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"pp-value-10-2": {
"value": "c. Foreign currency translationThe functional currency of the Companyis Pound Sterling. The consolidated financial statements are also presented in\ue61fPound Sterling.Each entity of the Group determines its\ue61fown functional currency and items included in the financial statements of each entity are measured using that functional currency.Exchange differences in respect of loans denominated in foreign currency which were granted by the Company to its subsidiaries are reflected in the foreign currency translation reserve in equity, as\ue61fthese loans are, in substance, a part of\ue61fthe Group\u2019s net investment in the foreign operation.The following exchange rates in relation to\ue61fPound Sterling were prevailing at reporting dates:As at 31 December2023 In 2022 In Pound Pound SterlingSterlingEuro 0.869 0.885Hungarian Forint 0.002 0.002US Dollar 0.786 0.830Percentage increase (decrease) in exchange rates at year end compared to\ue61fthe previous year:As at 31 December2023 In % 2022 In % versus versus Pound Pound SterlingSterlingEuro (1.8) 5.6Hungarian Forint 2.8 (3.5)US Dollar (5.2) 12.2",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-10-3": {
"value": "c. Foreign currency translationThe functional currency of the Companyis Pound Sterling. The consolidated financial statements are also presented in\ue61fPound Sterling.Each entity of the Group determines its\ue61fown functional currency and items included in the financial statements of each entity are measured using that functional currency.Exchange differences in respect of loans denominated in foreign currency which were granted by the Company to its subsidiaries are reflected in the foreign currency translation reserve in equity, as\ue61fthese loans are, in substance, a part of\ue61fthe Group\u2019s net investment in the foreign operation.The following exchange rates in relation to\ue61fPound Sterling were prevailing at reporting dates:As at 31 December2023 In 2022 In Pound Pound SterlingSterlingEuro 0.869 0.885Hungarian Forint 0.002 0.002US Dollar 0.786 0.830Percentage increase (decrease) in exchange rates at year end compared to\ue61fthe previous year:As at 31 December2023 In % 2022 In % versus versus Pound Pound SterlingSterlingEuro (1.8) 5.6Hungarian Forint 2.8 (3.5)US Dollar (5.2) 12.2d. Property, plant and equipmentProperty, plant and equipment are measured at cost, less accumulated depreciation and impairment losses. Depreciation is calculated using the straight-line method, over the shorter of\ue61fthe estimated useful life of the assetsor\ue61fthe lease term as follows:YearsHotel buildings 50 to 95Furniture and equipment 2 to 25e. Financial instrumentsi) Financial assetsInitial recognition and measurementFinancial assets are classified, at initial recognition, as subsequently measuredat\ue61famortised cost or fair value through profit or loss.The Group initially measures a financial asset at its fair value plus, in the case of a\ue61ffinancial asset not at fair value through profit or loss, transaction costs. Subsequent measurementFor purposes of subsequent measurement, financial assets are classified in two categories:\u2022 financial assets at amortised cost(debt\ue61finstruments); and\u2022 financial assets at fair value throughprofit or loss.Financial assets at amortised cost (debt\ue61finstruments)The Group measures financial assets at\ue61famortised cost if both of the following conditions are met:\u2022 the financial asset is held within a business model with the objective ofholding financial assets in order to collect contractual cash flows; and\u2022 the contractual terms of the financialasset give rise on specified dates to cash flows that are \u2018solely payments of\ue61fprincipal and interest\u2019 (SPPI) on the principal amount outstanding.Financial assets at amortised cost are subsequently measured using the effective interest rate (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired.The Group\u2019s financial assets at\ue61famortised cost include trade\ue61freceivables and loans to\ue61fjoint\ue61fventures.Financial assets at fair value through\ue61fprofit or lossFinancial assets at fair value through profit or loss include financial assets held for trading. Financial assets are classified as held for\ue61ftrading if they are acquired for the purpose of selling or repurchasing in the\ue61fnear term. Derivatives, including separated embedded derivatives, are\ue61falso\ue61fclassified as held for trading unless they are designated as effective hedging instruments. Financial assets that\ue61fare debt instruments may be designated at\ue61ffair\ue61fvalue through profit or\ue61floss on\ue61finitial recognition if doing so eliminates,\ue61for\ue61fsignificantly reduces, an\ue61faccounting\ue61fmismatch.Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognised in the income statement.This category includes derivative instruments and listed equity investments. Dividends on listed equity\ue61finvestments and Income Units (Note 6).Impairment of financial assetsFor trade receivables the Group applies a\ue61fsimplified approach in calculating the expected credit loss (ECL). Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each\ue61freporting date. The Group considers a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full. A financial asset is written off when there is no reasonable expectation of recovering the\ue61fcontractual cash flows.DerecognitionA financial liability is derecognised when\ue61fthe obligation under the liability is\ue61fdischarged or cancelled or expires. f. InventoriesInventories include china, food and beverages and are valued at the lower of\ue61fcost and net realisable value. Cost includes purchase cost on a first-in, first-out basis. g. Derivative financial instruments and\ue704hedge\ue704accountingThe Group uses derivative financial instruments such as interest rate swaps to hedge its risks associated with interest rate fluctuations. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently re-measured at fair value. Derivatives are carried as assets when the fair value is positive and as liabilities when the fair value is negative.Any gains or losses arising from changes in fair value on derivatives that do not qualify for hedge accounting are taken directly to\ue61fthe\ue61fincome statement.For the purpose of hedge accounting, hedges are classified as cash flow hedges when hedging the exposure to\ue61fvariability in cash flows that is either\ue61fattributable to\ue61fa particular risk\ue61fassociated with a recognised asset or liability or a highly probable forecast transaction.At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which the Group wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item or transaction, the nature of the risk being hedged and how the Group will assess the effectiveness of\ue61fchanges in the hedging instrument\u2019s fair value in offsetting the exposure to changes in the hedged item\u2019s fair value or\ue61fcash flows attributable to the hedged risk. Such hedges are expected to be highly effective in achieving offsetting changes in fair value or cash flows and are assessed on an ongoing basis to determine that they actually have been\ue61fhighly effective throughout the\ue61ffinancial reporting periods for which\ue61fthey\ue61fwere designated. The effective portion of the gain or loss\ue61fon\ue61fthe hedging instrument in a cash\ue61fflow hedge is recognised directly in\ue61fother comprehensive income, while the\ue61fineffective portion is recognised in profit\ue61for loss. Amounts taken to other comprehensive income are transferred to the income statement when the hedged transaction affects profit or loss, such as\ue61fwhen the hedged financial income or financial expense is recognised.ii) Financial liabilitiesInitial recognition and measurementFinancial liabilities are classified, at initial\ue61frecognition, as financial liabilities at\ue61ffair value through profit or loss, as\ue61fmeasured at amortised cost (loans and\ue61fborrowings and payables) or as derivatives designated as hedging instruments in an effective hedge, as\ue61fappropriate.All financial liabilities are recognised initially at fair value and, in the case of\ue61floans and borrowings and payables, neof directly attributable transaction\ue61fcosts.The Group\u2019s financial liabilities include trade and other payables, loans and\ue61fborrowings including bank overdrafts, and derivative financial\ue61finstruments.Subsequent measurementThe measurement of financial liabilities depends on their classification, as described below:Financial liabilities at fair value through profit or lossFinancial liabilities at fair value through profit or loss include financial liabilities held for trading.Financial liabilities are classified as held\ue61ffor\ue61ftrading if they are incurred for\ue61fthe purpose of repurchasing in the near term. This category also includes derivative financial instruments entered\ue61finto by the Group that are not\ue61fdesignated as hedging instruments in\ue61fhedge relationships as defined by IFRS\ue61f9. Separated embedded derivatives are also\ue61fclassified as held for trading unless\ue61fthey are designated as effective hedging instruments.Gains or losses on liabilities held for\ue61ftrading are recognised in the income\ue61fstatement.Financial liability in respect of Income Units sold to private investors In 2010, the construction of Park Plaza\ue61fWestminster Bridge London was completed and the hotel opened to paying customers. Out of 1,019 rooms, 535 rooms (\u2018Income Units\u2019) were sold at that time to private investors under 999-year lease agreements. The sales transactions are accounted for as a transaction in which the investors, in return for the upfront consideration paid for the Income Units, receive 999 years of net income from a specific revenue-generating portion of an asset (contractual right to a stream of future cash flows). The amounts received upfront are accounted for as a floating rate financial liability pursuant to IFRS 9. B5.4.5 and are being recognised as\ue61fincome over the term of the lease (i.e.\ue61f999 years). Changes in future estimated cash flows from the Income Units are recognised prospectively in the\ue61fperiod in which they occur. Since November 2014, the Company has bought\ue61fback 52 Income Units from private\ue61finvestors. Upon buy-back of a unit,\ue61fthe financial liability relating to that unit is derecognised and any difference between the purchase price and the liability derecognised is recorded in profit\ue61fand loss. The entire hotel is accounted for at cost\ue61fless accumulated depreciation.The replacement costs for the Income Units are fully reimbursed by the private investors. An amount of 4% of revenues is paid by the investors on an annual basis (\u2018FF&E reserve\u2019) and is accounted for in profit and loss. The difference between the actual depreciation cost and the FF&E reserve is a timing difference which is recorded in the statement of financial position as a receivable or liability to the investor in each respective year.i. Alternative Performance MeasuresEBITDAREarnings before interest (Financial income and expenses), tax, depreciation and amortisation, impairment loss, rental expenses, share in results of joint ventures and exceptional items presented as other income and expense.EBITDAEarnings before interest (Financial income\ue61fand expenses), tax, depreciation and amortisation, impairment loss, share\ue61fin results of\ue61fjoint ventures and exceptional items\ue61fpresented as other income and\ue61fexpense. EBIT Earnings before interest (Financial income and expenses), tax, share in\ue61fresults of joint ventures and exceptional items presented as\ue61fother\ue61fincome and expense. j. LeasesThe Group as lesseeThe Group applies a single recognition and\ue61fmeasurement approach for all leases,except for short-term leases and leases of\ue61flow-value assets. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the\ue61fright to use the underlying assets.Right-of-use assetsRight-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any re-measurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the\ue61festimated useful lives of the assets, as\ue61ffollows:YearsLand 50 to 200Hotel buildings 5 to 95Offices and storage 1 to 12Furniture and equipment 2 to 25Lease liabilitiesAt the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include the expected payments of penalties for terminating the lease, if the lease term reflects the\ue61fGroup exercising the option to\ue61fterminate. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in\ue61fthe\ue61flease is not readily determinable. The\ue61fcarrying amount of lease liabilities is\ue61fre-measured if there is a modification, a\ue61fchange in the lease term, a change in the\ue61flease payments (e.g. changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset.The Group\u2019s lease liabilities are included in\ue61fOther financial liabilities (see Note 16).Variable lease payments that depend on\ue61fan index or rate:On the commencement date, the Company uses the index or rate prevailing on the commencement date\ue61fto calculate the future lease\ue61fpayments.For leases in which the Company is the\ue61flessee, the aggregate changes in future lease payments resulting from a\ue61fchange in the index or rate (including changes following a market rent review) are discounted (without a change in the discount rate applicable to the lease liability) and recorded as an adjustment of\ue61fthe lease liability and the right-of-use asset, only when there is a change in\ue61fthe\ue61fcash flows resulting from the change in the index or rate (that is, when\ue61fthe adjustment to the lease payments takes effect).Variable lease payments:Variable lease payments that do not depend on an index or interest rate but are based on performance or usage are recognised as rent expense as incurred when the Company is\ue61fthe\ue61flessee, and are recognised as\ue61fincome as earned when the\ue61fCompany is the lessor.Lease extension and termination options:A non-cancellable lease term includes both the periods covered by an option to\ue61fextend the lease when it is reasonably certain that the extension option will be exercised and the periods covered by a\ue61flease termination option when it is reasonably certain that the termination option will not be\ue61fexercised.Short-term leases and leases of\ue61flow-value\ue61fassetsThe Group applies the short-term lease recognition exemption to its short-term leases of furniture and equipment (i.e.\ue61fthose leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term.k. Employee benefitsShare-based paymentsThe Board has adopted a share option plan, under which employees and Directors of the Group receive remuneration in the form of share-based payment transactions,whereby employees render services as consideration for equity instruments (equity-settled transactions). n. TaxationDeferred income taxDeferred income tax is provided using theliability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax liabilities are recognised\ue61ffor all taxable temporary differences, except in respect of taxable temporary differences associated with investments in subsidiaries, associates and jointly controlled entities, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.Deferred tax assets are recognised to the\ue61fextent that it is probable that taxable profit will be available against which the deductible temporary differences and the\ue61fcarry forward of\ue61funused tax losses can be utilised.The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent that it is no\ue61flonger probable that sufficient taxable profit will be available to allow all or part of\ue61fthe deferred income tax asset to be utilised. Unrecognised deferred income tax assets are re-assessed at each reporting date and are recognised to the\ue61fextent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have\ue61fbeen enacted or substantively enacted at the reporting date.The cost of equity-settled transactions with employees is measured by reference to the fair value at the date on which they are granted. The fair value is determined by using an appropriate pricing model, further details of which are given in Note\ue61f11. PensionThe Group has a defined contribution pension plan where the employer is liable\ue61fonly for the employer\u2019s part of the\ue61fcontribution towards an individual\u2019s pension plan.The Group will have no legal obligation to\ue61fpay further contributions. The contributions in the defined contribution plan are recognised as an expense and no\ue61fadditional provision is required in the\ue61fconsolidated financial statements.l. ProvisionsProvisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it\ue61fis probable that an outflow of\ue61fresources embodying economic benefits will be required to settle the\ue61fobligation and a\ue61freliable estimate can be made of the amount of the\ue61fobligation.m. Borrowing costs for qualifying assetsBorrowing costs directly attributable to\ue61fthe acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the asset.All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.o. Government grantsGovernment grants are recognised where there is reasonable assurance that\ue61fthe grant will be received and all attached conditions will be complied with.When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the\ue61frelated costs, for which it is intended to compensate. The income from the government grants is netted off against the operating expenses account in the income statement.q. Standards issued but not yet appliedStandards issued but not yet effective, or\ue61fsubject to adoption by the European Union, up to the date of issuance of the consolidated financial statements are listed below. This listing of standards issued are those that the Group reasonably expects to have an impact on\ue61fdisclosures, financial position or performance when applied at a future date. The Group intends to adopt these standards when they become mandatory.The following standards have been issued\ue61fby the IASB and are not yet effective or are subject to adoption by\ue61fthe\ue61fEuropean Union:Amendments to IAS 1: Classification\ue61fof Liabilities as\ue61fCurrent\ue61for Non-currentIn January 2020 and October 2022, the\ue61fIASB issued amendments to paragraphs 69 to 76 of IAS 1 to specify the\ue61frequirements for classifying liabilities\ue61fas\ue61fcurrent or non-current. The\ue61famendments clarify:\u2022 What is meant by a right to defer\ue61fsettlement\u2022 That a right to defer must exist at theend of the reporting period\u2022 That classification is unaffected by the\ue61flikelihood that an entity will exercise its deferral right\u2022 That only if an embedded derivative in a\ue61fconvertible liability is itself an\ue61fequity instrument would the terms of a liabilitynot impact its\ue61fclassificationIn addition, a requirement has been introduced to require disclosure when a liability arising from a loan agreement is classified as non-current and the entity\u2019s right to defer settlement is contingent on compliance with future covenants within 12 months.The amendments are effective for annual reporting periods beginning on\ue61for after 1 January 2024 and must be applied retrospectively. The Group is currently assessing the impact the amendments will\ue61fhave on current practice and whether\ue61fexisting loan\ue61fagreements may\ue61frequire\ue61frenegotiation.Amendments to IAS 21: The Effects of\ue61fChanges in Foreign Exchange RatesIn August 2023, the IASB issued \u2018Amendments to IAS 21: Lack of Exchangeability (Amendments to IAS 21,\ue61f\u201cThe Effects of Changes in Foreign Exchange Rates\u201d)\u2019 (\u2018the Amendments\u2019) to\ue61fclarify how an entity should assess whether a currency is exchangeable and\ue61fhow it should measure and determine\ue61fa spot exchange rate when\ue61fexchangeability is lacking.The Amendments set out the requirements for determining the spot\ue61fexchange rate when a currency lacks exchangeability. The Amendments require disclosure of information that will\ue61fenable users of financial statements to\ue61funderstand how a currency not being\ue61fexchangeable affects or is expected\ue61fto\ue61faffect the entity\u2019s financial\ue61fperformance, financial position\ue61fand\ue61fcash\ue61fflows.The Amendments apply for annual reporting periods beginning on or after\ue61f1 January 2025. Earlier adoption is\ue61fpermitted.The Company believes that the Amendments are not expected to have a\ue61fmaterial impact on its consolidated financial statements.Note 25 Income taxesa. Tax benefit (expense) included in the income statementAs at 31 December2023 2022 \u00a3\u2019000\u00a3\u2019000Current taxes (2,760) (394)Adjustments in respect of current income tax of previous year (8) 87Deferred taxes 1,091 3,663(1,677) 3,356b. The following are the major deferred tax (liabilities) and assets recognised by the Group and changes therein during the period:Tax loss carry\ue61fforward Property, plant and\ue61ftiming and equipment difference on and intangible provisions assets Tax incentives Total \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Balance as at 1 January 2023 12,928 (11,134) 5,193 6,987Amounts charged to income statement 8,744 (7,653) \u2013 1,091Adjustments for exchange rate differences (167) 140 (96) (123)Balance as at 31 December 2023 21,505 (18,647) 5,097 7,955Balance as at 1 January 2022 8,334 (11,009) 5,660 2,985Amounts charged to income statement 4,134 274 (745) 3,663Adjustments for exchange rate differences 460 (399) 278 339Balance as at 31 December 2022 12,928 (11,134) 5,193 6,987The above deferred taxes have been set off when they relate to the same jurisdictions and presented in the consolidated financial statements as follows:As at 31 December2023 2022 \u00a3\u2019000\u00a3\u2019000Deferred tax assets 13,833 12,909Deferred tax liabilities (5,878) (5,922)7,955 6,987c. Reconciliation between tax benefit (expense) and the product of accounting profit multiplied by the Group\u2019s tax rate is as follows:As at 31 December2023 2022 \u00a3\u2019000\u00a3\u2019000Profit before income taxes 28,822 11,456Expected tax at the tax rate of the United Kingdom 25% (2022: 19%) (7,206) (2,177)Adjustments in respect of:Effects of other tax rates 10,240 1,265Non-deductible expenses (627) (199)Disallowed interest for which deferred tax asset was not recorded (11,078) (3,922)Temporary differences for which no deferred tax was recorded (5,014) 4,307Non-taxable income 484 431Unrecognised current year tax losses (2,966) (1,695)Recognition of deferred tax asset on losses from previous years 14,377 5,171Other differences 113 175Income tax benefit (expense) reported in the income statement (1,677) 3,356d. Tax laws applicable to the Group companies: (i) The Company is subject to taxation under the laws of Guernsey. The Company is therefore taxed at the standard rate of 0%.(ii) Foreign subsidiaries are subject to income taxes in their country of domicile in respect of their income, as follows: 1. Taxation in the Netherlands: corporate income tax rate is 25.8%. 2. Taxation in the United Kingdom: corporate income tax rate for domiciled companies and for non-domiciled companies is\ue61f25%\ue61f(2022: 19%). 3. Taxation in Germany: aggregated corporate tax rate and trade income rate is 29.7%. 4. Taxation in Hungary: corporate income tax rate is 9%. 5. Taxation in Croatia: corporate income tax rate is 18%. 6. Taxation in Italy: aggregated corporate tax rate (IRES) and local tax (IRAP) rate is 27.9%. 7. Taxation in Austria: corporate income tax rate is 25%. 8. Taxation in Serbia: corporate income tax rate is 15%. Corporate tax rate in the UK \u2013 In March 2021, the UK government adopted the Spring Budget 2021 which included an increase in\ue61fthe UK corporate tax rate from 19% to 25% from 1 April 2023. e. Losses carried forward for tax purposesThe Group has carried forward losses for tax purposes estimated at approximately \u00a3198.2 million (2022: \u00a3212.1 million). Movement in 2023 mainly relates to the utilisation of losses in the amount of approximately \u00a326 million net of creation of new losses in the amount of approximately \u00a311.9 million. The Group did\ue61fnot establish deferred tax assets in respect of losses amounting to \u00a3118.6 million (2022: \u00a3163.5 million). Movement in 2023 mainly relates to the recognition of deferred tax assets in the amount of approximately \u00a356.8 million net of creation of new losses in the amount of approximately \u00a311.9 million.The carried forward losses relate to individual companies in the Group, each in its own tax jurisdiction. When analysing the recoverability of\ue61fthese losses the Group assesses the likelihood that these losses can be utilised against foreseeable future trading profits while considering the limitations and the nature of the available losses. In this analysis the Group concluded that for the majority of these companies it is not probable that future profits will be achieved that can be offset against these losses, mainly due to the nature of their trade (i.e. holding companies or tax exempt activities). Based on this uncertain profitability, the Company determined that it could not recognise deferred tax assets for most of the losses. The Company is performing this analysis on an ongoing basis. f. Tax incentivesIn May 2019, based on confirmation from the Ministry of Economy and pursuant to the Investment Promotion and Development of\ue61fInvestment Climate Act in Croatia, Arena became eligible to claim incentive allowances. Investments eligible for incentives are investments done in Arena One 99 Glamping Campsite, Arena Grand Ka\u017eela Campsite, Hotel Brioni and Verudela Beach self-catering apartment complexes, among others. Arena has the right to use the investment tax credits until 2027. The execution of the investment project is subject to supervision by the relevant institutions throughout the period of use of the tax credits and Arena will need to present regular annual reports to the tax authority in which it will evidence that the conditions for the use of the tax credits are met. ",
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"value": "c. Foreign currency translationThe functional currency of the Companyis Pound Sterling. The consolidated financial statements are also presented in\ue61fPound Sterling.Each entity of the Group determines its\ue61fown functional currency and items included in the financial statements of each entity are measured using that functional currency.Exchange differences in respect of loans denominated in foreign currency which were granted by the Company to its subsidiaries are reflected in the foreign currency translation reserve in equity, as\ue61fthese loans are, in substance, a part of\ue61fthe Group\u2019s net investment in the foreign operation.The following exchange rates in relation to\ue61fPound Sterling were prevailing at reporting dates:As at 31 December2023 In 2022 In Pound Pound SterlingSterlingEuro 0.869 0.885Hungarian Forint 0.002 0.002US Dollar 0.786 0.830Percentage increase (decrease) in exchange rates at year end compared to\ue61fthe previous year:As at 31 December2023 In % 2022 In % versus versus Pound Pound SterlingSterlingEuro (1.8) 5.6Hungarian Forint 2.8 (3.5)US Dollar (5.2) 12.2",
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"value": "d. Property, plant and equipmentProperty, plant and equipment are measured at cost, less accumulated depreciation and impairment losses. Depreciation is calculated using the straight-line method, over the shorter of\ue61fthe estimated useful life of the assetsor\ue61fthe lease term as follows:YearsHotel buildings 50 to 95Furniture and equipment 2 to 25",
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"value": "e. Financial instrumentsi) Financial assetsInitial recognition and measurementFinancial assets are classified, at initial recognition, as subsequently measuredat\ue61famortised cost or fair value through profit or loss.The Group initially measures a financial asset at its fair value plus, in the case of a\ue61ffinancial asset not at fair value through profit or loss, transaction costs. Subsequent measurementFor purposes of subsequent measurement, financial assets are classified in two categories:\u2022 financial assets at amortised cost(debt\ue61finstruments); and\u2022 financial assets at fair value throughprofit or loss.Financial assets at amortised cost (debt\ue61finstruments)The Group measures financial assets at\ue61famortised cost if both of the following conditions are met:\u2022 the financial asset is held within a business model with the objective ofholding financial assets in order to collect contractual cash flows; and\u2022 the contractual terms of the financialasset give rise on specified dates to cash flows that are \u2018solely payments of\ue61fprincipal and interest\u2019 (SPPI) on the principal amount outstanding.Financial assets at amortised cost are subsequently measured using the effective interest rate (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired.The Group\u2019s financial assets at\ue61famortised cost include trade\ue61freceivables and loans to\ue61fjoint\ue61fventures.Financial assets at fair value through\ue61fprofit or lossFinancial assets at fair value through profit or loss include financial assets held for trading. Financial assets are classified as held for\ue61ftrading if they are acquired for the purpose of selling or repurchasing in the\ue61fnear term. Derivatives, including separated embedded derivatives, are\ue61falso\ue61fclassified as held for trading unless they are designated as effective hedging instruments. Financial assets that\ue61fare debt instruments may be designated at\ue61ffair\ue61fvalue through profit or\ue61floss on\ue61finitial recognition if doing so eliminates,\ue61for\ue61fsignificantly reduces, an\ue61faccounting\ue61fmismatch.Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognised in the income statement.This category includes derivative instruments and listed equity investments. Dividends on listed equity\ue61finvestments and Income Units (Note 6).Impairment of financial assetsFor trade receivables the Group applies a\ue61fsimplified approach in calculating the expected credit loss (ECL). Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each\ue61freporting date. The Group considers a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full. A financial asset is written off when there is no reasonable expectation of recovering the\ue61fcontractual cash flows.DerecognitionA financial liability is derecognised when\ue61fthe obligation under the liability is\ue61fdischarged or cancelled or expires. g. Derivative financial instruments and\ue704hedge\ue704accountingThe Group uses derivative financial instruments such as interest rate swaps to hedge its risks associated with interest rate fluctuations. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently re-measured at fair value. Derivatives are carried as assets when the fair value is positive and as liabilities when the fair value is negative.Any gains or losses arising from changes in fair value on derivatives that do not qualify for hedge accounting are taken directly to\ue61fthe\ue61fincome statement.For the purpose of hedge accounting, hedges are classified as cash flow hedges when hedging the exposure to\ue61fvariability in cash flows that is either\ue61fattributable to\ue61fa particular risk\ue61fassociated with a recognised asset or liability or a highly probable forecast transaction.At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which the Group wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item or transaction, the nature of the risk being hedged and how the Group will assess the effectiveness of\ue61fchanges in the hedging instrument\u2019s fair value in offsetting the exposure to changes in the hedged item\u2019s fair value or\ue61fcash flows attributable to the hedged risk. Such hedges are expected to be highly effective in achieving offsetting changes in fair value or cash flows and are assessed on an ongoing basis to determine that they actually have been\ue61fhighly effective throughout the\ue61ffinancial reporting periods for which\ue61fthey\ue61fwere designated. The effective portion of the gain or loss\ue61fon\ue61fthe hedging instrument in a cash\ue61fflow hedge is recognised directly in\ue61fother comprehensive income, while the\ue61fineffective portion is recognised in profit\ue61for loss. Amounts taken to other comprehensive income are transferred to the income statement when the hedged transaction affects profit or loss, such as\ue61fwhen the hedged financial income or financial expense is recognised.ii) Financial liabilitiesInitial recognition and measurementFinancial liabilities are classified, at initial\ue61frecognition, as financial liabilities at\ue61ffair value through profit or loss, as\ue61fmeasured at amortised cost (loans and\ue61fborrowings and payables) or as derivatives designated as hedging instruments in an effective hedge, as\ue61fappropriate.All financial liabilities are recognised initially at fair value and, in the case of\ue61floans and borrowings and payables, neof directly attributable transaction\ue61fcosts.The Group\u2019s financial liabilities include trade and other payables, loans and\ue61fborrowings including bank overdrafts, and derivative financial\ue61finstruments.Subsequent measurementThe measurement of financial liabilities depends on their classification, as described below:Financial liabilities at fair value through profit or lossFinancial liabilities at fair value through profit or loss include financial liabilities held for trading.Financial liabilities are classified as held\ue61ffor\ue61ftrading if they are incurred for\ue61fthe purpose of repurchasing in the near term. This category also includes derivative financial instruments entered\ue61finto by the Group that are not\ue61fdesignated as hedging instruments in\ue61fhedge relationships as defined by IFRS\ue61f9. Separated embedded derivatives are also\ue61fclassified as held for trading unless\ue61fthey are designated as effective hedging instruments.Gains or losses on liabilities held for\ue61ftrading are recognised in the income\ue61fstatement.Financial liability in respect of Income Units sold to private investors In 2010, the construction of Park Plaza\ue61fWestminster Bridge London was completed and the hotel opened to paying customers. Out of 1,019 rooms, 535 rooms (\u2018Income Units\u2019) were sold at that time to private investors under 999-year lease agreements. The sales transactions are accounted for as a transaction in which the investors, in return for the upfront consideration paid for the Income Units, receive 999 years of net income from a specific revenue-generating portion of an asset (contractual right to a stream of future cash flows). The amounts received upfront are accounted for as a floating rate financial liability pursuant to IFRS 9. B5.4.5 and are being recognised as\ue61fincome over the term of the lease (i.e.\ue61f999 years). Changes in future estimated cash flows from the Income Units are recognised prospectively in the\ue61fperiod in which they occur. Since November 2014, the Company has bought\ue61fback 52 Income Units from private\ue61finvestors. Upon buy-back of a unit,\ue61fthe financial liability relating to that unit is derecognised and any difference between the purchase price and the liability derecognised is recorded in profit\ue61fand loss. The entire hotel is accounted for at cost\ue61fless accumulated depreciation.The replacement costs for the Income Units are fully reimbursed by the private investors. An amount of 4% of revenues is paid by the investors on an annual basis (\u2018FF&E reserve\u2019) and is accounted for in profit and loss. The difference between the actual depreciation cost and the FF&E reserve is a timing difference which is recorded in the statement of financial position as a receivable or liability to the investor in each respective year.",
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"pp-value-13-4": {
"value": "e. Financial instrumentsi) Financial assetsInitial recognition and measurementFinancial assets are classified, at initial recognition, as subsequently measuredat\ue61famortised cost or fair value through profit or loss.The Group initially measures a financial asset at its fair value plus, in the case of a\ue61ffinancial asset not at fair value through profit or loss, transaction costs. Subsequent measurementFor purposes of subsequent measurement, financial assets are classified in two categories:\u2022 financial assets at amortised cost(debt\ue61finstruments); and\u2022 financial assets at fair value throughprofit or loss.Financial assets at amortised cost (debt\ue61finstruments)The Group measures financial assets at\ue61famortised cost if both of the following conditions are met:\u2022 the financial asset is held within a business model with the objective ofholding financial assets in order to collect contractual cash flows; and\u2022 the contractual terms of the financialasset give rise on specified dates to cash flows that are \u2018solely payments of\ue61fprincipal and interest\u2019 (SPPI) on the principal amount outstanding.Financial assets at amortised cost are subsequently measured using the effective interest rate (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired.The Group\u2019s financial assets at\ue61famortised cost include trade\ue61freceivables and loans to\ue61fjoint\ue61fventures.Financial assets at fair value through\ue61fprofit or lossFinancial assets at fair value through profit or loss include financial assets held for trading. Financial assets are classified as held for\ue61ftrading if they are acquired for the purpose of selling or repurchasing in the\ue61fnear term. Derivatives, including separated embedded derivatives, are\ue61falso\ue61fclassified as held for trading unless they are designated as effective hedging instruments. Financial assets that\ue61fare debt instruments may be designated at\ue61ffair\ue61fvalue through profit or\ue61floss on\ue61finitial recognition if doing so eliminates,\ue61for\ue61fsignificantly reduces, an\ue61faccounting\ue61fmismatch.Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognised in the income statement.This category includes derivative instruments and listed equity investments. Dividends on listed equity\ue61finvestments and Income Units (Note 6).Impairment of financial assetsFor trade receivables the Group applies a\ue61fsimplified approach in calculating the expected credit loss (ECL). Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each\ue61freporting date. The Group considers a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full. A financial asset is written off when there is no reasonable expectation of recovering the\ue61fcontractual cash flows.DerecognitionA financial liability is derecognised when\ue61fthe obligation under the liability is\ue61fdischarged or cancelled or expires. ii) Financial liabilitiesInitial recognition and measurementFinancial liabilities are classified, at initial\ue61frecognition, as financial liabilities at\ue61ffair value through profit or loss, as\ue61fmeasured at amortised cost (loans and\ue61fborrowings and payables) or as derivatives designated as hedging instruments in an effective hedge, as\ue61fappropriate.All financial liabilities are recognised initially at fair value and, in the case of\ue61floans and borrowings and payables, neof directly attributable transaction\ue61fcosts.The Group\u2019s financial liabilities include trade and other payables, loans and\ue61fborrowings including bank overdrafts, and derivative financial\ue61finstruments.Subsequent measurementThe measurement of financial liabilities depends on their classification, as described below:Financial liabilities at fair value through profit or lossFinancial liabilities at fair value through profit or loss include financial liabilities held for trading.Financial liabilities are classified as held\ue61ffor\ue61ftrading if they are incurred for\ue61fthe purpose of repurchasing in the near term. This category also includes derivative financial instruments entered\ue61finto by the Group that are not\ue61fdesignated as hedging instruments in\ue61fhedge relationships as defined by IFRS\ue61f9. Separated embedded derivatives are also\ue61fclassified as held for trading unless\ue61fthey are designated as effective hedging instruments.Gains or losses on liabilities held for\ue61ftrading are recognised in the income\ue61fstatement.Financial liability in respect of Income Units sold to private investors In 2010, the construction of Park Plaza\ue61fWestminster Bridge London was completed and the hotel opened to paying customers. Out of 1,019 rooms, 535 rooms (\u2018Income Units\u2019) were sold at that time to private investors under 999-year lease agreements. The sales transactions are accounted for as a transaction in which the investors, in return for the upfront consideration paid for the Income Units, receive 999 years of net income from a specific revenue-generating portion of an asset (contractual right to a stream of future cash flows). The amounts received upfront are accounted for as a floating rate financial liability pursuant to IFRS 9. B5.4.5 and are being recognised as\ue61fincome over the term of the lease (i.e.\ue61f999 years). Changes in future estimated cash flows from the Income Units are recognised prospectively in the\ue61fperiod in which they occur. Since November 2014, the Company has bought\ue61fback 52 Income Units from private\ue61finvestors. Upon buy-back of a unit,\ue61fthe financial liability relating to that unit is derecognised and any difference between the purchase price and the liability derecognised is recorded in profit\ue61fand loss. The entire hotel is accounted for at cost\ue61fless accumulated depreciation.The replacement costs for the Income Units are fully reimbursed by the private investors. An amount of 4% of revenues is paid by the investors on an annual basis (\u2018FF&E reserve\u2019) and is accounted for in profit and loss. The difference between the actual depreciation cost and the FF&E reserve is a timing difference which is recorded in the statement of financial position as a receivable or liability to the investor in each respective year.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-13-5": {
"value": "e. Financial instrumentsi) Financial assetsInitial recognition and measurementFinancial assets are classified, at initial recognition, as subsequently measuredat\ue61famortised cost or fair value through profit or loss.The Group initially measures a financial asset at its fair value plus, in the case of a\ue61ffinancial asset not at fair value through profit or loss, transaction costs. Subsequent measurementFor purposes of subsequent measurement, financial assets are classified in two categories:\u2022 financial assets at amortised cost(debt\ue61finstruments); and\u2022 financial assets at fair value throughprofit or loss.Financial assets at amortised cost (debt\ue61finstruments)The Group measures financial assets at\ue61famortised cost if both of the following conditions are met:\u2022 the financial asset is held within a business model with the objective ofholding financial assets in order to collect contractual cash flows; and\u2022 the contractual terms of the financialasset give rise on specified dates to cash flows that are \u2018solely payments of\ue61fprincipal and interest\u2019 (SPPI) on the principal amount outstanding.Financial assets at amortised cost are subsequently measured using the effective interest rate (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired.The Group\u2019s financial assets at\ue61famortised cost include trade\ue61freceivables and loans to\ue61fjoint\ue61fventures.Financial assets at fair value through\ue61fprofit or lossFinancial assets at fair value through profit or loss include financial assets held for trading. Financial assets are classified as held for\ue61ftrading if they are acquired for the purpose of selling or repurchasing in the\ue61fnear term. Derivatives, including separated embedded derivatives, are\ue61falso\ue61fclassified as held for trading unless they are designated as effective hedging instruments. Financial assets that\ue61fare debt instruments may be designated at\ue61ffair\ue61fvalue through profit or\ue61floss on\ue61finitial recognition if doing so eliminates,\ue61for\ue61fsignificantly reduces, an\ue61faccounting\ue61fmismatch.Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognised in the income statement.This category includes derivative instruments and listed equity investments. Dividends on listed equity\ue61finvestments and Income Units (Note 6).Impairment of financial assetsFor trade receivables the Group applies a\ue61fsimplified approach in calculating the expected credit loss (ECL). Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each\ue61freporting date. The Group considers a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full. A financial asset is written off when there is no reasonable expectation of recovering the\ue61fcontractual cash flows.DerecognitionA financial liability is derecognised when\ue61fthe obligation under the liability is\ue61fdischarged or cancelled or expires. ii) Financial liabilitiesInitial recognition and measurementFinancial liabilities are classified, at initial\ue61frecognition, as financial liabilities at\ue61ffair value through profit or loss, as\ue61fmeasured at amortised cost (loans and\ue61fborrowings and payables) or as derivatives designated as hedging instruments in an effective hedge, as\ue61fappropriate.All financial liabilities are recognised initially at fair value and, in the case of\ue61floans and borrowings and payables, neof directly attributable transaction\ue61fcosts.The Group\u2019s financial liabilities include trade and other payables, loans and\ue61fborrowings including bank overdrafts, and derivative financial\ue61finstruments.Subsequent measurementThe measurement of financial liabilities depends on their classification, as described below:Financial liabilities at fair value through profit or lossFinancial liabilities at fair value through profit or loss include financial liabilities held for trading.Financial liabilities are classified as held\ue61ffor\ue61ftrading if they are incurred for\ue61fthe purpose of repurchasing in the near term. This category also includes derivative financial instruments entered\ue61finto by the Group that are not\ue61fdesignated as hedging instruments in\ue61fhedge relationships as defined by IFRS\ue61f9. Separated embedded derivatives are also\ue61fclassified as held for trading unless\ue61fthey are designated as effective hedging instruments.Gains or losses on liabilities held for\ue61ftrading are recognised in the income\ue61fstatement.Financial liability in respect of Income Units sold to private investors In 2010, the construction of Park Plaza\ue61fWestminster Bridge London was completed and the hotel opened to paying customers. Out of 1,019 rooms, 535 rooms (\u2018Income Units\u2019) were sold at that time to private investors under 999-year lease agreements. The sales transactions are accounted for as a transaction in which the investors, in return for the upfront consideration paid for the Income Units, receive 999 years of net income from a specific revenue-generating portion of an asset (contractual right to a stream of future cash flows). The amounts received upfront are accounted for as a floating rate financial liability pursuant to IFRS 9. B5.4.5 and are being recognised as\ue61fincome over the term of the lease (i.e.\ue61f999 years). Changes in future estimated cash flows from the Income Units are recognised prospectively in the\ue61fperiod in which they occur. Since November 2014, the Company has bought\ue61fback 52 Income Units from private\ue61finvestors. Upon buy-back of a unit,\ue61fthe financial liability relating to that unit is derecognised and any difference between the purchase price and the liability derecognised is recorded in profit\ue61fand loss. The entire hotel is accounted for at cost\ue61fless accumulated depreciation.The replacement costs for the Income Units are fully reimbursed by the private investors. An amount of 4% of revenues is paid by the investors on an annual basis (\u2018FF&E reserve\u2019) and is accounted for in profit and loss. The difference between the actual depreciation cost and the FF&E reserve is a timing difference which is recorded in the statement of financial position as a receivable or liability to the investor in each respective year.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-13-6": {
"value": "e. Financial instrumentsi) Financial assetsInitial recognition and measurementFinancial assets are classified, at initial recognition, as subsequently measuredat\ue61famortised cost or fair value through profit or loss.The Group initially measures a financial asset at its fair value plus, in the case of a\ue61ffinancial asset not at fair value through profit or loss, transaction costs. Subsequent measurementFor purposes of subsequent measurement, financial assets are classified in two categories:\u2022 financial assets at amortised cost(debt\ue61finstruments); and\u2022 financial assets at fair value throughprofit or loss.Financial assets at amortised cost (debt\ue61finstruments)The Group measures financial assets at\ue61famortised cost if both of the following conditions are met:\u2022 the financial asset is held within a business model with the objective ofholding financial assets in order to collect contractual cash flows; and\u2022 the contractual terms of the financialasset give rise on specified dates to cash flows that are \u2018solely payments of\ue61fprincipal and interest\u2019 (SPPI) on the principal amount outstanding.Financial assets at amortised cost are subsequently measured using the effective interest rate (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired.The Group\u2019s financial assets at\ue61famortised cost include trade\ue61freceivables and loans to\ue61fjoint\ue61fventures.Financial assets at fair value through\ue61fprofit or lossFinancial assets at fair value through profit or loss include financial assets held for trading. Financial assets are classified as held for\ue61ftrading if they are acquired for the purpose of selling or repurchasing in the\ue61fnear term. Derivatives, including separated embedded derivatives, are\ue61falso\ue61fclassified as held for trading unless they are designated as effective hedging instruments. Financial assets that\ue61fare debt instruments may be designated at\ue61ffair\ue61fvalue through profit or\ue61floss on\ue61finitial recognition if doing so eliminates,\ue61for\ue61fsignificantly reduces, an\ue61faccounting\ue61fmismatch.Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognised in the income statement.This category includes derivative instruments and listed equity investments. Dividends on listed equity\ue61finvestments and Income Units (Note 6).Impairment of financial assetsFor trade receivables the Group applies a\ue61fsimplified approach in calculating the expected credit loss (ECL). Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each\ue61freporting date. The Group considers a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full. A financial asset is written off when there is no reasonable expectation of recovering the\ue61fcontractual cash flows.DerecognitionA financial liability is derecognised when\ue61fthe obligation under the liability is\ue61fdischarged or cancelled or expires. ii) Financial liabilitiesInitial recognition and measurementFinancial liabilities are classified, at initial\ue61frecognition, as financial liabilities at\ue61ffair value through profit or loss, as\ue61fmeasured at amortised cost (loans and\ue61fborrowings and payables) or as derivatives designated as hedging instruments in an effective hedge, as\ue61fappropriate.All financial liabilities are recognised initially at fair value and, in the case of\ue61floans and borrowings and payables, neof directly attributable transaction\ue61fcosts.The Group\u2019s financial liabilities include trade and other payables, loans and\ue61fborrowings including bank overdrafts, and derivative financial\ue61finstruments.Subsequent measurementThe measurement of financial liabilities depends on their classification, as described below:Financial liabilities at fair value through profit or lossFinancial liabilities at fair value through profit or loss include financial liabilities held for trading.Financial liabilities are classified as held\ue61ffor\ue61ftrading if they are incurred for\ue61fthe purpose of repurchasing in the near term. This category also includes derivative financial instruments entered\ue61finto by the Group that are not\ue61fdesignated as hedging instruments in\ue61fhedge relationships as defined by IFRS\ue61f9. Separated embedded derivatives are also\ue61fclassified as held for trading unless\ue61fthey are designated as effective hedging instruments.Gains or losses on liabilities held for\ue61ftrading are recognised in the income\ue61fstatement.Financial liability in respect of Income Units sold to private investors In 2010, the construction of Park Plaza\ue61fWestminster Bridge London was completed and the hotel opened to paying customers. Out of 1,019 rooms, 535 rooms (\u2018Income Units\u2019) were sold at that time to private investors under 999-year lease agreements. The sales transactions are accounted for as a transaction in which the investors, in return for the upfront consideration paid for the Income Units, receive 999 years of net income from a specific revenue-generating portion of an asset (contractual right to a stream of future cash flows). The amounts received upfront are accounted for as a floating rate financial liability pursuant to IFRS 9. B5.4.5 and are being recognised as\ue61fincome over the term of the lease (i.e.\ue61f999 years). Changes in future estimated cash flows from the Income Units are recognised prospectively in the\ue61fperiod in which they occur. Since November 2014, the Company has bought\ue61fback 52 Income Units from private\ue61finvestors. Upon buy-back of a unit,\ue61fthe financial liability relating to that unit is derecognised and any difference between the purchase price and the liability derecognised is recorded in profit\ue61fand loss. The entire hotel is accounted for at cost\ue61fless accumulated depreciation.The replacement costs for the Income Units are fully reimbursed by the private investors. An amount of 4% of revenues is paid by the investors on an annual basis (\u2018FF&E reserve\u2019) and is accounted for in profit and loss. The difference between the actual depreciation cost and the FF&E reserve is a timing difference which is recorded in the statement of financial position as a receivable or liability to the investor in each respective year.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-6-2": {
"value": "Note 2 Accounting\ue704policiesa. Basis of preparationThe consolidated financial statements of\ue61fthe Group have been prepared on a historical cost basis, except for derivative financial instruments and investments in marketable securities which are measured at fair value. The consolidated financial statements are presented in Pound Sterling and all values are rounded to the\ue61fnearest thousand (\u00a3\u2019000) except where otherwise indicated.Statement of complianceThe consolidated financial statements of\ue61fthe Group have been prepared in accordance with International Financial Reporting Standards (IFRS) which comprise standards and interpretations issued by the International Accounting Standards Board (IASB) and International Financial Reporting Standards Interpretations Committee (IFRIC) and adopted by the European Union.The accounting policies used in preparing the consolidated financial statements for the years ended 31 December 2023 and 2022 are set out below. These accounting policies have been consistently applied to the periods presented, except where otherwise indicated.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-7-2": {
"value": "b. Significant accounting judgements, estimatesand\ue704assumptionsThe preparation of the Group\u2019s consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities, at the reporting date.\ue61fHowever, uncertainty about these\ue61fassumptions and estimates could\ue61fresult in\ue61foutcomes that require a\ue61fmaterial adjustment to the carrying amount of\ue61fthe\ue61fasset or liability affected in\ue61ffuture\ue61fperiods.JudgementsIn the process of applying the Group\u2019s accounting policies, management has made the following judgements, which have\ue61fthe most significant effect on the amounts recognised in the consolidated financial statements.Financial liability in respect of Income Units sold to private investorsIn 2010, the construction of Park Plaza\ue61fWestminster Bridge London was completed and the hotel opened to paying customers. Out of 1,019 rooms, 535 rooms (\u2018Income Units\u2019) were sold at that time to private investors under 999-year lease agreements. The sales transactions are accounted for as a transaction in which the investors, in return for the upfront consideration paid for the Income Units, receive 999 years of net income from a specific revenue-generating portion of an asset (contractual right to\ue61fa\ue61fstream of future cash flows) (see more details in Note 2(e)). Management applied the following professional judgment in determining the\ue61faccounting treatment for the amounts\ue61freceived upfront.As the liability to pay future cash flows includes a component that is based on the\ue61ffuture net operating income (NOI) generated by the room, management considered whether this component meets the definition in IFRS 9 of an embedded derivative which needs to be accounted for separately. According to IFRS 9, if the changes in value arise from a\ue61fnon-financial variable that is specific to\ue61fa\ue61fparty to the contract, then the component does not meet the definition of\ue61fa derivative. As the NOI is generated by\ue61fa specific room and the NOI can be\ue61faffected by non-financial factors, management concluded that this component does not meet the definition\ue61fof\ue61fan embedded derivative.Based on its analysis of IFRS 9 and relevant professional publications, management considers a floating-rate liability as an instrument with variable cash flow amounts arising from changes in market variables. Due to the variability of the periodic NOI cash flows, which reflect primarily market conditions such as occupancy and the price charged for the room, management views the liability in respect of Income Units as a floating-rate financial liability. Pursuant to IFRS 9.B5.4.5 in respect of floating-rate financial instruments, changes in future estimated cash flows from the Income Units are recognised prospectively in the period in\ue61fwhich they occur. As the Company is not exposed to any risk nor receives any benefit in respect of future changes in NOI, management is of the view that the\ue61fapplication of IFRS 9.B5.4.5 is the appropriate accounting treatment. It also reflects the economics of the transaction with the investors in the Income Units.Estimates and assumptionsManagement did not identify any critical estimates included in the Group\u2019s consolidated financial statements for\ue61fwhich there is a significant risk of resulting in a material adjustment to the\ue61fcarrying amounts of assets and liabilities within the next financial year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-4-1": {
