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},
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"value": "2.3 Investment in associate An associate is an entity over which the group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Significant influence is also the power to participate in the financial and operating policy decisions of the investee, but is not control or joint control over those policies. The considerations made in determining significant influence are similar to those necessary to determine control over subsidiaries. The Group\u2019s investment in its associate are accounted for using the equity method. Under the equity method, the investment in an associate is initially recognised at cost. The carrying amount of the investment is adjusted to recognise changes in the Group\u2019s share of net assets of the associate since the acquisition date. Goodwill relating to the associate is included in the carrying amount of the investment and is not tested for impairment separatelyThe statement of profit or loss reflects the Group\u2019s share of the results of operations of the associate. In addition, when there has been a change recognised directly in the equity of the associate, the Group recognises its share of any changes, when applicable, in the statement of changes in equity. Unrealised gains and losses resulting from transactions between the Group and the associate are eliminated to the extent of the interest in the associate. The aggregate of the Group\u2019s share of profit or loss of an associate is shown on the face of the statement of profit or loss outside operating profit and represents profit or loss after tax and noncontrolling interests in the subsidiaries of the associate. The financial statements of the associate are prepared for the same reporting period as the Group. When necessary, adjustments are made to bring the accounting policies in line with those of the Group. After application of the equity method, the Group determines whether it is necessary to recognise an impairment loss on its investment in its associate. At each reporting date, the Group determines whether there is objective evidence that the investment in the associate is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate and its carrying value, and then recognises the loss within \u2018Share of profit of an associate\u2019 in the statement of profit or loss. Upon loss of significant influence over the associate, the Group measures and recognises any retained investment at its fair value. Any difference between the carrying amount of the associate upon loss of significant influence or joint control and the fair value of the retained investment and proceeds from disposal is recognised in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25147": {
"value": "2.4 Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets Initial recognition and measurement Financial assets are classified, at initial recognition, as financial assets measured at amortized cost, fair value through profit or loss (FVTPL) and fair value through other comprehensive income (FVOCI). All financial assets are recognized initially at fair value plus, in the case of financial assets not recorded at FVTPL, transaction costs that are attributable to the acquisition of the financial asset. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price determined under IFRS 15. Refer to the accounting policies in section 2.16 (Revenue from contracts with customers). In order for a financial asset to be classified and measured at amortised cost or FVOCI, it needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. Financial assets with cash flows that are not SPPI are classified and measured at fair value through profit or loss, irrespective of the business model. The Group\u2019s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place (regular way trades) are recognised on the trade date, i.e., the date that the Group commits to purchase or sell the asset. Subsequent measurement For purposes of subsequent measurement, financial assets in these financial statements are classified in four categories: - financial assets at amortised cost (debt instruments) - financial assets at FVOCI with recycling of cumulative gains and losses (debt instruments) - financial assets designated at FVOCI with no recycling of cumulative gains and losses upon derecognition (equity instruments) - financial assets at FVTPL Financial assets at amortised cost (debt instruments) Financial assets at amortised cost are subsequently measured using the effective interest (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 amortised cost include cash in banks, trade and other receivables, and receivables from associates, directors and other related undertakings which are included under current financial assets. Financial assets at FVOCI (debt instruments) For debt instruments at FVOCI, interest income, foreign exchange revaluation and impairment losses or reversals are recognised in the statement of profit or loss and computed in the same manner as for financial assets measured at amortised cost. The remaining fair value changes are recognised in OCI. Upon derecognition, the cumulative fair value change recognised in OCI is recycled to profit or loss. As at 31 December 2025 and 2024, the Group has no debt instruments at FVOCI. Financial assets designated at FVOCI (equity instruments) Upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity instruments designated at FVOCI when they meet the definition of equity under IAS 32 Financial Instruments: Presentation and are not held for trading. The classification is determined on an instrument-by-instrument basis. Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognised as other income in the statement of profit or loss when the right of payment has been established, except when the Company benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at FVOCI are not subject to impairment assessment. As at 31 December 2025 and 2024, the Group has no equity instruments at FVOCI. Financial assets at FVTPL Financial assets at FVTPL are carried in the statement of financial position at fair value with net changes in fair value recognised in the statement of profit or loss. This category includes derivative instruments and listed equity investments which the Group had not irrevocably elected to classify at FVOCI. Dividends on listed equity investments are recognised as other income in the statement of profit or loss when the right of payment has been established. A derivative embedded in a hybrid contract, with a financial liability or non-financial host, is separated from the host and accounted for as a separate derivative if: the economic characteristics and risks are not closely related to the host; a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and the hybrid contract is not measured at fair value through profit or loss. Embedded derivatives are measured at fair value with changes in fair value recognised in profit or loss. Reassessment only occurs if there is either a change in the terms of the contract that significantly modifies the cash flows that would otherwise be required or a reclassification of a financial asset out of the fair value through profit or loss category. As at 31 December 2025 and 2024, the Group has no financial assets at FVTPL. Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a Group of similar financial assets) is primarily derecognised (i.e., removed from the Group\u2019s statement of financial position) when: - the rights to receive cash flows from the asset have expired; or - the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognise the transferred asset to the extent of its continuing involvement. In that case, the Group also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay. Impairment Further disclosures relating to impairment of financial assets are also provided in notes 3 and 31 to the consolidated financial statements. The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive, discounted at an approximation of the original effective interest rate. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). For trade receivables, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. For cash in bank, other receivables, receivables from associates, directors and other related undertakings, the Group applies a general approach in calculating ECLs. Therefore, the Group tracks changes in credit risk, and recognises a loss allowance based on either 12-month ECLs or lifetime ECLs, depending on whether there has been a significant increase in credit risk on the financial instrument since initial recognition. This is being done by considering the change in the risk of default occurring over the remaining life of the financial instrument. The key elements in the calculation of ECLs are the Probability of Default (PD), Exposure at Default (EAD) and Loss Given Default (LGD). The following are the key elements in the calculation of ECLs: a. Probability of Default (PD) The PD is an estimate of the likelihood of default over a given time horizon. A default may only happen at a certain time over the assessed period, if the financial asset has not been previously derecognised. b. Exposure at Default (EAD) The EAD is an estimate of the exposure at a future default date, taking into account expected changes in the exposure after the reporting date. c. Loss Given Default (LGD) The LGD is an estimate of the loss arising in the case where a default occurs at a given time. It is based on the difference between the contractual cash flows due and those that the lender would expect to receive. The mechanics of the ECL method are summarised below: Stage 1: The 12-month ECL is calculated as the portion of lifetime ECL that represent the ECL that result from default events on a financial instrument that are possible within the 12 months after the reporting date. The Group calculates the 12-month ECL allowance based on the expectation of a default occurring in the 12 months following the reporting date. These expected 12-month default probabilities are applied to a forecast EAD and multiplied by the expected LGD. Stage 2: When a financial asset has shown a significant increase in credit risk since origination, the Group records an allowance for the lifetime ECL. The mechanics are similar to those explained above, but PDs and LGDs are estimated over the lifetime of the instrument. Stage 3: For financial asset considered as credit-impaired, the Group recognises the lifetime ECL. The method is similar to that for Stage 2 financial assets, with the PD set at 100%. The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider 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 before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Financial liabilities Initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at FVTPL, loans and borrowings or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts. Subsequent measurement For purposes of subsequent measurement, financial liabilities are classified in two categories: - financial liabilities at FVTPL - financial liabilities at amortised cost (loans and borrowings) Financial liabilities at FVTPL Financial liabilities at FVTPL include financial liabilities held for trading and financial liabilities designated upon initial recognition as at FVTPL. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments entered into by the Group that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments. Gains or losses on liabilities held for trading are recognised in the statement of profit or loss. Financial liabilities designated upon initial recognition at FVTPL are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. The Group has not designated any financial liability at FVTPL as at 31 December 2025 and 2024. Financial liabilities at amortised cost (loans and borrowings) This is the category most relevant to the Group. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss. This category generally applies to interest-bearing loans and borrowings. For more information, refer to notes 16 and 31 to the consolidated financial statements. Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss. Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount is reported in the statement of financial position if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25206": {
"value": "Financial assets Initial recognition and measurement Financial assets are classified, at initial recognition, as financial assets measured at amortized cost, fair value through profit or loss (FVTPL) and fair value through other comprehensive income (FVOCI). All financial assets are recognized initially at fair value plus, in the case of financial assets not recorded at FVTPL, transaction costs that are attributable to the acquisition of the financial asset. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price determined under IFRS 15. Refer to the accounting policies in section 2.16 (Revenue from contracts with customers). In order for a financial asset to be classified and measured at amortised cost or FVOCI, it needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. Financial assets with cash flows that are not SPPI are classified and measured at fair value through profit or loss, irrespective of the business model. The Group\u2019s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place (regular way trades) are recognised on the trade date, i.e., the date that the Group commits to purchase or sell the assetSubsequent measurement For purposes of subsequent measurement, financial assets in these financial statements are classified in four categories: - financial assets at amortised cost (debt instruments) - financial assets at FVOCI with recycling of cumulative gains and losses (debt instruments) - financial assets designated at FVOCI with no recycling of cumulative gains and losses upon derecognition (equity instruments) - financial assets at FVTPL Financial assets at amortised cost (debt instruments) Financial assets at amortised cost are subsequently measured using the effective interest (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 amortised cost include cash in banks, trade and other receivables, and receivables from associates, directors and other related undertakings which are included under current financial assets. Financial assets at FVOCI (debt instruments) For debt instruments at FVOCI, interest income, foreign exchange revaluation and impairment losses or reversals are recognised in the statement of profit or loss and computed in the same manner as for financial assets measured at amortised cost. The remaining fair value changes are recognised in OCI. Upon derecognition, the cumulative fair value change recognised in OCI is recycled to profit or loss. As at 31 December 2025 and 2024, the Group has no debt instruments at FVOCI. Financial assets designated at FVOCI (equity instruments) Upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity instruments designated at FVOCI when they meet the definition of equity under IAS 32 Financial Instruments: Presentation and are not held for trading. The classification is determined on an instrument-by-instrument basis. Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognised as other income in the statement of profit or loss when the right of payment has been established, except when the Company benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at FVOCI are not subject to impairment assessment. As at 31 December 2025 and 2024, the Group has no equity instruments at FVOCI. Financial assets at FVTPL Financial assets at FVTPL are carried in the statement of financial position at fair value with net changes in fair value recognised in the statement of profit or loss. This category includes derivative instruments and listed equity investments which the Group had not irrevocably elected to classify at FVOCI. Dividends on listed equity investments are recognised as other income in the statement of profit or loss when the right of payment has been established. A derivative embedded in a hybrid contract, with a financial liability or non-financial host, is separated from the host and accounted for as a separate derivative if: the economic characteristics and risks are not closely related to the host; a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and the hybrid contract is not measured at fair value through profit or loss. Embedded derivatives are measured at fair value with changes in fair value recognised in profit or loss. Reassessment only occurs if there is either a change in the terms of the contract that significantly modifies the cash flows that would otherwise be required or a reclassification of a financial asset out of the fair value through profit or loss category. As at 31 December 2025 and 2024, the Group has no financial assets at FVTPL. Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a Group of similar financial assets) is primarily derecognised (i.e., removed from the Group\u2019s statement of financial position) when: - the rights to receive cash flows from the asset have expired; or - the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognise the transferred asset to the extent of its continuing involvement. In that case, the Group also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25108": {
