n | \n||||||||
| \n Additions \n | \n\n - \n | \n\n 403,899 \n | \n\n 55,556 \n | \n\n 35,635 \n | \n\n 450 \n | \n\n 4,071 \n | \n\n - \n | \n\n 5,862 \n | \n\n 97,033 \n | \n||||||||
| \n Reclassification \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (450) \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n||||||||
| \n As at 31 December\n2025 \n | \n\n 23,682,467 \n | \n\n 11,491,913 \n | \n\n 337,326 \n | \n\n 664,225 \n | \n\n 58,429 \n | \n\n 53,325 \n | \n\n 12,528 \n | \n\n 767,007 \n | \n\n 1,516,146 \n | \n||||||||
| \n \u00a0 \n | \n\n | \n | \n | \n | \n | \n | \n | \n | \n | ||||||||
| \n Depreciation \n | \n\n | \n | \n | \n | \n | \n | \n | \n | \n | ||||||||
| \n As at 1 January\n2024 \n | \n\n 19,422 \n | \n\n 3,629,487 \n | \n\n 179,358 \n | \n\n 441,660 \n | \n\n 57,149 \n | \n\n 36,130 \n | \n\n 10,278 \n | \n\n 604,799 \n | \n\n 1,017,941 \n | \n||||||||
| \n Charge for the\nyear \n | \n\n - \n | \n\n 712,542 \n | \n\n 9,766 \n | \n\n 34,327 \n | \n\n - \n | \n\n 2,813 \n | \n\n 459 \n | \n\n 41,602 \n | \n\n 78,300 \n | \n||||||||
| \n Released on\ndisposals \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (1,742) \n | \n\n - \n | \n||||||||
| \n As at 31 December\n2024 \n | \n\n 19,422 \n | \n\n 4,342,029 \n | \n\n 189,124 \n | \n\n 475,987 \n | \n\n 57,149 \n | \n\n 38,943 \n | \n\n 10,737 \n | \n\n 644,659 \n | \n\n 1,096,241 \n | \n||||||||
| \n Charge for the\nyear \n | \n\n - \n | \n\n 698,868 \n | \n\n 18,924 \n | \n\n 35,206 \n | \n\n 14 \n | \n\n 2,934 \n | \n\n 205 \n | \n\n 33,554 \n | \n\n 38,261 \n | \n||||||||
| \n As at 31 December\n2024 \n | \n\n 19,422 \n | \n\n 5,040,897 \n | \n\n 208,048 \n | \n\n 511,193 \n | \n\n 57,163 \n | \n\n 41,877 \n | \n\n 10,942 \n | \n\n 678,213 \n | \n\n 1,134,502 \n | \n||||||||
| \n \u00a0 \n | \n\n | \n | \n | \n | \n | \n | \n | \n | \n | ||||||||
| \n Net book\namount \n | \n\n | \n | \n | \n | \n | \n | \n | \n | \n | ||||||||
| \n As at 31 December\n2024 \n | \n\n 23,663,045 \n | \n\n 6,745,985 \n | \n\n 92,646 \n | \n\n 153,053 \n | \n\n 830 \n | \n\n 10,311 \n | \n\n 1,791 \n | \n\n 116,486 \n | \n\n 322,872 \n | \n||||||||
| \n As at 31 December\n2025 \n | \n\n 23,663,045 \n | \n\n 6,451,016 \n | \n\n 129,278 \n | \n\n 153,032 \n | \n\n 1,266 \n | \n\n 11,448 \n | \n\n 1,586 \n | \n\n 88,794 \n | \n\n 381,644 \n | \n||||||||
| \n \u00a0 \n\u00a0 \n | \n\n The\nGroup \n | \n\n \u00a0 \n | \n|||||||||||||||
| \n \u00a0 \n | \n\n Improvements to\npremises \n | \n\n Exhibition stand and\nsite offices \n | \n\n Renewable\nenergy \n | \n\n Electrical\ninstallations | \n\n Exhibits \n | \n\n Computers and\nelectronic equipment \n | \n\n Total \n | \n\n \u00a0 \n | \n|||||||||
| \n \u00a0 \n | \n\n \u00a0\u20ac \n | \n\n \u00a0\u20ac \n | \n\n \u00a0\u20ac \n | \n\n \u00a0\u20ac \n | \n\n \u00a0\u20ac \n | \n\n \u00a0\u20ac \n | \n\n \u00a0\u20ac \n | \n\n \u00a0 \n | \n|||||||||
| \n Cost /\nValuation \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|||||||||
| \n As at 1 January\n2024 \n | \n\n 7,083,531 \n | \n\n 159,756 \n | \n\n 1,776,220 \n | \n\n 32,769 \n | \n\n 357,406 \n | \n\n 416,943 \n | \n\n 47,153,100 \n | \n\n \u00a0 \n | \n|||||||||
| \n Additions \n | \n\n 1,234,179 \n | \n\n 67,370 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 131,280 \n | \n\n 2,639,561 \n | \n\n \u00a0 \n | \n|||||||||
| \n Write-off \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (8,711) \n | \n\n \u00a0 \n | \n|||||||||
| \n Disposals \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (543,186) \n | \n\n \u00a0 \n | \n|||||||||
| \n As at 31 December\n2024 \n | \n\n 8,317,710 \n | \n\n 227,126 \n | \n\n 1,776,220 \n | \n\n 32,769 \n | \n\n 357,406 \n | \n\n 548,223 \n | \n\n 49,240,764 \n | \n\n \u00a0 \n | \n|||||||||
| \n Additions \n | \n\n 1,088,808 \n | \n\n 28,382 \n | \n\n 3,372 \n | \n\n - \n | \n\n - \n | \n\n 188,960 \n | \n\n 1,912,028 \n | \n\n \u00a0 \n | \n|||||||||
| \n Reclassification \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (450) \n | \n\n \u00a0 \n | \n|||||||||
| \n As at 31 December\n2025 \n | \n\n 9,406,518 \n | \n\n 255,508 \n | \n\n 1,779,592 \n | \n\n 32,769 \n | \n\n 357,406 \n | \n\n 737,183 \n | \n\n 51,152,342 \n | \n\n \u00a0 \n | \n|||||||||
| \n \u00a0 \n | \n\n | \n | \n | \n | \n | \n \u00a0 \n | \n\n | \n \u00a0 \n | \n|||||||||
| \n Depreciation \n | \n\n | \n | \n | \n | \n | \n \u00a0 \n | \n\n | \n \u00a0 \n | \n|||||||||
| \n As at 1 January\n2024 \n | \n\n 2,271,053 \n | \n\n 148,802 \n | \n\n 931,172 \n | \n\n 32,769 \n | \n\n 296,258 \n | \n\n 367,797 \n | \n\n 10,044,075 \n | \n\n \u00a0 \n | \n|||||||||
| \n Charge for the\nyear \n | \n\n 456,905 \n | \n\n 27,696 \n | \n\n 78,289 \n | \n\n - \n | \n\n - \n | \n\n 50,498 \n | \n\n 1,493,197 \n | \n\n \u00a0 \n | \n|||||||||
| \n Released on\ndisposals \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (1,742) \n | \n\n \u00a0 \n | \n|||||||||
| \n As at 31 December\n2024 \n | \n\n 2,727,958 \n | \n\n 176,498 \n | \n\n 1,009,461 \n | \n\n 32,769 \n | \n\n 296,258 \n | \n\n 418,295 \n | \n\n 11,535,530 \n | \n\n \u00a0 \n | \n|||||||||
| \n Charge for the\nyear \n | \n\n 620,437 \n | \n\n 19,670 \n | \n\n 71,039 \n | \n\n - \n | \n\n - \n | \n\n 40,188 \n | \n\n 1,579,300 \n | \n\n \u00a0 \n | \n|||||||||
| \n As at 31 December\n2025 \n | \n\n 3,348,395 \n | \n\n 196,168 \n | \n\n 1,080,500 \n | \n\n 32,769 \n | \n\n 296,258 \n | \n\n 458,483 \n | \n\n 13,114,830 \n | \n\n \u00a0 \n | \n|||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|||||||||
| \n Net book\namount \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|||||||||
| \n As at 31 December\n2024 \n | \n\n 5,589,752 \n | \n\n 50,628 \n | \n\n 766,759 \n | \n\n - \n | \n\n 61,148 \n | \n\n 129,928 \n | \n\n 37,705,234 \n | \n\n \u00a0 \n | \n|||||||||
| \n As at 31 December\n2025 \n | \n\n 6,058,123 \n | \n\n 59,340 \n | \n\n 699,092 \n | \n\n - \n | \n\n 61,148 \n | \n\n 278,700 \n | \n\n 38,037,512 \n | \n\n \u00a0 \n | \n|||||||||
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
The\nCompany
\n\u00a0
\n| \n | \n | \n Computer\nsoftware \n | \n\n | \n Total \n | \n
| \n | \n | \n \u20ac \n | \n\n | \n \u20ac \n | \n
| \n Cost \n | \n\n | \n | \n | \n |
| \n As at 1 January\n2024 \n | \n\n | \n 156,267 \n | \n\n \u00a0 \n | \n\n 156,267 \n | \n
| \n Additions \n | \n\n | \n 33,000 \n | \n\n \u00a0 \n | \n\n 33,000 \n | \n
| \n As at 31 December\n2024 \n | \n\n | \n 189,267 \n | \n\n \u00a0 \n | \n\n 189,267 \n | \n
| \n Additions \n | \n\n | \n 35,635 \n | \n\n \u00a0 \n | \n\n 35,635 \n | \n
| \n As at 31 December\n2025 \n | \n\n | \n 224,902 \n | \n\n \u00a0 \n | \n\n 224,902 \n | \n
| \n | \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Depreciation \n | \n\n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n As at 1 January\n2024 \n | \n\n | \n 32,932 \n | \n\n \u00a0 \n | \n\n 32,932 \n | \n
| \n Charge for the\nyear \n | \n\n | \n 31,812 \n | \n\n \u00a0 \n | \n\n 31,812 \n | \n
| \n As at 31 December\n2024 \n | \n\n | \n 64,744 \n | \n\n \u00a0 \n | \n\n 64,744 \n | \n
| \n Charge for the\nyear \n | \n\n | \n 33,012 \n | \n\n \u00a0 \n | \n\n 33,012 \n | \n
| \n As at 31 December\n2025 \n | \n\n | \n 97,756 \n | \n\n \u00a0 \n | \n\n 97,756 \n | \n
| \n | \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Net book\namount \n | \n\n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n As at 31 December\n2024 \n | \n\n | \n 124,523 \n | \n\n \u00a0 \n | \n\n 124,523 \n | \n
| \n As at 31 December\n2025 \n | \n\n | \n 127,146 \n | \n\n \u00a0 \n | \n\n 127,146 \n | \n
13. \u00a0 Property,\nplant and equipment
\n\u00a0
\nThe\nGroup
\n\u00a0
\nFair\nvalue
\nFreehold land and\nbuildings were revalued on 30 December 2024. An independent\nvaluation of the freehold land and buildings was performed by\nindependent professional architects. The valuation for this\ncommercial building was determined by the market comparison method.\nIt has been categorised to fall within Level 2 of the fair value\nhierarchy. There were no transfers between levels during the year.\nThe different levels in fair value hierarchy have been defined in\nnote 34.\u00a0 As at 31 December 2025, management also assessed\nwhether there are any significant changes to the significant inputs\nof the valuation.
\n\u00a0
\nIf these assets were\nincluded in the financial statements at cost, their carrying\namounts would have been \u20ac4,901,223 (2024:\n\u20ac4,913,058).
17. \u00a0\u00a0 Investment property
\n\u00a0
\n| \n | \n | \n \u00a0The\nGroup \n | \n\n | \n \u00a0The\nCompany \n | \n||||
| \n | \n | \n 2025 \n | \n\n | \n 2024 \n | \n\n | \n 2025 \n | \n\n | \n 2024 \n | \n
| \n | \n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n
| \n \u00a0Valuation \n | \n\n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0As at 1\nJanuary \n | \n\n \u00a0 \n | \n\n 51,778,837 \n | \n\n | \n 54,045,991 \n | \n\n | \n 37,875,351 \n | \n\n | \n 33,496,098 \n | \n
| \n \u00a0Additions \n | \n\n \u00a0 \n | \n\n 4,519,759 \n | \n\n | \n 5,035,765 \n | \n\n | \n 2,681 \n | \n\n | \n 3,613,324 \n | \n
| \n \u00a0Change in fair\nvalue \n | \n\n \u00a0 \n | \n\n - \n | \n\n | \n 1,387,784 \n | \n\n | \n - \n | \n\n | \n 765,929 \n | \n
| \n \u00a0Disposals\u00a0 \n | \n\n | \n (1,675,000) \n | \n\n | \n (8,690,703) \n | \n\n | \n (1,675,000) \n | \n\n | \n - \n | \n
| \n \u00a0As at 31\nDecember \n | \n\n \u00a0 \n | \n\n 54,623,596 \n | \n\n | \n 51,778,837 \n | \n\n | \n 36,203,032 \n | \n\n | \n 37,875,351 \n | \n
| \n \u00a0Rental income\nderived from investment properties \n | \n\n \u00a0 \n | \n\n 2,618,619 \n | \n\n | \n 2,565,856 \n | \n\n | \n 916,347 \n | \n\n | \n 866,531 \n | \n
\u00a0
\nFair\nvalue
\n\u00a0
\nMarket valuations are\nperformed by independent professional architects every two years or\nearlier whenever their fair values differ materially from their\ncarrying amounts. In the year when a market valuation is not\nperformed, an assessment of the fair value is performed to reflect\nmarket conditions at the year-end date. \u00a0
\n\u00a0
\nAn independent valuation\nof the Group's investment property was performed by independent\nexternal valuers having an appropriate recognised professional\nqualifications and experience in the location and category of the\nproperty being valued. Last fair value assessment made by an\nexternal valuer was made on 31 December 2024 with the next\nvaluation to take place in 2026 according to the Group policy. The\nfair value movement were credited to profit or loss and\nsubsequently transferred to other reserves under equity. As at 31\nDecember 2025, management also assessed whether there are any\nsignificant changes to the significant inputs of the\nvaluation.
\n\u00a0
\nThe investment\nproperties have been categorised to fall within levels 2 and 3 of\nthe fair value hierarchy. The different levels in the fair value\nhierarchy have been defined in note 34. The Group policy is to\nrecognise transfers into and out of fair value hierarchy levels as\nof date of the event of change in circumstances that caused the\ntransfer. There were transfers between levels during the year, some\nreclassifications occured from level 3 to level 2. For all\nproperties, their current use equates to the highest and best\nuse.
\n\u00a0
\nReconciliation of fair\nvalue:
\n\u00a0
\n| \n | \n Land \n | \n\n Office\nproperties \n | \n\n Commercial\nbuildings \n | \n\n Residential\nproperties \n | \n\n Hotel | \n
| \n Cost \n | \n\n \u00a0\u20ac \n | \n\n \u00a0\u20ac \n | \n\n \u00a0\u20ac \n | \n\n \u00a0\u20ac \n | \n\n \u00a0\u20ac \n | \n
| \n As at 1 January\n2024 \n | \n\n 2,468,073 \n | \n\n 6,100,701 \n | \n\n 31,652,836 \n | \n\n 5,390,881 \n | \n\n 8,433,500 \n | \n
| \n Purchases \n | \n\n 215,000 \n | \n\n 263,027 \n | \n\n 3,485,933 \n | \n\n 858,555 \n | \n\n 213,250 \n | \n
| \n Disposals \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (2,890,703) \n | \n\n (5,800,000) \n | \n
| \n Fair value change\nrecognised in profit or loss \n | \n\n 1,360,000 \n | \n\n (697,774) \n | \n\n 91,877 \n | \n\n 87,245 \n | \n\n 3,250 \n | \n
| \n Reclassification \n | \n\n - \n | \n\n - \n | \n\n 543,186 \n | \n\n - \n | \n\n - \n | \n
| \n As at 31 December\n2024 \n | \n\n 4,043,073 \n | \n\n 5,665,954 \n | \n\n 35,773,832 \n | \n\n 3,445,978 \n | \n\n 2,850,000 \n | \n
| \n Purchases \n | \n\n 66,420 \n | \n\n | \n 4,444,322 \n | \n\n 9,017 \n | \n\n - \n | \n
| \n Disposals \n | \n\n - \n | \n\n | \n (1,675,000) \n | \n\n - \n | \n\n - \n | \n
| \n As at 31 December\n2025 \n | \n\n 4,109,493 \n | \n\n 5,665,954 \n | \n\n 38,543,154 \n | \n\n 3,454,995 \n | \n\n 2,850,000 \n | \n
\u00a0
\nValuation techniques\nand inputs
\n\u00a0
\nThe valuation was\ndetermined primarily by using the market comparison method for\nresidential properties, and\u00a0 the discounted cash flow (DCF)\nmethod for commercial properties.
\n\u00a0
\nComparison\nmethod:
\nMarket prices based on\ndatabase of valuations and of sales of properties in the relevant\narea.
\n\u00a0
\nDiscounted cash flow\n(DCF) method:
\nUsing the DCF method,\nfair value is estimated using assumptions regarding the benefits\nand liabilities of ownership over the asset\u2019s life including\nan exit or terminal value. This method involves the projection of a\nseries of cash flows on a real property interest. To this projected\ncash flow series, a market-derived discount rate is applied to\nestablish the present value of the income stream associated with\nthe asset. The exit yield is normally separately determined and\ndiffers from the discount rate.
\n\u00a0
\nThe duration of the cash\nflows and the specific timing of inflows and outflows are\ndetermined by events such as rent reviews, lease renewal and\nrelated re-letting, redevelopment, or refurbishment. The\nappropriate duration is typically driven by market behaviour that\nis a characteristic of the class of real property. Periodic cash\nflow is typically estimated as gross income less vacancy,\nnon-recoverable expenses, collection losses, lease incentives,\nmaintenance cost, agent and commission costs and other operating\nand management expenses. The series of periodic net operating\nincome, along with an estimate of the terminal value anticipated at\nthe end of the projection period, is then discounted.
\n\u00a0
\nSignificant increases\n(decreases) in estimated rental value and rent growth per annum in\nisolation would result in a significantly higher (lower) fair value\nof the properties. Significant increases (decreases) in the\nlong-term vacancy rate and discount rate (and exit yield) in\nisolation would result in a significantly lower (higher) fair\nvalue.
\n\u00a0
\nGenerally, a change in\nthe assumption made for the estimated rental value is accompanied\nby a directionally similar change in the rent growth per annum and\ndiscount rate (and exit yield), and an opposite change in the\nlong-term vacancy rate.
\n\u00a0
\nDescription of\nvaluation techniques used and key inputs to valuation of investment\nproperties:
\n\u00a0
\n| \n | \n | \n Valuation\ntechnique \n | \n\n Significant\ninputs \n | \n\n Range (weighted\naverage) \n | \n||
| \n | \n | \n | \n | \n | \n | \n 2023 \n | \n
| \n Commercial\nproperties \n | \n\n | \n DCF \n | \n\n | \n Long-term pre-tax\nrate \n | \n\n | \n 2%-2.5% \n | \n
| \n | \n | \n | \n | \n Inflation\nrate \n | \n\n | \n 1.9% \n | \n
| \n | \n | \n | \n | \n Risk\npremium \n | \n\n | \n 4%-5% \n | \n
| \n | \n | \n | \n | \n DCF \n | \n\n | \n 6.5%-8.4% \n | \n
| \n | \n | \n | \n | \n Gross profit\nrate \n | \n\n | \n 95%-97.5% \n | \n
| \n Commercial\nproperties \n | \n\n | \n DCF \n | \n\n | \n Estimated rental\nvalue \n | \n\n | \n 7%-7.5% \n | \n
| \n Office\nproperties \n | \n\n | \n DCF \n | \n\n | \n Estimated rental\nvalue \n | \n\n | \n 2.42%-7.5% \n | \n
| \n Hotel \n | \n\n | \n DCF \n | \n\n | \n Estimated rental value\nand extrapolated residual land value \n | \n\n | \n 7.50% \n | \n
\u00a0
\nFor the other types of\ninvestment properties, the significant inputs used in the fair\nvalue measurement are pricing information provided by the\nindependent valuers based on the property size and outlook,\nlocation and communal facilities.
Fair value\nrisk
\n\u00a0
\nAs at 31 December 2025\nand 2024, the carrying amounts of trade and other receivables, cash\nand cash equivalents, trade and other payables and current\nborrowings reflected in the financial statements are reasonable\nestimates of fair value in view of the nature of these instruments\nor the relatively short period of time between the origination of\nthe instruments and their expected realisation.\u00a0 The fair\nvalues of loans and receivables and non-current borrowings are not\nmaterially different from their carrying amounts in the statement\nof financial position. \u00a0
\n\u00a0
\nThe Group used the\nfollowing hierarchy for determining and disclosing the fair value\nof investment property.
\n\u00a0
\nLevel 1:\nquoted(unadjusted) prices in active markets for identical assets or\nliabilities;
\n\u00a0
\nLevel 2: other\ntechniques for which all inputs which have a significant effect on\nthe recorded fair value are observable, either directly or\nindirectly; and
\n\u00a0
\nLevel 3: techniques\nwhich use inputs which have a significant effect on the recorded\nfair value that are not based on observable market data.