"value": "Note 1 GeneralThe consolidated financial statements\ue61fof PPHE Hotel Group Limited (the \u2018Company\u2019) and its subsidiaries (together the \u2018Group\u2019) for the year ended 31 December 2023 were authorised for issuance in accordance with a\ue61fresolution of the\ue61fDirectors on 28 February 2024.The Company was incorporated in Guernsey on 14 June 2007 and is listed on\ue61fthe Premium Listing segment of the Official List of the UK Listing Authority (the\ue61fUKLA) and the shares are traded on\ue61fthe Main Market for\ue61flisted securities of\ue61fthe London Stock Exchange. a. Description of the Group business:The Group is an international hospitalityreal estate group, which owns, co-owns and develops hotels, resorts and \u00aecampsites, operates the Park Plazabrand in EMEA and owns and operates \u00aethe\ue61fart\u2019otel brand.The Group has interests in hotels in the\ue61fUnited Kingdom, the Netherlands, Germany, Hungary, Serbia, Italy and Austria and hotels, self-catering apartment complexes and campsites in\ue61fCroatia.b. Assessment of going concern and\ue704liquidity:As part of their ongoing responsibilities, the Directors have recently undertaken a\ue61fthorough review of the Group\u2019s cash flow forecast and potential liquidity risks.\ue61fDetailed budgets and cash flow projections, which take into account the current trading environment and the industry-wide cost pressures, have beenprepared for 2024 and 2025, and show that the Group\u2019s hotel operations are expected to be cash generative during this period. Furthermore, under those cash flow projections it is expected that\ue61fthe Group will comply with its loan covenants. Having reviewed those cash\ue61fflow projections, the Directors have\ue61fdetermined that the Company is likely to continue in business for at least 12 months from the date of approval of the consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-4-2": {
"value": "Note 1 GeneralThe consolidated financial statements\ue61fof PPHE Hotel Group Limited (the \u2018Company\u2019) and its subsidiaries (together the \u2018Group\u2019) for the year ended 31 December 2023 were authorised for issuance in accordance with a\ue61fresolution of the\ue61fDirectors on 28 February 2024.The Company was incorporated in Guernsey on 14 June 2007 and is listed on\ue61fthe Premium Listing segment of the Official List of the UK Listing Authority (the\ue61fUKLA) and the shares are traded on\ue61fthe Main Market for\ue61flisted securities of\ue61fthe London Stock Exchange. a. Description of the Group business:The Group is an international hospitalityreal estate group, which owns, co-owns and develops hotels, resorts and \u00aecampsites, operates the Park Plazabrand in EMEA and owns and operates \u00aethe\ue61fart\u2019otel brand.The Group has interests in hotels in the\ue61fUnited Kingdom, the Netherlands, Germany, Hungary, Serbia, Italy and Austria and hotels, self-catering apartment complexes and campsites in\ue61fCroatia.b. Assessment of going concern and\ue704liquidity:As part of their ongoing responsibilities, the Directors have recently undertaken a\ue61fthorough review of the Group\u2019s cash flow forecast and potential liquidity risks.\ue61fDetailed budgets and cash flow projections, which take into account the current trading environment and the industry-wide cost pressures, have beenprepared for 2024 and 2025, and show that the Group\u2019s hotel operations are expected to be cash generative during this period. Furthermore, under those cash flow projections it is expected that\ue61fthe Group will comply with its loan covenants. Having reviewed those cash\ue61fflow projections, the Directors have\ue61fdetermined that the Company is likely to continue in business for at least 12 months from the date of approval of the consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-4-3": {
"value": "Note 1 GeneralThe consolidated financial statements\ue61fof PPHE Hotel Group Limited (the \u2018Company\u2019) and its subsidiaries (together the \u2018Group\u2019) for the year ended 31 December 2023 were authorised for issuance in accordance with a\ue61fresolution of the\ue61fDirectors on 28 February 2024.The Company was incorporated in Guernsey on 14 June 2007 and is listed on\ue61fthe Premium Listing segment of the Official List of the UK Listing Authority (the\ue61fUKLA) and the shares are traded on\ue61fthe Main Market for\ue61flisted securities of\ue61fthe London Stock Exchange. a. Description of the Group business:The Group is an international hospitalityreal estate group, which owns, co-owns and develops hotels, resorts and \u00aecampsites, operates the Park Plazabrand in EMEA and owns and operates \u00aethe\ue61fart\u2019otel brand.The Group has interests in hotels in the\ue61fUnited Kingdom, the Netherlands, Germany, Hungary, Serbia, Italy and Austria and hotels, self-catering apartment complexes and campsites in\ue61fCroatia.b. Assessment of going concern and\ue704liquidity:As part of their ongoing responsibilities, the Directors have recently undertaken a\ue61fthorough review of the Group\u2019s cash flow forecast and potential liquidity risks.\ue61fDetailed budgets and cash flow projections, which take into account the current trading environment and the industry-wide cost pressures, have beenprepared for 2024 and 2025, and show that the Group\u2019s hotel operations are expected to be cash generative during this period. Furthermore, under those cash flow projections it is expected that\ue61fthe Group will comply with its loan covenants. Having reviewed those cash\ue61fflow projections, the Directors have\ue61fdetermined that the Company is likely to continue in business for at least 12 months from the date of approval of the consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-4-4": {
"value": "Note 1 GeneralThe consolidated financial statements\ue61fof PPHE Hotel Group Limited (the \u2018Company\u2019) and its subsidiaries (together the \u2018Group\u2019) for the year ended 31 December 2023 were authorised for issuance in accordance with a\ue61fresolution of the\ue61fDirectors on 28 February 2024.The Company was incorporated in Guernsey on 14 June 2007 and is listed on\ue61fthe Premium Listing segment of the Official List of the UK Listing Authority (the\ue61fUKLA) and the shares are traded on\ue61fthe Main Market for\ue61flisted securities of\ue61fthe London Stock Exchange. a. Description of the Group business:The Group is an international hospitalityreal estate group, which owns, co-owns and develops hotels, resorts and \u00aecampsites, operates the Park Plazabrand in EMEA and owns and operates \u00aethe\ue61fart\u2019otel brand.The Group has interests in hotels in the\ue61fUnited Kingdom, the Netherlands, Germany, Hungary, Serbia, Italy and Austria and hotels, self-catering apartment complexes and campsites in\ue61fCroatia.b. Assessment of going concern and\ue704liquidity:As part of their ongoing responsibilities, the Directors have recently undertaken a\ue61fthorough review of the Group\u2019s cash flow forecast and potential liquidity risks.\ue61fDetailed budgets and cash flow projections, which take into account the current trading environment and the industry-wide cost pressures, have beenprepared for 2024 and 2025, and show that the Group\u2019s hotel operations are expected to be cash generative during this period. Furthermore, under those cash flow projections it is expected that\ue61fthe Group will comply with its loan covenants. Having reviewed those cash\ue61fflow projections, the Directors have\ue61fdetermined that the Company is likely to continue in business for at least 12 months from the date of approval of the consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-4-5": {
"value": "Note 1 GeneralThe consolidated financial statements\ue61fof PPHE Hotel Group Limited (the \u2018Company\u2019) and its subsidiaries (together the \u2018Group\u2019) for the year ended 31 December 2023 were authorised for issuance in accordance with a\ue61fresolution of the\ue61fDirectors on 28 February 2024.The Company was incorporated in Guernsey on 14 June 2007 and is listed on\ue61fthe Premium Listing segment of the Official List of the UK Listing Authority (the\ue61fUKLA) and the shares are traded on\ue61fthe Main Market for\ue61flisted securities of\ue61fthe London Stock Exchange. a. Description of the Group business:The Group is an international hospitalityreal estate group, which owns, co-owns and develops hotels, resorts and \u00aecampsites, operates the Park Plazabrand in EMEA and owns and operates \u00aethe\ue61fart\u2019otel brand.The Group has interests in hotels in the\ue61fUnited Kingdom, the Netherlands, Germany, Hungary, Serbia, Italy and Austria and hotels, self-catering apartment complexes and campsites in\ue61fCroatia.b. Assessment of going concern and\ue704liquidity:As part of their ongoing responsibilities, the Directors have recently undertaken a\ue61fthorough review of the Group\u2019s cash flow forecast and potential liquidity risks.\ue61fDetailed budgets and cash flow projections, which take into account the current trading environment and the industry-wide cost pressures, have beenprepared for 2024 and 2025, and show that the Group\u2019s hotel operations are expected to be cash generative during this period. Furthermore, under those cash flow projections it is expected that\ue61fthe Group will comply with its loan covenants. Having reviewed those cash\ue61fflow projections, the Directors have\ue61fdetermined that the Company is likely to continue in business for at least 12 months from the date of approval of the consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-4-6": {
"value": "Note 1 GeneralThe consolidated financial statements\ue61fof PPHE Hotel Group Limited (the \u2018Company\u2019) and its subsidiaries (together the \u2018Group\u2019) for the year ended 31 December 2023 were authorised for issuance in accordance with a\ue61fresolution of the\ue61fDirectors on 28 February 2024.The Company was incorporated in Guernsey on 14 June 2007 and is listed on\ue61fthe Premium Listing segment of the Official List of the UK Listing Authority (the\ue61fUKLA) and the shares are traded on\ue61fthe Main Market for\ue61flisted securities of\ue61fthe London Stock Exchange. a. Description of the Group business:The Group is an international hospitalityreal estate group, which owns, co-owns and develops hotels, resorts and \u00aecampsites, operates the Park Plazabrand in EMEA and owns and operates \u00aethe\ue61fart\u2019otel brand.The Group has interests in hotels in the\ue61fUnited Kingdom, the Netherlands, Germany, Hungary, Serbia, Italy and Austria and hotels, self-catering apartment complexes and campsites in\ue61fCroatia.b. Assessment of going concern and\ue704liquidity:As part of their ongoing responsibilities, the Directors have recently undertaken a\ue61fthorough review of the Group\u2019s cash flow forecast and potential liquidity risks.\ue61fDetailed budgets and cash flow projections, which take into account the current trading environment and the industry-wide cost pressures, have beenprepared for 2024 and 2025, and show that the Group\u2019s hotel operations are expected to be cash generative during this period. Furthermore, under those cash flow projections it is expected that\ue61fthe Group will comply with its loan covenants. Having reviewed those cash\ue61fflow projections, the Directors have\ue61fdetermined that the Company is likely to continue in business for at least 12 months from the date of approval of the consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-4-7": {
"value": "Note 1 GeneralThe consolidated financial statements\ue61fof PPHE Hotel Group Limited (the \u2018Company\u2019) and its subsidiaries (together the \u2018Group\u2019) for the year ended 31 December 2023 were authorised for issuance in accordance with a\ue61fresolution of the\ue61fDirectors on 28 February 2024.The Company was incorporated in Guernsey on 14 June 2007 and is listed on\ue61fthe Premium Listing segment of the Official List of the UK Listing Authority (the\ue61fUKLA) and the shares are traded on\ue61fthe Main Market for\ue61flisted securities of\ue61fthe London Stock Exchange. a. Description of the Group business:The Group is an international hospitalityreal estate group, which owns, co-owns and develops hotels, resorts and \u00aecampsites, operates the Park Plazabrand in EMEA and owns and operates \u00aethe\ue61fart\u2019otel brand.The Group has interests in hotels in the\ue61fUnited Kingdom, the Netherlands, Germany, Hungary, Serbia, Italy and Austria and hotels, self-catering apartment complexes and campsites in\ue61fCroatia.b. Assessment of going concern and\ue704liquidity:As part of their ongoing responsibilities, the Directors have recently undertaken a\ue61fthorough review of the Group\u2019s cash flow forecast and potential liquidity risks.\ue61fDetailed budgets and cash flow projections, which take into account the current trading environment and the industry-wide cost pressures, have beenprepared for 2024 and 2025, and show that the Group\u2019s hotel operations are expected to be cash generative during this period. Furthermore, under those cash flow projections it is expected that\ue61fthe Group will comply with its loan covenants. Having reviewed those cash\ue61fflow projections, the Directors have\ue61fdetermined that the Company is likely to continue in business for at least 12 months from the date of approval of the consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-4-8": {
"value": "Note 1 GeneralThe consolidated financial statements\ue61fof PPHE Hotel Group Limited (the \u2018Company\u2019) and its subsidiaries (together the \u2018Group\u2019) for the year ended 31 December 2023 were authorised for issuance in accordance with a\ue61fresolution of the\ue61fDirectors on 28 February 2024.The Company was incorporated in Guernsey on 14 June 2007 and is listed on\ue61fthe Premium Listing segment of the Official List of the UK Listing Authority (the\ue61fUKLA) and the shares are traded on\ue61fthe Main Market for\ue61flisted securities of\ue61fthe London Stock Exchange. a. Description of the Group business:The Group is an international hospitalityreal estate group, which owns, co-owns and develops hotels, resorts and \u00aecampsites, operates the Park Plazabrand in EMEA and owns and operates \u00aethe\ue61fart\u2019otel brand.The Group has interests in hotels in the\ue61fUnited Kingdom, the Netherlands, Germany, Hungary, Serbia, Italy and Austria and hotels, self-catering apartment complexes and campsites in\ue61fCroatia.b. Assessment of going concern and\ue704liquidity:As part of their ongoing responsibilities, the Directors have recently undertaken a\ue61fthorough review of the Group\u2019s cash flow forecast and potential liquidity risks.\ue61fDetailed budgets and cash flow projections, which take into account the current trading environment and the industry-wide cost pressures, have beenprepared for 2024 and 2025, and show that the Group\u2019s hotel operations are expected to be cash generative during this period. Furthermore, under those cash flow projections it is expected that\ue61fthe Group will comply with its loan covenants. Having reviewed those cash\ue61fflow projections, the Directors have\ue61fdetermined that the Company is likely to continue in business for at least 12 months from the date of approval of the consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-4-9": {
"value": "Note 1 GeneralThe consolidated financial statements\ue61fof PPHE Hotel Group Limited (the \u2018Company\u2019) and its subsidiaries (together the \u2018Group\u2019) for the year ended 31 December 2023 were authorised for issuance in accordance with a\ue61fresolution of the\ue61fDirectors on 28 February 2024.The Company was incorporated in Guernsey on 14 June 2007 and is listed on\ue61fthe Premium Listing segment of the Official List of the UK Listing Authority (the\ue61fUKLA) and the shares are traded on\ue61fthe Main Market for\ue61flisted securities of\ue61fthe London Stock Exchange. a. Description of the Group business:The Group is an international hospitalityreal estate group, which owns, co-owns and develops hotels, resorts and \u00aecampsites, operates the Park Plazabrand in EMEA and owns and operates \u00aethe\ue61fart\u2019otel brand.The Group has interests in hotels in the\ue61fUnited Kingdom, the Netherlands, Germany, Hungary, Serbia, Italy and Austria and hotels, self-catering apartment complexes and campsites in\ue61fCroatia.b. Assessment of going concern and\ue704liquidity:As part of their ongoing responsibilities, the Directors have recently undertaken a\ue61fthorough review of the Group\u2019s cash flow forecast and potential liquidity risks.\ue61fDetailed budgets and cash flow projections, which take into account the current trading environment and the industry-wide cost pressures, have beenprepared for 2024 and 2025, and show that the Group\u2019s hotel operations are expected to be cash generative during this period. Furthermore, under those cash flow projections it is expected that\ue61fthe Group will comply with its loan covenants. Having reviewed those cash\ue61fflow projections, the Directors have\ue61fdetermined that the Company is likely to continue in business for at least 12 months from the date of approval of the consolidated financial statements.Note 2 Accounting\ue704policiesa. Basis of preparationThe consolidated financial statements of\ue61fthe Group have been prepared on a historical cost basis, except for derivative financial instruments and investments in marketable securities which are measured at fair value. The consolidated financial statements are presented in Pound Sterling and all values are rounded to the\ue61fnearest thousand (\u00a3\u2019000) except where otherwise indicated.Statement of complianceThe consolidated financial statements of\ue61fthe Group have been prepared in accordance with International Financial Reporting Standards (IFRS) which comprise standards and interpretations issued by the International Accounting Standards Board (IASB) and International Financial Reporting Standards Interpretations Committee (IFRIC) and adopted by the European Union.The accounting policies used in preparing the consolidated financial statements for the years ended 31 December 2023 and 2022 are set out below. These accounting policies have been consistently applied to the periods presented, except where otherwise indicated.b. Significant accounting judgements, estimatesand\ue704assumptionsThe preparation of the Group\u2019s consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities, at the reporting date.\ue61fHowever, uncertainty about these\ue61fassumptions and estimates could\ue61fresult in\ue61foutcomes that require a\ue61fmaterial adjustment to the carrying amount of\ue61fthe\ue61fasset or liability affected in\ue61ffuture\ue61fperiods.JudgementsIn the process of applying the Group\u2019s accounting policies, management has made the following judgements, which have\ue61fthe most significant effect on the amounts recognised in the consolidated financial statements.Financial liability in respect of Income Units sold to private investorsIn 2010, the construction of Park Plaza\ue61fWestminster Bridge London was completed and the hotel opened to paying customers. Out of 1,019 rooms, 535 rooms (\u2018Income Units\u2019) were sold at that time to private investors under 999-year lease agreements. The sales transactions are accounted for as a transaction in which the investors, in return for the upfront consideration paid for the Income Units, receive 999 years of net income from a specific revenue-generating portion of an asset (contractual right to\ue61fa\ue61fstream of future cash flows) (see more details in Note 2(e)). Management applied the following professional judgment in determining the\ue61faccounting treatment for the amounts\ue61freceived upfront.As the liability to pay future cash flows includes a component that is based on the\ue61ffuture net operating income (NOI) generated by the room, management considered whether this component meets the definition in IFRS 9 of an embedded derivative which needs to be accounted for separately. According to IFRS 9, if the changes in value arise from a\ue61fnon-financial variable that is specific to\ue61fa\ue61fparty to the contract, then the component does not meet the definition of\ue61fa derivative. As the NOI is generated by\ue61fa specific room and the NOI can be\ue61faffected by non-financial factors, management concluded that this component does not meet the definition\ue61fof\ue61fan embedded derivative.Based on its analysis of IFRS 9 and relevant professional publications, management considers a floating-rate liability as an instrument with variable cash flow amounts arising from changes in market variables. Due to the variability of the periodic NOI cash flows, which reflect primarily market conditions such as occupancy and the price charged for the room, management views the liability in respect of Income Units as a floating-rate financial liability. Pursuant to IFRS 9.B5.4.5 in respect of floating-rate financial instruments, changes in future estimated cash flows from the Income Units are recognised prospectively in the period in\ue61fwhich they occur. As the Company is not exposed to any risk nor receives any benefit in respect of future changes in NOI, management is of the view that the\ue61fapplication of IFRS 9.B5.4.5 is the appropriate accounting treatment. It also reflects the economics of the transaction with the investors in the Income Units.Estimates and assumptionsManagement did not identify any critical estimates included in the Group\u2019s consolidated financial statements for\ue61fwhich there is a significant risk of resulting in a material adjustment to the\ue61fcarrying amounts of assets and liabilities within the next financial year.c. Foreign currency translationThe functional currency of the Companyis Pound Sterling. The consolidated financial statements are also presented in\ue61fPound Sterling.Each entity of the Group determines its\ue61fown functional currency and items included in the financial statements of each entity are measured using that functional currency.Exchange differences in respect of loans denominated in foreign currency which were granted by the Company to its subsidiaries are reflected in the foreign currency translation reserve in equity, as\ue61fthese loans are, in substance, a part of\ue61fthe Group\u2019s net investment in the foreign operation.The following exchange rates in relation to\ue61fPound Sterling were prevailing at reporting dates:As at 31 December2023 In 2022 In Pound Pound SterlingSterlingEuro 0.869 0.885Hungarian Forint 0.002 0.002US Dollar 0.786 0.830Percentage increase (decrease) in exchange rates at year end compared to\ue61fthe previous year:As at 31 December2023 In % 2022 In % versus versus Pound Pound SterlingSterlingEuro (1.8) 5.6Hungarian Forint 2.8 (3.5)US Dollar (5.2) 12.2d. Property, plant and equipmentProperty, plant and equipment are measured at cost, less accumulated depreciation and impairment losses. Depreciation is calculated using the straight-line method, over the shorter of\ue61fthe estimated useful life of the assetsor\ue61fthe lease term as follows:YearsHotel buildings 50 to 95Furniture and equipment 2 to 25e. Financial instrumentsi) Financial assetsInitial recognition and measurementFinancial assets are classified, at initial recognition, as subsequently measuredat\ue61famortised cost or fair value through profit or loss.The Group initially measures a financial asset at its fair value plus, in the case of a\ue61ffinancial asset not at fair value through profit or loss, transaction costs. Subsequent measurementFor purposes of subsequent measurement, financial assets are classified in two categories:\u2022 financial assets at amortised cost(debt\ue61finstruments); and\u2022 financial assets at fair value throughprofit or loss.Financial assets at amortised cost (debt\ue61finstruments)The Group measures financial assets at\ue61famortised cost if both of the following conditions are met:\u2022 the financial asset is held within a business model with the objective ofholding financial assets in order to collect contractual cash flows; and\u2022 the contractual terms of the financialasset give rise on specified dates to cash flows that are \u2018solely payments of\ue61fprincipal and interest\u2019 (SPPI) on the principal amount outstanding.Financial assets at amortised cost are subsequently measured using the effective interest rate (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired.The Group\u2019s financial assets at\ue61famortised cost include trade\ue61freceivables and loans to\ue61fjoint\ue61fventures.Financial assets at fair value through\ue61fprofit or lossFinancial assets at fair value through profit or loss include financial assets held for trading. Financial assets are classified as held for\ue61ftrading if they are acquired for the purpose of selling or repurchasing in the\ue61fnear term. Derivatives, including separated embedded derivatives, are\ue61falso\ue61fclassified as held for trading unless they are designated as effective hedging instruments. Financial assets that\ue61fare debt instruments may be designated at\ue61ffair\ue61fvalue through profit or\ue61floss on\ue61finitial recognition if doing so eliminates,\ue61for\ue61fsignificantly reduces, an\ue61faccounting\ue61fmismatch.Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognised in the income statement.This category includes derivative instruments and listed equity investments. Dividends on listed equity\ue61finvestments and Income Units (Note 6).Impairment of financial assetsFor trade receivables the Group applies a\ue61fsimplified approach in calculating the expected credit loss (ECL). Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each\ue61freporting date. The Group considers a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full. A financial asset is written off when there is no reasonable expectation of recovering the\ue61fcontractual cash flows.DerecognitionA financial liability is derecognised when\ue61fthe obligation under the liability is\ue61fdischarged or cancelled or expires. f. InventoriesInventories include china, food and beverages and are valued at the lower of\ue61fcost and net realisable value. Cost includes purchase cost on a first-in, first-out basis. g. Derivative financial instruments and\ue704hedge\ue704accountingThe Group uses derivative financial instruments such as interest rate swaps to hedge its risks associated with interest rate fluctuations. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently re-measured at fair value. Derivatives are carried as assets when the fair value is positive and as liabilities when the fair value is negative.Any gains or losses arising from changes in fair value on derivatives that do not qualify for hedge accounting are taken directly to\ue61fthe\ue61fincome statement.For the purpose of hedge accounting, hedges are classified as cash flow hedges when hedging the exposure to\ue61fvariability in cash flows that is either\ue61fattributable to\ue61fa particular risk\ue61fassociated with a recognised asset or liability or a highly probable forecast transaction.At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which the Group wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item or transaction, the nature of the risk being hedged and how the Group will assess the effectiveness of\ue61fchanges in the hedging instrument\u2019s fair value in offsetting the exposure to changes in the hedged item\u2019s fair value or\ue61fcash flows attributable to the hedged risk. Such hedges are expected to be highly effective in achieving offsetting changes in fair value or cash flows and are assessed on an ongoing basis to determine that they actually have been\ue61fhighly effective throughout the\ue61ffinancial reporting periods for which\ue61fthey\ue61fwere designated. The effective portion of the gain or loss\ue61fon\ue61fthe hedging instrument in a cash\ue61fflow hedge is recognised directly in\ue61fother comprehensive income, while the\ue61fineffective portion is recognised in profit\ue61for loss. Amounts taken to other comprehensive income are transferred to the income statement when the hedged transaction affects profit or loss, such as\ue61fwhen the hedged financial income or financial expense is recognised.h. Revenue from contracts with customersRevenue from contracts with customers is recognised when control\ue61fof the goods or services are\ue61ftransferred to the customer at\ue61fan\ue61famount that reflects the\ue61fconsideration to which the Group expects to be entitled in exchange for\ue61fthose goods or services.Owned, co-owned and leased hotelsRevenues are primarily derived from hotel operations, including the rental of rooms, food and beverage sales and other services from owned, co-owned and leased hotels operated under the Group\u2019s brand names. Revenue is recognised when rooms are occupied, food and beverages are sold and services are performed.Campsites and mobile homesRevenues are primarily derived from short-term rentals of campsite pitches and mobile homes operated under the Group\u2019s brand names. Revenue is recognised when campsite pitches and/or\ue61fmobile homes are occupied.Management feesManagement fees are earned from hotels\ue61fmanaged by the Group, under long-term contracts with the hotel owner.\ue61fManagement fees include a base\ue61ffee, which is generally a percentage of hotel revenue, and an incentive fee, which is based on the hotel\u2019s profitability. Revenue is recognised when earned and\ue61frealised\ue61for realisable under the terms\ue61fof the agreement.Franchise and reservation feesFranchise and reservation fees are received in connection with a licence of\ue61fthe Group\u2019s brand names, under long-term contracts with the hotel owner.\ue61fThe Group charges franchise and\ue61freservation fees as a percentage of\ue61fhotel revenue. Revenue is recognised when earned and realised\ue61for realisable under the terms\ue61fof the agreement.Marketing feesMarketing fees are received in connection with the sales and marketing services offered by the Group, under long-term contracts with the hotel owner. The Group charges marketing fees as a percentage of hotel revenue. Revenue\ue61fis recognised when earned\ue61fand realised or realisable under the terms of the agreement.Customer loyalty programmeThe Group participates in the Radisson TMRewards customer loyalty programme to provide customers with incentives to buy room nights. This customer loyalty programme is owned and operated by the\ue61fRadisson Hotel Group and therefore the entity retains no obligations in respect of the award credits other than to pay Radisson Hotel Group for the award credits purchased and granted to customers. The customers are entitled\ue61fto\ue61futilise the awards as soon as\ue61fthey are granted.ii) Financial liabilitiesInitial recognition and measurementFinancial liabilities are classified, at initial\ue61frecognition, as financial liabilities at\ue61ffair value through profit or loss, as\ue61fmeasured at amortised cost (loans and\ue61fborrowings and payables) or as derivatives designated as hedging instruments in an effective hedge, as\ue61fappropriate.All financial liabilities are recognised initially at fair value and, in the case of\ue61floans and borrowings and payables, neof directly attributable transaction\ue61fcosts.The Group\u2019s financial liabilities include trade and other payables, loans and\ue61fborrowings including bank overdrafts, and derivative financial\ue61finstruments.Subsequent measurementThe measurement of financial liabilities depends on their classification, as described below:Financial liabilities at fair value through profit or lossFinancial liabilities at fair value through profit or loss include financial liabilities held for trading.Financial liabilities are classified as held\ue61ffor\ue61ftrading if they are incurred for\ue61fthe purpose of repurchasing in the near term. This category also includes derivative financial instruments entered\ue61finto by the Group that are not\ue61fdesignated as hedging instruments in\ue61fhedge relationships as defined by IFRS\ue61f9. Separated embedded derivatives are also\ue61fclassified as held for trading unless\ue61fthey are designated as effective hedging instruments.Gains or losses on liabilities held for\ue61ftrading are recognised in the income\ue61fstatement.Financial liability in respect of Income Units sold to private investors In 2010, the construction of Park Plaza\ue61fWestminster Bridge London was completed and the hotel opened to paying customers. Out of 1,019 rooms, 535 rooms (\u2018Income Units\u2019) were sold at that time to private investors under 999-year lease agreements. The sales transactions are accounted for as a transaction in which the investors, in return for the upfront consideration paid for the Income Units, receive 999 years of net income from a specific revenue-generating portion of an asset (contractual right to a stream of future cash flows). The amounts received upfront are accounted for as a floating rate financial liability pursuant to IFRS 9. B5.4.5 and are being recognised as\ue61fincome over the term of the lease (i.e.\ue61f999 years). Changes in future estimated cash flows from the Income Units are recognised prospectively in the\ue61fperiod in which they occur. Since November 2014, the Company has bought\ue61fback 52 Income Units from private\ue61finvestors. Upon buy-back of a unit,\ue61fthe financial liability relating to that unit is derecognised and any difference between the purchase price and the liability derecognised is recorded in profit\ue61fand loss. The entire hotel is accounted for at cost\ue61fless accumulated depreciation.The replacement costs for the Income Units are fully reimbursed by the private investors. An amount of 4% of revenues is paid by the investors on an annual basis (\u2018FF&E reserve\u2019) and is accounted for in profit and loss. The difference between the actual depreciation cost and the FF&E reserve is a timing difference which is recorded in the statement of financial position as a receivable or liability to the investor in each respective year.The Group purchases these award credits from Radisson Hotel Group and issues these to its customers in order to\ue61fenhance its customer relationships rather than to earn a margin from the sale of these award credits. The Group concluded that it is acting as principal in\ue61fthis transaction and, in substance, is earning revenue from supplying these awards to its customers. The Group measures these revenues at fair value\ue61fand recognises these gross from\ue61fthe\ue61fcosts of participating in the\ue61fprogramme.Contract balancesTrade receivables-contract assetsA receivable represents the Group\u2019s right\ue61fto an amount of consideration that is\ue61funconditional (i.e. only the passage of time is required before payment of the consideration is due). Advance payments received \u2013\ue61fcontract\ue61fliabilitiesA contract liability is the obligation to\ue61ftransfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the Group transfers goods or services to the customer, a contract liability (advancepayments received) is recognised when the payment is made or the payment is due (whichever is earlier). Contract liabilities are recognised as revenue when the Group performs under the contract.i. Alternative Performance MeasuresEBITDAREarnings before interest (Financial income and expenses), tax, depreciation and amortisation, impairment loss, rental expenses, share in results of joint ventures and exceptional items presented as other income and expense.EBITDAEarnings before interest (Financial income\ue61fand expenses), tax, depreciation and amortisation, impairment loss, share\ue61fin results of\ue61fjoint ventures and exceptional items\ue61fpresented as other income and\ue61fexpense. EBIT Earnings before interest (Financial income and expenses), tax, share in\ue61fresults of joint ventures and exceptional items presented as\ue61fother\ue61fincome and expense. j. LeasesThe Group as lesseeThe Group applies a single recognition and\ue61fmeasurement approach for all leases,except for short-term leases and leases of\ue61flow-value assets. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the\ue61fright to use the underlying assets.Right-of-use assetsRight-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any re-measurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the\ue61festimated useful lives of the assets, as\ue61ffollows:YearsLand 50 to 200Hotel buildings 5 to 95Offices and storage 1 to 12Furniture and equipment 2 to 25Lease liabilitiesAt the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include the expected payments of penalties for terminating the lease, if the lease term reflects the\ue61fGroup exercising the option to\ue61fterminate. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in\ue61fthe\ue61flease is not readily determinable. The\ue61fcarrying amount of lease liabilities is\ue61fre-measured if there is a modification, a\ue61fchange in the lease term, a change in the\ue61flease payments (e.g. changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset.The Group\u2019s lease liabilities are included in\ue61fOther financial liabilities (see Note 16).Variable lease payments that depend on\ue61fan index or rate:On the commencement date, the Company uses the index or rate prevailing on the commencement date\ue61fto calculate the future lease\ue61fpayments.For leases in which the Company is the\ue61flessee, the aggregate changes in future lease payments resulting from a\ue61fchange in the index or rate (including changes following a market rent review) are discounted (without a change in the discount rate applicable to the lease liability) and recorded as an adjustment of\ue61fthe lease liability and the right-of-use asset, only when there is a change in\ue61fthe\ue61fcash flows resulting from the change in the index or rate (that is, when\ue61fthe adjustment to the lease payments takes effect).Variable lease payments:Variable lease payments that do not depend on an index or interest rate but are based on performance or usage are recognised as rent expense as incurred when the Company is\ue61fthe\ue61flessee, and are recognised as\ue61fincome as earned when the\ue61fCompany is the lessor.Lease extension and termination options:A non-cancellable lease term includes both the periods covered by an option to\ue61fextend the lease when it is reasonably certain that the extension option will be exercised and the periods covered by a\ue61flease termination option when it is reasonably certain that the termination option will not be\ue61fexercised.Short-term leases and leases of\ue61flow-value\ue61fassetsThe Group applies the short-term lease recognition exemption to its short-term leases of furniture and equipment (i.e.\ue61fthose leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term.k. Employee benefitsShare-based paymentsThe Board has adopted a share option plan, under which employees and Directors of the Group receive remuneration in the form of share-based payment transactions,whereby employees render services as consideration for equity instruments (equity-settled transactions). n. TaxationDeferred income taxDeferred income tax is provided using theliability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax liabilities are recognised\ue61ffor all taxable temporary differences, except in respect of taxable temporary differences associated with investments in subsidiaries, associates and jointly controlled entities, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.Deferred tax assets are recognised to the\ue61fextent that it is probable that taxable profit will be available against which the deductible temporary differences and the\ue61fcarry forward of\ue61funused tax losses can be utilised.The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent that it is no\ue61flonger probable that sufficient taxable profit will be available to allow all or part of\ue61fthe deferred income tax asset to be utilised. Unrecognised deferred income tax assets are re-assessed at each reporting date and are recognised to the\ue61fextent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have\ue61fbeen enacted or substantively enacted at the reporting date.The cost of equity-settled transactions with employees is measured by reference to the fair value at the date on which they are granted. The fair value is determined by using an appropriate pricing model, further details of which are given in Note\ue61f11. PensionThe Group has a defined contribution pension plan where the employer is liable\ue61fonly for the employer\u2019s part of the\ue61fcontribution towards an individual\u2019s pension plan.The Group will have no legal obligation to\ue61fpay further contributions. The contributions in the defined contribution plan are recognised as an expense and no\ue61fadditional provision is required in the\ue61fconsolidated financial statements.l. ProvisionsProvisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it\ue61fis probable that an outflow of\ue61fresources embodying economic benefits will be required to settle the\ue61fobligation and a\ue61freliable estimate can be made of the amount of the\ue61fobligation.m. Borrowing costs for qualifying assetsBorrowing costs directly attributable to\ue61fthe acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the asset.All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.o. Government grantsGovernment grants are recognised where there is reasonable assurance that\ue61fthe grant will be received and all attached conditions will be complied with.When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the\ue61frelated costs, for which it is intended to compensate. The income from the government grants is netted off against the operating expenses account in the income statement.p. Changes in accounting policies and disclosuresThe Group applied for the first time certain standards and amendments, which are effective for annual periods beginning on or after 1 January 2023. Several other amendments and interpretations apply for the first time in\ue61f2023, but do not have an impact on the\ue61fconsolidated financial statements of\ue61fthe Group. The Group has not early\ue61fadopted any other standard, interpretation or amendment that has\ue61fbeen issued but is not yet effective.Definition of Accounting Estimates \u2013 Amendments to IAS 8 The amendments to IAS 8 clarify the distinction between changes in accounting estimates, changes in\ue61faccounting policies and the correction of errors. They also clarify\ue61fhow entities use measurement techniques and inputs to develop accounting estimates. The amendments had no impact on\ue61fthe\ue61fGroup\u2019s consolidated financial\ue61fstatements.Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice\ue61fStatement 2 The amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements provide guidance and examples to help entities apply materiality judgements to accounting policy disclosures. The amendments aim to help\ue61fentities provide accounting policy disclosures that are more useful by replacing the requirement for entities to\ue61fdisclose their \u2018significant\u2019 accounting policies with a requirement to disclose their \u2018material\u2019 accounting policies and adding guidance on how entities apply\ue61fthe concept of materiality in\ue61fmaking decisions about accounting\ue61fpolicy disclosures. The amendments have had an impact on the Group\u2019s disclosures of accounting policies, but not on the measurement, recognition or presentation of any items in the Group\u2019s financial statements.Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 The amendments to IAS 12 Income Tax\ue61fnarrow the scope of the initial recognition exception, so that it no\ue61flonger applies to transactions that\ue61fgive rise to equal taxable and\ue61fdeductible temporary differences\ue61fsuch as leases and decommissioning liabilities. The amendments had no impact on the Group\u2019s consolidated financial statements as the Group is not in scope of the Pillar Two model rules as its annual revenues are less than \u20ac750 million. International Tax Reform\u2014Pillar Two Model Rules \u2013 Amendments to IAS 12 The amendments to IAS 12 have been introduced in response to the OECD\u2019s BEPS Pillar Two rules and include: \u2022 a mandatory temporary exceptionto\ue61fthe recognition and disclosure of\ue61fdeferred taxes arising from the\ue61fjurisdictional implementation of\ue61fthe\ue61fPillar Two model rules; and \u2022 disclosure requirements for affectedentities to help users of\ue61fthe\ue61ffinancial statements better understand an entity\u2019s exposure to\ue61fPillar Two income taxes arising from that legislation, particularly before its effective date. The mandatory temporary exception \u2013 the use of which is required to be disclosed \u2013 applies immediately. The remaining disclosure requirements apply\ue61ffor annual reporting periods beginning on or after 1 January 2023, but\ue61fnot for any interim periods endingon\ue61for before 31 December 2023.The amendments had no impact on the Group\u2019s consolidated financial statements as the Group is not in scope of the Pillar Two model rules as\ue61fits revenue is less than \u20ac750 million/year.q. Standards issued but not yet appliedStandards issued but not yet effective, or\ue61fsubject to adoption by the European Union, up to the date of issuance of the consolidated financial statements are listed below. This listing of standards issued are those that the Group reasonably expects to have an impact on\ue61fdisclosures, financial position or performance when applied at a future date. The Group intends to adopt these standards when they become mandatory.The following standards have been issued\ue61fby the IASB and are not yet effective or are subject to adoption by\ue61fthe\ue61fEuropean Union:Amendments to IAS 1: Classification\ue61fof Liabilities as\ue61fCurrent\ue61for Non-currentIn January 2020 and October 2022, the\ue61fIASB issued amendments to paragraphs 69 to 76 of IAS 1 to specify the\ue61frequirements for classifying liabilities\ue61fas\ue61fcurrent or non-current. The\ue61famendments clarify:\u2022 What is meant by a right to defer\ue61fsettlement\u2022 That a right to defer must exist at theend of the reporting period\u2022 That classification is unaffected by the\ue61flikelihood that an entity will exercise its deferral right\u2022 That only if an embedded derivative in a\ue61fconvertible liability is itself an\ue61fequity instrument would the terms of a liabilitynot impact its\ue61fclassificationIn addition, a requirement has been introduced to require disclosure when a liability arising from a loan agreement is classified as non-current and the entity\u2019s right to defer settlement is contingent on compliance with future covenants within 12 months.The amendments are effective for annual reporting periods beginning on\ue61for after 1 January 2024 and must be applied retrospectively. The Group is currently assessing the impact the amendments will\ue61fhave on current practice and whether\ue61fexisting loan\ue61fagreements may\ue61frequire\ue61frenegotiation.Amendments to IAS 21: The Effects of\ue61fChanges in Foreign Exchange RatesIn August 2023, the IASB issued \u2018Amendments to IAS 21: Lack of Exchangeability (Amendments to IAS 21,\ue61f\u201cThe Effects of Changes in Foreign Exchange Rates\u201d)\u2019 (\u2018the Amendments\u2019) to\ue61fclarify how an entity should assess whether a currency is exchangeable and\ue61fhow it should measure and determine\ue61fa spot exchange rate when\ue61fexchangeability is lacking.The Amendments set out the requirements for determining the spot\ue61fexchange rate when a currency lacks exchangeability. The Amendments require disclosure of information that will\ue61fenable users of financial statements to\ue61funderstand how a currency not being\ue61fexchangeable affects or is expected\ue61fto\ue61faffect the entity\u2019s financial\ue61fperformance, financial position\ue61fand\ue61fcash\ue61fflows.The Amendments apply for annual reporting periods beginning on or after\ue61f1 January 2025. Earlier adoption is\ue61fpermitted.The Company believes that the Amendments are not expected to have a\ue61fmaterial impact on its consolidated financial statements.Note 3 Intangible assets\u00ae\u00aePark PlazaPark PlazaHotels & Hotels & \u00aeResorts Resorts art\u2019otelOther management franchise franchise intangible 12rights (a)rights (a)rights (b) assets (c) Total \u00a3\u2019000 \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Cost:Balance as at 1 January 2023 21,195 21,667 3,849 3,859 50,570Additions \u2013 \u2013 \u2013 771 771Reclassification \u2013 \u2013 \u2013 (58) (58)Adjustment for exchange rate differences (390) (399) (72) (71) (932)Balance as at 31 December 2023 20,805 21,268 3,777 4,501 50,351Accumulated amortisation:Balance as at 1 January 2023 16,393 16,827 2,226 2,319 37,765Amortisation 1,048 1,055 189 391 2,683Reclassification \u2013 \u2013 \u2013 (58) (58)Adjustment for exchange rate differences (302) (311) (41) (50) (704)Balance as at 31 December 2023 17,139 17,571 2,374 2,602 39,686Net book value as at 31 December 2023 3,666 3,697 1,403 1,899 10,665Cost:Balance as at 1 January 2022 20,063 20,510 3,643 3,291 47,507Additions \u2013 \u2013 \u2013 386 386Disposals \u2013 \u2013 \u2013 (15) (15)Adjustment for exchange rate differences 1,132 1,157 206 197 2,692Balance as at 31 December 2022 21,195 21,667 3,849 3,859 50,570Accumulated amortisation:Balance as at 1 January 2022 14,507 14,909 1,925 1,876 33,217Disposals \u2013 \u2013 \u2013 (15) (15)Amortisation 1,029 1,037 185 340 2,591Adjustment for exchange rate differences 857 881 116 118 1,972Balance as at 31 December 2022 16,393 16,827 2,226 2,319 37,765Net book value as at 31 December 2022 4,802 4,840 1,623 1,540 12,805\u00aea. Acquisition of Park Plaza Hotels & Resorts management and franchise rights and lease rights\u00ae(1) Management rights \u2013 rights held by the Group relating to the management of Park Plaza Hotels & Resorts in Europe, the Middle East and Africa. The management rights are included in the consolidated financial statements at their fair value as at the date ofacquisition and are being amortised over a 20-year period based on the terms of the existing contracts and management estimation of their useful life. The remaining amortisation period is 3.5 years.\u00ae(2) Franchise rights relating to the brand \u2018Park Plaza Hotels & Resorts\u2019 are included in the consolidated financial statements at theirfair value as at the date of acquisition and are being amortised over a 20-year period based on management\u2019s estimation of their useful life. The remaining amortisation period is 3.5 years.\u00aeb. Acquisition of art\u2019otel rights\u00aeIn 2007, the Group acquired from CCS Capital Concept Services Gmbh (the \u2018vendor\u2019) the worldwide rights to use the art\u2019otel brand name for an unlimited period of time. The rights are being amortised over a 20-year period based on management\u2019s estimation of their useful life. The remaining amortisation period is 3.5 years. In December 2020, the Group acquired certain rights which were assigned to the vendor under the original agreement for a cash consideration of \u20ac0.3 million (\u00a30.2 million) and 80,000 shares of the Company. The additional rights are amortised based on management\u2019s estimation of their useful life.c. Other intangible assetsThese mainly include the brand name and internal domain obtained in the acquisition of Arena, which are being amortised over20\ue61fyears based on management\u2019s estimation of their useful life, and software which are amortised over 4 years.d. ImpairmentIn 2023, there were no indicators of impairment.Note 4 Property, plant and equipmentProperty & Income Units Furniture, Hotel assets under sold to privatefixtures and 1Land buildings construction investorsequipment Total \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Cost:Balance as at 1 January 2023 362,830 779,763 154,027 134,719 222,883 1,654,222Additions during the year \u2013 23,289 91,209 1,276 9,800 125,574Disposal \u2013 (423) \u2013 \u2013 (399) (822)Buy-back of Income Units sold to private investors 873 6,316 \u2013 (7,847) 658 \u20132Reclassification\u2013 9,607 (11,992) \u2013 2,217 (168)Adjustment for exchange rate differences (5,358) (7,872) (357) \u2013 (1,786) (15,373)Balance as at 31 December 2023 358,345 810,680 232,887 128,148 233,373 1,763,433Accumulated depreciation and impairment:Balance as at 1 January 2023 17,099 125,289 \u2013 23,765 152,885 319,038Provision for depreciation 321 18,487 \u2013 1,181 15,219 35,208Disposal \u2013 (420) \u2013 \u2013 (352) (772)Reclassification \u2013 915 \u2013 \u2013 (1,083) (168)Buy-back of Income Units sold to private investors \u2013 878 \u2013 (1,417) 539 \u2013Adjustment for exchange rate differences (509) (1,260) \u2013 \u2013 (934) (2,703)Balance as at 31 December 2023 16,911 143,889 \u2013 23,529 166,274 350,603Net book value as at 31 December 2023 341,434 666,791 232,887 104,619 67,099 1,412,830Cost:Balance as at 1 January 2022 348,614 717,296 45,725 137,902 268,129 1,517,666Additions during the year \u2013 13,337 72,856 623 8,050 94,866Disposal \u2013 (94) \u2013 \u2013 (372) (466)Buy-back of Income Units sold to private investors 427 3,082 \u2013 (3,806) 297 \u20132Reclassification(22) 24,119 33,985 \u2013 (58,082) \u2013Adjustment for exchange rate differences 13,811 22,023 1,461 \u2013 4,861 42,156Balance as at 31 December 2022 362,830 779,763 154,027 134,719 222,883 1,654,222Accumulated depreciation and impairment:Balance as at 1 January 2022 15,669 106,255 \u2013 23,237 136,505 281,666Provision for depreciation 316 15,420 \u2013 1,190 13,936 30,862Disposal \u2013 (94) \u2013 \u2013 (325) (419)Reclassification \u2013 15 \u2013 \u2013 (15) \u2013Buy-back of Income Units sold to private investors \u2013 402 \u2013 (662) 260 \u2013Adjustment for exchange rate differences 1,114 3,291 \u2013 \u2013 2,524 6,929Balance as at 31 December 2022 17,099 125,289 \u2013 23,765 152,885 319,038Net book value as at 31 December 2022 345,731 654,474 154,027 110,954 69,998 1,335,1841 This includes 459 rooms (2022: 483) in Park Plaza Westminster Bridge London, for which the cash flows, derived from the net income generated by these Income Units, were sold to private investors (see Note 2(e)). The proceeds from the purchases have been accounted for as a variable rate financial liability (see Note 15).2 In 2023 the reclassification mainly relates to the completion of the construction of art\u2019otel Zagreb and the refurbishment of Park Plaza Budapest. In 2022 the amount mainly includes a reclassification of c.\u00a364.2 million from Furniture, fixtures and equipment to Property & assets under construction on account of additions that relate to the construction of art\u2019otel London Hoxton until December 2021 and a reclassification of c.