"value": "Impairment Further disclosures relating to impairment of financial assets are also provided in notes 3 and 31 to the consolidated financial statements. The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive, discounted at an approximation of the original effective interest rate. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). For trade receivables, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. For cash in bank, other receivables, receivables from associates, directors and other related undertakings, the Group applies a general approach in calculating ECLs. Therefore, the Group tracks changes in credit risk, and recognises a loss allowance based on either 12-month ECLs or lifetime ECLs, depending on whether there has been a significant increase in credit risk on the financial instrument since initial recognition. This is being done by considering the change in the risk of default occurring over the remaining life of the financial instrument. The key elements in the calculation of ECLs are the Probability of Default (PD), Exposure at Default (EAD) and Loss Given Default (LGD). The following are the key elements in the calculation of ECLs: a. Probability of Default (PD) The PD is an estimate of the likelihood of default over a given time horizon. A default may only happen at a certain time over the assessed period, if the financial asset has not been previously derecognised. b. Exposure at Default (EAD) The EAD is an estimate of the exposure at a future default date, taking into account expected changes in the exposure after the reporting date. c. Loss Given Default (LGD) The LGD is an estimate of the loss arising in the case where a default occurs at a given time. It is based on the difference between the contractual cash flows due and those that the lender would expect to receive. The mechanics of the ECL method are summarised below: Stage 1: The 12-month ECL is calculated as the portion of lifetime ECL that represent the ECL that result from default events on a financial instrument that are possible within the 12 months after the reporting date. The Group calculates the 12-month ECL allowance based on the expectation of a default occurring in the 12 months following the reporting date. These expected 12-month default probabilities are applied to a forecast EAD and multiplied by the expected LGD. Stage 2: When a financial asset has shown a significant increase in credit risk since origination, the Group records an allowance for the lifetime ECL. The mechanics are similar to those explained above, but PDs and LGDs are estimated over the lifetime of the instrument. Stage 3: For financial asset considered as credit-impaired, the Group recognises the lifetime ECL. The method is similar to that for Stage 2 financial assets, with the PD set at 100%. The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider 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 before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25109": {
"value": "Financial liabilities Initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at FVTPL, loans and borrowings or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts. Subsequent measurement For purposes of subsequent measurement, financial liabilities are classified in two categories: - financial liabilities at FVTPL - financial liabilities at amortised cost (loans and borrowings) Financial liabilities at FVTPL Financial liabilities at FVTPL include financial liabilities held for trading and financial liabilities designated upon initial recognition as at FVTPL. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments entered into by the Group that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments. Gains or losses on liabilities held for trading are recognised in the statement of profit or loss. Financial liabilities designated upon initial recognition at FVTPL are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. The Group has not designated any financial liability at FVTPL as at 31 December 2025 and 2024. Financial liabilities at amortised cost (loans and borrowings) This is the category most relevant to the Group. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss. This category generally applies to interest-bearing loans and borrowings. For more information, refer to notes 16 and 31 to the consolidated financial statements. Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss. Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount is reported in the statement of financial position if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25152": {
"value": "2.5 Property, plant and equipment Commercial and residential properties included in buildings are stated in the statement of financial position at its revalued amount, being the fair value at the date of revaluation. Revaluations are performed with sufficient regularity such that the carrying amount does not differ materially from those that would be determined using fair values at each reporting date. A revaluation surplus is recorded in OCI and credited to the revaluation reserve in equity. However, to the extent that it reverses a revaluation deficit of the same asset previously recognised in profit or loss, the increase is recognised in profit and loss. A revaluation deficit is recognised in the statement of profit or loss, except to the extent that it offsets an existing surplus on the same asset recognised in the revaluation reserve. Property, plant and equipment, except for revalued buildings, are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method to write off the cost of property, plant and equipment less any residual value over the expected useful lives. The annual rates used for this purpose, which are consistent with those used in the previous year, are as follows: Buildings 2% Motor vehicles 20% Kitchen equipment 16.67% Computer equipment 25% Plant and machinery 10% Furniture, fittings and office equipment 10% Electrical installations 6.67% Energy saving equipment 16.67% Depreciation methods, useful life and residual values are reassessed at each reporting date. An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of profit or loss and other comprehensive income when the asset is derecognised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25175": {
"value": "2.6 Intangible assets Intangible assets acquired separately are measured on initial recognition at cost. The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are amortised over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at each reporting date. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The amortisation expense on intangible assets with finite lives is recognised in the profit or loss in the expense category that is consistent with the function of the intangible assets. These costs are amortised using a straight line method as follows: Computer software 25% Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in statement of profit or loss and other comprehensive income when the asset is derecognised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25111": {
"value": "2.7 Investment property Property that is held for long-term rental yields or for capital appreciation or both, and is not occupied by the Group, is classified as investment property. Investment property comprises freehold land and buildings held under long-term operating leases. Investment property is measured initially at its historical cost, including related transaction costs and borrowing costs (if any). Historical cost includes expenditure that is directly attributable to the acquisition of the items. Borrowing costs which are incurred for the purpose of acquiring or constructing a qualifying investment property are capitalised as part of its cost. Borrowing costs are capitalised while acquisition or construction is actively underway. Capitalisation of borrowing costs is ceased once the asset is substantially complete and is suspended if the development of the asset is suspended. After initial recognition, investment property is carried at fair value representing open market value determined periodically. Fair value is based on active market prices, adjusted, if necessary, for any difference in the nature, location or condition of the specific asset. If the information is not available, the Group uses alternative valuation methods such as recent prices on less active markets or discounted cash flow projections. These valuations are reviewed annually. Investment property that is being redeveloped for continuing use as investment property or for which the market has become less active continues to be measured at fair value. Fair value measurement on property under construction is only applied if the fair value is considered to be reliably measurable. The fair value of investment property reflects, among other things, rental income from current leases and assumptions about rental income from future leases in the light of current market conditions. The fair value also reflects, on a similar basis, any cash outflows that could be expected in respect of the property. Subsequent expenditure is capitalised to the asset's carrying amount only when it is probable that future economic benefits associated with the expenditure will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance costs are charged to profit or loss during the financial period in which they are incurred. When part of an investment property is replaced, the carrying amount of the replaced part is derecognised. The fair value of investment property does not reflect future capital expenditure that will improve or enhance the property and does not reflect the related future benefits from its future expenditure other than those a rational market participant would take into account when determining the value of the property. Changes in fair value are recognised in profit or loss and transferred to \"Revaluation reserve\" under equity. Investment properties are derecognised either when they have been disposed of or when the investment property is permanently withdrawn from use and no future economic benefit is expected from its disposal. The difference between the net disposal proceeds and the carrying amount of the asset is recognised in profit or loss in the period of derecognition. If an investment property becomes owner-occupied, it is reclassified as property, plant and equipment. Its fair value at the date of the reclassification becomes its cost for subsequent accounting purposes. When the Group decides to dispose of an investment property without development, the Group continues to treat the property as an investment property. Similarly, if the Group begins to redevelop an existing investment property for continued future use as investment property, it remains an investment property during the redevelopment. If an item of property, plant and equipment and property held-for-sale becomes an investment property because its use has changed, any difference resulting between the carrying amount and the fair value of this item at the date of transfer is treated in the same way as revaluation under IAS 16. Any resulting increase in the carrying amount of the property is recognised in statement of comprehensive income to the extent that it reverses a previous impairment loss; with any remaining increase recognised in other comprehensive income, directly to revaluation surplus with equity. Any resulting decrease in the carrying amount of the property is initially charged to other comprehensive income against any previously recognised revaluation surplus, with any remaining decrease charged to the profit or loss. Upon the disposal of such investment property, any surplus previously recorded in equity is transferred to retained earnings; the transfer is not made through statement of comprehensive income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25112": {
"value": "Changes in fair value are recognised in profit or loss and transferred to \"Revaluation reserve\" under equity. Investment properties are derecognised either when they have been disposed of or when the investment property is permanently withdrawn from use and no future economic benefit is expected from its disposal. The difference between the net disposal proceeds and the carrying amount of the asset is recognised in profit or loss in the period of derecognition. ",
"dimensions": {
"concept": "stivala:DisclosureOfAccountingPolicyForRevaluationReserveOnInvestmentPropertyTextBlock",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25145": {
"value": "2.8 Inventories Inventories are valued at the lower of cost and net realisable value. The cost of inventories comprises the invoiced value of goods sold and other direct costs and is determined by first-in first-out method. Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25143": {
"value": "2.9 Property held-for-sale Property held-for-sale is included in the financial statements at the lower of cost and net realisable value. Cost comprises the purchase price of acquiring the property and other costs incurred to develop the property. Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. ",
"dimensions": {
"concept": "stivala:DescriptionOfAccountingPolicyForPropertyHeldForSaleTextBlock",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25144": {
"value": "2.10 Cash and cash equivalents Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, which are subject to an insignificant risk of changes in value. For the purpose of the statement of cash flows, cash and cash equivalents consist of cash on hand and banks as defined above, net of outstanding bank overdrafts as they are considered an integral part of the Group's cash management. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25114": {
"value": "2.11 Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25115": {
"value": "2.12 Dividend distribution Dividend distribution to the Group's shareholders is recognised as a liability in the Group's financial statements in the period in which the dividends are approved by the Group's shareholders. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25116": {
"value": "2.13 Trade payables Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25117": {
"value": "2.14 Provisions Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate of the amount of the obligation can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to the passage of time is recognised as interest expense. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25118": {
"value": "2.15 Foreign currencies Items included in the financial statements of each of the Group's entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in euro, which is the Company's functional and presentation currency. Foreign currency translations are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss. All foreign exchange gains and losses are presented in the income statement within 'Other operating charges'. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25119": {