\n\u00a0
\n| \n Fair value\nmeasurement hierarchy: \n | \n\n | \n | \n | \n | \n | \n | \n | \n |
| \n | \n | \n The\nGroup \n | \n||||||
| \n | \n | \n Level\n1 \n | \n\n | \n Level\n2 \n | \n\n | \n Level\n3 \n | \n\n | \n Total \n | \n
| \n | \n | \n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n
| \n As at 31 December\n2025 \n | \n\n | \n | \n | \n | \n | \n | \n | \n |
| \n Investment\nproperty \n | \n\n | \n - \n | \n\n | \n 18,445,742 \n | \n\n | \n 36,177,854 \n | \n\n | \n 54,623,596 \n | \n
| \n Property, plant and\nequipment \n | \n\n | \n - \n | \n\n | \n 23,565,936 \n | \n\n | \n - \n | \n\n | \n 23,565,936 \n | \n
| \n | \n | \n - \n | \n\n | \n 42,011,678 \n | \n\n | \n 36,177,854 \n | \n\n | \n 78,189,532 \n | \n
| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n As at 31 December\n2024 \n | \n\n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Investment\nproperty \n | \n\n | \n - \n | \n\n \u00a0 \n | \n\n 20,111,725 \n | \n\n \u00a0 \n | \n\n 31,667,112 \n | \n\n \u00a0 \n | \n\n 51,778,837 \n | \n
| \n Property, plant and\nequipment \n | \n\n | \n - \n | \n\n \u00a0 \n | \n\n 23,565,936 \n | \n\n \u00a0 \n | \n\n - \n | \n\n \u00a0 \n | \n\n 23,565,936 \n | \n
| \n | \n | \n - \n | \n\n \u00a0 \n | \n\n 43,677,661 \n | \n\n \u00a0 \n | \n\n 31,667,112 \n | \n\n \u00a0 \n | \n\n 75,344,773 \n | \n
\u00a0
\n| \n | \n | \n The\nCompany \n | \n||||||
| \n | \n | \n Level\n1 \n | \n\n | \n Level\n2 \n | \n\n | \n Level\n3 \n | \n\n | \n Total \n | \n
| \n | \n | \n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n
| \n As at 31 December\n2025 \n | \n\n | \n | \n | \n | \n | \n | \n | \n |
| \n Investment\nproperty \n | \n\n | \n - \n | \n\n \u00a0 \n | \n\n 36,203,032 \n | \n\n \u00a0 \n | \n\n - \n | \n\n \u00a0 \n | \n\n 36,203,032 \n | \n
| \n | \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n As at 31 December\n2024 \n | \n\n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Investment\nproperty \n | \n\n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Equity instrument at\nFVOCI \n | \n\n | \n - \n | \n\n \u00a0 \n | \n\n 37,875,351 \n | \n\n \u00a0 \n | \n\n - \n | \n\n \u00a0 \n | \n\n 37,875,351 \n | \n
| \n | \n | \n - \n | \n\n \u00a0 \n | \n\n 37,875,351 \n | \n\n \u00a0 \n | \n\n - \n | \n\n \u00a0 \n | \n\n 37,875,351 \n | \n
14. \u00a0 Investment in\nsubsidiaries
\n\u00a0
\n| \n | \n | \n The\nCompany \n | \n||
| \n | \n | \n 2025 \n | \n\n | \n 2024 \n | \n
| \n | \n | \n \u20ac \n | \n\n \u00a0 \n | \n\n \u20ac \n | \n
| \n Cost \n | \n\n | \n | \n | \n |
| \n As at 31\nDecember \n | \n\n | \n 9,080,343 \n | \n\n | \n 9,080,343 \n | \n
\u00a0
\n14.1\nAs at 31 December 2025, the Company held the\nfollowing equity interests:
\n\u00a0
\n| \n Undertaking /\nRegistered Office \n | \n\n | \n | \n | \n Number, class\nand \n | \n\n | \n Percentage\nof \n | \n|||
| \n | \n | \n | \n | \n | \n nominal\nvalue \n | \n\n | \n issued\nshares \n | \n||
| \n | \n | \n | \n | \n | \n of shares\nheld \n | \n\n | \n held \n | \n||
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n 2025\n(2024) \n | \n
| \n Mavina Holiday\nComplex Ltd \n | \n\n | \n 2,998 Ordinary\nshares \n | \n\n | \n 99.93% \n | \n|||||
| \n The\nFactory, \n | \n\n | \n of \u20ac2.329373\neach \n | \n\n | \n | |||||
| \n Mosta\nRoad, \n | \n\n | \n fully paid\nup \n | \n\n | \n | |||||
| \n Lija\u00a0 LJA\n9016 \n | \n\n | \n | \n | \n | \n | \n | |||
| \n \u00a0 \nThe subsidiary is\nengaged in the letting of one hotel and restaurant. \n | \n|||||||||
| \n Sudvel\nLimited \n | \n\n | \n 214,650 Ordinary\nshares \n | \n\n | \n 100% \n | \n|||||
| \n Hal Mann Vella, The\nFactory, \n | \n\n | \n of \u20ac2.329373\neach \n | \n\n | \n | |||||
| \n Mosta\nRoad, \n | \n\n | \n fully paid\nup \n | \n\n | \n | |||||
| \n Lija LJA\n9016 \n | \n\n | \n | \n | \n | \n | \n | |||
| \n \u00a0 \nThe subsidiary is\nprincipally engaged in the finance and holding of immovable\nproperty.\u00a0 The company also acts as a guarantor to the bond\nissued by Hal Mann Vella Group p.l.c. \n | \n|||||||||
| \n Hal Mann\nInternational Limited \n | \n\n | \n 5,000,000 Ordinary\nshares \n | \n\n | \n 100% \n | \n|||||
| \n Hal Mann, The\nFactory, \n | \n\n | \n of \u20ac1\neach \n | \n\n | \n | |||||
| \n Mosta\nRoad, \n | \n\n | \n fully paid\nup \n | \n\n | \n | |||||
| \n Lija, LJA\n9016 \n | \n\n | \n | \n | \n | \n | \n | |||
| \n \u00a0 \nThe subsidiary is\nengaged in manufacturing and assembling marble and stone related\nproducts and the purchase of materials required for the\nmanufacturing activity of the company. \n | \n|||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|||||
| \n Hal Mann Properties\nLtd \n | \n\n | \n 101,000 Ordinary\nshares \n | \n\n | \n 99.99% \n | \n|||||
| \n Mosta\nRoad, \n | \n\n | \n of \u20ac2.329373\neach \n | \n\n | \n | |||||
| \n Lija,\u00a0 LJA\n9016 \n | \n\n | \n fully paid\nup \n | \n\n | \n | |||||
| \n | \n | \n | \n | \n | \n | \n | |||
| \n \u00a0 \nThe subsidiary is\nengaged in dealing in immovable property. \n | \n|||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|||||
| \n Halmann Solar\nLimited \n | \n\n | \n 150,000 Ordinary\nshares \n | \n\n | \n 100% \n | \n|||||
| \n The\nFactory, \n | \n\n | \n of \u20ac1\neach \n | \n\n | \n | |||||
| \n Mosta\nRoad, \n | \n\n | \n fully paid\nup \n | \n\n | \n | |||||
| \n Lija\u00a0 LJA\n9016 \n | \n\n | \n | \n | \n | |||||
| \n \u00a0 \nThe subsidiary is\nengaged in the supply, installation, operation and maintenance of\nphotovoltaic systems in Malta. \n | \n|||||||||
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n Hal Mann (Letting)\nLtd \n | \n\n | \n 1,000,000 Ordinary\nshares \n | \n\n | \n 100% \n | \n|||||
| \n Hal Mann, The\nFactory, \n | \n\n | \n of \u20ac1\neach \n | \n\n | \n | |||||
| \n Mosta\nRoad, \n | \n\n | \n fully paid\nup \n | \n\n | \n | |||||
| \n Lija,\u00a0 LJA\n9016 \n | \n\n | \n | \n | \n | \n | \n | |||
| \n \u00a0 \nThe subsidiary is\nengaged in letting of movable and immovable property. \n | \n|||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|||||
| \n Hal Mann Vella\nLimited \n | \n\n | \n 2,000,000 Ordinary\nshares \n | \n\n | \n 100% \n | \n|||||
| \n \u00a0\u00a0 Hal\nMann, The Factory, \n | \n\n | \n of \u20ac1\neach, \n | \n\n | \n | |||||
| \n \u00a0\u00a0 Mosta\nRoad, \n | \n\n | \n fully paid\nup \n | \n\n | \n | |||||
| \n \u00a0\u00a0\nLija,\u00a0 LJA 9016 \n | \n\n | \n | \n | \n | \n | \n | |||
| \n \u00a0 \nThe subsidiary is\nengaged in transportation on land and delivery of all matters\nrelating to the construction industry and retail of terrazzo,\nmarble, granite, tiles, parquet and turnkey projects and related\nactivities. \n | \n|||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|||||
| \n HMK\nLimited \n | \n\n | \n 1,200 Ordinary\nshares \n | \n\n | \n 100% \n | \n|||||
| \n The\nFactory, \n | \n\n | \n of \u20ac1\neach, \n | \n\n | \n | |||||
| \n Mosta\nRoad, \n | \n\n | \n fully paid\nup \n | \n\n | \n | |||||
| \n Lija,\u00a0 LJA\n9016 \n | \n\n | \n | \n | \n | \n | \n | |||
| \n \u00a0 \nThe Company is engaged\nin the importation, supply, selling and/or assembly of\nprefabricated structures and material relating to prefabricated\nstructures and raised flooring. \n | \n|||||||||
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|||||
| \n CDK\nLimited \n | \n\n | \n 435,000 Ordinary\nshares \n | \n\n | \n 100% \n | \n|||||
| \n The\nFactory, \n | \n\n | \n of \u20ac1\neach, \n | \n\n | \n | |||||
| \n Mosta\nRoad, \n | \n\n | \n fully paid\nup \n | \n\n | \n | |||||
| \n Lija,\u00a0 LJA\n9016 \n | \n\n | \n | \n | \n | \n | \n | |||
| \n \u00a0 \nThis subsidiary, which\nwas acquired on 24th October 2024, is engaged in manufacture,\nproduce, selling and distributing, development and maintenace of\nsoftware. The intention of the Group is to liquidate this\nsubsidiary within the forseeable future, realising at least the\ncarrying amount at which the investment is shown in the Statement\nof Financial Position. \n | \n
15. \u00a0 Investment in\njoint ventures
\n\u00a0
\n| \n | \n | \n \u00a0The\nGroup \n | \n\n | \n \u00a0The\nCompany \n | \n||||
| \n | \n | \n 2025 \n | \n\n | \n 2024 \n | \n\n | \n 2025 \n | \n\n | \n 2024 \n | \n
| \n | \n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n
| \n \u00a0Cost \n | \n\n \u00a0 \n | \n\n | \n | \n | \n | \n | \n | \n |
| \n \u00a0As at 1\nJanuary \n | \n\n | \n 1,665,160 \n | \n\n | \n 1,555,183 \n | \n\n | \n 15,720 \n | \n\n | \n 15,720 \n | \n
| \n \u00a0Share in\nprofit \n | \n\n | \n - \n | \n\n | \n 109,996 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0Share in other\ncomprehensive income \n | \n\n | \n - \n | \n\n | \n 19 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0Written off due to\nliquidation \n | \n\n | \n (15,000) \n | \n\n | \n - \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n As at 31\nDecember \n | \n\n | \n 1,650,160 \n | \n\n | \n 1,665,160 \n | \n\n | \n 15,720 \n | \n\n | \n 15,720 \n | \n
| \n Provision for\nimpairment \n | \n\n \u00a0 \n | \n\n | \n | \n | \n | \n | \n | \n |
| \n As at 1\nJanuary \n | \n\n | \n 12,413 \n | \n\n | \n 11,330 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n Impairment for the\nyear \n | \n\n | \n - \n | \n\n | \n 1,083 \n | \n\n | \n 15,600 \n | \n\n | \n - \n | \n
| \n As at 31\nDecember \n | \n\n | \n 12,413 \n | \n\n | \n 12,413 \n | \n\n | \n 15,600 \n | \n\n | \n - \n | \n
| \n Net book\namount \n | \n\n \u00a0 \n | \n\n | \n | \n | \n | \n | \n | \n |
| \n As at 1\nJanuary \n | \n\n \u00a0 \n | \n\n 1,677,573 \n | \n\n | \n 1,566,513 \n | \n\n | \n 15,720 \n | \n\n | \n 15,720 \n | \n
| \n As at 31\nDecember \n | \n\n | \n 1,662,573 \n | \n\n | \n 1,677,573 \n | \n\n | \n 120 \n | \n\n | \n 15,720 \n | \n
\u00a0
\nAs at 31 December 2025,\nthe Company held the following equity interests:
\n\u00a0
\n| \n Undertaking /\nRegistered Office \n | \n\n | \n | \n | \n Number, class\nand \n | \n\n | \n Percentage\nof \n | \n|||
| \n | \n | \n | \n | \n | \n nominal\nvalue \n | \n\n | \n issued\nshares \n | \n||
| \n | \n | \n | \n | \n | \n of shares\nheld \n | \n\n | \n held \n | \n||
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n 2021\n(2020) \n | \n
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n Hal Mann Holdings\nLtd \n | \n\n \u00a0 \n | \n\n 600 \u2018Y\u2019\nOrdinary shares \n | \n\n \u00a0 \n | \n\n 50% \n | \n|||||
| \n \u00a0\u00a0\u00a0\u00a0 Hal Mann Vellsix Offices\n159, \n | \n\n \u00a0 \n | \n\n of \u20ac2.329373\neach \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|||||
| \n \u00a0\u00a0\u00a0\u00a0 St Paul Street, \n | \n\n \u00a0 \n | \n\n 20% paid\nup \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|||||
| \n \u00a0\u00a0\u00a0\u00a0 Mgarr \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n|||||
| \n \u00a0 \nThe joint venture is\nengaged in subscribing for, purchase or otherwise acquire and hold\nshares or other interests in, or securities of any other company.\nIt was also involved in leasing or renting buildings and any other\nworks in the building industry. The joint venture has been\nnon-trading after the demerger of the Group. \n\u00a0 \n | \n|||||||||
| \n HMK International\nLtd, \n | \n\n | \n 15,000\n\u2018A\u2019 Ordinary shares \n | \n\n | \n 50% \n | \n|||||
| \n \u00a0\u00a0\u00a0\nMosta Road, \n | \n\n | \n | \n | \n | \n of \u20ac1\neach \n | \n\n | \n | ||
| \n \u00a0\u00a0\u00a0\nLija LJA 9016 \n | \n\n | \n fully paid \n | \n\n | \n | |||||
| \n \u00a0 \nThe joint venture is\nmainly engaged in the importation, supply, selling and/or assembly\nof prefabricated structures and material relating to prefabricated\nstructures and supply of raised flooring. The joint venture also\ntrades in building materials and acts as a turnkey\ncontractor. \n\u00a0 \nThe joint venture is\ncurrently undergoing liquidation, and the investment therein has\nbeen fully written off. \n\u00a0 \n | \n|||||||||
| \n Zokrija\nLimited \n | \n\n | \n 600 'B' Ordinary\nshares, \n | \n\n | \n 50% \n | \n|||||
| \n Hal Mann, The\nFactory, \n | \n\n | \n of \u20ac1\neach, \n | \n\n | \n | |||||
| \n Mosta\nRoad, \n | \n\n | \n fully paid\nup \n | \n\n | \n | |||||
| \n Lija LJA\n9016 \n | \n\n | \n | \n | \n | \n | \n |
\u00a0
\nThe joint venture has\nbeen principally engaged in purchasing and selling, developing and\nimproving land and building for investment purposes or otherwise,\nand to charge and grant rights and interests of any kind in or over\nsuch land or building or any part thereof.
\n\u00a0
\nAs at 31 December 2025,\nthe Group\u2019s investment in the joint venture, Zokrija Limited,\nhas been fully written off.