\u00a330.0 million due to the completion of the construction of Grand Hotel Brioni Pula from Property & assets under construction to Furniture, fixtures and equipment and Hotel buildings. a. For information regarding liens, see Note 12b. ImpairmentIn 2023, there were no indicators for impairment.c. Capitalised borrowing costsOn 7 April 2020, the Group entered into a building contract to develop art\u2019otel London Hoxton on a site located by Old Street, Rivington\ue61fStreet, Great Eastern Street and Bath Place, London EC1, which is expected to be completed in H1 2024 (see Note 28(c)(i)). The\ue61fcumulative expenditure for this project as at 31 December 2023 was \u00a3199.8 million (2022: \u00a3125.4 million). The amount of borrowing costs capitalised related to this project during the year ended 31 December 2023 was \u00a38.1 million (2022: \u00a33.5 million). The\ue61frate used to determine the amount of borrowing costs eligible for capitalisation was 5.2%, which is the effective interest rate of\ue61fthe specific borrowing.Additional borrowing costs were capitalised as part of the refurbishment of the property in Rome Italy which is expected to reopen in H1 2024. The amount of borrowing costs capitalised related to this project during the year ended 31 December 2023 was \u20ac0.9 million (\u00a30.8 million). The rate used to determine the amount of borrowing costs eligible for capitalisation was 3.8%, which is the effective interest rate of the specific borrowing.Note 5 Investment in joint ventures and subsidiaries with significant non-controlling interestsa. Investment in joint venturesAs at 31 December2023 2022 \u00a3\u2019000\u00a3\u20190001Loans to joint ventures6,515 5,573Share of net assets under equity method (1,077) (612)Investment in joint ventures 5,438 4,9611 The loans to joint ventures amount includes a euro loan bearing an interest of Euribor +2.5% per annum.The share in net profit amounts to \u00a3113 thousand (2022: net loss of \u00a3202 thousand). b. Summarised financial information of subsidiary with material non-controlling interests(i) Signature Top LtdLong-term partnership for 49% of Park Plaza London Riverbank and art\u2019otel London Hoxton development projectOn 23 June 2021, a wholly owned subsidiary of PPHE Hotel Group entered into a sale and purchase agreement with Clal Insurance (\u2018Clal\u2019), one of Israel\u2019s leading insurance and long-term savings companies. As part of this agreement, Clal became a minority partner and owner of 49% of the shares of Signature Top Ltd, a wholly owned subsidiary of the Group (\u2018Signature Top\u2019) which indirectly holds the real estate and operations of both the 646-room Park Plaza London Riverbank (\u2018Riverbank\u2019) and the 357-room art\u2019otel London Hoxton development project (\u2018Hoxton\u2019), which is scheduled to open in 2024. As part of this agreement, Clal was granted five million share appreciation rights (SAR) of the Company which has a seven-year maturity with a strike price of \u00a316 per share and a cap of \u00a321 per share. The SAR will vest as follows: \u2022 500,000 SAR Units shall vest and become exercisable on the first anniversary of the completion of the sale and purchase agreement (\u2018Completion\u2019)\u2022 500,000 SAR Units shall vest and become exercisable on the date being 18 months after Completion \u2022 The remaining four million SAR Units shall vest and become exercisable on the second anniversary of CompletionUpon exercise, the Company will have a right to determine whether an amount equal to the SAR Value as of the date of the exercise will be satisfied by a payment of cash or by the issuance of the Company\u2019s shares. The SAR instrument, which is included in Level 2 in the fair value hierarchy, was valued internally at an amount of \u00a32.7 million (2022: \u00a35.5 million) using the Black\u2013Scholes model and is included in current liabilities under Other payables and accruals in the Group\u2019s consolidated balance sheet. The following lists the inputs used for the fair value measurement:Dividend yield 3.138%Expected volatility of the share price 24.82%Risk-free interest rate 3.657%Years to expiration 4.5 yearsDuring the reporting period, the expected construction costs of art\u2019otel London Hoxton have increased mainly due to the interest to be incurred throughout the construction phase. On 27 April 2023, both the Group and Clal mutually agreed that the sharing of these cost referred to above with a cap of \u00a325.7 million, which is the expected amount of the overruns, would be funded by 65% from the Group and 35% from Clal. In 2023 the parties contributed \u00a316.0 million. The excess consideration of \u00a32.2 million paid by the Group was recognised as a reduction in the equity of the parent company. The Group has chosen to recognise this amount in accumulated earnings.As at 31 December 2023, the Group owned 51% (2022: 51%) of Signature Top Ltd. The amount of accumulated non-controlling interests\ue61fas at 31 December 2023 amounts to \u00a398,518 thousand (2022: \u00a389,393 thousand) and the income and comprehensive income allocated to the non-controlling interests in 2023 amounts to \u00a33,449 thousand (2022: \u00a32,465 thousand) and \u00a31,281 thousand (2022: \u00a312,077 thousand) respectively. Below is selected financial information relating to the long-term partnership with Clal, as at 31 December 2023 and 2022, and for the years ended 31 December 2023 and 31 December 2022.2023 2022 \u00a3\u2019000\u00a3\u2019000Non-current assets 456,094 382,778Current assets 26,577 13,437Non-current liabilities 260,928 202,940Current liabilities 20,686 10,840Revenue 46,273 37,196EBITDA 14,862 10,968Profit for the period 7,040 5,030Total comprehensive income 2,614 24,646(ii) Arena Hospitality Group d.d.As at 31 December 2023, the Group owned approximately 53.8% (2022: 53.2%) of Arena Hospitality Group d.d. (\u2018Arena\u2019). During 2023, the Company purchased 20,000 shares of Arena for a consideration of \u20ac0.6 million (\u00a30.6 million) and Arena purchased 16,467 of its own shares for a consideration of \u20ac0.5 million (\u00a30.5 million). The difference between the adjustment of the non-controlling interests and the net consideration paid of approximately \u20ac0.5 million (\u00a30.4 million) was recorded in retained earnings. As a result of those transactions, the Group\u2019s share in Arena increased to 53.8%.The amount of accumulated non-controlling interests as at 31 December 2023 amounts to \u00a395,496 thousand (2022: \u00a398,794 thousand) and the income and comprehensive income allocated to the non-controlling interests in 2023 amounts to \u00a31,775 thousand (2022: \u00a32,188 thousand) and loss of \u00a3495 thousand (2022: profit of \u00a38,136 thousand) respectively.Below is selected financial information relating to Arena, as of 31 December 2023 and 2022, and for the years ended 31 December 2023 and 2022.As at 31 December2023 2022 \u00a3\u2019000\u00a3\u2019000Non-current assets 382,010 373,543Current assets 49,645 69,204Non-current liabilities 180,281 192,894Current liabilities 44,787 38,755Revenue 109,927 93,469EBITDA 24,371 26,616Profit for the period 3,776 4,543Total comprehensive loss (1,093) 17,242(iii) European Hospitality Real Estate FundIn March 2023, the Group launched a new European Hospitality Real Estate Fund (\u2018the Fund\u2019) with a target size of up to \u20ac250 million. Clal\ue61fInsurance (\u2018Clal\u2019), one of Israel\u2019s leading insurance and long-term savings companies, participated as a cornerstone investor, committing up to \u20ac75 million (limited to 49% of total participation). The Group also committed to invest up to \u20ac50 million in the Fund. As\ue61fpart of the agreement signed with Clal, it was decided to incorporate the Fund under Signature Top II Ltd (\u2018Signature Top II\u2019), a UK incorporated company, with a 51% ownership by the Group and 49% by Clal, until additional investors join. At the inception of the Fund, PPHE contributed the shares of Societ\u00e0 Immobiliare Alessandro De Gasperis S.r.l., the owner of the Londra & Cargill Hotel in Rome, Italy (\u2018Londra\u2019), valued at \u20ac29.3 million (\u00a325.8 million), for its 51% participation in Signature Top II. Clal made an initial cash contribution of\ue61f\u20ac28.1 million (\u00a324.8 million), payable at the Group\u2019s request, for its 49% participation. As of the reporting date, Clal transferred \u20ac20 million out of the \u20ac28.1 million and the additional \u20ac8.1 million was transferred after the reporting date. The Group has assessed the transaction and determined that it exercises control over Signature Top II. Consequently, the change in the ownership interest of\ue61fLondra does not trigger a change of control and is therefore accounted for as an equity transaction in accordance with IFRS 10 Consolidated Financial Statements. The excess of consideration received over the carrying amount of the non-controlling interests (net of \u00a30.8 million in transaction costs) amounting to \u00a30.4 million is recognised in the parent company\u2019s equity. The Group has chosen to recognise this amount in accumulated earnings. Additionally, \u00a30.7 million was reclassified from the foreign currency translation reserve and hedging reserve to accumulated earnings.Throughout the year the Group engaged with investment bankers to raise the remaining equity for the Fund, however the significant changes in the interest rate market during this period has resulted that the Group was not successful in signing up new investors. If further investors do not join the Fund by 13 March 2024 (unless mutually extended), the Fund will carry on as a joint venture with Clal. The Group may top up its own equity contribution (currently at up to \u20ac50 million) to \u20ac78 million to give the total joint venture a circa \u20ac150 million equity value. With full equity subscription combined with a targeted 50% bank leverage, the investment potential of the joint venture will then be around \u20ac300 million.As at 31 December 2023, the Group owned 51% of Signature Top II. The amount of accumulated non-controlling interests as at 31 December 2023 amounts to \u00a322,578 thousand and the loss and comprehensive loss allocated to the non-controlling interests in 2023 amounts to \u00a3495 thousand and \u00a3923 thousand respectively.Note 6 Other non-current assetsAs at 31 December2023 2022 \u00a3\u2019000\u00a3\u20190001Income Units in Park Plaza County Hall London17,700 16,100Rent security deposits 363 358Derivative financial instruments (see Note 29(a)) 21,300 30,539Other non-current assets 283 24839,646 47,2451 On 14 July 2017, the Group acquired an ownership interest in Park Plaza County Hall London through its purchase of 44 aparthotel units and the associated shares in the management company of the hotel, South Bank Hotel Management Company Limited. The purchase price was \u00a316.0 million. In October 2017, an additional two units were purchased for \u00a30.7 million. Upon initial recognition, the investment was designated in the consolidated financial statements at fair value through profit and loss. In return for the consideration paid, the Company receives 999 years of net income from specific revenue-generating units of the hotel (contractual right to a stream of future cash flows). This investment is managed and its performance is evaluated by the Group management on a fair value basis in accordance with the Group investment strategy. As the cash flows from this investment are not solely payments of principal and interest, under IFRS 9 the investment is classified and measured at fair value through profit or loss. The fair value of the Income Units as of the reporting date was \u00a317.7 million based on an independent valuation prepared by Savills using a cap rate\ue61fof 7.25%.Note 7 Trade receivablesa. Composition:As at 31 December2023 2022 \u00a3\u2019000\u00a3\u2019000Trade receivables 18,417 19,214Less \u2013 allowance for doubtful debts (537) (681)17,880 18,533Trade receivables are non-interest bearing. The Group\u2019s policy provides an average of 30 days\u2019 payment terms.b. Movements in the allowance for doubtful accounts were as follows:2023 \u00a3\u2019000As at 1 January 2023 (681)Write-off 261Additions (124)Exchange rate differences 7As at 31 December 2023 (537)As at 1 January 2022 (890)Write-off 320Additions (85)Exchange rate differences (26)As at 31 December 2022 (681)c. As at 31 December, the ageing analysis of trade receivables is as follows:Past dueTotal Not past due < 30 days 31 to 60 days 61 to 90 days > 90 days 2023\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Trade receivables 18,417 9,788 7,082 697 148 702Allowance for doubtful debts (537) (537)17,880 9,788 7,082 697 148 165Past dueTotal Not past due < 30 days 31 to 60 days 61 to 90 days > 90 days 2022\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Trade receivables 19,214 8,824 7,633 1,317 474 966Allowance for doubtful debts (681) (681)18,533 8,824 7,633 1,317 474 285Note 8 Other receivables and prepaymentsAs at 31 December2023 2022 \u00a3\u2019000\u00a3\u2019000Prepaid expenses 8,066 7,296VAT 6,120 4,706Related parties 65 100Funds to be received from Clal (see Note 5 (iii)) 7,044 \u2013Derivative financial instruments short term 1,677 \u20131Escrow account\u2013 4,666Others 288 1,09823,260 17,8661 Funds for the acquisition of 12 Park Plaza Westminster Bridge London units that were transferred to an escrow account. In 2023, the acquisition was finalised. Note 9 Cash and cash equivalents Cash at banks earns interest at floating rates based on daily bank deposit rates. Short-term deposits are made for varying periods of between one day and three months, depending on the immediate cash requirements of the Group, and earn interest at the respective short-term deposit rates. Note 10 Equitya. Share capitalThe authorised share capital of the Company is represented by an unlimited number of ordinary shares with no par value.As at 31 December 2023, the number of ordinary shares issued was 44,347,410 (2022: 44,347,410), 1,984,110 of which were held as\ue61ftreasury shares (2022: 1,909,042). The Company\u2019s shares are admitted to the Premium Listing segment of the Official List of the UK Listing Authority and to trading on\ue61fthe Main Market for listed securities of the London Stock Exchange.b. Treasury sharesDuring 2023, the Company issued 63,502 of its ordinary shares from its treasury account for a consideration of \u00a370 thousand in\ue61forder to satisfy an exercise of options. As a result, the cost of the treasury shares in excess of the consideration received (\u00a3150\ue61fthousand ) was charged to the share premium account. On 28 June 2022, the Company\u2019s Board of Directors approved the commencement of a share buy-back programme to buy up to a\ue61fmaximum of 300,000 ordinary shares for an aggregate consideration (excluding expenses) of up to a maximum of \u00a31.7 million. On\ue61f18 November 2022, this share buy-back programme was further extended to buy up to a maximum of 500,000 ordinary shares for an aggregate consideration (excluding expenses) of up to a maximum of \u00a33.7 million. In 2022 and 2023, the Company completed a\ue61fpurchase of 295,707 shares under this programme for a total consideration of \u00a33.7 million, representing an average price of 1,257\ue61fpence per share. The total number of treasury shares as at 31 December 2023 is 1,984,110 (2022: 1,909,042). c. Nature and purpose of reservesForeign currency translation reserveThe foreign currency translation reserve is used to record exchange differences arising from the translation of the financial statements of foreign operations. Hedging reserveThis reserve comprises the gain or loss on a hedging instrument in a cash flow hedge that is determined to be an effective hedge.Note 11 Share-based paymentsThe Company operates two option plans for the benefits of employees of the Group: the first was adopted in 2007 and the second was adopted in 2020.2007 Option PlanThe 2007 Plan has two types of options: Option A and Option B. The exercise price of both options will not be less than the closing price\ue61fof a share on the dealing day immediately preceding the grant date (as published in the Daily Official List of the London Stock Exchange). Option A vests over a period of three years from the grant date and Option B vests at the end of three years from the grant date. Unexercised options expire ten years after the grant date. The plan does not include any performance conditions. As at 31 December 2023, there were 190,500 exercisable options outstanding under the 2007 Option Plan. These options were granted to employees of the Company in past years. No further grants can be made under this plan.2020 PPHE Executive Share Option PlanThe Board has adopted a \u20182020 PPHE Executive Share Option Plan\u2019, under which employees of the Company and its subsidiaries receive remuneration in the form of share-based compensation. The plan has the following principal terms: a. The plan has four types of options: \u2022 Option A: market value options \u2013 options that are linked to the market value of the shares in the Company. \u2022 Option B: salary related options \u2013 whereby employees agree to a reduction in their base salary in exchange for the right to acquire shares at nil-cost. These options normally vest after 12 months subject to an additional six-month holding period. \u2022 Option C: deferred bonus awards \u2013 allowing the award of the number of shares determined by the Remuneration Committee in lieu of some or all of the annual bonus.\u2022 Option D: performance share awards \u2013 options which are granted subject to specified performance targets. Notwithstanding the\ue61fextent to which any performance target is satisfied, the number of vested award shares may be reduced by the Committee to\ue61fensure that the number of vested award shares is appropriate taking into account the underlying business performance of\ue61fthe\ue61fGroup.These awards are subject to the rules of the PPHE Executive Incentive Plan 2020 which may include: long-term vesting periods prescribed by the Committee upon grant; good-leaver and bad-leaver provisions allowing the Committee to exercise discretion as\ue61fto\ue61fwhen it might be appropriate for an award to vest in spite of the relevant employee leaving the Group; post vesting holding periods determined by the Committee at the time of the award; performance conditions; and share capital dilution limits. The plan allows dividends or dividend equivalents to accrue, subject to the Committee\u2019s discretion. b. At any time, the total number of shares issued and/or available for grant (in a ten-year period) under the 2007 Share Option Plan, the 2020 PPHE Executive Incentive Plan and under any other employee share scheme which the Company may establish in the future may not exceed 5% of the Company\u2019s issued share capital at that time.c. In June 2022, the Remuneration Committee approved a Long-Term Incentive Plan (LTIP) conditional grant of 93,000 options with\ue61fa\ue61fnil exercise price (Option D under the 2020 Option Plan). The grant is subject to performance conditions determined by\ue61fthe\ue61fRemuneration Committee in accordance with the 2020 Option Plan rules and the Company\u2019s Remuneration Policy and has\ue61fa\ue61fvesting period of 36 months starting 1 January 2022 with a 24-months\u2019 holding period. Furthermore, the Remuneration Committee approved an annual bonus plan for 2022 which included an award to members of the Executive Leadership Team of\ue61f99,000 options with a nil exercise price (Option C under the 2020 Option Plan). This award was subject to certain performance criteria which have been met for 2022. Those options have an immediate vesting and are subject to a holding period of 12 months post grant.The following lists the inputs to the binomial model used for the fair value measurement of the 93,000 options granted:Dividend yield 1.0%Expected volatility of the share prices 45.58%Risk-free interest rate 1.9327%Expected life of share options 5 yearsWeighted average share price at the grant date 1,455.0 penceFair value per option 1,398.0 penceThe following lists the inputs to the binomial model used for the fair value measurement of the 99,000 options:Dividend yield 1.0%Expected volatility of the share prices 45.58%Risk-free interest rate 1.9327%Expected life of share options 3 yearsWeighted average share price at the grant date 1,455.0 penceFair value per option 1,440.0 penceThe expected life of the share options is based on historical data, current expectations and empirical data. It is not necessarily indicative of\ue61fexercise patterns that may occur. The expected volatility reflects the assumption that the historical volatility of similar listed companies over a period similar to the life of the options is indicative of future trends, which may not be reflective of the actual outcome.d. The expense arising from equity-settled share-based payment transactions during 2023 was \u00a3442 thousand (2022: \u00a31,965thousand). Total exercisable options at 31 December 2023 were 343,721 (2022: 150,223).Movements during the yearThe following table illustrates the number (No.) and weighted average exercise prices (EP) of, and movements in, share options during 2022 and 2023: No. of options A No. of options A No. of options B No. of options C No. of options D (2007 Option (2020 Option (2020 Option (2020 Option (2020 Option Plan)Plan)Plan)Plan)Plan) EPOutstanding as at 1 January 2023 220,500 227,000 51,223 99,000 93,000 \u00a38.32Options forfeited during the year \u2013 \u2013 \u2013 \u2013 \u2013 \u20131Options exercised in the year(30,000) \u2013 (4,502) (29,000) \u2013 \u00a31.10Options granted during the year \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Outstanding as at 31 December 2023 190,500 227,000 46,721 70,000 93,000 \u00a39.05Outstanding as at 1 January 2022 265,500 250,500 69,867 \u2013 \u2013 \u00a310.51Options forfeited during the year \u2013 (23,500) \u2013 \u2013 \u2013 \u00a313.00Options exercised in the year (45,000) \u2013 (18,644) \u2013 \u2013 \u00a31.65Options granted during the year \u2013 \u2013 \u2013 99,000 93,000 \u2013Outstanding as at 31 December 2022 220,500 227,000 51,223 99,000 93,000 \u00a38.321 Out of the options exercised in the year 33,502 were cashless. As at 31 December 2023, the number of exercisable options was 534,221 (2022: 370,723) with an EP of \u00a310.62 (2022: \u00a37.54).The weighted average remaining contractual life for the share options outstanding as at 31 December 2023 is 6.5 years (2022: 7.3\ue61fyears).Note 12 Pledges, contingent liabilities and commitments a. Pledges, collateral and securitiesSubstantially all of the Group\u2019s assets and all of the rights connected or related to the ownership of the assets (including shares of\ue61fsubsidiaries and restricted deposits) are pledged in favour of banks and financial institutions as security for loans received. For\ue61fmost\ue61fof the loans, specific assets are pledged as the sole security provided. b. Restricted cashUnder certain facility agreements, funds need to be held in restricted deposit accounts in order to pay the debt service for a subsequent period. The total deposits held amount to \u00a317.3 million and are presented as restricted in the financial statements.c. Commitments(i) Management and franchise agreements1. The Group entered into a Territorial Licence Agreement (the \u2018Master Agreement\u2019) with Radisson Hotel Group (\u2018Radisson\u2019). Under \u00aethe Master Agreement, the Group, among other rights, is granted an exclusive licence to use the brand \u2018Park Plaza Hotels & Resorts\u2019 in 56 territories throughout Europe, the Middle East and Africa in perpetuity (the \u2018Territory\u2019). The Master Agreement also allows the Group to use, and license others to use, the Radisson systems within the Territory, whichright includes the right to utilise the Radisson systems\u2019 international marketing and reservations facilities and to receive other promotional assistance. The Group pays Radisson a fee based on a percentage of the hotels\u2019 gross room revenue, which fees are\ue61frecognized in the income statement as incurred.2. Within the terms of the management agreements, the hotels were granted by the Group a licence allowing them to use, throughout \u00ae\u00aethe term of the management agreements, the \u2018Park Plaza Hotels & Resorts\u2019 and \u2018art\u2019otel\u2019 brand names. See Note 2(h) regardingthe accounting for management and franchise fees received.(ii) Construction contract commitment As at 31 December 2023, the Group had capital commitments amounting to \u00a329.6 million for the construction of the developmentof\ue61fart\u2019otel London Hoxton and \u00a39.2 million for the refurbishment of Londra & Cargill Hotel in Rome, Italy.(iii) Guarantees1. In January 2013, the Company sold to Red Sea Hotels Limited (\u2018Red Sea\u2019) all of the Company\u2019s shares in its subsidiary, Leno Finance Limited (\u2018Leno\u2019), the company through which the Company owned an interest in the site in Pattaya, Thailand (the \u2018Project\u2019), and certain related loans and receivables, for a total consideration of Thai Baht 600 million. Under the terms of the United Overseas Bank (UOB) credit facilities received for the construction of the Project, the Company is\ue61fobliged to provide certain financial support in the event of a cost overrun or funding shortfall in relation to the Project, to satisfy the payment of unpaid interest or fees until completion of the Project and, in certain circumstances, may be required to purchase serviced apartments after completion of the Project for a maximum of Thai Baht 600 million to fund any amounts that are outstanding under the UOB credit facilities. In addition, the Company undertook to take all necessary acts to ensure the completion of the Project as planned. Red Sea has agreed to indemnify the Company in respect of these continuing obligations (except for the obligation to purchase serviced apartments after completion where there is a continuing event of default) and as security Red Sea has pledged the shares held by it in Bali Hai Company Limited (the Thai subsidiary of Leno that owns and developsthe Project) (\u2018Bali Hai\u2019) and certain affiliated Thai companies. On 20 December 2023, the Company has entered into a deed of release with UOB in respect of obligations under the sponsor support deed. The deed of release is subject to conditions subsequent which are expected to be satisfied by 15 March 2024 failing\ue61fwhich the deed of release will be revoked. 2. The Company guarantees cost overruns and the practical completion of the art\u2019otel London Hoxton development under the\ue61f\u00a3180 million construction financing facility agreement granted by Bank Hapoalim B.M and in relation to the long-tem partnership with Clal. As of 31 December 2023, the additional estimated contingent obligation to cover future cost overruns\ue61famounts to \u00a39.7 million of which the Company\u2019s share is \u00a36.3 million (Note 5b(i)).Note 13 Borrowings The borrowings of the Group are composed as follows:HRK \u20ac denominated \u00a3 denominated $ denominated denominated Total As at 31 December 2023\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Fixed interest rate 318,272 558,192 \u2013 \u2013 876,464Weighted average interest rate 2.32% 4.01% \u2013 \u2013Variable interest rate 4,346 3,783 11,797 \u2013 19,926Weighted average interest rate 7.01% 6.94% 8.91% \u2013Total 322,618 561,975 11,797 \u2013 896,390Weighted average interest rate 2.38% 4.03% 8.91% \u2013 3.50%Outstanding Maturity analysis 2023amount Year 1 Year 2 Year 3 Year 4 Year 5 ThereafterTotal borrowings 896,390 48,681 62,178 363,289 61,223 181,228 179,791Capitalised transaction costs and other adjustments (3,354) (844) (844) (844) (822) \u2013 \u2013For securities and pledges, see Note 12.HRK \u20ac denominated \u00a3 denominated $ denominated denominated Total As at 31 December 2022\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Fixed interest rate 270,203 420,635 \u2013 36,540 727,378Weighted average interest rate 2.41% 3.61% \u2013 1.44%Variable interest rate 35,284 90,990 15,896 \u2013 142,170Weighted average interest rate 6.07% 7.28% 8.28% \u2013Total 305,487 511,625 15,896 36,540 869,548Weighted average interest rate 2.52% 4.26% 8.28% 1.44% 3.60%Outstanding Maturity analysis 2022amount Year 1 Year 2 Year 3 Year 4 Year 5 ThereafterTotal borrowings 869,548 47,901 32,651 61,685 365,509 46,199 315,603Capitalised transaction costs and other adjustments (4,816) (800) (800) (800) (800) (800) (816)For securities and pledges, see Note 12.a. Finance agreements entered in the years 2023 and 2022:Park Plaza Hotels (UK) Limited facility On 1 November 2023, Park Plaza Hotels (UK) Limited, a wholly owned subsidiary of the Company, entered into a revolving facility agreement with Santander UK Plc for up to \u00a330 million which replaced the previous Coronavirus Large Business Interruption Loan Scheme (CLBILS) facility entered in November 2020. The facility is provided on a three-year term and bears an interest rate margin on\ue61fdrawn amounts of 2.5% plus Sonia during year one, with the margin increasing to 3% in years two and three. Arena Grand Ka\u017eela campsite refinanceOn 9 November 2022, Arena had entered into a new loan agreement with PRIVREDNA BANKA ZAGREB in Croatia for the purpose of refinancing its existing \u20ac10.2 million loan used for the development of Arena Grand Ka\u017eela Campsite. The facility is in a total amount of\ue61f\u20ac18.5 million (\u00a316.4 million), maturing in 2036 at a fixed interest rate of 2.95%. Financing for the refurbishment of art\u2019otel in BudapestOn 3 October 2022, Arena, through its wholly owned subsidiary SW Sz\u00e1lloda\u00fczemeltet Korl\u00e1tolt, entered into a new loan agreement with Erste & Steierm\u00e4rkische Bank d.d. for the purpose of financing the CAPEX investments in art\u2019otel Budapest. The facility is in a total amount of \u20ac2 million (\u00a31.8 million), maturing in 2031 at a fixed interest rate of 3.5%. Financing for Arena Stoja CampsiteOn 10 May 2022, Arena entered into a new loan agreement with Croatian Bank for Reconstruction and Development (HBOR). Arena intends to use this facility to purchase 75 upscale mobile homes for the Arena Stoja Campsite. The facility is in a total amount of \u20ac2.9 million (\u00a32.5 million), maturing in 2028 at a fixed interest rate of 1.5%. Financing for development of art\u2019otel in Zagreb, CroatiaOn 30 March 2022, Arena, through its wholly owned subsidiary Ulika d.o.o., entered into a new loan agreement with Erste & Steierm\u00e4rkische Bank d.d. for the purpose of financing the development of its premium lifestyle art\u2019otel in Zagreb, Croatia. The\ue61ffacility is in a total amount of \u20ac12.6 million (\u00a310.8 million), maturing in 2034 at a fixed interest rate of 2.2%.Financing of Londra & Cargill Hotel in Rome, ItalyOn 22 February 2022, Londra Cargill Parent S.r.l, a wholly owned subsidiary of the Company, entered into a \u20ac25 million (\u00a321 million) facility with UniCredit S.p.A. (the \u2018Facility\u2019). The Facility consists of two tranches: Tranche A in the amount of \u20ac17.25 million is available for immediate drawdown upon signing the Facility agreement and Tranche B in the amount of \u20ac7.75 million will be available for drawdown upon completion of the hotel refurbishment and meeting certain conditions. The term of the Facility is four years and it will bear an interest rate of six month Euribor, which was fixed by an interest rate swap at a rate of 0.6065%, plus a margin of 3.2%.Given that there is an economic relationship between the hedged item and the hedging instrument as the terms of the interest rate swap match the terms of the loan (i.e., notional amount, maturity and payment), the Group has established a hedge ratio of 1:1 for the hedging relationships as the underlying risk of the interest rate swap is identical to the hedged risk component. As at 31 December 2023, the interest rate swap had a fair value of \u00a30.7 million and is included in other non-current assets. The change in the fair value of\ue61fthe interest rate swap in the amount of \u00a30.5 million for the year ended 31 December 2023 is recorded as other comprehensive income. The interest rate swap is valued using valuation techniques for swap models, using present value calculations. The models incorporate various inputs, including the credit quality of counterparties, and interest rate curves. The fair value measurement is Level 2 of the fair value hierarchy.b. The following financial covenants must be complied with by the relevant Group companies:\u2022 Under the two Aareal facilities, for Park Plaza London Riverbank (the \u2018Riverbank hotel\u2018) and all six of the Group\u2019s Dutch hotels and Grandis (the \u2018Dutch hotels and Grandis\u2019), the borrowers must ensure that the aggregate amount of\ue61fthe outstanding facilities does not exceed 62.2% of the value of the Dutch hotels and Grandis and 60% of the value of the Riverbank hotel as set out in the most recent valuation (loan-to-value). In\ue61faddition, the borrowers must ensure that, on each interest payment date, the\ue61fDebt Service Coverage Ratio (DSCR)\ue61fis not less than 115%.\u2022 Under the AIG Asset Management (Europe) Limited facility for Park Plaza\ue61fWestminster Bridge London, the\ue61fborrower must ensure that the aggregate amount of the outstanding facility does not exceed 70% of the value of the hotel as set out in the most recent valuation (loan-to-value). In addition, the borrower must ensure that, on each interest payment date, the historical and projected DSCR are not less than 140%. The floating rate leg of this loan of\ue61f\u00a33.8 million (as at 31 December 2023) has an associated interest rate cap, hedging the risk of the all-in rate exceeding 3.5%. \u2022 Under the facility arranged by Cornerstone Real Estate Advisers Europe LLP, a member of the MAFF Mutual Financial Group, for Park Plaza Victoria London, the borrower must ensure that the aggregate amount of the outstanding facility does not exceed 75% of the value of the hotel as set out in\ue61fthe most recent valuation (loan-to-value). In addition, the borrower must ensure that, on each interest payment date, the historical and projected DSCR\ue61fare not less than 180%. \u2022 Under the Bank Hapoalim Loan for three of the Group\u2019s UK hotels and the\ue61f46 units owned within Park Plaza County Hall London, the borrowers must ensure that the aggregate amount of the outstanding loan does not exceed 65% of the value of the properties and units secured (loan-to-value). \u2022 In March 2019, W29 Owner LLC entered into a loan agreement with Bank Hapoalim New York for an amount of US$22.15 million where PPHE Hotel Group is a guarantor. Under this agreement, PPHE Hotel Group must ensure that it maintains an\ue61faggregate net worth of at least US$33 million and have liquid assets with a market value of at least US$5 million. Since March 2019, W29 Owner LLC has paid US$7.15 million out of the loan principal and the maturity date of the loan was extended a few times with the latest one, signed in September 2023, extending the maturity date to 13 September 2024. \u2022 Under the Bank Hapoalim Loan relating to art\u2019otel London Hoxton, the borrower must ensure that the aggregate amount of the outstanding facility does not exceed 75% of the value of the hotel as\ue61fset out in the most recent valuation from the earlier of (i) one year after practical completion; or (ii) 7 April 2024 onwards. The borrower must also ensure that the DSCR is not less than 1.2 on each quarter test date starting from either 7 April 2025 or one year after practical completion. Any breach of the aforementioned covenants is subject to an equity cure option. In addition, on each test date, the total equity of PPHE Hotel Group must not be\ue61fless than: (i) \u00a3150 million; and (ii) 20% of its asset value. After the reporting date, the borrower entered into an amendment to the loan agreement which included an update to stagger the DSCR covenant as follows. The borrower must ensure that: the DSCR is not less than 1.1 on each quarter test date from 31 December 2025 to 30 September 2026 and 1.2 for the following quarter test dates. Under the loan agreement granted by Santander UK Plc to Park Plaza Hotels (UK) Limited, the borrower must ensure that at all times its tangible net worth exceeds \u00a3300 million. In addition, the borrower must: (i) ensure that the UK borrowings to aggregate UK asset value does not at any time exceed 60%; (ii) ensure that on each test date, the UK interest cover ratio for the borrower and its subsidiaries is greater than 1.25; (iii) ensure that the drawn amount under this facility to the unencumbered market value of Park Plaza London Waterloo (determined in accordance with the most recent valuation) does not at any time exceed 65%; and (iv) maintain minimum liquidity of \u00a33 million at all times. Under the \u00a31.6 million loan granted by Santander UK Plc to PPHE Living Limited dated 29 January 2020, the interest coverage ratio (ICR) for each 12-month period must not be less than 125%. In addition, the borrower must ensure that the outstanding loan does not exceed 65% of the value of the borrower\u2019s freehold property at Acton Lane (based on the most recent valuation).\u2022 Under the UniCredit S.p.A. facility for Societ\u00e0 Immobiliare Alessandro De Gasperis S.r.l., signed on 22 February 2022, the borrower must ensure throughout the entire term of the loan that the outstanding amount of the loan\ue61fdoes not exceed 60% of the value of\ue61fthe property. Furthermore, from the\ue61fearlier of (i) 30 June 2024, and (ii) the first interest payment date falling after 12 months following the completion of the property renovation (the \u2018first test date\u2018), the borrower undertakes to ensure that the ratio between (i) the EBITDA of the borrower relating to the 12 month period preceding the relevant test date and (ii) the finance costs for the same applicable period (ICR) and the\ue61fratio between (i) the net operating profit of the borrower generated in the 12 month period preceding each test date and (ii) the principal amount of all facilities outstanding under this facilities agreement at that test date are higher than 2.0 and 7.5% respectively for the\ue61ffirst test date and higher than 2.5\ue61fand 9% respectively for each test date thereafter. \u2022 Under the Deutsche Hypothekenbank AG facility, for Park Plaza Nuremberg the borrower must ensure throughout the entire term of the loan that the outstanding amount of the loan does not exceed 65% of the value of the property used as collateral and that the\ue61fDSCR is not less than 1.35. \u2022 Under the Deutsche Hypothekenbank AG facility for ACO Hotel Holding B.V. and ABK Hotel Holding B.V., the borrower must ensure throughout the\ue61fentire term of the loan that the outstanding amount of the loan does not exceed 70% of the value of the properties used as collateral and that\ue61fthe DSCR is not less than 1.10. \u2022 Under the Zagrebaka Banka d.d. joint \u20ac32.0 million and HRK 205.0 million facilities, the borrower, Arena Hospitality Group d.d. must ensure that\ue61fat year end, based on audited stand alone financial statements of the\ue61fborrower, the DSCR is equal to or greater than 120% during the life of the loan and that the Net Debt/EBITDA (\u2018net leverage ratio\u2019) is equal to or lower than 5.5 at year end 2019, is equal to or lower than 4.5 at year end 2021 and for each succeeding calendar year during the remaining life of the loan. \u2022 Under the Zagrebaka Banka d.d. \u20ac10.0 million and HRK 60.0 million facilities, the borrower, Arena Hospitality Group d.d. must ensure that\ue61fat year end, based on audited consolidated financial statements of the\ue61fborrower, the DSCR is equal to or greater than 120% during the life of the loan and that the net leverage ratio is equal to or lower than 4.5 at year end 2021 and for each succeeding calendar year during the remaining life of the loan. Additionally, the borrower undertakes to maintain the ratio between the net financial debt increased by the exposure under guarantees for bank borrowings and\ue61fEBITDA to the maximum of 6.0. Moreover, under the HRK 60 million facility, the amount of the loan cannot exceed 70% of the value of the properties. \u2022 Under the Erste Banka d.d. \u20ac2.5 million facility, the borrower, Arena Hospitality Group d.d. has to comply with the following covenants calculated based on stand alone financial statements, tested once a year using audited financial statements for the preceding year: DSCR 1 is equal to or greater than 3.5. DSCR 2 is equal or greater than 1.2. The net leverage ratio is equal to or lower than 4.5. Additionally, the borrower undertakes to maintain the ratio between the net financial debt increased by the exposure under guarantees for bank borrowings and EBITDA to the maximum of 6.0 until the end of the loan repayment. The equity ratio has to be at least 30%. \u2022 Under the club deal with Erste Banka d.d. and Zagreba\u010dka Banka d.d signed in\ue61fDecember 2020 for the purpose of financing the refurbishment of Hotel Brioni Pula in the total amount of \u20ac24.0 million the borrower, Arena Hospitality Group d.d. has to comply with the following covenants calculated based on stand alone financial statements, tested once a year using audited financial statements for the preceding year: DSCR 1 is equal to or greater than 3.5. DSCR 2 is equal or greater than 1.2. Net leverage ratio is equal to or lower than 4.5. Additionally, the borrower undertakes to maintain the ratio between the net financial debt increased by the exposure under guarantees for bank borrowings and EBITDA to the maximum of 6.0 until the end of the loan repayment. The amount of the loan cannot exceed 70% of the property used as collateral.\u2022 Under the OTP Banka d.d. loan signed in\ue61fJuly 2020 for the purpose of financing the purchase and subsequent refurbishment of Guest House Hotel Riviera Pula in the total amount of \u20ac10.0 million the borrower, Arena Hospitality Group d.d. has to comply with the following stand alone covenants, tested once a year using audited financial statements for the preceding year: net leverage ratio is equal to or lower than 4.5. The equity ratio has to be at least 55%. The loan consists of two equal tranches in the amount of \u20ac5.0 million each. The loan has a deposit build up mechanism, subject to certain conditions.\u2022 Under the AIK Banka a.d. facility for the\ue61fpurpose of financing the purchase of 88 Rooms Hotel in Belgrade, Serbia, in\ue61fthe total amount of \u20ac4.2 million the borrower (Arena 88 Rooms Holding d.o.o.) has to ensure that the value of the purchased asset is not lower by more than 35% when compared with the\ue61fvalue of the asset as defined during 2020 by an external reputable valuator.\u2022 Under the Zagrebaka banka d.d. loan signed in September 2021 as part of HBOR\u2019s programme for insurance of liquidity portfolio for exporters related with COVID-19 measurements in amount \u20ac20 million (\u00a316.8 million) the borrower, Arena Hospitality Group d.d. must ensure that DSCR is equal or greater than 3.5 and that the ratio between financial debt and EBITDA is lower than\ue61f4.5 starting at December 2023 and\ue61fonwards. Additionally, the borrower undertakes to maintain the\ue61fratio between the net financial debt\ue61fincreased by the exposure under guarantees and EBITDA to the maximum of 6.0 at the end of 2023 and onwards. Covenants are calculated based on audited annual stand alone financial statements. Also, during the loan period the borrower is not able without bank confirmation to proceed with payments of dividends or loans to third parties. \u2022 Under the Erste Group Bank AG loan signed in November 2021, for the purpose of financing the purchase of hotel FRANZ Ferdinand Mountain Resort in Nassfeld, Austria, in the total amount \u20ac10.5 million, Arena Franz Ferdinand GmbH as the borrower has to comply with following stand alone hard covenants: projected DSCR is equal or greater than 1.15 at year end 2021 and\ue61fhistorical DSCR equal or greater than 1.15 from year end 2023 onwards. The amount of the loan cannot exceed 75% of the property used as collateral starting year end 2021 to year end 2023. The borrower also has to comply with the following soft covenants: from\ue61fyear end 2024 onwards DSCR Note 14 ProvisionsProvision for concession fee on land In accordance with the provisions of the Tourist and Other Construction Land Not Appraised During the Transition and Privatisation Process Act from 2010 (the \u2018TLA\u2019), Arena submitted requests to the Republic of Croatia and the relevant municipality for the award of\ue61ftourist land concessions in relation to land areas in eight campsites and three tourist resorts in Croatia. The TLA failed to produce the desired impact or to resolve the issues of the ownership/use of the tourist land. This in turn caused far-reaching consequences in the form of lack of investments into tourist land, reduced the international competitiveness of Croatian tourism due to lack of development and reduced income for the state and local municipalities. The Croatian government therefore adopted a new legislation to deal with, inter alia, the so-called tourist land and proprietary relationships between the owner of such land and the owner of the facilities built thereon. In May 2020, the new Non-Appraised Construction Land Act (the \u2018NCLA\u2019) replaced the TLA and all initiated requests based on the TLA were suspended. Pursuant to the NCLA, the ownership of the land underneath the facilities in the campsites that were assessed into the\ue61fshare capital of Arena is now also legally recognised as ownership of Arena, while the Republic\ue61fof Croatia will be the sole owner of the other land in the camps. In respect to the tourist resorts, the ownership of the land underneath the facilities that have been assessed into the share capital of Arena is now also recognised as ownership of Arena, together with the land surrounding such facilities that makes (together with the relevant facilities) the technological and functional unity. Tourist land in the tourist resorts which was not assessed into the share capital of Arena and which serves the standard usage of the resorts shall be owned by a local municipality. In\ue61frelation to the land in campsites owned by the Republic of Croatia and the land in tourist resorts owned by the local municipalities, Arena will ex lege be deemed long-term (50 years) lessee and will conclude the lease agreement with the state/local municipalities once the procedure envisaged by the NCLA is complete. However, the government has still not adopted the secondary level regulation that would govern the rent payable by the lessees for such lease, nor have the procedures required for the implementation of the Act and actual registration of the ownership over the respective part of land in campsites/tourist resorts been completed. Thus, instead of concession fees, NCLA prescribes the obligation to pay rental fees for the tourist land which was not assessed into the share capital of\ue61fArena. However, administrative proceedings before the competent authority that are required for the implementation of the Act and\ue61factual registration of the ownership over the respective part of land in campsites and tourist resorts, have not been completed. In 2023, the government had carried out public consultations on the draft proposals of the secondary level regulations that would govern the rent payable by the lessees, i.e., on the draft proposal of the Regulation on determination of the unit rent amount for tourist land on which the hotel and tourist resort is built and the method of calculating the rent and other fees and the mandatory content of the lease agreement, and on the draft proposal of the Regulation on determining of the initial amount of the unit rental price for tourist land in the camp, the method of calculating the rent and other fees and the mandatory content of the lease agreement. Both Regulations were adopted by the Government in February 2024. Given that the Regulations that now govern the rent payable by\ue61fthe lessees were adopted after 31 December 2023, Arena made an assessment of the concession/rental fees in the most prudent manner based on the most up to date available information, including the above-mentioned government\u2019s proposals referred to public consultation. The concession/rental fee, which amounted to \u00a31.6 million in 2023, was recorded in the statement of\ue61ffinancial position under other payables and accruals. There was no payment of concession/rental fee during 2023 or 2022. Management is still assessing the impact of this new regulation on the Company\u2019s financial statements.2023 2022 \u00a3\u2019000\u00a3\u2019000Balance as at 1 January 5,331 5,057Exchange rate differences (98) 274Balance as at 31 December 5,233 5,331(projected and historical) should be equal to or greater than 1.35. The amount of the loan cannot exceed 65% of the property used as collateral at the year end 2024 until year end 2026, and 60% from the year end 2026 and onwards.\u2022 Under the Privredna banka d.d. loan\ue61fsigned in November 2022 for the purpose of refinancing investments done in Arena Kazela Campsite in previous years, in the total amount of\ue61f\u20ac18.5 million, the borrower, Arena Hospitality Group d.d. has to comply with following covenants: the DSCR is equal to or greater than 1.2 during the life of the loan based on audited stand alone financial statements, the net leverage ratio based on audited stand alone financial statements is equal to or lower than 4.5 from 2022 and for each succeeding calendar year during the remaining life of the loan. Additionally, the borrower undertakes to maintain the ratio between the net financial debt increased by the exposure under guarantees and EBITDA to the maximum of 6.0 until the end of the loan repayment. Moreover, the amount of the loan cannot exceed 70% of the value of the\ue61fproperties used as collateral. \u2022 Under the HRVATSKA BANKA ZA OBNOVU I RAZVITAK loan signed in May\ue61f2022 for the purpose of financing the purchase of mobile homes in Arena\ue61fStoja Campsite, in the total amount of\ue61f\u20ac2.9 million, the borrower, Arena Hospitality Group d.d. has to comply with the equity ratio being at\ue61fleast 30% calculated based on stand\ue61falone financial statements.\u2022 Under the ERSTE&STEIERM\u00c4RKISCHE BANK d.d. loan signed in March 2022 by Ulika d.o.o. as borrower for the purpose of financing investment in the hotel in Zagreb, in the amount of \u20ac12.6 million, Arena as guarantor has to comply with following covenants tested once a year using audited stand alone financial statements for the preceding year: DSCR 1 is equal to or greater than 3.5.\ue61fDSCR 2 is equal or greater than 1.2\ue61fthroughout the life of the loan. Net\ue61fleverage ratio is equal to or lower than 4.5 at each year end during the remaining life of the loan. Additionally, the guarantor undertakes to maintain the ratio between the net financial debt increased by the exposure under guarantees for bank borrowings and EBITDA to the maximum of 6.0 until the end of the loan repayment. The amount of the loan cannot exceed 100% of the property used as collateral. The equity ratio has to be at least 30%. Ulika d.o.o., as borrower, needs to maintain a DSCR\ue61fequal to or greater than 1.3 from\ue61f2026 onwards. \u2022 Under the OTP Bank Nyrt loan signed in\ue61fOctober 2022 for the purpose of refurbishment of art\u2019otel Budapest, in the amount of \u20ac2 million, the borrower has to comply with the following covenant: annual debt service cover ratio is equal to or greater than 1.2\ue61fduring the life of the loan.Pursuant to bank loan agreements with certain subsidiaries, these subsidiaries are required to retain their cash balances for use in\ue61ftheir hotel operations and are restricted from transferring the cash to other entities in the Group without a prior approval from the lenders. As at 31 December 2023, the Group is in compliance with all of its banking covenants. The Group expects that it will comply with its loan covenants also going forward.Note 15 Financial liability in respect of Income Units sold to private investors2023 2022 \u00a3\u2019000\u00a3\u2019000Total liability 132,995 139,754Due from investors for reimbursement of capital expenditure (18,708) (18,670)114,287 121,084This liability originated from the proceeds received from the sale to private investors of the future 999-year cash flows, derived from\ue61fcertain Income Units in Park Plaza Westminster Bridge London. Furthermore, as the investors are required to fund all CAPEX to\ue61fbe made in connection with these rooms, a receivable is recorded in each period for any excess of depreciation expense over the amounts paid by the investors on account of CAPEX. This receivable is offset from the liability to the investors. This liability is amortised over the term of the agreement, that being 999 years.Note 16 Other financial liabilitiesAs at 31 December2023 2022 \u00a3\u2019000\u00a3\u2019000Lease liabilities (see Note 17) 273,274 261,5441Retention liability4,536 2,691Other 2,390 1,259280,200 265,4941 Retention in relation to the building contract with Gear Construction UK Limited for the design and construction of the art\u2019otel London Hoxton hotel (see Note 28).Note 17 Leases Group as a lesseeThe Group has lease contracts for various items which mainly includes hotels, including land, offices and storage buildings. Leases of land have lease terms between 125 and 199 years while hotel buildings, offices and storage have lease terms between 2 and 95 years. The Group\u2019s obligations under its leases are secured by the lessor\u2019s title to the leased assets. The Group also has certain leases with lease terms of 12 months or less and leases with low value. The Group applies the \u2018short-term lease\u2019 and \u2018lease of low-value assets\u2019 recognition exemptions for these leases.Set out below are the carrying amounts of right-of-use assets recognised and the movements during the period:Furniture, Hotel Offices fixtures and Land buildings and other equipment Total \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Cost:Balance as at 1 January 2023 102,684 130,648 9,248 23,873 266,453 Additions during the year \u2013 185 \u2013 165 350Disposal \u2013 \u2013 (58) \u2013 (58)Re-measurement of right-of-use assets 6,626 4,375 \u2013 \u2013 11,001Adjustment for exchange rate differences (414) (13) (20) \u2013 (447)Balance as at 31 December 2023 108,896 135,195 9,170 24,038 277,299Accumulated depreciation and impairment:Balance as at 1 January 2023 5,897 16,434 3,643 15,036 41,010 Provision for depreciation 669 3,212 858 2,438 7,177Disposal (19) (19)Adjustment for exchange rate differences (3) (70) (11) (84)Balance as at 31 December 2023 6,563 19,576 4,471 17,474 48,084Net book value as at 31 December 2023 102,333 115,619 4,699 6,564 229,215Cost:Balance as at 1 January 2022 88,454 129,032 8,640 23,873 249,999 Additions during the year \u2013 215 50 \u2013 265Re-measurement of right-of-use assets 13,028 705 501 \u2013 14,234 Adjustment for exchange rate differences 1,202 696 57 \u2013 1,955 Balance as at 31 December 2022 102,684 130,648 9,248 23,873 266,453 Accumulated depreciation and impairment:Balance as at 1 January 2022 5,384 13,331 2,737 12,626 34,078 Provision for depreciation 504 2,761 878 2,410 6,553 Adjustment for exchange rate differences 9 342 28 \u2013 379 Balance as at 31 December 2022 5,897 16,434 3,643 15,036 41,010 Net book value as at 31 December 2022 96,787 114,214 5,605 8,837 225,443 The amount of borrowing costs capitalised during the year ended 31 December 2023 was \u00a3185 thousand (2022: \u00a3215 thousand).Impairment In 2023, there were no indicators of impairment.Set out below are the carrying amounts of lease liabilities (included under Other financial liabilities and Other payables) and the movements during the period:2023 2022 \u00a3\u2019000\u00a3\u2019000As at 1 January 267,051 251,618Additions 165 50Disposals (31) \u20131Accretion of interest10,445 9,952Payments (14,355) (14,627)Re-measurement of lease liability recorded in other expenses 3,852 3,704Re-measurement of lease liability adjusted against right-of-use assets 11,001 14,234Exchange rate differences recorded in profit and loss (882) 1,662Adjustments for foreign exchange differences 117 458As at 31 December 277,363 267,051Current 4,089 5,507Non-current 273,274 261,5441 The amount of borrowing costs capitalised during the year ended 31 December 2023 was \u00a3185 thousand (2022: \u00a3215 thousand).Set out below is a split of the lease liabilities, cash payments and effect in the income statement between lease agreements for a\ue61fperiod longer than 40 years (\u2018long-term leases\u2019) and leases for a period of up to 40 years (\u2018short-term leases\u2019).Year ended 31 December 2023 \u00a3\u2019000Long-term Short-term leases (>40)leases (<40) TotalLease liabilities 244,437 32,926 277,363Fixed lease payments 9,408 4,947 14,355Accretion of interest 9,629 816 10,445Depreciation 3,857 3,320 7,177Year ended 31 December 2022 \u00a3\u2019000Long-term Short-term leases (>40)leases (<40) TotalLease liabilities 234,050 33,001 267,051Fixed lease payments 9,031 5,596 14,627Accretion of interest 8,968 984 9,952Depreciation 3,774 2,779 6,553Details regarding certain long-term lease agreements are as below:(a) On 29 January 2020, the Group through its subsidiary Arena, entered into a 45-year lease for the development and operation of a contemporary branded hotel in Zagreb, Croatia. The development, which is subject to obtaining the necessary permits, involves the conversion of an iconic building in a prime location in the historic heart of the city. This 110-room hotel was opened in Q4 2023 and included a destination restaurant and bar, wellness and spa facilities, fitness centre, event space and parking. The annual rent amounts to \u20ac430 thousand. (b) Grandis has a land leasehold interest, expiring in 2095, of Holmes Hotel London. Based on the latest rent review that was signed on 29 September 2022, the annual rent amounts to \u00a31,250 thousand. Grandis has an option to extend the lease to a total of 125 years, expiring in 2121. The Company also has an option to terminate the lease in 2059.(c) Riverbank Hotel Holding B.V. has a land leasehold interest, expiring in 2125, for Park Plaza London Riverbank, subject to rent review every five years, based on CPI. Based on the latest rent review, with effect from 10 May 2020, the annual rent amounts to \u00a31,135 thousand.(d) On 18 June 2012, Park Royal Hotel Holding B.V. (\u2018Park Royal\u2019) completed the purchase of the freehold property at 628 Western Avenue, Park Royal, London (the \u2018Site\u2019), which was a development site on one of the main thoroughfares into London, for \u00a36.0 million. Simultaneously, Park Royal completed the sale of the Site at a price of \u00a37.0 million and the leaseback of the Site at an initial rent of \u00a3306 thousand per year for 170 years, subject to rent review every five years, based on CPI with a cap of 5%. Based on the latest rent review, with effect from 15 June 2022, the annual rent amounts to \u00a3417 thousand.