"value": "2.16 Revenue recognition Revenue from contracts with customers (under IFRS 15) Revenues include all revenues from the ordinary business activities of the group and are recorded net of value added tax. They are recognised in accordance with the provision for goods or services provided that collectability of the consideration is probable. Revenue mainly represents income earned for accommodation, food and beverage and other services. The Group also sold property through barter during the year. The Group recognizes revenue when or as it satisfies a performance obligation by transferring control of a product or service to a customer. Sale/barter of property for resale Revenue from sale/barter of real property is recognised at the point in time when control of asset is transferred to the customer, generally upon signing of deed of sale where the customer obtains legal title to the property. Total fund is paid in full on date of deed. Revenue from accommodation Revenue from accommodation is recognised over a period of time. The customers get the benefits (i.e. control over the promise) with every passing day of each year\u2019s stay at the Group's hotel rooms. The revenue stream therefore meets the conditions for revenue recognition over time (i.e. stage of completion), and revenue is accordingly recognised on a daily basis of accommodation or equally amortised over the period of stay of the customer. The performance obligation is to provide accommodation services as and when customers make use of the services. The transaction price follows a fee structure which is known at the date of booking or consumption of service and thus no significant estimates are required in this respect. Revenue from food and beverage, and other services Revenue from services is generally recognized in the accounting period in which the services are rendered, by reference to completion of the specific transaction assessed on the basis of the actual service provided as a proportion of the total services to be provided. Revenue arising from these activities is recognised when the service is performed and/or when the goods (primarily food and beverage relating to restaurant and/or bar sales) are supplied upon performance of the service. Each of the services rendered is assessed to be a distinct performance obligation, and if applicable, the Group allocates the transaction price to each of the services rendered to the customer on a relative basis, based on their stand-alone selling price. Normally, the transaction price follows a fee structure which is known at the date of consumption of service and thus no significant estimates are required in this respect. The Group considers whether there are other promises in the contract that are separate performance obligations to which a portion of the transaction price needs to be allocated (if there is any). In determining the transaction price, the Group considers the effects of variable consideration, existence of significant financing component, non-cash consideration, and consideration payable to the customer (if there is any). i) Variable consideration If the consideration in a contract includes a variable amount, the Group estimates the amount of consideration to which it will be entitled in exchange for transferring the goods to the customer. The variable consideration is estimated at contract inception and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognised will not occur when the associated uncertainty with the variable consideration is subsequently resolved. As at 31 December 2025 and 2024, variable consideration would be the amount refunded to a customer if the customer cancels the booking within the window provided by the hotel. In this case, the Group uses the 'most likely amount' approach since it has only 2 possible outcome, which is if the customer will cancel the booking or not. The amount of variable consideration on refundable amounts to customer is not that significant as at year end. Should there have been discounts or concessions for goods and services, these have been already established with customer at the inception of the contract, thus are not considered contingent as the amounts agreed are fixed or unavoidable. Overall, aside from the above mentioned, there are no other known factors or events that could make the consideration to be variable as at the current financial year end. The validity of this assessment is reassessed at each reporting date. ii) Significant financing component The Company applies the practical expedient for short-term advances received from customers. That is, the promised amount of consideration is not adjusted for the effects of a significant financing component if the period between the transfer of the promised good or service and the payment is one year or less. As at each year end, the contract liabilities (if there is any) were normally recognised as revenue within 1 year. The validity of this assessment is reassessed at each reporting date. iii) Non-cash consideration The Group does not receive non-cash considerations from customers for the sale of goods and services. iv) Consideration payable to customer There is no consideration payable to a customer that can be applied against amounts owed to the Group. As at 31 December 2025 and 2024, upfront fees and pre-production fees are not applicable. 31 December 2025 Contract balances Contract assets A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the company performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognised for the earned consideration that is conditional. It is very unlikely for the company to have contract assets since the collection of payment must be completed immediately after the company performs the service or goods/services and before the customer leaves the hotel's premises. This leaves no obligation on the part of the customer to pay further consideration. Trade receivables A receivable represents the company\u2019s right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due). Contract liabilities A contract liability is the obligation to transfer goods or services to a customer for which the hotel has received consideration, or for which an amount of consideration is due from the customer. It is noted that in extremely rare situations, customers contracts contain a right to right to terminate for convenience, where amounts paid by the customer are refundable. In these situations, the customer has paid for future goods or services, but because of the termination clause an agreement does not exist and thus the Hotel does not have an obligation to transfer goods or services except as the customer requests (i.e. doesn\u2019t terminate). Cost to obtain a contract The Group applies the optional practical expedient to immediately expense costs to obtain a contract if the amortisation period of the asset that would have been recognised is one year or less. As such, payments of commissions to sales agencies which constitute relatively small amounts are immediately recognised as an expense in the consolidated statement of profit or loss and comprehensive income. Other revenue sources (not within the scope of IFRS 15) The following recognition criteria must also be met before revenue is recognised: Rental income This relates to the rental income from the rental of immovable property in the ordinary cause of the Group's activities. For operating leases, it is recognised at profit or loss on a straight-line basis over the term of the lease and is stated net of value added tax. Dividend income Revenue from dividend income is recognised on the date the Group's right to receive payment is established. Interest income Interest income is accounted for when it is probable that the economic benefits associated with the transaction will flow to the Group and these can be measured reliably. Interest income is recognised on an accrual or time proportion basis. Other operating income Other operating income are accounted for when it is probable that the economic benefits associated with the transaction will flow to the Group and these can be measured reliably. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25169": {
"value": "As at 31 December 202529. Financial risk management objectives and policies (continued) Liquidity risk The Group is exposed to liquidity risk in relation to meeting future obligations associated with its financial liabilities. Prudent liquidity risk management includes maintaining sufficient cash and committed credit lines to ensure the availability of an adequate amount of funding to meet the Group's obligations. The table below summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments. As at 31 December 2025 The Group Less than 1 year 1 to 5 years > 5 years Total \u20ac \u20ac \u20ac \u20ac Bank overdrafts 2,225,195 - - 2,225,195 Bank loans 6,274,177 22,9956,764 16,180,989 45,411,930 Finance lease liabilities 39,692 99,230 - 138,922 4.00% secured bonds and interest - - 44,970,000 44,970,000 3.65% secured bonds and interest - - 14,940,000 14,940,000 Trade and other payables 12,274,673 - - 12,274,673 Other financial liabilities 10,442,866 - - 10,442,866 31,256,603 23,055,994 76,090,989 119,960,720 As at 31 December 2024 The Group Less than 1 year 1 to 5 years > 5 years Total \u20ac \u20ac \u20ac \u20ac Bank overdrafts 452,911 - - 452,911 Bank loans 6,874,894 19,244,434 17,432,129 43,551,457 Finance lease liabilities 48,746 138,922 - 187,668 4.00% secured bonds and interest - - 44,865,000 44,865,000 3.65% secured bonds and interest - - 14,985,000 14,985,000 Trade and other payables 15,456,585 - - 15,456,585 Loans from associate (note 31) - - - - Other financial liabilities 2,437,530 - - 2,437,530 25,270,666 19,383,356 77,282,129 121,936,151 29. Financial risk management objectives and policies (continued) Liquidity risk (continued) The below table shows gross undiscounted cash flows for lease liabilities and bank loans. The following shows the corresponding reconciliation of those amounts to the carrying amount (net present value): As at 31 December 2025 The Group Bank loans Less than 1 year 1 to 5 years > 5 years Total Gross payments 6,274,177 22,956,764 16,180,989 45,411,930 Finance charges (894,566) (2,862,613) (715,653) (4,472,832) Carrying amount (net present value) 5,379,611 20,094,151 15,465,336 40,939,098 The Group Lease liabilities Less than 1 year 1 to 5 years > 5 years Total Gross payments 39,692 99,230 - 138,922 Finance charges (4,426) (4,999) - (9,425) Carrying amount (net present value) 35,266 94,231 - 129,497 As at 31 December 2024 The Group Bank loans Less than 1 year 1 to 5 years > 5 years Total Gross payments 6,874,894 19,244,434 17,432,129 43,551,457 Finance charges (406,815) (2,236,073) (1,182,931) (3,825,819) Carrying amount (net present value) 6,468,079 17,008,361 16,249,198 39,725,638 The Group Lease liabilities Less than 1 year 1 to 5 years > 5 years Total Gross payments 48,746 138,922 187,668 Finance charges (5,882) (9,426) - (15,308) Carrying amount (net present value) 42,864 129,496 - 172,360 29. Financial risk management objectives and policies (continued) Liquidity risk (continued) As at 31 December 2025 The Company Less than 1 year 1 to 5 years > 5 years Total \u20ac \u20ac \u20ac \u20ac 4.00% secured bonds and interest - - 44,970,000 44,970,000 3.65% secured bonds and interest - - 14,940,000 14,940,000 Trade and other payables 912,212 - - 912,212 912,212 - 59,910,000 60,822,212 As at 31 December 2024 The Company Less than 1 year 1 to 5 years > 5 years Total \u20ac \u20ac \u20ac \u20ac 4.00% secured bonds and interest - - 44,865,000 44,865,000 3.65% secured bonds and interest - - 14,925,000 14,925,000 Trade and other payables 864,206 - - 864,206 864,206 - 59,850,000 60,714,206 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25122": {
"value": "2.17 Leases The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group as a lessee The Group applies a single recognition and measurement approach for all leases, except for short- term leases and leases of low-value assets. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. i) Right-of-use assets The Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement 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 estimated useful lives of the assets, as follows: Buildings 5 - 11 years Furniture and Fittings 5 years If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are also subject to impairment. Refer to the accounting policies in section 2.22 (Impairment of non-financial assets). ii) Lease Liabilities At 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 fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. 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 the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease 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 Interest-bearing loans and borrowings (see note 16). iii) Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases (i.e., those 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 assets that are considered to be low value (if there is any). 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. The Group as a lessor Leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. Rental income arising is accounted for on a straight-line basis over the lease terms and is included in revenue in the statement of profit or loss and other comprehensive income due to its operating nature. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same basis as rental income. Contingent rents are recognised as revenue in the period in which they are earned",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25124": {
"value": "2.18 Assets held for distribution to owner In accordance with IFRS 5, a non-current asset (or disposal group) is classified as held for distribution to owners when the entity is committed to distribute the asset (or disposal group) to the owners. For this to be the case, the assets must be available for immediate distribution in their present condition and the distribution must be highly probable. For the distribution to be highly probable, actions to complete the distribution must have been initiated and should be expected to be completed within one year from the date of classification. Actions required to complete the distribution should indicate that it is unlikely that significant changes to the distribution will be made or that the distribution will be withdrawn. The probability of shareholders\u2019 approval (if required in the jurisdiction) should be considered as part of the assessment of whether the distribution is highly probable. Non-current assets and disposal groups classified as held for distribution to owner are measured at the lower of their carrying amount and fair value less costs to distribute. Costs to distribute are the incremental costs directly attributable to the disposal of an asset (disposal group), excluding finance costs and income tax expense. There are a number of asset categories that are excluded from measurement requirements of IFRS 5, although disclosure requirements still need to be complied with. Among these exclusions, the most relevant to the Company is \"Non-current assets that are accounted for in accordance with the fair value model (IAS 40 Investment Property)\" which will be subsequently measured under the same accounting policy as before the classification. In prior year, assets classified as held for distribution to owner are presented separately as current items in the statement of financial position. Additional disclosures are provided in note 22. ",
"dimensions": {
"concept": "stivala:DescriptionOfAccountingPolicyForNonCurrentAssetsOrDisposalGroupsClassifiedAsHeldForDistributionToOwnerTextBlock",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25125": {
"value": "2.19 Taxation The tax expense for the year comprises current and deferred tax. Tax is recognized in profit or loss, except when it relates to items recognized in other comprehensive income or directly in equity, in which case it is also dealt with in other comprehensive income or in equity, as appropriate. Current income tax Current income tax assets and liabilities for the current period are measured at the amount expected to be recovered or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantially enacted, at the reporting date. Current income tax relating to items recognised directly in equity is recognised in equity and not in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25126": {
"value": "Deferred income tax Deferred tax is provided using the liability 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 for all temporary differences, except when the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. Deferred tax assets are recognised for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised, except when the deferred tax asset relating to the deductible temporary differences arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. Unrecognised deferred tax assets are reassessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits 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 been enacted or substantively enacted at each reporting date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25222": {
"value": "Value Added Tax Revenue, expenses and assets are recognised net of Value Added Tax, except: - where the Value Added Tax incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case Value Added Tax is recognised as part of the acquisition of the asset or as part of the expense item, as applicable; - where receivables and payables that are stated with the amount of Value Added Tax included. The net amount of Value Added Tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the statement of financial position. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25127": {
"value": "2.20 Retirement benefits The Group contributes towards the state pension fund in accordance with local legislation. The only obligation of the Group is to make the required contribution and carries no further legal or construction obligations to make further payments if the fund does not have sufficient assets to pay all of the employees' entitlements to post-employment benefits. Costs are expensed in the year in which they are incurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25128": {