\n\u00a0
\n| \n Undertaking \n | \n\n | \n | \n | \n | \n Accounting\nperiod \n | \n
| \n Hal Mann Holdings\nLtd \n | \n\n | \n | \n | \n 31 December\n2024 \n | \n|
| \n HMK International\nLtd (in the process of liquidation) \n | \n\n | \n | \n | \n 31 December\n2024 \n | \n|
| \n Zokrija Limited\n(impaired) \n | \n\n | \n | \n | \n 31 December\n2025 \n | \n
The aggregate capital\nand reserves as at the end of the under mentioned accounting period\nand the results for the said period of the Company were as\nfollows:
\n\u00a0
\n| \n | \n Hal Mann Holdings\nLtd \n | \n\n | \n HMK International\nLtd \n | \n\n | \n Zokrija\nLimited \n | \n\n | \n Total \n | \n||||
| \n | \n 2025 \n | \n\n 2024 \n | \n\n | \n 2025 \n | \n\n 2024 \n | \n\n | \n 2025 \n | \n\n 2024 \n | \n\n | \n 2025 \n | \n\n 2024 \n | \n
| \n Percentage\nownership interest \n | \n\n 50% \n | \n\n 50% \n | \n\n | \n 50% \n | \n\n 50% \n | \n\n | \n 50.00% \n | \n\n 50.00% \n | \n\n | \n | \n |
| \n Non-current\nassets \n | \n\n 113,875 \n | \n\n 113,875 \n | \n\n \u00a0 \n | \n\n 59,900 \n | \n\n 52,400 \n | \n\n \u00a0 \n | \n\n - \n | \n\n - \n | \n\n \u00a0 \n | \n\n 173,775 \n | \n\n 166,275 \n | \n
| \n Current\nasset \n | \n\n 815,171 \n | \n\n 815,171 \n | \n\n \u00a0 \n | \n\n 569,079 \n | \n\n 569,079 \n | \n\n \u00a0 \n | \n\n 8,217 \n | \n\n 8,217 \n | \n\n \u00a0 \n | \n\n 2,499,683 \n | \n\n 2,499,683 \n | \n
| \n Current\nliabilities \n | \n\n (884,488) \n | \n\n (884,488) \n | \n\n \u00a0 \n | \n\n (6,806) \n | \n\n (6,806) \n | \n\n \u00a0 \n | \n\n (33,044) \n | \n\n (33,044) \n | \n\n \u00a0 \n | \n\n (929,346) \n | \n\n (929,346) \n | \n
| \n Net Asset\n(100%) \n | \n\n 44,558 \n | \n\n 44,558 \n | \n\n \u00a0 \n | \n\n 622,173 \n | \n\n 614,673 \n | \n\n \u00a0 \n | \n\n (24,827) \n | \n\n (24,827) \n | \n\n \u00a0 \n | \n\n 1,744,112 \n | \n\n 1,736,612 \n | \n
| \n Group's share on net\nasset \n | \n\n 22,279 \n | \n\n 22,279 \n | \n\n \u00a0 \n | \n\n 311,087 \n | \n\n 307,337 \n | \n\n \u00a0 \n | \n\n (12,414) \n | \n\n (12,414) \n | \n\n \u00a0 \n | \n\n 872,056 \n | \n\n 868,306 \n | \n
| \n Adjustments \n | \n\n 943,612 \n | \n\n 943,612 \n | \n\n \u00a0 \n | \n\n (15,510) \n | \n\n 3,240 \n | \n\n \u00a0 \n | \n\n 12,414 \n | \n\n 12,414 \n | \n\n \u00a0 \n | \n\n 790,516 \n | \n\n 809,266 \n | \n
| \n Group's carrying\namount of the investment \n | \n\n 965,891 \n | \n\n 965,891 \n | \n\n \u00a0 \n | \n\n 295,577 \n | \n\n 310,577 \n | \n\n \u00a0 \n | \n\n - \n | \n\n - \n | \n\n \u00a0 \n | \n\n 1,662,572 \n | \n\n 1,677,572 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Net assets include\n(100%): \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0\u00a0\u00a0\nCash and cash equivalent \n | \n\n 219,918 \n | \n\n 219,918 \n | \n\n \u00a0 \n | \n\n - \n | \n\n 8,463 \n | \n\n \u00a0 \n | \n\n - \n | \n\n 8,217 \n | \n\n \u00a0 \n | \n\n 377,403 \n | \n\n 394,083 \n | \n
| \n \u00a0\u00a0\nNon-current financial assets \n | \n\n 113,875 \n | \n\n 113,875 \n | \n\n \u00a0 \n | \n\n - \n | \n\n - \n | \n\n \u00a0 \n | \n\n - \n | \n\n - \n | \n\n \u00a0 \n | \n\n 113,875 \n | \n\n 113,875 \n | \n
| \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Revenue and other\nincome \n | \n\n - \n | \n\n - \n | \n\n \u00a0 \n | \n\n - \n | \n\n 270,575 \n | \n\n \u00a0 \n | \n\n - \n | \n\n - \n | \n\n \u00a0 \n | \n\n - \n | \n\n 270,575 \n | \n
| \n Depreciation \n | \n\n - \n | \n\n - \n | \n\n \u00a0 \n | \n\n - \n | \n\n (110) \n | \n\n \u00a0 \n | \n\n - \n | \n\n - \n | \n\n \u00a0 \n | \n\n - \n | \n\n (110) \n | \n
| \n Other\nexpense \n | \n\n - \n | \n\n - \n | \n\n \u00a0 \n | \n\n - \n | \n\n (46,742) \n | \n\n \u00a0 \n | \n\n - \n | \n\n (2,165) \n | \n\n \u00a0 \n | \n\n - \n | \n\n (48,907) \n | \n
| \n Profit before\ntax \n | \n\n - \n | \n\n - \n | \n\n \u00a0 \n | \n\n - \n | \n\n 223,723 \n | \n\n \u00a0 \n | \n\n - \n | \n\n (2,165) \n | \n\n \u00a0 \n | \n\n - \n | \n\n 221,558 \n | \n
| \n Income tax\nexpense \n | \n\n - \n | \n\n - \n | \n\n \u00a0 \n | \n\n - \n | \n\n (1,567) \n | \n\n \u00a0 \n | \n\n - \n | \n\n - \n | \n\n \u00a0 \n | \n\n - \n | \n\n (1,567) \n | \n
| \n Other comprehensive\nincome (OCI) \n | \n\n - \n | \n\n - \n | \n\n \u00a0 \n | \n\n - \n | \n\n (39) \n | \n\n \u00a0 \n | \n\n - \n | \n\n - \n | \n\n \u00a0 \n | \n\n - \n | \n\n (39) \n | \n
| \n Total comprehensive\nincome (100%) \n | \n\n - \n | \n\n - \n | \n\n \u00a0 \n | \n\n - \n | \n\n 222,117 \n | \n\n \u00a0 \n | \n\n - \n | \n\n (2,165) \n | \n\n \u00a0 \n | \n\n - \n | \n\n 219,952 \n | \n
| \n Group\u2019s share\nof profit for the year \n | \n\n - \n | \n\n - \n | \n\n \u00a0 \n | \n\n - \n | \n\n 111,078 \n | \n\n \u00a0 \n | \n\n - \n | \n\n (1,083) \n | \n\n \u00a0 \n | \n\n - \n | \n\n 109,995 \n | \n
| \n Group\u2019s share\nof OCI \n | \n\n - \n | \n\n - \n | \n\n \u00a0 \n | \n\n - \n | \n\n (20) \n | \n\n \u00a0 \n | \n\n - \n | \n\n - \n | \n\n \u00a0 \n | \n\n - \n | \n\n (20) \n | \n
| \n Group\u2019s share\nof profit/(loss) for the year \n | \n\n - \n | \n\n - \n | \n\n \u00a0 \n | \n\n - \n | \n\n 111,059 \n | \n\n \u00a0 \n | \n\n - \n | \n\n (1,083) \n | \n\n \u00a0 \n | \n\n - \n | \n\n 109,976 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
16. \u00a0 Financial\nassets and financial liabilities
\n\u00a0
\n16.1 Financial\nassets
\n\u00a0
\n| \n | \n | \n \u00a0The\nGroup \n | \n\n | \n \u00a0The\nCompany \n | \n||||
| \n | \n | \n 2025 \n | \n\n | \n 2024 \n | \n\n | \n 2025 \n | \n\n | \n 2024 \n | \n
| \n | \n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n
| \n \u00a0Debt\ninstruments at amortised cost: \n | \n\n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0Bank term\ndeposit \n | \n\n | \n - \n | \n\n | \n 91,000 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0Trade receivables\n- net of ECL (note 21) \n | \n\n | \n 4,557,418 \n | \n\n | \n 8,957,002 \n | \n\n | \n 72,469 \n | \n\n | \n 141,390 \n | \n
| \n \u00a0Amounts owed by\nsubsidiary undertakings - net of ECL (note 21) \n | \n\n | \n - \n | \n\n | \n - \n | \n\n | \n 8,988,323 \n | \n\n | \n 6,499,281 \n | \n
| \n \u00a0Amounts owed by\njoint ventures - net of ECL (note 21) \n | \n\n | \n 497,091 \n | \n\n | \n 17,569 \n | \n\n | \n 479,522 \n | \n\n | \n - \n | \n
| \n \u00a0Amounts owed by\nother related undertakings - net of ECL (note 21) \n | \n\n | \n - \n | \n\n | \n 30,725 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0Loans to\nsubsidiary undertakings - net \n | \n\n | \n - \n | \n\n | \n - \n | \n\n | \n 18,013,569 \n | \n\n | \n 12,939,781 \n | \n
| \n \u00a0Loans to joint\nventures - net of ECL \n | \n\n | \n 14,966 \n | \n\n | \n 15,000 \n | \n\n | \n 14,966 \n | \n\n | \n 15,000 \n | \n
| \n \u00a0Total debt\ninstruments at amortised cost \n | \n\n | \n 5,069,475 \n | \n\n | \n 9,111,296 \n | \n\n | \n 27,568,849 \n | \n\n | \n 19,595,452 \n | \n
| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0Total financial\nassets \n | \n\n | \n 5,069,475 \n | \n\n | \n 9,111,296 \n | \n\n | \n 27,568,849 \n | \n\n | \n 19,595,452 \n | \n
| \n \u00a0Total\ncurrent \n | \n\n | \n 5,054,509 \n | \n\n | \n 9,096,296 \n | \n\n | \n 9,540,314 \n | \n\n | \n 6,640,671 \n | \n
| \n \u00a0Total\nnon-current \n | \n\n | \n 14,966 \n | \n\n | \n 15,000 \n | \n\n | \n 18,028,535 \n | \n\n | \n 12,954,781 \n | \n
\u00a0
\nCurrent portion of debt\ninstruments at amortised cost include bank term deposit, trade\nreceivables and amounts owed by subsidiary undertakings, joint\nventures and other related undertakings which are interest free,\nunsecured and payable on demand.
\n\u00a0
\nLoans to subsidiary\nundertakings classified as debt instruments at amortised cost bear\ninterest of 5.3% per annum, unsecured and have no fixed repayment\ndate.
\n\u00a0
\nLoans to joint ventures\nand other related undertakings classified as debt instruments at\namortised cost are interest free, unsecured and have no fixed\nrepayment date. No allowance for ECL was recorded on loans to joint\nventures.
\n\u00a0
\nEquity instruments\ndesignated at FVOCI consist of investments in shares of a\nnon-listed company, the carrying amounts of which are assessed to\nbe reasonable approximations of their fair values.
\n\u00a0
\n16.2 Financial\nliabilities: Loans and borrowings
\n\u00a0
\n| \n | \n | \n | \n The\nGroup \n | \n\n The\nCompany \n | \n||
| \n | \n Interest\nRate \n | \n\n Maturity \n | \n\n 2025 \n | \n\n 2024 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n Current loans and\nborrowings \n | \n\n | \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n 300,000 (\u20ac100 face\nvalue) secured bonds 2014-2024 \n | \n\n 5% \n | \n\n 2024 \n | \n\n 221,100 \n | \n\n 343,100 \n | \n\n 221,100 \n | \n\n 343,100 \n | \n
| \n Bank overdrafts (note\n34) \n | \n\n 2.35%-4.65% \n | \n\n on demand \n | \n\n 2,770,823 \n | \n\n 5,114,253 \n | \n\n 311 \n | \n\n 95,554 \n | \n
| \n Bank loans \n | \n\n 2.50%-5.50% \n | \n\n 2025 \n | \n\n 2,711,369 \n | \n\n 2,537,858 \n | \n\n 799,924 \n | \n\n 600,000 \n | \n
| \n Amounts due to\nsubsidiary undertakings \n | \n\n no interest \n | \n\n on demand \n | \n\n - \n | \n\n - \n | \n\n 6,585,377 \n | \n\n 5,624,423 \n | \n
| \n Amounts due to joint\nventures \n | \n\n no interest \n | \n\n on demand \n | \n\n 96,190 \n | \n\n 297,514 \n | \n\n 96,190 \n | \n\n 205,775 \n | \n
| \n Amount due to other\nrelated undertakings \n | \n\n no interest \n | \n\n on demand \n | \n\n 156,251 \n | \n\n 208,631 \n | \n\n 156,251 \n | \n\n 206,041 \n | \n
| \n Shareholders'\nloans \n | \n\n no interest \n | \n\n on demand \n | \n\n 1,673,596 \n | \n\n 1,673,596 \n | \n\n 864,614 \n | \n\n 864,614 \n | \n
| \n Finance lease liability\n(note 24) \n | \n\n 4.41%-4.89% \n | \n\n 2025 \n | \n\n 97,221 \n | \n\n 21,912 \n | \n\n 39,500 \n | \n\n 39,500 \n | \n
| \n | \n | \n | \n 7,726,550 \n | \n\n 10,196,864 \n | \n\n 8,763,267 \n | \n\n 7,979,007 \n | \n
| \n | \n | \n | \n | \n | \n | \n |
| \n Non-current loans and\nborrowings \n | \n\n | \n | \n | \n | \n | \n |
| \n 230,000 (\u20ac100 face\nvalue) secured bonds 2024-2034 \n | \n\n 5.35% \n | \n\n 2034 \n | \n\n 23,000,000 \n | \n\n 22,387,294 \n | \n\n 23,000,000 \n | \n\n 22,387,294 \n | \n
| \n Bank loans \n | \n\n 2.50%-5.50% \n | \n\n 2025-2030 \n | \n\n 15,560,750 \n | \n\n 14,885,600 \n | \n\n 3,233,315 \n | \n\n 2,551,680 \n | \n
| \n Shareholders'\nloan \n | \n\n 5.00% \n | \n\n indefinite \n | \n\n 2,117,816 \n | \n\n 2,117,816 \n | \n\n 2,117,816 \n | \n\n 2,117,816 \n | \n
| \n Loans due to other\nparties \n | \n\n 5.00% \n | \n\n 2027 \n | \n\n 100,000 \n | \n\n 100,000 \n | \n\n 100,000 \n | \n\n 100,000 \n | \n
| \n Finance lease liability\n(note 24) \n | \n\n 4.41%-4.89% \n | \n\n 2033-2080 \n | \n\n 7,951,999 \n | \n\n 8,100,126 \n | \n\n 804,190 \n | \n\n 807,728 \n | \n
| \n | \n | \n | \n 48,730,565 \n | \n\n 47,590,836 \n | \n\n 29,255,321 \n | \n\n 27,959,518 \n | \n
| \n | \n | \n | \n | \n | \n | \n |
| \n Other Financial\nLiabilities at amortised cost, other than loans and\nborrowings \n | \n\n | \n | \n | \n | \n | \n |
| \n Trade and other payables\n(note 23) \n | \n\n | \n | \n 11,987,025 \n | \n\n 17,080,746 \n | \n\n 5,160,181 \n | \n\n 1,723,967 \n | \n
| \n Total current (note\n23) \n | \n\n | \n | \n 11,987,025 \n | \n\n 17,080,746 \n | \n\n 5,160,181 \n | \n\n 1,723,967 \n | \n
| \n Total non-current\n(note 23) \n | \n\n | \n | \n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n
\u00a0
\nThe\nCompany
\n\u00a0
\nThe amounts owed to\nsubsidiary undertakings and joint ventures are unsecured, interest\nfree and have no fixed repayment date. \u00a0
\n\u00a0
\nThe shareholders\u2019\nloans amounting to \u20ac2,117,816 (2024: \u20ac2,117,816) and\nloans from other parties of \u20ac100,000 (2024: \u20ac100,000)\nbear interest at 5%, are unsecured and have no fixed repayment date\nbut is not expected to be settled within a year. The rest of the\nshareholders\u2019 loans amounting to \u20ac864,614 (2024:\n\u20ac864,614) are unsecured, interest free and have no fixed\nrepayment date.
\n\u00a0
\nThe secured bonds are\nmeasured at the amount of the net proceeds adjusted for the\namortisation of the difference between the net proceeds and the\nredemption value of the bonds, using effective yield method as\nfollows:
\n\u00a0
\n| \n | \n | \n 2025 \n | \n\n | \n 2024 \n | \n
| \n | \n | \n \u20ac \n | \n\n | \n \u20ac \n | \n
| \n Face value of the\nsecured bonds \n | \n\n | \n 23,000,000 \n | \n\n | \n 30,000,000 \n | \n
| \n Unamortised bond issue\ncost \n | \n\n | \n - \n | \n\n | \n 612,706 \n | \n
| \n Amortised\ncost \n | \n\n | \n 23,000,000 \n | \n\n | \n 22,387,294 \n | \n
\u00a0
\nBy virtue of the\nprospectus dated 28 June 2024, the Company issued 230,000 secured\nbonds with a face value of \u20ac100 each.\u00a0 The secured bonds\nare redeemable at par (\u20ac100 for each bond) and are due for\nredemption on 26 July 2034. The bonds are secured by a\nfirst-ranking special hypothec over the Company's property, which\ncomprises the Hal Mann factory,\u00a0 and adjacent land and by\nproperty owned by a subsidiary company (notes 13 and 17), pursuant\nto and subject to the terms and conditions in the\nprospectus.
\n\u00a0
\nThe bond bear interest\nrate of 5.35% per annum on the nominal value payable annually in\narrears every 26th of July.
\n\u00a0
\nThe secured bonds have\nbeen admitted on the Official List of the Malta Stock Exchange on 8\nAugust 2024. The quoted market price as at 31 December 2025 for the\nsecured bonds was \u20ac100.01, which in the opinion of the\nDirectors fairly represents the fair value of these financial\nliabilities and which is considered to be a Level 1 valuation\nwithin the fair value hierarchy. \u00a0
\n\u00a0
\nThe\nGroup
\n\u00a0
\nThe bank overdraft and\nbank loans bear interest ranging between 2.35% to 5.50% per annum\n(2024: 2.35% to 8.25%). These facilities are secured by a general\nhypothec over the Group\u2019s present and future assets, special\nhypothecs and guarantees over the Group\u2019s immovable\nproperties and by joint and several personal guarantees, by pledge\nover the Group\u2019s receivables and over insurance policies in\nthe name of the subsidiary covering the equipment and product\nperformance and pledges given by the Directors and their\nspouses.
\n\u00a0
\nThe bank overdrafts are\nrepayable on demand. Information about the contractual terms of the\nGroup's loans including interest are disclosed in note\n34.
\n\u00a0
\nThe amounts due to joint\nventure and other related undertakings are unsecured, interest-free\nand payable on demand.
\n\u00a0
\nShareholders' loans of\n\u20ac2,117,816 (2024: \u20ac2,117,816) and loans due to other\nparties of \u20ac100,000 (2024: \u20ac100,000) bear interest at 5%,\nunsecured and have no fixed repayment date but is not expected to\nbe settled within a year. The remaining portion of shareholders'\nloans of \u20ac1,673,596 (2024: \u20ac1,673,596) are interest free,\nunsecured and payable on demand.
\n\u00a0
\nThe interest rate\nexposures of borrowings are as follows:
\n\u00a0
\n| \n | \n | \n The\nGroup \n | \n\n | \n The\nCompany \n | \n||||
| \n | \n | \n 2025 \n | \n\n | \n 2024 \n | \n\n | \n 2025 \n | \n\n | \n 2024 \n | \n
| \n | \n | \n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n
| \n Total\nborrowings: \n | \n\n | \n | \n | \n | \n | \n | \n | \n |
| \n At fixed\nrates \n | \n\n | \n 54,309,978 \n | \n\n \u00a0 \n | \n\n 55,264,859 \n | \n\n | \n 30,095,056 \n | \n\n \u00a0 \n | \n\n 28,694,572 \n | \n
| \n | \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Effective interest\nrates: \n | \n\n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n 230,000 (\u20ac100 face\nvalue) secured bonds 2024 \u2013 2034 \n | \n\n | \n 5.35% \n | \n\n \u00a0 \n | \n\n 5.35% \n | \n\n | \n 5.35% \n | \n\n \u00a0 \n | \n\n 5.35% \n | \n
| \n Other loan (subrogated)\nand shareholders\u2019 loans \n | \n\n | \n 5.00% \n | \n\n \u00a0 \n | \n\n 5.00% \n | \n\n | \n 5.00% \n | \n\n \u00a0 \n | \n\n 5.00% \n | \n
| \n Lease\nliability \n | \n\n | \n 4.41%-4.89% \n | \n\n | \n 4.41%-4.89% \n | \n\n | \n 4.89% \n | \n\n | \n 4.89% \n | \n
\u00a0
\nThis note provides\ninformation about the Company and the Group's borrowings. For more\ninformation about the Company and the Group's exposure to interest\nrate and liquidity risk, see note 34.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fPMFnrAm0W": { "value": "17. \u00a0\u00a0 Investment property
\n\u00a0
\n| \n | \n | \n \u00a0The\nGroup \n | \n\n | \n \u00a0The\nCompany \n | \n||||
| \n | \n | \n 2025 \n | \n\n | \n 2024 \n | \n\n | \n 2025 \n | \n\n | \n 2024 \n | \n
| \n | \n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n
| \n \u00a0Valuation \n | \n\n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0As at 1\nJanuary \n | \n\n \u00a0 \n | \n\n 51,778,837 \n | \n\n | \n 54,045,991 \n | \n\n | \n 37,875,351 \n | \n\n | \n 33,496,098 \n | \n
| \n \u00a0Additions \n | \n\n \u00a0 \n | \n\n 4,519,759 \n | \n\n | \n 5,035,765 \n | \n\n | \n 2,681 \n | \n\n | \n 3,613,324 \n | \n
| \n \u00a0Change in fair\nvalue \n | \n\n \u00a0 \n | \n\n - \n | \n\n | \n 1,387,784 \n | \n\n | \n - \n | \n\n | \n 765,929 \n | \n
| \n \u00a0Disposals\u00a0 \n | \n\n | \n (1,675,000) \n | \n\n | \n (8,690,703) \n | \n\n | \n (1,675,000) \n | \n\n | \n - \n | \n
| \n \u00a0As at 31\nDecember \n | \n\n \u00a0 \n | \n\n 54,623,596 \n | \n\n | \n 51,778,837 \n | \n\n | \n 36,203,032 \n | \n\n | \n 37,875,351 \n | \n
| \n \u00a0Rental income\nderived from investment properties \n | \n\n \u00a0 \n | \n\n 2,618,619 \n | \n\n | \n 2,565,856 \n | \n\n | \n 916,347 \n | \n\n | \n 866,531 \n | \n
\u00a0
\nFair\nvalue
\n\u00a0
\nMarket valuations are\nperformed by independent professional architects every two years or\nearlier whenever their fair values differ materially from their\ncarrying amounts. In the year when a market valuation is not\nperformed, an assessment of the fair value is performed to reflect\nmarket conditions at the year-end date. \u00a0
\n\u00a0
\nAn independent valuation\nof the Group's investment property was performed by independent\nexternal valuers having an appropriate recognised professional\nqualifications and experience in the location and category of the\nproperty being valued. Last fair value assessment made by an\nexternal valuer was made on 31 December 2024 with the next\nvaluation to take place in 2026 according to the Group policy. The\nfair value movement were credited to profit or loss and\nsubsequently transferred to other reserves under equity. As at 31\nDecember 2025, management also assessed whether there are any\nsignificant changes to the significant inputs of the\nvaluation.
\n\u00a0
\nThe investment\nproperties have been categorised to fall within levels 2 and 3 of\nthe fair value hierarchy. The different levels in the fair value\nhierarchy have been defined in note 34. The Group policy is to\nrecognise transfers into and out of fair value hierarchy levels as\nof date of the event of change in circumstances that caused the\ntransfer. There were transfers between levels during the year, some\nreclassifications occured from level 3 to level 2. For all\nproperties, their current use equates to the highest and best\nuse.
\n\u00a0
\nReconciliation of fair\nvalue:
\n\u00a0
\n| \n | \n Land \n | \n\n Office\nproperties \n | \n\n Commercial\nbuildings \n | \n\n Residential\nproperties \n | \n\n Hotel | \n
| \n Cost \n | \n\n \u00a0\u20ac \n | \n\n \u00a0\u20ac \n | \n\n \u00a0\u20ac \n | \n\n \u00a0\u20ac \n | \n\n \u00a0\u20ac \n | \n
| \n As at 1 January\n2024 \n | \n\n 2,468,073 \n | \n\n 6,100,701 \n | \n\n 31,652,836 \n | \n\n 5,390,881 \n | \n\n 8,433,500 \n | \n
| \n Purchases \n | \n\n 215,000 \n | \n\n 263,027 \n | \n\n 3,485,933 \n | \n\n 858,555 \n | \n\n 213,250 \n | \n
| \n Disposals \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (2,890,703) \n | \n\n (5,800,000) \n | \n
| \n Fair value change\nrecognised in profit or loss \n | \n\n 1,360,000 \n | \n\n (697,774) \n | \n\n 91,877 \n | \n\n 87,245 \n | \n\n 3,250 \n | \n
| \n Reclassification \n | \n\n - \n | \n\n - \n | \n\n 543,186 \n | \n\n - \n | \n\n - \n | \n
| \n As at 31 December\n2024 \n | \n\n 4,043,073 \n | \n\n 5,665,954 \n | \n\n 35,773,832 \n | \n\n 3,445,978 \n | \n\n 2,850,000 \n | \n
| \n Purchases \n | \n\n 66,420 \n | \n\n | \n 4,444,322 \n | \n\n 9,017 \n | \n\n - \n | \n
| \n Disposals \n | \n\n - \n | \n\n | \n (1,675,000) \n | \n\n - \n | \n\n - \n | \n
| \n As at 31 December\n2025 \n | \n\n 4,109,493 \n | \n\n 5,665,954 \n | \n\n 38,543,154 \n | \n\n 3,454,995 \n | \n\n 2,850,000 \n | \n
\u00a0
\nValuation techniques\nand inputs
\n\u00a0
\nThe valuation was\ndetermined primarily by using the market comparison method for\nresidential properties, and\u00a0 the discounted cash flow (DCF)\nmethod for commercial properties.