(e) On 20 July 2017, Waterloo Hotel Holding B.V. completed the sale of Park Plaza London Waterloo for \u00a3161.5 million subject to a\ue61fleaseback for 199 years. The initial rent of \u00a35.6 million per year will have annual inflation adjustments subject to a cap of 4% and\ue61fcollar of 2%. The following are the amounts recognised in profit or loss:As at 31 December2023 2022 \u00a3\u2019000\u00a3\u2019000Depreciation expense 7,177 6,553Interest expense on lease liabilities 10,260 9,737Expense relating to low-value assets and short-term leases (included in operating expenses) 227 169Expense relating to low-value assets and short-term leases (included in rent expenses) 583 877Variable lease payments (included in rent expenses) 1,749 1,544Total amount recognised in profit or loss 19,996 18,880The Group had total cash outflows for leases of \u00a315,327 thousand in 2023 (2022: \u00a315,673 thousand). The future cash outflows relating to leases that have commenced are disclosed in Note 29c.The following provides information on the Group\u2019s variable lease payments, including the magnitude in relation to fixed payments in 2023 and 2022:As at 31 December 2023Variable Fixed payments payments Total \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Fixed rent 13,173 \u2013 13,173Variable rent with minimum payment 1,182 \u2013 1,1821Variable rent only\u2013 1,749 1,749As at 31 December 2022Variable Fixed payments payments Total \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Fixed rent 13,369 \u2013 13,369Variable rent with minimum payment 1,258 \u2013 1,2581Variable rent only\u2013 1,544 1,5441 Relates mainly to the concession fee on land (see Note 14). Lease extension and termination options:The Group has leases that include extension and termination options. These options provide flexibility in managing the leased assets and align with the Group\u2019s business needs. The Group exercises significant judgement in deciding whether it is reasonably certain that the extension and termination options will be exercised. Set out below are details of potential future undiscounted lease payments for periods covered by extension options that were not included in the measurement of the Company\u2019s lease liabilities. As of the end of the reporting period the Group does not expect to exercise any termination option. Up toMore than five years five years\u00a3\u2019000 \u00a3\u2019000Lease payments applicable in extension option periods which as of the end of the reporting period are not reasonably certain to be exercised 5,676 4,019Note 18 Other payables and accrualsAs at 31 December2023 2022 \u00a3\u2019000\u00a3\u2019000Current portion of lease liabilities (Note 17) 4,089 5,507Current portion of share appreciation rights (Note 5(b)) 2,703 5,519Employees 5,120 4,640VAT and taxes 13,748 14,514Accrued interest 3,361 3,128Corporate income taxes 136 130Accrued expenses 22,228 26,808Advance payments received 9,260 8,238Accrued rent 6,354 4,402Variable income payment to holders of Income Units 4,166 4,1371Related parties7,984 3,712Other \u2013 10979,149 80,8441 Majority of this balance (\u00a37,909 thousand) relates to an accrual for costs of the building contract with Gear Construction UK Limited for the design and construction of the art\u2019otel London Hoxton that were paid after the reporting date (see Note 28).Note 19 RevenuesAs at 31 December2023 2022 \u00a3\u2019000\u00a3\u20190001Room revenue from owned hotels291,953 232,7352Room revenue from leased hotels8,127 5,058Campsites and mobile homes 23,659 22,592Food and beverage 74,106 56,711Minor operating (including room cancellation) 8,364 7,401Management fee (see Note 12(c)(i)) 3,056 2,183Franchise and reservation fee (see Note 12(c)(i)) 2,814 1,466Marketing fee 1,048 718Other 1,471 1,227414,598 330,0911 Room revenue from owned hotels includes also revenue from hotels that are under a <100 long-term lease.2 Room revenue from leased hotels includes the revenue from Park Plaza Budapest and Park Plaza Wallstreet Berlin Mitte which are under 20-year lease contracts.Note 20 Operating expensesAs at 31 December2023 2022 \u00a3\u2019000\u00a3\u2019000Salaries and related expenses 131,048 109,412Franchise, reservation and commissions expenses (see Note 12(c)(i)) 31,960 28,419Food and beverage 20,872 16,471Insurance and property taxes 16,343 19,156Utilities 20,888 11,570Administration costs 8,820 7,905Maintenance 8,153 6,839Laundry, linen and cleaning 6,740 5,472Supplies 6,354 4,573IT expenses 2,238 2,195Communication, travel and transport 2,712 1,939Marketing expenses 2,939 1,864Government grants payroll 250 (183)Government grants fixed costs 172 (2,461)Defined contribution pension premiums 5,249 4,588Other expenses 19,352 15,328284,090 233,087Note 21 Financial expensesAs at 31 December2023 2022 \u00a3\u2019000\u00a3\u2019000Interest and other finance expenses on bank loans 25,385 24,815Interest on lease liabilities 10,260 9,737Foreign exchange differences, net \u2013 2,012Other 500 69336,145 37,257Note 22 Financial incomeAs at 31 December2023 2022 \u00a3\u2019000\u00a3\u2019000Income from Park Plaza County Hall London Units 1,006 887Interest on bank deposits 2,480 375Foreign exchange differences, net 918 \u2013Interest and other financial income from jointly controlled entities (see Note 28(b)) 354 117Other \u2013 1374,758 1,516Note 23 Other income and expensesa. Other expensesAs at 31 December2023 2022 \u00a3\u2019000\u00a3\u2019000Capital loss on buy-back of Income Units previously sold to private investors 3,266 1,499Revaluation of interest rate swap (see Note 29(a)) 4,553 \u20131Re-measurement of lease liability3,852 3,704Loss on disposal of fixed assets 29 47Other non-recurring expenses (including pre-opening expenses) 1,346 1,422Revaluation of share appreciation rights (see Note 5(b)(i)) \u2013 11913,046 6,7911 This amount represents re-measurement of the Waterloo lease liability based on the 2% collar (see Note 17).b. Other incomeAs at 31 December2023 2022 \u00a3\u2019000\u00a3\u2019000Revaluation of share appreciation rights (see Note 5(b)(i)) 2,816 \u2013Revaluation of interest rate swap (see Note 29(a)) \u2013 9,692Revaluation of Income Units Park Plaza County Hall London (see Note 6) 1,600 3004,416 9,992Note 24 Net expenses for financial liability in respect of Income Units sold to private investorsAs at 31 December2023 2022 \u00a3\u2019000\u00a3\u2019000Variable return (see Note 2(e)) 15,311 11,947Reimbursement of depreciation expenses (see Note 2(e)) (1,155) (1,164)14,156 10,783Note 25 Income taxesa. Tax benefit (expense) included in the income statementAs at 31 December2023 2022 \u00a3\u2019000\u00a3\u2019000Current taxes (2,760) (394)Adjustments in respect of current income tax of previous year (8) 87Deferred taxes 1,091 3,663(1,677) 3,356b. The following are the major deferred tax (liabilities) and assets recognised by the Group and changes therein during the period:Tax loss carry\ue61fforward Property, plant and\ue61ftiming and equipment difference on and intangible provisions assets Tax incentives Total \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Balance as at 1 January 2023 12,928 (11,134) 5,193 6,987Amounts charged to income statement 8,744 (7,653) \u2013 1,091Adjustments for exchange rate differences (167) 140 (96) (123)Balance as at 31 December 2023 21,505 (18,647) 5,097 7,955Balance as at 1 January 2022 8,334 (11,009) 5,660 2,985Amounts charged to income statement 4,134 274 (745) 3,663Adjustments for exchange rate differences 460 (399) 278 339Balance as at 31 December 2022 12,928 (11,134) 5,193 6,987The above deferred taxes have been set off when they relate to the same jurisdictions and presented in the consolidated financial statements as follows:As at 31 December2023 2022 \u00a3\u2019000\u00a3\u2019000Deferred tax assets 13,833 12,909Deferred tax liabilities (5,878) (5,922)7,955 6,987c. Reconciliation between tax benefit (expense) and the product of accounting profit multiplied by the Group\u2019s tax rate is as follows:As at 31 December2023 2022 \u00a3\u2019000\u00a3\u2019000Profit before income taxes 28,822 11,456Expected tax at the tax rate of the United Kingdom 25% (2022: 19%) (7,206) (2,177)Adjustments in respect of:Effects of other tax rates 10,240 1,265Non-deductible expenses (627) (199)Disallowed interest for which deferred tax asset was not recorded (11,078) (3,922)Temporary differences for which no deferred tax was recorded (5,014) 4,307Non-taxable income 484 431Unrecognised current year tax losses (2,966) (1,695)Recognition of deferred tax asset on losses from previous years 14,377 5,171Other differences 113 175Income tax benefit (expense) reported in the income statement (1,677) 3,356d. Tax laws applicable to the Group companies: (i) The Company is subject to taxation under the laws of Guernsey. The Company is therefore taxed at the standard rate of 0%.(ii) Foreign subsidiaries are subject to income taxes in their country of domicile in respect of their income, as follows: 1. Taxation in the Netherlands: corporate income tax rate is 25.8%. 2. Taxation in the United Kingdom: corporate income tax rate for domiciled companies and for non-domiciled companies is\ue61f25%\ue61f(2022: 19%). 3. Taxation in Germany: aggregated corporate tax rate and trade income rate is 29.7%. 4. Taxation in Hungary: corporate income tax rate is 9%. 5. Taxation in Croatia: corporate income tax rate is 18%. 6. Taxation in Italy: aggregated corporate tax rate (IRES) and local tax (IRAP) rate is 27.9%. 7. Taxation in Austria: corporate income tax rate is 25%. 8. Taxation in Serbia: corporate income tax rate is 15%. Corporate tax rate in the UK \u2013 In March 2021, the UK government adopted the Spring Budget 2021 which included an increase in\ue61fthe UK corporate tax rate from 19% to 25% from 1 April 2023. e. Losses carried forward for tax purposesThe Group has carried forward losses for tax purposes estimated at approximately \u00a3198.2 million (2022: \u00a3212.1 million). Movement in 2023 mainly relates to the utilisation of losses in the amount of approximately \u00a326 million net of creation of new losses in the amount of approximately \u00a311.9 million. The Group did\ue61fnot establish deferred tax assets in respect of losses amounting to \u00a3118.6 million (2022: \u00a3163.5 million). Movement in 2023 mainly relates to the recognition of deferred tax assets in the amount of approximately \u00a356.8 million net of creation of new losses in the amount of approximately \u00a311.9 million.The carried forward losses relate to individual companies in the Group, each in its own tax jurisdiction. When analysing the recoverability of\ue61fthese losses the Group assesses the likelihood that these losses can be utilised against foreseeable future trading profits while considering the limitations and the nature of the available losses. In this analysis the Group concluded that for the majority of these companies it is not probable that future profits will be achieved that can be offset against these losses, mainly due to the nature of their trade (i.e. holding companies or tax exempt activities). Based on this uncertain profitability, the Company determined that it could not recognise deferred tax assets for most of the losses. The Company is performing this analysis on an ongoing basis. f. Tax incentivesIn May 2019, based on confirmation from the Ministry of Economy and pursuant to the Investment Promotion and Development of\ue61fInvestment Climate Act in Croatia, Arena became eligible to claim incentive allowances. Investments eligible for incentives are investments done in Arena One 99 Glamping Campsite, Arena Grand Ka\u017eela Campsite, Hotel Brioni and Verudela Beach self-catering apartment complexes, among others. Arena has the right to use the investment tax credits until 2027. The execution of the investment project is subject to supervision by the relevant institutions throughout the period of use of the tax credits and Arena will need to present regular annual reports to the tax authority in which it will evidence that the conditions for the use of the tax credits are met. Note 26 Earnings per shareThe following reflects the income and share data used in the basic earnings per share computations:As at 31 December2023 2022 \u00a3\u2019000\u00a3\u2019000Profit attributable to equity holders of the parent 22,415 10,159Weighted average number of ordinary shares outstanding (in thousands) 42,365 42,523Potentially dilutive instruments, 173,054 in 2023, had an immaterial effect on the basic earnings per share (2022: 399,294).Note 27 SegmentsFor management purposes, the Group\u2019s activities are divided into Owned Hotel Operations and Management and Central Services Activities (for further details see Note 12(c)(i)). Owned Hotel Operations are further divided into five reportable segments: the Netherlands, Germany, Croatia and the United Kingdom. Other includes individual hotels in Hungary, Serbia, Italy and Austria. The\ue61foperating results of each of the aforementioned segments are monitored separately for the purpose of resource allocations and performance assessment. Segment performance is evaluated based on EBITDA, which is measured on the same basis as for financial reporting purposes in the consolidated income statement.Year ended 31 December 2023Management The United and Central 12Netherlands Germany KingdomCroatiaOtherServicesAdjustmentsConsolidated \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000RevenueThird party 63,302 22,759 234,912 78,123 7,859 7,643 \u2013 414,598Inter-segment \u2013 \u2013 400 257 \u2013 40,626 (41,283) \u2013Total revenue 63,302 22,759 235,312 78,380 7,859 48,269 (41,283) 414,598Segment EBITDA 19,580 5,466 76,276 20,409 (528) 6,973 \u2013 128,176Depreciation, amortisation (45,068)Financial expenses (36,145)Financial income 4,758Net expenses for liability in\ue61frespect of Income Units sold to private investors (14,156)Other income (expenses),\ue61fnet (8,630)Share in result of\ue61fjoint\ue61fventures (113)Profit before tax 28,8221 Includes art\u2019otel Budapest in Hungary, 88 Rooms Hotel in Belgrade, Serbia, Londra & Cargill Hotel in Rome, Italy, and FRANZ Ferdinand Mountain Resort in Nassfeld,\ue61fAustria.2 Consist of inter-company eliminations.The United 12Netherlands Germany KingdomCroatiaOtherAdjustmentsConsolidated \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Geographical information1Non-current assets190,420 72,311 1,007,301 249,910 86,306 46,462 1,652,7101 Non-current assets for this purpose consist of property, plant and equipment, right-of-use assets and intangible assets.2 This includes the non-current assets of Management and Central Services.Year ended 31 December 2022Management The United and Central 12Netherlands Germany KingdomCroatiaOtherServicesAdjustmentsConsolidated \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000RevenueThird party 41,573 17,724 190,105 69,237 6,344 5,108 \u2013 330,091Inter-segment \u2013 16 302 168 \u2013 32,365 (32,851) \u2013Total revenue 41,573 17,740 190,407 69,405 6,344 37,473 (32,851) 330,091Segment EBITDA 11,163 6,368 56,218 21,426 (629) 37 94,583Depreciation, amortisation (40,006)Financial expenses (37,257)Financial income 1,516Net expenses for liability in\ue61frespect of Income Units sold to private investors (10,783)Other income (expenses),\ue61fnet 3,201Share in result of\ue61fjoint\ue61fventures 202Profit before tax 11,4561 Includes art\u2019otel Budapest in Hungary, 88 Rooms Hotel in Belgrade, Serbia, Londra & Cargill Hotel in Rome, Italy, and FRANZ ferdinand Mountain Resort in Nassfeld,\ue61fAustria.2 Consist of inter-company eliminations.The United 12Netherlands Germany KingdomCroatiaOtherAdjustmentsConsolidated \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Geographical information1Non-current assets194,833 72,537 949,931 241,312 59,307 55,512 1,573,4321 Non-current assets for this purpose consist of property, plant and equipment, right-of-use assets and intangible assets.2 This includes the non-current assets of Management and Central Services.Note 28 Related parties a. Balances with related partiesAs at 31 December2023 2022 \u00a3\u2019000\u00a3\u2019000Loans to joint ventures (see Note 5a) 6,515 5,573Short-term receivables 65 100Payable to GC Project Management Limited (75) (185)Payable to Gear Construction UK Limited (see Notes 16 and 18) (12,445) (6,218)b. Transactions with related partiesAs at 31 December2023 2022 \u00a3\u2019000\u00a3\u2019000Cost of transactions with GC Project Management Limited (670) (300)Cost of transactions with Gear Construction UK Limited (55,069) (47,872)Rent income from sub-lease of office space 56 67Management fee revenue from jointly controlled entities 872 822Interest income from jointly controlled entities 354 118c. Significant other transactions with related parties(i) Construction of the art\u2019otel London Hoxton \u2013 Following the approval by the independent shareholders, on 7 April 2020 the Groupentered into a building contract with Gear Construction UK Limited (\u2018Gear\u2019) for the design and construction of the art\u2019otel London Hoxton hotel on a \u2018turn-key\u2019 basis (the \u2018building contract\u2019). Under the building contract Gear assumes the responsibility for the design and construction of the main works for the design and build of art\u2019otel London Hoxton for a lump sum of \u00a3160 million (exclusive of VAT) (the \u2018Contract Sum\u2019). Of this amount, circa \u00a324.6 million is based on provisional sums, primarily in respect of FF&E\ue61fand fit out of the hotel which are detailed and set out as provisional sums in the building contract. This might cause the total amount payable to Gear UK under the building agreement to be greater or less than the Contract Sum. On top of the Contract Sum, the Group novated certain existing contracts relating to the project to Gear at cost subject to a cap of \u00a36 million (exclusive of\ue61fVAT). Gear is required to\ue61fcomplete the works to be executed under the building contract by 2024. Gear makes monthly applications for payments in line with the building contract and following construction industry contractual norms. The applications will be valued by AECOM acting as the Employer\u2019s agent and providing cost management services, who is appointed by the Employer but has a duty to act fairly in accordance with the terms of the contract. The Employer\u2019s agent will also be\ue61fresponsible for assessing any applications by Gear for extensions of time, variations or additional scope of work or additional loss\ue61fand/or expense under the building agreement. Gear\u2019s obligations and liabilities under the building contract are supported by a corporate guarantee from Red Sea Hotels Limited, an\ue61fassociate of Euro Plaza Holdings B.V. and therefore a related party of the Company, in the amount of 10% of the Contract Sum (the\ue61f\u2018corporate guarantee\u2019). The corporate guarantee expires on the later of: (i) the expiry of the two-year defects rectification period which follows practical completion of the works; and (ii) the issue of the latent defect insurer\u2019s approval or final technical audit report. (ii) Sub-lease of office space \u2013 A member of the Group has agreed to sub-lease a small area of office space to members or affiliatesof the Red Sea Group at its County Hall corporate office in London. The rent payable by the Red Sea Group to PPHE Hotel Group is\ue61fbased on the cost at which the landlord is leasing such space to PPHE Hotel Group. (iii) Pre-Construction and Maintenance Contract \u2013 The Group frequently uses GC Project Management Limited (GC) to undertakepreliminary assessment services, including appraisal work, and provide initial estimates of the construction costs. Further, GC\ue61fprovides ad-hoc maintenance work when required to the Group\u2019s various sites. Accordingly, the Group has entered into an\ue61fagreement with GC for the provision of pre-construction and maintenance services by GC to the Group for a fixed annual retainer\ue61fof \u00a360,000.(iv) Transactions in the ordinary course of business, in connection with the use of hotel facilities (such as overnight room stays andfood and beverages) are being charged at market prices. These transactions occur occasionally.(v) Londra & Cargill project management agreement \u2013 The Group entered into a series of agreements with GC Project ManagementLimited for the provision of project management services and site supervision services to the Group in respect of the redevelopment of Hotel Londra\ue61f& Cargill in Rome, Italy, commencing in 2022 and completing in 2024 for a fee capped at \u00a3920,000 to be paid in monthly instalments for the duration of the project. Summary of the remuneration for Executive and Non-Executive Directors for the year ended 31 December 2023:Base salary Pension Other and feesBonus contributions benefits Total \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u20190001Chairman and Executive Directors1,726 473 67 19 2,285Non-Executive Directors 283 \u2013 \u2013 \u2013 2832,009 473 67 19 2,5681 Figures Include the annual remuneration of Greg Hegarty, Deputy CEO & COO, who joined the Board following the 2023 Annual General Meeting which was held in\ue61fMay\ue61f2023.Summary of the remuneration for Executive and Non-Executive Directors for the year ended 31 December 2022:Base salary Pension Other and\ue61ffeesBonus contributions benefits Total \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Chairman and Executive Directors 1,148 531 64 13 1,756Non-Executive Directors 284 \u2013 \u2013 \u2013 2841,432 531 64 13 2,040Directors\u2019 interests in employee share incentive planAs at 31 December 2023, the Executive Directors held share options to purchase 121,308 ordinary shares (2022: 70,000). 50,000 options were fully exercisable with an exercise price of \u00a314.30 (2022: 25,000) and 27,308 options were fully exercisable with a \u00a3nil exercise price (2022: 23,000). No share options were granted to Non-Executive Directors of the Board.Note 29 Financial instruments risk management objectives and policiesThe Group\u2019s principal financial instruments, other than derivatives, comprise bank borrowings, cash and cash equivalents and restricted deposits. The main purpose of these financial instruments is to finance the Group\u2019s operations. The Group has various other financial assets and liabilities such as trade receivables and trade payables, which arise directly from its operations.Re-Re-New Movement Re-As at 1 measurement measurement Re-Foreign leases/through classification As at 31 January Cash through profit against\ue61fright-measurement exchange loans, profit and and other December 2023 flows and loss of-use assets against equity movement net lossmovements2023 \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Non-current interest-bearing loans and borrowings 817,631 \u2013 \u2013 \u2013 \u2013 (5,720) 65,265 \u2013 (31,977) 845,199Non-current lease liability 261,544 \u2013 3,852 11,001 \u2013 156 165 (882) (2,562) 273,274Financial liability in respect of Income Units sold to private investors 121,084 (5,609) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (1,188) 114,287Non-current Derivative financial instruments (30,539) \u2013 4,553 \u2013 4,645 41 \u2013 \u2013 \u2013 (21,300)Current Derivative financial instruments \u2013 4,080 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (2,403) 1,677Current share appreciation rights 5,519 \u2013 (2,816) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 2,703Current interest-bearing loans and borrowings 47,101 (31,717) \u2013 \u2013 \u2013 (1,243) \u2013 844 32,852 47,837Current lease 1liability5,507 (4,095) \u2013 \u2013 \u2013 (39) \u2013 \u2013 2,716 4,0891,227,847 (37,341) 5,589 11,001 4,645 (6,805) 65,430 (38) (2,562) 1,267,7661 Includes accrued interest on deferred lease payments.Re-Re-New Movement Re-As at 1 measurement measurement Re-Foreign leases/through classification As at 31 January Cash through profit against\ue61fright-measurement exchange loans, profit and and other December 2022 flows and loss of-use assets against equity movement net lossmovements2022 \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Non-current interest-bearing loans and borrowings 729,284 \u2013 \u2013 \u2013 \u2013 16,091 106,879 \u2013 (34,623) 817,631Non-current lease liability 245,274 \u2013 3,704 14,234 \u2013 307 50 1,662 (3,687) 261,544Financial liability in respect of Income Units sold\ue61fto private investors 124,551 (4,887) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 1,420 121,084Derivative financial instruments 457 (109) (9,692) \u2013 (21,002) (71) \u2013 \u2013 (122) (30,539)Non-current share appreciation rights 4,860 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (4,860) \u2013Current share appreciation rights 540 \u2013 119 \u2013 \u2013 \u2013 \u2013 \u2013 4,860 5,519Current interest-bearing loans and borrowings 38,840 (31,087) \u2013 \u2013 \u2013 3,187 \u2013 941 35,220 47,101Current lease 1liability6,344 (4,890) \u2013 \u2013 \u2013 151 \u2013 \u2013 3,902 5,5071,150,150 (40,973) (5,869) 14,234 (21,002) 19,665 106,929 2,603 2,110 1,227,8471 Includes accrued interest on deferred lease payments.The main risks arising from the Group\u2019s financial instruments are cash flow interest rate risk, credit risk and liquidity risk. The Board of Directors reviews and agrees on policies for managing each of these risks which are summarised below. The Group\u2019s accounting policies in relation to derivatives are set out in Note 2.and other receivables since a loss allowance for expected credit losses is recorded in respect of all trade and other receivables. The\ue61fresult of these actions is that the Group\u2019s exposure to bad debts is not significant. With respect to credit risk arising from other financial assets of the Group, which comprise cash and cash equivalents, the Group\u2019s exposure to credit risk arises from default of the counterparty, with a maximum exposure equal to the carrying amount of these instruments. The Group has limited concentration risk in respect of its cash at banks.c. Liquidity riskThe Group\u2019s objective is to maintain a balance between continuity of funding and flexibility through the use of bank overdrafts and bank loans. The Group\u2019s policy is to arrange medium-term bank facilities to finance its construction operation and then to convert them into long-term borrowings when required. The Group continues to hold a strong liquidity position with an overall consolidated cash balance of \u00a3150.4 million as at 31 December\ue61f2023.The table below summarises the maturity profile of the Group\u2019s financial liabilities as at 31 December 2023 and 2022 based on\ue61fcontractual undiscounted payments.As at 31 December 2023Less than 3 months 3 to 12 months Year 2 Year 3 to 5 Total \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000 > 5 years \u00a3\u2019000\u00a3\u20190001Interest-bearing loans and borrowings20,131 59,145 91,352 659,588 195,015 1,025,231Financial liability in respect of Income 2Units\ue61fsold to private investors3,828 11,483 15,311 45,933 114,287 190,8423Lease liability3,145 9,944 14,508 42,322 885,424 955,343Trade payables 15,067 \u2013 \u2013 \u2013 \u2013 15,067Other liabilities 45,793 30,061 20,612 96,46687,964 110,633 121,171 747,843 1,215,338 2,282,949As at 31 December 2022Less than 3 months 3 to 12 months Year 2 Year 3 to 5 Total \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000 > 5 years \u00a3\u2019000\u00a3\u20190001Interest-bearing loans and borrowings19,319 56,534 59,962 545,414 322,947 1,004,176Financial liability in respect of Income 2Units\ue61fsold to private investors3,285 9,855 13,140 39,420 121,084 186,7843Lease liability3,248 9,919 13,498 39,848 890,068 956,581Trade payables 13,565 \u2013 \u2013 \u2013 \u2013 13,565Other liabilities 37,707 37,630 \u2013 \u2013 18,062 93,39977,124 113,938 86,600 624,682 1,352,161 2,254,5051 See Note 13 for further information.2 Presented according to discounted amount due to the variability of the payments over the balance of the 999-year term.3 Lease liability includes four leases with upward rent reviews based on future market rates in one lease and changes in the CPI/RPI in the other lease and, thus, future payments have been estimated using current market rentals and current United Kingdom-based CPIs/RPIs, respectively, except Park Plaza London Waterloo where the amounts included 50 years of future payments regarding the lease of Park Plaza London Waterloo instead of 199 years as stated in the lease agreement. Also, the amounts do not take into account the collar of 2%. The Group\u2019s management believes that the amount included in the above table reflects the relevant cash flow risks to which the Group would be reasonably exposed in the ordinary course of business.a. Interest rate riskThe Group\u2019s exposure to the risk for changes in market interest rates relates primarily to the Group\u2019s long-term debt obligations with\ue61fa floating interest rate. The Group\u2019s policy is to manage its interest costs using fixed-rate debt. To manage its interest costs, the Group enters into interest rate swaps, in which the Group agrees to exchange, at specified intervals, the difference between fixed and variable rate interest amounts calculated by reference to an agreed-upon notional principal amount. Furthermore, the Group uses fixed interest rate debts. For this reason the Group\u2019s cash flow is not significantly sensitive to possible changes in market interest rates. Possible changes in interest rates do, however, affect the Group\u2019s equity as the fair value of the swap agreements changes with interest rate\ue61fchanges. These swaps are designated to hedge underlying debt obligations.The Company has entered into interest rate swap contracts with unrelated financial institutions in order to reduce the effect of interest rate fluctuations or risk of certain real estate investment\u2019s interest expense on its variable rate debt. The Company is exposed to credit risk in the event of non-performance by the counterparty to these financial instruments. Management believes the\ue61frisk of loss due to non-performance to be minimal and therefore decided not to hedge this.The accounting treatment for the interest rate swaps and whether they qualify as accounting hedges under IFRS 9 is determined separately for each contract. If the contract qualifies as accounting hedge then the unrealised gain or loss on the contract is recorded in the consolidated statement of comprehensive income. If the contract does not qualify as accounting hedge then the gain or loss on the contract is recorded in the consolidated income statement. The fair value of the interest rate swaps is determined by taking into account the present interest rates compared to the contracted fixed rate over the life of the contract. The valuation models incorporate various market inputs such as interest rate curves and the fair value measurement is classified to Level 2 of the fair value hierarchy. For the year ended 31 December 2023, the Company recorded a loss of \u00a34.5 million (2022: profit of \u00a39.7 million) in Other expenses in the consolidated income statement and an unrealised loss of \u00a35.0 million (2022: profit of \u00a321.1 million) in the consolidated statement of\ue61fcomprehensive income representing the change in the fair value of these interest rate swaps during the period. The aggregate fair value of the interest rate swap contracts was \u00a323.0 million as at 31 December 2023 (2022: \u00a330.5 million) and is included in Other receivables and prepayments and Other non-current financial assets on the consolidated statements of financial position.Interest rate sensitivityThe following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and borrowings affected, after the impact of hedge accounting. With all other variables held constant, the Group\u2019s profit before tax is affected through the impact on floating rate borrowings, as follows:Effect on profit before tax \u00a3\u20190001Increase in floating interest rateGBP EUR US Dollar1% 38 43 1182% 76 87 2365% 189 217 5901 The assumed movement in floating interest rate for the interest rate sensitivity analysis is based on the currently observable market environment, showing a significantly higher volatility than in prior years.b. Credit riskThe Group trades only with recognised, creditworthy third parties. It has policies in place to ensure that sales are made to customers with an appropriate credit history. The Company\u2019s policies ensure that sales to customers are settled through advance payments, in\ue61fcash or by major credit cards (individual customers). Since the Group trades only with recognised third parties, there is no requirement for collateral for debts with third parties. Furthermore, the Group has no dependency on any of its customers. The receivable balances are monitored on an ongoing basis. Management monitors the collection of receivables through credit meetings and weekly reports on individual balances of receivables. The maximum credit exposure equals the carrying amount of the trade receivables d. Capital managementThe primary objective of the Group\u2019s capital management is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value. The Group manages its capital structure and makes adjustments to it in light of changes in economic conditions. The Group monitors capital using a gearing ratio, which is net bank debt divided by total capital plus net bank debt. The Group\u2019s policy is to keep the gearing ratio between 50% and 60%. The Group includes within net bank debt interest-bearing bank loans and borrowings, less cash and cash equivalents and other liquid assets. Capital includes equity less the hedging reserve.2023 2022 \u00a3\u2019000\u00a3\u2019000Interest-bearing bank loans and borrowings 893,036 864,732Less \u2013 cash and cash equivalents (150,416) (163,589)Less \u2013 long-term restricted cash (10,385) (9,272)Less \u2013 short-term restricted cash (6,909) (9,229)Net debt 725,326 682,642Equity 531,173 503,2451Hedging reserve(15,396) (20,398)Total capital 515,777 482,847Capital and net debt 1,241,103 1,165,489Gearing ratio 58,4% 58,6%1 Includes the hedging reserve that Is allocated to the Non-controlling interests.e. Fair value of financial instrumentsThe fair values of the financial assets and liabilities are included in the amount at which the instrument could be exchanged in a\ue61fcurrent transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were\ue61fused to estimate the fair values: The fair values of cash and cash equivalents, trade receivables, trade payables, and other current assets and liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments. The fair value of floating interest rate liabilities also approximates their carrying amount as the periodic changes in interest rates reflect the movement in market rates. The fair value of loans from banks and other financial liabilities is estimated by discounting future cash flows using rates currently available for debt on similar terms, credit risk and remaining maturities.Fair value hierarchyThe Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by a valuation technique based on the lowest level input that is significant to the fair value so determined:Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.Level 2: other techniques for which all inputs which have significant effect on the recorded fair value are observable, either directly or indirectly.Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data.The Group enters into derivative financial instruments with financial institutions with investment grade credit ratings. Derivatives are\ue61fvalued using valuation techniques for swap models, using present value calculations. The models incorporate various inputs,\ue61fincluding the credit quality of counterparties, and interest rate curves. The Group also granted share appreciation rights\ue61fof\ue61fthe\ue61fCompany to Clal (see Note 5b) which is valued by using the Black\u2013Scholes model. In addition, the Group also holds 46\ue61fIncome\ue61fUnits\ue61fin Park Plaza County Hall London which were valued by external valuator using a discounted cash flow technique. These\ue61fvaluation techniques maximise the use of observable market data where it is available and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2. If\ue61fone or more of the significant inputs is not based on observable market data, the instrument is included in Level 3.As at 31 December 2023, the Group held the following financial instruments measured at fair value:Liabilities31 December 2023 Level 1Level 2Level 3\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Share appreciation rights 2,703 \u2013 2,703 \u2013Assets31 December 2023 Level 1Level 2Level 3\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Interest rate swaps used for hedging 22,977 \u2013 22,977 \u2013Income Units in Park Plaza County Hall London 17,700 \u2013 17,700 \u2013As at 31 December 2022, the Group held the following financial instruments measured at fair value:Liabilities31 December 2022 Level 1Level 2Level 3\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Share appreciation rights 5,519 \u2013 5,519 \u2013Assets31 December 2022 Level 1Level 2Level 3\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Interest rate swaps used for hedging 30,539 \u2013 30,539 \u2013Income Units in Park Plaza County Hall London 16,100 \u2013 16,100 \u2013During 2023 and 2022, there were no transfers between Level 1 and Level 2 fair value measurements, and no transfers into or out of Level 3 fair value measurements.The carrying amounts and fair values of the Group\u2019s financial instruments other than those whose carrying amount approximates their fair value are as follows:Carrying amount 31 December Fair value 31 December2023 2022 2023 2022 \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Financial liabilitiesBank borrowings 893,036 864,732 860,244 811,179Note 30 Subsequent eventsa. Tourist land regulations in Croatia On 9 February 2024 the final regulation concerning tourist land was passed by the Croatian Government (see Note 14). b. Final dividendThe Board is proposing a final dividend payment of 20 pence per share (2022: 12 pence per share). Subject to shareholder approval at the Annual General Meeting.",
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},
"pp-value-19-2": {
"value": "h. Revenue from contracts with customersRevenue from contracts with customers is recognised when control\ue61fof the goods or services are\ue61ftransferred to the customer at\ue61fan\ue61famount that reflects the\ue61fconsideration to which the Group expects to be entitled in exchange for\ue61fthose goods or services.Owned, co-owned and leased hotelsRevenues are primarily derived from hotel operations, including the rental of rooms, food and beverage sales and other services from owned, co-owned and leased hotels operated under the Group\u2019s brand names. Revenue is recognised when rooms are occupied, food and beverages are sold and services are performed.Campsites and mobile homesRevenues are primarily derived from short-term rentals of campsite pitches and mobile homes operated under the Group\u2019s brand names. Revenue is recognised when campsite pitches and/or\ue61fmobile homes are occupied.Management feesManagement fees are earned from hotels\ue61fmanaged by the Group, under long-term contracts with the hotel owner.\ue61fManagement fees include a base\ue61ffee, which is generally a percentage of hotel revenue, and an incentive fee, which is based on the hotel\u2019s profitability. Revenue is recognised when earned and\ue61frealised\ue61for realisable under the terms\ue61fof the agreement.Franchise and reservation feesFranchise and reservation fees are received in connection with a licence of\ue61fthe Group\u2019s brand names, under long-term contracts with the hotel owner.\ue61fThe Group charges franchise and\ue61freservation fees as a percentage of\ue61fhotel revenue. Revenue is recognised when earned and realised\ue61for realisable under the terms\ue61fof the agreement.Marketing feesMarketing fees are received in connection with the sales and marketing services offered by the Group, under long-term contracts with the hotel owner. The Group charges marketing fees as a percentage of hotel revenue. Revenue\ue61fis recognised when earned\ue61fand realised or realisable under the terms of the agreement.Customer loyalty programmeThe Group participates in the Radisson TMRewards customer loyalty programme to provide customers with incentives to buy room nights. This customer loyalty programme is owned and operated by the\ue61fRadisson Hotel Group and therefore the entity retains no obligations in respect of the award credits other than to pay Radisson Hotel Group for the award credits purchased and granted to customers. The customers are entitled\ue61fto\ue61futilise the awards as soon as\ue61fthey are granted.The Group purchases these award credits from Radisson Hotel Group and issues these to its customers in order to\ue61fenhance its customer relationships rather than to earn a margin from the sale of these award credits. The Group concluded that it is acting as principal in\ue61fthis transaction and, in substance, is earning revenue from supplying these awards to its customers. The Group measures these revenues at fair value\ue61fand recognises these gross from\ue61fthe\ue61fcosts of participating in the\ue61fprogramme.Contract balancesTrade receivables-contract assetsA receivable represents the Group\u2019s right\ue61fto an amount of consideration that is\ue61funconditional (i.e. only the passage of time is required before payment of the consideration is due). Advance payments received \u2013\ue61fcontract\ue61fliabilitiesA contract liability is the obligation to\ue61ftransfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the Group transfers goods or services to the customer, a contract liability (advancepayments received) is recognised when the payment is made or the payment is due (whichever is earlier). Contract liabilities are recognised as revenue when the Group performs under the contract.Note 19 RevenuesAs at 31 December2023 2022 \u00a3\u2019000\u00a3\u20190001Room revenue from owned hotels291,953 232,7352Room revenue from leased hotels8,127 5,058Campsites and mobile homes 23,659 22,592Food and beverage 74,106 56,711Minor operating (including room cancellation) 8,364 7,401Management fee (see Note 12(c)(i)) 3,056 2,183Franchise and reservation fee (see Note 12(c)(i)) 2,814 1,466Marketing fee 1,048 718Other 1,471 1,227414,598 330,0911 Room revenue from owned hotels includes also revenue from hotels that are under a <100 long-term lease.2 Room revenue from leased hotels includes the revenue from Park Plaza Budapest and Park Plaza Wallstreet Berlin Mitte which are under 20-year lease contracts.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-19-3": {
"value": "h. Revenue from contracts with customersRevenue from contracts with customers is recognised when control\ue61fof the goods or services are\ue61ftransferred to the customer at\ue61fan\ue61famount that reflects the\ue61fconsideration to which the Group expects to be entitled in exchange for\ue61fthose goods or services.Owned, co-owned and leased hotelsRevenues are primarily derived from hotel operations, including the rental of rooms, food and beverage sales and other services from owned, co-owned and leased hotels operated under the Group\u2019s brand names. Revenue is recognised when rooms are occupied, food and beverages are sold and services are performed.Campsites and mobile homesRevenues are primarily derived from short-term rentals of campsite pitches and mobile homes operated under the Group\u2019s brand names. Revenue is recognised when campsite pitches and/or\ue61fmobile homes are occupied.Management feesManagement fees are earned from hotels\ue61fmanaged by the Group, under long-term contracts with the hotel owner.\ue61fManagement fees include a base\ue61ffee, which is generally a percentage of hotel revenue, and an incentive fee, which is based on the hotel\u2019s profitability. Revenue is recognised when earned and\ue61frealised\ue61for realisable under the terms\ue61fof the agreement.Franchise and reservation feesFranchise and reservation fees are received in connection with a licence of\ue61fthe Group\u2019s brand names, under long-term contracts with the hotel owner.\ue61fThe Group charges franchise and\ue61freservation fees as a percentage of\ue61fhotel revenue. Revenue is recognised when earned and realised\ue61for realisable under the terms\ue61fof the agreement.Marketing feesMarketing fees are received in connection with the sales and marketing services offered by the Group, under long-term contracts with the hotel owner. The Group charges marketing fees as a percentage of hotel revenue. Revenue\ue61fis recognised when earned\ue61fand realised or realisable under the terms of the agreement.Customer loyalty programmeThe Group participates in the Radisson TMRewards customer loyalty programme to provide customers with incentives to buy room nights. This customer loyalty programme is owned and operated by the\ue61fRadisson Hotel Group and therefore the entity retains no obligations in respect of the award credits other than to pay Radisson Hotel Group for the award credits purchased and granted to customers. The customers are entitled\ue61fto\ue61futilise the awards as soon as\ue61fthey are granted.The Group purchases these award credits from Radisson Hotel Group and issues these to its customers in order to\ue61fenhance its customer relationships rather than to earn a margin from the sale of these award credits. The Group concluded that it is acting as principal in\ue61fthis transaction and, in substance, is earning revenue from supplying these awards to its customers. The Group measures these revenues at fair value\ue61fand recognises these gross from\ue61fthe\ue61fcosts of participating in the\ue61fprogramme.Contract balancesTrade receivables-contract assetsA receivable represents the Group\u2019s right\ue61fto an amount of consideration that is\ue61funconditional (i.e. only the passage of time is required before payment of the consideration is due). Advance payments received \u2013\ue61fcontract\ue61fliabilitiesA contract liability is the obligation to\ue61ftransfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the Group transfers goods or services to the customer, a contract liability (advancepayments received) is recognised when the payment is made or the payment is due (whichever is earlier). Contract liabilities are recognised as revenue when the Group performs under the contract.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-30-3": {
"value": "n. TaxationDeferred income taxDeferred income tax is provided using theliability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax liabilities are recognised\ue61ffor all taxable temporary differences, except in respect of taxable temporary differences associated with investments in subsidiaries, associates and jointly controlled entities, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.Deferred tax assets are recognised to the\ue61fextent that it is probable that taxable profit will be available against which the deductible temporary differences and the\ue61fcarry forward of\ue61funused tax losses can be utilised.The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent that it is no\ue61flonger probable that sufficient taxable profit will be available to allow all or part of\ue61fthe deferred income tax asset to be utilised. Unrecognised deferred income tax assets are re-assessed at each reporting date and are recognised to the\ue61fextent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have\ue61fbeen enacted or substantively enacted at the reporting date.Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-30-4": {
"value": "n. TaxationDeferred income taxDeferred income tax is provided using theliability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax liabilities are recognised\ue61ffor all taxable temporary differences, except in respect of taxable temporary differences associated with investments in subsidiaries, associates and jointly controlled entities, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.Deferred tax assets are recognised to the\ue61fextent that it is probable that taxable profit will be available against which the deductible temporary differences and the\ue61fcarry forward of\ue61funused tax losses can be utilised.The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent that it is no\ue61flonger probable that sufficient taxable profit will be available to allow all or part of\ue61fthe deferred income tax asset to be utilised. Unrecognised deferred income tax assets are re-assessed at each reporting date and are recognised to the\ue61fextent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have\ue61fbeen enacted or substantively enacted at the reporting date.Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-27-3": {
"value": "j. LeasesThe Group as lesseeThe Group applies a single recognition and\ue61fmeasurement approach for all leases,except for short-term leases and leases of\ue61flow-value assets. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the\ue61fright to use the underlying assets.Right-of-use assetsRight-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any re-measurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the\ue61festimated useful lives of the assets, as\ue61ffollows:YearsLand 50 to 200Hotel buildings 5 to 95Offices and storage 1 to 12Furniture and equipment 2 to 25Lease liabilitiesAt the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include the expected payments of penalties for terminating the lease, if the lease term reflects the\ue61fGroup exercising the option to\ue61fterminate. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in\ue61fthe\ue61flease is not readily determinable. The\ue61fcarrying amount of lease liabilities is\ue61fre-measured if there is a modification, a\ue61fchange in the lease term, a change in the\ue61flease payments (e.g. changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset.The Group\u2019s lease liabilities are included in\ue61fOther financial liabilities (see Note 16).Variable lease payments that depend on\ue61fan index or rate:On the commencement date, the Company uses the index or rate prevailing on the commencement date\ue61fto calculate the future lease\ue61fpayments.For leases in which the Company is the\ue61flessee, the aggregate changes in future lease payments resulting from a\ue61fchange in the index or rate (including changes following a market rent review) are discounted (without a change in the discount rate applicable to the lease liability) and recorded as an adjustment of\ue61fthe lease liability and the right-of-use asset, only when there is a change in\ue61fthe\ue61fcash flows resulting from the change in the index or rate (that is, when\ue61fthe adjustment to the lease payments takes effect).Variable lease payments:Variable lease payments that do not depend on an index or interest rate but are based on performance or usage are recognised as rent expense as incurred when the Company is\ue61fthe\ue61flessee, and are recognised as\ue61fincome as earned when the\ue61fCompany is the lessor.Lease extension and termination options:A non-cancellable lease term includes both the periods covered by an option to\ue61fextend the lease when it is reasonably certain that the extension option will be exercised and the periods covered by a\ue61flease termination option when it is reasonably certain that the termination option will not be\ue61fexercised.Short-term leases and leases of\ue61flow-value\ue61fassetsThe Group applies the short-term lease recognition exemption to its short-term leases of furniture and equipment (i.e.\ue61fthose leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term.k. Employee benefitsShare-based paymentsThe Board has adopted a share option plan, under which employees and Directors of the Group receive remuneration in the form of share-based payment transactions,whereby employees render services as consideration for equity instruments (equity-settled transactions). The cost of equity-settled transactions with employees is measured by reference to the fair value at the date on which they are granted. The fair value is determined by using an appropriate pricing model, further details of which are given in Note\ue61f11. PensionThe Group has a defined contribution pension plan where the employer is liable\ue61fonly for the employer\u2019s part of the\ue61fcontribution towards an individual\u2019s pension plan.The Group will have no legal obligation to\ue61fpay further contributions. The contributions in the defined contribution plan are recognised as an expense and no\ue61fadditional provision is required in the\ue61fconsolidated financial statements.l. ProvisionsProvisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it\ue61fis probable that an outflow of\ue61fresources embodying economic benefits will be required to settle the\ue61fobligation and a\ue61freliable estimate can be made of the amount of the\ue61fobligation.m. Borrowing costs for qualifying assetsBorrowing costs directly attributable to\ue61fthe acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the asset.All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-33-3": {
"value": "o. Government grantsGovernment grants are recognised where there is reasonable assurance that\ue61fthe grant will be received and all attached conditions will be complied with.When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the\ue61frelated costs, for which it is intended to compensate. The income from the government grants is netted off against the operating expenses account in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-34-2": {
"value": "p. Changes in accounting policies and disclosuresThe Group applied for the first time certain standards and amendments, which are effective for annual periods beginning on or after 1 January 2023. Several other amendments and interpretations apply for the first time in\ue61f2023, but do not have an impact on the\ue61fconsolidated financial statements of\ue61fthe Group. The Group has not early\ue61fadopted any other standard, interpretation or amendment that has\ue61fbeen issued but is not yet effective.Definition of Accounting Estimates \u2013 Amendments to IAS 8 The amendments to IAS 8 clarify the distinction between changes in accounting estimates, changes in\ue61faccounting policies and the correction of errors. They also clarify\ue61fhow entities use measurement techniques and inputs to develop accounting estimates. The amendments had no impact on\ue61fthe\ue61fGroup\u2019s consolidated financial\ue61fstatements.Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice\ue61fStatement 2 The amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements provide guidance and examples to help entities apply materiality judgements to accounting policy disclosures. The amendments aim to help\ue61fentities provide accounting policy disclosures that are more useful by replacing the requirement for entities to\ue61fdisclose their \u2018significant\u2019 accounting policies with a requirement to disclose their \u2018material\u2019 accounting policies and adding guidance on how entities apply\ue61fthe concept of materiality in\ue61fmaking decisions about accounting\ue61fpolicy disclosures. The amendments have had an impact on the Group\u2019s disclosures of accounting policies, but not on the measurement, recognition or presentation of any items in the Group\u2019s financial statements.Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 The amendments to IAS 12 Income Tax\ue61fnarrow the scope of the initial recognition exception, so that it no\ue61flonger applies to transactions that\ue61fgive rise to equal taxable and\ue61fdeductible temporary differences\ue61fsuch as leases and decommissioning liabilities. The amendments had no impact on the Group\u2019s consolidated financial statements as the Group is not in scope of the Pillar Two model rules as its annual revenues are less than \u20ac750 million. International Tax Reform\u2014Pillar Two Model Rules \u2013 Amendments to IAS 12 The amendments to IAS 12 have been introduced in response to the OECD\u2019s BEPS Pillar Two rules and include: \u2022 a mandatory temporary exceptionto\ue61fthe recognition and disclosure of\ue61fdeferred taxes arising from the\ue61fjurisdictional implementation of\ue61fthe\ue61fPillar Two model rules; and \u2022 disclosure requirements for affectedentities to help users of\ue61fthe\ue61ffinancial statements better understand an entity\u2019s exposure to\ue61fPillar Two income taxes arising from that legislation, particularly before its effective date. The mandatory temporary exception \u2013 the use of which is required to be disclosed \u2013 applies immediately. The remaining disclosure requirements apply\ue61ffor annual reporting periods beginning on or after 1 January 2023, but\ue61fnot for any interim periods endingon\ue61for before 31 December 2023.The amendments had no impact on the Group\u2019s consolidated financial statements as the Group is not in scope of the Pillar Two model rules as\ue61fits revenue is less than \u20ac750 million/year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-34-3": {