"value": "2.21 Fair value measurements and valuation processes The Group measures non-financial assets such as buildings under property, plant and equipment and investment property at fair value at each reporting date. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between the market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either (a) in the principal market for the asset or liability or (b) in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best inA fair value measurement of non-financial asset takes into account a market participant's ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure at fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. Information about the valuation techniques and inputs used in determining the fair value of buildings and investment properties are disclosed in notes 13, 17 and 31 respectively. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25130": {
"value": "2.22 Impairment of non-financial assets The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s or CGU\u2019s fair value less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators. The Group bases its impairment calculation on most recent budgets and forecast calculations, which are prepared separately for each of the Group\u2019s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years. A long- term growth rate is calculated and applied to project future cash flows after the fifth year. Impairment losses of continuing operations are recognised in the statement of profit or loss in expense categories consistent with the function of the impaired asset, except for properties previously revalued with the revaluation taken to OCI. For such properties, the impairment is recognised in OCI up to the amount of any previous revaluation. For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognised impairment losses no longer exist or have decreased. If such indication exists, the Group estimates the asset\u2019s or CGU\u2019s recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the asset\u2019s recoverable amount since the last impairment loss was recognised. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in the statement of profit or loss unless the asset is carried at a revalued amount, in which case, the reversal is treated as a revaluation increase. Goodwill is tested for impairment annually and when circumstances indicate that the carrying value may be impaired. Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognised. Impairment losses relating to goodwill cannot be reversed in future periods. Intangible assets with indefinite useful lives are tested for impairment annually at the CGU level, as appropriate, and when circumstances indicate that the carrying value may be impaired",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25131": {
"value": "2.23 Government grants Government grants are recognised where there is reasonable assurance that the Group will comply with the conditions attaching to them and that the grants will be received. Government grants related to income are recognised in profit or loss on a systematic basis over the periods in which the Company recognises as expenses the related costs for which the grants are intended to compensate. Specifically, the government grants related to assets, whose primary condition is that the Group should purchase, construct or otherwise acquire noncurrent assets are recognised as deferred income in the statement of financial position and transferred to profit or loss on a systematic and rational basis over the useful lives of the related assets. Government grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the Group with no future related costs are recognised in profit or loss in the period in which they become receivable. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25132": {
"value": "2.24 Borrowing costs Borrowing costs which are incurred for the purpose of acquiring or constructing qualifying property, plant and equipment are capitalised as part of its cost. Borrowing costs are capitalised while acquisition or construction is actively underway, during the period of time that is required to complete and prepare the asset for its intended use. Capitalisation of borrowing costs is ceased once the asset is substantially complete and is suspended if the development of the asset is suspended. All other borrowing costs are expensed. Borrowing costs are recognised for all interest- bearing instruments on any accrual basis using the effective interest method. Interest costs include the effect of amortising any difference between initial net proceeds and redemption value in respect of the Group's interest-bearing borrowings. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25133": {
"value": "2.25 Segment reporting The Group determines and presents operating segments based on the information that internally is provided to the Board of Directors, which is the Group's chief operating decision-maker in accordance with the requirements of IFRS 8 'Operating Segments'. An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Group's other components, and for which discrete financial information is available. An operating segment's operating results are reviewed regularly by the Board of Directors to make decisions about resources to be allocated to the segment and to assess its performance executing the function of the chief operating decision-maker. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25146": {
"value": "3. Critical accounting estimates and judgements In preparing the financial statements, the Directors are required to make judgements, estimates and assumptions that affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates. Actual results in the future could differ from such estimates and the differences may be material to the financial statements. These estimates are reviewed on a regular basis and if a change is needed, it is accounted in the period the changes become known. The most significant judgement and estimates are as follows: Judgments In the process of applying the Group\u2019s accounting policies, management has made the following judgements, which have the most significant effect on the amounts recognised in the consolidated financial statements: Determining the lease term of contracts with renewal and termination options \u2013 Group as lessee The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. The Group has lease contracts that include extension and termination options. The Group applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise either the renewal or termination. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option to renew or to terminate. The Group does not include the renewal periods as part of the lease term for leases of assets with non-cancellable periods as these are not reasonably certain to be exercised. The effect of covid-19 pandemic also contributes to this uncertainty. Furthermore, the periods covered by termination options are included as part of the lease term only when they are reasonably certain not to be exercised. Property lease classification \u2013 Group as lessor The Group has entered into commercial and residential property leases on its investment property and property, plant and equipment portfolio. The Group has determined, based on an evaluation of the terms and conditions of the arrangements, such as the lease term not constituting a major part of the economic life of the properties and the present value of the minimum lease payments not amounting to substantially all of the fair value of the properties, that it retains substantially all the risks and rewards incidental to ownership of these properties and accounts for the contracts as operating leases. Recognition of deferred tax assets The extent to which deferred tax assets can be recognized is based on an assessment of the probability that future taxable income will be available against which the deductible temporary differences and tax loss carry-forward can be utilized. In addition, significant judgement is required in assessing the impact of any legal or economic limits or uncertainties in various tax jurisdictions. Estimates and assumptions Fair value of investment property and property, plant and equipment The Group carries its investment property at fair value, with changes being recognised in profit or loss, while it carries its buildings within property, plant and equipment at fair value, with changes being recognised in other comprehensive income. These are based on market valuations performed by independent professional architect at least every three years. In a year when market valuations are not performed by the independent professional architect, an internal assessment of the fair value of investment property and property, plant and equipment are performed to reflect market conditions at the year-end date by the management. The Management has assessed the valuation of properties as at 31 December 2024 by reference to value of similar properties in the market as well as the management's expert knowledge of the industry being in property sector for more than 20 years. Impairment of non-financial assets Impairment exists when the carrying value of an asset or CGU exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm\u2019s length, for similar assets or observable market prices less incremental costs of disposing of the asset. The value in use calculation is based on a discounted cash flow (DCF) model. The cash flows are derived from the budget for the next five years and do not include restructuring activities that the Group is not yet committed to or significant future investments that will enhance the performance of the assets of the CGU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. These estimates are most relevant to goodwill recognised by the Group. Provision for ECL on trade receivables Upon adoption of IFRS 9, provision for ECL is maintained at a level considered adequate to provide for potentially uncollectible receivables. For trade receivables, the Company applies the Simplified Approach designed to identify potential charges to the allowance and is performed on a continuous basis throughout the period. For the year ended 31 December 2025, the increase in provision for ECL on trade receivables amounted to \u20ac140,258 (2024: increase of \u20ac61,392) (note 30). The Group uses a provision matrix to calculate ECLs for trade receivables. The provision rates are based on days past due for groupings of various customer segments that have similar loss patterns (i.e., by geography, product type, customer type and rating). The provision matrix is initially based on the Group\u2019s historical observed default rates. The Group calibrates the matrix to adjust the historical credit loss experience with forward-looking information. For instance, if forecast economic conditions (i.e., gross domestic product) are expected to deteriorate over the next year which can lead to an increased number of defaults in the manufacturing sector, the historical default rates are adjusted. At every reporting date, the historical observed default rates are updated and changes in the forward-looking estimates are analysed. The assessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is a significant estimate. The amount of ECLs is sensitive to changes in circumstances and of forecast economic conditions. The Group\u2019s historical credit loss experience and forecast of economic conditions may also not be representative of customer\u2019s actual default in the future. The information about the ECLs on the Company's trade receivables is disclosed in notes 21 and 31. Provision for ECL on other financial assets The measurement of the Group's ECL on cash in banks, receivables from associates and other related undertakings is a function of the PD, LGD and the EAD. These financial assets are measured under Stage 1 of the impairment model, and therefore ECLs are calculated on 12-month basis. Elements of the ECL model which are considered accounting judgments and estimates include: - The Group's internal credit grading model, which assigns PDs to the individual grades - The Group\u2019s criteria for assessing if there has been a significant increase in credit risk and so allowances should be measured on a liftetime ECL basis and the qualitative assessment - Development of ECL models, including the various formulas and the choice of inputs - Determination of associations between macroeconomic scenarios and, economic inputs, and the effect on PDs, EADs and LGDs - Selection of forward-looking macroeconomic scenarios and their probability weightings, to derive the economic inputs into the ECL models 'It is the Group\u2019s policy to regularly review its model in the context of actual loss experience and adjust when necessary. Leases - Estimating the incremental borrowing rate The Group cannot readily determine the interest rate implicit in the lease, therefore, it uses its incremental borrowing rate (IBR) to measure lease liabilities. The IBR is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The IBR therefore reflects what the Group \u2018would have to pay\u2019, which requires estimation when no observable rates are available (such as for subsidiaries that do not enter into financing transactions) or when they need to be adjusted to reflect the terms and conditions of the lease (for example, when leases are not in the subsidiary\u2019s functional currency). The Group estimates the IBR using observable inputs (such as market interest rates or rates from bank sanction letters) when available and is required to make certain entity-specific estimates (such as the subsidiary\u2019s stand-alone credit rating). In the opinion of the management, except for the above, the accounting estimates, assumptions and judgements made in the course of preparing these financial statements are not difficult, subjective or complex to a degree which would warrant their description as significant in terms of the requirements of IAS 1 (revised) \u2013 \u2018Presentation of Financial Statements\u2019. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25248": {
"value": "4. Application of New and Revised IFRS 4.1 New and Revised IFRS effective for current year The Company applied for the first time certain standards and amendments, which are effective for annual periods beginning on or after 1 January 2025. The Company has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. The nature and the impact of each new standard and amendment is described below: Lack of exchangeability \u2013 Amendments to IAS 21 An entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. The amendments also require disclosure of information that enables users of its financial statements to understand how the currency not being exchangeable into the other currency affects, or is expected to affect, the entity\u2019s financial performance, financial position and cash flows. These amendments had no impact on the financial statements of the Company. The Company intends to use the practical expedients in future periods if they become applicable. 