\n\u00a0
\nComparison\nmethod:
\nMarket prices based on\ndatabase of valuations and of sales of properties in the relevant\narea.
\n\u00a0
\nDiscounted cash flow\n(DCF) method:
\nUsing the DCF method,\nfair value is estimated using assumptions regarding the benefits\nand liabilities of ownership over the asset\u2019s life including\nan exit or terminal value. This method involves the projection of a\nseries of cash flows on a real property interest. To this projected\ncash flow series, a market-derived discount rate is applied to\nestablish the present value of the income stream associated with\nthe asset. The exit yield is normally separately determined and\ndiffers from the discount rate.
\n\u00a0
\nThe duration of the cash\nflows and the specific timing of inflows and outflows are\ndetermined by events such as rent reviews, lease renewal and\nrelated re-letting, redevelopment, or refurbishment. The\nappropriate duration is typically driven by market behaviour that\nis a characteristic of the class of real property. Periodic cash\nflow is typically estimated as gross income less vacancy,\nnon-recoverable expenses, collection losses, lease incentives,\nmaintenance cost, agent and commission costs and other operating\nand management expenses. The series of periodic net operating\nincome, along with an estimate of the terminal value anticipated at\nthe end of the projection period, is then discounted.
\n\u00a0
\nSignificant increases\n(decreases) in estimated rental value and rent growth per annum in\nisolation would result in a significantly higher (lower) fair value\nof the properties. Significant increases (decreases) in the\nlong-term vacancy rate and discount rate (and exit yield) in\nisolation would result in a significantly lower (higher) fair\nvalue.
\n\u00a0
\nGenerally, a change in\nthe assumption made for the estimated rental value is accompanied\nby a directionally similar change in the rent growth per annum and\ndiscount rate (and exit yield), and an opposite change in the\nlong-term vacancy rate.
\n\u00a0
\nDescription of\nvaluation techniques used and key inputs to valuation of investment\nproperties:
\n\u00a0
\n| \n | \n | \n Valuation\ntechnique \n | \n\n Significant\ninputs \n | \n\n Range (weighted\naverage) \n | \n||
| \n | \n | \n | \n | \n | \n | \n 2023 \n | \n
| \n Commercial\nproperties \n | \n\n | \n DCF \n | \n\n | \n Long-term pre-tax\nrate \n | \n\n | \n 2%-2.5% \n | \n
| \n | \n | \n | \n | \n Inflation\nrate \n | \n\n | \n 1.9% \n | \n
| \n | \n | \n | \n | \n Risk\npremium \n | \n\n | \n 4%-5% \n | \n
| \n | \n | \n | \n | \n DCF \n | \n\n | \n 6.5%-8.4% \n | \n
| \n | \n | \n | \n | \n Gross profit\nrate \n | \n\n | \n 95%-97.5% \n | \n
| \n Commercial\nproperties \n | \n\n | \n DCF \n | \n\n | \n Estimated rental\nvalue \n | \n\n | \n 7%-7.5% \n | \n
| \n Office\nproperties \n | \n\n | \n DCF \n | \n\n | \n Estimated rental\nvalue \n | \n\n | \n 2.42%-7.5% \n | \n
| \n Hotel \n | \n\n | \n DCF \n | \n\n | \n Estimated rental value\nand extrapolated residual land value \n | \n\n | \n 7.50% \n | \n
18. \u00a0 Goodwill
\n\u00a0
\n| \n | \n | \n \u00a0The\nGroup \n | \n\n | \n \u00a0The\nCompany \n | \n||||
| \n | \n | \n 2025 \n | \n\n | \n 2024 \n | \n\n | \n 2025 \n | \n\n | \n 2024 \n | \n
| \n | \n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n
| \n As at 1 January and 31\nDecember \n | \n\n | \n 62,888 \n | \n\n | \n 62,888 \n | \n\n | \n - \n | \n\n | \n - \n | \n
\u00a0
\nGoodwill arose from\nacquisition of Mavina Holiday Complex Ltd.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "M9z2fxfNYv": { "value": "19. \u00a0 Inventories
\n\u00a0
\n| \n | \n | \n \u00a0The\nGroup \n | \n\n | \n \u00a0The\nCompany \n | \n||||
| \n | \n | \n 2025 \n | \n\n | \n 2024 \n | \n\n | \n 2025 \n | \n\n | \n 2024 \n | \n
| \n | \n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n
| \n Raw materials \n | \n\n | \n 1,916,428 \n | \n\n | \n 1,125,848 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n Finished good \n | \n\n | \n 2,708,051 \n | \n\n | \n 3,203,537 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n Containers \n | \n\n | \n 6,990 \n | \n\n | \n 27,092 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n | \n | \n 4,631,469 \n | \n\n | \n 4,356,477 \n | \n\n | \n - \n | \n\n | \n - \n | \n
\u00a0
\nDuring 2025,\n\u20ac12,545,999 (2024: \u20ac11,287,762) was recognised as an\nexpense during the year and included in cost of sales (note\n7).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Qg4vofYl_K": { "value": "20. \u00a0 Property\nheld-for-sale
\n\u00a0
\n| \n | \n | \n \u00a0The\nGroup \n | \n\n | \n \u00a0The\nCompany \n | \n||||
| \n | \n | \n 2025 \n | \n\n | \n 2024 \n | \n\n | \n 2025 \n | \n\n | \n 2024 \n | \n
| \n | \n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n
| \n \u00a0Cost \n | \n\n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0As at 1\nJanuary \n | \n\n | \n 5,200,026 \n | \n\n | \n 5,333,753 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0Additions \n | \n\n | \n 2,816,113 \n | \n\n | \n 1,328,528 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n Intercompany\nre-charges \n | \n\n \u00a0 \n | \n\n (105,817) \n | \n\n \u00a0 \n | \n\n - \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0Disposals (note\n7) \n | \n\n | \n (3,586,432) \n | \n\n | \n (1,462,255) \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0As at 31\nDecember \n | \n\n | \n 4,323,890 \n | \n\n | \n 5,200,026 \n | \n\n | \n - \n | \n\n | \n - \n | \n
\u00a0
\nIn 2025, the Group sold\nproperties for a total consideration of \u20ac4,207,820 (2024:\n\u20ac2,011,000) recognised as part of revenue from contracts with\ncustomers in the statement of profit or loss and other\ncomprehensive income (note 6).\u00a0 Net profit amounted to\n\u20ac621,388 (2024: \u20ac548,745). The carrying amount of the\ndisposed properties amounting to \u20ac3,586,432 (2024:\n\u20ac1,462,255) formed part of cost of sales and services in the\nstatement of profit or loss and other comprehensive income (note\n7).
", "dimensions": { "concept": "halmann:DisclosureOfPropertyHeldForSale", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ap6EYJzR1G": { "value": "21. \u00a0 Trade and\nother receivables
\n\u00a0
\n| \n | \n | \n \u00a0The\nGroup \n | \n\n | \n \u00a0The\nCompany \n | \n||||
| \n | \n | \n 2025 \n | \n\n | \n 2024 \n | \n\n | \n 2025 \n | \n\n | \n 2024 \n | \n
| \n | \n | \n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n
| \n \u00a0Current \n | \n\n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0Trade\nreceivables \n | \n\n | \n 4,934,777 \n | \n\n | \n 9,435,100 \n | \n\n | \n 73,488 \n | \n\n | \n 194,211 \n | \n
| \n \u00a0Amounts owed by\nsubsidiary undertakings \n | \n\n | \n - \n | \n\n | \n - \n | \n\n | \n 9,105,760 \n | \n\n | \n 6,601,521 \n | \n
| \n \u00a0Amounts owed by\njoint ventures \n | \n\n | \n 497,091 \n | \n\n | \n 17,569 \n | \n\n | \n 479,522 \n | \n\n | \n - \n | \n
| \n \u00a0Amounts owed by\nrelated undertakings \n | \n\n | \n - \n | \n\n | \n 30,725 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0Other\nreceivables \n | \n\n | \n 125,497 \n | \n\n | \n 594,244 \n | \n\n | \n - \n | \n\n | \n 270,180 \n | \n
| \n \u00a0Other\nadvances \n | \n\n | \n 5,315,025 \n | \n\n | \n 5,316,106 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0Accrued rental\nincome \n | \n\n | \n 605,885 \n | \n\n | \n 513,480 \n | \n\n | \n 314,371 \n | \n\n | \n 311,785 \n | \n
| \n \u00a0Indirect\ntaxation \n | \n\n | \n 271,002 \n | \n\n | \n 557,377 \n | \n\n | \n - \n | \n\n | \n 512,215 \n | \n
| \n \u00a0Prepayments \n | \n\n | \n 719,883 \n | \n\n | \n 150,393 \n | \n\n | \n 586,687 \n | \n\n | \n 31,501 \n | \n
| \n | \n | \n 12,469,160 \n | \n\n | \n 16,614,993 \n | \n\n | \n 10,559,828 \n | \n\n | \n 7,921,413 \n | \n
| \n \u00a0Allowance for ECL\non (note 34): \n | \n\n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0Trade\nreceivables \n | \n\n | \n (377,359) \n | \n\n | \n (478,098) \n | \n\n | \n (1,019) \n | \n\n | \n (52,821) \n | \n
| \n \u00a0Amounts owed by\nsubsidiary undertakings \n | \n\n | \n - \n | \n\n | \n - \n | \n\n | \n (117,437) \n | \n\n | \n (102,240) \n | \n
| \n \u00a0Accrued rental\nincome \n | \n\n | \n - \n | \n\n | \n (3,553) \n | \n\n | \n - \n | \n\n | \n (3,553) \n | \n
| \n | \n | \n (377,359) \n | \n\n | \n (481,651) \n | \n\n | \n (118,456) \n | \n\n | \n (158,614) \n | \n
| \n \u00a0Total current\ntrade and other receivables \n | \n\n | \n 12,091,801 \n | \n\n | \n 16,133,342 \n | \n\n | \n 10,441,372 \n | \n\n | \n 7,762,799 \n | \n
\u00a0
\nTrade and other\nreceivables are non-interest bearing and are generally on terms of\n30 to 90 days.
\n\u00a0
\nThe amounts owed by\nsubsidiaries, joint ventures, related and other companies are\nunsecured, interest free and repayable on demand.
\n\u00a0
\nOther advances include\ncumulative costs incurred to date arising from construction\ncontracts.
\n\u00a0
\nThe trading terms and\nconditions related to the related party receivables are referred to\nin note 36.
\n\u00a0
\nSet out below is the\nmovement in the allowance for ECL on trade and other\nreceivables:
\n\u00a0
\n| \n | \n | \n \u00a0The\nGroup \n | \n\n | \n \u00a0The\nCompany \n | \n||||
| \n | \n | \n 2025 \n | \n\n | \n 2024 \n | \n\n | \n 2025 \n | \n\n | \n 2024 \n | \n
| \n | \n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n
| \n \u00a0As at 1\nJanuary \n | \n\n | \n 481,651 \n | \n\n | \n 391,473 \n | \n\n | \n 158,614 \n | \n\n | \n 114,534 \n | \n
| \n \u00a0Provision for ECL\n(note 7) \n | \n\n | \n (104,292) \n | \n\n | \n 90,178 \n | \n\n | \n (40,158) \n | \n\n | \n 44,080 \n | \n
| \n \u00a0As at 31\nDecember \n | \n\n | \n 377,359 \n | \n\n | \n 481,651 \n | \n\n | \n 118,456 \n | \n\n | \n 158,614 \n | \n
Set out below is the\nmovement in the allowance for ECL on trade and other\nreceivables:
\n\u00a0
\n| \n | \n | \n \u00a0The\nGroup \n | \n\n | \n \u00a0The\nCompany \n | \n||||
| \n | \n | \n 2025 \n | \n\n | \n 2024 \n | \n\n | \n 2025 \n | \n\n | \n 2024 \n | \n
| \n | \n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n
| \n \u00a0As at 1\nJanuary \n | \n\n | \n 481,651 \n | \n\n | \n 391,473 \n | \n\n | \n 158,614 \n | \n\n | \n 114,534 \n | \n
| \n \u00a0Provision for ECL\n(note 7) \n | \n\n | \n (104,292) \n | \n\n | \n 90,178 \n | \n\n | \n (40,158) \n | \n\n | \n 44,080 \n | \n
| \n \u00a0As at 31\nDecember \n | \n\n | \n 377,359 \n | \n\n | \n 481,651 \n | \n\n | \n 118,456 \n | \n\n | \n 158,614 \n | \n
Set out below is the\nmovement in the allowance for ECL on contract assets:
\n\u00a0
\n| \n | \n | \n \u00a0The\nGroup \n | \n\n | \n \u00a0The\nCompany \n | \n||||
| \n | \n | \n 2025 \n | \n\n | \n 2024 \n | \n\n | \n 2025 \n | \n\n | \n 2024 \n | \n
| \n | \n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n
| \n \u00a0As at 1\nJanuary \n | \n\n | \n 70,280 \n | \n\n | \n 24,173 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0Provision/(reversal) of ECL (note 7) \n | \n\n | \n 331,490 \n | \n\n | \n 46,107 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0As at 31\nDecember \n | \n\n | \n 401,770 \n | \n\n | \n 70,280 \n | \n\n | \n - \n | \n\n | \n - \n | \n
Set out below is the\nmovement in the allowance for ECL on cash in banks:
\n\u00a0
\n| \n | \n | \n \u00a0The\nGroup \n | \n\n | \n \u00a0The\nCompany \n | \n||||
| \n | \n | \n 2025 \n | \n\n | \n 2024 \n | \n\n | \n 2025 \n | \n\n | \n 2024 \n | \n
| \n | \n | \n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n
| \n \u00a0As at 1\nJanuary \n | \n\n | \n \u00a010,549 \n | \n\n \u00a0 \n | \n\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n837 \n | \n\n | \n 110 \n | \n\n \u00a0 \n | \n\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n-\u00a0\u00a0 \n | \n
| \n \u00a0Provision for ECL\n(note 7) \n | \n\n | \n \u00a0(1,537) \n | \n\n \u00a0 \n | \n\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n9,712 \n | \n\n | \n \u00a0(77) \n | \n\n \u00a0 \n | \n\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n110 \n | \n
| \n \u00a0As at 31\nDecember \n | \n\n | \n 9,012 \n | \n\n \u00a0 \n | \n\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n10,549 \n | \n\n | \n 33 \n | \n\n \u00a0 \n | \n\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n110 \n | \n
Set out below is the\ninformation about the credit risk exposure on the Group and\nCompany's financial assets and contract assets subject to ECL under\nIFRS 9.
\n\u00a0
\n| \n 31 December\n2025 \n | \n\n The\nGroup \n | \n|||||||||
| \n \u00a0 \n | \n\n Trade\nreceivables | \n\n \u00a0 \n | \n\n Lease receivables\n(notes 21 | \n\n Accrued rental\nincome | \n\n Contract assets\n(note 22) \n | \n\n Amounts owed by\nrelated undertakings (notes 16 and 21) \n | \n\n Loans to joint\nventures | \n\n Cash and cash\nequivalents | \n\n Total \n | \n|
| \n Approach in measuring\nECL \n | \n\n \u00a0General \n | \n\n \u00a0Simplified \n | \n\n \u00a0 \n | \n\n N/A \n | \n\n \u00a0General \n | \n\n \u00a0General \n | \n\n \u00a0General \n | \n\n \u00a0General \n | \n\n \u00a0General \n | \n\n \u00a0 \n | \n
| \n Probability of\ndefault \n | \n\n 0.39% -\n2.07% \n | \n\n 2.49% - 40% \n | \n\n | \n - \n | \n\n 0.39% -\n2.07% \n | \n\n 1.19% -\n16.85% \n | \n\n 0.19% -\n16.15% \n | \n\n 0.03% \n | \n\n 0 - 0 \n | \n\n \u00a0 \n | \n
| \n Loss given\ndefault \n | \n\n 1 \n | \n\n N/A \n | \n\n | \n - \n | \n\n 0.75 \n | \n\n 0.75 - 0.80 \n | \n\n 0.75 \n | \n\n 0.75 \n | \n\n 0.45 \n | \n\n \u00a0 \n | \n
| \n Estimated gross\ncarrying | \n\n 1,350,616 \n | \n\n 587,104 \n | \n\n \u00a0 \n | \n\n | \n (23,486) \n | \n\n 4,484,348 \n | \n\n - \n | \n\n 19,254 \n | \n\n 2,969,453 \n | \n\n 9,387,289 \n | \n
| \n Allowance for\nECL \n | \n\n 84,237 \n | \n\n 293,122 \n | \n\n | \n - \n | \n\n 4,520 \n | \n\n 118,308 \n | \n\n - \n | \n\n 4,288 \n | \n\n 9,012 \n | \n\n 513,487 \n | \n
| \n Increase/(decrease) in\nprovision | \n\n (74,538) \n | \n\n (26,201) \n | \n\n \u00a0 \n | \n\n - \n | \n\n 967 \n | \n\n 48,028 \n | \n\n 79,540 \n | \n\n 4,288 \n | \n\n (1,537) \n | \n\n 30,547 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n |
| \n \u00a0 \n | \n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n 31 December\n2024 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n The\nGroup \n | \n|||||||||
| \n \u00a0 \n | \n\n Trade\nreceivables | \n\n \u00a0 \n | \n\n Lease receivables\n(notes 21 | \n\n Accrued rental\nincome | \n\n Contract assets\n(note 22) \n | \n\n Amounts owed by\nrelated undertakings (notes 16 and 21) \n | \n\n Loans to joint\nventures | \n\n Cash and cash\nequivalents | \n\n Total \n | \n|
| \n Approach in measuring\nECL \n | \n\n \u00a0General \n | \n\n \u00a0Simplified \n | \n\n \u00a0 \n | \n\n \u00a0N/A \n | \n\n \u00a0General \n | \n\n \u00a0General \n | \n\n \u00a0General \n | \n\n \u00a0General \n | \n\n \u00a0General \n | \n\n \u00a0 \n | \n
| \n Probability of\ndefault \n | \n\n \u00a00.36% -\n16.15% \n | \n\n 2.49% - 40% \n | \n\n \u00a0 \n | \n\n - \n | \n\n 0.36% -\n16.15% \n | \n\n 1.19% -\n16.85% \n | \n\n 0.19% -\n16.15% \n | \n\n 0.03% \n | \n\n 1.34% \n | \n\n \u00a0 \n | \n
| \n Loss given\ndefault \n | \n\n \u00a00.75 -\n7.75 \n | \n\n N/A \n | \n\n \u00a0 \n | \n\n - \n | \n\n \u00a00.75 \n | \n\n 0.75 - 0.80 \n | \n\n 0.75 \n | \n\n 0.75 \n | \n\n 0.45 \n | \n\n \u00a0 \n | \n
| \n Estimated gross carrying\namount at default \n | \n\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n1,470,768 \n | \n\n 5,000,765 \n | \n\n | \n (95,479) \n | \n\n 513,480 \n | \n\n 2,354,610 \n | \n\n 4,426,880 \n | \n\n 15,000 \n | \n\n 8,735,619 \n | \n\n 22,421,643 \n | \n
| \n Allowance for\nECL \n | \n\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n158,775 \n | \n\n 319,323 \n | \n\n | \n - \n | \n\n 3,553 \n | \n\n 70,280 \n | \n\n - \n | \n\n - \n | \n\n 10,549 \n | \n\n 562,480 \n | \n
| \n Increase/(decrease) in\nprovision | \n\n 24,456 \n | \n\n 86,475 \n | \n\n | \n - \n | \n\n (908) \n | \n\n 46,107 \n | \n\n 59,695 \n | \n\n - \n | \n\n 9,712 \n | \n\n 225,537 \n | \n
| \n \u00a0 \n31 December\n2025 \n | \n\n The\nCompany \n | \n|||||||||
| \n \u00a0 \n | \n\n Trade\nreceivables | \n\n | \n Lease receivables\n(notes 21 | \n\n Accrued rental\nincome | \n\n Contract\nassets | \n\n Amounts owed by\nsubsidiary and related undertakings | \n\n Loans to joint\nventures | \n\n Cash and cash\nequivalents | \n\n Total \n | \n|
| \n Approach in measuring\nECL \n | \n\n \u00a0General \n | \n\n \u00a0N/A \n | \n\n | \n \u00a0N/A \n | \n\n \u00a0General \n | \n\n \u00a0N/A \n | \n\n \u00a0General \n | \n\n \u00a0General \n | \n\n \u00a0General \n | \n\n \u00a0 \n | \n
| \n Probability of\ndefault \n | \n\n 0.39% -\n2.07% \n | \n\n - \n | \n\n | \n - \n | \n\n 0.39% -\n2.07% \n | \n\n - \n | \n\n 2.07% -\n29.69% \n | \n\n 0.03% \n | \n\n 0.05% \n | \n\n \u00a0 \n | \n
| \n Loss given\ndefault \n | \n\n 0.75 \n | \n\n - \n | \n\n | \n - \n | \n\n 0.75 \n | \n\n - \n | \n\n 0.75 \n | \n\n 0.75 \n | \n\n 0.45 \n | \n\n \u00a0 \n | \n
| \n Estimated gross\ncarrying | \n\n 73,488 \n | \n\n - \n | \n\n | \n - \n | \n\n - \n | \n\n - \n | \n\n 25,869,073 \n | \n\n 19,254 \n | \n\n 249,242 \n | \n\n 26,211,057 \n | \n
| \n Allowance for\nECL \n | \n\n 1,019 \n | \n\n - \n | \n\n | \n - \n | \n\n - \n | \n\n - \n | \n\n 377,729 \n | \n\n 4,288 \n | \n\n 33 \n | \n\n 383,069 \n | \n
| \n Increase/(decrease)\nin | \n\n (51,802) \n | \n\n - \n | \n\n | \n - \n | \n\n (3,553) \n | \n\n - \n | \n\n 74,599 \n | \n\n 4,288 \n | \n\n (77) \n | \n\n 23,455 \n | \n
| \n \u00a0 \n | \n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 \n | \n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n |
| \n 31 December\n2024 \n | \n\n The\nCompany \n | \n|||||||||
| \n \u00a0 \n | \n\n Trade\nreceivables | \n\n | \n Lease receivables\n(notes 21 | \n\n Accrued rental\nincome | \n\n Contract\nassets | \n\n Amounts owed by\nsubsidiary and related undertakings | \n\n Loans to joint\nventures | \n\n Cash and cash\nequivalents | \n\n Total \n | \n|
| \n Approach in measuring\nECL \n | \n\n \u00a0General \n | \n\n \u00a0N/A \n | \n\n | \n \u00a0N/A \n | \n\n \u00a0General \n | \n\n \u00a0N/A \n | \n\n \u00a0General \n | \n\n \u00a0General \n | \n\n \u00a0General \n | \n\n \u00a0 \n | \n
| \n Probability of\ndefault \n | \n\n 0.36% -\n16.15% \n | \n\n - \n | \n\n | \n - \n | \n\n 0.36% -\n16.15% \n | \n\n - \n | \n\n \u00a0 \n | \n\n 0.03% \n | \n\n 0.06% \n | \n\n \u00a0 \n | \n
| \n Loss given\ndefault \n | \n\n 0.75 \n | \n\n - \n | \n\n | \n - \n | \n\n 0.75 \n | \n\n - \n | \n\n 0.75 \n | \n\n 0.75 \n | \n\n 0.45 \n | \n\n \u00a0 \n | \n
| \n Estimated gross\ncarrying | \n\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n194,211 \n | \n\n - \n | \n\n | \n - \n | \n\n 311,785 \n | \n\n - \n | \n\n 19,742,192 \n | \n\n 15,000 \n | \n\n 428,862 \n | \n\n 20,692,050 \n | \n
| \n Allowance for\nECL \n | \n\n 52,821 \n | \n\n - \n | \n\n | \n - \n | \n\n 3,553 \n | \n\n - \n | \n\n 303,130 \n | \n\n - \n | \n\n 110 \n | \n\n 359,614 \n | \n
| \n Increase/(decrease)\nin | \n\n (3,565) \n | \n\n - \n | \n\n | \n - \n | \n\n (908) \n | \n\n - \n | \n\n (256,262) \n | \n\n - \n | \n\n 110 \n | \n\n (260,625) \n | \n
22. \u00a0 Contract\nassets
\n\u00a0
\n| \n | \n | \n \u00a0The\nGroup \n | \n\n | \n \u00a0The\nCompany \n | \n||||
| \n | \n | \n 2025 \n | \n\n \u00a0 \n | \n\n 2024 \n | \n\n | \n 2025 \n | \n\n \u00a0 \n | \n\n 2024 \n | \n
| \n | \n | \n \u00a0\u20ac \n | \n\n \u00a0 \n | \n\n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n
| \n | \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n | \n | \n | \n |
| \n As at 1\nJanuary \n | \n\n | \n 2,295,441 \n | \n\n \u00a0 \n | \n\n 1,714,057 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n Movement during the\nyear \n | \n\n | \n 2,188,907 \n | \n\n \u00a0 \n | \n\n 651,664 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n Allowance for\nECL \n | \n\n | \n (122,828) \n | \n\n \u00a0 \n | \n\n (70,280) \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n As at 31\nDecember \n | \n\n | \n 4,361,520 \n | \n\n \u00a0 \n | \n\n 2,295,441 \n | \n\n | \n - \n | \n\n | \n - \n | \n
\u00a0
\nPayment for goods and\nservices rendered is not due from the customer until the services\nare completed and therefore a contract asset is recognised over the\nperiod in which the services are performed to represent the\nCompany\u2019s right to consideration for the services performed\nto date.