"value": "p. Changes in accounting policies and disclosuresThe Group applied for the first time certain standards and amendments, which are effective for annual periods beginning on or after 1 January 2023. Several other amendments and interpretations apply for the first time in\ue61f2023, but do not have an impact on the\ue61fconsolidated financial statements of\ue61fthe Group. The Group has not early\ue61fadopted any other standard, interpretation or amendment that has\ue61fbeen issued but is not yet effective.Definition of Accounting Estimates \u2013 Amendments to IAS 8 The amendments to IAS 8 clarify the distinction between changes in accounting estimates, changes in\ue61faccounting policies and the correction of errors. They also clarify\ue61fhow entities use measurement techniques and inputs to develop accounting estimates. The amendments had no impact on\ue61fthe\ue61fGroup\u2019s consolidated financial\ue61fstatements.Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice\ue61fStatement 2 The amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements provide guidance and examples to help entities apply materiality judgements to accounting policy disclosures. The amendments aim to help\ue61fentities provide accounting policy disclosures that are more useful by replacing the requirement for entities to\ue61fdisclose their \u2018significant\u2019 accounting policies with a requirement to disclose their \u2018material\u2019 accounting policies and adding guidance on how entities apply\ue61fthe concept of materiality in\ue61fmaking decisions about accounting\ue61fpolicy disclosures. The amendments have had an impact on the Group\u2019s disclosures of accounting policies, but not on the measurement, recognition or presentation of any items in the Group\u2019s financial statements.Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 The amendments to IAS 12 Income Tax\ue61fnarrow the scope of the initial recognition exception, so that it no\ue61flonger applies to transactions that\ue61fgive rise to equal taxable and\ue61fdeductible temporary differences\ue61fsuch as leases and decommissioning liabilities. The amendments had no impact on the Group\u2019s consolidated financial statements as the Group is not in scope of the Pillar Two model rules as its annual revenues are less than \u20ac750 million. International Tax Reform\u2014Pillar Two Model Rules \u2013 Amendments to IAS 12 The amendments to IAS 12 have been introduced in response to the OECD\u2019s BEPS Pillar Two rules and include: \u2022 a mandatory temporary exceptionto\ue61fthe recognition and disclosure of\ue61fdeferred taxes arising from the\ue61fjurisdictional implementation of\ue61fthe\ue61fPillar Two model rules; and \u2022 disclosure requirements for affectedentities to help users of\ue61fthe\ue61ffinancial statements better understand an entity\u2019s exposure to\ue61fPillar Two income taxes arising from that legislation, particularly before its effective date. The mandatory temporary exception \u2013 the use of which is required to be disclosed \u2013 applies immediately. The remaining disclosure requirements apply\ue61ffor annual reporting periods beginning on or after 1 January 2023, but\ue61fnot for any interim periods endingon\ue61for before 31 December 2023.The amendments had no impact on the Group\u2019s consolidated financial statements as the Group is not in scope of the Pillar Two model rules as\ue61fits revenue is less than \u20ac750 million/year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-41-2": {
"value": "Note 3 Intangible assets\u00ae\u00aePark PlazaPark PlazaHotels & Hotels & \u00aeResorts Resorts art\u2019otelOther management franchise franchise intangible 12rights (a)rights (a)rights (b) assets (c) Total \u00a3\u2019000 \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Cost:Balance as at 1 January 2023 21,195 21,667 3,849 3,859 50,570Additions \u2013 \u2013 \u2013 771 771Reclassification \u2013 \u2013 \u2013 (58) (58)Adjustment for exchange rate differences (390) (399) (72) (71) (932)Balance as at 31 December 2023 20,805 21,268 3,777 4,501 50,351Accumulated amortisation:Balance as at 1 January 2023 16,393 16,827 2,226 2,319 37,765Amortisation 1,048 1,055 189 391 2,683Reclassification \u2013 \u2013 \u2013 (58) (58)Adjustment for exchange rate differences (302) (311) (41) (50) (704)Balance as at 31 December 2023 17,139 17,571 2,374 2,602 39,686Net book value as at 31 December 2023 3,666 3,697 1,403 1,899 10,665Cost:Balance as at 1 January 2022 20,063 20,510 3,643 3,291 47,507Additions \u2013 \u2013 \u2013 386 386Disposals \u2013 \u2013 \u2013 (15) (15)Adjustment for exchange rate differences 1,132 1,157 206 197 2,692Balance as at 31 December 2022 21,195 21,667 3,849 3,859 50,570Accumulated amortisation:Balance as at 1 January 2022 14,507 14,909 1,925 1,876 33,217Disposals \u2013 \u2013 \u2013 (15) (15)Amortisation 1,029 1,037 185 340 2,591Adjustment for exchange rate differences 857 881 116 118 1,972Balance as at 31 December 2022 16,393 16,827 2,226 2,319 37,765Net book value as at 31 December 2022 4,802 4,840 1,623 1,540 12,805\u00aea. Acquisition of Park Plaza Hotels & Resorts management and franchise rights and lease rights\u00ae(1) Management rights \u2013 rights held by the Group relating to the management of Park Plaza Hotels & Resorts in Europe, the Middle East and Africa. The management rights are included in the consolidated financial statements at their fair value as at the date ofacquisition and are being amortised over a 20-year period based on the terms of the existing contracts and management estimation of their useful life. The remaining amortisation period is 3.5 years.\u00ae(2) Franchise rights relating to the brand \u2018Park Plaza Hotels & Resorts\u2019 are included in the consolidated financial statements at theirfair value as at the date of acquisition and are being amortised over a 20-year period based on management\u2019s estimation of their useful life. The remaining amortisation period is 3.5 years.\u00aeb. Acquisition of art\u2019otel rights\u00aeIn 2007, the Group acquired from CCS Capital Concept Services Gmbh (the \u2018vendor\u2019) the worldwide rights to use the art\u2019otel brand name for an unlimited period of time. The rights are being amortised over a 20-year period based on management\u2019s estimation of their useful life. The remaining amortisation period is 3.5 years. In December 2020, the Group acquired certain rights which were assigned to the vendor under the original agreement for a cash consideration of \u20ac0.3 million (\u00a30.2 million) and 80,000 shares of the Company. The additional rights are amortised based on management\u2019s estimation of their useful life.c. Other intangible assetsThese mainly include the brand name and internal domain obtained in the acquisition of Arena, which are being amortised over20\ue61fyears based on management\u2019s estimation of their useful life, and software which are amortised over 4 years.d. ImpairmentIn 2023, there were no indicators of impairment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-41-3": {
"value": "Note 3 Intangible assets\u00ae\u00aePark PlazaPark PlazaHotels & Hotels & \u00aeResorts Resorts art\u2019otelOther management franchise franchise intangible 12rights (a)rights (a)rights (b) assets (c) Total \u00a3\u2019000 \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Cost:Balance as at 1 January 2023 21,195 21,667 3,849 3,859 50,570Additions \u2013 \u2013 \u2013 771 771Reclassification \u2013 \u2013 \u2013 (58) (58)Adjustment for exchange rate differences (390) (399) (72) (71) (932)Balance as at 31 December 2023 20,805 21,268 3,777 4,501 50,351Accumulated amortisation:Balance as at 1 January 2023 16,393 16,827 2,226 2,319 37,765Amortisation 1,048 1,055 189 391 2,683Reclassification \u2013 \u2013 \u2013 (58) (58)Adjustment for exchange rate differences (302) (311) (41) (50) (704)Balance as at 31 December 2023 17,139 17,571 2,374 2,602 39,686Net book value as at 31 December 2023 3,666 3,697 1,403 1,899 10,665Cost:Balance as at 1 January 2022 20,063 20,510 3,643 3,291 47,507Additions \u2013 \u2013 \u2013 386 386Disposals \u2013 \u2013 \u2013 (15) (15)Adjustment for exchange rate differences 1,132 1,157 206 197 2,692Balance as at 31 December 2022 21,195 21,667 3,849 3,859 50,570Accumulated amortisation:Balance as at 1 January 2022 14,507 14,909 1,925 1,876 33,217Disposals \u2013 \u2013 \u2013 (15) (15)Amortisation 1,029 1,037 185 340 2,591Adjustment for exchange rate differences 857 881 116 118 1,972Balance as at 31 December 2022 16,393 16,827 2,226 2,319 37,765Net book value as at 31 December 2022 4,802 4,840 1,623 1,540 12,805\u00aea. Acquisition of Park Plaza Hotels & Resorts management and franchise rights and lease rights\u00ae(1) Management rights \u2013 rights held by the Group relating to the management of Park Plaza Hotels & Resorts in Europe, the Middle East and Africa. The management rights are included in the consolidated financial statements at their fair value as at the date ofacquisition and are being amortised over a 20-year period based on the terms of the existing contracts and management estimation of their useful life. The remaining amortisation period is 3.5 years.\u00ae(2) Franchise rights relating to the brand \u2018Park Plaza Hotels & Resorts\u2019 are included in the consolidated financial statements at theirfair value as at the date of acquisition and are being amortised over a 20-year period based on management\u2019s estimation of their useful life. The remaining amortisation period is 3.5 years.\u00aeb. Acquisition of art\u2019otel rights\u00aeIn 2007, the Group acquired from CCS Capital Concept Services Gmbh (the \u2018vendor\u2019) the worldwide rights to use the art\u2019otel brand name for an unlimited period of time. The rights are being amortised over a 20-year period based on management\u2019s estimation of their useful life. The remaining amortisation period is 3.5 years. In December 2020, the Group acquired certain rights which were assigned to the vendor under the original agreement for a cash consideration of \u20ac0.3 million (\u00a30.2 million) and 80,000 shares of the Company. The additional rights are amortised based on management\u2019s estimation of their useful life.c. Other intangible assetsThese mainly include the brand name and internal domain obtained in the acquisition of Arena, which are being amortised over20\ue61fyears based on management\u2019s estimation of their useful life, and software which are amortised over 4 years.d. ImpairmentIn 2023, there were no indicators of impairment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-45-2": {
"value": "Note 4 Property, plant and equipmentProperty & Income Units Furniture, Hotel assets under sold to privatefixtures and 1Land buildings construction investorsequipment Total \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Cost:Balance as at 1 January 2023 362,830 779,763 154,027 134,719 222,883 1,654,222Additions during the year \u2013 23,289 91,209 1,276 9,800 125,574Disposal \u2013 (423) \u2013 \u2013 (399) (822)Buy-back of Income Units sold to private investors 873 6,316 \u2013 (7,847) 658 \u20132Reclassification\u2013 9,607 (11,992) \u2013 2,217 (168)Adjustment for exchange rate differences (5,358) (7,872) (357) \u2013 (1,786) (15,373)Balance as at 31 December 2023 358,345 810,680 232,887 128,148 233,373 1,763,433Accumulated depreciation and impairment:Balance as at 1 January 2023 17,099 125,289 \u2013 23,765 152,885 319,038Provision for depreciation 321 18,487 \u2013 1,181 15,219 35,208Disposal \u2013 (420) \u2013 \u2013 (352) (772)Reclassification \u2013 915 \u2013 \u2013 (1,083) (168)Buy-back of Income Units sold to private investors \u2013 878 \u2013 (1,417) 539 \u2013Adjustment for exchange rate differences (509) (1,260) \u2013 \u2013 (934) (2,703)Balance as at 31 December 2023 16,911 143,889 \u2013 23,529 166,274 350,603Net book value as at 31 December 2023 341,434 666,791 232,887 104,619 67,099 1,412,830Cost:Balance as at 1 January 2022 348,614 717,296 45,725 137,902 268,129 1,517,666Additions during the year \u2013 13,337 72,856 623 8,050 94,866Disposal \u2013 (94) \u2013 \u2013 (372) (466)Buy-back of Income Units sold to private investors 427 3,082 \u2013 (3,806) 297 \u20132Reclassification(22) 24,119 33,985 \u2013 (58,082) \u2013Adjustment for exchange rate differences 13,811 22,023 1,461 \u2013 4,861 42,156Balance as at 31 December 2022 362,830 779,763 154,027 134,719 222,883 1,654,222Accumulated depreciation and impairment:Balance as at 1 January 2022 15,669 106,255 \u2013 23,237 136,505 281,666Provision for depreciation 316 15,420 \u2013 1,190 13,936 30,862Disposal \u2013 (94) \u2013 \u2013 (325) (419)Reclassification \u2013 15 \u2013 \u2013 (15) \u2013Buy-back of Income Units sold to private investors \u2013 402 \u2013 (662) 260 \u2013Adjustment for exchange rate differences 1,114 3,291 \u2013 \u2013 2,524 6,929Balance as at 31 December 2022 17,099 125,289 \u2013 23,765 152,885 319,038Net book value as at 31 December 2022 345,731 654,474 154,027 110,954 69,998 1,335,1841 This includes 459 rooms (2022: 483) in Park Plaza Westminster Bridge London, for which the cash flows, derived from the net income generated by these Income Units, were sold to private investors (see Note 2(e)). The proceeds from the purchases have been accounted for as a variable rate financial liability (see Note 15).2 In 2023 the reclassification mainly relates to the completion of the construction of art\u2019otel Zagreb and the refurbishment of Park Plaza Budapest. In 2022 the amount mainly includes a reclassification of c.\u00a364.2 million from Furniture, fixtures and equipment to Property & assets under construction on account of additions that relate to the construction of art\u2019otel London Hoxton until December 2021 and a reclassification of c.\u00a330.0 million due to the completion of the construction of Grand Hotel Brioni Pula from Property & assets under construction to Furniture, fixtures and equipment and Hotel buildings. a. For information regarding liens, see Note 12b. ImpairmentIn 2023, there were no indicators for impairment.c. Capitalised borrowing costsOn 7 April 2020, the Group entered into a building contract to develop art\u2019otel London Hoxton on a site located by Old Street, Rivington\ue61fStreet, Great Eastern Street and Bath Place, London EC1, which is expected to be completed in H1 2024 (see Note 28(c)(i)). The\ue61fcumulative expenditure for this project as at 31 December 2023 was \u00a3199.8 million (2022: \u00a3125.4 million). The amount of borrowing costs capitalised related to this project during the year ended 31 December 2023 was \u00a38.1 million (2022: \u00a33.5 million). The\ue61frate used to determine the amount of borrowing costs eligible for capitalisation was 5.2%, which is the effective interest rate of\ue61fthe specific borrowing.Additional borrowing costs were capitalised as part of the refurbishment of the property in Rome Italy which is expected to reopen in H1 2024. The amount of borrowing costs capitalised related to this project during the year ended 31 December 2023 was \u20ac0.9 million (\u00a30.8 million). The rate used to determine the amount of borrowing costs eligible for capitalisation was 3.8%, which is the effective interest rate of the specific borrowing.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-47-2": {
"value": "Note 5 Investment in joint ventures and subsidiaries with significant non-controlling interestsa. Investment in joint venturesAs at 31 December2023 2022 \u00a3\u2019000\u00a3\u20190001Loans to joint ventures6,515 5,573Share of net assets under equity method (1,077) (612)Investment in joint ventures 5,438 4,9611 The loans to joint ventures amount includes a euro loan bearing an interest of Euribor +2.5% per annum.The share in net profit amounts to \u00a3113 thousand (2022: net loss of \u00a3202 thousand). b. Summarised financial information of subsidiary with material non-controlling interests(i) Signature Top LtdLong-term partnership for 49% of Park Plaza London Riverbank and art\u2019otel London Hoxton development projectOn 23 June 2021, a wholly owned subsidiary of PPHE Hotel Group entered into a sale and purchase agreement with Clal Insurance (\u2018Clal\u2019), one of Israel\u2019s leading insurance and long-term savings companies. As part of this agreement, Clal became a minority partner and owner of 49% of the shares of Signature Top Ltd, a wholly owned subsidiary of the Group (\u2018Signature Top\u2019) which indirectly holds the real estate and operations of both the 646-room Park Plaza London Riverbank (\u2018Riverbank\u2019) and the 357-room art\u2019otel London Hoxton development project (\u2018Hoxton\u2019), which is scheduled to open in 2024. As part of this agreement, Clal was granted five million share appreciation rights (SAR) of the Company which has a seven-year maturity with a strike price of \u00a316 per share and a cap of \u00a321 per share. The SAR will vest as follows: \u2022 500,000 SAR Units shall vest and become exercisable on the first anniversary of the completion of the sale and purchase agreement (\u2018Completion\u2019)\u2022 500,000 SAR Units shall vest and become exercisable on the date being 18 months after Completion \u2022 The remaining four million SAR Units shall vest and become exercisable on the second anniversary of CompletionUpon exercise, the Company will have a right to determine whether an amount equal to the SAR Value as of the date of the exercise will be satisfied by a payment of cash or by the issuance of the Company\u2019s shares. The SAR instrument, which is included in Level 2 in the fair value hierarchy, was valued internally at an amount of \u00a32.7 million (2022: \u00a35.5 million) using the Black\u2013Scholes model and is included in current liabilities under Other payables and accruals in the Group\u2019s consolidated balance sheet. The following lists the inputs used for the fair value measurement:Dividend yield 3.138%Expected volatility of the share price 24.82%Risk-free interest rate 3.657%Years to expiration 4.5 yearsDuring the reporting period, the expected construction costs of art\u2019otel London Hoxton have increased mainly due to the interest to be incurred throughout the construction phase. On 27 April 2023, both the Group and Clal mutually agreed that the sharing of these cost referred to above with a cap of \u00a325.7 million, which is the expected amount of the overruns, would be funded by 65% from the Group and 35% from Clal. In 2023 the parties contributed \u00a316.0 million. The excess consideration of \u00a32.2 million paid by the Group was recognised as a reduction in the equity of the parent company. The Group has chosen to recognise this amount in accumulated earnings.As at 31 December 2023, the Group owned 51% (2022: 51%) of Signature Top Ltd. The amount of accumulated non-controlling interests\ue61fas at 31 December 2023 amounts to \u00a398,518 thousand (2022: \u00a389,393 thousand) and the income and comprehensive income allocated to the non-controlling interests in 2023 amounts to \u00a33,449 thousand (2022: \u00a32,465 thousand) and \u00a31,281 thousand (2022: \u00a312,077 thousand) respectively. Below is selected financial information relating to the long-term partnership with Clal, as at 31 December 2023 and 2022, and for the years ended 31 December 2023 and 31 December 2022.2023 2022 \u00a3\u2019000\u00a3\u2019000Non-current assets 456,094 382,778Current assets 26,577 13,437Non-current liabilities 260,928 202,940Current liabilities 20,686 10,840Revenue 46,273 37,196EBITDA 14,862 10,968Profit for the period 7,040 5,030Total comprehensive income 2,614 24,646(ii) Arena Hospitality Group d.d.As at 31 December 2023, the Group owned approximately 53.8% (2022: 53.2%) of Arena Hospitality Group d.d. (\u2018Arena\u2019). During 2023, the Company purchased 20,000 shares of Arena for a consideration of \u20ac0.6 million (\u00a30.6 million) and Arena purchased 16,467 of its own shares for a consideration of \u20ac0.5 million (\u00a30.5 million). The difference between the adjustment of the non-controlling interests and the net consideration paid of approximately \u20ac0.5 million (\u00a30.4 million) was recorded in retained earnings. As a result of those transactions, the Group\u2019s share in Arena increased to 53.8%.The amount of accumulated non-controlling interests as at 31 December 2023 amounts to \u00a395,496 thousand (2022: \u00a398,794 thousand) and the income and comprehensive income allocated to the non-controlling interests in 2023 amounts to \u00a31,775 thousand (2022: \u00a32,188 thousand) and loss of \u00a3495 thousand (2022: profit of \u00a38,136 thousand) respectively.Below is selected financial information relating to Arena, as of 31 December 2023 and 2022, and for the years ended 31 December 2023 and 2022.As at 31 December2023 2022 \u00a3\u2019000\u00a3\u2019000Non-current assets 382,010 373,543Current assets 49,645 69,204Non-current liabilities 180,281 192,894Current liabilities 44,787 38,755Revenue 109,927 93,469EBITDA 24,371 26,616Profit for the period 3,776 4,543Total comprehensive loss (1,093) 17,242(iii) European Hospitality Real Estate FundIn March 2023, the Group launched a new European Hospitality Real Estate Fund (\u2018the Fund\u2019) with a target size of up to \u20ac250 million. Clal\ue61fInsurance (\u2018Clal\u2019), one of Israel\u2019s leading insurance and long-term savings companies, participated as a cornerstone investor, committing up to \u20ac75 million (limited to 49% of total participation). The Group also committed to invest up to \u20ac50 million in the Fund. As\ue61fpart of the agreement signed with Clal, it was decided to incorporate the Fund under Signature Top II Ltd (\u2018Signature Top II\u2019), a UK incorporated company, with a 51% ownership by the Group and 49% by Clal, until additional investors join. At the inception of the Fund, PPHE contributed the shares of Societ\u00e0 Immobiliare Alessandro De Gasperis S.r.l., the owner of the Londra & Cargill Hotel in Rome, Italy (\u2018Londra\u2019), valued at \u20ac29.3 million (\u00a325.8 million), for its 51% participation in Signature Top II. Clal made an initial cash contribution of\ue61f\u20ac28.1 million (\u00a324.8 million), payable at the Group\u2019s request, for its 49% participation. As of the reporting date, Clal transferred \u20ac20 million out of the \u20ac28.1 million and the additional \u20ac8.1 million was transferred after the reporting date. The Group has assessed the transaction and determined that it exercises control over Signature Top II. Consequently, the change in the ownership interest of\ue61fLondra does not trigger a change of control and is therefore accounted for as an equity transaction in accordance with IFRS 10 Consolidated Financial Statements. The excess of consideration received over the carrying amount of the non-controlling interests (net of \u00a30.8 million in transaction costs) amounting to \u00a30.4 million is recognised in the parent company\u2019s equity. The Group has chosen to recognise this amount in accumulated earnings. Additionally, \u00a30.7 million was reclassified from the foreign currency translation reserve and hedging reserve to accumulated earnings.Throughout the year the Group engaged with investment bankers to raise the remaining equity for the Fund, however the significant changes in the interest rate market during this period has resulted that the Group was not successful in signing up new investors. If further investors do not join the Fund by 13 March 2024 (unless mutually extended), the Fund will carry on as a joint venture with Clal. The Group may top up its own equity contribution (currently at up to \u20ac50 million) to \u20ac78 million to give the total joint venture a circa \u20ac150 million equity value. With full equity subscription combined with a targeted 50% bank leverage, the investment potential of the joint venture will then be around \u20ac300 million.As at 31 December 2023, the Group owned 51% of Signature Top II. The amount of accumulated non-controlling interests as at 31 December 2023 amounts to \u00a322,578 thousand and the loss and comprehensive loss allocated to the non-controlling interests in 2023 amounts to \u00a3495 thousand and \u00a3923 thousand respectively.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-47-3": {
"value": "Note 5 Investment in joint ventures and subsidiaries with significant non-controlling interestsa. Investment in joint venturesAs at 31 December2023 2022 \u00a3\u2019000\u00a3\u20190001Loans to joint ventures6,515 5,573Share of net assets under equity method (1,077) (612)Investment in joint ventures 5,438 4,9611 The loans to joint ventures amount includes a euro loan bearing an interest of Euribor +2.5% per annum.The share in net profit amounts to \u00a3113 thousand (2022: net loss of \u00a3202 thousand). b. Summarised financial information of subsidiary with material non-controlling interests(i) Signature Top LtdLong-term partnership for 49% of Park Plaza London Riverbank and art\u2019otel London Hoxton development projectOn 23 June 2021, a wholly owned subsidiary of PPHE Hotel Group entered into a sale and purchase agreement with Clal Insurance (\u2018Clal\u2019), one of Israel\u2019s leading insurance and long-term savings companies. As part of this agreement, Clal became a minority partner and owner of 49% of the shares of Signature Top Ltd, a wholly owned subsidiary of the Group (\u2018Signature Top\u2019) which indirectly holds the real estate and operations of both the 646-room Park Plaza London Riverbank (\u2018Riverbank\u2019) and the 357-room art\u2019otel London Hoxton development project (\u2018Hoxton\u2019), which is scheduled to open in 2024. As part of this agreement, Clal was granted five million share appreciation rights (SAR) of the Company which has a seven-year maturity with a strike price of \u00a316 per share and a cap of \u00a321 per share. The SAR will vest as follows: \u2022 500,000 SAR Units shall vest and become exercisable on the first anniversary of the completion of the sale and purchase agreement (\u2018Completion\u2019)\u2022 500,000 SAR Units shall vest and become exercisable on the date being 18 months after Completion \u2022 The remaining four million SAR Units shall vest and become exercisable on the second anniversary of CompletionUpon exercise, the Company will have a right to determine whether an amount equal to the SAR Value as of the date of the exercise will be satisfied by a payment of cash or by the issuance of the Company\u2019s shares. The SAR instrument, which is included in Level 2 in the fair value hierarchy, was valued internally at an amount of \u00a32.7 million (2022: \u00a35.5 million) using the Black\u2013Scholes model and is included in current liabilities under Other payables and accruals in the Group\u2019s consolidated balance sheet. The following lists the inputs used for the fair value measurement:Dividend yield 3.138%Expected volatility of the share price 24.82%Risk-free interest rate 3.657%Years to expiration 4.5 yearsDuring the reporting period, the expected construction costs of art\u2019otel London Hoxton have increased mainly due to the interest to be incurred throughout the construction phase. On 27 April 2023, both the Group and Clal mutually agreed that the sharing of these cost referred to above with a cap of \u00a325.7 million, which is the expected amount of the overruns, would be funded by 65% from the Group and 35% from Clal. In 2023 the parties contributed \u00a316.0 million. The excess consideration of \u00a32.2 million paid by the Group was recognised as a reduction in the equity of the parent company. The Group has chosen to recognise this amount in accumulated earnings.As at 31 December 2023, the Group owned 51% (2022: 51%) of Signature Top Ltd. The amount of accumulated non-controlling interests\ue61fas at 31 December 2023 amounts to \u00a398,518 thousand (2022: \u00a389,393 thousand) and the income and comprehensive income allocated to the non-controlling interests in 2023 amounts to \u00a33,449 thousand (2022: \u00a32,465 thousand) and \u00a31,281 thousand (2022: \u00a312,077 thousand) respectively. Below is selected financial information relating to the long-term partnership with Clal, as at 31 December 2023 and 2022, and for the years ended 31 December 2023 and 31 December 2022.2023 2022 \u00a3\u2019000\u00a3\u2019000Non-current assets 456,094 382,778Current assets 26,577 13,437Non-current liabilities 260,928 202,940Current liabilities 20,686 10,840Revenue 46,273 37,196EBITDA 14,862 10,968Profit for the period 7,040 5,030Total comprehensive income 2,614 24,646(ii) Arena Hospitality Group d.d.As at 31 December 2023, the Group owned approximately 53.8% (2022: 53.2%) of Arena Hospitality Group d.d. (\u2018Arena\u2019). During 2023, the Company purchased 20,000 shares of Arena for a consideration of \u20ac0.6 million (\u00a30.6 million) and Arena purchased 16,467 of its own shares for a consideration of \u20ac0.5 million (\u00a30.5 million). The difference between the adjustment of the non-controlling interests and the net consideration paid of approximately \u20ac0.5 million (\u00a30.4 million) was recorded in retained earnings. As a result of those transactions, the Group\u2019s share in Arena increased to 53.8%.The amount of accumulated non-controlling interests as at 31 December 2023 amounts to \u00a395,496 thousand (2022: \u00a398,794 thousand) and the income and comprehensive income allocated to the non-controlling interests in 2023 amounts to \u00a31,775 thousand (2022: \u00a32,188 thousand) and loss of \u00a3495 thousand (2022: profit of \u00a38,136 thousand) respectively.Below is selected financial information relating to Arena, as of 31 December 2023 and 2022, and for the years ended 31 December 2023 and 2022.As at 31 December2023 2022 \u00a3\u2019000\u00a3\u2019000Non-current assets 382,010 373,543Current assets 49,645 69,204Non-current liabilities 180,281 192,894Current liabilities 44,787 38,755Revenue 109,927 93,469EBITDA 24,371 26,616Profit for the period 3,776 4,543Total comprehensive loss (1,093) 17,242(iii) European Hospitality Real Estate FundIn March 2023, the Group launched a new European Hospitality Real Estate Fund (\u2018the Fund\u2019) with a target size of up to \u20ac250 million. Clal\ue61fInsurance (\u2018Clal\u2019), one of Israel\u2019s leading insurance and long-term savings companies, participated as a cornerstone investor, committing up to \u20ac75 million (limited to 49% of total participation). The Group also committed to invest up to \u20ac50 million in the Fund. As\ue61fpart of the agreement signed with Clal, it was decided to incorporate the Fund under Signature Top II Ltd (\u2018Signature Top II\u2019), a UK incorporated company, with a 51% ownership by the Group and 49% by Clal, until additional investors join. At the inception of the Fund, PPHE contributed the shares of Societ\u00e0 Immobiliare Alessandro De Gasperis S.r.l., the owner of the Londra & Cargill Hotel in Rome, Italy (\u2018Londra\u2019), valued at \u20ac29.3 million (\u00a325.8 million), for its 51% participation in Signature Top II. Clal made an initial cash contribution of\ue61f\u20ac28.1 million (\u00a324.8 million), payable at the Group\u2019s request, for its 49% participation. As of the reporting date, Clal transferred \u20ac20 million out of the \u20ac28.1 million and the additional \u20ac8.1 million was transferred after the reporting date. The Group has assessed the transaction and determined that it exercises control over Signature Top II. Consequently, the change in the ownership interest of\ue61fLondra does not trigger a change of control and is therefore accounted for as an equity transaction in accordance with IFRS 10 Consolidated Financial Statements. The excess of consideration received over the carrying amount of the non-controlling interests (net of \u00a30.8 million in transaction costs) amounting to \u00a30.4 million is recognised in the parent company\u2019s equity. The Group has chosen to recognise this amount in accumulated earnings. Additionally, \u00a30.7 million was reclassified from the foreign currency translation reserve and hedging reserve to accumulated earnings.Throughout the year the Group engaged with investment bankers to raise the remaining equity for the Fund, however the significant changes in the interest rate market during this period has resulted that the Group was not successful in signing up new investors. If further investors do not join the Fund by 13 March 2024 (unless mutually extended), the Fund will carry on as a joint venture with Clal. The Group may top up its own equity contribution (currently at up to \u20ac50 million) to \u20ac78 million to give the total joint venture a circa \u20ac150 million equity value. With full equity subscription combined with a targeted 50% bank leverage, the investment potential of the joint venture will then be around \u20ac300 million.As at 31 December 2023, the Group owned 51% of Signature Top II. The amount of accumulated non-controlling interests as at 31 December 2023 amounts to \u00a322,578 thousand and the loss and comprehensive loss allocated to the non-controlling interests in 2023 amounts to \u00a3495 thousand and \u00a3923 thousand respectively.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-58-2": {
"value": "Note 6 Other non-current assetsAs at 31 December2023 2022 \u00a3\u2019000\u00a3\u20190001Income Units in Park Plaza County Hall London17,700 16,100Rent security deposits 363 358Derivative financial instruments (see Note 29(a)) 21,300 30,539Other non-current assets 283 24839,646 47,2451 On 14 July 2017, the Group acquired an ownership interest in Park Plaza County Hall London through its purchase of 44 aparthotel units and the associated shares in the management company of the hotel, South Bank Hotel Management Company Limited. The purchase price was \u00a316.0 million. In October 2017, an additional two units were purchased for \u00a30.7 million. Upon initial recognition, the investment was designated in the consolidated financial statements at fair value through profit and loss. In return for the consideration paid, the Company receives 999 years of net income from specific revenue-generating units of the hotel (contractual right to a stream of future cash flows). This investment is managed and its performance is evaluated by the Group management on a fair value basis in accordance with the Group investment strategy. As the cash flows from this investment are not solely payments of principal and interest, under IFRS 9 the investment is classified and measured at fair value through profit or loss. The fair value of the Income Units as of the reporting date was \u00a317.7 million based on an independent valuation prepared by Savills using a cap rate\ue61fof 7.25%.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-58-3": {
"value": "Note 6 Other non-current assetsAs at 31 December2023 2022 \u00a3\u2019000\u00a3\u20190001Income Units in Park Plaza County Hall London17,700 16,100Rent security deposits 363 358Derivative financial instruments (see Note 29(a)) 21,300 30,539Other non-current assets 283 24839,646 47,2451 On 14 July 2017, the Group acquired an ownership interest in Park Plaza County Hall London through its purchase of 44 aparthotel units and the associated shares in the management company of the hotel, South Bank Hotel Management Company Limited. The purchase price was \u00a316.0 million. In October 2017, an additional two units were purchased for \u00a30.7 million. Upon initial recognition, the investment was designated in the consolidated financial statements at fair value through profit and loss. In return for the consideration paid, the Company receives 999 years of net income from specific revenue-generating units of the hotel (contractual right to a stream of future cash flows). This investment is managed and its performance is evaluated by the Group management on a fair value basis in accordance with the Group investment strategy. As the cash flows from this investment are not solely payments of principal and interest, under IFRS 9 the investment is classified and measured at fair value through profit or loss. The fair value of the Income Units as of the reporting date was \u00a317.7 million based on an independent valuation prepared by Savills using a cap rate\ue61fof 7.25%.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-59-2": {
"value": "Note 7 Trade receivablesa. Composition:As at 31 December2023 2022 \u00a3\u2019000\u00a3\u2019000Trade receivables 18,417 19,214Less \u2013 allowance for doubtful debts (537) (681)17,880 18,533Trade receivables are non-interest bearing. The Group\u2019s policy provides an average of 30 days\u2019 payment terms.b. Movements in the allowance for doubtful accounts were as follows:2023 \u00a3\u2019000As at 1 January 2023 (681)Write-off 261Additions (124)Exchange rate differences 7As at 31 December 2023 (537)As at 1 January 2022 (890)Write-off 320Additions (85)Exchange rate differences (26)As at 31 December 2022 (681)c. As at 31 December, the ageing analysis of trade receivables is as follows:Past dueTotal Not past due < 30 days 31 to 60 days 61 to 90 days > 90 days 2023\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Trade receivables 18,417 9,788 7,082 697 148 702Allowance for doubtful debts (537) (537)17,880 9,788 7,082 697 148 165Past dueTotal Not past due < 30 days 31 to 60 days 61 to 90 days > 90 days 2022\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Trade receivables 19,214 8,824 7,633 1,317 474 966Allowance for doubtful debts (681) (681)18,533 8,824 7,633 1,317 474 285Note 8 Other receivables and prepaymentsAs at 31 December2023 2022 \u00a3\u2019000\u00a3\u2019000Prepaid expenses 8,066 7,296VAT 6,120 4,706Related parties 65 100Funds to be received from Clal (see Note 5 (iii)) 7,044 \u2013Derivative financial instruments short term 1,677 \u20131Escrow account\u2013 4,666Others 288 1,09823,260 17,8661 Funds for the acquisition of 12 Park Plaza Westminster Bridge London units that were transferred to an escrow account. In 2023, the acquisition was finalised. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-62-2": {
"value": "Note 9 Cash and cash equivalents Cash at banks earns interest at floating rates based on daily bank deposit rates. Short-term deposits are made for varying periods of between one day and three months, depending on the immediate cash requirements of the Group, and earn interest at the respective short-term deposit rates. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-64-2": {
"value": "Note 10 Equitya. Share capitalThe authorised share capital of the Company is represented by an unlimited number of ordinary shares with no par value.As at 31 December 2023, the number of ordinary shares issued was 44,347,410 (2022: 44,347,410), 1,984,110 of which were held as\ue61ftreasury shares (2022: 1,909,042). The Company\u2019s shares are admitted to the Premium Listing segment of the Official List of the UK Listing Authority and to trading on\ue61fthe Main Market for listed securities of the London Stock Exchange.b. Treasury sharesDuring 2023, the Company issued 63,502 of its ordinary shares from its treasury account for a consideration of \u00a370 thousand in\ue61forder to satisfy an exercise of options. As a result, the cost of the treasury shares in excess of the consideration received (\u00a3150\ue61fthousand ) was charged to the share premium account. On 28 June 2022, the Company\u2019s Board of Directors approved the commencement of a share buy-back programme to buy up to a\ue61fmaximum of 300,000 ordinary shares for an aggregate consideration (excluding expenses) of up to a maximum of \u00a31.7 million. On\ue61f18 November 2022, this share buy-back programme was further extended to buy up to a maximum of 500,000 ordinary shares for an aggregate consideration (excluding expenses) of up to a maximum of \u00a33.7 million. In 2022 and 2023, the Company completed a\ue61fpurchase of 295,707 shares under this programme for a total consideration of \u00a33.7 million, representing an average price of 1,257\ue61fpence per share. The total number of treasury shares as at 31 December 2023 is 1,984,110 (2022: 1,909,042). c. Nature and purpose of reservesForeign currency translation reserveThe foreign currency translation reserve is used to record exchange differences arising from the translation of the financial statements of foreign operations. Hedging reserveThis reserve comprises the gain or loss on a hedging instrument in a cash flow hedge that is determined to be an effective hedge.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-64-3": {
"value": "Note 10 Equitya. Share capitalThe authorised share capital of the Company is represented by an unlimited number of ordinary shares with no par value.As at 31 December 2023, the number of ordinary shares issued was 44,347,410 (2022: 44,347,410), 1,984,110 of which were held as\ue61ftreasury shares (2022: 1,909,042). The Company\u2019s shares are admitted to the Premium Listing segment of the Official List of the UK Listing Authority and to trading on\ue61fthe Main Market for listed securities of the London Stock Exchange.b. Treasury sharesDuring 2023, the Company issued 63,502 of its ordinary shares from its treasury account for a consideration of \u00a370 thousand in\ue61forder to satisfy an exercise of options. As a result, the cost of the treasury shares in excess of the consideration received (\u00a3150\ue61fthousand ) was charged to the share premium account. On 28 June 2022, the Company\u2019s Board of Directors approved the commencement of a share buy-back programme to buy up to a\ue61fmaximum of 300,000 ordinary shares for an aggregate consideration (excluding expenses) of up to a maximum of \u00a31.7 million. On\ue61f18 November 2022, this share buy-back programme was further extended to buy up to a maximum of 500,000 ordinary shares for an aggregate consideration (excluding expenses) of up to a maximum of \u00a33.7 million. In 2022 and 2023, the Company completed a\ue61fpurchase of 295,707 shares under this programme for a total consideration of \u00a33.7 million, representing an average price of 1,257\ue61fpence per share. The total number of treasury shares as at 31 December 2023 is 1,984,110 (2022: 1,909,042). c. Nature and purpose of reservesForeign currency translation reserveThe foreign currency translation reserve is used to record exchange differences arising from the translation of the financial statements of foreign operations. Hedging reserveThis reserve comprises the gain or loss on a hedging instrument in a cash flow hedge that is determined to be an effective hedge.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-64-4": {
"value": "Note 10 Equitya. Share capitalThe authorised share capital of the Company is represented by an unlimited number of ordinary shares with no par value.As at 31 December 2023, the number of ordinary shares issued was 44,347,410 (2022: 44,347,410), 1,984,110 of which were held as\ue61ftreasury shares (2022: 1,909,042). The Company\u2019s shares are admitted to the Premium Listing segment of the Official List of the UK Listing Authority and to trading on\ue61fthe Main Market for listed securities of the London Stock Exchange.b. Treasury sharesDuring 2023, the Company issued 63,502 of its ordinary shares from its treasury account for a consideration of \u00a370 thousand in\ue61forder to satisfy an exercise of options. As a result, the cost of the treasury shares in excess of the consideration received (\u00a3150\ue61fthousand ) was charged to the share premium account. On 28 June 2022, the Company\u2019s Board of Directors approved the commencement of a share buy-back programme to buy up to a\ue61fmaximum of 300,000 ordinary shares for an aggregate consideration (excluding expenses) of up to a maximum of \u00a31.7 million. On\ue61f18 November 2022, this share buy-back programme was further extended to buy up to a maximum of 500,000 ordinary shares for an aggregate consideration (excluding expenses) of up to a maximum of \u00a33.7 million. In 2022 and 2023, the Company completed a\ue61fpurchase of 295,707 shares under this programme for a total consideration of \u00a33.7 million, representing an average price of 1,257\ue61fpence per share. The total number of treasury shares as at 31 December 2023 is 1,984,110 (2022: 1,909,042). c. Nature and purpose of reservesForeign currency translation reserveThe foreign currency translation reserve is used to record exchange differences arising from the translation of the financial statements of foreign operations. Hedging reserveThis reserve comprises the gain or loss on a hedging instrument in a cash flow hedge that is determined to be an effective hedge.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-65-2": {
"value": "Note 11 Share-based paymentsThe Company operates two option plans for the benefits of employees of the Group: the first was adopted in 2007 and the second was adopted in 2020.2007 Option PlanThe 2007 Plan has two types of options: Option A and Option B. The exercise price of both options will not be less than the closing price\ue61fof a share on the dealing day immediately preceding the grant date (as published in the Daily Official List of the London Stock Exchange). Option A vests over a period of three years from the grant date and Option B vests at the end of three years from the grant date. Unexercised options expire ten years after the grant date. The plan does not include any performance conditions. As at 31 December 2023, there were 190,500 exercisable options outstanding under the 2007 Option Plan. These options were granted to employees of the Company in past years. No further grants can be made under this plan.2020 PPHE Executive Share Option PlanThe Board has adopted a \u20182020 PPHE Executive Share Option Plan\u2019, under which employees of the Company and its subsidiaries receive remuneration in the form of share-based compensation. The plan has the following principal terms: a. The plan has four types of options: \u2022 Option A: market value options \u2013 options that are linked to the market value of the shares in the Company. \u2022 Option B: salary related options \u2013 whereby employees agree to a reduction in their base salary in exchange for the right to acquire shares at nil-cost. These options normally vest after 12 months subject to an additional six-month holding period. \u2022 Option C: deferred bonus awards \u2013 allowing the award of the number of shares determined by the Remuneration Committee in lieu of some or all of the annual bonus.\u2022 Option D: performance share awards \u2013 options which are granted subject to specified performance targets. Notwithstanding the\ue61fextent to which any performance target is satisfied, the number of vested award shares may be reduced by the Committee to\ue61fensure that the number of vested award shares is appropriate taking into account the underlying business performance of\ue61fthe\ue61fGroup.These awards are subject to the rules of the PPHE Executive Incentive Plan 2020 which may include: long-term vesting periods prescribed by the Committee upon grant; good-leaver and bad-leaver provisions allowing the Committee to exercise discretion as\ue61fto\ue61fwhen it might be appropriate for an award to vest in spite of the relevant employee leaving the Group; post vesting holding periods determined by the Committee at the time of the award; performance conditions; and share capital dilution limits. The plan allows dividends or dividend equivalents to accrue, subject to the Committee\u2019s discretion. b. At any time, the total number of shares issued and/or available for grant (in a ten-year period) under the 2007 Share Option Plan, the 2020 PPHE Executive Incentive Plan and under any other employee share scheme which the Company may establish in the future may not exceed 5% of the Company\u2019s issued share capital at that time.c. In June 2022, the Remuneration Committee approved a Long-Term Incentive Plan (LTIP) conditional grant of 93,000 options with\ue61fa\ue61fnil exercise price (Option D under the 2020 Option Plan). The grant is subject to performance conditions determined by\ue61fthe\ue61fRemuneration Committee in accordance with the 2020 Option Plan rules and the Company\u2019s Remuneration Policy and has\ue61fa\ue61fvesting period of 36 months starting 1 January 2022 with a 24-months\u2019 holding period. Furthermore, the Remuneration Committee approved an annual bonus plan for 2022 which included an award to members of the Executive Leadership Team of\ue61f99,000 options with a nil exercise price (Option C under the 2020 Option Plan). This award was subject to certain performance criteria which have been met for 2022. Those options have an immediate vesting and are subject to a holding period of 12 months post grant.The following lists the inputs to the binomial model used for the fair value measurement of the 93,000 options granted:Dividend yield 1.0%Expected volatility of the share prices 45.58%Risk-free interest rate 1.9327%Expected life of share options 5 yearsWeighted average share price at the grant date 1,455.0 penceFair value per option 1,398.0 penceThe following lists the inputs to the binomial model used for the fair value measurement of the 99,000 options:Dividend yield 1.0%Expected volatility of the share prices 45.58%Risk-free interest rate 1.9327%Expected life of share options 3 yearsWeighted average share price at the grant date 1,455.0 penceFair value per option 1,440.0 penceThe expected life of the share options is based on historical data, current expectations and empirical data. It is not necessarily indicative of\ue61fexercise patterns that may occur. The expected volatility reflects the assumption that the historical volatility of similar listed companies over a period similar to the life of the options is indicative of future trends, which may not be reflective of the actual outcome.d. The expense arising from equity-settled share-based payment transactions during 2023 was \u00a3442 thousand (2022: \u00a31,965thousand). Total exercisable options at 31 December 2023 were 343,721 (2022: 150,223).Movements during the yearThe following table illustrates the number (No.) and weighted average exercise prices (EP) of, and movements in, share options during 2022 and 2023: No. of options A No. of options A No. of options B No. of options C No. of options D (2007 Option (2020 Option (2020 Option (2020 Option (2020 Option Plan)Plan)Plan)Plan)Plan) EPOutstanding as at 1 January 2023 220,500 227,000 51,223 99,000 93,000 \u00a38.32Options forfeited during the year \u2013 \u2013 \u2013 \u2013 \u2013 \u20131Options exercised in the year(30,000) \u2013 (4,502) (29,000) \u2013 \u00a31.10Options granted during the year \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Outstanding as at 31 December 2023 190,500 227,000 46,721 70,000 93,000 \u00a39.05Outstanding as at 1 January 2022 265,500 250,500 69,867 \u2013 \u2013 \u00a310.51Options forfeited during the year \u2013 (23,500) \u2013 \u2013 \u2013 \u00a313.00Options exercised in the year (45,000) \u2013 (18,644) \u2013 \u2013 \u00a31.65Options granted during the year \u2013 \u2013 \u2013 99,000 93,000 \u2013Outstanding as at 31 December 2022 220,500 227,000 51,223 99,000 93,000 \u00a38.321 Out of the options exercised in the year 33,502 were cashless. As at 31 December 2023, the number of exercisable options was 534,221 (2022: 370,723) with an EP of \u00a310.62 (2022: \u00a37.54).The weighted average remaining contractual life for the share options outstanding as at 31 December 2023 is 6.5 years (2022: 7.3\ue61fyears).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-70-2": {
"value": "Note 12 Pledges, contingent liabilities and commitments a. Pledges, collateral and securitiesSubstantially all of the Group\u2019s assets and all of the rights connected or related to the ownership of the assets (including shares of\ue61fsubsidiaries and restricted deposits) are pledged in favour of banks and financial institutions as security for loans received. For\ue61fmost\ue61fof the loans, specific assets are pledged as the sole security provided. b. Restricted cashUnder certain facility agreements, funds need to be held in restricted deposit accounts in order to pay the debt service for a subsequent period. The total deposits held amount to \u00a317.3 million and are presented as restricted in the financial statements.c. Commitments(i) Management and franchise agreements1. The Group entered into a Territorial Licence Agreement (the \u2018Master Agreement\u2019) with Radisson Hotel Group (\u2018Radisson\u2019). Under \u00aethe Master Agreement, the Group, among other rights, is granted an exclusive licence to use the brand \u2018Park Plaza Hotels & Resorts\u2019 in 56 territories throughout Europe, the Middle East and Africa in perpetuity (the \u2018Territory\u2019). The Master Agreement also allows the Group to use, and license others to use, the Radisson systems within the Territory, whichright includes the right to utilise the Radisson systems\u2019 international marketing and reservations facilities and to receive other promotional assistance. The Group pays Radisson a fee based on a percentage of the hotels\u2019 gross room revenue, which fees are\ue61frecognized in the income statement as incurred.2. Within the terms of the management agreements, the hotels were granted by the Group a licence allowing them to use, throughout \u00ae\u00aethe term of the management agreements, the \u2018Park Plaza Hotels & Resorts\u2019 and \u2018art\u2019otel\u2019 brand names. See Note 2(h) regardingthe accounting for management and franchise fees received.(ii) Construction contract commitment As at 31 December 2023, the Group had capital commitments amounting to \u00a329.6 million for the construction of the developmentof\ue61fart\u2019otel London Hoxton and \u00a39.2 million for the refurbishment of Londra & Cargill Hotel in Rome, Italy.(iii) Guarantees1. In January 2013, the Company sold to Red Sea Hotels Limited (\u2018Red Sea\u2019) all of the Company\u2019s shares in its subsidiary, Leno Finance Limited (\u2018Leno\u2019), the company through which the Company owned an interest in the site in Pattaya, Thailand (the \u2018Project\u2019), and certain related loans and receivables, for a total consideration of Thai Baht 600 million. Under the terms of the United Overseas Bank (UOB) credit facilities received for the construction of the Project, the Company is\ue61fobliged to provide certain financial support in the event of a cost overrun or funding shortfall in relation to the Project, to satisfy the payment of unpaid interest or fees until completion of the Project and, in certain circumstances, may be required to purchase serviced apartments after completion of the Project for a maximum of Thai Baht 600 million to fund any amounts that are outstanding under the UOB credit facilities. In addition, the Company undertook to take all necessary acts to ensure the completion of the Project as planned. Red Sea has agreed to indemnify the Company in respect of these continuing obligations (except for the obligation to purchase serviced apartments after completion where there is a continuing event of default) and as security Red Sea has pledged the shares held by it in Bali Hai Company Limited (the Thai subsidiary of Leno that owns and developsthe Project) (\u2018Bali Hai\u2019) and certain affiliated Thai companies. On 20 December 2023, the Company has entered into a deed of release with UOB in respect of obligations under the sponsor support deed. The deed of release is subject to conditions subsequent which are expected to be satisfied by 15 March 2024 failing\ue61fwhich the deed of release will be revoked. 2. The Company guarantees cost overruns and the practical completion of the art\u2019otel London Hoxton development under the\ue61f\u00a3180 million construction financing facility agreement granted by Bank Hapoalim B.M and in relation to the long-tem partnership with Clal. As of 31 December 2023, the additional estimated contingent obligation to cover future cost overruns\ue61famounts to \u00a39.7 million of which the Company\u2019s share is \u00a36.3 million (Note 5b(i)).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-70-3": {
"value": "Note 12 Pledges, contingent liabilities and commitments a. Pledges, collateral and securitiesSubstantially all of the Group\u2019s assets and all of the rights connected or related to the ownership of the assets (including shares of\ue61fsubsidiaries and restricted deposits) are pledged in favour of banks and financial institutions as security for loans received. For\ue61fmost\ue61fof the loans, specific assets are pledged as the sole security provided. b. Restricted cashUnder certain facility agreements, funds need to be held in restricted deposit accounts in order to pay the debt service for a subsequent period. The total deposits held amount to \u00a317.3 million and are presented as restricted in the financial statements.c. Commitments(i) Management and franchise agreements1. The Group entered into a Territorial Licence Agreement (the \u2018Master Agreement\u2019) with Radisson Hotel Group (\u2018Radisson\u2019). Under \u00aethe Master Agreement, the Group, among other rights, is granted an exclusive licence to use the brand \u2018Park Plaza Hotels & Resorts\u2019 in 56 territories throughout Europe, the Middle East and Africa in perpetuity (the \u2018Territory\u2019). The Master Agreement also allows the Group to use, and license others to use, the Radisson systems within the Territory, whichright includes the right to utilise the Radisson systems\u2019 international marketing and reservations facilities and to receive other promotional assistance. The Group pays Radisson a fee based on a percentage of the hotels\u2019 gross room revenue, which fees are\ue61frecognized in the income statement as incurred.2. Within the terms of the management agreements, the hotels were granted by the Group a licence allowing them to use, throughout \u00ae\u00aethe term of the management agreements, the \u2018Park Plaza Hotels & Resorts\u2019 and \u2018art\u2019otel\u2019 brand names. See Note 2(h) regardingthe accounting for management and franchise fees received.(ii) Construction contract commitment As at 31 December 2023, the Group had capital commitments amounting to \u00a329.6 million for the construction of the developmentof\ue61fart\u2019otel London Hoxton and \u00a39.2 million for the refurbishment of Londra & Cargill Hotel in Rome, Italy.(iii) Guarantees1. In January 2013, the Company sold to Red Sea Hotels Limited (\u2018Red Sea\u2019) all of the Company\u2019s shares in its subsidiary, Leno Finance Limited (\u2018Leno\u2019), the company through which the Company owned an interest in the site in Pattaya, Thailand (the \u2018Project\u2019), and certain related loans and receivables, for a total consideration of Thai Baht 600 million. Under the terms of the United Overseas Bank (UOB) credit facilities received for the construction of the Project, the Company is\ue61fobliged to provide certain financial support in the event of a cost overrun or funding shortfall in relation to the Project, to satisfy the payment of unpaid interest or fees until completion of the Project and, in certain circumstances, may be required to purchase serviced apartments after completion of the Project for a maximum of Thai Baht 600 million to fund any amounts that are outstanding under the UOB credit facilities. In addition, the Company undertook to take all necessary acts to ensure the completion of the Project as planned. Red Sea has agreed to indemnify the Company in respect of these continuing obligations (except for the obligation to purchase serviced apartments after completion where there is a continuing event of default) and as security Red Sea has pledged the shares held by it in Bali Hai Company Limited (the Thai subsidiary of Leno that owns and developsthe Project) (\u2018Bali Hai\u2019) and certain affiliated Thai companies. On 20 December 2023, the Company has entered into a deed of release with UOB in respect of obligations under the sponsor support deed. The deed of release is subject to conditions subsequent which are expected to be satisfied by 15 March 2024 failing\ue61fwhich the deed of release will be revoked. 2. The Company guarantees cost overruns and the practical completion of the art\u2019otel London Hoxton development under the\ue61f\u00a3180 million construction financing facility agreement granted by Bank Hapoalim B.M and in relation to the long-tem partnership with Clal. As of 31 December 2023, the additional estimated contingent obligation to cover future cost overruns\ue61famounts to \u00a39.7 million of which the Company\u2019s share is \u00a36.3 million (Note 5b(i)).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-70-4": {