4.2 Standards issued but not yet effective The standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Company\u2019s financial statements are disclosed below. The Company intends to adopt these standards, if applicable, when they become effective. Contracts Referencing Nature-dependent Electricity \u2013 Amendments to IFRS 9 and IFRS 7 In December 2024, the IASB issued Amendments to IFRS 9 and IFRS 7 - Contracts Referencing Nature-dependent Electricity. The amendments apply only to contracts that reference nature- dependent electricity; the amendments: \u25aa Clarify the application of the \u2018own-use\u2019 requirements for in-scope contracts \u25aa Amend the designation requirements for a hedged item in a cash flow hedging relationship for in-scope contracts \u25aa Add new disclosure requirements to enable investors to understand the effect of these contracts on a company\u2019s financial performance and cash flows Annual Improvements to IFRS Accounting Standards - Volume 11 In July 2024, the IASB issued nine narrow scope amendments as part of its periodic maintenance of IFRS accounting standards. The amendments include clarifications, simplifications, corrections or changes to improve consistency in IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 7 Financial instruments: Disclosure and its accompanying Guidance on implementing IFRS 7, IFRS 9 Financial Instruments, IFRS 10 Consolidated Financial Statements and IAS 7 Statements of Cash Flows. Amendments to the Classification and Measurement of Financial Instruments\u2014Amendments to IFRS 9 and IFRS 7 In May 2024, the IASB issued Amendments to IFRS 9 and IFRS 7, Amendments to the Classification and Measurement of Financial Instruments (the Amendments). The Amendments include: \u25aa A clarification that a financial liability is derecognised on the \u2018settlement date\u2019 and the introduction of an accounting policy choice (if specific conditions are met) to derecognise financial liabilities settled using an electronic payment system before the settlement date \u25aa Additional guidance on how the contractual cash flows for financial assets with environmental, social and corporate governance (ESG) and similar features should be assessed \u25aa Clarifications on what constitute \u2018non-recourse features\u2019 and what are the characteristics of contractually linked instruments \u25aa The introduction of disclosures for financial instruments with contingent features and additional disclosure requirements for equity instruments classified at fair value through other comprehensive income (OCI) The above amendments will take effect for annual reporting periods starting on or after 1 January 2026. The Company does not intend to early adopt these pronouncements. Management has reviewed the forthcoming changes and considered their relevance to the Company\u2019s operations, financial position, and reporting processes. For those standards expected to be applicable, the Company has commenced an assessment of the potential impact. At this stage, no material effects on the Company\u2019s financial statements are anticipated. Where the impact of a standard cannot yet be reasonably estimated, the Company will provide updated disclosures as the effective date approaches. IFRS 18 Presentation and Disclosure in Financial Statements In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Furthermore, entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new. The standard requires disclosure of newly defined management-defined performance measures, subtotals of income and expenses, and it also includes new requirements for aggregation and disaggregation of financial information based on the identified \u2018roles\u2019 of the primary financial statements (PFS) and the notes. In addition, narrow-scope amendments have been made to IAS 7 Statement of Cash Flows, which include changing the starting point for determining cash flows from operations under the indirect method, from \u2018profit or loss\u2019 to \u2018operating profit or loss\u2019 and removing the optionality around classification of cash flows from dividends and interest. In addition, there are consequential amendments to several other standards. The Company is currently working to identify all impacts the amendments will have on the primary financial statements and notes to the financial statements. The initial expected material impacts on Company\u2019s financial statements are, as follows: \u25aa New disclosure will be added: (a) management-defined performance measures; (b) specified expense by nature if expenses are presented by function in the operating category of the statement of profit or loss; and (c) a reconciliation for each line item in the statement of profit or loss between the restated amounts presented applying IFRS 18 and the amounts previously presented applying IAS 1. \u25aa Interest paid will be classified in the investing activities and financing activities, respectively, on the statement of cash flows. IFRS 18, and the amendments to the other standards, are effective for reporting periods beginning on or after 1 January 2027. The Company does not intend to early adopt these pronouncements. IFRS 19 Subsidiaries without Public Accountability: Disclosures In May 2024, the IASB issued IFRS 19, which allows eligible entities to elect to apply its reduced disclosure requirements while still applying the recognition, measurement and presentation requirements in other IFRS accounting standards. To be eligible, at the end of the reporting period, an entity must be a subsidiary as defined in IFRS 10, cannot have public accountability and must have a parent (ultimate or intermediate) that prepares consolidated financial statements, available for public use, which comply with IFRS accounting standards. IFRS 19 will become effective for reporting periods beginning on or after 1 January 2027. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25155": {
"value": "5. Segment information For management purposes, the Group is organised into business units based on its products and services and has two reportable segments, as follows: Holding This serves as the finance arm of the Group and the principal vehicle for further expansion of the Group's hospitality business and mixed-use developments. Property development and letting This segment carries works such as construction, plumbing, electrical and others to bring various properties in a state that can be leased to third parties. In relation to this, the Group leases out various freehold commercial and residential properties to third parties. Hospitality and Entertainment This segment includes hotel operations such as accommodation, food and beverage and other related services. The Group owns various hotels and apartment suites namely Bayview Hotel, Blubay Apartments, Blubay Suites, Sliema Hotel and Azur Hotel. Management monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on profit or loss and is measured consistently with profit or loss in the consolidated financial statements. 5. Segment information (continued) Inter-segment transactions, assets and liabilities are eliminated upon consolidation and reflected in the \u2018eliminations\u2019 column. Year ended 31 December 2025 Holding Property development and letting Hospitality and Entertainment Total segments Eliminations Consolidated \u20ac \u20ac \u20ac \u20ac \u20ac External customers - 11,420,582 33,348,013 44,768,595 (11,778,795) 32,989,800 Inter-segment 7,545,140 20,915,581 - 28,460,721 (28,460,721) - Total revenue 7,545,140 32,336,163 33,348,013 73,229,316 (40,239,516) 32,989,800 Income/(expenses) Finance and similar income - 918,491 20,000 938,491 (918,491) 20,000 Finance cost (2,407,500) (986,056) (3,044,538) (6,438,014) 2,186,266 (4,251,748) Depreciation and amortisation - (346) (5,588,943) (5,589,289) 2,988,375 (2,600,914) Share in loss of associates - - (154,706) (154,706) - (154,706) Income tax expense (95,384) (7,515,024) 6,616,422 (993,986) 2,414,413 1,419,852 Segment profit before tax 5,082,783 49,029,994 4,127,706 58,240,483 (30,317,045) 18,923,438 Total assets 71,117,641 535,791,984 185,331,085 792,240,710 (231,394,936) 560,845,774 Total liabilities 68,195,297 81,874,992 80,764,543 230,834,832 (56,831,434) 174,003,398 Other disclosures Capital expenditure - 25,860,855 - 25,860,855 - 25,860,855 Year ended 31 December 2024 Holding Property development and letting Hospitality and Entertainment Total segments Eliminations Consolidated \u20ac \u20ac \u20ac \u20ac \u20ac External customers - 10,742,160 29,887,443 40,629,603 (11,153,759) 29,475,844 Inter-segment 23,854,283 29,133,982 - 52,988,265 (52,988,265) - Total revenue 23,854,283 39,876,142 29,887,443 93,617,868 (64,142,024) 29,475,844 Income/(expenses) Finance and similar income - 1,168,403 20,000 1,188,403 (1,168,403) 20,000 Finance cost (2,407,500) (1,162,540) (3,332,799) (6,902,839) 2,502,820 (4,400,019) Depreciation and amortisation - (346) (5,488,756) (5,489,102) (441,591) (5,930,693) Share in loss of associates - - 25,742 25,742 - 25,742 Income tax expense (211,996) (4,034,014) 10,738,770 6,492,760 (93,203) 6,399,557 Segment profit before tax 21,377,739 68,548,972 3,791,960 93,718,671 (49,786,495) 43,932,176 Total assets 68,238,082 500,380,263 170,208,656 738,827,001 (228,206,871) 510,620,130 Total liabilities 66,153,387 77,314,452 74,703,918 218,171,757 (66,415,144) 151,756,613 Other disclosures Capital expenditure - 17,731,401 - 17,731,401 - 17,731,401 Capital expenditure consists of additions to property, plant and equipment, and investment properties. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25158": {
"value": "Finance and similar income ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25223": {
"value": "6. Revenue from contracts with customers The Group's hospitality revenue is derived locally from the operations of the hotels in Malta. Disaggregated revenue information Set out below is the disaggregation of the Group's revenue from contracts with customers: 2025 2024 \u20ac \u20ac Type of goods or service Hospitality and Entertainment (note 5) Accommodation 19,802,619 17,043,044 Food and beverage 1,548,014 1,473,547 Other services 218,585 217,183 21,569,218 18,733,684 Property development and letting (note 5) Sale/barter of property for resale 500,000 458,466 22,069,218 19,1912,150 Timing of revenue recognition Services/goods transferred at a point in time 2,266,599 2,149,106 Services transferred over time 19,802,619 17,043,044 22,069,218 19,192,150 Performance obligations Information about the Group\u2019s performance obligations are summarised below: Accommodation The performance obligation is satisfied upon rendering the service over time as the hotel's customers consume and receive the benefit from these services on each day/throughout their stay until checkout. The payment (which is equal to the transaction price established at the time of booking) is generally due immediately on the day of checkout before the customer leaves the hotel's premises. Food, beverage and other services The performance obligation is satisfied at a point in time upon availment of service by the customer. The payment (which is equal to the transaction price established at the time of availment) is generally due immediately upon completion of services before the customer leaves the hotel's premises. The Group assesses that there are no other premises in the contract of sale that are separate performance obligations to which a portion of transaction price needs to be allocated. The transaction price, which is equal to the cash selling price indicated in the sales invoices issued, is therefore allocated to only one performance obligation. Sale/barter of property for resale The performance obligation is satisfied at the point in time when control of the asset is transferred to the customer, generally upon signing of deed of sale where the customer obtains legal title to the property. The normal credit term is 30 to 90 days from date of deed. The Group assesses that there are no other promises in the contract of sale/barter of properties held-for-sale that are separate performance obligations to which a portion of the transaction price needs to be allocated. The transaction price, which is equal to the selling price indicated in the deed of sale/barter signed by both parties, is therefore allocated to only one performance obligation. The Group assesses that there exist no variable considerations and consideration payable to the customer relating to the sale/barter of properties held-for-sale. There are no contract liabilities or remaining performance obligations as at 31 December 2025 and 2024. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25225": {
"value": "7. Expenses The Group The Company 2025 2024 2025 2024 \u20ac \u20ac \u20ac \u20ac Cost of sales Direct wages (note 11) 3,211,054 2,666,296 - - Commissions 2,160,189 2,109,772 - - Repairs and maintenance 508,842 774,227 - - Cost of goods sold (note 19) 1,415,313 1,273,029 - - Staff costs 51,428 23,325 - - Licenses and permits 19,555 2,588 - - Utilities 1,924,751 1,061,471 - - Transport 116,483 136,673 - - Fuel 160,247 150,411 - - 9,567,862 8,197,792 - - Distribution and selling costs Advertising and promotions 194,613 132,059 - - Administrative expenses Depreciation (notes 13 and 23) 2,546,043 5,915,334 - - Amortisation (note 18) 54,871 15,359 - - Directors' remuneration (note 11) 77,307 64,100 45,000 43,500 Office salaries (note 11) 867,815 731,109 - - Social security contributions (note 11) 43,306 34,060 - - Auditors' remuneration 23,168 23,168 10,360 10,360 Provision for ECL (notes 16, 21 and 31) 1,997,811 486,423 - 10,901 Legal and professional fees 579,687 636,007 1,666 2,652 Rent (note 24) 65,955 100,268 - - Computer maintenance 232,908 116,207 - - Bank charges 553,192 257,906 661 750 Insurance 160,207 130,565 - - Motor vehicle expenses 89,773 95,947 - - Other administrative expenses 1,866,337 1,041,788 800 881 9,158,380 9,648,241 58,487 69,044 Auditor's fees Fees charged by the auditor for services rendered during the financial years ended 31 December 2025 and 2024 relate to the following: The Group The Company 2025 2024 2025 2024 \u20ac \u20ac \u20ac \u20ac Annual statutory audit 22,168 22,168 9,360 9,030 ESEF Review 1,000 1,000 1,000 1,000 Compliance services - - 250 330 23,168 23,168 10,610 10,360 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25215": {
"value": "Auditor's fees Fees charged by the auditor for services rendered during the financial years ended 31 December 2025 and 2024 relate to the following: The Group The Company 2025 2024 2025 2024 \u20ac \u20ac \u20ac \u20ac Annual statutory audit 22,168 22,168 9,360 9,030 ESEF Review 1,000 1,000 1,000 1,000 Compliance services - - 250 330 23,168 23,168 10,610 10,360 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25254": {
"value": "8. Other operating income The Group The Company 2025 2024 2025 2024 \u20ac \u20ac \u20ac \u20ac Recharge of utilities to tenants 1,092,191 846,052 - - Condominium fees & other charges 606,059 456,400 - - Decrease in provision for estimated credit losses (notes 16, 21 and 31) 2,338,167 4,683,253 3,630 - Management fees 952,555 657,660 - - Profit on recognition of intangible asset - 30,000,000 - - Miscellaneous income (548,193) (340,789) - - 4,440,779 36,302,576 3,630 - ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25252": {
"value": "9. Finance and similar income The Group The Company 2025 2024 2025 2024 \u20ac \u20ac \u20ac \u20ac Interest from banks 20,000 20,000 - - ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25253": {
"value": "10. Finance costs The Group The Company 2025 2024 2025 2024 \u20ac \u20ac \u20ac \u20ac Interest on bank overdrafts - 4,232 - - Interest on bonds and amortisation of bond issue cost 2,407,500 2,407,500 2,407,500 2,407,500 Interest on bank loans 1,6870,402 1,980,568 - - Interest on lease liability (note 24) 5,883 7,719 - - Other interest 157,963 - - - 4,251,748 4,400,019 2,407,500 2,407,500 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25134": {
"value": "11. Staff costs and employee information Staff costs for the year comprised the following: The Group The Company 2025 2024 2025 2024 \u20ac \u20ac \u20ac \u20ac Wages and salaries (including Directors\u2019 remuneration) (note 7) 4,156,176 3,461,505 45,000 43,500 Social security contributions (note 7) 43,306 34,060 - - 4,199,482 3,495,565 45,000 43,500 The average number of persons (including Directors) employed by the company during the year was as follows: The Group The Company 2025 2024 2025 2024 No. No. No. No. Operational 139 152 - - Administration 19 19 - - 158 171 - - ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25255": {
"value": "12. Income tax Tax expense on profit on ordinary activities Provision for income tax has been made at the rate of 35% on the chargeable income for the year except for investment income which is charged at the rates of 15% and 35% and for proceeds from sale of property taxable at 5% and 8% final withholding tax. The Group The Company 2025 2024 2025 2024 \u20ac \u20ac \u20ac \u20ac Income tax expense: Tax at source 840,140 854,283 - - Current tax charge (1,070,140) (912,017) - - Final withholding tax at 15% (43,135) (41,569) - - Total current tax expense (273,135) (99,303) - - Consideration payable by the company in respect of the tax benefit, attaching to tax losses surrendered by a subsidiary company under the Group Relief provisions of the Income Tax Act 575 - - - Deferred taxation (note 25): Credit for the year 1,692,987 6,498,860 (95,384) (211,996) Income tax (expense)/credit for the year 1,420,427 6,399,557 (95,384) (211,996) 12. Income tax (continued) Tax reconciliation The Group The Company 2025 2024 2025 2024 \u20ac \u20ac \u20ac \u20ac Profit before tax 18,923,438 43,932,176 5,082,783 21,377,739 Taxation charge thereon 6,623,203 15,376,262 1,778,974 7,482,209 Tax effect of: - expenses not allowed for tax purposes 8,257,945 7,368,255 863,095 866,790 - income not allowed for tax purposes (8,161,571) (16,037,824) (2,642,069) (8,348,999) - income taxed at different rates 311,873 (2,039,717) - - - unabsorbed capital allowances (6,846,516) (5,220,494) - - - investment tax credit (609,942) (592,484) - - - unabsorbed tax losses (3,990,310) (3,990,310) - - - change in the fair value of investment property 1,049,898 73,150 - - - effect of adoption of IFRS 16 1,288,237 (2,267,878) - - - provision for estimated credit losses 561,373 719,487 - - - deferred taxation 95,384 211,996 95,384 211,996 Income tax credit for the year (1,420,426) (6,399,557) 95,384 211,996 Current taxation Taxation due/(recoverable) is made up as follows: The Group The Company 2025 2024 2025 2024 \u20ac \u20ac \u20ac \u20ac As at 1 January 31,741 1,453,504 (22,095) (22,095) Under provision of tax in prior years - (19,419) - - Income tax expense 273,135 99,303 - - Tax refund/(excess) tax refund in prior year (840,140) 246 - 854,283 (535,264) 1,533,634 (22,095) 832,188 Payments: Provisional tax - (1,141,199) - - Final withholding tax at 5% and 8% (230,000) (57,734) - - Tax at source 797,005 (41,569) - (854,283) 567,005 (1,240,502) - (854,283) Reclassification to accrual: Final withholding tax at 15% - (261,391) - - As at 31 December 31,741 31,741 (22,095) (22,095) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25226": {