\n\u00a0
\nUnder IFRS 15, revenue\nprior to the date on which it is invoiced to the customer is\nrecognised as a contract asset.
\n\u00a0
\nContract assets arise\nfrom construction and finishing works.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "jm1CB.mUg6": { "value": "23. \u00a0 Trade and\nother payables
\n\u00a0
\n| \n | \n | \n \u00a0The\nGroup \n | \n\n | \n \u00a0The\nCompany \n | \n||||
| \n | \n | \n 2025 \n | \n\n | \n 2024 \n | \n\n | \n 2025 \n | \n\n | \n 2024 \n | \n
| \n | \n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n
| \n \u00a0Current \n | \n\n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0Amount received in\nadvance \n | \n\n | \n 1,699,780 \n | \n\n | \n 2,886,045 \n | \n\n | \n 15,550 \n | \n\n | \n 14,981 \n | \n
| \n \u00a0Trade\npayables \n | \n\n | \n 4,386,333 \n | \n\n | \n 7,422,441 \n | \n\n | \n 447,038 \n | \n\n | \n 587,166 \n | \n
| \n Amounts due to\nsubsidiary undertakings \n | \n\n \u00a0 \n | \n\n 1,720 \n | \n\n \u00a0 \n | \n\n - \n | \n\n \u00a0 \n | \n\n 3,347,236 \n | \n\n \u00a0 \n | \n\n - \n | \n
| \n \u00a0Amounts due to\njoint ventures \n | \n\n | \n 1,049 \n | \n\n | \n - \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0Other\npayables \n | \n\n | \n 366,817 \n | \n\n | \n 348,157 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0Indirect taxes and\nsocial security contributions \n | \n\n | \n 1,725,674 \n | \n\n | \n 2,574,661 \n | \n\n | \n 39,950 \n | \n\n | \n 676 \n | \n
| \n \u00a0Accruals \n | \n\n | \n 3,801,938 \n | \n\n | \n 3,846,192 \n | \n\n | \n 1,309,943 \n | \n\n | \n 1,121,144 \n | \n
| \n \u00a0Deferred rental\nincome \n | \n\n | \n 3,714 \n | \n\n | \n 3,250 \n | \n\n | \n 464 \n | \n\n | \n - \n | \n
| \n \u00a0Total trade and\nother payables \n | \n\n | \n 11,987,025 \n | \n\n | \n 17,080,746 \n | \n\n | \n 5,160,181 \n | \n\n | \n 1,723,967 \n | \n
\u00a0
\nTrade payables are\nnon-interest bearing and are normally settled between 60 to 90\ndays.
\n\u00a0
\nAmount due to joint\nventures are unsecured, interest-free and repayable on\ndemand.
\n\u00a0
\nThe Group's exposure to\nliquidity risk related to trade and other payables is disclosed in\nnote 34.
\n\u00a0
\nGovernment grants have\nbeen received for the purchase of certain items of property, plant\nand equipment. There are no unfulfilled conditions or contingencies\nattached to these grants.
\n\u00a0
\nContract liabilities\ninclude short-term advances received under construction\ncontracts.\u00a0 These arise when payments from customers are\nreceived in advance for on-going and fragmented construction\nprojects.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Vt6TM8zN7J": { "value": "Government grants have\nbeen received for the purchase of certain items of property, plant\nand equipment. There are no unfulfilled conditions or contingencies\nattached to these grants.", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Km2u4O4E25": { "value": "Contract liabilities\ninclude short-term advances received under construction\ncontracts.\u00a0 These arise when payments from customers are\nreceived in advance for on-going and fragmented construction\nprojects.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Je0bZEGG4g": { "value": "The Group has lease\ncontracts for industrial buildings, plant, machinery, offices,\nshowroom exhibits, stores and boutique hotel used in its\noperations. Leases of plant and machinery generally have lease\nterms between 3 and 15 years. The industrial buildings used in\noperations have a lease term of 15 and 65 years. The boutique hotel\ngenerally has lease terms of 24 years. The Group\u2019s\nobligations under its leases are secured by the lessor\u2019s\ntitle to the leased assets. Generally, the Group is restricted from\nassigning and subleasing the leased assets and some contracts\nrequire the Group to maintain certain financial ratios. There are\nseveral lease contracts that include extension and termination\noptions and variable lease payments, which are further discussed\nbelow.
\n\u00a0
\nThe Group also had\ncertain leases of machinery with lease terms of 12 months or less\nand leases of office equipment with low value. The Group applies\nthe \u2018short-term lease\u2019 and \u2018lease of low-value\nassets\u2019 recognition exemptions for these leases.
\n\u00a0
\nSet out below are the\ncarrying amounts of the Group's right-of-use assets recognised and\nthe movements during the period:
\n\u00a0
\n| \n | \n | \n Hotel\u00a0 \n | \n\n | \n Industrial\nbuildings \n | \n\n | \n Offices \n | \n\n | \n Total \n | \n
| \n | \n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n
| \n As at 1 January\n2024 \n | \n\n | \n 2,395,898 \n | \n\n | \n 4,811,346 \n | \n\n | \n 26,972 \n | \n\n | \n 7,234,216 \n | \n
| \n Depreciation expense\n(note 7) \n | \n\n | \n (173,197) \n | \n\n | \n (81,215) \n | \n\n | \n (10,116) \n | \n\n | \n (264,528) \n | \n
| \n As at 31 December\n2024 \n | \n\n | \n 2,222,701 \n | \n\n | \n 4,730,131 \n | \n\n | \n 16,856 \n | \n\n | \n 6,969,688 \n | \n
| \n Depreciation expense\n(note 7) \n | \n\n | \n (173,197) \n | \n\n | \n (81,215) \n | \n\n | \n (10,115) \n | \n\n | \n (264,527) \n | \n
| \n As at 31 December\n2025 \n | \n\n | \n 2,049,504 \n | \n\n | \n 4,648,916 \n | \n\n | \n 6,741 \n | \n\n | \n 6,705,161 \n | \n
\u00a0
\nSet out below are the\ncarrying amounts of lease liabilities included under\ninterest-bearing loans and borrowings (note 16) and the movements\nduring the period:
\n\u00a0
\n| \n | \n | \n The\nGroup \n | \n\n | \n The\nCompany \n | \n||||
| \n | \n | \n 2025 \n | \n\n | \n 2024 \n | \n\n | \n 2025 \n | \n\n | \n 2024 \n | \n
| \n | \n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n
| \n As at 1\nJanuary \n | \n\n | \n 13,230,642 \n | \n\n | \n 13,715,245 \n | \n\n | \n 842,228 \n | \n\n | \n 840,723 \n | \n
| \n Prior year\nadjustment \n | \n\n | \n (5,108,604) \n | \n\n | \n (5,492,031) \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n Additions \n | \n\n \u00a0 \n | \n\n 44,785 \n | \n\n \u00a0 \n | \n\n - \n | \n\n \u00a0 \n | \n\n - \n | \n\n \u00a0 \n | \n\n - \n | \n
| \n Accretion of interest\n(note 10) \n | \n\n | \n 318,957 \n | \n\n | \n 317,001 \n | \n\n | \n 40,962 \n | \n\n | \n 41,005 \n | \n
| \n Payments \n | \n\n | \n (436,560) \n | \n\n | \n (418,177) \n | \n\n | \n (39,500) \n | \n\n | \n (39,500) \n | \n
| \n As at 31\nDecember \n | \n\n | \n 8,049,220 \n | \n\n | \n 8,122,038 \n | \n\n | \n 843,690 \n | \n\n | \n 842,228 \n | \n
| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n Current \n | \n\n | \n 97,221 \n | \n\n | \n 21,912 \n | \n\n | \n 39,500 \n | \n\n | \n 39,500 \n | \n
| \n Non-current \n | \n\n | \n 7,951,999 \n | \n\n | \n 8,100,126 \n | \n\n | \n 804,190 \n | \n\n | \n 802,728 \n | \n
\u00a0
\nThe maturity analysis of\nlease liabilities are disclosed in note 34.
\n\u00a0
\nThe following are the\namounts recognised in profit or loss:
\n\u00a0
\n| \n | \n | \n The\nGroup \n | \n\n | \n The\nCompany \n | \n||||
| \n | \n | \n 2025 \n | \n\n | \n 2024 \n | \n\n | \n 2025 \n | \n\n | \n 2024 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u20ac \n | \n\n \u00a0 \n | \n\n \u20ac \n | \n\n \u00a0 \n | \n\n \u20ac \n | \n\n \u00a0 \n | \n\n \u20ac \n | \n
| \n Depreciation expense of\nright-of-use assets \n | \n\n \u00a0 \n | \n\n 264,527 \n | \n\n | \n 264,528 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n Interest expense on\nlease liabilities \n | \n\n \u00a0 \n | \n\n 318,957 \n | \n\n | \n 317,001 \n | \n\n | \n 40,962 \n | \n\n | \n 41,005 \n | \n
| \n Expense relating to\nshort-term leases and leases of low-value assets (included in cost\nof sales and administrative expenses) (note 7) \n | \n\n \u00a0 \n | \n\n 35,423 \n | \n\n | \n 8,500 \n | \n\n | \n 2,452 \n | \n\n | \n 2,452 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n 618,907 \n | \n\n | \n 590,029 \n | \n\n | \n 43,414 \n | \n\n | \n 43,457 \n | \n
\u00a0
\nThe Group had total cash\noutflows for leases of \u20ac436,560 in 2025 (2024: \u20ac418,177).\nDuring the year the Group did not have non-cash additions to\nright-of-use assets and lease liabilities\u00a0 (2024: Nil) and\nnon-cash disposal of lease liabilities amounting to Nil (2024:\nNil).
\n\u00a0
\n24.2 The Group as a\nlessor
\n\u00a0
\nThe Group has entered\ninto operating leases on its investment property portfolio\nconsisting of certain office and industrial buildings (see note\n17). These leases have terms of between five and 20 years. All\nleases include a clause to enable upward revision of the rental\ncharge on an annual basis according to prevailing market\nconditions. The lessee is also required to provide a residual value\nguarantee on the properties. Rental income recognised by the Group\nduring the year is \u20ac2,618,619 (2024:\n\u20ac2,565,856).
\n\u00a0
\nFuture minimum rentals\nreceivable under non-cancellable operating leases as at 31 December\nare as follows:
\n\u00a0
\n| \n | \n | \n \u00a0The\nGroup \n | \n\n | \n \u00a0The\nCompany \n | \n||||
| \n | \n | \n 2025 \n | \n\n | \n 2024 \n | \n\n | \n 2025 \n | \n\n | \n 2024 \n | \n
| \n | \n | \n \u00a0\u20ac \n | \n\n \u00a0 \n | \n\n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n\n \u00a0 \n | \n\n \u00a0\u20ac \n | \n
| \n \u00a0Within one\nyear \n | \n\n | \n 2,132,720 \n | \n\n | \n 1,950,500 \n | \n\n | \n 843,690 \n | \n\n | \n 869,253 \n | \n
| \n \u00a0After one year but\nnot more than five years \n | \n\n | \n 3,143,289 \n | \n\n | \n 2,894,924 \n | \n\n | \n 3,449,541 \n | \n\n | \n 4,372,691 \n | \n
| \n \u00a0More than five\nyears \n | \n\n | \n 854,768 \n | \n\n | \n 1,042,794 \n | \n\n | \n 789,133 \n | \n\n | \n 1,553,363 \n | \n
| \n | \n | \n 6,130,777 \n | \n\n | \n 5,888,218 \n | \n\n | \n 5,082,364 \n | \n\n | \n 6,795,307 \n | \n
25. \u00a0 Deferred\ntaxation
\n\u00a0
\nDeferred tax\nliability
\n\u00a0
\n| \n | \n | \n \u00a0The\nGroup \n | \n\n | \n \u00a0The\nCompany \n | \n||||
| \n | \n | \n 2025 \n | \n\n | \n 2024 \n | \n\n | \n 2025 \n | \n\n | \n 2024 \n | \n
| \n | \n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n
| \n \u00a0As at 1\nJanuary \n | \n\n | \n (7,841,789) \n | \n\n | \n (6,825,612) \n | \n\n | \n (3,117,327) \n | \n\n | \n (2,798,785) \n | \n
| \n \u00a0Charge in profit\nor loss \n | \n\n | \n 2,820,165 \n | \n\n | \n (1,016,177) \n | \n\n | \n 133,061 \n | \n\n | \n (318,542) \n | \n
| \n \u00a0As at 31\nDecember \n | \n\n | \n (5,021,624) \n | \n\n | \n (7,841,789) \n | \n\n | \n (2,984,266) \n | \n\n | \n (3,117,327) \n | \n
\u00a0
\nThe balance\nrepresents:
\n\u00a0
\n| \n | \n | \n \u00a0The\nGroup \n | \n\n | \n \u00a0The\nCompany \n | \n||||
| \n | \n | \n 2025 \n | \n\n | \n 2024 \n | \n\n | \n 2025 \n | \n\n | \n 2024 \n | \n
| \n | \n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n
| \n \u00a0Tax effect of\ntemporary differences relating to: \n | \n\n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0Excess of capital\nallowances over depreciation \n | \n\n | \n (53,394) \n | \n\n | \n (30,960) \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0Provision for\nECL \n | \n\n | \n 6,441 \n | \n\n | \n 2,263 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0Other tax\ntemporary differences \n | \n\n | \n (4,659,878) \n | \n\n | \n (7,429,926) \n | \n\n | \n (2,896,241) \n | \n\n | \n (3,030,027) \n | \n
| \n \u00a0Leases \n | \n\n | \n (314,878) \n | \n\n | \n (383,251) \n | \n\n | \n (88,025) \n | \n\n | \n (87,300) \n | \n
| \n \u00a0Change in fair\nvalue of equity instruments at FVOCI \n | \n\n | \n 85 \n | \n\n | \n 85 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n | \n | \n (5,021,624) \n | \n\n | \n (7,841,789) \n | \n\n | \n (2,984,266) \n | \n\n | \n (3,117,327) \n | \n
\u00a0
\nDeferred tax\nasset
\n\u00a0
\n| \n | \n | \n \u00a0The\nGroup \n | \n\n | \n \u00a0The\nCompany \n | \n||||
| \n | \n | \n 2025 \n | \n\n | \n 2024 \n | \n\n | \n 2025 \n | \n\n | \n 2024 \n | \n
| \n | \n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n
| \n \u00a0As at 1\nJanuary \n | \n\n | \n 2,982,482 \n | \n\n | \n 1,889,290 \n | \n\n | \n 799,600 \n | \n\n | \n 890,292 \n | \n
| \n \u00a0Charge in profit\nor loss\u00a0 \n | \n\n | \n (586,537) \n | \n\n | \n 1,093,192 \n | \n\n | \n 11,839 \n | \n\n | \n (90,692) \n | \n
| \n \u00a0As at 31\nDecember \n | \n\n | \n 2,395,945 \n | \n\n | \n 2,982,482 \n | \n\n | \n 811,439 \n | \n\n | \n 799,600 \n | \n
\u00a0
\nThe balance\nrepresents:
\n\u00a0
\n| \n | \n | \n \u00a0The\nGroup \n | \n\n | \n \u00a0The\nCompany \n | \n||||
| \n | \n | \n 2025 \n | \n\n | \n 2024 \n | \n\n | \n 2025 \n | \n\n | \n 2024 \n | \n
| \n | \n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n
| \n \u00a0Tax effect of\ntemporary differences relating to: \n | \n\n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0Excess of capital\nallowances over depreciation \n | \n\n | \n (1,879,350) \n | \n\n | \n (929,423) \n | \n\n | \n 3,117 \n | \n\n | \n - \n | \n
| \n \u00a0Unabsorbed capital\nallowances \n | \n\n | \n 377,015 \n | \n\n | \n 654,067 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0Unabsorbed capital\nlossses \n | \n\n | \n 378,956 \n | \n\n | \n 378,956 \n | \n\n | \n 378,956 \n | \n\n | \n 378,956 \n | \n
| \n \u00a0Unutilised tax\nlosses \n | \n\n | \n 337,338 \n | \n\n | \n 347,808 \n | \n\n | \n 134,074 \n | \n\n | \n 125,865 \n | \n
| \n \u00a0Leases \n | \n\n | \n 895,925 \n | \n\n | \n 837,463 \n | \n\n | \n 295,292 \n | \n\n | \n 294,779 \n | \n
| \n \u00a0Investment tax\ncredit \n | \n\n | \n 2,286,061 \n | \n\n | \n 1,693,611 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n | \n | \n 2,395,945 \n | \n\n | \n 2,982,482 \n | \n\n | \n 811,439 \n | \n\n | \n 799,600 \n | \n
\u00a0
\nDeferred income taxes\nare calculated on all temporary differences under the liability\nmethod and are measured at the tax rates that are expected to apply\nto the period when the asset is realized or the liability is\nsettled based on tax rates (and tax laws) that have been enacted by\nthe end of the reporting period. The principal tax used is 35%\n(2024: 35%) with the exception of deferred taxation on the fair\nvaluation of non-depreciable property which is computed on the\nbasis applicable to disposals of immovable property that is tax\neffect of 5% and 8% (2024: 5% and 8%) of the transfer\nvalue.