"value": "Note 12 Pledges, contingent liabilities and commitments a. Pledges, collateral and securitiesSubstantially all of the Group\u2019s assets and all of the rights connected or related to the ownership of the assets (including shares of\ue61fsubsidiaries and restricted deposits) are pledged in favour of banks and financial institutions as security for loans received. For\ue61fmost\ue61fof the loans, specific assets are pledged as the sole security provided. b. Restricted cashUnder certain facility agreements, funds need to be held in restricted deposit accounts in order to pay the debt service for a subsequent period. The total deposits held amount to \u00a317.3 million and are presented as restricted in the financial statements.c. Commitments(i) Management and franchise agreements1. The Group entered into a Territorial Licence Agreement (the \u2018Master Agreement\u2019) with Radisson Hotel Group (\u2018Radisson\u2019). Under \u00aethe Master Agreement, the Group, among other rights, is granted an exclusive licence to use the brand \u2018Park Plaza Hotels & Resorts\u2019 in 56 territories throughout Europe, the Middle East and Africa in perpetuity (the \u2018Territory\u2019). The Master Agreement also allows the Group to use, and license others to use, the Radisson systems within the Territory, whichright includes the right to utilise the Radisson systems\u2019 international marketing and reservations facilities and to receive other promotional assistance. The Group pays Radisson a fee based on a percentage of the hotels\u2019 gross room revenue, which fees are\ue61frecognized in the income statement as incurred.2. Within the terms of the management agreements, the hotels were granted by the Group a licence allowing them to use, throughout \u00ae\u00aethe term of the management agreements, the \u2018Park Plaza Hotels & Resorts\u2019 and \u2018art\u2019otel\u2019 brand names. See Note 2(h) regardingthe accounting for management and franchise fees received.(ii) Construction contract commitment As at 31 December 2023, the Group had capital commitments amounting to \u00a329.6 million for the construction of the developmentof\ue61fart\u2019otel London Hoxton and \u00a39.2 million for the refurbishment of Londra & Cargill Hotel in Rome, Italy.(iii) Guarantees1. In January 2013, the Company sold to Red Sea Hotels Limited (\u2018Red Sea\u2019) all of the Company\u2019s shares in its subsidiary, Leno Finance Limited (\u2018Leno\u2019), the company through which the Company owned an interest in the site in Pattaya, Thailand (the \u2018Project\u2019), and certain related loans and receivables, for a total consideration of Thai Baht 600 million. Under the terms of the United Overseas Bank (UOB) credit facilities received for the construction of the Project, the Company is\ue61fobliged to provide certain financial support in the event of a cost overrun or funding shortfall in relation to the Project, to satisfy the payment of unpaid interest or fees until completion of the Project and, in certain circumstances, may be required to purchase serviced apartments after completion of the Project for a maximum of Thai Baht 600 million to fund any amounts that are outstanding under the UOB credit facilities. In addition, the Company undertook to take all necessary acts to ensure the completion of the Project as planned. Red Sea has agreed to indemnify the Company in respect of these continuing obligations (except for the obligation to purchase serviced apartments after completion where there is a continuing event of default) and as security Red Sea has pledged the shares held by it in Bali Hai Company Limited (the Thai subsidiary of Leno that owns and developsthe Project) (\u2018Bali Hai\u2019) and certain affiliated Thai companies. On 20 December 2023, the Company has entered into a deed of release with UOB in respect of obligations under the sponsor support deed. The deed of release is subject to conditions subsequent which are expected to be satisfied by 15 March 2024 failing\ue61fwhich the deed of release will be revoked. 2. The Company guarantees cost overruns and the practical completion of the art\u2019otel London Hoxton development under the\ue61f\u00a3180 million construction financing facility agreement granted by Bank Hapoalim B.M and in relation to the long-tem partnership with Clal. As of 31 December 2023, the additional estimated contingent obligation to cover future cost overruns\ue61famounts to \u00a39.7 million of which the Company\u2019s share is \u00a36.3 million (Note 5b(i)).",
"dimensions": {
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"pp-value-70-5": {
"value": "Note 12 Pledges, contingent liabilities and commitments a. Pledges, collateral and securitiesSubstantially all of the Group\u2019s assets and all of the rights connected or related to the ownership of the assets (including shares of\ue61fsubsidiaries and restricted deposits) are pledged in favour of banks and financial institutions as security for loans received. For\ue61fmost\ue61fof the loans, specific assets are pledged as the sole security provided. b. Restricted cashUnder certain facility agreements, funds need to be held in restricted deposit accounts in order to pay the debt service for a subsequent period. The total deposits held amount to \u00a317.3 million and are presented as restricted in the financial statements.c. Commitments(i) Management and franchise agreements1. The Group entered into a Territorial Licence Agreement (the \u2018Master Agreement\u2019) with Radisson Hotel Group (\u2018Radisson\u2019). Under \u00aethe Master Agreement, the Group, among other rights, is granted an exclusive licence to use the brand \u2018Park Plaza Hotels & Resorts\u2019 in 56 territories throughout Europe, the Middle East and Africa in perpetuity (the \u2018Territory\u2019). The Master Agreement also allows the Group to use, and license others to use, the Radisson systems within the Territory, whichright includes the right to utilise the Radisson systems\u2019 international marketing and reservations facilities and to receive other promotional assistance. The Group pays Radisson a fee based on a percentage of the hotels\u2019 gross room revenue, which fees are\ue61frecognized in the income statement as incurred.2. Within the terms of the management agreements, the hotels were granted by the Group a licence allowing them to use, throughout \u00ae\u00aethe term of the management agreements, the \u2018Park Plaza Hotels & Resorts\u2019 and \u2018art\u2019otel\u2019 brand names. See Note 2(h) regardingthe accounting for management and franchise fees received.(ii) Construction contract commitment As at 31 December 2023, the Group had capital commitments amounting to \u00a329.6 million for the construction of the developmentof\ue61fart\u2019otel London Hoxton and \u00a39.2 million for the refurbishment of Londra & Cargill Hotel in Rome, Italy.(iii) Guarantees1. In January 2013, the Company sold to Red Sea Hotels Limited (\u2018Red Sea\u2019) all of the Company\u2019s shares in its subsidiary, Leno Finance Limited (\u2018Leno\u2019), the company through which the Company owned an interest in the site in Pattaya, Thailand (the \u2018Project\u2019), and certain related loans and receivables, for a total consideration of Thai Baht 600 million. Under the terms of the United Overseas Bank (UOB) credit facilities received for the construction of the Project, the Company is\ue61fobliged to provide certain financial support in the event of a cost overrun or funding shortfall in relation to the Project, to satisfy the payment of unpaid interest or fees until completion of the Project and, in certain circumstances, may be required to purchase serviced apartments after completion of the Project for a maximum of Thai Baht 600 million to fund any amounts that are outstanding under the UOB credit facilities. In addition, the Company undertook to take all necessary acts to ensure the completion of the Project as planned. Red Sea has agreed to indemnify the Company in respect of these continuing obligations (except for the obligation to purchase serviced apartments after completion where there is a continuing event of default) and as security Red Sea has pledged the shares held by it in Bali Hai Company Limited (the Thai subsidiary of Leno that owns and developsthe Project) (\u2018Bali Hai\u2019) and certain affiliated Thai companies. On 20 December 2023, the Company has entered into a deed of release with UOB in respect of obligations under the sponsor support deed. The deed of release is subject to conditions subsequent which are expected to be satisfied by 15 March 2024 failing\ue61fwhich the deed of release will be revoked. 2. The Company guarantees cost overruns and the practical completion of the art\u2019otel London Hoxton development under the\ue61f\u00a3180 million construction financing facility agreement granted by Bank Hapoalim B.M and in relation to the long-tem partnership with Clal. As of 31 December 2023, the additional estimated contingent obligation to cover future cost overruns\ue61famounts to \u00a39.7 million of which the Company\u2019s share is \u00a36.3 million (Note 5b(i)).",
"dimensions": {
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"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-74-2": {
"value": "Note 13 Borrowings The borrowings of the Group are composed as follows:HRK \u20ac denominated \u00a3 denominated $ denominated denominated Total As at 31 December 2023\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Fixed interest rate 318,272 558,192 \u2013 \u2013 876,464Weighted average interest rate 2.32% 4.01% \u2013 \u2013Variable interest rate 4,346 3,783 11,797 \u2013 19,926Weighted average interest rate 7.01% 6.94% 8.91% \u2013Total 322,618 561,975 11,797 \u2013 896,390Weighted average interest rate 2.38% 4.03% 8.91% \u2013 3.50%Outstanding Maturity analysis 2023amount Year 1 Year 2 Year 3 Year 4 Year 5 ThereafterTotal borrowings 896,390 48,681 62,178 363,289 61,223 181,228 179,791Capitalised transaction costs and other adjustments (3,354) (844) (844) (844) (822) \u2013 \u2013For securities and pledges, see Note 12.HRK \u20ac denominated \u00a3 denominated $ denominated denominated Total As at 31 December 2022\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Fixed interest rate 270,203 420,635 \u2013 36,540 727,378Weighted average interest rate 2.41% 3.61% \u2013 1.44%Variable interest rate 35,284 90,990 15,896 \u2013 142,170Weighted average interest rate 6.07% 7.28% 8.28% \u2013Total 305,487 511,625 15,896 36,540 869,548Weighted average interest rate 2.52% 4.26% 8.28% 1.44% 3.60%Outstanding Maturity analysis 2022amount Year 1 Year 2 Year 3 Year 4 Year 5 ThereafterTotal borrowings 869,548 47,901 32,651 61,685 365,509 46,199 315,603Capitalised transaction costs and other adjustments (4,816) (800) (800) (800) (800) (800) (816)For securities and pledges, see Note 12.a. Finance agreements entered in the years 2023 and 2022:Park Plaza Hotels (UK) Limited facility On 1 November 2023, Park Plaza Hotels (UK) Limited, a wholly owned subsidiary of the Company, entered into a revolving facility agreement with Santander UK Plc for up to \u00a330 million which replaced the previous Coronavirus Large Business Interruption Loan Scheme (CLBILS) facility entered in November 2020. The facility is provided on a three-year term and bears an interest rate margin on\ue61fdrawn amounts of 2.5% plus Sonia during year one, with the margin increasing to 3% in years two and three. Arena Grand Ka\u017eela campsite refinanceOn 9 November 2022, Arena had entered into a new loan agreement with PRIVREDNA BANKA ZAGREB in Croatia for the purpose of refinancing its existing \u20ac10.2 million loan used for the development of Arena Grand Ka\u017eela Campsite. The facility is in a total amount of\ue61f\u20ac18.5 million (\u00a316.4 million), maturing in 2036 at a fixed interest rate of 2.95%. Financing for the refurbishment of art\u2019otel in BudapestOn 3 October 2022, Arena, through its wholly owned subsidiary SW Sz\u00e1lloda\u00fczemeltet Korl\u00e1tolt, entered into a new loan agreement with Erste & Steierm\u00e4rkische Bank d.d. for the purpose of financing the CAPEX investments in art\u2019otel Budapest. The facility is in a total amount of \u20ac2 million (\u00a31.8 million), maturing in 2031 at a fixed interest rate of 3.5%. Financing for Arena Stoja CampsiteOn 10 May 2022, Arena entered into a new loan agreement with Croatian Bank for Reconstruction and Development (HBOR). Arena intends to use this facility to purchase 75 upscale mobile homes for the Arena Stoja Campsite. The facility is in a total amount of \u20ac2.9 million (\u00a32.5 million), maturing in 2028 at a fixed interest rate of 1.5%. Financing for development of art\u2019otel in Zagreb, CroatiaOn 30 March 2022, Arena, through its wholly owned subsidiary Ulika d.o.o., entered into a new loan agreement with Erste & Steierm\u00e4rkische Bank d.d. for the purpose of financing the development of its premium lifestyle art\u2019otel in Zagreb, Croatia. The\ue61ffacility is in a total amount of \u20ac12.6 million (\u00a310.8 million), maturing in 2034 at a fixed interest rate of 2.2%.Financing of Londra & Cargill Hotel in Rome, ItalyOn 22 February 2022, Londra Cargill Parent S.r.l, a wholly owned subsidiary of the Company, entered into a \u20ac25 million (\u00a321 million) facility with UniCredit S.p.A. (the \u2018Facility\u2019). The Facility consists of two tranches: Tranche A in the amount of \u20ac17.25 million is available for immediate drawdown upon signing the Facility agreement and Tranche B in the amount of \u20ac7.75 million will be available for drawdown upon completion of the hotel refurbishment and meeting certain conditions. The term of the Facility is four years and it will bear an interest rate of six month Euribor, which was fixed by an interest rate swap at a rate of 0.6065%, plus a margin of 3.2%.Given that there is an economic relationship between the hedged item and the hedging instrument as the terms of the interest rate swap match the terms of the loan (i.e., notional amount, maturity and payment), the Group has established a hedge ratio of 1:1 for the hedging relationships as the underlying risk of the interest rate swap is identical to the hedged risk component. As at 31 December 2023, the interest rate swap had a fair value of \u00a30.7 million and is included in other non-current assets. The change in the fair value of\ue61fthe interest rate swap in the amount of \u00a30.5 million for the year ended 31 December 2023 is recorded as other comprehensive income. The interest rate swap is valued using valuation techniques for swap models, using present value calculations. The models incorporate various inputs, including the credit quality of counterparties, and interest rate curves. The fair value measurement is Level 2 of the fair value hierarchy.b. The following financial covenants must be complied with by the relevant Group companies:\u2022 Under the two Aareal facilities, for Park Plaza London Riverbank (the \u2018Riverbank hotel\u2018) and all six of the Group\u2019s Dutch hotels and Grandis (the \u2018Dutch hotels and Grandis\u2019), the borrowers must ensure that the aggregate amount of\ue61fthe outstanding facilities does not exceed 62.2% of the value of the Dutch hotels and Grandis and 60% of the value of the Riverbank hotel as set out in the most recent valuation (loan-to-value). In\ue61faddition, the borrowers must ensure that, on each interest payment date, the\ue61fDebt Service Coverage Ratio (DSCR)\ue61fis not less than 115%.\u2022 Under the AIG Asset Management (Europe) Limited facility for Park Plaza\ue61fWestminster Bridge London, the\ue61fborrower must ensure that the aggregate amount of the outstanding facility does not exceed 70% of the value of the hotel as set out in the most recent valuation (loan-to-value). In addition, the borrower must ensure that, on each interest payment date, the historical and projected DSCR are not less than 140%. The floating rate leg of this loan of\ue61f\u00a33.8 million (as at 31 December 2023) has an associated interest rate cap, hedging the risk of the all-in rate exceeding 3.5%. \u2022 Under the facility arranged by Cornerstone Real Estate Advisers Europe LLP, a member of the MAFF Mutual Financial Group, for Park Plaza Victoria London, the borrower must ensure that the aggregate amount of the outstanding facility does not exceed 75% of the value of the hotel as set out in\ue61fthe most recent valuation (loan-to-value). In addition, the borrower must ensure that, on each interest payment date, the historical and projected DSCR\ue61fare not less than 180%. \u2022 Under the Bank Hapoalim Loan for three of the Group\u2019s UK hotels and the\ue61f46 units owned within Park Plaza County Hall London, the borrowers must ensure that the aggregate amount of the outstanding loan does not exceed 65% of the value of the properties and units secured (loan-to-value). \u2022 In March 2019, W29 Owner LLC entered into a loan agreement with Bank Hapoalim New York for an amount of US$22.15 million where PPHE Hotel Group is a guarantor. Under this agreement, PPHE Hotel Group must ensure that it maintains an\ue61faggregate net worth of at least US$33 million and have liquid assets with a market value of at least US$5 million. Since March 2019, W29 Owner LLC has paid US$7.15 million out of the loan principal and the maturity date of the loan was extended a few times with the latest one, signed in September 2023, extending the maturity date to 13 September 2024. \u2022 Under the Bank Hapoalim Loan relating to art\u2019otel London Hoxton, the borrower must ensure that the aggregate amount of the outstanding facility does not exceed 75% of the value of the hotel as\ue61fset out in the most recent valuation from the earlier of (i) one year after practical completion; or (ii) 7 April 2024 onwards. The borrower must also ensure that the DSCR is not less than 1.2 on each quarter test date starting from either 7 April 2025 or one year after practical completion. Any breach of the aforementioned covenants is subject to an equity cure option. In addition, on each test date, the total equity of PPHE Hotel Group must not be\ue61fless than: (i) \u00a3150 million; and (ii) 20% of its asset value. After the reporting date, the borrower entered into an amendment to the loan agreement which included an update to stagger the DSCR covenant as follows. The borrower must ensure that: the DSCR is not less than 1.1 on each quarter test date from 31 December 2025 to 30 September 2026 and 1.2 for the following quarter test dates. Under the loan agreement granted by Santander UK Plc to Park Plaza Hotels (UK) Limited, the borrower must ensure that at all times its tangible net worth exceeds \u00a3300 million. In addition, the borrower must: (i) ensure that the UK borrowings to aggregate UK asset value does not at any time exceed 60%; (ii) ensure that on each test date, the UK interest cover ratio for the borrower and its subsidiaries is greater than 1.25; (iii) ensure that the drawn amount under this facility to the unencumbered market value of Park Plaza London Waterloo (determined in accordance with the most recent valuation) does not at any time exceed 65%; and (iv) maintain minimum liquidity of \u00a33 million at all times. Under the \u00a31.6 million loan granted by Santander UK Plc to PPHE Living Limited dated 29 January 2020, the interest coverage ratio (ICR) for each 12-month period must not be less than 125%. In addition, the borrower must ensure that the outstanding loan does not exceed 65% of the value of the borrower\u2019s freehold property at Acton Lane (based on the most recent valuation).\u2022 Under the UniCredit S.p.A. facility for Societ\u00e0 Immobiliare Alessandro De Gasperis S.r.l., signed on 22 February 2022, the borrower must ensure throughout the entire term of the loan that the outstanding amount of the loan\ue61fdoes not exceed 60% of the value of\ue61fthe property. Furthermore, from the\ue61fearlier of (i) 30 June 2024, and (ii) the first interest payment date falling after 12 months following the completion of the property renovation (the \u2018first test date\u2018), the borrower undertakes to ensure that the ratio between (i) the EBITDA of the borrower relating to the 12 month period preceding the relevant test date and (ii) the finance costs for the same applicable period (ICR) and the\ue61fratio between (i) the net operating profit of the borrower generated in the 12 month period preceding each test date and (ii) the principal amount of all facilities outstanding under this facilities agreement at that test date are higher than 2.0 and 7.5% respectively for the\ue61ffirst test date and higher than 2.5\ue61fand 9% respectively for each test date thereafter. \u2022 Under the Deutsche Hypothekenbank AG facility, for Park Plaza Nuremberg the borrower must ensure throughout the entire term of the loan that the outstanding amount of the loan does not exceed 65% of the value of the property used as collateral and that the\ue61fDSCR is not less than 1.35. \u2022 Under the Deutsche Hypothekenbank AG facility for ACO Hotel Holding B.V. and ABK Hotel Holding B.V., the borrower must ensure throughout the\ue61fentire term of the loan that the outstanding amount of the loan does not exceed 70% of the value of the properties used as collateral and that\ue61fthe DSCR is not less than 1.10. \u2022 Under the Zagrebaka Banka d.d. joint \u20ac32.0 million and HRK 205.0 million facilities, the borrower, Arena Hospitality Group d.d. must ensure that\ue61fat year end, based on audited stand alone financial statements of the\ue61fborrower, the DSCR is equal to or greater than 120% during the life of the loan and that the Net Debt/EBITDA (\u2018net leverage ratio\u2019) is equal to or lower than 5.5 at year end 2019, is equal to or lower than 4.5 at year end 2021 and for each succeeding calendar year during the remaining life of the loan. \u2022 Under the Zagrebaka Banka d.d. \u20ac10.0 million and HRK 60.0 million facilities, the borrower, Arena Hospitality Group d.d. must ensure that\ue61fat year end, based on audited consolidated financial statements of the\ue61fborrower, the DSCR is equal to or greater than 120% during the life of the loan and that the net leverage ratio is equal to or lower than 4.5 at year end 2021 and for each succeeding calendar year during the remaining life of the loan. Additionally, the borrower undertakes to maintain the ratio between the net financial debt increased by the exposure under guarantees for bank borrowings and\ue61fEBITDA to the maximum of 6.0. Moreover, under the HRK 60 million facility, the amount of the loan cannot exceed 70% of the value of the properties. \u2022 Under the Erste Banka d.d. \u20ac2.5 million facility, the borrower, Arena Hospitality Group d.d. has to comply with the following covenants calculated based on stand alone financial statements, tested once a year using audited financial statements for the preceding year: DSCR 1 is equal to or greater than 3.5. DSCR 2 is equal or greater than 1.2. The net leverage ratio is equal to or lower than 4.5. Additionally, the borrower undertakes to maintain the ratio between the net financial debt increased by the exposure under guarantees for bank borrowings and EBITDA to the maximum of 6.0 until the end of the loan repayment. The equity ratio has to be at least 30%. \u2022 Under the club deal with Erste Banka d.d. and Zagreba\u010dka Banka d.d signed in\ue61fDecember 2020 for the purpose of financing the refurbishment of Hotel Brioni Pula in the total amount of \u20ac24.0 million the borrower, Arena Hospitality Group d.d. has to comply with the following covenants calculated based on stand alone financial statements, tested once a year using audited financial statements for the preceding year: DSCR 1 is equal to or greater than 3.5. DSCR 2 is equal or greater than 1.2. Net leverage ratio is equal to or lower than 4.5. Additionally, the borrower undertakes to maintain the ratio between the net financial debt increased by the exposure under guarantees for bank borrowings and EBITDA to the maximum of 6.0 until the end of the loan repayment. The amount of the loan cannot exceed 70% of the property used as collateral.\u2022 Under the OTP Banka d.d. loan signed in\ue61fJuly 2020 for the purpose of financing the purchase and subsequent refurbishment of Guest House Hotel Riviera Pula in the total amount of \u20ac10.0 million the borrower, Arena Hospitality Group d.d. has to comply with the following stand alone covenants, tested once a year using audited financial statements for the preceding year: net leverage ratio is equal to or lower than 4.5. The equity ratio has to be at least 55%. The loan consists of two equal tranches in the amount of \u20ac5.0 million each. The loan has a deposit build up mechanism, subject to certain conditions.\u2022 Under the AIK Banka a.d. facility for the\ue61fpurpose of financing the purchase of 88 Rooms Hotel in Belgrade, Serbia, in\ue61fthe total amount of \u20ac4.2 million the borrower (Arena 88 Rooms Holding d.o.o.) has to ensure that the value of the purchased asset is not lower by more than 35% when compared with the\ue61fvalue of the asset as defined during 2020 by an external reputable valuator.\u2022 Under the Zagrebaka banka d.d. loan signed in September 2021 as part of HBOR\u2019s programme for insurance of liquidity portfolio for exporters related with COVID-19 measurements in amount \u20ac20 million (\u00a316.8 million) the borrower, Arena Hospitality Group d.d. must ensure that DSCR is equal or greater than 3.5 and that the ratio between financial debt and EBITDA is lower than\ue61f4.5 starting at December 2023 and\ue61fonwards. Additionally, the borrower undertakes to maintain the\ue61fratio between the net financial debt\ue61fincreased by the exposure under guarantees and EBITDA to the maximum of 6.0 at the end of 2023 and onwards. Covenants are calculated based on audited annual stand alone financial statements. Also, during the loan period the borrower is not able without bank confirmation to proceed with payments of dividends or loans to third parties. \u2022 Under the Erste Group Bank AG loan signed in November 2021, for the purpose of financing the purchase of hotel FRANZ Ferdinand Mountain Resort in Nassfeld, Austria, in the total amount \u20ac10.5 million, Arena Franz Ferdinand GmbH as the borrower has to comply with following stand alone hard covenants: projected DSCR is equal or greater than 1.15 at year end 2021 and\ue61fhistorical DSCR equal or greater than 1.15 from year end 2023 onwards. The amount of the loan cannot exceed 75% of the property used as collateral starting year end 2021 to year end 2023. The borrower also has to comply with the following soft covenants: from\ue61fyear end 2024 onwards DSCR (projected and historical) should be equal to or greater than 1.35. The amount of the loan cannot exceed 65% of the property used as collateral at the year end 2024 until year end 2026, and 60% from the year end 2026 and onwards.\u2022 Under the Privredna banka d.d. loan\ue61fsigned in November 2022 for the purpose of refinancing investments done in Arena Kazela Campsite in previous years, in the total amount of\ue61f\u20ac18.5 million, the borrower, Arena Hospitality Group d.d. has to comply with following covenants: the DSCR is equal to or greater than 1.2 during the life of the loan based on audited stand alone financial statements, the net leverage ratio based on audited stand alone financial statements is equal to or lower than 4.5 from 2022 and for each succeeding calendar year during the remaining life of the loan. Additionally, the borrower undertakes to maintain the ratio between the net financial debt increased by the exposure under guarantees and EBITDA to the maximum of 6.0 until the end of the loan repayment. Moreover, the amount of the loan cannot exceed 70% of the value of the\ue61fproperties used as collateral. \u2022 Under the HRVATSKA BANKA ZA OBNOVU I RAZVITAK loan signed in May\ue61f2022 for the purpose of financing the purchase of mobile homes in Arena\ue61fStoja Campsite, in the total amount of\ue61f\u20ac2.9 million, the borrower, Arena Hospitality Group d.d. has to comply with the equity ratio being at\ue61fleast 30% calculated based on stand\ue61falone financial statements.\u2022 Under the ERSTE&STEIERM\u00c4RKISCHE BANK d.d. loan signed in March 2022 by Ulika d.o.o. as borrower for the purpose of financing investment in the hotel in Zagreb, in the amount of \u20ac12.6 million, Arena as guarantor has to comply with following covenants tested once a year using audited stand alone financial statements for the preceding year: DSCR 1 is equal to or greater than 3.5.\ue61fDSCR 2 is equal or greater than 1.2\ue61fthroughout the life of the loan. Net\ue61fleverage ratio is equal to or lower than 4.5 at each year end during the remaining life of the loan. Additionally, the guarantor undertakes to maintain the ratio between the net financial debt increased by the exposure under guarantees for bank borrowings and EBITDA to the maximum of 6.0 until the end of the loan repayment. The amount of the loan cannot exceed 100% of the property used as collateral. The equity ratio has to be at least 30%. Ulika d.o.o., as borrower, needs to maintain a DSCR\ue61fequal to or greater than 1.3 from\ue61f2026 onwards. \u2022 Under the OTP Bank Nyrt loan signed in\ue61fOctober 2022 for the purpose of refurbishment of art\u2019otel Budapest, in the amount of \u20ac2 million, the borrower has to comply with the following covenant: annual debt service cover ratio is equal to or greater than 1.2\ue61fduring the life of the loan.Pursuant to bank loan agreements with certain subsidiaries, these subsidiaries are required to retain their cash balances for use in\ue61ftheir hotel operations and are restricted from transferring the cash to other entities in the Group without a prior approval from the lenders. As at 31 December 2023, the Group is in compliance with all of its banking covenants. The Group expects that it will comply with its loan covenants also going forward.",
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"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"pp-value-84-2": {
"value": "Note 14 ProvisionsProvision for concession fee on land In accordance with the provisions of the Tourist and Other Construction Land Not Appraised During the Transition and Privatisation Process Act from 2010 (the \u2018TLA\u2019), Arena submitted requests to the Republic of Croatia and the relevant municipality for the award of\ue61ftourist land concessions in relation to land areas in eight campsites and three tourist resorts in Croatia. The TLA failed to produce the desired impact or to resolve the issues of the ownership/use of the tourist land. This in turn caused far-reaching consequences in the form of lack of investments into tourist land, reduced the international competitiveness of Croatian tourism due to lack of development and reduced income for the state and local municipalities. The Croatian government therefore adopted a new legislation to deal with, inter alia, the so-called tourist land and proprietary relationships between the owner of such land and the owner of the facilities built thereon. In May 2020, the new Non-Appraised Construction Land Act (the \u2018NCLA\u2019) replaced the TLA and all initiated requests based on the TLA were suspended. Pursuant to the NCLA, the ownership of the land underneath the facilities in the campsites that were assessed into the\ue61fshare capital of Arena is now also legally recognised as ownership of Arena, while the Republic\ue61fof Croatia will be the sole owner of the other land in the camps. In respect to the tourist resorts, the ownership of the land underneath the facilities that have been assessed into the share capital of Arena is now also recognised as ownership of Arena, together with the land surrounding such facilities that makes (together with the relevant facilities) the technological and functional unity. Tourist land in the tourist resorts which was not assessed into the share capital of Arena and which serves the standard usage of the resorts shall be owned by a local municipality. In\ue61frelation to the land in campsites owned by the Republic of Croatia and the land in tourist resorts owned by the local municipalities, Arena will ex lege be deemed long-term (50 years) lessee and will conclude the lease agreement with the state/local municipalities once the procedure envisaged by the NCLA is complete. However, the government has still not adopted the secondary level regulation that would govern the rent payable by the lessees for such lease, nor have the procedures required for the implementation of the Act and actual registration of the ownership over the respective part of land in campsites/tourist resorts been completed. Thus, instead of concession fees, NCLA prescribes the obligation to pay rental fees for the tourist land which was not assessed into the share capital of\ue61fArena. However, administrative proceedings before the competent authority that are required for the implementation of the Act and\ue61factual registration of the ownership over the respective part of land in campsites and tourist resorts, have not been completed. In 2023, the government had carried out public consultations on the draft proposals of the secondary level regulations that would govern the rent payable by the lessees, i.e., on the draft proposal of the Regulation on determination of the unit rent amount for tourist land on which the hotel and tourist resort is built and the method of calculating the rent and other fees and the mandatory content of the lease agreement, and on the draft proposal of the Regulation on determining of the initial amount of the unit rental price for tourist land in the camp, the method of calculating the rent and other fees and the mandatory content of the lease agreement. Both Regulations were adopted by the Government in February 2024. Given that the Regulations that now govern the rent payable by\ue61fthe lessees were adopted after 31 December 2023, Arena made an assessment of the concession/rental fees in the most prudent manner based on the most up to date available information, including the above-mentioned government\u2019s proposals referred to public consultation. The concession/rental fee, which amounted to \u00a31.6 million in 2023, was recorded in the statement of\ue61ffinancial position under other payables and accruals. There was no payment of concession/rental fee during 2023 or 2022. Management is still assessing the impact of this new regulation on the Company\u2019s financial statements.2023 2022 \u00a3\u2019000\u00a3\u2019000Balance as at 1 January 5,331 5,057Exchange rate differences (98) 274Balance as at 31 December 5,233 5,331",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-90-2": {
"value": "Note 15 Financial liability in respect of Income Units sold to private investors2023 2022 \u00a3\u2019000\u00a3\u2019000Total liability 132,995 139,754Due from investors for reimbursement of capital expenditure (18,708) (18,670)114,287 121,084This liability originated from the proceeds received from the sale to private investors of the future 999-year cash flows, derived from\ue61fcertain Income Units in Park Plaza Westminster Bridge London. Furthermore, as the investors are required to fund all CAPEX to\ue61fbe made in connection with these rooms, a receivable is recorded in each period for any excess of depreciation expense over the amounts paid by the investors on account of CAPEX. This receivable is offset from the liability to the investors. This liability is amortised over the term of the agreement, that being 999 years.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialLiabilitiesHeldForTradingExplanatory",
"language": "en",
"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-91-2": {
"value": "Note 16 Other financial liabilitiesAs at 31 December2023 2022 \u00a3\u2019000\u00a3\u2019000Lease liabilities (see Note 17) 273,274 261,5441Retention liability4,536 2,691Other 2,390 1,259280,200 265,4941 Retention in relation to the building contract with Gear Construction UK Limited for the design and construction of the art\u2019otel London Hoxton hotel (see Note 28).Note 24 Net expenses for financial liability in respect of Income Units sold to private investorsAs at 31 December2023 2022 \u00a3\u2019000\u00a3\u2019000Variable return (see Note 2(e)) 15,311 11,947Reimbursement of depreciation expenses (see Note 2(e)) (1,155) (1,164)14,156 10,783",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-91-3": {
"value": "Note 16 Other financial liabilitiesAs at 31 December2023 2022 \u00a3\u2019000\u00a3\u2019000Lease liabilities (see Note 17) 273,274 261,5441Retention liability4,536 2,691Other 2,390 1,259280,200 265,4941 Retention in relation to the building contract with Gear Construction UK Limited for the design and construction of the art\u2019otel London Hoxton hotel (see Note 28).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"pp-value-92-2": {
"value": "Note 17 Leases Group as a lesseeThe Group has lease contracts for various items which mainly includes hotels, including land, offices and storage buildings. Leases of land have lease terms between 125 and 199 years while hotel buildings, offices and storage have lease terms between 2 and 95 years. The Group\u2019s obligations under its leases are secured by the lessor\u2019s title to the leased assets. The Group also has certain leases with lease terms of 12 months or less and leases with low value. The Group applies the \u2018short-term lease\u2019 and \u2018lease of low-value assets\u2019 recognition exemptions for these leases.Set out below are the carrying amounts of right-of-use assets recognised and the movements during the period:Furniture, Hotel Offices fixtures and Land buildings and other equipment Total \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Cost:Balance as at 1 January 2023 102,684 130,648 9,248 23,873 266,453 Additions during the year \u2013 185 \u2013 165 350Disposal \u2013 \u2013 (58) \u2013 (58)Re-measurement of right-of-use assets 6,626 4,375 \u2013 \u2013 11,001Adjustment for exchange rate differences (414) (13) (20) \u2013 (447)Balance as at 31 December 2023 108,896 135,195 9,170 24,038 277,299Accumulated depreciation and impairment:Balance as at 1 January 2023 5,897 16,434 3,643 15,036 41,010 Provision for depreciation 669 3,212 858 2,438 7,177Disposal (19) (19)Adjustment for exchange rate differences (3) (70) (11) (84)Balance as at 31 December 2023 6,563 19,576 4,471 17,474 48,084Net book value as at 31 December 2023 102,333 115,619 4,699 6,564 229,215Cost:Balance as at 1 January 2022 88,454 129,032 8,640 23,873 249,999 Additions during the year \u2013 215 50 \u2013 265Re-measurement of right-of-use assets 13,028 705 501 \u2013 14,234 Adjustment for exchange rate differences 1,202 696 57 \u2013 1,955 Balance as at 31 December 2022 102,684 130,648 9,248 23,873 266,453 Accumulated depreciation and impairment:Balance as at 1 January 2022 5,384 13,331 2,737 12,626 34,078 Provision for depreciation 504 2,761 878 2,410 6,553 Adjustment for exchange rate differences 9 342 28 \u2013 379 Balance as at 31 December 2022 5,897 16,434 3,643 15,036 41,010 Net book value as at 31 December 2022 96,787 114,214 5,605 8,837 225,443 The amount of borrowing costs capitalised during the year ended 31 December 2023 was \u00a3185 thousand (2022: \u00a3215 thousand).Impairment In 2023, there were no indicators of impairment.Set out below are the carrying amounts of lease liabilities (included under Other financial liabilities and Other payables) and the movements during the period:2023 2022 \u00a3\u2019000\u00a3\u2019000As at 1 January 267,051 251,618Additions 165 50Disposals (31) \u20131Accretion of interest10,445 9,952Payments (14,355) (14,627)Re-measurement of lease liability recorded in other expenses 3,852 3,704Re-measurement of lease liability adjusted against right-of-use assets 11,001 14,234Exchange rate differences recorded in profit and loss (882) 1,662Adjustments for foreign exchange differences 117 458As at 31 December 277,363 267,051Current 4,089 5,507Non-current 273,274 261,5441 The amount of borrowing costs capitalised during the year ended 31 December 2023 was \u00a3185 thousand (2022: \u00a3215 thousand).Set out below is a split of the lease liabilities, cash payments and effect in the income statement between lease agreements for a\ue61fperiod longer than 40 years (\u2018long-term leases\u2019) and leases for a period of up to 40 years (\u2018short-term leases\u2019).Year ended 31 December 2023 \u00a3\u2019000Long-term Short-term leases (>40)leases (<40) TotalLease liabilities 244,437 32,926 277,363Fixed lease payments 9,408 4,947 14,355Accretion of interest 9,629 816 10,445Depreciation 3,857 3,320 7,177Year ended 31 December 2022 \u00a3\u2019000Long-term Short-term leases (>40)leases (<40) TotalLease liabilities 234,050 33,001 267,051Fixed lease payments 9,031 5,596 14,627Accretion of interest 8,968 984 9,952Depreciation 3,774 2,779 6,553Details regarding certain long-term lease agreements are as below:(a) On 29 January 2020, the Group through its subsidiary Arena, entered into a 45-year lease for the development and operation of a contemporary branded hotel in Zagreb, Croatia. The development, which is subject to obtaining the necessary permits, involves the conversion of an iconic building in a prime location in the historic heart of the city. This 110-room hotel was opened in Q4 2023 and included a destination restaurant and bar, wellness and spa facilities, fitness centre, event space and parking. The annual rent amounts to \u20ac430 thousand. (b) Grandis has a land leasehold interest, expiring in 2095, of Holmes Hotel London. Based on the latest rent review that was signed on 29 September 2022, the annual rent amounts to \u00a31,250 thousand. Grandis has an option to extend the lease to a total of 125 years, expiring in 2121. The Company also has an option to terminate the lease in 2059.(c) Riverbank Hotel Holding B.V. has a land leasehold interest, expiring in 2125, for Park Plaza London Riverbank, subject to rent review every five years, based on CPI. Based on the latest rent review, with effect from 10 May 2020, the annual rent amounts to \u00a31,135 thousand.(d) On 18 June 2012, Park Royal Hotel Holding B.V. (\u2018Park Royal\u2019) completed the purchase of the freehold property at 628 Western Avenue, Park Royal, London (the \u2018Site\u2019), which was a development site on one of the main thoroughfares into London, for \u00a36.0 million. Simultaneously, Park Royal completed the sale of the Site at a price of \u00a37.0 million and the leaseback of the Site at an initial rent of \u00a3306 thousand per year for 170 years, subject to rent review every five years, based on CPI with a cap of 5%. Based on the latest rent review, with effect from 15 June 2022, the annual rent amounts to \u00a3417 thousand.(e) On 20 July 2017, Waterloo Hotel Holding B.V. completed the sale of Park Plaza London Waterloo for \u00a3161.5 million subject to a\ue61fleaseback for 199 years. The initial rent of \u00a35.6 million per year will have annual inflation adjustments subject to a cap of 4% and\ue61fcollar of 2%. The following are the amounts recognised in profit or loss:As at 31 December2023 2022 \u00a3\u2019000\u00a3\u2019000Depreciation expense 7,177 6,553Interest expense on lease liabilities 10,260 9,737Expense relating to low-value assets and short-term leases (included in operating expenses) 227 169Expense relating to low-value assets and short-term leases (included in rent expenses) 583 877Variable lease payments (included in rent expenses) 1,749 1,544Total amount recognised in profit or loss 19,996 18,880The Group had total cash outflows for leases of \u00a315,327 thousand in 2023 (2022: \u00a315,673 thousand). The future cash outflows relating to leases that have commenced are disclosed in Note 29c.The following provides information on the Group\u2019s variable lease payments, including the magnitude in relation to fixed payments in 2023 and 2022:As at 31 December 2023Variable Fixed payments payments Total \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Fixed rent 13,173 \u2013 13,173Variable rent with minimum payment 1,182 \u2013 1,1821Variable rent only\u2013 1,749 1,749As at 31 December 2022Variable Fixed payments payments Total \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Fixed rent 13,369 \u2013 13,369Variable rent with minimum payment 1,258 \u2013 1,2581Variable rent only\u2013 1,544 1,5441 Relates mainly to the concession fee on land (see Note 14). Lease extension and termination options:The Group has leases that include extension and termination options. These options provide flexibility in managing the leased assets and align with the Group\u2019s business needs. The Group exercises significant judgement in deciding whether it is reasonably certain that the extension and termination options will be exercised. Set out below are details of potential future undiscounted lease payments for periods covered by extension options that were not included in the measurement of the Company\u2019s lease liabilities. As of the end of the reporting period the Group does not expect to exercise any termination option. Up toMore than five years five years\u00a3\u2019000 \u00a3\u2019000Lease payments applicable in extension option periods which as of the end of the reporting period are not reasonably certain to be exercised 5,676 4,019",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-104-2": {
"value": "Note 18 Other payables and accrualsAs at 31 December2023 2022 \u00a3\u2019000\u00a3\u2019000Current portion of lease liabilities (Note 17) 4,089 5,507Current portion of share appreciation rights (Note 5(b)) 2,703 5,519Employees 5,120 4,640VAT and taxes 13,748 14,514Accrued interest 3,361 3,128Corporate income taxes 136 130Accrued expenses 22,228 26,808Advance payments received 9,260 8,238Accrued rent 6,354 4,402Variable income payment to holders of Income Units 4,166 4,1371Related parties7,984 3,712Other \u2013 10979,149 80,8441 Majority of this balance (\u00a37,909 thousand) relates to an accrual for costs of the building contract with Gear Construction UK Limited for the design and construction of the art\u2019otel London Hoxton that were paid after the reporting date (see Note 28).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-113-2": {
"value": "Note 20 Operating expensesAs at 31 December2023 2022 \u00a3\u2019000\u00a3\u2019000Salaries and related expenses 131,048 109,412Franchise, reservation and commissions expenses (see Note 12(c)(i)) 31,960 28,419Food and beverage 20,872 16,471Insurance and property taxes 16,343 19,156Utilities 20,888 11,570Administration costs 8,820 7,905Maintenance 8,153 6,839Laundry, linen and cleaning 6,740 5,472Supplies 6,354 4,573IT expenses 2,238 2,195Communication, travel and transport 2,712 1,939Marketing expenses 2,939 1,864Government grants payroll 250 (183)Government grants fixed costs 172 (2,461)Defined contribution pension premiums 5,249 4,588Other expenses 19,352 15,328284,090 233,087",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-113-3": {
"value": "Note 20 Operating expensesAs at 31 December2023 2022 \u00a3\u2019000\u00a3\u2019000Salaries and related expenses 131,048 109,412Franchise, reservation and commissions expenses (see Note 12(c)(i)) 31,960 28,419Food and beverage 20,872 16,471Insurance and property taxes 16,343 19,156Utilities 20,888 11,570Administration costs 8,820 7,905Maintenance 8,153 6,839Laundry, linen and cleaning 6,740 5,472Supplies 6,354 4,573IT expenses 2,238 2,195Communication, travel and transport 2,712 1,939Marketing expenses 2,939 1,864Government grants payroll 250 (183)Government grants fixed costs 172 (2,461)Defined contribution pension premiums 5,249 4,588Other expenses 19,352 15,328284,090 233,087",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-114-2": {
"value": "Note 21 Financial expensesAs at 31 December2023 2022 \u00a3\u2019000\u00a3\u2019000Interest and other finance expenses on bank loans 25,385 24,815Interest on lease liabilities 10,260 9,737Foreign exchange differences, net \u2013 2,012Other 500 69336,145 37,257Note 22 Financial incomeAs at 31 December2023 2022 \u00a3\u2019000\u00a3\u2019000Income from Park Plaza County Hall London Units 1,006 887Interest on bank deposits 2,480 375Foreign exchange differences, net 918 \u2013Interest and other financial income from jointly controlled entities (see Note 28(b)) 354 117Other \u2013 1374,758 1,516",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-114-3": {
"value": "Note 21 Financial expensesAs at 31 December2023 2022 \u00a3\u2019000\u00a3\u2019000Interest and other finance expenses on bank loans 25,385 24,815Interest on lease liabilities 10,260 9,737Foreign exchange differences, net \u2013 2,012Other 500 69336,145 37,257",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-115-3": {
"value": "Note 22 Financial incomeAs at 31 December2023 2022 \u00a3\u2019000\u00a3\u2019000Income from Park Plaza County Hall London Units 1,006 887Interest on bank deposits 2,480 375Foreign exchange differences, net 918 \u2013Interest and other financial income from jointly controlled entities (see Note 28(b)) 354 117Other \u2013 1374,758 1,516",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-118-2": {
"value": "Note 25 Income taxesa. Tax benefit (expense) included in the income statementAs at 31 December2023 2022 \u00a3\u2019000\u00a3\u2019000Current taxes (2,760) (394)Adjustments in respect of current income tax of previous year (8) 87Deferred taxes 1,091 3,663(1,677) 3,356b. The following are the major deferred tax (liabilities) and assets recognised by the Group and changes therein during the period:Tax loss carry\ue61fforward Property, plant and\ue61ftiming and equipment difference on and intangible provisions assets Tax incentives Total \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Balance as at 1 January 2023 12,928 (11,134) 5,193 6,987Amounts charged to income statement 8,744 (7,653) \u2013 1,091Adjustments for exchange rate differences (167) 140 (96) (123)Balance as at 31 December 2023 21,505 (18,647) 5,097 7,955Balance as at 1 January 2022 8,334 (11,009) 5,660 2,985Amounts charged to income statement 4,134 274 (745) 3,663Adjustments for exchange rate differences 460 (399) 278 339Balance as at 31 December 2022 12,928 (11,134) 5,193 6,987The above deferred taxes have been set off when they relate to the same jurisdictions and presented in the consolidated financial statements as follows:As at 31 December2023 2022 \u00a3\u2019000\u00a3\u2019000Deferred tax assets 13,833 12,909Deferred tax liabilities (5,878) (5,922)7,955 6,987c. Reconciliation between tax benefit (expense) and the product of accounting profit multiplied by the Group\u2019s tax rate is as follows:As at 31 December2023 2022 \u00a3\u2019000\u00a3\u2019000Profit before income taxes 28,822 11,456Expected tax at the tax rate of the United Kingdom 25% (2022: 19%) (7,206) (2,177)Adjustments in respect of:Effects of other tax rates 10,240 1,265Non-deductible expenses (627) (199)Disallowed interest for which deferred tax asset was not recorded (11,078) (3,922)Temporary differences for which no deferred tax was recorded (5,014) 4,307Non-taxable income 484 431Unrecognised current year tax losses (2,966) (1,695)Recognition of deferred tax asset on losses from previous years 14,377 5,171Other differences 113 175Income tax benefit (expense) reported in the income statement (1,677) 3,356d. Tax laws applicable to the Group companies: (i) The Company is subject to taxation under the laws of Guernsey. The Company is therefore taxed at the standard rate of 0%.(ii) Foreign subsidiaries are subject to income taxes in their country of domicile in respect of their income, as follows: 1. Taxation in the Netherlands: corporate income tax rate is 25.8%. 2. Taxation in the United Kingdom: corporate income tax rate for domiciled companies and for non-domiciled companies is\ue61f25%\ue61f(2022: 19%). 3. Taxation in Germany: aggregated corporate tax rate and trade income rate is 29.7%. 4. Taxation in Hungary: corporate income tax rate is 9%. 5. Taxation in Croatia: corporate income tax rate is 18%. 6. Taxation in Italy: aggregated corporate tax rate (IRES) and local tax (IRAP) rate is 27.9%. 7. Taxation in Austria: corporate income tax rate is 25%. 8. Taxation in Serbia: corporate income tax rate is 15%. Corporate tax rate in the UK \u2013 In March 2021, the UK government adopted the Spring Budget 2021 which included an increase in\ue61fthe UK corporate tax rate from 19% to 25% from 1 April 2023. e. Losses carried forward for tax purposesThe Group has carried forward losses for tax purposes estimated at approximately \u00a3198.2 million (2022: \u00a3212.1 million). Movement in 2023 mainly relates to the utilisation of losses in the amount of approximately \u00a326 million net of creation of new losses in the amount of approximately \u00a311.9 million. The Group did\ue61fnot establish deferred tax assets in respect of losses amounting to \u00a3118.6 million (2022: \u00a3163.5 million). Movement in 2023 mainly relates to the recognition of deferred tax assets in the amount of approximately \u00a356.8 million net of creation of new losses in the amount of approximately \u00a311.9 million.The carried forward losses relate to individual companies in the Group, each in its own tax jurisdiction. When analysing the recoverability of\ue61fthese losses the Group assesses the likelihood that these losses can be utilised against foreseeable future trading profits while considering the limitations and the nature of the available losses. In this analysis the Group concluded that for the majority of these companies it is not probable that future profits will be achieved that can be offset against these losses, mainly due to the nature of their trade (i.e. holding companies or tax exempt activities). Based on this uncertain profitability, the Company determined that it could not recognise deferred tax assets for most of the losses. The Company is performing this analysis on an ongoing basis. f. Tax incentivesIn May 2019, based on confirmation from the Ministry of Economy and pursuant to the Investment Promotion and Development of\ue61fInvestment Climate Act in Croatia, Arena became eligible to claim incentive allowances. Investments eligible for incentives are investments done in Arena One 99 Glamping Campsite, Arena Grand Ka\u017eela Campsite, Hotel Brioni and Verudela Beach self-catering apartment complexes, among others. Arena has the right to use the investment tax credits until 2027. The execution of the investment project is subject to supervision by the relevant institutions throughout the period of use of the tax credits and Arena will need to present regular annual reports to the tax authority in which it will evidence that the conditions for the use of the tax credits are met. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-118-3": {