"value": "Current taxation Taxation due/(recoverable) is made up as follows: The Group The Company 2025 2024 2025 2024 \u20ac \u20ac \u20ac \u20ac As at 1 January 31,741 1,453,504 (22,095) (22,095) Under provision of tax in prior years - (19,419) - - Income tax expense 273,135 99,303 - - Tax refund/(excess) tax refund in prior year (840,140) 246 - 854,283 (535,264) 1,533,634 (22,095) 832,188 Payments: Provisional tax - (1,141,199) - - Final withholding tax at 5% and 8% (230,000) (57,734) - - Tax at source 797,005 (41,569) - (854,283) 567,005 (1,240,502) - (854,283) Reclassification to accrual: Final withholding tax at 15% - (261,391) - - As at 31 December 31,741 31,741 (22,095) (22,095) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25180": {
"value": "13. Property, plant and equipment The Group Fair value The fair value of the freehold buildings as at 31 December 2025 is based on a valuation carried out by an independent architect on 31 December 2025 for properties pledged to secure borrowings and for the consideration of wear and tear. The Group assessed that there are no conditions that would significantly increase or decrease the fair value of assets determined on 31 December 2025. The architect is qualified and has experience in valuation of properties of similar locations and categories. As at 31 December 2025, management assessed whether there are any significant changes to the significant inputs of the valuation. The fair value movement were credited to other comprehensive income and subsequently transferred to revaluation reserve under equity. Owner-occupied property is disclosed in property, plant and equipment as Buildings. These consist mainly of residential and commercial buildings with a carrying amount of \u20ac25,911,228 (2024: \u20ac24,825,898), had these assets been carried at cost less accumulated depreciation. As at 31 December 2025 and 2024, these properties have been categorised to fall within level 2 of the fair value hierarchy. The different levels in the fair value hierarchy have been defined in note 32. The Group policy is to recognise transfers into and out of fair value hierarchy levels as of date of the event of change in circumstances that caused the transfer. There were no transfers between levels during the year. For all properties, their current use equates to the highest and best use. For properties categorised under Level 2 of the fair value hierarchy as at 31 December 2025 and 2024, the following techniques and inputs were used: Type of property Technique Inputs Commercial properties Market approach Value of the properties are based on the selling price of similar types of properties. Residential properties Market approach 13. Property, plant and equipment The Group Buildings Motor Vehicles Kitchen equipment Computer equipment Plant and machinery Furniture, fittings and office equipment Electrical installations Energy saving equipment Total \u20ac \u20ac \u20ac \u20ac \u20ac \u20ac \u20ac \u20ac \u20ac Cost / Valuation As at 1 January 2024 168,349,895 633,084 223,283 534,555 1,972,386 14,667,118 9,252,969 1,335,957 196,969,247 Additions 5,254,479 62,808 3,150 4,618 16,454 1,047,343 1,966,991 37,352 8,393,195 As at 31 December 2024 173,604,374 695,892 226,433 539,173 1,988,840 15,714,461 11,219,960 1,373,309 205,362,442 Additions 13,725,558 39,850 238,050 207,648 184,013 3,749,768 3,353,019 100,199 21,598,105 Revaluation surplus (note 27) 14,184,823 - - - - - - - 14,184,823 As at 31 December 2025 201,514,755 735,742 464,483 746,821 2,172,853 19,464,229 14,572,979 1,473,508 241,145,370 Depreciation As at 1 January 2024 - 556,839 116,277 404,572 874,685 8,572,669 4,500,480 1,313,493 16,339,015 Charge for the year 3,945,554 51,203 30,728 50,314 140,258 894,341 737,025 14,273 5,863,696 As at 31 December 2024 3,945,554 608,042 147,005 454,886 1,014,943 9,467,010 5,237,505 1,327,766 22,202,711 Charge for the year - 41,094 67,071 100,875 158,658 1,269,656 834,802 30,646 2,502,802 Revaluation surplus (note 28) (3,945,554) - - - - - - - (3,945,554) As at 31 December 2025 - 649,136 214,076 555,761 1,173,601 10,736,666 6,072,307 1,358,412 20,759,959 Net book amount As at 31 December 2024 169,658,820 87,850 79,428 84,287 973,897 6,247,451 5,982,455 45,543 183,159,731 As at 31 December 2025 201,514,755 86,606 250,407 191,060 999,252 8,727,563 8,500,672 115,096 220,385,411 Commercial properties Market approach Value of the properties are based on the selling price of similar types of properties. Office properties Market approach ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25230": {
"value": "14. Investment in subsidiaries The Company 2025 2024 \u20ac \u20ac Cost As at 1 January and 31 December 60,004,872 60,004,872 As at 31 December 2025, the Company held the following equity interests: Undertaking / Registered Office Number, class and Percentage of nominal value issued shares of shares held held Subsidiary Carmelo Stivala Group Limited 4,872 Ordinary shares, 100% ST Group Head Office, Novotel Hotel Level 2, 60, 60,000,000 Redeemable Preference Shares, 100% The Sir Frederick C. Ponsonby, of \u20ac1 each Gzira, Malta fully paid up The subsidiary was engaged in renting out properties to related parties. It is a holding company. The Company also acts as a guarantor to the bonds issued by Stivala Group Finance p.l.c.. Sub-subsidiaries ST Hotels Ltd. 500,000 Ordinary shares, 100% ST Group Head Office, Novotel Hotel Level 2, 60 of \u20ac1 each The Sir Frederick C. Ponsonby, fully paid up Gzira, Malta The subsidiary was engaged in operating hotels and hostels. It also rents out properties. ST Properties Ltd 1,200 Ordinary shares, 100% ST Group Head Office, Novotel Hotel Level 2, 60 of \u20ac1 each The Sir Frederick C. Ponsonby, fully paid up Gzira, Malta The subsidiary is principally engaged in renting out properties. ST Group Investments Limited 1200 Ordinary shares, 100% ST Group Head Office, Novotel Hotel Level 2, 60 of \u20ac1 each The Sir Frederick C. Ponsonby, fully paid up Gzira, Malta The subsidiary used to be engaged in holding investments. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25257": {
"value": "15. Investment in associates The Group The Company 2025 2024 2025 2024 \u20ac \u20ac \u20ac \u20ac Cost As at 1 January 306,076 280,334 - - Share in loss (154,706) 25,742 - - As at 31 December 151,370 306,076 - - As at 31 December 2025, the Company (through its subsidiary) held the following equity interests: Undertaking / Registered Office Number, class and Percentage of nominal value issued shares of shares held held 2Associates Civala Limited 600 Ordinary shares, 50% Vincenti Buildings, of \u20ac1 each 25/25 Strait Street 20% paid up Valletta VLT 1432, Malta The associate has been engaged to acquire and hold assets of whatsoever nature, whether movable or immovable, corporal or incorporal, whether by way of title, real or personal, or on behalf of others. Platinum Developments Ltd 600 Ordinary shares, 50% ST Group Head Office, Novotel Hotel Level 2, 60 of \u20ac1 each The Sir Frederick C. Ponsonby, 20% paid up Gzira, Malta The associate is principally engaged to act as building developers, contractors, designers and ancillary services to building industry. Sliema Creek Lido Limited 500 'B' Ordinary shares, 33% The Waterfront Hotel of \u20ac1 each Triq ix-Xatt fully paid up Sliema, SLM 1028, Malta The associate was engaged in operation of a lido.. Aqualuna Lido Ltd 500 'B' Ordinary shares, 33% The Waterfront Hotel of \u20ac1 each Triq ix-Xatt fully paid up Sliema, SLM 1028, Malta The associate will be engaged in operation of a lido. Summarised financial information of the associates, based on their latest audited financial statements, and reconciliation with the carrying amount of the investments in the consolidated financial statements are set out below. The amounts presented are extracted from the most updated and available financial statements of the associates as at and for the year ended: Undertaking Accounting period Civala Limited 31 December 2025 Platinum Developments Ltd 31 December 2025 Sliema Creek Lido Limited 31 December 2025 Aqualuna Lido Ltd 31 December 2025 15. Investment in associates (continued) The aggregate capital and reserves as at the end of the under mentioned accounting period and the results for the said period of the Company were as follows: Civala Limited Platinum Developments Limited Sliema Creek Lido Ltd Aqualuna Lido Ltd Total 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 Percentage ownership interest 50% 50% 50% 50% 33% 33% 33% 33% Non-current assets - - 17,822,707 7,772,193 413 458 152,821 122,550 17,975,941 7,895,201 Current asset 240 240 740,503 560,902 168,601 200,868 622,293 557,464 1,531,637 1,319,474 Non-current liabilities - - (5,610,473) (1,950,000) - - - - (5,610,473) (1,950,000) Current liabilities (14,419) (13,274) (5,897,000) (5,773,185) (167,566) (200,738) (772,086) (678,136) (6,851,071) (6,665,333) Net Asset (Liability) (100%) (14,179) (13,034) 7,055,737 609,910 1,448 588 3,028 1,878 7,046,034 599,342 Group's share on net asset (liability) (7,090) (6,517) 3,527,870 304,956 483 196 999 620 3,522,262 299,255 Adjustments 7,090 6,517 120 120 17 304 (499) (120) 6,728 6,821 Group's carrying amount of the investment - - 3,527,990 305,076 500 500 500 500 3,528,990 306,076 Net Asset (liabilities) include (100%): Cash and cash equivalent 240 240 88,521 55,051 5,227 65,210 99,133 437,827 193,121 558,328 Revenue and other income - - 354,852 363,307 157,000 156,500 1,856,104 1,763,623 2,367,956 2,283,430 Cost of sale - - - - (150,000) (150,056) (395,351) (377,889) (545,351) (527,945) Other expense (1,145) (1,832) (641,104) (311,823) (5,507) (5,125) (596,899) (552,768) (1,244,655) (871,548) (Loss)/profit before tax (1,145) (1,832) (286,252) 51,484 1,493 1,319 863,854 832,966 577,950 883,937 Income tax expense - - (23,160) - (538) - (129,406) (123,110) (153,104) (123,110) Total comprehensive (loss)/profit (100%) (1,145) (1,832) (309,412) 51,484 955 1,319 734,448 7099,856 424,846 760,827 Group\u2019s share of (loss)/profit for the year - - (154,706) 25,742 318 440 242,368 234,252 87,980 260,434 Prior year losses taken up this year - - 305,075 279,333 (318) (440) (242,368) (234,252) 62,389 44,641 Group\u2019s share in profit at year end - - 150,369 305,075 - - - - 150,369 305,075 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25258": {
"value": "16. Financial assets and financial liabilities 16.1 Financial assets The Group The Company 2025 2024 2025 2024 \u20ac \u20ac \u20ac \u20ac Debt instruments at amortised cost: Current assets Trade receivables - net of ECL (note 21) 1,577,018 1,122,784 - - Other receivables - net of ECL (note 21) 379,801 408,640 - - Total trade and other receivables 1,956,819 1,531,424 - - Other financial assets Loans to subsidiary undertakings - net of ECL - - 10,962,203 7,983,898 Loans to associates - net of ECL 5,290,628 4,573,494 - - Loans to other related undertakings - net of ECL 5,103,925 8,695,611 - - Loans to other parties - net of ECL 390,345 401,978 - - Total other financial assets 10,784,898 13,671,083 10,962,203 7,983,898 Total debt instruments at amortised cost 12,741,171 15,202,507 10,962,203 7,983,898 All of the above debt instruments at amortised cost are interest free, unsecured and repayable on demand. The Group's exposure to credit risk related to these financial assets is disclosed in note 31. As at the reporting date, these financial assets were fully performing and hence do not contain impaired assets. However, due to the implementation of IFRS 9, the assets are measured at amortised cost and estimated credit losses have to be calculated. Allowance for ECL on loans to associates, other related undertakings and other parties amounted to \u20ac271,207, \u20ac2,409,418 and \u20ac222,880 (2024: \u20ac276,857, \u20ac3,034,764 and \u20ac82,680), respectively. Movement in the allowance forms part of the total provision for ECL reported in the statement of profit or loss and other comprehensive income. 16.2 Financial liabilities: Loans and borrowings The Group The Company Interest rate Maturity 2025 2024 2025 2024 Current loans and borrowings \u20ac \u20ac \u20ac \u20ac Bank overdrafts (notes 31) 4% - 5% on demand 2,225,195 452,911 119 - Bank loans (notes 31) 2.50% - 4% 2025 - 2035 5,379,611 6,468,0479 - - Loans from associate (note 31) no interest on demand 105,780 - - - Amount due to other related undertakings no interest on demand 10,337,086 2,437,530 7,372,966 - Proposed dividend no interest on demand - - - 5,439,181 Finance lease liability (note 31) 3.25% - 3.99% 2023 - 2029 35,266 42,863 - - 18,082,938 9,401,383 7,373,085 5,439,181 Non-current loans and borrowings 450,000 and 150,000 (\u20ac100 face value) secured bonds 3.65% - 4% 2027 - 2029 59,910,000 59,850,000 59,910,000 59,850,000 Bank loans (notes 31) 2.50% - 4% 2025 - 2035 35,559,487 33,257,559 - - Finance lease liability (note 31) 3.25% - 3.99% 2023 - 2029 94,231 129,497 - - 95,563,718 93,237,056 59,910,000 59,850,000 Other Financial Liabilities at amortised cost, other than loans and borrowings Trade and other payables (note 23) 12,274,673 15,456,585 912,212 864,206 16. Financial assets and financial liabilities (continued) 16.2 Financial liabilities: Loans and borrowings (continued) The Company The secured bonds are measured at the amount of the net proceeds adjusted for the amortisation of the difference between the net proceeds and the redemption value of the bonds, using effective yield method as follows: 2025 2024 \u20ac \u20ac Face value of the secured bonds 60,000,000 60,000,000 Unamortised bond issue cost (90,000) (150,000) Amortised cost 59,910,000 59,850,000 By virtue of the prospectus dated 25 September 2017 and 18 July 2019, the Company issued 45,000,000 4% secured bonds with a face value of \u20ac100 each, redeemable at par on 18 October 2027 and 15,000,000 3.65% secured bonds with a face value of \u20ac100 each, redeemable at par on 29 July 2029, respectively. The amount is made up of the two bond issues of \u20ac45 million and \u20ac15 million respectively, net of the bond issue costs which are being amortised over the lifetime of the bonds. These bonds are guaranteed by Carmelo Stivala Group Limited, which bound itself jointly and severally liable with the issuer. The bonds are secured by a first-ranking special hypothec over various guarantor's property, and pledge on various insurance proceeds (notes 13 and 17), pursuant to and subject to the terms and conditions in the prospectus. The bond bear interest rate of 4.00% per annum on the nominal value payable annually in arrears every 18th of October with respect to the \u20ac45 million bond issue and 3.65% per annum on the nominal value payable annually in arrears every 18th of July with respect to the \u20ac15 million bond issue. The bonds are listed on the Official Companies List of the Malta Stock Exchange. The quoted market prices as at 31 December 2025 for the secured bonds was \u20ac98.01 and \u20ac96.01 (2024: \u20ac99.50 and \u20ac98.90), respectively, which in the opinion of the Directors fairly represents the fair value of these financial liabilities and which is considered to be a Level 1 valuation within the fair value hierarchy. The bank overdraft and bank loans bear interest ranging between 4% to 5% per annum (2024: 4% to 5%). These facilities are secured by a general hypothec over the Group\u2019s assets, special hypothec and guarantees over some of the Group\u2019s immovable properties, by joint and several personal guarantees and by pledge over the Group\u2019s insurance policies. The bank overdrafts are repayable on demand. Information about the contractual terms of the Group's loans including interest are disclosed in note 29. The loans from associate are unsecured, interest-free and repayable on demand. 16. Financial assets and financial liabilities (continued) 16.2 Financial liabilities: Loans and borrowings (continued) The interest rate exposures of borrowings are as follows: The Group The Company 2025 2024 2025 2024 \u20ac \u20ac \u20ac \u20ac Total borrowings: At fixed rates 103,203,790 100,200,909 59,910,119 59,850,000 Effective interest rates: Bank overdrafts 4% - 5% 4% - 5% - - Bank loans 2.50% - 4% 2.50% - 4% - - 450,000 (\u20ac100 face value) secured bonds 2027 4.00% 4.00% 4.00% 4.00% 150,000 (\u20ac100 face value) secured bonds 2029 3.65% 3.65% 3.65% 3.65% Lease liability 3.25% - 3.99% 3.25% - 3.99% - - This note provides information about the Company's borrowings. For more information about the Company's exposure to interest rate and liquidity risk, see note 29. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25261": {