\n\u00a0
\nThe company did not have\nunrecognised deferred income tax assets that could be carried\nforward against future taxable income as at 31 December 2025 and 31\nDecember 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "B5xsUHlfIo": { "value": "26. \u00a0 Share\ncapital
\n\u00a0
\n| \n | \n | \n \u00a0The\nGroup \n | \n\n | \n \u00a0The\nCompany \n | \n||||
| \n | \n | \n 2025 \n | \n\n | \n 2024 \n | \n\n | \n 2025 \n | \n\n | \n 2024 \n | \n
| \n | \n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n
| \n \u00a0Authorised: \n | \n\n | \n | \n | \n | \n | \n | \n | |
| \n \u00a05,000,000 Ordinary\nshares of \u20ac1 each \n | \n\n 5,000,000 \n | \n\n | \n 5,000,000 \n | \n\n | \n 5,000,000 \n | \n\n | \n 5,000,000 \n | \n|
| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0Issued and\nfully paid up: \n | \n\n | \n | \n | \n | \n | \n | \n | |
| \n \u00a04,999,820 Ordinary\nshares of \u20ac1 each \n | \n\n 4,999,820 \n | \n\n | \n 4,999,820 \n | \n\n | \n 4,999,820 \n | \n\n | \n 4,999,820 \n | \n
27. \u00a0 Earnings per\nshare
\n\u00a0
\nEarnings per share is\nbased on the profit for the year attributable to the owners of the\nGroup divided by the weighted average number of ordinary shares in\nissue during the year.
\n\u00a0
\n| \n | \n | \n \u00a0The\nGroup \n | \n\n | \n \u00a0The\nCompany \n | \n||||
| \n | \n | \n 2025 \n | \n\n | \n 2024 \n | \n\n | \n 2025 \n | \n\n | \n 2024 \n | \n
| \n | \n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n
| \n \u00a0Profit for the\nyear attributable to shareholders: \n | \n\n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0- Basic profit for\nyear attributable to ordinary equity holders of the\nparent \n | \n\n | \n 3,484,341 \n | \n\n | \n 2,294,718 \n | \n\n | \n 772,564 \n | \n\n | \n 538,167 \n | \n
| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0Weighted average\nnumber of ordinary shares in issue (note 26) \n | \n\n | \n 4,999,820 \n | \n\n | \n 4,999,820 \n | \n\n | \n 4,999,820 \n | \n\n | \n 4,999,820 \n | \n
| \n \u00a0Earnings per share\n(cents) \n | \n\n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0- Basic profit for\nyear attributable to ordinary equity holders of the\nparent \n | \n\n | \n 0.70 \n | \n\n | \n 0.46 \n | \n\n | \n 0.15 \n | \n\n | \n 0.11 \n | \n
\u00a0
\nThere is no difference\nbetween the basic and diluted earnings per share as the Group and\nCompany has no potential dilutive ordinary shares.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "bFG3bDWK94": { "value": "28. \u00a0 Revaluation\nreserve on property, plant and equipment
\n\u00a0
\n| \n | \n | \n \u00a0The\nGroup \n | \n\n | \n \u00a0The\nCompany \n | \n||||
| \n | \n | \n 2025 \n | \n\n | \n 2024 \n | \n\n | \n 2025 \n | \n\n | \n 2024 \n | \n
| \n | \n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n
| \n | \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n | \n | \n | \n |
| \n \u00a0As at 1\nJanuary \n | \n\n | \n 24,392,854 \n | \n\n | \n 24,892,585 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0Revaluation\nsurplus (note 13) \n | \n\n | \n - \n | \n\n | \n (543,186) \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0Deferred taxation\nthereon \n | \n\n | \n - \n | \n\n | \n 43,455 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0As at 31\nDecember \n | \n\n | \n 24,392,854 \n | \n\n | \n 24,392,854 \n | \n\n | \n - \n | \n\n | \n - \n | \n
\u00a0
\nThe revaluation reserve\ncomprises the revaluation of property, plant and equipment, net of\ndeferred taxation due to change in fair market value. This reserve\nis not available for distribution.
", "dimensions": { "concept": "halmann:DisclosureOfRevaluationReserveOnPropertyPlantAndEquipment", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "EdAx3rdCD2": { "value": "29. \u00a0 Revaluation\nreserve on financial assets
\n\u00a0
\n| \n | \n | \n \u00a0The\nGroup \n | \n\n | \n \u00a0The\nCompany \n | \n||||
| \n | \n | \n 2025 \n | \n\n | \n 2024 \n | \n\n | \n 2025 \n | \n\n | \n 2024 \n | \n
| \n | \n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n
| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0As at 1\nJanuary \n | \n\n | \n 1,453 \n | \n\n | \n 65,251 \n | \n\n | \n - \n | \n\n | \n 63,779 \n | \n
| \n \u00a0Change in fair\nvalue \n | \n\n | \n - \n | \n\n | \n (63,779) \n | \n\n | \n - \n | \n\n | \n (63,779) \n | \n
| \n \u00a0Share in OCI of\njoint ventures (note 15) \n | \n\n - \n | \n\n | \n (19) \n | \n\n | \n - \n | \n\n | \n - \n | \n|
| \n \u00a0As at 31\nDecember \n | \n\n | \n 1,453 \n | \n\n | \n 1,453 \n | \n\n | \n - \n | \n\n | \n - \n | \n
\u00a0
\nThe fair value reserve\narises from the change in the fair value of financial assets. This\nreserve is not available for distribution.
", "dimensions": { "concept": "halmann:DisclosureOfRevaluationReserveOnFinancialAssets", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "iqv4Q1DCo5": { "value": "30. \u00a0 Revaluation\nreserve on investment property
\n\u00a0
\n| \n | \n | \n \u00a0The\nGroup \n | \n\n | \n \u00a0The\nCompany \n | \n||||
| \n | \n | \n 2025 \n | \n\n | \n 2024 \n | \n\n | \n 2025 \n | \n\n | \n 2024 \n | \n
| \n | \n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n
| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0As at 1\nJanuary \n | \n\n | \n 4,310,969 \n | \n\n | \n 7,673,906 \n | \n\n | \n 17,790,559 \n | \n\n | \n 17,374,969 \n | \n
| \n \u00a0Transfer from\nretained earnings \n | \n\n | \n - \n | \n\n | \n (3,362,937) \n | \n\n | \n - \n | \n\n | \n 415,590 \n | \n
| \n \u00a0As at 31\nDecember \n | \n\n | \n 4,310,969 \n | \n\n | \n 4,310,969 \n | \n\n | \n 17,790,559 \n | \n\n | \n 17,790,559 \n | \n
\u00a0
\nThis reserve represents\nchanges in fair value of investment property, net of deferred tax\nmovements, which are unrealised at the reporting date.\u00a0 These\namounts are transferred from retained earnings to this reserve\nsince these gains are not considered by the Directors to be\navailable for distribution.\u00a0 Upon disposal of the respective\ninvestment property, realised fair value gains are transferred to\nthe retained earnings.\u00a0 The unrealised gain reserve is a\nnon-distributable reserve.
", "dimensions": { "concept": "halmann:DisclosureOfRevaluationOnInvestmentProperty", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "U8rwT8Tcob": { "value": "31. \u00a0 Capital\nredemption reserve
\n\u00a0
\n| \n | \n | \n \u00a0The\nGroup \n | \n\n | \n \u00a0The\nCompany \n | \n||||
| \n | \n | \n 2025 \n | \n\n | \n 2024 \n | \n\n | \n 2025 \n | \n\n | \n 2024 \n | \n
| \n | \n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n
| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0As at 1 January\nand 31 December \n | \n\n | \n 47,852 \n | \n\n | \n 47,852 \n | \n\n | \n - \n | \n\n | \n - \n | \n
\u00a0
\nThis reserve represents\ntax benefits related to industrial activities.
", "dimensions": { "concept": "halmann:DisclosureOfCapitalRedemptionReserve", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "A6jyShsIm2": { "value": "32. \u00a0 Incentives and\nbenefits reserves
\n\u00a0
\n| \n | \n | \n \u00a0The\nGroup \n | \n\n | \n \u00a0The\nCompany \n | \n||||
| \n | \n | \n 2025 \n | \n\n | \n 2024 \n | \n\n | \n 2025 \n | \n\n | \n 2024 \n | \n
| \n | \n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n
| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0As at 1 January\nand 31 December \n | \n\n | \n 604,060 \n | \n\n | \n 604,060 \n | \n\n | \n - \n | \n\n | \n - \n | \n
\u00a0
\nThe incentives and\nbenefits reserve represents profits set aside for re-investment in\nterms of Section 6(1) and 36(2) of the Business Promotion\nAct.\u00a0 Amounts included in this reserve can only be distributed\nby way of capitalization of profits.
", "dimensions": { "concept": "halmann:DisclosureOfIncentivesAndBenefitsReserves", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "FCS2x6Y0nu": { "value": "33. \u00a0 Cash and cash\nequivalents
\n\u00a0
\nThe cash and cash\nequivalents comprise the following statement of financial position\namount:
\n\u00a0
\n| \n | \n | \n \u00a0The\nGroup \n | \n\n | \n \u00a0The\nCompany \n | \n||||
| \n | \n | \n 2025 \n | \n\n | \n 2024 \n | \n\n | \n 2025 \n | \n\n | \n 2024 \n | \n
| \n | \n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n
| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0Cash at banks and\nin hand \n | \n\n | \n 3,058,985 \n | \n\n | \n 8,220,632 \n | \n\n | \n 294,344 \n | \n\n | \n 428,862 \n | \n
| \n \u00a0Allowance for\nECL \n | \n\n | \n (9,012) \n | \n\n | \n (10,549) \n | \n\n | \n (33) \n | \n\n | \n (110) \n | \n
| \n \u00a0Bank overdrafts\n(note 16) \n | \n\n | \n (2,770,823) \n | \n\n | \n (5,114,253) \n | \n\n | \n (311) \n | \n\n | \n (95,554) \n | \n
| \n \u00a0Transfer to\nretained earnings\u00a0 \n | \n\n | \n - \n | \n\n | \n 562,331 \n | \n\n | \n - \n | \n\n | \n - \n | \n
| \n \u00a0As at 31\nDecember \n | \n\n | \n 279,150 \n | \n\n | \n 3,658,161 \n | \n\n | \n 294,000 \n | \n\n | \n 333,198 \n | \n
\u00a0
\nSet out below is the\nmovement in the allowance for ECL on cash in banks:
\n\u00a0
\n| \n | \n | \n \u00a0The\nGroup \n | \n\n | \n \u00a0The\nCompany \n | \n||||
| \n | \n | \n 2025 \n | \n\n | \n 2024 \n | \n\n | \n 2025 \n | \n\n | \n 2024 \n | \n
| \n | \n | \n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n
| \n \u00a0As at 1\nJanuary \n | \n\n | \n \u00a010,549 \n | \n\n \u00a0 \n | \n\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n837 \n | \n\n | \n 110 \n | \n\n \u00a0 \n | \n\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n-\u00a0\u00a0 \n | \n
| \n \u00a0Provision for ECL\n(note 7) \n | \n\n | \n \u00a0(1,537) \n | \n\n \u00a0 \n | \n\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n9,712 \n | \n\n | \n \u00a0(77) \n | \n\n \u00a0 \n | \n\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n110 \n | \n
| \n \u00a0As at 31\nDecember \n | \n\n | \n 9,012 \n | \n\n \u00a0 \n | \n\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n10,549 \n | \n\n | \n 33 \n | \n\n \u00a0 \n | \n\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n110 \n | \n
34. \u00a0 Financial risk\nmanagement objectives and policies
\n\u00a0
\nThe Group's principal\nfinancial assets comprise trade and other receivables, contract\nassets, loans receivable, cash and cash equivalents and equity\ninstruments at FVTOCI.\u00a0 Its principal financial liabilities\ncomprise trade and other payables, borrowings and financial lease\nliability.
\n\u00a0
\nThe Group is exposed to\nmarket risk, credit risk, liquidity risk, fair value risk and\ncapital risk management.
\n\u00a0
\nThe Board of Directors\nreviews and agrees policies for managing each of these risks which\nare summarised below.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "bbqPY3rfrR": { "value": "Market\nrisk
\n\u00a0
\nMarket risk is the risk\nthat the fair value of future cash flows of a financial instrument\nwill fluctuate because of changes in market prices.\u00a0 Market\nprices comprise four types of risk: interest rate risk, currency\nrisk, commodity price risk and other price risk.\u00a0 Financial\ninstruments affected by market risk include borrowings.\u00a0 The\nGroup is only exposed to interest rate risk and other market price\nrisk.
\n\u00a0
\na. Interest rate\nrisk
\n\u00a0
\nInterest rate risk is\nthe risk that the fair value of future cash flows of a financial\ninstrument will fluctuate because of changes in market interest\nrates.
\n\u00a0
\nExcept as disclosed in\nnote 16, the Group's borrowings are non-interest bearing.\nBorrowings issued at fixed rates consist primarily of bank loans,\n5% secured bonds, shareholders\u2019 loan and other loans which\nare carried at amortised cost, and therefore do not expose the\nGroup to cash flow and fair value interest rate risk.
\n\u00a0
\nExposure to cashflow\ninterest rate risk arises in respect of interest payments relating\nto bank loans amounting to \u20ac758,905 (2024: \u20ac631,940) that\nis subject to interest at floating rates linked to Euribor (note\n10).
\n\u00a0
\nb. Other market price\nrisk - Equity price risk
\n\u00a0
\nThe Group is exposed to\nequity price risk, which arises from equity securities measured at\nFVTOCI held in response to needs for liquidity. The management of\nthe Group monitors the proportion of equity securities in its\ninvestment portfolio based on market indices. The Group\u2019s\nBoard of Directors reviews and approves all equity investment\ndecisions.
\n\u00a0
\nAt the reporting date,\nthe exposure to unlisted equity investments at fair value was nil\n(2024: nil), note 16.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "PxI-K-l2S7": { "value": "Credit\nrisk
\n\u00a0
\nCredit risk is the risk\nthat a counterparty will not meet its obligations under a financial\ninstrument or customer contract, leading to a financial loss.\u00a0\nThe Group is exposed to credit risk from its operating activities\n(primarily trade receivables and contract assets) and from its\nfinancing activities including deposits with banks and loans to\nrelated undertakings.
\n\u00a0
\nCustomer credit risk is\nmanaged by the Group's management subject to the Group's\nestablished policy, procedures and control relating to customer\ncredit risk management.\u00a0 Credit quality of a customer is\nassessed based on each individual's credit limits.\u00a0\nOutstanding customer receivables are regularly monitored.\u00a0 An\nimpairment analysis is performed at the reporting date on an\nindividual basis.\u00a0 The Group exercises a prudent credit\ncontrol policy, and accordingly, it is not subject to any\nsignificant exposure or concentration of credit risk.
\n\u00a0
\nThe Group banks only\nwith local financial institutions with high quality standard or\nrating. The Group's operations are principally carried out in Malta\nand most of the Group's revenue originates from clients based in\nMalta.
Set out below is the\ninformation about the credit risk exposure on the Group and\nCompany's financial assets and contract assets subject to ECL under\nIFRS 9.