"value": "Note 25 Income taxesa. Tax benefit (expense) included in the income statementAs at 31 December2023 2022 \u00a3\u2019000\u00a3\u2019000Current taxes (2,760) (394)Adjustments in respect of current income tax of previous year (8) 87Deferred taxes 1,091 3,663(1,677) 3,356b. The following are the major deferred tax (liabilities) and assets recognised by the Group and changes therein during the period:Tax loss carry\ue61fforward Property, plant and\ue61ftiming and equipment difference on and intangible provisions assets Tax incentives Total \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Balance as at 1 January 2023 12,928 (11,134) 5,193 6,987Amounts charged to income statement 8,744 (7,653) \u2013 1,091Adjustments for exchange rate differences (167) 140 (96) (123)Balance as at 31 December 2023 21,505 (18,647) 5,097 7,955Balance as at 1 January 2022 8,334 (11,009) 5,660 2,985Amounts charged to income statement 4,134 274 (745) 3,663Adjustments for exchange rate differences 460 (399) 278 339Balance as at 31 December 2022 12,928 (11,134) 5,193 6,987The above deferred taxes have been set off when they relate to the same jurisdictions and presented in the consolidated financial statements as follows:As at 31 December2023 2022 \u00a3\u2019000\u00a3\u2019000Deferred tax assets 13,833 12,909Deferred tax liabilities (5,878) (5,922)7,955 6,987c. Reconciliation between tax benefit (expense) and the product of accounting profit multiplied by the Group\u2019s tax rate is as follows:As at 31 December2023 2022 \u00a3\u2019000\u00a3\u2019000Profit before income taxes 28,822 11,456Expected tax at the tax rate of the United Kingdom 25% (2022: 19%) (7,206) (2,177)Adjustments in respect of:Effects of other tax rates 10,240 1,265Non-deductible expenses (627) (199)Disallowed interest for which deferred tax asset was not recorded (11,078) (3,922)Temporary differences for which no deferred tax was recorded (5,014) 4,307Non-taxable income 484 431Unrecognised current year tax losses (2,966) (1,695)Recognition of deferred tax asset on losses from previous years 14,377 5,171Other differences 113 175Income tax benefit (expense) reported in the income statement (1,677) 3,356d. Tax laws applicable to the Group companies: (i) The Company is subject to taxation under the laws of Guernsey. The Company is therefore taxed at the standard rate of 0%.(ii) Foreign subsidiaries are subject to income taxes in their country of domicile in respect of their income, as follows: 1. Taxation in the Netherlands: corporate income tax rate is 25.8%. 2. Taxation in the United Kingdom: corporate income tax rate for domiciled companies and for non-domiciled companies is\ue61f25%\ue61f(2022: 19%). 3. Taxation in Germany: aggregated corporate tax rate and trade income rate is 29.7%. 4. Taxation in Hungary: corporate income tax rate is 9%. 5. Taxation in Croatia: corporate income tax rate is 18%. 6. Taxation in Italy: aggregated corporate tax rate (IRES) and local tax (IRAP) rate is 27.9%. 7. Taxation in Austria: corporate income tax rate is 25%. 8. Taxation in Serbia: corporate income tax rate is 15%. Corporate tax rate in the UK \u2013 In March 2021, the UK government adopted the Spring Budget 2021 which included an increase in\ue61fthe UK corporate tax rate from 19% to 25% from 1 April 2023. e. Losses carried forward for tax purposesThe Group has carried forward losses for tax purposes estimated at approximately \u00a3198.2 million (2022: \u00a3212.1 million). Movement in 2023 mainly relates to the utilisation of losses in the amount of approximately \u00a326 million net of creation of new losses in the amount of approximately \u00a311.9 million. The Group did\ue61fnot establish deferred tax assets in respect of losses amounting to \u00a3118.6 million (2022: \u00a3163.5 million). Movement in 2023 mainly relates to the recognition of deferred tax assets in the amount of approximately \u00a356.8 million net of creation of new losses in the amount of approximately \u00a311.9 million.The carried forward losses relate to individual companies in the Group, each in its own tax jurisdiction. When analysing the recoverability of\ue61fthese losses the Group assesses the likelihood that these losses can be utilised against foreseeable future trading profits while considering the limitations and the nature of the available losses. In this analysis the Group concluded that for the majority of these companies it is not probable that future profits will be achieved that can be offset against these losses, mainly due to the nature of their trade (i.e. holding companies or tax exempt activities). Based on this uncertain profitability, the Company determined that it could not recognise deferred tax assets for most of the losses. The Company is performing this analysis on an ongoing basis. f. Tax incentivesIn May 2019, based on confirmation from the Ministry of Economy and pursuant to the Investment Promotion and Development of\ue61fInvestment Climate Act in Croatia, Arena became eligible to claim incentive allowances. Investments eligible for incentives are investments done in Arena One 99 Glamping Campsite, Arena Grand Ka\u017eela Campsite, Hotel Brioni and Verudela Beach self-catering apartment complexes, among others. Arena has the right to use the investment tax credits until 2027. The execution of the investment project is subject to supervision by the relevant institutions throughout the period of use of the tax credits and Arena will need to present regular annual reports to the tax authority in which it will evidence that the conditions for the use of the tax credits are met. ",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-118-5": {
"value": "Note 25 Income taxesa. Tax benefit (expense) included in the income statementAs at 31 December2023 2022 \u00a3\u2019000\u00a3\u2019000Current taxes (2,760) (394)Adjustments in respect of current income tax of previous year (8) 87Deferred taxes 1,091 3,663(1,677) 3,356b. The following are the major deferred tax (liabilities) and assets recognised by the Group and changes therein during the period:Tax loss carry\ue61fforward Property, plant and\ue61ftiming and equipment difference on and intangible provisions assets Tax incentives Total \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Balance as at 1 January 2023 12,928 (11,134) 5,193 6,987Amounts charged to income statement 8,744 (7,653) \u2013 1,091Adjustments for exchange rate differences (167) 140 (96) (123)Balance as at 31 December 2023 21,505 (18,647) 5,097 7,955Balance as at 1 January 2022 8,334 (11,009) 5,660 2,985Amounts charged to income statement 4,134 274 (745) 3,663Adjustments for exchange rate differences 460 (399) 278 339Balance as at 31 December 2022 12,928 (11,134) 5,193 6,987The above deferred taxes have been set off when they relate to the same jurisdictions and presented in the consolidated financial statements as follows:As at 31 December2023 2022 \u00a3\u2019000\u00a3\u2019000Deferred tax assets 13,833 12,909Deferred tax liabilities (5,878) (5,922)7,955 6,987c. Reconciliation between tax benefit (expense) and the product of accounting profit multiplied by the Group\u2019s tax rate is as follows:As at 31 December2023 2022 \u00a3\u2019000\u00a3\u2019000Profit before income taxes 28,822 11,456Expected tax at the tax rate of the United Kingdom 25% (2022: 19%) (7,206) (2,177)Adjustments in respect of:Effects of other tax rates 10,240 1,265Non-deductible expenses (627) (199)Disallowed interest for which deferred tax asset was not recorded (11,078) (3,922)Temporary differences for which no deferred tax was recorded (5,014) 4,307Non-taxable income 484 431Unrecognised current year tax losses (2,966) (1,695)Recognition of deferred tax asset on losses from previous years 14,377 5,171Other differences 113 175Income tax benefit (expense) reported in the income statement (1,677) 3,356d. Tax laws applicable to the Group companies: (i) The Company is subject to taxation under the laws of Guernsey. The Company is therefore taxed at the standard rate of 0%.(ii) Foreign subsidiaries are subject to income taxes in their country of domicile in respect of their income, as follows: 1. Taxation in the Netherlands: corporate income tax rate is 25.8%. 2. Taxation in the United Kingdom: corporate income tax rate for domiciled companies and for non-domiciled companies is\ue61f25%\ue61f(2022: 19%). 3. Taxation in Germany: aggregated corporate tax rate and trade income rate is 29.7%. 4. Taxation in Hungary: corporate income tax rate is 9%. 5. Taxation in Croatia: corporate income tax rate is 18%. 6. Taxation in Italy: aggregated corporate tax rate (IRES) and local tax (IRAP) rate is 27.9%. 7. Taxation in Austria: corporate income tax rate is 25%. 8. Taxation in Serbia: corporate income tax rate is 15%. Corporate tax rate in the UK \u2013 In March 2021, the UK government adopted the Spring Budget 2021 which included an increase in\ue61fthe UK corporate tax rate from 19% to 25% from 1 April 2023. e. Losses carried forward for tax purposesThe Group has carried forward losses for tax purposes estimated at approximately \u00a3198.2 million (2022: \u00a3212.1 million). Movement in 2023 mainly relates to the utilisation of losses in the amount of approximately \u00a326 million net of creation of new losses in the amount of approximately \u00a311.9 million. The Group did\ue61fnot establish deferred tax assets in respect of losses amounting to \u00a3118.6 million (2022: \u00a3163.5 million). Movement in 2023 mainly relates to the recognition of deferred tax assets in the amount of approximately \u00a356.8 million net of creation of new losses in the amount of approximately \u00a311.9 million.The carried forward losses relate to individual companies in the Group, each in its own tax jurisdiction. When analysing the recoverability of\ue61fthese losses the Group assesses the likelihood that these losses can be utilised against foreseeable future trading profits while considering the limitations and the nature of the available losses. In this analysis the Group concluded that for the majority of these companies it is not probable that future profits will be achieved that can be offset against these losses, mainly due to the nature of their trade (i.e. holding companies or tax exempt activities). Based on this uncertain profitability, the Company determined that it could not recognise deferred tax assets for most of the losses. The Company is performing this analysis on an ongoing basis. f. Tax incentivesIn May 2019, based on confirmation from the Ministry of Economy and pursuant to the Investment Promotion and Development of\ue61fInvestment Climate Act in Croatia, Arena became eligible to claim incentive allowances. Investments eligible for incentives are investments done in Arena One 99 Glamping Campsite, Arena Grand Ka\u017eela Campsite, Hotel Brioni and Verudela Beach self-catering apartment complexes, among others. Arena has the right to use the investment tax credits until 2027. The execution of the investment project is subject to supervision by the relevant institutions throughout the period of use of the tax credits and Arena will need to present regular annual reports to the tax authority in which it will evidence that the conditions for the use of the tax credits are met. ",
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"pp-value-129-2": {
"value": "Note 26 Earnings per shareThe following reflects the income and share data used in the basic earnings per share computations:As at 31 December2023 2022 \u00a3\u2019000\u00a3\u2019000Profit attributable to equity holders of the parent 22,415 10,159Weighted average number of ordinary shares outstanding (in thousands) 42,365 42,523Potentially dilutive instruments, 173,054 in 2023, had an immaterial effect on the basic earnings per share (2022: 399,294).",
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"pp-value-130-2": {
"value": "Note 27 SegmentsFor management purposes, the Group\u2019s activities are divided into Owned Hotel Operations and Management and Central Services Activities (for further details see Note 12(c)(i)). Owned Hotel Operations are further divided into five reportable segments: the Netherlands, Germany, Croatia and the United Kingdom. Other includes individual hotels in Hungary, Serbia, Italy and Austria. The\ue61foperating results of each of the aforementioned segments are monitored separately for the purpose of resource allocations and performance assessment. Segment performance is evaluated based on EBITDA, which is measured on the same basis as for financial reporting purposes in the consolidated income statement.Year ended 31 December 2023Management The United and Central 12Netherlands Germany KingdomCroatiaOtherServicesAdjustmentsConsolidated \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000RevenueThird party 63,302 22,759 234,912 78,123 7,859 7,643 \u2013 414,598Inter-segment \u2013 \u2013 400 257 \u2013 40,626 (41,283) \u2013Total revenue 63,302 22,759 235,312 78,380 7,859 48,269 (41,283) 414,598Segment EBITDA 19,580 5,466 76,276 20,409 (528) 6,973 \u2013 128,176Depreciation, amortisation (45,068)Financial expenses (36,145)Financial income 4,758Net expenses for liability in\ue61frespect of Income Units sold to private investors (14,156)Other income (expenses),\ue61fnet (8,630)Share in result of\ue61fjoint\ue61fventures (113)Profit before tax 28,8221 Includes art\u2019otel Budapest in Hungary, 88 Rooms Hotel in Belgrade, Serbia, Londra & Cargill Hotel in Rome, Italy, and FRANZ Ferdinand Mountain Resort in Nassfeld,\ue61fAustria.2 Consist of inter-company eliminations.The United 12Netherlands Germany KingdomCroatiaOtherAdjustmentsConsolidated \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Geographical information1Non-current assets190,420 72,311 1,007,301 249,910 86,306 46,462 1,652,7101 Non-current assets for this purpose consist of property, plant and equipment, right-of-use assets and intangible assets.2 This includes the non-current assets of Management and Central Services.Year ended 31 December 2022Management The United and Central 12Netherlands Germany KingdomCroatiaOtherServicesAdjustmentsConsolidated \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000RevenueThird party 41,573 17,724 190,105 69,237 6,344 5,108 \u2013 330,091Inter-segment \u2013 16 302 168 \u2013 32,365 (32,851) \u2013Total revenue 41,573 17,740 190,407 69,405 6,344 37,473 (32,851) 330,091Segment EBITDA 11,163 6,368 56,218 21,426 (629) 37 94,583Depreciation, amortisation (40,006)Financial expenses (37,257)Financial income 1,516Net expenses for liability in\ue61frespect of Income Units sold to private investors (10,783)Other income (expenses),\ue61fnet 3,201Share in result of\ue61fjoint\ue61fventures 202Profit before tax 11,4561 Includes art\u2019otel Budapest in Hungary, 88 Rooms Hotel in Belgrade, Serbia, Londra & Cargill Hotel in Rome, Italy, and FRANZ ferdinand Mountain Resort in Nassfeld,\ue61fAustria.2 Consist of inter-company eliminations.The United 12Netherlands Germany KingdomCroatiaOtherAdjustmentsConsolidated \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Geographical information1Non-current assets194,833 72,537 949,931 241,312 59,307 55,512 1,573,4321 Non-current assets for this purpose consist of property, plant and equipment, right-of-use assets and intangible assets.2 This includes the non-current assets of Management and Central Services.",
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"language": "en",
"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-136-2": {
"value": "Note 28 Related parties a. Balances with related partiesAs at 31 December2023 2022 \u00a3\u2019000\u00a3\u2019000Loans to joint ventures (see Note 5a) 6,515 5,573Short-term receivables 65 100Payable to GC Project Management Limited (75) (185)Payable to Gear Construction UK Limited (see Notes 16 and 18) (12,445) (6,218)b. Transactions with related partiesAs at 31 December2023 2022 \u00a3\u2019000\u00a3\u2019000Cost of transactions with GC Project Management Limited (670) (300)Cost of transactions with Gear Construction UK Limited (55,069) (47,872)Rent income from sub-lease of office space 56 67Management fee revenue from jointly controlled entities 872 822Interest income from jointly controlled entities 354 118c. Significant other transactions with related parties(i) Construction of the art\u2019otel London Hoxton \u2013 Following the approval by the independent shareholders, on 7 April 2020 the Groupentered into a building contract with Gear Construction UK Limited (\u2018Gear\u2019) for the design and construction of the art\u2019otel London Hoxton hotel on a \u2018turn-key\u2019 basis (the \u2018building contract\u2019). Under the building contract Gear assumes the responsibility for the design and construction of the main works for the design and build of art\u2019otel London Hoxton for a lump sum of \u00a3160 million (exclusive of VAT) (the \u2018Contract Sum\u2019). Of this amount, circa \u00a324.6 million is based on provisional sums, primarily in respect of FF&E\ue61fand fit out of the hotel which are detailed and set out as provisional sums in the building contract. This might cause the total amount payable to Gear UK under the building agreement to be greater or less than the Contract Sum. On top of the Contract Sum, the Group novated certain existing contracts relating to the project to Gear at cost subject to a cap of \u00a36 million (exclusive of\ue61fVAT). Gear is required to\ue61fcomplete the works to be executed under the building contract by 2024. Gear makes monthly applications for payments in line with the building contract and following construction industry contractual norms. The applications will be valued by AECOM acting as the Employer\u2019s agent and providing cost management services, who is appointed by the Employer but has a duty to act fairly in accordance with the terms of the contract. The Employer\u2019s agent will also be\ue61fresponsible for assessing any applications by Gear for extensions of time, variations or additional scope of work or additional loss\ue61fand/or expense under the building agreement. Gear\u2019s obligations and liabilities under the building contract are supported by a corporate guarantee from Red Sea Hotels Limited, an\ue61fassociate of Euro Plaza Holdings B.V. and therefore a related party of the Company, in the amount of 10% of the Contract Sum (the\ue61f\u2018corporate guarantee\u2019). The corporate guarantee expires on the later of: (i) the expiry of the two-year defects rectification period which follows practical completion of the works; and (ii) the issue of the latent defect insurer\u2019s approval or final technical audit report. (ii) Sub-lease of office space \u2013 A member of the Group has agreed to sub-lease a small area of office space to members or affiliatesof the Red Sea Group at its County Hall corporate office in London. The rent payable by the Red Sea Group to PPHE Hotel Group is\ue61fbased on the cost at which the landlord is leasing such space to PPHE Hotel Group. (iii) Pre-Construction and Maintenance Contract \u2013 The Group frequently uses GC Project Management Limited (GC) to undertakepreliminary assessment services, including appraisal work, and provide initial estimates of the construction costs. Further, GC\ue61fprovides ad-hoc maintenance work when required to the Group\u2019s various sites. Accordingly, the Group has entered into an\ue61fagreement with GC for the provision of pre-construction and maintenance services by GC to the Group for a fixed annual retainer\ue61fof \u00a360,000.(iv) Transactions in the ordinary course of business, in connection with the use of hotel facilities (such as overnight room stays andfood and beverages) are being charged at market prices. These transactions occur occasionally.(v) Londra & Cargill project management agreement \u2013 The Group entered into a series of agreements with GC Project ManagementLimited for the provision of project management services and site supervision services to the Group in respect of the redevelopment of Hotel Londra\ue61f& Cargill in Rome, Italy, commencing in 2022 and completing in 2024 for a fee capped at \u00a3920,000 to be paid in monthly instalments for the duration of the project. Summary of the remuneration for Executive and Non-Executive Directors for the year ended 31 December 2023:Base salary Pension Other and feesBonus contributions benefits Total \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u20190001Chairman and Executive Directors1,726 473 67 19 2,285Non-Executive Directors 283 \u2013 \u2013 \u2013 2832,009 473 67 19 2,5681 Figures Include the annual remuneration of Greg Hegarty, Deputy CEO & COO, who joined the Board following the 2023 Annual General Meeting which was held in\ue61fMay\ue61f2023.Summary of the remuneration for Executive and Non-Executive Directors for the year ended 31 December 2022:Base salary Pension Other and\ue61ffeesBonus contributions benefits Total \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Chairman and Executive Directors 1,148 531 64 13 1,756Non-Executive Directors 284 \u2013 \u2013 \u2013 2841,432 531 64 13 2,040Directors\u2019 interests in employee share incentive planAs at 31 December 2023, the Executive Directors held share options to purchase 121,308 ordinary shares (2022: 70,000). 50,000 options were fully exercisable with an exercise price of \u00a314.30 (2022: 25,000) and 27,308 options were fully exercisable with a \u00a3nil exercise price (2022: 23,000). No share options were granted to Non-Executive Directors of the Board.",
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"pp-value-140-2": {
"value": "Note 29 Financial instruments risk management objectives and policiesThe Group\u2019s principal financial instruments, other than derivatives, comprise bank borrowings, cash and cash equivalents and restricted deposits. The main purpose of these financial instruments is to finance the Group\u2019s operations. The Group has various other financial assets and liabilities such as trade receivables and trade payables, which arise directly from its operations.Re-Re-New Movement Re-As at 1 measurement measurement Re-Foreign leases/through classification As at 31 January Cash through profit against\ue61fright-measurement exchange loans, profit and and other December 2023 flows and loss of-use assets against equity movement net lossmovements2023 \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Non-current interest-bearing loans and borrowings 817,631 \u2013 \u2013 \u2013 \u2013 (5,720) 65,265 \u2013 (31,977) 845,199Non-current lease liability 261,544 \u2013 3,852 11,001 \u2013 156 165 (882) (2,562) 273,274Financial liability in respect of Income Units sold to private investors 121,084 (5,609) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (1,188) 114,287Non-current Derivative financial instruments (30,539) \u2013 4,553 \u2013 4,645 41 \u2013 \u2013 \u2013 (21,300)Current Derivative financial instruments \u2013 4,080 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (2,403) 1,677Current share appreciation rights 5,519 \u2013 (2,816) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 2,703Current interest-bearing loans and borrowings 47,101 (31,717) \u2013 \u2013 \u2013 (1,243) \u2013 844 32,852 47,837Current lease 1liability5,507 (4,095) \u2013 \u2013 \u2013 (39) \u2013 \u2013 2,716 4,0891,227,847 (37,341) 5,589 11,001 4,645 (6,805) 65,430 (38) (2,562) 1,267,7661 Includes accrued interest on deferred lease payments.Re-Re-New Movement Re-As at 1 measurement measurement Re-Foreign leases/through classification As at 31 January Cash through profit against\ue61fright-measurement exchange loans, profit and and other December 2022 flows and loss of-use assets against equity movement net lossmovements2022 \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Non-current interest-bearing loans and borrowings 729,284 \u2013 \u2013 \u2013 \u2013 16,091 106,879 \u2013 (34,623) 817,631Non-current lease liability 245,274 \u2013 3,704 14,234 \u2013 307 50 1,662 (3,687) 261,544Financial liability in respect of Income Units sold\ue61fto private investors 124,551 (4,887) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 1,420 121,084Derivative financial instruments 457 (109) (9,692) \u2013 (21,002) (71) \u2013 \u2013 (122) (30,539)Non-current share appreciation rights 4,860 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (4,860) \u2013Current share appreciation rights 540 \u2013 119 \u2013 \u2013 \u2013 \u2013 \u2013 4,860 5,519Current interest-bearing loans and borrowings 38,840 (31,087) \u2013 \u2013 \u2013 3,187 \u2013 941 35,220 47,101Current lease 1liability6,344 (4,890) \u2013 \u2013 \u2013 151 \u2013 \u2013 3,902 5,5071,150,150 (40,973) (5,869) 14,234 (21,002) 19,665 106,929 2,603 2,110 1,227,8471 Includes accrued interest on deferred lease payments.The main risks arising from the Group\u2019s financial instruments are cash flow interest rate risk, credit risk and liquidity risk. The Board of Directors reviews and agrees on policies for managing each of these risks which are summarised below. The Group\u2019s accounting policies in relation to derivatives are set out in Note 2.and other receivables since a loss allowance for expected credit losses is recorded in respect of all trade and other receivables. The\ue61fresult of these actions is that the Group\u2019s exposure to bad debts is not significant. With respect to credit risk arising from other financial assets of the Group, which comprise cash and cash equivalents, the Group\u2019s exposure to credit risk arises from default of the counterparty, with a maximum exposure equal to the carrying amount of these instruments. The Group has limited concentration risk in respect of its cash at banks.c. Liquidity riskThe Group\u2019s objective is to maintain a balance between continuity of funding and flexibility through the use of bank overdrafts and bank loans. The Group\u2019s policy is to arrange medium-term bank facilities to finance its construction operation and then to convert them into long-term borrowings when required. The Group continues to hold a strong liquidity position with an overall consolidated cash balance of \u00a3150.4 million as at 31 December\ue61f2023.The table below summarises the maturity profile of the Group\u2019s financial liabilities as at 31 December 2023 and 2022 based on\ue61fcontractual undiscounted payments.As at 31 December 2023Less than 3 months 3 to 12 months Year 2 Year 3 to 5 Total \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000 > 5 years \u00a3\u2019000\u00a3\u20190001Interest-bearing loans and borrowings20,131 59,145 91,352 659,588 195,015 1,025,231Financial liability in respect of Income 2Units\ue61fsold to private investors3,828 11,483 15,311 45,933 114,287 190,8423Lease liability3,145 9,944 14,508 42,322 885,424 955,343Trade payables 15,067 \u2013 \u2013 \u2013 \u2013 15,067Other liabilities 45,793 30,061 20,612 96,46687,964 110,633 121,171 747,843 1,215,338 2,282,949As at 31 December 2022Less than 3 months 3 to 12 months Year 2 Year 3 to 5 Total \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000 > 5 years \u00a3\u2019000\u00a3\u20190001Interest-bearing loans and borrowings19,319 56,534 59,962 545,414 322,947 1,004,176Financial liability in respect of Income 2Units\ue61fsold to private investors3,285 9,855 13,140 39,420 121,084 186,7843Lease liability3,248 9,919 13,498 39,848 890,068 956,581Trade payables 13,565 \u2013 \u2013 \u2013 \u2013 13,565Other liabilities 37,707 37,630 \u2013 \u2013 18,062 93,39977,124 113,938 86,600 624,682 1,352,161 2,254,5051 See Note 13 for further information.2 Presented according to discounted amount due to the variability of the payments over the balance of the 999-year term.3 Lease liability includes four leases with upward rent reviews based on future market rates in one lease and changes in the CPI/RPI in the other lease and, thus, future payments have been estimated using current market rentals and current United Kingdom-based CPIs/RPIs, respectively, except Park Plaza London Waterloo where the amounts included 50 years of future payments regarding the lease of Park Plaza London Waterloo instead of 199 years as stated in the lease agreement. Also, the amounts do not take into account the collar of 2%. The Group\u2019s management believes that the amount included in the above table reflects the relevant cash flow risks to which the Group would be reasonably exposed in the ordinary course of business.a. Interest rate riskThe Group\u2019s exposure to the risk for changes in market interest rates relates primarily to the Group\u2019s long-term debt obligations with\ue61fa floating interest rate. The Group\u2019s policy is to manage its interest costs using fixed-rate debt. To manage its interest costs, the Group enters into interest rate swaps, in which the Group agrees to exchange, at specified intervals, the difference between fixed and variable rate interest amounts calculated by reference to an agreed-upon notional principal amount. Furthermore, the Group uses fixed interest rate debts. For this reason the Group\u2019s cash flow is not significantly sensitive to possible changes in market interest rates. Possible changes in interest rates do, however, affect the Group\u2019s equity as the fair value of the swap agreements changes with interest rate\ue61fchanges. These swaps are designated to hedge underlying debt obligations.The Company has entered into interest rate swap contracts with unrelated financial institutions in order to reduce the effect of interest rate fluctuations or risk of certain real estate investment\u2019s interest expense on its variable rate debt. The Company is exposed to credit risk in the event of non-performance by the counterparty to these financial instruments. Management believes the\ue61frisk of loss due to non-performance to be minimal and therefore decided not to hedge this.The accounting treatment for the interest rate swaps and whether they qualify as accounting hedges under IFRS 9 is determined separately for each contract. If the contract qualifies as accounting hedge then the unrealised gain or loss on the contract is recorded in the consolidated statement of comprehensive income. If the contract does not qualify as accounting hedge then the gain or loss on the contract is recorded in the consolidated income statement. The fair value of the interest rate swaps is determined by taking into account the present interest rates compared to the contracted fixed rate over the life of the contract. The valuation models incorporate various market inputs such as interest rate curves and the fair value measurement is classified to Level 2 of the fair value hierarchy. For the year ended 31 December 2023, the Company recorded a loss of \u00a34.5 million (2022: profit of \u00a39.7 million) in Other expenses in the consolidated income statement and an unrealised loss of \u00a35.0 million (2022: profit of \u00a321.1 million) in the consolidated statement of\ue61fcomprehensive income representing the change in the fair value of these interest rate swaps during the period. The aggregate fair value of the interest rate swap contracts was \u00a323.0 million as at 31 December 2023 (2022: \u00a330.5 million) and is included in Other receivables and prepayments and Other non-current financial assets on the consolidated statements of financial position.Interest rate sensitivityThe following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and borrowings affected, after the impact of hedge accounting. With all other variables held constant, the Group\u2019s profit before tax is affected through the impact on floating rate borrowings, as follows:Effect on profit before tax \u00a3\u20190001Increase in floating interest rateGBP EUR US Dollar1% 38 43 1182% 76 87 2365% 189 217 5901 The assumed movement in floating interest rate for the interest rate sensitivity analysis is based on the currently observable market environment, showing a significantly higher volatility than in prior years.b. Credit riskThe Group trades only with recognised, creditworthy third parties. It has policies in place to ensure that sales are made to customers with an appropriate credit history. The Company\u2019s policies ensure that sales to customers are settled through advance payments, in\ue61fcash or by major credit cards (individual customers). Since the Group trades only with recognised third parties, there is no requirement for collateral for debts with third parties. Furthermore, the Group has no dependency on any of its customers. The receivable balances are monitored on an ongoing basis. Management monitors the collection of receivables through credit meetings and weekly reports on individual balances of receivables. The maximum credit exposure equals the carrying amount of the trade receivables d. Capital managementThe primary objective of the Group\u2019s capital management is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value. The Group manages its capital structure and makes adjustments to it in light of changes in economic conditions. The Group monitors capital using a gearing ratio, which is net bank debt divided by total capital plus net bank debt. The Group\u2019s policy is to keep the gearing ratio between 50% and 60%. The Group includes within net bank debt interest-bearing bank loans and borrowings, less cash and cash equivalents and other liquid assets. Capital includes equity less the hedging reserve.2023 2022 \u00a3\u2019000\u00a3\u2019000Interest-bearing bank loans and borrowings 893,036 864,732Less \u2013 cash and cash equivalents (150,416) (163,589)Less \u2013 long-term restricted cash (10,385) (9,272)Less \u2013 short-term restricted cash (6,909) (9,229)Net debt 725,326 682,642Equity 531,173 503,2451Hedging reserve(15,396) (20,398)Total capital 515,777 482,847Capital and net debt 1,241,103 1,165,489Gearing ratio 58,4% 58,6%1 Includes the hedging reserve that Is allocated to the Non-controlling interests.e. Fair value of financial instrumentsThe fair values of the financial assets and liabilities are included in the amount at which the instrument could be exchanged in a\ue61fcurrent transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were\ue61fused to estimate the fair values: The fair values of cash and cash equivalents, trade receivables, trade payables, and other current assets and liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments. The fair value of floating interest rate liabilities also approximates their carrying amount as the periodic changes in interest rates reflect the movement in market rates. The fair value of loans from banks and other financial liabilities is estimated by discounting future cash flows using rates currently available for debt on similar terms, credit risk and remaining maturities.Fair value hierarchyThe Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by a valuation technique based on the lowest level input that is significant to the fair value so determined:Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.Level 2: other techniques for which all inputs which have significant effect on the recorded fair value are observable, either directly or indirectly.Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data.The Group enters into derivative financial instruments with financial institutions with investment grade credit ratings. Derivatives are\ue61fvalued using valuation techniques for swap models, using present value calculations. The models incorporate various inputs,\ue61fincluding the credit quality of counterparties, and interest rate curves. The Group also granted share appreciation rights\ue61fof\ue61fthe\ue61fCompany to Clal (see Note 5b) which is valued by using the Black\u2013Scholes model. In addition, the Group also holds 46\ue61fIncome\ue61fUnits\ue61fin Park Plaza County Hall London which were valued by external valuator using a discounted cash flow technique. These\ue61fvaluation techniques maximise the use of observable market data where it is available and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2. If\ue61fone or more of the significant inputs is not based on observable market data, the instrument is included in Level 3.As at 31 December 2023, the Group held the following financial instruments measured at fair value:Liabilities31 December 2023 Level 1Level 2Level 3\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Share appreciation rights 2,703 \u2013 2,703 \u2013Assets31 December 2023 Level 1Level 2Level 3\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Interest rate swaps used for hedging 22,977 \u2013 22,977 \u2013Income Units in Park Plaza County Hall London 17,700 \u2013 17,700 \u2013As at 31 December 2022, the Group held the following financial instruments measured at fair value:Liabilities31 December 2022 Level 1Level 2Level 3\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Share appreciation rights 5,519 \u2013 5,519 \u2013Assets31 December 2022 Level 1Level 2Level 3\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Interest rate swaps used for hedging 30,539 \u2013 30,539 \u2013Income Units in Park Plaza County Hall London 16,100 \u2013 16,100 \u2013During 2023 and 2022, there were no transfers between Level 1 and Level 2 fair value measurements, and no transfers into or out of Level 3 fair value measurements.The carrying amounts and fair values of the Group\u2019s financial instruments other than those whose carrying amount approximates their fair value are as follows:Carrying amount 31 December Fair value 31 December2023 2022 2023 2022 \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Financial liabilitiesBank borrowings 893,036 864,732 860,244 811,179",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-140-3": {
"value": "Note 29 Financial instruments risk management objectives and policiesThe Group\u2019s principal financial instruments, other than derivatives, comprise bank borrowings, cash and cash equivalents and restricted deposits. The main purpose of these financial instruments is to finance the Group\u2019s operations. The Group has various other financial assets and liabilities such as trade receivables and trade payables, which arise directly from its operations.Re-Re-New Movement Re-As at 1 measurement measurement Re-Foreign leases/through classification As at 31 January Cash through profit against\ue61fright-measurement exchange loans, profit and and other December 2023 flows and loss of-use assets against equity movement net lossmovements2023 \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Non-current interest-bearing loans and borrowings 817,631 \u2013 \u2013 \u2013 \u2013 (5,720) 65,265 \u2013 (31,977) 845,199Non-current lease liability 261,544 \u2013 3,852 11,001 \u2013 156 165 (882) (2,562) 273,274Financial liability in respect of Income Units sold to private investors 121,084 (5,609) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (1,188) 114,287Non-current Derivative financial instruments (30,539) \u2013 4,553 \u2013 4,645 41 \u2013 \u2013 \u2013 (21,300)Current Derivative financial instruments \u2013 4,080 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (2,403) 1,677Current share appreciation rights 5,519 \u2013 (2,816) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 2,703Current interest-bearing loans and borrowings 47,101 (31,717) \u2013 \u2013 \u2013 (1,243) \u2013 844 32,852 47,837Current lease 1liability5,507 (4,095) \u2013 \u2013 \u2013 (39) \u2013 \u2013 2,716 4,0891,227,847 (37,341) 5,589 11,001 4,645 (6,805) 65,430 (38) (2,562) 1,267,7661 Includes accrued interest on deferred lease payments.Re-Re-New Movement Re-As at 1 measurement measurement Re-Foreign leases/through classification As at 31 January Cash through profit against\ue61fright-measurement exchange loans, profit and and other December 2022 flows and loss of-use assets against equity movement net lossmovements2022 \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Non-current interest-bearing loans and borrowings 729,284 \u2013 \u2013 \u2013 \u2013 16,091 106,879 \u2013 (34,623) 817,631Non-current lease liability 245,274 \u2013 3,704 14,234 \u2013 307 50 1,662 (3,687) 261,544Financial liability in respect of Income Units sold\ue61fto private investors 124,551 (4,887) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 1,420 121,084Derivative financial instruments 457 (109) (9,692) \u2013 (21,002) (71) \u2013 \u2013 (122) (30,539)Non-current share appreciation rights 4,860 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (4,860) \u2013Current share appreciation rights 540 \u2013 119 \u2013 \u2013 \u2013 \u2013 \u2013 4,860 5,519Current interest-bearing loans and borrowings 38,840 (31,087) \u2013 \u2013 \u2013 3,187 \u2013 941 35,220 47,101Current lease 1liability6,344 (4,890) \u2013 \u2013 \u2013 151 \u2013 \u2013 3,902 5,5071,150,150 (40,973) (5,869) 14,234 (21,002) 19,665 106,929 2,603 2,110 1,227,8471 Includes accrued interest on deferred lease payments.The main risks arising from the Group\u2019s financial instruments are cash flow interest rate risk, credit risk and liquidity risk. The Board of Directors reviews and agrees on policies for managing each of these risks which are summarised below. The Group\u2019s accounting policies in relation to derivatives are set out in Note 2.and other receivables since a loss allowance for expected credit losses is recorded in respect of all trade and other receivables. The\ue61fresult of these actions is that the Group\u2019s exposure to bad debts is not significant. With respect to credit risk arising from other financial assets of the Group, which comprise cash and cash equivalents, the Group\u2019s exposure to credit risk arises from default of the counterparty, with a maximum exposure equal to the carrying amount of these instruments. The Group has limited concentration risk in respect of its cash at banks.c. Liquidity riskThe Group\u2019s objective is to maintain a balance between continuity of funding and flexibility through the use of bank overdrafts and bank loans. The Group\u2019s policy is to arrange medium-term bank facilities to finance its construction operation and then to convert them into long-term borrowings when required. The Group continues to hold a strong liquidity position with an overall consolidated cash balance of \u00a3150.4 million as at 31 December\ue61f2023.The table below summarises the maturity profile of the Group\u2019s financial liabilities as at 31 December 2023 and 2022 based on\ue61fcontractual undiscounted payments.As at 31 December 2023Less than 3 months 3 to 12 months Year 2 Year 3 to 5 Total \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000 > 5 years \u00a3\u2019000\u00a3\u20190001Interest-bearing loans and borrowings20,131 59,145 91,352 659,588 195,015 1,025,231Financial liability in respect of Income 2Units\ue61fsold to private investors3,828 11,483 15,311 45,933 114,287 190,8423Lease liability3,145 9,944 14,508 42,322 885,424 955,343Trade payables 15,067 \u2013 \u2013 \u2013 \u2013 15,067Other liabilities 45,793 30,061 20,612 96,46687,964 110,633 121,171 747,843 1,215,338 2,282,949As at 31 December 2022Less than 3 months 3 to 12 months Year 2 Year 3 to 5 Total \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000 > 5 years \u00a3\u2019000\u00a3\u20190001Interest-bearing loans and borrowings19,319 56,534 59,962 545,414 322,947 1,004,176Financial liability in respect of Income 2Units\ue61fsold to private investors3,285 9,855 13,140 39,420 121,084 186,7843Lease liability3,248 9,919 13,498 39,848 890,068 956,581Trade payables 13,565 \u2013 \u2013 \u2013 \u2013 13,565Other liabilities 37,707 37,630 \u2013 \u2013 18,062 93,39977,124 113,938 86,600 624,682 1,352,161 2,254,5051 See Note 13 for further information.2 Presented according to discounted amount due to the variability of the payments over the balance of the 999-year term.3 Lease liability includes four leases with upward rent reviews based on future market rates in one lease and changes in the CPI/RPI in the other lease and, thus, future payments have been estimated using current market rentals and current United Kingdom-based CPIs/RPIs, respectively, except Park Plaza London Waterloo where the amounts included 50 years of future payments regarding the lease of Park Plaza London Waterloo instead of 199 years as stated in the lease agreement. Also, the amounts do not take into account the collar of 2%. The Group\u2019s management believes that the amount included in the above table reflects the relevant cash flow risks to which the Group would be reasonably exposed in the ordinary course of business.a. Interest rate riskThe Group\u2019s exposure to the risk for changes in market interest rates relates primarily to the Group\u2019s long-term debt obligations with\ue61fa floating interest rate. The Group\u2019s policy is to manage its interest costs using fixed-rate debt. To manage its interest costs, the Group enters into interest rate swaps, in which the Group agrees to exchange, at specified intervals, the difference between fixed and variable rate interest amounts calculated by reference to an agreed-upon notional principal amount. Furthermore, the Group uses fixed interest rate debts. For this reason the Group\u2019s cash flow is not significantly sensitive to possible changes in market interest rates. Possible changes in interest rates do, however, affect the Group\u2019s equity as the fair value of the swap agreements changes with interest rate\ue61fchanges. These swaps are designated to hedge underlying debt obligations.The Company has entered into interest rate swap contracts with unrelated financial institutions in order to reduce the effect of interest rate fluctuations or risk of certain real estate investment\u2019s interest expense on its variable rate debt. The Company is exposed to credit risk in the event of non-performance by the counterparty to these financial instruments. Management believes the\ue61frisk of loss due to non-performance to be minimal and therefore decided not to hedge this.The accounting treatment for the interest rate swaps and whether they qualify as accounting hedges under IFRS 9 is determined separately for each contract. If the contract qualifies as accounting hedge then the unrealised gain or loss on the contract is recorded in the consolidated statement of comprehensive income. If the contract does not qualify as accounting hedge then the gain or loss on the contract is recorded in the consolidated income statement. The fair value of the interest rate swaps is determined by taking into account the present interest rates compared to the contracted fixed rate over the life of the contract. The valuation models incorporate various market inputs such as interest rate curves and the fair value measurement is classified to Level 2 of the fair value hierarchy. For the year ended 31 December 2023, the Company recorded a loss of \u00a34.5 million (2022: profit of \u00a39.7 million) in Other expenses in the consolidated income statement and an unrealised loss of \u00a35.0 million (2022: profit of \u00a321.1 million) in the consolidated statement of\ue61fcomprehensive income representing the change in the fair value of these interest rate swaps during the period. The aggregate fair value of the interest rate swap contracts was \u00a323.0 million as at 31 December 2023 (2022: \u00a330.5 million) and is included in Other receivables and prepayments and Other non-current financial assets on the consolidated statements of financial position.Interest rate sensitivityThe following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and borrowings affected, after the impact of hedge accounting. With all other variables held constant, the Group\u2019s profit before tax is affected through the impact on floating rate borrowings, as follows:Effect on profit before tax \u00a3\u20190001Increase in floating interest rateGBP EUR US Dollar1% 38 43 1182% 76 87 2365% 189 217 5901 The assumed movement in floating interest rate for the interest rate sensitivity analysis is based on the currently observable market environment, showing a significantly higher volatility than in prior years.b. Credit riskThe Group trades only with recognised, creditworthy third parties. It has policies in place to ensure that sales are made to customers with an appropriate credit history. The Company\u2019s policies ensure that sales to customers are settled through advance payments, in\ue61fcash or by major credit cards (individual customers). Since the Group trades only with recognised third parties, there is no requirement for collateral for debts with third parties. Furthermore, the Group has no dependency on any of its customers. The receivable balances are monitored on an ongoing basis. Management monitors the collection of receivables through credit meetings and weekly reports on individual balances of receivables. The maximum credit exposure equals the carrying amount of the trade receivables d. Capital managementThe primary objective of the Group\u2019s capital management is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value. The Group manages its capital structure and makes adjustments to it in light of changes in economic conditions. The Group monitors capital using a gearing ratio, which is net bank debt divided by total capital plus net bank debt. The Group\u2019s policy is to keep the gearing ratio between 50% and 60%. The Group includes within net bank debt interest-bearing bank loans and borrowings, less cash and cash equivalents and other liquid assets. Capital includes equity less the hedging reserve.2023 2022 \u00a3\u2019000\u00a3\u2019000Interest-bearing bank loans and borrowings 893,036 864,732Less \u2013 cash and cash equivalents (150,416) (163,589)Less \u2013 long-term restricted cash (10,385) (9,272)Less \u2013 short-term restricted cash (6,909) (9,229)Net debt 725,326 682,642Equity 531,173 503,2451Hedging reserve(15,396) (20,398)Total capital 515,777 482,847Capital and net debt 1,241,103 1,165,489Gearing ratio 58,4% 58,6%1 Includes the hedging reserve that Is allocated to the Non-controlling interests.e. Fair value of financial instrumentsThe fair values of the financial assets and liabilities are included in the amount at which the instrument could be exchanged in a\ue61fcurrent transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were\ue61fused to estimate the fair values: The fair values of cash and cash equivalents, trade receivables, trade payables, and other current assets and liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments. The fair value of floating interest rate liabilities also approximates their carrying amount as the periodic changes in interest rates reflect the movement in market rates. The fair value of loans from banks and other financial liabilities is estimated by discounting future cash flows using rates currently available for debt on similar terms, credit risk and remaining maturities.Fair value hierarchyThe Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by a valuation technique based on the lowest level input that is significant to the fair value so determined:Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.Level 2: other techniques for which all inputs which have significant effect on the recorded fair value are observable, either directly or indirectly.Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data.The Group enters into derivative financial instruments with financial institutions with investment grade credit ratings. Derivatives are\ue61fvalued using valuation techniques for swap models, using present value calculations. The models incorporate various inputs,\ue61fincluding the credit quality of counterparties, and interest rate curves. The Group also granted share appreciation rights\ue61fof\ue61fthe\ue61fCompany to Clal (see Note 5b) which is valued by using the Black\u2013Scholes model. In addition, the Group also holds 46\ue61fIncome\ue61fUnits\ue61fin Park Plaza County Hall London which were valued by external valuator using a discounted cash flow technique. These\ue61fvaluation techniques maximise the use of observable market data where it is available and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2. If\ue61fone or more of the significant inputs is not based on observable market data, the instrument is included in Level 3.As at 31 December 2023, the Group held the following financial instruments measured at fair value:Liabilities31 December 2023 Level 1Level 2Level 3\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Share appreciation rights 2,703 \u2013 2,703 \u2013Assets31 December 2023 Level 1Level 2Level 3\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Interest rate swaps used for hedging 22,977 \u2013 22,977 \u2013Income Units in Park Plaza County Hall London 17,700 \u2013 17,700 \u2013As at 31 December 2022, the Group held the following financial instruments measured at fair value:Liabilities31 December 2022 Level 1Level 2Level 3\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Share appreciation rights 5,519 \u2013 5,519 \u2013Assets31 December 2022 Level 1Level 2Level 3\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Interest rate swaps used for hedging 30,539 \u2013 30,539 \u2013Income Units in Park Plaza County Hall London 16,100 \u2013 16,100 \u2013During 2023 and 2022, there were no transfers between Level 1 and Level 2 fair value measurements, and no transfers into or out of Level 3 fair value measurements.The carrying amounts and fair values of the Group\u2019s financial instruments other than those whose carrying amount approximates their fair value are as follows:Carrying amount 31 December Fair value 31 December2023 2022 2023 2022 \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Financial liabilitiesBank borrowings 893,036 864,732 860,244 811,179",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-140-4": {
"value": "Note 29 Financial instruments risk management objectives and policiesThe Group\u2019s principal financial instruments, other than derivatives, comprise bank borrowings, cash and cash equivalents and restricted deposits. The main purpose of these financial instruments is to finance the Group\u2019s operations. The Group has various other financial assets and liabilities such as trade receivables and trade payables, which arise directly from its operations.Re-Re-New Movement Re-As at 1 measurement measurement Re-Foreign leases/through classification As at 31 January Cash through profit against\ue61fright-measurement exchange loans, profit and and other December 2023 flows and loss of-use assets against equity movement net lossmovements2023 \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Non-current interest-bearing loans and borrowings 817,631 \u2013 \u2013 \u2013 \u2013 (5,720) 65,265 \u2013 (31,977) 845,199Non-current lease liability 261,544 \u2013 3,852 11,001 \u2013 156 165 (882) (2,562) 273,274Financial liability in respect of Income Units sold to private investors 121,084 (5,609) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (1,188) 114,287Non-current Derivative financial instruments (30,539) \u2013 4,553 \u2013 4,645 41 \u2013 \u2013 \u2013 (21,300)Current Derivative financial instruments \u2013 4,080 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (2,403) 1,677Current share appreciation rights 5,519 \u2013 (2,816) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 2,703Current interest-bearing loans and borrowings 47,101 (31,717) \u2013 \u2013 \u2013 (1,243) \u2013 844 32,852 47,837Current lease 1liability5,507 (4,095) \u2013 \u2013 \u2013 (39) \u2013 \u2013 2,716 4,0891,227,847 (37,341) 5,589 11,001 4,645 (6,805) 65,430 (38) (2,562) 1,267,7661 Includes accrued interest on deferred lease payments.Re-Re-New Movement Re-As at 1 measurement measurement Re-Foreign leases/through classification As at 31 January Cash through profit against\ue61fright-measurement exchange loans, profit and and other December 2022 flows and loss of-use assets against equity movement net lossmovements2022 \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Non-current interest-bearing loans and borrowings 729,284 \u2013 \u2013 \u2013 \u2013 16,091 106,879 \u2013 (34,623) 817,631Non-current lease liability 245,274 \u2013 3,704 14,234 \u2013 307 50 1,662 (3,687) 261,544Financial liability in respect of Income Units sold\ue61fto private investors 124,551 (4,887) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 1,420 121,084Derivative financial instruments 457 (109) (9,692) \u2013 (21,002) (71) \u2013 \u2013 (122) (30,539)Non-current share appreciation rights 4,860 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (4,860) \u2013Current share appreciation rights 540 \u2013 119 \u2013 \u2013 \u2013 \u2013 \u2013 4,860 5,519Current interest-bearing loans and borrowings 38,840 (31,087) \u2013 \u2013 \u2013 3,187 \u2013 941 35,220 47,101Current lease 1liability6,344 (4,890) \u2013 \u2013 \u2013 151 \u2013 \u2013 3,902 5,5071,150,150 (40,973) (5,869) 14,234 (21,002) 19,665 106,929 2,603 2,110 1,227,8471 Includes accrued interest on deferred lease payments.The main risks arising from the Group\u2019s financial instruments are cash flow interest rate risk, credit risk and liquidity risk. The Board of Directors reviews and agrees on policies for managing each of these risks which are summarised below. The Group\u2019s accounting policies in relation to derivatives are set out in Note 2.and other receivables since a loss allowance for expected credit losses is recorded in respect of all trade and other receivables. The\ue61fresult of these actions is that the Group\u2019s exposure to bad debts is not significant. With respect to credit risk arising from other financial assets of the Group, which comprise cash and cash equivalents, the Group\u2019s exposure to credit risk arises from default of the counterparty, with a maximum exposure equal to the carrying amount of these instruments. The Group has limited concentration risk in respect of its cash at banks.c. Liquidity riskThe Group\u2019s objective is to maintain a balance between continuity of funding and flexibility through the use of bank overdrafts and bank loans. The Group\u2019s policy is to arrange medium-term bank facilities to finance its construction operation and then to convert them into long-term borrowings when required. The Group continues to hold a strong liquidity position with an overall consolidated cash balance of \u00a3150.4 million as at 31 December\ue61f2023.The table below summarises the maturity profile of the Group\u2019s financial liabilities as at 31 December 2023 and 2022 based on\ue61fcontractual undiscounted payments.As at 31 December 2023Less than 3 months 3 to 12 months Year 2 Year 3 to 5 Total \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000 > 5 years \u00a3\u2019000\u00a3\u20190001Interest-bearing loans and borrowings20,131 59,145 91,352 659,588 195,015 1,025,231Financial liability in respect of Income 2Units\ue61fsold to private investors3,828 11,483 15,311 45,933 114,287 190,8423Lease liability3,145 9,944 14,508 42,322 885,424 955,343Trade payables 15,067 \u2013 \u2013 \u2013 \u2013 15,067Other liabilities 45,793 30,061 20,612 96,46687,964 110,633 121,171 747,843 1,215,338 2,282,949As at 31 December 2022Less than 3 months 3 to 12 months Year 2 Year 3 to 5 Total \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000 > 5 years \u00a3\u2019000\u00a3\u20190001Interest-bearing loans and borrowings19,319 56,534 59,962 545,414 322,947 1,004,176Financial liability in respect of Income 2Units\ue61fsold to private investors3,285 9,855 13,140 39,420 121,084 186,7843Lease liability3,248 9,919 13,498 39,848 890,068 956,581Trade payables 13,565 \u2013 \u2013 \u2013 \u2013 13,565Other liabilities 37,707 37,630 \u2013 \u2013 18,062 93,39977,124 113,938 86,600 624,682 1,352,161 2,254,5051 See Note 13 for further information.2 Presented according to discounted amount due to the variability of the payments over the balance of the 999-year term.3 Lease liability includes four leases with upward rent reviews based on future market rates in one lease and changes in the CPI/RPI in the other lease and, thus, future payments have been estimated using current market rentals and current United Kingdom-based CPIs/RPIs, respectively, except Park Plaza London Waterloo where the amounts included 50 years of future payments regarding the lease of Park Plaza London Waterloo instead of 199 years as stated in the lease agreement. Also, the amounts do not take into account the collar of 2%. The Group\u2019s management believes that the amount included in the above table reflects the relevant cash flow risks to which the Group would be reasonably exposed in the ordinary course of business.a. Interest rate riskThe Group\u2019s exposure to the risk for changes in market interest rates relates primarily to the Group\u2019s long-term debt obligations with\ue61fa floating interest rate. The Group\u2019s policy is to manage its interest costs using fixed-rate debt. To manage its interest costs, the Group enters into interest rate swaps, in which the Group agrees to exchange, at specified intervals, the difference between fixed and variable rate interest amounts calculated by reference to an agreed-upon notional principal amount. Furthermore, the Group uses fixed interest rate debts. For this reason the Group\u2019s cash flow is not significantly sensitive to possible changes in market interest rates. Possible changes in interest rates do, however, affect the Group\u2019s equity as the fair value of the swap agreements changes with interest rate\ue61fchanges. These swaps are designated to hedge underlying debt obligations.The Company has entered into interest rate swap contracts with unrelated financial institutions in order to reduce the effect of interest rate fluctuations or risk of certain real estate investment\u2019s interest expense on its variable rate debt. The Company is exposed to credit risk in the event of non-performance by the counterparty to these financial instruments. Management believes the\ue61frisk of loss due to non-performance to be minimal and therefore decided not to hedge this.The accounting treatment for the interest rate swaps and whether they qualify as accounting hedges under IFRS 9 is determined separately for each contract. If the contract qualifies as accounting hedge then the unrealised gain or loss on the contract is recorded in the consolidated statement of comprehensive income. If the contract does not qualify as accounting hedge then the gain or loss on the contract is recorded in the consolidated income statement. The fair value of the interest rate swaps is determined by taking into account the present interest rates compared to the contracted fixed rate over the life of the contract. The valuation models incorporate various market inputs such as interest rate curves and the fair value measurement is classified to Level 2 of the fair value hierarchy. For the year ended 31 December 2023, the Company recorded a loss of \u00a34.5 million (2022: profit of \u00a39.7 million) in Other expenses in the consolidated income statement and an unrealised loss of \u00a35.0 million (2022: profit of \u00a321.1 million) in the consolidated statement of\ue61fcomprehensive income representing the change in the fair value of these interest rate swaps during the period. The aggregate fair value of the interest rate swap contracts was \u00a323.0 million as at 31 December 2023 (2022: \u00a330.5 million) and is included in Other receivables and prepayments and Other non-current financial assets on the consolidated statements of financial position.Interest rate sensitivityThe following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and borrowings affected, after the impact of hedge accounting. With all other variables held constant, the Group\u2019s profit before tax is affected through the impact on floating rate borrowings, as follows:Effect on profit before tax \u00a3\u20190001Increase in floating interest rateGBP EUR US Dollar1% 38 43 1182% 76 87 2365% 189 217 5901 The assumed movement in floating interest rate for the interest rate sensitivity analysis is based on the currently observable market environment, showing a significantly higher volatility than in prior years.b. Credit riskThe Group trades only with recognised, creditworthy third parties. It has policies in place to ensure that sales are made to customers with an appropriate credit history. The Company\u2019s policies ensure that sales to customers are settled through advance payments, in\ue61fcash or by major credit cards (individual customers). Since the Group trades only with recognised third parties, there is no requirement for collateral for debts with third parties. Furthermore, the Group has no dependency on any of its customers. The receivable balances are monitored on an ongoing basis. Management monitors the collection of receivables through credit meetings and weekly reports on individual balances of receivables. The maximum credit exposure equals the carrying amount of the trade receivables d. Capital managementThe primary objective of the Group\u2019s capital management is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value. The Group manages its capital structure and makes adjustments to it in light of changes in economic conditions. The Group monitors capital using a gearing ratio, which is net bank debt divided by total capital plus net bank debt. The Group\u2019s policy is to keep the gearing ratio between 50% and 60%. The Group includes within net bank debt interest-bearing bank loans and borrowings, less cash and cash equivalents and other liquid assets. Capital includes equity less the hedging reserve.2023 2022 \u00a3\u2019000\u00a3\u2019000Interest-bearing bank loans and borrowings 893,036 864,732Less \u2013 cash and cash equivalents (150,416) (163,589)Less \u2013 long-term restricted cash (10,385) (9,272)Less \u2013 short-term restricted cash (6,909) (9,229)Net debt 725,326 682,642Equity 531,173 503,2451Hedging reserve(15,396) (20,398)Total capital 515,777 482,847Capital and net debt 1,241,103 1,165,489Gearing ratio 58,4% 58,6%1 Includes the hedging reserve that Is allocated to the Non-controlling interests.e. Fair value of financial instrumentsThe fair values of the financial assets and liabilities are included in the amount at which the instrument could be exchanged in a\ue61fcurrent transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were\ue61fused to estimate the fair values: The fair values of cash and cash equivalents, trade receivables, trade payables, and other current assets and liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments. The fair value of floating interest rate liabilities also approximates their carrying amount as the periodic changes in interest rates reflect the movement in market rates. The fair value of loans from banks and other financial liabilities is estimated by discounting future cash flows using rates currently available for debt on similar terms, credit risk and remaining maturities.Fair value hierarchyThe Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by a valuation technique based on the lowest level input that is significant to the fair value so determined:Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.Level 2: other techniques for which all inputs which have significant effect on the recorded fair value are observable, either directly or indirectly.Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data.The Group enters into derivative financial instruments with financial institutions with investment grade credit ratings. Derivatives are\ue61fvalued using valuation techniques for swap models, using present value calculations. The models incorporate various inputs,\ue61fincluding the credit quality of counterparties, and interest rate curves. The Group also granted share appreciation rights\ue61fof\ue61fthe\ue61fCompany to Clal (see Note 5b) which is valued by using the Black\u2013Scholes model. In addition, the Group also holds 46\ue61fIncome\ue61fUnits\ue61fin Park Plaza County Hall London which were valued by external valuator using a discounted cash flow technique. These\ue61fvaluation techniques maximise the use of observable market data where it is available and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2. If\ue61fone or more of the significant inputs is not based on observable market data, the instrument is included in Level 3.As at 31 December 2023, the Group held the following financial instruments measured at fair value:Liabilities31 December 2023 Level 1Level 2Level 3\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Share appreciation rights 2,703 \u2013 2,703 \u2013Assets31 December 2023 Level 1Level 2Level 3\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Interest rate swaps used for hedging 22,977 \u2013 22,977 \u2013Income Units in Park Plaza County Hall London 17,700 \u2013 17,700 \u2013As at 31 December 2022, the Group held the following financial instruments measured at fair value:Liabilities31 December 2022 Level 1Level 2Level 3\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Share appreciation rights 5,519 \u2013 5,519 \u2013Assets31 December 2022 Level 1Level 2Level 3\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Interest rate swaps used for hedging 30,539 \u2013 30,539 \u2013Income Units in Park Plaza County Hall London 16,100 \u2013 16,100 \u2013During 2023 and 2022, there were no transfers between Level 1 and Level 2 fair value measurements, and no transfers into or out of Level 3 fair value measurements.The carrying amounts and fair values of the Group\u2019s financial instruments other than those whose carrying amount approximates their fair value are as follows:Carrying amount 31 December Fair value 31 December2023 2022 2023 2022 \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Financial liabilitiesBank borrowings 893,036 864,732 860,244 811,179",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-140-5": {
"value": "Note 29 Financial instruments risk management objectives and policiesThe Group\u2019s principal financial instruments, other than derivatives, comprise bank borrowings, cash and cash equivalents and restricted deposits. The main purpose of these financial instruments is to finance the Group\u2019s operations. The Group has various other financial assets and liabilities such as trade receivables and trade payables, which arise directly from its operations.Re-Re-New Movement Re-As at 1 measurement measurement Re-Foreign leases/through classification As at 31 January Cash through profit against\ue61fright-measurement exchange loans, profit and and other December 2023 flows and loss of-use assets against equity movement net lossmovements2023 \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Non-current interest-bearing loans and borrowings 817,631 \u2013 \u2013 \u2013 \u2013 (5,720) 65,265 \u2013 (31,977) 845,199Non-current lease liability 261,544 \u2013 3,852 11,001 \u2013 156 165 (882) (2,562) 273,274Financial liability in respect of Income Units sold to private investors 121,084 (5,609) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (1,188) 114,287Non-current Derivative financial instruments (30,539) \u2013 4,553 \u2013 4,645 41 \u2013 \u2013 \u2013 (21,300)Current Derivative financial instruments \u2013 4,080 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (2,403) 1,677Current share appreciation rights 5,519 \u2013 (2,816) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 2,703Current interest-bearing loans and borrowings 47,101 (31,717) \u2013 \u2013 \u2013 (1,243) \u2013 844 32,852 47,837Current lease 1liability5,507 (4,095) \u2013 \u2013 \u2013 (39) \u2013 \u2013 2,716 4,0891,227,847 (37,341) 5,589 11,001 4,645 (6,805) 65,430 (38) (2,562) 1,267,7661 Includes accrued interest on deferred lease payments.Re-Re-New Movement Re-As at 1 measurement measurement Re-Foreign leases/through classification As at 31 January Cash through profit against\ue61fright-measurement exchange loans, profit and and other December 2022 flows and loss of-use assets against equity movement net lossmovements2022 \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Non-current interest-bearing loans and borrowings 729,284 \u2013 \u2013 \u2013 \u2013 16,091 106,879 \u2013 (34,623) 817,631Non-current lease liability 245,274 \u2013 3,704 14,234 \u2013 307 50 1,662 (3,687) 261,544Financial liability in respect of Income Units sold\ue61fto private investors 124,551 (4,887) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 1,420 121,084Derivative financial instruments 457 (109) (9,692) \u2013 (21,002) (71) \u2013 \u2013 (122) (30,539)Non-current share appreciation rights 4,860 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (4,860) \u2013Current share appreciation rights 540 \u2013 119 \u2013 \u2013 \u2013 \u2013 \u2013 4,860 5,519Current interest-bearing loans and borrowings 38,840 (31,087) \u2013 \u2013 \u2013 3,187 \u2013 941 35,220 47,101Current lease 1liability6,344 (4,890) \u2013 \u2013 \u2013 151 \u2013 \u2013 3,902 5,5071,150,150 (40,973) (5,869) 14,234 (21,002) 19,665 106,929 2,603 2,110 1,227,8471 Includes accrued interest on deferred lease payments.The main risks arising from the Group\u2019s financial instruments are cash flow interest rate risk, credit risk and liquidity risk. The Board of Directors reviews and agrees on policies for managing each of these risks which are summarised below. The Group\u2019s accounting policies in relation to derivatives are set out in Note 2.and other receivables since a loss allowance for expected credit losses is recorded in respect of all trade and other receivables. The\ue61fresult of these actions is that the Group\u2019s exposure to bad debts is not significant. With respect to credit risk arising from other financial assets of the Group, which comprise cash and cash equivalents, the Group\u2019s exposure to credit risk arises from default of the counterparty, with a maximum exposure equal to the carrying amount of these instruments. The Group has limited concentration risk in respect of its cash at banks.c. Liquidity riskThe Group\u2019s objective is to maintain a balance between continuity of funding and flexibility through the use of bank overdrafts and bank loans. The Group\u2019s policy is to arrange medium-term bank facilities to finance its construction operation and then to convert them into long-term borrowings when required. The Group continues to hold a strong liquidity position with an overall consolidated cash balance of \u00a3150.4 million as at 31 December\ue61f2023.The table below summarises the maturity profile of the Group\u2019s financial liabilities as at 31 December 2023 and 2022 based on\ue61fcontractual undiscounted payments.As at 31 December 2023Less than 3 months 3 to 12 months Year 2 Year 3 to 5 Total \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000 > 5 years \u00a3\u2019000\u00a3\u20190001Interest-bearing loans and borrowings20,131 59,145 91,352 659,588 195,015 1,025,231Financial liability in respect of Income 2Units\ue61fsold to private investors3,828 11,483 15,311 45,933 114,287 190,8423Lease liability3,145 9,944 14,508 42,322 885,424 955,343Trade payables 15,067 \u2013 \u2013 \u2013 \u2013 15,067Other liabilities 45,793 30,061 20,612 96,46687,964 110,633 121,171 747,843 1,215,338 2,282,949As at 31 December 2022Less than 3 months 3 to 12 months Year 2 Year 3 to 5 Total \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000 > 5 years \u00a3\u2019000\u00a3\u20190001Interest-bearing loans and borrowings19,319 56,534 59,962 545,414 322,947 1,004,176Financial liability in respect of Income 2Units\ue61fsold to private investors3,285 9,855 13,140 39,420 121,084 186,7843Lease liability3,248 9,919 13,498 39,848 890,068 956,581Trade payables 13,565 \u2013 \u2013 \u2013 \u2013 13,565Other liabilities 37,707 37,630 \u2013 \u2013 18,062 93,39977,124 113,938 86,600 624,682 1,352,161 2,254,5051 See Note 13 for further information.2 Presented according to discounted amount due to the variability of the payments over the balance of the 999-year term.3 Lease liability includes four leases with upward rent reviews based on future market rates in one lease and changes in the CPI/RPI in the other lease and, thus, future payments have been estimated using current market rentals and current United Kingdom-based CPIs/RPIs, respectively, except Park Plaza London Waterloo where the amounts included 50 years of future payments regarding the lease of Park Plaza London Waterloo instead of 199 years as stated in the lease agreement. Also, the amounts do not take into account the collar of 2%. The Group\u2019s management believes that the amount included in the above table reflects the relevant cash flow risks to which the Group would be reasonably exposed in the ordinary course of business.a. Interest rate riskThe Group\u2019s exposure to the risk for changes in market interest rates relates primarily to the Group\u2019s long-term debt obligations with\ue61fa floating interest rate. The Group\u2019s policy is to manage its interest costs using fixed-rate debt. To manage its interest costs, the Group enters into interest rate swaps, in which the Group agrees to exchange, at specified intervals, the difference between fixed and variable rate interest amounts calculated by reference to an agreed-upon notional principal amount. Furthermore, the Group uses fixed interest rate debts. For this reason the Group\u2019s cash flow is not significantly sensitive to possible changes in market interest rates. Possible changes in interest rates do, however, affect the Group\u2019s equity as the fair value of the swap agreements changes with interest rate\ue61fchanges. These swaps are designated to hedge underlying debt obligations.The Company has entered into interest rate swap contracts with unrelated financial institutions in order to reduce the effect of interest rate fluctuations or risk of certain real estate investment\u2019s interest expense on its variable rate debt. The Company is exposed to credit risk in the event of non-performance by the counterparty to these financial instruments. Management believes the\ue61frisk of loss due to non-performance to be minimal and therefore decided not to hedge this.The accounting treatment for the interest rate swaps and whether they qualify as accounting hedges under IFRS 9 is determined separately for each contract. If the contract qualifies as accounting hedge then the unrealised gain or loss on the contract is recorded in the consolidated statement of comprehensive income. If the contract does not qualify as accounting hedge then the gain or loss on the contract is recorded in the consolidated income statement. The fair value of the interest rate swaps is determined by taking into account the present interest rates compared to the contracted fixed rate over the life of the contract. The valuation models incorporate various market inputs such as interest rate curves and the fair value measurement is classified to Level 2 of the fair value hierarchy. For the year ended 31 December 2023, the Company recorded a loss of \u00a34.5 million (2022: profit of \u00a39.7 million) in Other expenses in the consolidated income statement and an unrealised loss of \u00a35.0 million (2022: profit of \u00a321.1 million) in the consolidated statement of\ue61fcomprehensive income representing the change in the fair value of these interest rate swaps during the period. The aggregate fair value of the interest rate swap contracts was \u00a323.0 million as at 31 December 2023 (2022: \u00a330.5 million) and is included in Other receivables and prepayments and Other non-current financial assets on the consolidated statements of financial position.Interest rate sensitivityThe following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and borrowings affected, after the impact of hedge accounting. With all other variables held constant, the Group\u2019s profit before tax is affected through the impact on floating rate borrowings, as follows:Effect on profit before tax \u00a3\u20190001Increase in floating interest rateGBP EUR US Dollar1% 38 43 1182% 76 87 2365% 189 217 5901 The assumed movement in floating interest rate for the interest rate sensitivity analysis is based on the currently observable market environment, showing a significantly higher volatility than in prior years.b. Credit riskThe Group trades only with recognised, creditworthy third parties. It has policies in place to ensure that sales are made to customers with an appropriate credit history. The Company\u2019s policies ensure that sales to customers are settled through advance payments, in\ue61fcash or by major credit cards (individual customers). Since the Group trades only with recognised third parties, there is no requirement for collateral for debts with third parties. Furthermore, the Group has no dependency on any of its customers. The receivable balances are monitored on an ongoing basis. Management monitors the collection of receivables through credit meetings and weekly reports on individual balances of receivables. The maximum credit exposure equals the carrying amount of the trade receivables d. Capital managementThe primary objective of the Group\u2019s capital management is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value. The Group manages its capital structure and makes adjustments to it in light of changes in economic conditions. The Group monitors capital using a gearing ratio, which is net bank debt divided by total capital plus net bank debt. The Group\u2019s policy is to keep the gearing ratio between 50% and 60%. The Group includes within net bank debt interest-bearing bank loans and borrowings, less cash and cash equivalents and other liquid assets. Capital includes equity less the hedging reserve.2023 2022 \u00a3\u2019000\u00a3\u2019000Interest-bearing bank loans and borrowings 893,036 864,732Less \u2013 cash and cash equivalents (150,416) (163,589)Less \u2013 long-term restricted cash (10,385) (9,272)Less \u2013 short-term restricted cash (6,909) (9,229)Net debt 725,326 682,642Equity 531,173 503,2451Hedging reserve(15,396) (20,398)Total capital 515,777 482,847Capital and net debt 1,241,103 1,165,489Gearing ratio 58,4% 58,6%1 Includes the hedging reserve that Is allocated to the Non-controlling interests.e. Fair value of financial instrumentsThe fair values of the financial assets and liabilities are included in the amount at which the instrument could be exchanged in a\ue61fcurrent transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were\ue61fused to estimate the fair values: The fair values of cash and cash equivalents, trade receivables, trade payables, and other current assets and liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments. The fair value of floating interest rate liabilities also approximates their carrying amount as the periodic changes in interest rates reflect the movement in market rates. The fair value of loans from banks and other financial liabilities is estimated by discounting future cash flows using rates currently available for debt on similar terms, credit risk and remaining maturities.Fair value hierarchyThe Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by a valuation technique based on the lowest level input that is significant to the fair value so determined:Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.Level 2: other techniques for which all inputs which have significant effect on the recorded fair value are observable, either directly or indirectly.Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data.The Group enters into derivative financial instruments with financial institutions with investment grade credit ratings. Derivatives are\ue61fvalued using valuation techniques for swap models, using present value calculations. The models incorporate various inputs,\ue61fincluding the credit quality of counterparties, and interest rate curves. The Group also granted share appreciation rights\ue61fof\ue61fthe\ue61fCompany to Clal (see Note 5b) which is valued by using the Black\u2013Scholes model. In addition, the Group also holds 46\ue61fIncome\ue61fUnits\ue61fin Park Plaza County Hall London which were valued by external valuator using a discounted cash flow technique. These\ue61fvaluation techniques maximise the use of observable market data where it is available and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2. If\ue61fone or more of the significant inputs is not based on observable market data, the instrument is included in Level 3.As at 31 December 2023, the Group held the following financial instruments measured at fair value:Liabilities31 December 2023 Level 1Level 2Level 3\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Share appreciation rights 2,703 \u2013 2,703 \u2013Assets31 December 2023 Level 1Level 2Level 3\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Interest rate swaps used for hedging 22,977 \u2013 22,977 \u2013Income Units in Park Plaza County Hall London 17,700 \u2013 17,700 \u2013As at 31 December 2022, the Group held the following financial instruments measured at fair value:Liabilities31 December 2022 Level 1Level 2Level 3\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Share appreciation rights 5,519 \u2013 5,519 \u2013Assets31 December 2022 Level 1Level 2Level 3\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Interest rate swaps used for hedging 30,539 \u2013 30,539 \u2013Income Units in Park Plaza County Hall London 16,100 \u2013 16,100 \u2013During 2023 and 2022, there were no transfers between Level 1 and Level 2 fair value measurements, and no transfers into or out of Level 3 fair value measurements.The carrying amounts and fair values of the Group\u2019s financial instruments other than those whose carrying amount approximates their fair value are as follows:Carrying amount 31 December Fair value 31 December2023 2022 2023 2022 \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Financial liabilitiesBank borrowings 893,036 864,732 860,244 811,179",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-140-6": {
"value": "Note 29 Financial instruments risk management objectives and policiesThe Group\u2019s principal financial instruments, other than derivatives, comprise bank borrowings, cash and cash equivalents and restricted deposits. The main purpose of these financial instruments is to finance the Group\u2019s operations. The Group has various other financial assets and liabilities such as trade receivables and trade payables, which arise directly from its operations.Re-Re-New Movement Re-As at 1 measurement measurement Re-Foreign leases/through classification As at 31 January Cash through profit against\ue61fright-measurement exchange loans, profit and and other December 2023 flows and loss of-use assets against equity movement net lossmovements2023 \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Non-current interest-bearing loans and borrowings 817,631 \u2013 \u2013 \u2013 \u2013 (5,720) 65,265 \u2013 (31,977) 845,199Non-current lease liability 261,544 \u2013 3,852 11,001 \u2013 156 165 (882) (2,562) 273,274Financial liability in respect of Income Units sold to private investors 121,084 (5,609) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (1,188) 114,287Non-current Derivative financial instruments (30,539) \u2013 4,553 \u2013 4,645 41 \u2013 \u2013 \u2013 (21,300)Current Derivative financial instruments \u2013 4,080 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (2,403) 1,677Current share appreciation rights 5,519 \u2013 (2,816) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 2,703Current interest-bearing loans and borrowings 47,101 (31,717) \u2013 \u2013 \u2013 (1,243) \u2013 844 32,852 47,837Current lease 1liability5,507 (4,095) \u2013 \u2013 \u2013 (39) \u2013 \u2013 2,716 4,0891,227,847 (37,341) 5,589 11,001 4,645 (6,805) 65,430 (38) (2,562) 1,267,7661 Includes accrued interest on deferred lease payments.Re-Re-New Movement Re-As at 1 measurement measurement Re-Foreign leases/through classification As at 31 January Cash through profit against\ue61fright-measurement exchange loans, profit and and other December 2022 flows and loss of-use assets against equity movement net lossmovements2022 \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Non-current interest-bearing loans and borrowings 729,284 \u2013 \u2013 \u2013 \u2013 16,091 106,879 \u2013 (34,623) 817,631Non-current lease liability 245,274 \u2013 3,704 14,234 \u2013 307 50 1,662 (3,687) 261,544Financial liability in respect of Income Units sold\ue61fto private investors 124,551 (4,887) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 1,420 121,084Derivative financial instruments 457 (109) (9,692) \u2013 (21,002) (71) \u2013 \u2013 (122) (30,539)Non-current share appreciation rights 4,860 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (4,860) \u2013Current share appreciation rights 540 \u2013 119 \u2013 \u2013 \u2013 \u2013 \u2013 4,860 5,519Current interest-bearing loans and borrowings 38,840 (31,087) \u2013 \u2013 \u2013 3,187 \u2013 941 35,220 47,101Current lease 1liability6,344 (4,890) \u2013 \u2013 \u2013 151 \u2013 \u2013 3,902 5,5071,150,150 (40,973) (5,869) 14,234 (21,002) 19,665 106,929 2,603 2,110 1,227,8471 Includes accrued interest on deferred lease payments.The main risks arising from the Group\u2019s financial instruments are cash flow interest rate risk, credit risk and liquidity risk. The Board of Directors reviews and agrees on policies for managing each of these risks which are summarised below. The Group\u2019s accounting policies in relation to derivatives are set out in Note 2.and other receivables since a loss allowance for expected credit losses is recorded in respect of all trade and other receivables. The\ue61fresult of these actions is that the Group\u2019s exposure to bad debts is not significant. With respect to credit risk arising from other financial assets of the Group, which comprise cash and cash equivalents, the Group\u2019s exposure to credit risk arises from default of the counterparty, with a maximum exposure equal to the carrying amount of these instruments. The Group has limited concentration risk in respect of its cash at banks.c. Liquidity riskThe Group\u2019s objective is to maintain a balance between continuity of funding and flexibility through the use of bank overdrafts and bank loans. The Group\u2019s policy is to arrange medium-term bank facilities to finance its construction operation and then to convert them into long-term borrowings when required. The Group continues to hold a strong liquidity position with an overall consolidated cash balance of \u00a3150.4 million as at 31 December\ue61f2023.The table below summarises the maturity profile of the Group\u2019s financial liabilities as at 31 December 2023 and 2022 based on\ue61fcontractual undiscounted payments.As at 31 December 2023Less than 3 months 3 to 12 months Year 2 Year 3 to 5 Total \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000 > 5 years \u00a3\u2019000\u00a3\u20190001Interest-bearing loans and borrowings20,131 59,145 91,352 659,588 195,015 1,025,231Financial liability in respect of Income 2Units\ue61fsold to private investors3,828 11,483 15,311 45,933 114,287 190,8423Lease liability3,145 9,944 14,508 42,322 885,424 955,343Trade payables 15,067 \u2013 \u2013 \u2013 \u2013 15,067Other liabilities 45,793 30,061 20,612 96,46687,964 110,633 121,171 747,843 1,215,338 2,282,949As at 31 December 2022Less than 3 months 3 to 12 months Year 2 Year 3 to 5 Total \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000 > 5 years \u00a3\u2019000\u00a3\u20190001Interest-bearing loans and borrowings19,319 56,534 59,962 545,414 322,947 1,004,176Financial liability in respect of Income 2Units\ue61fsold to private investors3,285 9,855 13,140 39,420 121,084 186,7843Lease liability3,248 9,919 13,498 39,848 890,068 956,581Trade payables 13,565 \u2013 \u2013 \u2013 \u2013 13,565Other liabilities 37,707 37,630 \u2013 \u2013 18,062 93,39977,124 113,938 86,600 624,682 1,352,161 2,254,5051 See Note 13 for further information.2 Presented according to discounted amount due to the variability of the payments over the balance of the 999-year term.3 Lease liability includes four leases with upward rent reviews based on future market rates in one lease and changes in the CPI/RPI in the other lease and, thus, future payments have been estimated using current market rentals and current United Kingdom-based CPIs/RPIs, respectively, except Park Plaza London Waterloo where the amounts included 50 years of future payments regarding the lease of Park Plaza London Waterloo instead of 199 years as stated in the lease agreement. Also, the amounts do not take into account the collar of 2%. The Group\u2019s management believes that the amount included in the above table reflects the relevant cash flow risks to which the Group would be reasonably exposed in the ordinary course of business.a. Interest rate riskThe Group\u2019s exposure to the risk for changes in market interest rates relates primarily to the Group\u2019s long-term debt obligations with\ue61fa floating interest rate. The Group\u2019s policy is to manage its interest costs using fixed-rate debt. To manage its interest costs, the Group enters into interest rate swaps, in which the Group agrees to exchange, at specified intervals, the difference between fixed and variable rate interest amounts calculated by reference to an agreed-upon notional principal amount. Furthermore, the Group uses fixed interest rate debts. For this reason the Group\u2019s cash flow is not significantly sensitive to possible changes in market interest rates. Possible changes in interest rates do, however, affect the Group\u2019s equity as the fair value of the swap agreements changes with interest rate\ue61fchanges. These swaps are designated to hedge underlying debt obligations.The Company has entered into interest rate swap contracts with unrelated financial institutions in order to reduce the effect of interest rate fluctuations or risk of certain real estate investment\u2019s interest expense on its variable rate debt. The Company is exposed to credit risk in the event of non-performance by the counterparty to these financial instruments. Management believes the\ue61frisk of loss due to non-performance to be minimal and therefore decided not to hedge this.The accounting treatment for the interest rate swaps and whether they qualify as accounting hedges under IFRS 9 is determined separately for each contract. If the contract qualifies as accounting hedge then the unrealised gain or loss on the contract is recorded in the consolidated statement of comprehensive income. If the contract does not qualify as accounting hedge then the gain or loss on the contract is recorded in the consolidated income statement. The fair value of the interest rate swaps is determined by taking into account the present interest rates compared to the contracted fixed rate over the life of the contract. The valuation models incorporate various market inputs such as interest rate curves and the fair value measurement is classified to Level 2 of the fair value hierarchy. For the year ended 31 December 2023, the Company recorded a loss of \u00a34.5 million (2022: profit of \u00a39.7 million) in Other expenses in the consolidated income statement and an unrealised loss of \u00a35.0 million (2022: profit of \u00a321.1 million) in the consolidated statement of\ue61fcomprehensive income representing the change in the fair value of these interest rate swaps during the period. The aggregate fair value of the interest rate swap contracts was \u00a323.0 million as at 31 December 2023 (2022: \u00a330.5 million) and is included in Other receivables and prepayments and Other non-current financial assets on the consolidated statements of financial position.Interest rate sensitivityThe following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and borrowings affected, after the impact of hedge accounting. With all other variables held constant, the Group\u2019s profit before tax is affected through the impact on floating rate borrowings, as follows:Effect on profit before tax \u00a3\u20190001Increase in floating interest rateGBP EUR US Dollar1% 38 43 1182% 76 87 2365% 189 217 5901 The assumed movement in floating interest rate for the interest rate sensitivity analysis is based on the currently observable market environment, showing a significantly higher volatility than in prior years.b. Credit riskThe Group trades only with recognised, creditworthy third parties. It has policies in place to ensure that sales are made to customers with an appropriate credit history. The Company\u2019s policies ensure that sales to customers are settled through advance payments, in\ue61fcash or by major credit cards (individual customers). Since the Group trades only with recognised third parties, there is no requirement for collateral for debts with third parties. Furthermore, the Group has no dependency on any of its customers. The receivable balances are monitored on an ongoing basis. Management monitors the collection of receivables through credit meetings and weekly reports on individual balances of receivables. The maximum credit exposure equals the carrying amount of the trade receivables d. Capital managementThe primary objective of the Group\u2019s capital management is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value. The Group manages its capital structure and makes adjustments to it in light of changes in economic conditions. The Group monitors capital using a gearing ratio, which is net bank debt divided by total capital plus net bank debt. The Group\u2019s policy is to keep the gearing ratio between 50% and 60%. The Group includes within net bank debt interest-bearing bank loans and borrowings, less cash and cash equivalents and other liquid assets. Capital includes equity less the hedging reserve.2023 2022 \u00a3\u2019000\u00a3\u2019000Interest-bearing bank loans and borrowings 893,036 864,732Less \u2013 cash and cash equivalents (150,416) (163,589)Less \u2013 long-term restricted cash (10,385) (9,272)Less \u2013 short-term restricted cash (6,909) (9,229)Net debt 725,326 682,642Equity 531,173 503,2451Hedging reserve(15,396) (20,398)Total capital 515,777 482,847Capital and net debt 1,241,103 1,165,489Gearing ratio 58,4% 58,6%1 Includes the hedging reserve that Is allocated to the Non-controlling interests.e. Fair value of financial instrumentsThe fair values of the financial assets and liabilities are included in the amount at which the instrument could be exchanged in a\ue61fcurrent transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were\ue61fused to estimate the fair values: The fair values of cash and cash equivalents, trade receivables, trade payables, and other current assets and liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments. The fair value of floating interest rate liabilities also approximates their carrying amount as the periodic changes in interest rates reflect the movement in market rates. The fair value of loans from banks and other financial liabilities is estimated by discounting future cash flows using rates currently available for debt on similar terms, credit risk and remaining maturities.Fair value hierarchyThe Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by a valuation technique based on the lowest level input that is significant to the fair value so determined:Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.Level 2: other techniques for which all inputs which have significant effect on the recorded fair value are observable, either directly or indirectly.Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data.The Group enters into derivative financial instruments with financial institutions with investment grade credit ratings. Derivatives are\ue61fvalued using valuation techniques for swap models, using present value calculations. The models incorporate various inputs,\ue61fincluding the credit quality of counterparties, and interest rate curves. The Group also granted share appreciation rights\ue61fof\ue61fthe\ue61fCompany to Clal (see Note 5b) which is valued by using the Black\u2013Scholes model. In addition, the Group also holds 46\ue61fIncome\ue61fUnits\ue61fin Park Plaza County Hall London which were valued by external valuator using a discounted cash flow technique. These\ue61fvaluation techniques maximise the use of observable market data where it is available and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2. If\ue61fone or more of the significant inputs is not based on observable market data, the instrument is included in Level 3.As at 31 December 2023, the Group held the following financial instruments measured at fair value:Liabilities31 December 2023 Level 1Level 2Level 3\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Share appreciation rights 2,703 \u2013 2,703 \u2013Assets31 December 2023 Level 1Level 2Level 3\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Interest rate swaps used for hedging 22,977 \u2013 22,977 \u2013Income Units in Park Plaza County Hall London 17,700 \u2013 17,700 \u2013As at 31 December 2022, the Group held the following financial instruments measured at fair value:Liabilities31 December 2022 Level 1Level 2Level 3\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Share appreciation rights 5,519 \u2013 5,519 \u2013Assets31 December 2022 Level 1Level 2Level 3\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Interest rate swaps used for hedging 30,539 \u2013 30,539 \u2013Income Units in Park Plaza County Hall London 16,100 \u2013 16,100 \u2013During 2023 and 2022, there were no transfers between Level 1 and Level 2 fair value measurements, and no transfers into or out of Level 3 fair value measurements.The carrying amounts and fair values of the Group\u2019s financial instruments other than those whose carrying amount approximates their fair value are as follows:Carrying amount 31 December Fair value 31 December2023 2022 2023 2022 \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Financial liabilitiesBank borrowings 893,036 864,732 860,244 811,179",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-140-7": {
"value": "Note 29 Financial instruments risk management objectives and policiesThe Group\u2019s principal financial instruments, other than derivatives, comprise bank borrowings, cash and cash equivalents and restricted deposits. The main purpose of these financial instruments is to finance the Group\u2019s operations. The Group has various other financial assets and liabilities such as trade receivables and trade payables, which arise directly from its operations.Re-Re-New Movement Re-As at 1 measurement measurement Re-Foreign leases/through classification As at 31 January Cash through profit against\ue61fright-measurement exchange loans, profit and and other December 2023 flows and loss of-use assets against equity movement net lossmovements2023 \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Non-current interest-bearing loans and borrowings 817,631 \u2013 \u2013 \u2013 \u2013 (5,720) 65,265 \u2013 (31,977) 845,199Non-current lease liability 261,544 \u2013 3,852 11,001 \u2013 156 165 (882) (2,562) 273,274Financial liability in respect of Income Units sold to private investors 121,084 (5,609) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (1,188) 114,287Non-current Derivative financial instruments (30,539) \u2013 4,553 \u2013 4,645 41 \u2013 \u2013 \u2013 (21,300)Current Derivative financial instruments \u2013 4,080 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (2,403) 1,677Current share appreciation rights 5,519 \u2013 (2,816) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 2,703Current interest-bearing loans and borrowings 47,101 (31,717) \u2013 \u2013 \u2013 (1,243) \u2013 844 32,852 47,837Current lease 1liability5,507 (4,095) \u2013 \u2013 \u2013 (39) \u2013 \u2013 2,716 4,0891,227,847 (37,341) 5,589 11,001 4,645 (6,805) 65,430 (38) (2,562) 1,267,7661 Includes accrued interest on deferred lease payments.Re-Re-New Movement Re-As at 1 measurement measurement Re-Foreign leases/through classification As at 31 January Cash through profit against\ue61fright-measurement exchange loans, profit and and other December 2022 flows and loss of-use assets against equity movement net lossmovements2022 \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Non-current interest-bearing loans and borrowings 729,284 \u2013 \u2013 \u2013 \u2013 16,091 106,879 \u2013 (34,623) 817,631Non-current lease liability 245,274 \u2013 3,704 14,234 \u2013 307 50 1,662 (3,687) 261,544Financial liability in respect of Income Units sold\ue61fto private investors 124,551 (4,887) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 1,420 121,084Derivative financial instruments 457 (109) (9,692) \u2013 (21,002) (71) \u2013 \u2013 (122) (30,539)Non-current share appreciation rights 4,860 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (4,860) \u2013Current share appreciation rights 540 \u2013 119 \u2013 \u2013 \u2013 \u2013 \u2013 4,860 5,519Current interest-bearing loans and borrowings 38,840 (31,087) \u2013 \u2013 \u2013 3,187 \u2013 941 35,220 47,101Current lease 1liability6,344 (4,890) \u2013 \u2013 \u2013 151 \u2013 \u2013 3,902 5,5071,150,150 (40,973) (5,869) 14,234 (21,002) 19,665 106,929 2,603 2,110 1,227,8471 Includes accrued interest on deferred lease payments.The main risks arising from the Group\u2019s financial instruments are cash flow interest rate risk, credit risk and liquidity risk. The Board of Directors reviews and agrees on policies for managing each of these risks which are summarised below. The Group\u2019s accounting policies in relation to derivatives are set out in Note 2.and other receivables since a loss allowance for expected credit losses is recorded in respect of all trade and other receivables. The\ue61fresult of these actions is that the Group\u2019s exposure to bad debts is not significant. With respect to credit risk arising from other financial assets of the Group, which comprise cash and cash equivalents, the Group\u2019s exposure to credit risk arises from default of the counterparty, with a maximum exposure equal to the carrying amount of these instruments. The Group has limited concentration risk in respect of its cash at banks.c. Liquidity riskThe Group\u2019s objective is to maintain a balance between continuity of funding and flexibility through the use of bank overdrafts and bank loans. The Group\u2019s policy is to arrange medium-term bank facilities to finance its construction operation and then to convert them into long-term borrowings when required. The Group continues to hold a strong liquidity position with an overall consolidated cash balance of \u00a3150.4 million as at 31 December\ue61f2023.The table below summarises the maturity profile of the Group\u2019s financial liabilities as at 31 December 2023 and 2022 based on\ue61fcontractual undiscounted payments.As at 31 December 2023Less than 3 months 3 to 12 months Year 2 Year 3 to 5 Total \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000 > 5 years \u00a3\u2019000\u00a3\u20190001Interest-bearing loans and borrowings20,131 59,145 91,352 659,588 195,015 1,025,231Financial liability in respect of Income 2Units\ue61fsold to private investors3,828 11,483 15,311 45,933 114,287 190,8423Lease liability3,145 9,944 14,508 42,322 885,424 955,343Trade payables 15,067 \u2013 \u2013 \u2013 \u2013 15,067Other liabilities 45,793 30,061 20,612 96,46687,964 110,633 121,171 747,843 1,215,338 2,282,949As at 31 December 2022Less than 3 months 3 to 12 months Year 2 Year 3 to 5 Total \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000 > 5 years \u00a3\u2019000\u00a3\u20190001Interest-bearing loans and borrowings19,319 56,534 59,962 545,414 322,947 1,004,176Financial liability in respect of Income 2Units\ue61fsold to private investors3,285 9,855 13,140 39,420 121,084 186,7843Lease liability3,248 9,919 13,498 39,848 890,068 956,581Trade payables 13,565 \u2013 \u2013 \u2013 \u2013 13,565Other liabilities 37,707 37,630 \u2013 \u2013 18,062 93,39977,124 113,938 86,600 624,682 1,352,161 2,254,5051 See Note 13 for further information.2 Presented according to discounted amount due to the variability of the payments over the balance of the 999-year term.3 Lease liability includes four leases with upward rent reviews based on future market rates in one lease and changes in the CPI/RPI in the other lease and, thus, future payments have been estimated using current market rentals and current United Kingdom-based CPIs/RPIs, respectively, except Park Plaza London Waterloo where the amounts included 50 years of future payments regarding the lease of Park Plaza London Waterloo instead of 199 years as stated in the lease agreement. Also, the amounts do not take into account the collar of 2%. The Group\u2019s management believes that the amount included in the above table reflects the relevant cash flow risks to which the Group would be reasonably exposed in the ordinary course of business.a. Interest rate riskThe Group\u2019s exposure to the risk for changes in market interest rates relates primarily to the Group\u2019s long-term debt obligations with\ue61fa floating interest rate. The Group\u2019s policy is to manage its interest costs using fixed-rate debt. To manage its interest costs, the Group enters into interest rate swaps, in which the Group agrees to exchange, at specified intervals, the difference between fixed and variable rate interest amounts calculated by reference to an agreed-upon notional principal amount. Furthermore, the Group uses fixed interest rate debts. For this reason the Group\u2019s cash flow is not significantly sensitive to possible changes in market interest rates. Possible changes in interest rates do, however, affect the Group\u2019s equity as the fair value of the swap agreements changes with interest rate\ue61fchanges. These swaps are designated to hedge underlying debt obligations.The Company has entered into interest rate swap contracts with unrelated financial institutions in order to reduce the effect of interest rate fluctuations or risk of certain real estate investment\u2019s interest expense on its variable rate debt. The Company is exposed to credit risk in the event of non-performance by the counterparty to these financial instruments. Management believes the\ue61frisk of loss due to non-performance to be minimal and therefore decided not to hedge this.The accounting treatment for the interest rate swaps and whether they qualify as accounting hedges under IFRS 9 is determined separately for each contract. If the contract qualifies as accounting hedge then the unrealised gain or loss on the contract is recorded in the consolidated statement of comprehensive income. If the contract does not qualify as accounting hedge then the gain or loss on the contract is recorded in the consolidated income statement. The fair value of the interest rate swaps is determined by taking into account the present interest rates compared to the contracted fixed rate over the life of the contract. The valuation models incorporate various market inputs such as interest rate curves and the fair value measurement is classified to Level 2 of the fair value hierarchy. For the year ended 31 December 2023, the Company recorded a loss of \u00a34.5 million (2022: profit of \u00a39.7 million) in Other expenses in the consolidated income statement and an unrealised loss of \u00a35.0 million (2022: profit of \u00a321.1 million) in the consolidated statement of\ue61fcomprehensive income representing the change in the fair value of these interest rate swaps during the period. The aggregate fair value of the interest rate swap contracts was \u00a323.0 million as at 31 December 2023 (2022: \u00a330.5 million) and is included in Other receivables and prepayments and Other non-current financial assets on the consolidated statements of financial position.Interest rate sensitivityThe following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and borrowings affected, after the impact of hedge accounting. With all other variables held constant, the Group\u2019s profit before tax is affected through the impact on floating rate borrowings, as follows:Effect on profit before tax \u00a3\u20190001Increase in floating interest rateGBP EUR US Dollar1% 38 43 1182% 76 87 2365% 189 217 5901 The assumed movement in floating interest rate for the interest rate sensitivity analysis is based on the currently observable market environment, showing a significantly higher volatility than in prior years.b. Credit riskThe Group trades only with recognised, creditworthy third parties. It has policies in place to ensure that sales are made to customers with an appropriate credit history. The Company\u2019s policies ensure that sales to customers are settled through advance payments, in\ue61fcash or by major credit cards (individual customers). Since the Group trades only with recognised third parties, there is no requirement for collateral for debts with third parties. Furthermore, the Group has no dependency on any of its customers. The receivable balances are monitored on an ongoing basis. Management monitors the collection of receivables through credit meetings and weekly reports on individual balances of receivables. The maximum credit exposure equals the carrying amount of the trade receivables d. Capital managementThe primary objective of the Group\u2019s capital management is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value. The Group manages its capital structure and makes adjustments to it in light of changes in economic conditions. The Group monitors capital using a gearing ratio, which is net bank debt divided by total capital plus net bank debt. The Group\u2019s policy is to keep the gearing ratio between 50% and 60%. The Group includes within net bank debt interest-bearing bank loans and borrowings, less cash and cash equivalents and other liquid assets. Capital includes equity less the hedging reserve.2023 2022 \u00a3\u2019000\u00a3\u2019000Interest-bearing bank loans and borrowings 893,036 864,732Less \u2013 cash and cash equivalents (150,416) (163,589)Less \u2013 long-term restricted cash (10,385) (9,272)Less \u2013 short-term restricted cash (6,909) (9,229)Net debt 725,326 682,642Equity 531,173 503,2451Hedging reserve(15,396) (20,398)Total capital 515,777 482,847Capital and net debt 1,241,103 1,165,489Gearing ratio 58,4% 58,6%1 Includes the hedging reserve that Is allocated to the Non-controlling interests.e. Fair value of financial instrumentsThe fair values of the financial assets and liabilities are included in the amount at which the instrument could be exchanged in a\ue61fcurrent transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were\ue61fused to estimate the fair values: The fair values of cash and cash equivalents, trade receivables, trade payables, and other current assets and liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments. The fair value of floating interest rate liabilities also approximates their carrying amount as the periodic changes in interest rates reflect the movement in market rates. The fair value of loans from banks and other financial liabilities is estimated by discounting future cash flows using rates currently available for debt on similar terms, credit risk and remaining maturities.Fair value hierarchyThe Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by a valuation technique based on the lowest level input that is significant to the fair value so determined:Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.Level 2: other techniques for which all inputs which have significant effect on the recorded fair value are observable, either directly or indirectly.Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data.The Group enters into derivative financial instruments with financial institutions with investment grade credit ratings. Derivatives are\ue61fvalued using valuation techniques for swap models, using present value calculations. The models incorporate various inputs,\ue61fincluding the credit quality of counterparties, and interest rate curves. The Group also granted share appreciation rights\ue61fof\ue61fthe\ue61fCompany to Clal (see Note 5b) which is valued by using the Black\u2013Scholes model. In addition, the Group also holds 46\ue61fIncome\ue61fUnits\ue61fin Park Plaza County Hall London which were valued by external valuator using a discounted cash flow technique. These\ue61fvaluation techniques maximise the use of observable market data where it is available and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2. If\ue61fone or more of the significant inputs is not based on observable market data, the instrument is included in Level 3.As at 31 December 2023, the Group held the following financial instruments measured at fair value:Liabilities31 December 2023 Level 1Level 2Level 3\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Share appreciation rights 2,703 \u2013 2,703 \u2013Assets31 December 2023 Level 1Level 2Level 3\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Interest rate swaps used for hedging 22,977 \u2013 22,977 \u2013Income Units in Park Plaza County Hall London 17,700 \u2013 17,700 \u2013As at 31 December 2022, the Group held the following financial instruments measured at fair value:Liabilities31 December 2022 Level 1Level 2Level 3\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Share appreciation rights 5,519 \u2013 5,519 \u2013Assets31 December 2022 Level 1Level 2Level 3\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Interest rate swaps used for hedging 30,539 \u2013 30,539 \u2013Income Units in Park Plaza County Hall London 16,100 \u2013 16,100 \u2013During 2023 and 2022, there were no transfers between Level 1 and Level 2 fair value measurements, and no transfers into or out of Level 3 fair value measurements.The carrying amounts and fair values of the Group\u2019s financial instruments other than those whose carrying amount approximates their fair value are as follows:Carrying amount 31 December Fair value 31 December2023 2022 2023 2022 \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Financial liabilitiesBank borrowings 893,036 864,732 860,244 811,179",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-154-2": {
"value": "Note 30 Subsequent eventsa. Tourist land regulations in Croatia On 9 February 2024 the final regulation concerning tourist land was passed by the Croatian Government (see Note 14). b. Final dividendThe Board is proposing a final dividend payment of 20 pence per share (2022: 12 pence per share). Subject to shareholder approval at the Annual General Meeting.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:2138003H1BZGR6KM5823",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
}
}
}