"value": "17. Investment property The Group The Company 2025 2024 2025 2024 \u20ac \u20ac \u20ac \u20ac Valuation As at 1 January 221,191,006 213,443,800 - - Additions 4,262,749 9,338,206 - - Transfer to property held-for- sale (note 20) - (1,800,000) - - Change in fair value 4,512,600 209,000 - - Disposals - - - - As at 31 December 229,966,355 221,191,006 - - Fair value Market valuations are performed by independent professional architects every three years or earlier whenever their fair values differ materially from their carrying amounts. In the year when a market valuation is not performed, an assessment of the fair value is performed to reflect market conditions at the year-end date17. Investment property (continued) The fair value of the Group's investment properties as at 31 December 2025 is based on a valuation carried out by an independent architect on 31 October 2023 for properties pledged to secure borrowings for all remaining properties as at year end. The Group assessed that there are no conditions that would significantly increase or decrease the fair value of assets determined on 31 December 2025. The architect is qualified and has experience in valuation of properties of similar locations and categories. As at 31 December 2025, management also assessed whether there are any significant changes to the significant inputs of the valuation. The fair value movement were credited to profit or loss and subsequently transferred to revaluation reserve under equity. As at 31 December 2025 and 2024, these properties have been categorised to fall within level 2 of the fair value hierarchy. The different levels in the fair value hierarchy have been defined in note 31. The Group policy is to recognise transfers into and out of fair value hierarchy levels as of date of the event of change in circumstances that caused the transfer. There were no transfers between levels during the year. For all properties, their current use equates to the highest and best use. Reconciliation of fair value: Office properties Commercial properties Residential properties Total \u20ac \u20ac \u20ac \u20ac As at 1 January 2024 69,868,332 71,761,633 71,813,835 213,443,800 Additions 2,803,267 2,911,278 3,623,661 9,338,206 Transfer to property held-for- sale (note 20) - - (1,800,000) (1,800,000) Fair value change recognised in profit or loss - 50,000 159,000 209,000 As at 31 December 2024 72,671,599 74,722,911 73,796,496 221,191,006 Additions 1,387,120 1,049,937 1,825,692 4,262,749 Fair value change recognised in profit or loss 2,477,409 815,481 1,219,710 4,512,600 As at 31 December 2025 76,536,128 76,588,329 76,841,898 229,966,355 For investment properties categorised under Level 2 of the fair value hierarchy as at 31 December 2025 and 2024, the following techniques and inputs were used: Type of property Technique Inputs Commercial properties Market approach Value of the properties are based on the selling price of similar types of properties. Residential properties Market approach Office properties Market approach As at year end, the Company did not have preliminary agreements for contractual agreements for the acquisition of investment property. As at year end, the Company had investment property with a carrying amount of \u20ac64,500,000 (2024: \u20ac64,425,000) pledged to secure borrowings. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25184": {
"value": "18. Intangible assets The Group The Company 2025 2024 2025 2024 \u20ac \u20ac \u20ac \u20ac Cost - Computer Software As at 1 January 186,233 139,997 - - Additions 158,050 46,236 - - As at 31 December 344,283 186,233 - - Amortisation As at 1 January 145,756 130,397 - - Charge for the year 54,871 15,359 - - As at 31 December 200,627 145,756 - - Net book amount As at 1 January 40,477 9,600 - - As at 31 December 143,656 40,477 - - The Group The Company 2025 2024 2025 2024 \u20ac \u20ac \u20ac \u20ac Cost - Brand name As at 1 January 66,500,000 36,500,000 - - Additions - 30,000,000 - - As at 31 December 66,500,000 66,500,000 - - Amortisation Charge for the year - - - - As at 31 December - - - - Net book amount As at 1 January 66,500,000 36,500,000 - - As at 31 December 66,500,000 36,500,000 - - Total intangible assets As at 1 January 66,540,477 36,509,600 - - As at 31 December 66,643,656 66,540,477 - - ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25218": {
"value": "19. Inventories The Group The Company 2025 2024 2025 2024 \u20ac \u20ac \u20ac \u20ac Goods held for resale 53,099 22,417 - - During 2025, \u20ac1,415,313 (2024: \u20ac1,273,029) was recognised as an expense during the year and included in cost of sales (note 7). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25210": {
"value": "20. Property held-for-sale The Group The Company 2025 2024 2025 2024 Cost \u20ac \u20ac \u20ac \u20ac As at 1 January 4,235,816 2,919,629 - - Transfer from investment property (note 17) - 1,800,000 - - Disposals (1,799,999) (483,813) - - As at 31 December 2,435,817 4,235,816 - - In 2025, the Group sold properties for resale costing \u20ac1,799,999 and sale value consideration of \u20ac2,300,000. The profit from these transactions were shown in the statement of profit or loss and other comprehensive income under revenue from contracts with customers (note 6). ",
"dimensions": {
"concept": "stivala:DisclosureOfPropertyHeldForSaleTextBlock",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25185": {
"value": "21. Trade and other receivables The Group The Company 2025 2024 2025 2024 \u20ac \u20ac \u20ac \u20ac Current Trade receivables 1,797,195 1,202,703 - - Amounts owed by directors - - - - Amounts owed by ultimate beneficial owners 2,366,127 - - - Other receivables 380,629 409,526 649 - Other advances 831,949 1,513,909 - - Accrued rental income 70,833 50,833 - - Indirect taxation - - - - Prepayments and accrued income - 33,997 - - 5,446,733 3,210,968 649 - Allowance for ECL on (note 31): Trade receivables (220,177) (79,919) - - Amounts owed by directors - - - - Other receivables (828) (886) - - (221,005) (80,805) - - Total trade and other receivables 5,225,728 3,130,163 649 - Trade receivables are non-interest bearing and are generally on terms of 30 to 90 days. The amounts owed by related parties are unsecured, interest free and repayable on demand. Other advances include advance deposits on purchase of properties. Set out below is the movement in the allowance for ECL on trade and other receivables: The Group The Company 2025 2024 2025 2024 \u20ac \u20ac \u20ac \u20ac As at 1 January 80,805 102,796 - 10,402 Provision for ECL (note 7) 140,200 (21,991) - (10,402) As at 31 December 221,005 80,805 - - ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25165": {
"value": "22. Trade and other payables The Group The Company 2025 2024 2025 2024 \u20ac \u20ac \u20ac \u20ac Current Amount received in advance 39,525 9,141 - - Trade payables 3,519,944 2,928,586 - 1,036 Amounts due to associate - 5,439,181 - - Other payables 2,966,354 2,029,654 22,257 16,461 Indirect taxes and Social Security Contributions 2,252,941 1,950,281 - - Accruals 2,000,805 1,188,231 889,955 846,709 Deferred rental income 1,495,104 1,911,511 - - Total trade and other payables 12,274,673 15,456,585 912,212 864,206 Trade payables are non-interest bearing and are normally settled between 30 to 90 days. Other payables which includes refundable security and other deposits to tenants. Indirect taxes and social security contributions included due from prior years, which are being paid in instalments in accordance with the agreements entered by the Group with Commission for Revenue. The Group's exposure to liquidity risk related to trade and other payables is disclosed in note 29. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25187": {
"value": "23. Leases 23.1 The Group as a lessee The Group has lease contracts for various buildings and furniture and fittings used in its operations. Leases of building has lease terms of 5 to 11 years, while furniture and fittings have lease terms of 5 years. The Group\u2019s obligations under its leases are secured by the lessor\u2019s title to the leased assets. Generally, the Group is not restricted from subleasing the leased assets (except when otherwise agreed with the lessor in special terms) and effecting major structural or layout alterations on the leased premises. The Group has a lease contract which includes in-substance fixed payments. The Group has no lease contracts containing variable lease payments that depend on an index or a rate, residual value guarantees and sales and leaseback transactions. The Group has leases of garage with lease term of 12 months or less. The Group applies the \u2018short -term lease\u2019 recognition exemption for this lease. There are no other leases qualifying for short term or low value asset recognition exemptions applicable to the Company. 23. Leases (continued) 23.1 The Group as a lessee (continued) Set out below are the carrying amounts of the Group's right-of-use assets recognised and the movements during the period: Buildings Furnitures and Fittings Total \u20ac \u20ac \u20ac As at 1 January 2024 201,575 2,359 203,934 Depreciation expense (note 7) (49,280) (2,359) (51,639) As at 31 December 2024 152,295 - 152,295 Depreciation expense (note 7) (43,241) - (43,241) As at 31 December 2025 109,054 - 109,054 Set out below are the carrying amounts of lease liabilities included under interest-bearing loans and borrowings (note 16) and the movements during the period: The Group The Company 2025 2024 2025 2024 \u20ac \u20ac \u20ac \u20ac As at 1 January 172,360 225,046 - - Payments (48,746) (60,405) - - Accretion of interest (note 9) 5,883 7,719 - - As at 31 December 129,497 172,360 - - Current 35,266 42,863 - - Non-current 94,231 129,497 - - The maturity analysis of lease liabilities are disclosed in note 3123. Leases (continued) 23.1 The Group as a lessee (continued) The following are the amounts recognised in profit or loss: The Group The Company 2025 2024 2025 2024 \u20ac \u20ac \u20ac \u20ac Depreciation expense of right- of-use assets 43,241 51,639 - - Interest expense on lease liabilities 5,883 7,719 - - Expense relating to short-term leases and leases of low-value assets (included in administrative expenses) (note 7) 65,955 100,268 - - Total amount recognised in profit or loss 115,079 159,626 - - The Group had total cash outflows for leases of \u20ac48,746 in 2025 (\u20ac60,405 in 2024). In 2025, same as 2024, there is no non-cash addition to right-of-use assets and lease liabilities. 23.2 The Group as a lessor The Group has entered into operating leases on its property portfolio consisting of certain commercial and residential buildings (see notes 13 and 17). These leases have terms of between 1 and 3 years for the non-cancellable portion, while up to 8 years for the cancellable portion thereafter. All leases include a clause to enable upward revision (usually 10%) of the rental charge at various intervals on a cumulative basis (in-substance fixed payments) as a precaution to prevailing market conditions throughout the whole lease term. The Group is not exposed to foreign currency risk as a result of the lease arrangements, as all leases are denominated in euro. Rental income recognised by the Group during the year is \u20ac10,920,582 (2024: \u20ac10,283,694). Future minimum rentals receivable under non-cancellable operating leases as at 31 December are as follows: The Group The Company 2025 2024 2025 2024 \u20ac \u20ac \u20ac \u20ac Within one year 11,864,596 4,971,033 - - After one year but not more than five years 31,593,537 8,002,498 - - More than five years 8,315,587 2,414,854 - - 51,773,720 15,388,385 - - ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25167": {
"value": "24. Deferred taxation Deferred tax liability he Group The Company 2025 2024 2025 2024 \u20ac \u20ac \u20ac \u20ac As at 1 January (33,629,848) (30,409,757) - - (Charge)/Credit in profit or loss (note 11) 2,946,224 (16,720) - - Charge in other comprehensive income (17,366,702) (3,203,371) - - As at 31 December (48,050,326) (33,629,848) - - The balance represents: The Group The Company 2025 2024 2025 2024 \u20ac \u20ac \u20ac \u20ac Tax effect of temporary differences relating to: Asset revaluations (48,050,326) (33,629,848) - - Deferred tax asset The Group The Company 2025 2024 2025 2024 \u20ac \u20ac \u20ac \u20ac As at 1 January 16,756,098 10,240,518 223,206 435,202 Credit/(charge) in profit or loss (note 11) 1,738,351 6,515,580 (95,384) (211,996) As at 31 December 18,494,449 16,756,098 127,822 223,206 The balance represents: The Group The Company 2025 2024 2025 2024 \u20ac \u20ac \u20ac \u20ac Tax effect of temporary differences relating to: Excess of capital allowances over depreciation 6,531,713 5,363,138 - - Unabsorbed capital allowances 6,846,516 5,220,494 - - Unrelieved tax losses 4,111,946 4,206,060 121,636 215,750 Allowance for estimated credit losses 193,515 1,173,236 6,186 7,456 Leases 200,819 200,688 - - Investment tax credit 609,940 592,482 - - 18,494,449 16,756,098 127,822 223,206 Deferred income taxes are calculated on all temporary differences under the liability method and are measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled based on tax rates (and tax laws) that have been enacted by the end of the reporting period. The principal tax used is 35% (2024: 35%) with the exception of deferred taxation on the fair valuation of non-depreciable investment property which is computed on the basis applicable to disposals of immovable property that is tax effect of 8% (2024: 8%) of the transfer value. The Group and the Company did not have unrecognised deferred income tax assets that could be carried forward against future taxable income as at 31 December 2025 and 31 December 2024. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25139": {
"value": "25. Share capital The Group The Company 2025 2024 2025 2024 \u20ac \u20ac \u20ac \u20ac Authorised: 500,000 Ordinary shares of \u20ac1 each 500,000 500,000 500,000 500,000 Issued and fully paid up: 255,000 Ordinary shares of \u20ac1 each 258,804 255,000 258,804 255,000 Each ordinary share gives the right to one vote, participates equally in profits distributed by the company and carries equal rights upon distribution of assets by the company in the event of winding up. See note 22 for more information on the reduction of issued share capital of the Group and the Company. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfClassesOfShareCapitalExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25194": {
"value": "26. Earnings per share Earnings per share is based on the profit for the year attributable to the owners of the Group divided by the weighted average number of ordinary shares in issue during the year. The Group The Company 2025 2024 2025 2024 \u20ac \u20ac \u20ac \u20ac Profit for the year attributable to shareholders: - Basic profit/(loss) for year attributable to ordinary equity holders of the parent 20,343,865 50,331,733 4,987,399 21,165,743 Weighted average number of ordinary shares in issue (note 25) 258,804 255,000 258,804 255,000 Earnings/(loss) per share (cents) - Basic profit/(loss) for year attributable to ordinary equity holders of the parent 78.61 194.48 19.27 81.78 There is no difference between the basic and diluted earnings per share as the Group and Company has no potential dilutive ordinary shares",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25209": {
"value": "27. Revaluation reserve The Group The Company 2025 2024 2025 2024 \u20ac \u20ac \u20ac \u20ac As at 1 January 261,353,044 261,160,764 - - Revaluation of property, plant and equipment, net of deferred tax (note 13 and 24) 11,784,745 - - - Revaluation of investment property, net of deferred tax (note 17 and 24) 4,151,592 192,280 - - As at 31 December 277,289,381 261,353,044 - - The revaluation reserve comprises the revaluation of property, plant and equipment and investment properties, net of deferred taxation due to change in fair market value which are unrealised at the reporting date. The change in fair value of investment properties are transferred from retained earnings to this reserve since these gains are not considered by the directors to be available for distribution. Upon disposal of the respective investment property, realised fair value gains are transferred back to retained earnings. This reserve is a non-distributable reserve. ",
"dimensions": {
"concept": "stivala:DisclosureOfRevaluationReserveOnPropertyPlantAndEquipmentAndInvestmentPropertyTextBlock",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25211": {
"value": "28. Cash and cash equivalents The Group The Company 2025 2024 2025 2024 \u20ac \u20ac \u20ac \u20ac Cash at banks and in hand 6,598,604 1,455,374 - 4,011 Allowance for ECL (2,670) (409) - - Bank overdrafts (note 16) (2,225,195) (452,911) (119) - As at 31 December 4,370,739 1,002,054 (119) 4,011 Set out below is the movement in the allowance for ECL on cash in banks: The Group The Company 2025 2024 2025 2024 \u20ac \u20ac \u20ac \u20ac As at 1 January 409 344 - - Provision for ECL (note 7) 2,261 65 - - As at 31 December 2,670 409 - - ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25212": {