\n\u00a0
\n| \n 31 December\n2025 \n | \n\n The\nGroup \n | \n|||||||||
| \n \u00a0 \n | \n\n Trade\nreceivables | \n\n \u00a0 \n | \n\n Lease receivables\n(notes 21 | \n\n Accrued rental\nincome | \n\n Contract assets\n(note 22) \n | \n\n Amounts owed by\nrelated undertakings (notes 16 and 21) \n | \n\n Loans to joint\nventures | \n\n Cash and cash\nequivalents | \n\n Total \n | \n|
| \n Approach in measuring\nECL \n | \n\n \u00a0General \n | \n\n \u00a0Simplified \n | \n\n \u00a0 \n | \n\n N/A \n | \n\n \u00a0General \n | \n\n \u00a0General \n | \n\n \u00a0General \n | \n\n \u00a0General \n | \n\n \u00a0General \n | \n\n \u00a0 \n | \n
| \n Probability of\ndefault \n | \n\n 0.39% -\n2.07% \n | \n\n 2.49% - 40% \n | \n\n | \n - \n | \n\n 0.39% -\n2.07% \n | \n\n 1.19% -\n16.85% \n | \n\n 0.19% -\n16.15% \n | \n\n 0.03% \n | \n\n 0 - 0 \n | \n\n \u00a0 \n | \n
| \n Loss given\ndefault \n | \n\n 1 \n | \n\n N/A \n | \n\n | \n - \n | \n\n 0.75 \n | \n\n 0.75 - 0.80 \n | \n\n 0.75 \n | \n\n 0.75 \n | \n\n 0.45 \n | \n\n \u00a0 \n | \n
| \n Estimated gross\ncarrying | \n\n 1,350,616 \n | \n\n 587,104 \n | \n\n \u00a0 \n | \n\n | \n (23,486) \n | \n\n 4,484,348 \n | \n\n - \n | \n\n 19,254 \n | \n\n 2,969,453 \n | \n\n 9,387,289 \n | \n
| \n Allowance for\nECL \n | \n\n 84,237 \n | \n\n 293,122 \n | \n\n | \n - \n | \n\n 4,520 \n | \n\n 118,308 \n | \n\n - \n | \n\n 4,288 \n | \n\n 9,012 \n | \n\n 513,487 \n | \n
| \n Increase/(decrease) in\nprovision | \n\n (74,538) \n | \n\n (26,201) \n | \n\n \u00a0 \n | \n\n - \n | \n\n 967 \n | \n\n 48,028 \n | \n\n 79,540 \n | \n\n 4,288 \n | \n\n (1,537) \n | \n\n 30,547 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n |
| \n \u00a0 \n | \n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n 31 December\n2024 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n The\nGroup \n | \n|||||||||
| \n \u00a0 \n | \n\n Trade\nreceivables | \n\n \u00a0 \n | \n\n Lease receivables\n(notes 21 | \n\n Accrued rental\nincome | \n\n Contract assets\n(note 22) \n | \n\n Amounts owed by\nrelated undertakings (notes 16 and 21) \n | \n\n Loans to joint\nventures | \n\n Cash and cash\nequivalents | \n\n Total \n | \n|
| \n Approach in measuring\nECL \n | \n\n \u00a0General \n | \n\n \u00a0Simplified \n | \n\n \u00a0 \n | \n\n \u00a0N/A \n | \n\n \u00a0General \n | \n\n \u00a0General \n | \n\n \u00a0General \n | \n\n \u00a0General \n | \n\n \u00a0General \n | \n\n \u00a0 \n | \n
| \n Probability of\ndefault \n | \n\n \u00a00.36% -\n16.15% \n | \n\n 2.49% - 40% \n | \n\n \u00a0 \n | \n\n - \n | \n\n 0.36% -\n16.15% \n | \n\n 1.19% -\n16.85% \n | \n\n 0.19% -\n16.15% \n | \n\n 0.03% \n | \n\n 1.34% \n | \n\n \u00a0 \n | \n
| \n Loss given\ndefault \n | \n\n \u00a00.75 -\n7.75 \n | \n\n N/A \n | \n\n \u00a0 \n | \n\n - \n | \n\n \u00a00.75 \n | \n\n 0.75 - 0.80 \n | \n\n 0.75 \n | \n\n 0.75 \n | \n\n 0.45 \n | \n\n \u00a0 \n | \n
| \n Estimated gross carrying\namount at default \n | \n\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n1,470,768 \n | \n\n 5,000,765 \n | \n\n | \n (95,479) \n | \n\n 513,480 \n | \n\n 2,354,610 \n | \n\n 4,426,880 \n | \n\n 15,000 \n | \n\n 8,735,619 \n | \n\n 22,421,643 \n | \n
| \n Allowance for\nECL \n | \n\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n158,775 \n | \n\n 319,323 \n | \n\n | \n - \n | \n\n 3,553 \n | \n\n 70,280 \n | \n\n - \n | \n\n - \n | \n\n 10,549 \n | \n\n 562,480 \n | \n
| \n Increase/(decrease) in\nprovision | \n\n 24,456 \n | \n\n 86,475 \n | \n\n | \n - \n | \n\n (908) \n | \n\n 46,107 \n | \n\n 59,695 \n | \n\n - \n | \n\n 9,712 \n | \n\n 225,537 \n | \n
| \n \u00a0 \n31 December\n2025 \n | \n\n The\nCompany \n | \n|||||||||
| \n \u00a0 \n | \n\n Trade\nreceivables | \n\n | \n Lease receivables\n(notes 21 | \n\n Accrued rental\nincome | \n\n Contract\nassets | \n\n Amounts owed by\nsubsidiary and related undertakings | \n\n Loans to joint\nventures | \n\n Cash and cash\nequivalents | \n\n Total \n | \n|
| \n Approach in measuring\nECL \n | \n\n \u00a0General \n | \n\n \u00a0N/A \n | \n\n | \n \u00a0N/A \n | \n\n \u00a0General \n | \n\n \u00a0N/A \n | \n\n \u00a0General \n | \n\n \u00a0General \n | \n\n \u00a0General \n | \n\n \u00a0 \n | \n
| \n Probability of\ndefault \n | \n\n 0.39% -\n2.07% \n | \n\n - \n | \n\n | \n - \n | \n\n 0.39% -\n2.07% \n | \n\n - \n | \n\n 2.07% -\n29.69% \n | \n\n 0.03% \n | \n\n 0.05% \n | \n\n \u00a0 \n | \n
| \n Loss given\ndefault \n | \n\n 0.75 \n | \n\n - \n | \n\n | \n - \n | \n\n 0.75 \n | \n\n - \n | \n\n 0.75 \n | \n\n 0.75 \n | \n\n 0.45 \n | \n\n \u00a0 \n | \n
| \n Estimated gross\ncarrying | \n\n 73,488 \n | \n\n - \n | \n\n | \n - \n | \n\n - \n | \n\n - \n | \n\n 25,869,073 \n | \n\n 19,254 \n | \n\n 249,242 \n | \n\n 26,211,057 \n | \n
| \n Allowance for\nECL \n | \n\n 1,019 \n | \n\n - \n | \n\n | \n - \n | \n\n - \n | \n\n - \n | \n\n 377,729 \n | \n\n 4,288 \n | \n\n 33 \n | \n\n 383,069 \n | \n
| \n Increase/(decrease)\nin | \n\n (51,802) \n | \n\n - \n | \n\n | \n - \n | \n\n (3,553) \n | \n\n - \n | \n\n 74,599 \n | \n\n 4,288 \n | \n\n (77) \n | \n\n 23,455 \n | \n
| \n \u00a0 \n | \n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 \n | \n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n |
| \n 31 December\n2024 \n | \n\n The\nCompany \n | \n|||||||||
| \n \u00a0 \n | \n\n Trade\nreceivables | \n\n | \n Lease receivables\n(notes 21 | \n\n Accrued rental\nincome | \n\n Contract\nassets | \n\n Amounts owed by\nsubsidiary and related undertakings | \n\n Loans to joint\nventures | \n\n Cash and cash\nequivalents | \n\n Total \n | \n|
| \n Approach in measuring\nECL \n | \n\n \u00a0General \n | \n\n \u00a0N/A \n | \n\n | \n \u00a0N/A \n | \n\n \u00a0General \n | \n\n \u00a0N/A \n | \n\n \u00a0General \n | \n\n \u00a0General \n | \n\n \u00a0General \n | \n\n \u00a0 \n | \n
| \n Probability of\ndefault \n | \n\n 0.36% -\n16.15% \n | \n\n - \n | \n\n | \n - \n | \n\n 0.36% -\n16.15% \n | \n\n - \n | \n\n \u00a0 \n | \n\n 0.03% \n | \n\n 0.06% \n | \n\n \u00a0 \n | \n
| \n Loss given\ndefault \n | \n\n 0.75 \n | \n\n - \n | \n\n | \n - \n | \n\n 0.75 \n | \n\n - \n | \n\n 0.75 \n | \n\n 0.75 \n | \n\n 0.45 \n | \n\n \u00a0 \n | \n
| \n Estimated gross\ncarrying | \n\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n194,211 \n | \n\n - \n | \n\n | \n - \n | \n\n 311,785 \n | \n\n - \n | \n\n 19,742,192 \n | \n\n 15,000 \n | \n\n 428,862 \n | \n\n 20,692,050 \n | \n
| \n Allowance for\nECL \n | \n\n 52,821 \n | \n\n - \n | \n\n | \n - \n | \n\n 3,553 \n | \n\n - \n | \n\n 303,130 \n | \n\n - \n | \n\n 110 \n | \n\n 359,614 \n | \n
| \n Increase/(decrease)\nin | \n\n (3,565) \n | \n\n - \n | \n\n | \n - \n | \n\n (908) \n | \n\n - \n | \n\n (256,262) \n | \n\n - \n | \n\n 110 \n | \n\n (260,625) \n | \n
Liquidity\nrisk
\n\u00a0
\nThe Group is exposed to\nliquidity risk in relation to meeting future obligations associated\nwith its financial liabilities.\u00a0 Prudent liquidity risk\nmanagement includes maintaining sufficient cash and committed\ncredit lines to ensure the availability of an adequate amount of\nfunding to meet the Group's obligations.
\n\u00a0
\nThe table below\nsummarises the maturity profile of the Group\u2019s financial\nliabilities based on contractual undiscounted payments.
\n\u00a0
\n| \n Year ended 31\nDecember 2025 \n | \n||||||||
| \n | \n | \n The\nGroup \n | \n||||||
| \n | \n | \n Less than | \n\n | \n 1 to 5 | \n\n | \n > 5\nyears \n | \n\n | \n Total \n | \n
| \n | \n | \n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n
| \n Bank overdrafts and\nloans \n | \n\n | \n 8,715,507 \n | \n\n | \n 12,327,435 \n | \n\n | \n - \n | \n\n | \n 21,042,942 \n | \n
| \n Finance lease\nliabilities \n | \n\n | \n 207,890 \n | \n\n | \n 863,652 \n | \n\n | \n 3,058,617 \n | \n\n | \n 4,130,159 \n | \n
| \n 5.35% secured bonds and\ninterest \n | \n\n | \n 1,230,500 \n | \n\n | \n 4,922,000 \n | \n\n | \n 27,630,392 \n | \n\n | \n 33,782,892 \n | \n
| \n Trade and other payables\n(note 23) \n | \n\n | \n 11,987,025 \n | \n\n | \n - \n | \n\n | \n - \n | \n\n | \n 11,987,025 \n | \n
| \n Shareholders' loans\n(note 16) \n | \n\n | \n 1,673,596 \n | \n\n | \n - \n | \n\n | \n 2,117,816 \n | \n\n | \n 3,791,412 \n | \n
| \n Other financial\nliabilities (note 16) \n | \n\n | \n 252,441 \n | \n\n | \n - \n | \n\n | \n 8,051,999 \n | \n\n | \n 8,304,440 \n | \n
| \n | \n | \n 24,066,959 \n | \n\n | \n 18,113,087 \n | \n\n | \n 40,858,824 \n | \n\n | \n 83,038,870 \n | \n
| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n Year ended 31\nDecember 2024 \n | \n||||||||
| \n | \n | \n The\nGroup \n | \n||||||
| \n | \n | \n Less than | \n\n | \n 1 to 5 | \n\n | \n > 5\nyears \n | \n\n | \n Total \n | \n
| \n | \n | \n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n
| \n Bank overdrafts and\nloans \n | \n\n | \n 10,203,791 \n | \n\n | \n 12,333,920 \n | \n\n | \n - \n | \n\n | \n 22,537,711 \n | \n
| \n Finance lease\nliabilities \n | \n\n | \n 203,750 \n | \n\n | \n 830,800 \n | \n\n | \n 3,675,814 \n | \n\n | \n 4,710,364 \n | \n
| \n 5.35% secured bonds and\ninterest \n | \n\n | \n 1,230,500 \n | \n\n | \n 4,922,000 \n | \n\n | \n 28,947,417 \n | \n\n | \n 35,099,917 \n | \n
| \n Trade and other payables\n(note 23) \n | \n\n | \n 17,080,746 \n | \n\n | \n - \n | \n\n | \n - \n | \n\n | \n 17,080,746 \n | \n
| \n Shareholders' loans\n(note 16) \n | \n\n | \n 1,673,596 \n | \n\n | \n - \n | \n\n | \n 2,117,816 \n | \n\n | \n 3,791,412 \n | \n
| \n Other financial\nliabilities (note 16) \n | \n\n | \n 506,145 \n | \n\n | \n - \n | \n\n | \n 8,200,126 \n | \n\n | \n 8,706,271 \n | \n
| \n | \n | \n 30,898,528 \n | \n\n | \n 18,086,720 \n | \n\n | \n 42,941,173 \n | \n\n | \n 91,926,421 \n | \n
\u00a0
\n| \n Year ended 31\nDecember 2025 \n | \n|||||||||
| \n | \n | \n The\nCompany \n | \n\n \u00a0 \n | \n||||||
| \n | \n | \n Less than 1\nyear \n | \n\n | \n 1 to 5\nyears \n | \n\n | \n > 5\nyears \n | \n\n | \n Total \n | \n\n \u00a0 \n | \n
| \n | \n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n \u00a0 \n | \n
| \n Finance lease\nliabilities \n | \n\n | \n 39,500 \n | \n\n | \n 173,800 \n | \n\n | \n 1,540,839 \n | \n\n | \n 1,754,139 \n | \n\n \u00a0 \n | \n
| \n 5.35% secured bonds and\ninterest \n | \n\n | \n 1,230,500 \n | \n\n | \n 4,922,000 \n | \n\n | \n 27,630,392 \n | \n\n | \n 33,782,892 \n | \n\n \u00a0 \n | \n
| \n Trade and other payables\n(note 23) \n | \n\n | \n 5,160,181 \n | \n\n | \n - \n | \n\n | \n - \n | \n\n | \n 5,160,181 \n | \n\n \u00a0 \n | \n
| \n Shareholders' loans\n(note 16) \n | \n\n | \n 864,614 \n | \n\n | \n - \n | \n\n | \n 2,117,816 \n | \n\n | \n 2,982,430 \n | \n\n \u00a0 \n | \n
| \n Other financial\nliabilities (note 16) \n | \n\n | \n - \n | \n\n | \n 100,000 \n | \n\n | \n 6,837,818 \n | \n\n | \n 6,937,818 \n | \n\n \u00a0 \n | \n
| \n | \n | \n 7,294,795 \n | \n\n | \n 5,195,800 \n | \n\n | \n 38,126,865 \n | \n\n | \n 50,617,460 \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n \u00a0 \n | \n
| \n Year ended 31\nDecember 2024 \n | \n\n | \n | \n | \n | \n | \n | \n | \n | \n \u00a0 \n | \n
| \n | \n | \n The\nCompany \n | \n\n \u00a0 \n | \n||||||
| \n | \n | \n Less than 1\nyear \n | \n\n | \n 1 to 5\nyears \n | \n\n | \n > 5\nyears \n | \n\n | \n Total \n | \n\n \u00a0 \n | \n
| \n | \n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n \u00a0 \n | \n
| \n Finance lease\nliabilities \n | \n\n | \n 39,500 \n | \n\n | \n 173,800 \n | \n\n | \n 1,584,289 \n | \n\n | \n 1,797,589 \n | \n\n \u00a0 \n | \n
| \n 5.35% secured bonds and\ninterest \n | \n\n | \n 1,230,500 \n | \n\n | \n 4,922,000 \n | \n\n | \n 28,947,417 \n | \n\n | \n 35,099,917 \n | \n\n \u00a0 \n | \n
| \n Trade and other payables\n(note 23) \n | \n\n | \n 1,723,967 \n | \n\n | \n - \n | \n\n | \n - \n | \n\n | \n 1,723,967 \n | \n\n \u00a0 \n | \n
| \n Shareholders' loans\n(note 16) \n | \n\n | \n 864,614 \n | \n\n | \n - \n | \n\n | \n 2,117,816 \n | \n\n | \n 2,982,430 \n | \n\n \u00a0 \n | \n
| \n Other financial\nliabilities (note 16) \n | \n\n | \n - \n | \n\n | \n 100,000 \n | \n\n | \n 6,036,239 \n | \n\n | \n 6,136,239 \n | \n\n \u00a0 \n | \n
| \n | \n | \n 3,858,581 \n | \n\n | \n 5,195,800 \n | \n\n | \n 38,685,761 \n | \n\n | \n 47,740,142 \n | \n\n \u00a0 \n | \n
Fair value\nrisk
\n\u00a0
\nAs at 31 December 2025\nand 2024, the carrying amounts of trade and other receivables, cash\nand cash equivalents, trade and other payables and current\nborrowings reflected in the financial statements are reasonable\nestimates of fair value in view of the nature of these instruments\nor the relatively short period of time between the origination of\nthe instruments and their expected realisation.\u00a0 The fair\nvalues of loans and receivables and non-current borrowings are not\nmaterially different from their carrying amounts in the statement\nof financial position. \u00a0
\n\u00a0
\nThe Group used the\nfollowing hierarchy for determining and disclosing the fair value\nof investment property.
\n\u00a0
\nLevel 1:\nquoted(unadjusted) prices in active markets for identical assets or\nliabilities;
\n\u00a0
\nLevel 2: other\ntechniques for which all inputs which have a significant effect on\nthe recorded fair value are observable, either directly or\nindirectly; and
\n\u00a0
\nLevel 3: techniques\nwhich use inputs which have a significant effect on the recorded\nfair value that are not based on observable market data.
\n\u00a0
\n| \n Fair value\nmeasurement hierarchy: \n | \n\n | \n | \n | \n | \n | \n | \n | \n |
| \n | \n | \n The\nGroup \n | \n||||||
| \n | \n | \n Level\n1 \n | \n\n | \n Level\n2 \n | \n\n | \n Level\n3 \n | \n\n | \n Total \n | \n
| \n | \n | \n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n
| \n As at 31 December\n2025 \n | \n\n | \n | \n | \n | \n | \n | \n | \n |
| \n Investment\nproperty \n | \n\n | \n - \n | \n\n | \n 18,445,742 \n | \n\n | \n 36,177,854 \n | \n\n | \n 54,623,596 \n | \n
| \n Property, plant and\nequipment \n | \n\n | \n - \n | \n\n | \n 23,565,936 \n | \n\n | \n - \n | \n\n | \n 23,565,936 \n | \n
| \n | \n | \n - \n | \n\n | \n 42,011,678 \n | \n\n | \n 36,177,854 \n | \n\n | \n 78,189,532 \n | \n
| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n As at 31 December\n2024 \n | \n\n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Investment\nproperty \n | \n\n | \n - \n | \n\n \u00a0 \n | \n\n 20,111,725 \n | \n\n \u00a0 \n | \n\n 31,667,112 \n | \n\n \u00a0 \n | \n\n 51,778,837 \n | \n
| \n Property, plant and\nequipment \n | \n\n | \n - \n | \n\n \u00a0 \n | \n\n 23,565,936 \n | \n\n \u00a0 \n | \n\n - \n | \n\n \u00a0 \n | \n\n 23,565,936 \n | \n
| \n | \n | \n - \n | \n\n \u00a0 \n | \n\n 43,677,661 \n | \n\n \u00a0 \n | \n\n 31,667,112 \n | \n\n \u00a0 \n | \n\n 75,344,773 \n | \n
\u00a0
\n| \n | \n | \n The\nCompany \n | \n||||||
| \n | \n | \n Level\n1 \n | \n\n | \n Level\n2 \n | \n\n | \n Level\n3 \n | \n\n | \n Total \n | \n
| \n | \n | \n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n\n | \n \u00a0\u20ac \n | \n
| \n As at 31 December\n2025 \n | \n\n | \n | \n | \n | \n | \n | \n | \n |
| \n Investment\nproperty \n | \n\n | \n - \n | \n\n \u00a0 \n | \n\n 36,203,032 \n | \n\n \u00a0 \n | \n\n - \n | \n\n \u00a0 \n | \n\n 36,203,032 \n | \n
| \n | \n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n As at 31 December\n2024 \n | \n\n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Investment\nproperty \n | \n\n | \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Equity instrument at\nFVOCI \n | \n\n | \n - \n | \n\n \u00a0 \n | \n\n 37,875,351 \n | \n\n \u00a0 \n | \n\n - \n | \n\n \u00a0 \n | \n\n 37,875,351 \n | \n
| \n | \n | \n - \n | \n\n \u00a0 \n | \n\n 37,875,351 \n | \n\n \u00a0 \n | \n\n - \n | \n\n \u00a0 \n | \n\n 37,875,351 \n | \n
Capital\nRisk management
\n\u00a0
\nCapital includes the\nequity attributable to the ultimate shareholders of the\nGroup.
\n\u00a0
\nThe primary objective of\nthe Group's capital management is to ensure that it maintains\nhealthy capital ratios in order to support its business and\nmaximise shareholder value.
\n\u00a0
\nThe Group manages its\ncapital structure and makes adjustments to it in light of changes\nin economic conditions. To maintain or adjust the capital\nstructure, the Group may adjust the dividend payment to the\nshareholders, return capital to the shareholders or issue new\nshares.
\n\u00a0
\nNo changes were made in\nthe objectives, policies or processes for managing capital during\nthe years ended 31 December 2025 and 2024.