"value": "Set out below is the movement in the allowance for ECL on cash in banks: The Group The Company 2025 2024 2025 2024 \u20ac \u20ac \u20ac \u20ac As at 1 January 409 344 - - Provision for ECL (note 7) 2,261 65 - - As at 31 December 2,670 409 - - 29. Financial risk management objectives and policies (continued) Set out below is the information about the credit risk exposure on the Group and Company's financial assets and contract assets subject to ECL under IFRS 9. 31 December 2025 The Group Trade receivables (notes 16 and 21) Loans to other related undertakings (note 16) Loans to associates (notes 16 and 21) Loans to other party (note 16) Other receivables (notes 16 and 21) Amounts owed by directors (notes 16 and 21) Cash and cash equivalents (note 31) Total Approach in measuring ECL Simplified General General General General General General Probability of default 15% 3.19% - 75% 4.84% - 100% 1% 0.06% - 1% 1.00% 0.15% Loss given default N/A 100% 100% 75% 100% 100% 45% Estimated gross carrying amount at default 1,447,964 8,774,349 5,710,014 250,000 253,544 - 6,598,604 Allowance for ECL 220,177 2,557,597 271,207 1,875 828 - 2,670 3,054,354 (Decrease) / increase in provision for ECL (note 7) 140,258 (477,167) (5,650) - (58) - 2,261 (340,356) 31 December 2024 The Group Trade receivables (notes 16 and 21) Loans to other related undertakings (note 16) Loans to associates (notes 16 and 21) Loans to other party (note 16) Other receivables (notes 16 and 21) Amounts owed by directors (notes 16 and 21) Cash and cash equivalents (note 31) Total Approach in measuring ECL Simplified General General General General General General Probability of default 0% - 32.26% 4.84% - 100% 1.34% - 100% 1% 0.70% - 1% 1% 0.06% Loss given default N/A 100% 100% 75% 100% 100% 45% Estimated gross carrying amount at default 718,503 10,971,613 5,630,114 250,000 238,090 - 14,335 Allowance for ECL 79,919 3,034,764 276,857 1,875 886 - 409 3,394,710 Increase in provision for ECL (note 7) 61,392 (4,175,429) 525 - (964) (82,419) 65 (4,196,830) 29. Financial risk management objectives and policies (continued) 31 December 2025 The Company Loans to subsidiary (note 16) Amounts owed by directors (notes 16 and 21) Total Approach in measuring ECL General General Probability of default 0.57% 0.70% Loss given default 90.27% 100% Estimated gross carrying amount at default 10,979,876 - Allowance for ECL 17,673 - 17,673 Increase in provision for ECL(note 7) (3,630) - (3,630) 31 December 2024 The Company Loans to subsidiary (note 16) Amounts owed by directors (notes 16 and 21) Total Approach in measuring ECL General General Probability of default 0.57% 0.70% Loss given default 90.04% 100% Estimated gross carrying amount at default 8,005,201 - Allowance for ECL 21,303 - 21,303 Decrease in provision for ECL (note 8) 21,303 (10,402) 10,901 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25202": {
"value": "29. Financial risk management objectives and policies The Group's principal financial assets comprise trade and other receivables, loans receivable and cash and cash equivalents. Its principal financial liabilities comprise trade and other payables, borrowings and lease liabilities. The Group is exposed to market risk, credit risk, liquidity risk, fair value risk and capital risk management. The Board of Directors reviews and agrees policies for managing each of these risks which are summarised below. Interest rate risk Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Except as disclosed in note 16, the Group's borrowings are non-interest bearing. Borrowings issued at fixed rates consist primarily of bank loans, 3.65% and 4% secured bonds which are carried at amortised cost and therefore do not expose the Group to cash flow and fair value interest rate risk. The Company's exposure to interest rate risk is limited to the variable interest rates on bank overdraft and bank loans. Based on observations of current market conditions, the directors consider an upward or downward movement in interest of 1% to be reasonable possible. However, the potential impact of such movement is considered immaterial. As a result, the Company is not subject to significant amounts of risk due to fluctuations on the prevailing levels of market interest rates. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25203": {
"value": "Market risk Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market prices comprise four types of risk: interest rate risk, currency risk, commodity price risk and other price risk. Financial instruments affected by market risk include borrowings. The Group is only exposed to interest rate risk",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25217": {
"value": "Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables and contract assets) and from its financing activities including deposits with banks and loans to related undertakings. Customer credit risk is managed by the Group's management subject to the Group's established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed based on each individual's credit limits. Outstanding customer receivables are regularly monitored. An impairment analysis is performed at the reporting date on an individual basis. The Group exercises a prudent credit control policy, and accordingly, it is not subject to any significant exposure or concentration of credit risk. The Group banks only with local financial institutions with high quality standard or rating. The Group's operations are principally carried out in Malta and most of the Group's revenue originates from clients based in Malta. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25200": {
"value": "Fair value risk As at 31 December 2025 and 2024, the carrying amounts of trade and other receivables, other financial assets (loans and receivables), cash and cash equivalents, trade and other payables and current borrowings reflected in the financial statements are reasonable estimates of fair value in view of the nature of these instruments or the relatively short period of time between the origination of the instruments and their expected realisation. The fair values of non-current borrowings are not materially different from their carrying amounts in the statement of financial position. The Group used the following hierarchy for determining and disclosing the fair value of investment property. Level 1: quoted(unadjusted) prices in active markets for identical assets or liabilities; Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly; and Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data. ",
"dimensions": {
"concept": "stivala:StivalaDisclosureOfFairValueRisk",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25213": {
"value": "air value measurement hierarchy: The Group Level 1 Level 2 Level 3 Total \u20ac \u20ac \u20ac \u20ac As at 31 December 2025 Investment property Commercial properties - 76,588,329 - 76,588,329 Residential properties - 76,841,898 - 76,841,898 Offices - 76,536,128 - 76,536,128 - 229,966,355 - 229,966,355 Property, plant and equipment Commercial properties - 157,245,736 - 157,245,736 Residential properties - 44,269,019 - 44,269,019 - 201,514,755 - 201,514,755 There were no transfers between level classifications of investment property and property, plant and equipment during 2024. The Group Level 1 Level 2 Level 3 Total \u20ac \u20ac \u20ac \u20ac As at 31 December 2024 Investment property Commercial properties - 74,722,911 - 74,722,911 Residential properties - 73,796,496 - 73,796,496 Offices - 72,671,599 - 72,671,599 - 221,191,006 - 221,191,006 Property, plant and equipment Commercial properties - 129,723,238 - 129,723,238 Residential properties - 43,881,136 - 43,881,136 - 173,604,374 - 173,604,374 As at 31 December 2025 and 2024, there are no properties owned by the Company. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25172": {
"value": "Capital Risk management Capital includes the equity attributable to the ultimate shareholders of the Group. The primary objective of the Group's capital management is to ensure that it maintains 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. To maintain or adjust the capital structure, the Group may adjust the dividend payment to the shareholders, return capital to the shareholders or issue new shares. No changes were made in the objectives, policies or processes for managing capital during the years ended 31 December 2025 and 2024. The Group The Company 2025 2024 2025 2024 \u20ac \u20ac \u20ac \u20ac Interest-bearing loans and other borrowings 113,517,159 102,466,079 67,283,085 65,289,181 Trade and other payables (note 23) 12,274,675 15,456,585 912,212 864,206 Finance lease liability (note 24) 129,497 172,360 - - Less: cash and cash equivalents (6,595,934) (1,454,965) - (4,011) Net debt 119,325,397 116,640,059 68,195,297 66,149,376 Equity 386,842,376 358,863,517 2,922,344 2,084,695 Net debt to equity ratio 0.34:1 0.34:1 (-66.68):1 (-66.68):1 No changes were made in the objectives, policies or processes for managing capital during the years ended 31 December 2025 and 2024. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25279": {
"value": "30. Events after the reporting date People and Organisation Looking ahead, the Group could eventually result in certain holiday apartments being redirected into longer-term rental stock, slightly easing tightness. However, the Group\u2019s people agenda for 2026 is focused on strengthening delivery through an updated organisational structure and the standardisation of processes across all roles. Clear roles, responsibilities and reporting lines are being established to improve accountability, consistency and decision-making across the organisation. To reinforce leadership capacity, the Group looks forward to the commencement of a new Revenue Manager for ST Hotels in the near term. This role is expected to strengthen revenue management capability and support improved forecasting, pricing discipline and performance optimisation across the hotel portfolio. The Group is also establishing a dedicated Learning and Development department to provide structured guidance on career pathways and to formalise procedures across all sectors. This will help ensure consistent standards, clearer progression opportunities and stronger support for employees at every level. Management expects these initiatives to contribute positively to employee retention and to sustaining high standards across operations appointed a new General Manager and a new Marketing Manager. In addition, the Group\u2019s hotels met budget expectations for the first four months of operation, and we will continue to monitor the situation and react accordingly. In summary: hotels and tourism may see a short-lived boost from market reallocation, but there is a medium-term risk of slower growth or yield compression; residential rentals remain underpinned by a tight market and steady foreign demand, though higher financing costs and global sentiment could moderate rent growth; and commercial real estate (offices and shopping) is supported by scarce land and strong service-sector demand. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25284": {
"value": "31. Supplemental cash flow information Changes in liabilities arising from financing activities The Group 1 January 2025 Cash flows Non-cash changes 31 December 2025 \u20ac \u20ac \u20ac \u20ac Bank overdrafts 452,911 1,722,284 - 2,225,195 Bank loans 39,725,638 1,213,460 - 40,939,098 4% and 3.65% secured bonds 59,850,000 - 60,000 59,910,000 Loans from associate - 105,780 - 105,780 Shareholders' loans - - - - Amount due to related undertakings - - 10,337,086 10,337,086 Finance lease liability (notes 16, 24 and 31) 172,360 (48,746) 5,883 129,497 Total liabilities from financing activities 100,200,909 3,042,778 10,402,969 113,646,656 The Group 1 January 2024 Cash flows Non-cash changes 31 December 2024 \u20ac \u20ac \u20ac \u20ac Bank overdrafts 2,859,195 (2,406,284) - 452,911 Bank loans 32,471,514 7,254,124 - 39,725,638 4% and 3.65% secured bonds 59,790,000 - 60,000 59,850,000 Shareholders' loans - - - - Loans from associate 124 (124) - - Finance lease liability (notes 16, 24 and 31) 225,044 (60,405) 7,721 172,360 Amounts due to related undertakings 3,125,848 - (688,318) 2,437,530 Total liabilities from financing activities 98,471,725 4,787,311 (620,597) 102,638,439 Non-cash changes refer to accumulated amortization of bond issue cost, accretion of interest expense on finance lease liability, and additional lease liability recognised during the year. The Company 1 January 2025 Cash flows Non-cash changes 31 December 2025 \u20ac \u20ac \u20ac \u20ac Proposed dividends 5,439,181 (7,373,085) - 7,373,085 4% and 3.65% secured bonds 59,850,000 - 60,000 59,910,000 Loans from subsidiary undertakings - 6,705,000 (6,705,000) - Total liabilities from financing activities 65,289,181 (668,085) (6,645,000) 67,283,085 1 January 2024 Cash flows Non-cash changes 31 December 2024 \u20ac \u20ac \u20ac \u20ac Proposed dividends - 5,439,181 - 5,439,181 4% and 3.65% secured bonds 59,790,000 - 60,000 59,850,000 Loans from subsidiary undertakings 377,571 22,622,429 (23,000,000) - Total liabilities from financing activities 60,167,571 28,061,610 (22,940,000) 65,289,181 Non-cash changes refer to accumulated amortization of bond issue cost and loss incurred on owner's divestiture recognised during the year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25197": {
"value": "32. Contingent liabilities Some of the companies within the group (where the Company forms part as an ultimate parent company) are engaged in various legal proceedings. As at approval date of these financial statements, it is difficult to predict exposures of the Group; hence no provision has been made in the consolidated financial statements accordingly. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25140": {
"value": "33. Related party transactions The Company The following table provides the total amount of transactions that have been entered into with related parties for the relevant financial year. Expenses recharge to (from) related parties Dividend income Interest income Amount owed by (to) related parties \u20ac \u20ac \u20ac \u20ac Subsidiary of the Company: Carmelo Stivala Group Limited 2025 - 7,545,140 - 10,979,876 2024 - 23,854,283 - - Sub-subsidiaries of the Company: ST Hotels Ltd. 2025 (45,000) - - - 2024 (43,500) - - - Terms and conditions of transactions with related parties The sales to and purchases from related parties are made on terms equivalent to those that prevail in arm\u2019s length transactions. Outstanding balances at the year-end are unsecured and interest free and settlement occurs in cash. There have been no guarantees provided or received for any related party receivables or payables. For the year ended 31 December 2025, the Group recorded impairment of receivables relating to amounts owed by other related undertakings disclosed in notes 16, 21 and 31, in compliance with IFRS 9. This assessment will be undertaken each financial year through examining the financial position of the related party and the market in which the related party operates together with other historical data on recovery of amounts due. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25141": {
"value": "33. Related party transactions The Company The following table provides the total amount of transactions that have been entered into with related parties for the relevant financial year. Expenses recharge to (from) related parties Dividend income Interest income Amount owed by (to) related parties \u20ac \u20ac \u20ac \u20ac Subsidiary of the Company: Carmelo Stivala Group Limited 2025 - 7,545,140 - 10,979,876 2024 - 23,854,283 - - Sub-subsidiaries of the Company: ST Hotels Ltd. 2025 (45,000) - - - 2024 (43,500) - - - Terms and conditions of transactions with related parties The sales to and purchases from related parties are made on terms equivalent to those that prevail in arm\u2019s length transactions. Outstanding balances at the year-end are unsecured and interest free and settlement occurs in cash. There have been no guarantees provided or received for any related party receivables or payables. For the year ended 31 December 2025, the Group recorded impairment of receivables relating to amounts owed by other related undertakings disclosed in notes 16, 21 and 31, in compliance with IFRS 9. This assessment will be undertaken each financial year through examining the financial position of the related party and the market in which the related party operates together with other historical data on recovery of amounts due. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"mapping_25142": {
"value": "34. Ultimate controlling parties Stivala Group Finance p.l.c., the ultimate parent company, is a public limited company incorporated in Malta. The Company's registered office is ST Group Head Office, Novotel Hotel, Level 2, 60, Triq Sir Frederick C. Ponsonby, Gzira, GZR 1070, Malta. The Company's share capital is fully owned by Carmelo Stivala Trustee Limited acting as a trustee, on behalf of the ultimate beneficial owners which are Mr. Michael Stivala, Mr. Ivan Stivala and Martin John Stivala. ",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:213800A1PC5JJQ42YB81",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
}
}
}