\n\u00a0
\n| \n | \n | \n The\nGroup \n | \n\n | \n The\nCompany \n | \n||||
| \n | \n | \n 2025 \n | \n\n \u00a0 \n | \n\n 2024 \n | \n\n | \n 2025 \n | \n\n \u00a0 \n | \n\n 2024 \n | \n
| \n | \n | \n \u20ac \n | \n\n \u00a0 \n | \n\n \u20ac \n | \n\n | \n \u20ac \n | \n\n \u00a0 \n | \n\n \u20ac \n | \n
| \n Interest-bearing loans\nand other borrowings (note 16) \n | \n\n | \n 48,407,895 \n | \n\n | \n 49,665,662 \n | \n\n | \n 25,217,816 \n | \n\n | \n 24,605,110 \n | \n
| \n Trade and other payables\n(note 23) \n | \n\n | \n 11,987,025 \n | \n\n | \n 17,080,746 \n | \n\n | \n 5,160,181 \n | \n\n | \n 1,723,967 \n | \n
| \n Finance lease liability\n(note 24) \n | \n\n | \n 8,049,220 \n | \n\n | \n 8,122,038 \n | \n\n | \n 843,690 \n | \n\n | \n 843,733 \n | \n
| \n Less: cash and cash\nequivalents (note 33) \n | \n\n | \n (3,049,973) \n | \n\n | \n (8,772,414) \n | \n\n | \n (294,311) \n | \n\n | \n (428,752) \n | \n
| \n Net debt \n | \n\n | \n 65,394,167 \n | \n\n | \n 66,096,032 \n | \n\n | \n 30,927,376 \n | \n\n | \n 26,744,058 \n | \n
| \n Equity \n | \n\n | \n 57,366,329 \n | \n\n | \n 53,881,988 \n | \n\n | \n 28,314,679 \n | \n\n | \n 27,542,115 \n | \n
| \n Net debt to equity\nratio \n | \n\n | \n 1.1:1 \n | \n\n | \n 1.2:1 \n | \n\n | \n 1.1:1 \n | \n\n | \n 1:1 \n | \n
\u00a0
\nNo changes were made in\nthe objectives, policies or processes for managing capital during\nthe years ended 31 December 2025 and 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "JG7r.KL8mh": { "value": "35. \u00a0 Supplemental\ncash flow information
\n\u00a0
\nChanges in\nliabilities arising from financing activities
\n\u00a0
\n| \n The\nGroup \n | \n\n | \n | \n | \n | \n | \n | \n | \n |
| \n | \n | \n 1 January\n2025 \n | \n\n | \n Cash\nflows \n | \n\n | \n Non-cash\nchanges \n | \n\n | \n 31 December\n2025 \n | \n
| \n | \n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n
| \n \u00a0Bank\noverdrafts \n | \n\n | \n 5,114,253 \n | \n\n | \n 551,802 \n | \n\n | \n (2,895,232) \n | \n\n | \n 2,770,823 \n | \n
| \n \u00a0Bank\nloans \n | \n\n | \n 17,423,458 \n | \n\n | \n 1,346,190 \n | \n\n | \n (497,529) \n | \n\n | \n 18,272,119 \n | \n
| \n \u00a05.35% secured\nbonds \n | \n\n | \n 221,100 \n | \n\n | \n - \n | \n\n | \n 22,778,900 \n | \n\n | \n 23,000,000 \n | \n
| \n \u00a0Amount due to\njoint ventures \n | \n\n | \n 297,514 \n | \n\n | \n (479,522) \n | \n\n | \n 278,198 \n | \n\n | \n 96,190 \n | \n
| \n \u00a0Shareholders'\nloans \n | \n\n | \n 3,791,412 \n | \n\n | \n - \n | \n\n | \n - \n | \n\n | \n 3,791,412 \n | \n
| \n \u00a0Amount due to\nrelated undertakings \n | \n\n | \n 208,631 \n | \n\n | \n - \n | \n\n | \n (52,380) \n | \n\n | \n 156,251 \n | \n
| \n \u00a0Other\nloan \n | \n\n | \n 100,000 \n | \n\n | \n - \n | \n\n | \n - \n | \n\n | \n 100,000 \n | \n
| \n \u00a0Finance lease\nliability \n | \n\n | \n 8,122,038 \n | \n\n | \n (72,818) \n | \n\n | \n - \n | \n\n | \n 8,049,220 \n | \n
| \n Total liabilities\nfrom financing activities \n | \n\n | \n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n35,278,406 \n | \n\n | \n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n1,345,652 \n | \n\n | \n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n19,611,957 \n | \n\n | \n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 56,236,015 \n | \n
| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n | \n | \n 1 January\n2024 \n | \n\n | \n Cash\nflows \n | \n\n | \n Non-cash\nchanges \n | \n\n | \n 31 December\n2024 \n | \n
| \n | \n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n
| \n \u00a0Bank\noverdrafts \n | \n\n | \n 2,854,868 \n | \n\n \u00a0 \n | \n\n 551,802 \n | \n\n \u00a0 \n | \n\n 1,707,583 \n | \n\n \u00a0 \n | \n\n 5,114,253 \n | \n
| \n \u00a0Bank\nloans \n | \n\n | \n 10,332,027 \n | \n\n \u00a0 \n | \n\n 3,039,204 \n | \n\n \u00a0 \n | \n\n 4,052,227 \n | \n\n \u00a0 \n | \n\n 17,423,458 \n | \n
| \n \u00a05.35% secured\nbonds \n | \n\n | \n 343,100 \n | \n\n \u00a0 \n | \n\n - \n | \n\n \u00a0 \n | \n\n 22,044,194 \n | \n\n \u00a0 \n | \n\n 22,387,294 \n | \n
| \n \u00a0Amount due to\njoint ventures \n | \n\n | \n 289,462 \n | \n\n \u00a0 \n | \n\n (191,004) \n | \n\n \u00a0 \n | \n\n 199,056 \n | \n\n \u00a0 \n | \n\n 297,514 \n | \n
| \n \u00a0Shareholders'\nloans \n | \n\n | \n 3,791,412 \n | \n\n \u00a0 \n | \n\n - \n | \n\n \u00a0 \n | \n\n - \n | \n\n \u00a0 \n | \n\n 3,791,412 \n | \n
| \n \u00a0Amount due to\nrelated companies \n | \n\n | \n 432,094 \n | \n\n \u00a0 \n | \n\n (414,630) \n | \n\n \u00a0 \n | \n\n 191,167 \n | \n\n \u00a0 \n | \n\n 208,631 \n | \n
| \n \u00a0Other\nloan \n | \n\n | \n 100,000 \n | \n\n \u00a0 \n | \n\n - \n | \n\n \u00a0 \n | \n\n - \n | \n\n \u00a0 \n | \n\n 100,000 \n | \n
| \n \u00a0Finance lease\nliability \n | \n\n | \n 8,223,214 \n | \n\n \u00a0 \n | \n\n (418,177) \n | \n\n \u00a0 \n | \n\n 317,001 \n | \n\n \u00a0 \n | \n\n 8,122,038 \n | \n
| \n \u00a0Total\nliabilities from financing activities \n | \n\n | \n 26,366,177 \n | \n\n \u00a0 \n | \n\n 2,567,195 \n | \n\n \u00a0 \n | \n\n 28,511,228 \n | \n\n \u00a0 \n | \n\n 57,444,600 \n | \n
\u00a0
\nNon-cash changes refer\nto accumulated amortization of bond issue cost and adjustment made\nfor the termination of leases, rent concessions and accretion of\ninterest (see note 24).
\n\u00a0
\n| \n The\nCompany \n | \n\n | \n 1 January\n2025 \n | \n\n | \n Cash\nflows \n | \n\n | \n Non-cash\nchanges \n | \n\n | \n 31 December\n2025 \n | \n
| \n | \n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n\n | \n \u20ac \n | \n
| \n 5.35% secured\nbonds \n | \n\n | \n 22,387,294 \n | \n\n \u00a0 \n | \n\n - \n | \n\n \u00a0 \n | \n\n 612,706 \n | \n\n \u00a0 \n | \n\n 23,000,000 \n | \n
| \n Other loans \n | \n\n \u00a0 \n | \n\n 100,000 \n | \n\n \u00a0 \n | \n\n - \n | \n\n \u00a0 \n | \n\n - \n | \n\n \u00a0 \n | \n\n 100,000 \n | \n
| \n Loans from\nsubsidiaries \n | \n\n | \n 467,416 \n | \n\n \u00a0 \n | \n\n 33,973 \n | \n\n \u00a0 \n | \n\n - \n | \n\n \u00a0 \n | \n\n 501,389 \n | \n
| \n Loans from joint\nventures \n | \n\n | \n 1,407,804 \n | \n\n \u00a0 \n | \n\n - \n | \n\n \u00a0 \n | \n\n - \n | \n\n \u00a0 \n | \n\n 1,407,804 \n | \n
| \n Shareholders'\nloans \n | \n\n | \n 2,982,430 \n | \n\n \u00a0 \n | \n\n - \n | \n\n \u00a0 \n | \n\n - \n | \n\n \u00a0 \n | \n\n 2,982,430 \n | \n
| \n Lease liability (as\nrestated through opening retained earnings \n | \n\n | \n 842,228 \n | \n\n \u00a0 \n | \n\n (39,500) \n | \n\n \u00a0 \n | \n\n 40,698 \n | \n\n \u00a0 \n | \n\n 843,690 \n | \n
| \n Total liabilities\nfrom financing activities \n | \n\n | \n 28,187,172 \n | \n\n \u00a0 \n | \n\n (5,527) \n | \n\n \u00a0 \n | \n\n 653,404 \n | \n\n \u00a0 \n | \n\n 28,835,313 \n | \n
| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n | \n | \n 1 January\n2024 \n | \n\n \u00a0 \n | \n\n Cash\nflows \n | \n\n \u00a0 \n | \n\n Non-cash\nchanges \n | \n\n \u00a0 \n | \n\n 31 December\n2024 \n | \n
| \n | \n | \n \u20ac \n | \n\n \u00a0 \n | \n\n \u20ac \n | \n\n \u00a0 \n | \n\n \u20ac \n | \n\n \u00a0 \n | \n\n \u20ac \n | \n
| \n 5.35% secured\nbonds \n | \n\n | \n 343,100 \n | \n\n \u00a0 \n | \n\n - \n | \n\n \u00a0 \n | \n\n 22,044,194 \n | \n\n \u00a0 \n | \n\n 22,387,294 \n | \n
| \n Other loans \n | \n\n | \n 100,000 \n | \n\n \u00a0 \n | \n\n - \n | \n\n \u00a0 \n | \n\n - \n | \n\n \u00a0 \n | \n\n 100,000 \n | \n
| \n Loans from\nsubsidiaries \n | \n\n | \n 433,443 \n | \n\n \u00a0 \n | \n\n 33,973 \n | \n\n \u00a0 \n | \n\n - \n | \n\n \u00a0 \n | \n\n 467,416 \n | \n
| \n Loans from joint\nventures \n | \n\n | \n 1,407,804 \n | \n\n \u00a0 \n | \n\n - \n | \n\n \u00a0 \n | \n\n - \n | \n\n \u00a0 \n | \n\n 1,407,804 \n | \n
| \n Shareholders'\nloans \n | \n\n | \n 2,982,430 \n | \n\n \u00a0 \n | \n\n - \n | \n\n \u00a0 \n | \n\n - \n | \n\n \u00a0 \n | \n\n 2,982,430 \n | \n
| \n Lease liability (as\nrestated through opening retained earnings \n | \n\n | \n 840,723 \n | \n\n \u00a0 \n | \n\n (39,500) \n | \n\n \u00a0 \n | \n\n 40,698 \n | \n\n \u00a0 \n | \n\n 842,228 \n | \n
| \n Total liabilities\nfrom financing activities \n | \n\n | \n 6,107,500 \n | \n\n \u00a0 \n | \n\n (5,527) \n | \n\n \u00a0 \n | \n\n 22,084,892 \n | \n\n \u00a0 \n | \n\n 28,187,172 \n | \n
36. \u00a0 Related party\ntransactions
\n\u00a0
\nThe\nCompany
\n\u00a0
\nRelated party\nrelationships
\n\u00a0
\nAs at the date of\nstatement of financial position the Company had related party\ntransactions with its shareholders, group and related\nundertakings.\u00a0 Amounts due from/to shareholders, group and\nrelated parties are disclosed in notes 16, 21 and 23.
\n\u00a0
\nThe following companies\nare related by virtue of being controlled by Hal Mann Vella Group\np.l.c.
\n\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n Percentage of shares\nheld by Hal Mann Vella Group plc \n | \n|||
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n | \n | \n | \n | \n | \n | \n | \n 2025 \n | \n\n | \n 2024 \n | \n\n |
| \n Mavina Holiday Complex\nLtd \n | \n\n | \n | \n | \n | \n | \n 99.93% \n | \n\n | \n 99.93% \n | \n\n | |
| \n Sudvel\nLimited \n | \n\n | \n | \n | \n | \n | \n | \n 100% \n | \n\n | \n 100% \n | \n\n |
| \n Hal Mann International\nLimited \n | \n\n | \n | \n | \n | \n | \n 100% \n | \n\n | \n 100% \n | \n\n | |
| \n Hal Mann Properties\nLtd \n | \n\n | \n | \n | \n | \n | \n | \n 99.99% \n | \n\n | \n 99.99% \n | \n\n |
| \n Hal Mann (Letting)\nLtd \n | \n\n | \n | \n | \n | \n | \n | \n 100% \n | \n\n | \n 100% \n | \n\n |
| \n Hal Mann Vella\nLimited \n | \n\n | \n | \n | \n | \n | \n | \n 100% \n | \n\n | \n 100% \n | \n\n |
| \n Halmann Solar\nLimited \n | \n\n | \n | \n | \n | \n | \n | \n 100% \n | \n\n | \n 100% \n | \n\n |
| \n HMK Limited \n | \n\n | \n | \n | \n | \n | \n | \n 100% \n | \n\n | \n 100% \n | \n\n |
| \n CDK Limited \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n 100% \n | \n\n \u00a0 \n | \n\n 100% \n | \n\n \u00a0 \n | \n
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n The following\ncompanies are related by virtue of being jointly controlled by Hal\nMann Vella Group p.l.c. \n | \n\n | |||||||||
| \n | \n | \n | \n | \n | \n | \n | \n Percentage of shares\nheld by Hal Mann Vella Group plc \n | \n|||
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n | \n | \n | \n | \n | \n | \n | \n 2025 \n | \n\n | \n 2024 \n | \n\n |
| \n Hal Mann Holdings\nLtd \n | \n\n | \n | \n | \n | \n | \n | \n 50% \n | \n\n | \n 50% \n | \n\n |
| \n HMK International\nLtd. \n | \n\n | \n | \n | \n | \n | \n | \n 50% \n | \n\n | \n 50% \n | \n\n |
| \n Zokrija\nLimited \n | \n\n | \n | \n | \n | \n | \n | \n 50% \n | \n\n | \n 50% \n | \n\n |
\u00a0
\nThe following table\nprovides the total amount of transactions that have been entered\ninto with related parties for the relevant financial\nyear.
\n\u00a0
\n| \n | \n | \n Rental\nincome \n | \n\n Interest\nincome \n | \n\n Amount owed by\nrelated parties \n | \n\n Amount | \n
| \n | \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n | \n | \n | \n | \n | \n |
| \n Subsidiaries of the Company: \n | \n\n | \n | \n | \n | \n |
| \n Mavina Holiday Complex\nLtd \n | \n\n 2025 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 6,197,526 \n | \n
| \n | \n 2024 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 735,415 \n | \n
| \n Sudvel Limited \n | \n\n 2025 \n | \n\n - \n | \n\n 422,506 \n | \n\n 9,261,349 \n | \n\n - \n | \n
| \n | \n 2024 \n | \n\n - \n | \n\n 222,236 \n | \n\n 6,744,499 \n | \n\n - \n | \n
| \n Hal Mann \n | \n\n 2025 \n | \n\n 218,295 \n | \n\n 187,960 \n | \n\n 4,139,049 \n | \n\n - \n | \n
| \n International\nLimited \n | \n\n 2024 \n | \n\n 202,770 \n | \n\n 476,946 \n | \n\n 4,634,076 \n | \n\n - \n | \n
| \n Hal Mann\nProperties \n | \n\n 2025 \n | \n\n 3,308 \n | \n\n 118,801 \n | \n\n 1,524,363 \n | \n\n - \n | \n
| \n \u00a0Ltd \n | \n\n 2024 \n | \n\n 3,072 \n | \n\n 104,014 \n | \n\n 477,913 \n | \n\n - \n | \n
| \n Halmann Solar \n | \n\n 2025 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 387,851 \n | \n
| \n Limited \n | \n\n 2024 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 399,380 \n | \n
| \n Hal Mann (Letting)\nLtd \n | \n\n 2025 \n | \n\n - \n | \n\n 211,106 \n | \n\n 4,088,430 \n | \n\n - \n | \n
| \n | \n 2024 \n | \n\n - \n | \n\n 177,352 \n | \n\n 3,803,129 \n | \n\n - \n | \n
| \n Hal Mann Vella \n | \n\n 2025 \n | \n\n 483,412 \n | \n\n 378,299 \n | \n\n 8,364,710 \n | \n\n 3,347,236 \n | \n
| \n Limited \n | \n\n 2024 \n | \n\n 474,986 \n | \n\n 101,354 \n | \n\n 4,060,887 \n | \n\n 4,489,628 \n | \n
| \n CDK Limited \n | \n\n 2025 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n
| \n | \n 2024 \n | \n\n - \n | \n\n - \n | \n\n 21,688 \n | \n\n - \n | \n
\u00a0
\nCDK Limited was acquired\nand formed part of the group from 24th October 2024.
\n\u00a0
\n| \n Zokrija\nLimited \n | \n\n 2025 \n | \n\n - \n | \n\n - \n | \n\n 15,000 \n | \n\n - \n | \n
| \n | \n 2024 \n | \n\n - \n | \n\n - \n | \n\n 15,000 \n | \n\n - \n | \n
| \n Hal Mann Holdings\nLtd \n | \n\n 2025 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n
| \n | \n 2024 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 70,000 \n | \n
| \n HMK International\nLimited \n | \n\n 2025 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 109,964 \n | \n
| \n | \n 2024 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 109,964 \n | \n
\u00a0
\n| \n | \n | \n Rental\nincome \n | \n\n Interest\nincome \n | \n\n Amount owed by\nrelated parties \n | \n\n Amount | \n
| \n | \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n | \n | \n | \n | \n | \n |
| \n Other\nrelated undertakings \n | \n\n | \n | \n | \n | \n |
| \n Shareholders'\nloans \n | \n\n 2025 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 2,982,430 \n | \n
| \n | \n 2024 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 2,982,430 \n | \n
\u00a0
\nTerms and conditions\nof transactions with related parties
\n\u00a0
\nThe rental income and\npurchases from/to related parties are made on terms equivalent to\nthose that prevail in arm\u2019s length transactions. Outstanding\nbalances at the year-end are unsecured, interest free except for\namounts due from subsidiaries which bear interest at 5.3% annually,\nand settlement occurs in cash. There have been no guarantees\nprovided or received for any related party receivables or payables.\nFor the year ended 31 December 2025, the Company recorded\nimpairment of receivables relating to amounts owed by related\nparties disclosed in notes 21 and 34, in compliance with IFRS 9.\nThis assessment will be undertaken each financial year through\nexamining the financial position of the related party and the\nmarket in which the related party operates together with other\nhistorical data on recovery of amounts due.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "sfvf8.MS_6": { "value": "The following table\nprovides the total amount of transactions that have been entered\ninto with related parties for the relevant financial\nyear.
\n\u00a0
\n| \n | \n | \n Rental\nincome \n | \n\n Interest\nincome \n | \n\n Amount owed by\nrelated parties \n | \n\n Amount | \n
| \n | \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n | \n | \n | \n | \n | \n |
| \n Subsidiaries of the Company: \n | \n\n | \n | \n | \n | \n |
| \n Mavina Holiday Complex\nLtd \n | \n\n 2025 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 6,197,526 \n | \n
| \n | \n 2024 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 735,415 \n | \n
| \n Sudvel Limited \n | \n\n 2025 \n | \n\n - \n | \n\n 422,506 \n | \n\n 9,261,349 \n | \n\n - \n | \n
| \n | \n 2024 \n | \n\n - \n | \n\n 222,236 \n | \n\n 6,744,499 \n | \n\n - \n | \n
| \n Hal Mann \n | \n\n 2025 \n | \n\n 218,295 \n | \n\n 187,960 \n | \n\n 4,139,049 \n | \n\n - \n | \n
| \n International\nLimited \n | \n\n 2024 \n | \n\n 202,770 \n | \n\n 476,946 \n | \n\n 4,634,076 \n | \n\n - \n | \n
| \n Hal Mann\nProperties \n | \n\n 2025 \n | \n\n 3,308 \n | \n\n 118,801 \n | \n\n 1,524,363 \n | \n\n - \n | \n
| \n \u00a0Ltd \n | \n\n 2024 \n | \n\n 3,072 \n | \n\n 104,014 \n | \n\n 477,913 \n | \n\n - \n | \n
| \n Halmann Solar \n | \n\n 2025 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 387,851 \n | \n
| \n Limited \n | \n\n 2024 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 399,380 \n | \n
| \n Hal Mann (Letting)\nLtd \n | \n\n 2025 \n | \n\n - \n | \n\n 211,106 \n | \n\n 4,088,430 \n | \n\n - \n | \n
| \n | \n 2024 \n | \n\n - \n | \n\n 177,352 \n | \n\n 3,803,129 \n | \n\n - \n | \n
| \n Hal Mann Vella \n | \n\n 2025 \n | \n\n 483,412 \n | \n\n 378,299 \n | \n\n 8,364,710 \n | \n\n 3,347,236 \n | \n
| \n Limited \n | \n\n 2024 \n | \n\n 474,986 \n | \n\n 101,354 \n | \n\n 4,060,887 \n | \n\n 4,489,628 \n | \n
| \n CDK Limited \n | \n\n 2025 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n
| \n | \n 2024 \n | \n\n - \n | \n\n - \n | \n\n 21,688 \n | \n\n - \n | \n
\u00a0
\nCDK Limited was acquired\nand formed part of the group from 24th October 2024.
\n\u00a0
\n| \n Zokrija\nLimited \n | \n\n 2025 \n | \n\n - \n | \n\n - \n | \n\n 15,000 \n | \n\n - \n | \n
| \n | \n 2024 \n | \n\n - \n | \n\n - \n | \n\n 15,000 \n | \n\n - \n | \n
| \n Hal Mann Holdings\nLtd \n | \n\n 2025 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n - \n | \n
| \n | \n 2024 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 70,000 \n | \n
| \n HMK International\nLimited \n | \n\n 2025 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 109,964 \n | \n
| \n | \n 2024 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 109,964 \n | \n
\u00a0
\n| \n | \n | \n Rental\nincome \n | \n\n Interest\nincome \n | \n\n Amount owed by\nrelated parties \n | \n\n Amount | \n
| \n | \n | \n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n | \n | \n | \n | \n | \n |
| \n Other\nrelated undertakings \n | \n\n | \n | \n | \n | \n |
| \n Shareholders'\nloans \n | \n\n 2025 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 2,982,430 \n | \n
| \n | \n 2024 \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n 2,982,430 \n | \n
\u00a0
\nTerms and conditions\nof transactions with related parties
\n\u00a0
\nThe rental income and\npurchases from/to related parties are made on terms equivalent to\nthose that prevail in arm\u2019s length transactions. Outstanding\nbalances at the year-end are unsecured, interest free except for\namounts due from subsidiaries which bear interest at 5.3% annually,\nand settlement occurs in cash. There have been no guarantees\nprovided or received for any related party receivables or payables.\nFor the year ended 31 December 2025, the Company recorded\nimpairment of receivables relating to amounts owed by related\nparties disclosed in notes 21 and 34, in compliance with IFRS 9.\nThis assessment will be undertaken each financial year through\nexamining the financial position of the related party and the\nmarket in which the related party operates together with other\nhistorical data on recovery of amounts due.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "gM2nNz8RJz": { "value": "37. \u00a0\u00a0 Ultimate\ncontrolling parties\n\u00a0\nHal Mann Vella Group\np.l.c., the parent Company, is a public limited company\nincorporated in Malta.\n\u00a0\nThe ultimate controlling\nparty of the company is Halmann Velsud Holdings Limited who has\n100% ownership of the issued share capital.", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "obppY3._Q1": { "value": "Hal Mann Vella Group\np.l.c., the parent Company", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:21380032UJDLSDYKD103", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }