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\n
\n
\n1. Corporate information
\n
\nMHP SE (the \u201cParent\u201d or \u201cMHP SE\u201d), a limited liability company (Societas
\nEuropaea) registered under the laws of Cyprus,
\n\nwas formed on 30 May
\n2006
\n\n\n\n.
\n\nHereinafter, MHP SE and its subsidiaries are referred to as the \u201cMHP
\nSE Group\u201d or the \u201cGroup\u201d.
\n\n\n\n The registered address of MHP SE is
\n\n16-18 Zinas
\nKanther Street, Agia Triada, 3035 Limassol, Cyprus.
\n\n\n\n The MHP SE shares are
\nlisted on the London Stock Exchange (\u201cLSE\u201d) in the form of global depositary
\nreceipts (\u201cGDRs\u201d).
\nThe controlling shareholder of MHP SE is Mr. Yuriy Kosyuk (\u201cPrincipal
\nShareholder\u201d), who owns 100% of the shares of WTI Trading Limited
\n(\u201cWTI\u201d), the immediate majority shareholder of MHP SE, which in turn
\ndirectly owns of 59.7% of the total outstanding share capital of MHP SE.
\nThe principal business activities of the Group are
\n\npoultry and related
\noperations, agriculture and vegetable oil operations
\n\n\n\n. The Group\u2019s poultry
\nand related operations integrate all functions related to chicken production,
\nincluding hatching, fodder manufacturing, raising chickens to marketable
\nage (\u201cgrow-out\u201d), processing and sale of frozen and chilled chicken meat,
\nas well as processed meat products. Among other business activities, the
\nGroup also engaged into pork production and animal feed. Agriculture
\noperations comprise cultivation and sale of grains as well as cattle breeding
\nfor milk production. Vegetable oil operations include production and sale
\nof vegetable oil, cake, and husk.
\n\n
As at 31 December 2025, the Group had
\n
40,020 employees, up from 36,306 employees as at 31 December 2024.
\n\n\n
\n\n
The Group\u2019s primary operational facilities are located across various regions of
\n
\n\n
Ukraine and other European countries. The European operations are represented
\n
by Perutnina Ptuj and its subsidiaries, with facilities in Slovenia, Serbia, Croatia,
\n
and Bosnia and Herzegovina
\n\n\n\n
. Effective 1 August 2025, the Group\u2019s presence
\n
was expanded to Spain through acquisition of UVE S.A (\u201cUVESA\u201d).
\n
The primary subsidiaries, the principal activities of the companies
\n
forming the Group and the Parent\u2019s effective ownership interest as of
\n
31 December 2025 and 2024 were as follows:
\n
\n\n\n
\n
\n
\n\n\n| NAME | \nCOUNTRY OF REGISTRATION | \nYEAR ESTABLISHED/ ACQUIRED | \nPRINCIPAL ACTIVITIES | \n31 DECEMBER 2025 | \n31 DECEMBER 2024 | \n\n\n\n
\n\n\n\n\n\n\n| MHP Lux S.A. | \nLuxembourg | \n2018 | \nFinance Company | \n100.0% | \n100.0% | \n\n\n\n
\n\n| MHP | \nUkraine | \n1998 | \nManagement, marketing and sales | \n99.9% | \n99.9% | \n\n\n\n
\n\n| Myronivsky Plant of Manufacturing Feeds and Groats | \nUkraine | \n1998 | \nFodder and vegetable oil production | \n88.5% | \n88.5% | \n\n\n\n
\n\n| Vinnytska Ptakhofabryka | \nUkraine | \n2011 | \nChicken farm | \n99.9% | \n99.9% | \n\n\n\n
\n\n| Peremoga Nova1) | \nUkraine | \n1999 | \nBreeder farm | \n99.9% | \n99.9% | \n\n\n\n
\n\n| Oril-Leader | \nUkraine | \n2003 | \nChicken farm | \n99.9% | \n99.9% | \n\n\n\n
\n\n| Myronivska Pticefabrika | \nUkraine | \n2004 | \nChicken farm | \n99.9% | \n99.9% | \n\n\n\n
\n\n| Starynska Ptakhofabryka | \nUkraine | \n2003 | \nBreeder farm | \n100.0% | \n100.0% | \n\n\n\n
\n\n| Zernoprodukt MHP | \nUkraine | \n2005 | \nGrain cultivation | \n99.9% | \n99.9% | \n\n\n\n
\n\n| Katerinopilskiy Elevator | \nUkraine | \n2005 | \nFodder production and grain storage, vegetable oil production | \n99.9% | \n99.9% | \n\n\n\n
\n\n| SPF Urozhay | \nUkraine | \n2006 | \nGrain cultivation | \n99.9% | \n99.9% | \n\n\n\n
\n\n| Agrofort | \nUkraine | \n2006 | \nGrain cultivation | \n99.9% | \n99.9% | \n\n\n\n
\n\n| MHP-Urozhayna Krayina | \nUkraine | \n2010 | \nGrain cultivation | \n99.9% | \n99.9% | \n\n\n\n
\n\n| Ukrainian Bacon | \nUkraine | \n2008 | \nMeat processing | \n79.9% | \n79.9% | \n\n\n\n
\n\n| MHP-AgroKryazh | \nUkraine | \n2013 | \nGrain cultivation | \n51.0% | \n51.0% | \n\n\n\n
\n\n| MHP-Agro-S | \nUkraine | \n2013 | \nGrain cultivation | \n51.0% | \n51.0% | \n\n\n\n
\n\n| Zakhid-Agro MHP | \nUkraine | \n2015 | \nGrain cultivation | \n100.0% | \n100.0% | \n\n\n\n
\n\n| Perutnina Ptuj d.d. | \nSlovenia | \n2019 | \nPoultry production | \n100.0% | \n100.0% | \n\n\n\n
\n\n| MHP Food Trading | \nUnited Arab Emirates | \n2016 | \nTrading in vegetable oil and poultry meat | \n100.0% | \n100.0% | \n\n\n\n
\n\n| MHP B.V. | \n Netherlands | \n2014 | \nTrading in poultry meat | \n100.0% | \n100.0% | \n\n\n\n
\n\n| MHP Trade B.V. | \n Netherlands | \n2018 | \nTrading in poultry meat | \n100.0% | \n100.0% | \n\n\n\n
\n\n| MHP Saudi Arabia Trading | \nSaudi Arabia | \n2018 | \nTrading in poultry meat | \n100.0% | \n100.0% | \n\n\n\n
\n\n| MHP Food UK Limited | \nUK | \n2021 | \nTrading in poultry meat | \n100.0% | \n100.0% | \n\n\n\n
\n\n| UVE S.A. | \nSpain | \n2025 | \nPoultry and pork production | \n92.0% | \n- | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
\n
1)
\n
The assets, liabilities and respective operations of this subsidiary were merged by Vinnytska Ptakhofabryka in 2025. The entity is currently undergoing liquidation
\n
\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag366": {
"value": "MHP SE",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag367": {
"value": "SE",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag368": {
"value": "Cyprus",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag369": {
"value": "\nwas formed on 30 May \n2006\n\n\n",
"dimensions": {
"concept": "ifrs-full:LengthOfLifeOfLimitedLifeEntity",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag370": {
"value": "\nHereinafter, MHP SE and its subsidiaries are referred to as the \u201cMHP \nSE Group\u201d or the \u201cGroup\u201d.\n\n\n",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag371": {
"value": "\n16-18 Zinas \nKanther Street, Agia Triada, 3035 Limassol, Cyprus.\n\n\n",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag372": {
"value": "WTI Trading Limited",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag373": {
"value": "\npoultry and related \noperations, agriculture and vegetable oil operations\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag374": {
"value": "\nAs at 31 December 2025, the Group had
\n40,020 employees, up from 36,306 employees as at 31 December 2024.
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag375": {
"value": "\nThe Group\u2019s primary operational facilities are located across various regions of
\n
\n\nUkraine and other European countries. The European operations are represented
\nby Perutnina Ptuj and its subsidiaries, with facilities in Slovenia, Serbia, Croatia,
\nand Bosnia and Herzegovina
\n\n\n\n. Effective 1 August 2025, the Group\u2019s presence
\nwas expanded to Spain through acquisition of UVE S.A (\u201cUVESA\u201d).
\nThe primary subsidiaries, the principal activities of the companies
\nforming the Group and the Parent\u2019s effective ownership interest as of
\n31 December 2025 and 2024 were as follows:
\n
\n\n\n\n\n
\n\n\n| NAME | \nCOUNTRY OF REGISTRATION | \nYEAR ESTABLISHED/ ACQUIRED | \nPRINCIPAL ACTIVITIES | \n31 DECEMBER 2025 | \n31 DECEMBER 2024 | \n\n\n\n
\n\n\n\n\n\n\n| MHP Lux S.A. | \nLuxembourg | \n2018 | \nFinance Company | \n100.0% | \n100.0% | \n\n\n\n
\n\n| MHP | \nUkraine | \n1998 | \nManagement, marketing and sales | \n99.9% | \n99.9% | \n\n\n\n
\n\n| Myronivsky Plant of Manufacturing Feeds and Groats | \nUkraine | \n1998 | \nFodder and vegetable oil production | \n88.5% | \n88.5% | \n\n\n\n
\n\n| Vinnytska Ptakhofabryka | \nUkraine | \n2011 | \nChicken farm | \n99.9% | \n99.9% | \n\n\n\n
\n\n| Peremoga Nova1) | \nUkraine | \n1999 | \nBreeder farm | \n99.9% | \n99.9% | \n\n\n\n
\n\n| Oril-Leader | \nUkraine | \n2003 | \nChicken farm | \n99.9% | \n99.9% | \n\n\n\n
\n\n| Myronivska Pticefabrika | \nUkraine | \n2004 | \nChicken farm | \n99.9% | \n99.9% | \n\n\n\n
\n\n| Starynska Ptakhofabryka | \nUkraine | \n2003 | \nBreeder farm | \n100.0% | \n100.0% | \n\n\n\n
\n\n| Zernoprodukt MHP | \nUkraine | \n2005 | \nGrain cultivation | \n99.9% | \n99.9% | \n\n\n\n
\n\n| Katerinopilskiy Elevator | \nUkraine | \n2005 | \nFodder production and grain storage, vegetable oil production | \n99.9% | \n99.9% | \n\n\n\n
\n\n| SPF Urozhay | \nUkraine | \n2006 | \nGrain cultivation | \n99.9% | \n99.9% | \n\n\n\n
\n\n| Agrofort | \nUkraine | \n2006 | \nGrain cultivation | \n99.9% | \n99.9% | \n\n\n\n
\n\n| MHP-Urozhayna Krayina | \nUkraine | \n2010 | \nGrain cultivation | \n99.9% | \n99.9% | \n\n\n\n
\n\n| Ukrainian Bacon | \nUkraine | \n2008 | \nMeat processing | \n79.9% | \n79.9% | \n\n\n\n
\n\n| MHP-AgroKryazh | \nUkraine | \n2013 | \nGrain cultivation | \n51.0% | \n51.0% | \n\n\n\n
\n\n| MHP-Agro-S | \nUkraine | \n2013 | \nGrain cultivation | \n51.0% | \n51.0% | \n\n\n\n
\n\n| Zakhid-Agro MHP | \nUkraine | \n2015 | \nGrain cultivation | \n100.0% | \n100.0% | \n\n\n\n
\n\n| Perutnina Ptuj d.d. | \nSlovenia | \n2019 | \nPoultry production | \n100.0% | \n100.0% | \n\n\n\n
\n\n| MHP Food Trading | \nUnited Arab Emirates | \n2016 | \nTrading in vegetable oil and poultry meat | \n100.0% | \n100.0% | \n\n\n\n
\n\n| MHP B.V. | \n Netherlands | \n2014 | \nTrading in poultry meat | \n100.0% | \n100.0% | \n\n\n\n
\n\n| MHP Trade B.V. | \n Netherlands | \n2018 | \nTrading in poultry meat | \n100.0% | \n100.0% | \n\n\n\n
\n\n| MHP Saudi Arabia Trading | \nSaudi Arabia | \n2018 | \nTrading in poultry meat | \n100.0% | \n100.0% | \n\n\n\n
\n\n| MHP Food UK Limited | \nUK | \n2021 | \nTrading in poultry meat | \n100.0% | \n100.0% | \n\n\n\n
\n\n| UVE S.A. | \nSpain | \n2025 | \nPoultry and pork production | \n92.0% | \n- | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
1)
\n The assets, liabilities and respective operations of this subsidiary were merged by Vinnytska Ptakhofabryka in 2025. The entity is currently undergoing liquidation
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag377": {
"value": "\nUkraine and other European countries. The European operations are represented \nby Perutnina Ptuj and its subsidiaries, with facilities in Slovenia, Serbia, Croatia, \nand Bosnia and Herzegovina\n\n\n",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag378": {
"value": "\n
\n\n
\n
\n
2. Summary of material accounting policies
\n
BASIS OF PRESENTATION AND ACCOUNTING
\n
\n
The consolidated financial statements have been prepared in accordance
\n
with IFRS Accounting Standards as adopted by the European Union and
\n
the requirements of the Cyprus Companies Law Cap 113. The operating
\n
subsidiaries of the Group maintain their accounting records under local
\n
accounting standards.
\n
The financial statements of the subsidiaries of the Group are prepared
\n
for the same reporting period as the Parent, using consistent accounting
\n
policies. Adjustments are made to align any dissimilar accounting
\n
policies, that may exist, with the Group\u2019s accounting policies.
\n
\n\n\n
\n
BASIS OF PREPARATION
\n
The consolidated financial statements of the Group are prepared on
\n
a historical cost basis, except for revalued amounts of buildings and
\n
structures, grain storage facilities, production machinery, vehicles
\n
and agricultural machinery, biological assets, agricultural produce,
\n
and certain financial instruments, which are measured at fair value.
\n
Historical cost is generally based on the fair value of the consideration
\n
given in exchange for goods and services at the date of initial
\n
recognition of an item.
\n
\n
GOING CONCERN
\n
In assessing the appropriateness of preparing the consolidated
\n
financial statements on a going concern basis, the Group considered
\n
the significant events and conditions, which occurred during the year
\n
ended 31 December 2025 and through to the date of authorization of
\n
these consolidated financial statements:
\n
\u2022 The Group continued to operate within the highly challenging
\n
environment following the Russian invasion of Ukraine. Throughout
\n
2025 and up to April 2026, despite systemic attacks on Ukraine\u2019s
\n
energy and public infrastructure causing widespread electricity
\n
shortages, the Group\u2019s core production facilities remained operational
\n
and largely undamaged.
\n
\u2022 Agricultural export processes remained stable through the Ukrainian
\n
Maritime Corridor. Following the cessation of the UN-backed initiative
\n
in 2023, the corridor has become the primary and reliable route
\n
for the Group\u2019s grain and poultry exports, ensuring uninterrupted
\n
access to global markets.
\n
\u2022 Despite repeated drone and rocket attacks, frequent energy-grid
\n
failures and other logistical challenges, MHP has maintained its
\n
operations without material interruption. This was achieved through
\n
strategic capital expenditure in alternative energy solutions, including
\n
diesel generators and biogas facilities, ensuring a continuous supply
\n
of electricity, steam, heating, and cooling.
\n
\u2022 The Group proactively managed its capital structure by successfully
\n
refinancing its USD 550 million senior notes (originally due April
\n
2026) with new long-term notes maturing in 2029. Throughout
\n
the reporting period and up to the date of this report, the Group
\n
continuously monitors the covenants compliance and, if applicable,
\n
engages with the banks to mitigate any potential non-compliance.
\n
\u2022 For the year ended 31 December 2025, the Group generated revenue
\n
of USD 3,766 million (up 24% YoY) and operating profit of USD 376
\n
million (down 9% YoY). The Group also maintained a strong liquidity
\n
position, supported by positive net cash flows from operating
\n
activities.
\n
\u2022 In August 2025, the Group further de-risked its operational footprint
\n
by acquiring UVESA, a leading vertically integrated poultry producer
\n
in Spain. This acquisition, combined with the continued strong
\n
performance of Perutnina Ptuj in the Balkans, has significantly
\n
mitigated risks associated with the Group\u2019s concentration in Ukraine.
\n
\u2022 Following the escalation of the military conflict in the Middle East
\n
in late February 2026 (Note 40) and related disruptions to regional
\n
navigation, the Group has identified their potential impacts on logistics
\n
costs for its MENA export operations and cost of production due to
\n
additional prices pressure on energy resources and commodities.
\n
Increased selling prices observed across a number of MENA markets
\n
are expected to partially offset the rise in freight costs. The full
\n
monetary impact is currently being assessed and is not expected to
\n
affect the Group's ability to continue as a going concern.
\n
Between 2022 and 2025, the Group successfully transitioned from crisis
\n
management to a model of international growth and energy innovation.
\n
Based on the Group\u2019s current liquidity position, the successful 2026
\n
bond refinancing, and the cash-generative nature of its geographically
\n
diversified operations, Management has a reasonable expectation that
\n
the Group has adequate resources to continue in operational existence
\n
for the foreseeable future.
\n
Management has prepared financial forecasts, including cash flow
\n
projections, covering the 2026-2027 budget cycle. These forecasts
\n
reflect expected economic conditions and consider anticipated changes
\n
in the operating environment.
\n
These forecasts indicate that the Group has adequate resources
\n
to continue in operational existence for the foreseeable future. The
\n
Directors have therefore concluded that it is appropriate to apply the
\n
going concern basis of accounting in preparing these consolidated
\n
financial statements. However, due to the currently unpredictable
\n
effects of the factors described in the Annual report and referred
\n
above, the Directors have concluded that a material uncertainty exists,
\n
which may cast significant doubt on the Group\u2019s ability to continue as
\n
a going concern, in which case the Group may be unable to realize its
\n
assets and discharge its liabilities in the normal course of business.
\n
\n
\n
\n\n\n
\n
\n\n\n
\n\n\n\n
\n
\n
\n2. Summary of material accounting policies
\n(continued)
\n\n
ADOPTION OF NEW AND REVISED
\n
IFRS ACCOUNTING STANDARDS
\n
The Group applied for the first time certain standards and amendments
\n
which are effective for annual periods beginning on or after 1 January
\n
2025. The Group has not early adopted any other standard, interpretation
\n
or amendment that has been issued but is not yet effective.
\n
The following standards and amendments were adopted by the Group
\n
on 1 January 2025:
\n
\u2022 IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack
\n
of Exchangeability (Amendments). These amendments apply to
\n
annual reporting periods beginning on or after 1 January 2025. Their
\n
adoption did not have a material impact on the Group\u2019s consolidated
\n
financial statements.
\n
\n\n
\n
Standards and Interpretations in issue but not effective
\n
At the date of authorization of these consolidated financial statements,
\n
the following Standards and Interpretations, as well as amendments to
\n
the Standards were in issue but not yet effective:
\n
IFRS 9 Financial Instruments and IFRS 7 Financial Instruments:
\n
Disclosures - Classification and Measurement of Financial
\n
Instruments (Amendments)
\n
IIn May 2024, the IASB issued amendments to the Classification
\n
and Measurement of Financial Instruments which amended IFRS 9
\n
Financial Instruments and IFRS 7 Financial Instruments: Disclosures.
\n
The amendments are effective for annual reporting periods beginning
\n
on or after 1 January 2026, with earlier application permitted. The
\n
amendments are not expected to have a material impact on the Group\u2019s
\n
consolidated financial statementsThe amendments are not expected to
\n
have a material impact on the Group\u2019s consolidated financial statements.
\n
IFRS 9 Financial Instruments and IFRS 7 Financial Instruments:
\n
Disclosures - Contracts Referencing Nature-dependent Electricity
\n
(Amendments)
\n
In December 2024, the IASB issued targeted amendments for a better
\n
reflection of Contracts Referencing Nature-dependent Electricity, which
\n
amended IFRS 9 Financial Instruments and IFRS 7 Financial Instruments:
\n
Disclosures. The amendments are effective for annual reporting periods
\n
beginning on or after 1 January 2026, with earlier application permitted.
\n
The amendments are not expected to have a material impact on the
\n
Group\u2019s consolidated financial statements.
\n
Annual Improvements to IFRS Accounting Standards \u2013 Volume 11
\n
In July 2024, the IASB issued Annual Improvements to IFRS Accounting
\n
Standards \u2013 Volume 11. An entity shall apply those amendments for annual
\n
reporting periods beginning on or after 1 January 2026, with earlier
\n
application permitted. Management will analyse the requirements of these
\n
new improvements and assess their impact.
\n
IFRS 18 \u2013 Presentation and Disclosure in Financial Statements
\n
In April 2024, the IASB issued IFRS 18, which supersedes IAS 1. The
\n
standard is effective for annual periods beginning on or after 1 January
\n
2027, with early adoption permitted. The Group intends to adopt the
\n
standard on its effective date and is currently evaluating the impact on
\n
its consolidated financial statements.
\n
Key areas of expected impact include:
\n
\u2022 Reclassification of income and expenses into three new categories
\n
(operating, investing, and financing) to provide defined subtotals;
\n
\u2022 Disclosure and reconciliation of non-IFRS measures that are
\n
communicated publicly within the notes to the financial statements;
\n
\u2022 Revised principles for grouping financial information to ensure
\n
material items are not obscured.
\n
The Group is currently assessing the impact of IFRS 18 implementation
\n
and estimating its effects on the consolidated financial statements. The
\n
initial expected material impacts are described below.
\n
The Group expects changes in the structure of the consolidated
\n
statement of profit or loss and other comprehensive income with two
\n
required subtotals to be introduced:
\n
\u2022 The operating profit is already presented in the consolidated
\n
statement of profit or loss. But the Group is currently evaluating
\n
classification of the income and expenses as operating under IFRS
\n
18 requirements. Further, the Group is reassessing classification of
\n
other income and expenses as either investing or financing.
\n
\u2022 A new subtotal line \u201cProfit before financing and income tax\u201d will be
\n
introduced.
\n
\n
The Group is also reviewing non-IFRS measures used in public
\n
communications, such as EBITDA and adjusted EBITDA, to determine if
\n
they meet the definition of management performance measures (MPMs)
\n
and whether additional MPMs should be presented.
\n
The Group is currently considering the principles of aggregation and
\n
disaggregation under IFRS 18 to estimate its impact on the presentation
\n
of the consolidated financial statements.
\n
For the consolidated statement of cash flows, interest paid will be
\n
presented under the financing activities and interest received will be
\n
presented under the investing activities according to IFRS 18 rather than
\n
cash flows from operating activities as they are currently presented.
\n
The Group continues to evaluate further potential effects of this new
\n
standard on the consolidated statement of cash flows.
\n
\n
\n
\n\n
\n\n\n
\n
\n
\n
\n
\n
\n
\n\n
ADOPTION OF NEW AND REVISED
\n
IFRS ACCOUNTING STANDARDS (continued)
\n
IFRS 19 Subsidiaries without Public Accountability: Disclosures,
\n
including amendments
\n
In May 2024, the IASB issued the IFRS 19 - Subsidiaries without Public
\n
Accountability: Disclosures. The amendememnts to IFRS 19 have been
\n
issued on 21 August 2025. This standard together with the amendments
\n
become effective for reporting periods beginning on or after 1 January
\n
2027, with early application permitted. The new standard together
\n
with the amendments has not yet been endorsed by the EU. The
\n
amendments are not expected to have a material impact on the Group\u2019s
\n
consolidated financial statements.
\n
IAS 21 The Effects of Changes in Foreign Exchange Rates:
\n
Translation to a Hyperinflationary Presentation Currency
\n
(Amendments)
\n
In November 2025, the IASB issued amendments to Translation to a
\n
Hyperinflationary Presentation Currency which amend IAS 21 The Effects
\n
of Changes in Foreign Exchange Rates, and they become effective for
\n
annual reporting periods beginning on or after January 1, 2027, with earlier
\n
application permitted. The new standard has not yet been endorsed by
\n
the EU. The amendments are not expected to have a material impact on
\n
the Group\u2019s consolidated financial statements.
\n
Amendment in IFRS 10 Consolidated Financial Statements and IAS 28
\n
Investments in Associates and Joint Ventures: Sale or Contribution of
\n
Assets between an Investor and its Associate or Joint Venture
\n
In December 2015, the IASB postponed the effective date of this
\n
amendment indefinitely pending the outcome of its research project
\n
\n\n
\n
on the equity method of accounting.
\n
\n\n
\n
\n
FUNCTIONAL AND PRESENTATION CURRENCY
\n
\n
The functional currency of the Ukrainian companies of the Group is
\n
the Ukrainian Hryvnia (\u201cUAH\u201d); the functional currency of the Cyprus
\n
companies and Luxembourg company of the Group is the US Dollar
\n
(\u201cUSD\u201d); the functional currency of the other European companies of
\n
the Group is the Euro (\u201cEUR\u201d); the functional currency of the United
\n
Arab Emirates companies is the Dirham (\u201cAED\u201d); the functional currency
\n
of the UK company is the British Pound (\"GBP\u201d); the functional currency
\n
of the Saudi Arabia company is the Saudi Riyal (\"SAR\u201d).
\n
Transactions in currencies other than the functional currency of the
\n
entities concerned are treated as transactions in foreign currencies.
\n
\n\n
\n
Such transactions are initially recorded at the rates of exchange
\n
ruling at the dates of the transactions. Monetary assets and liabilities
\n
denominated in such currencies are translated at prevailing rates on
\n
the reporting date. All realized and unrealized gains and losses arising
\n
on exchange differences are recognised in the consolidated statement
\n
of profit or loss and other comprehensive income for the period.
\n
These consolidated financial statements are presented in US Dollars
\n
(\u201cUSD\u201d), the Group\u2019s presentation currency, and all values are rounded
\n
to the nearest million, except when otherwise indicated.
\n
The results and financial position of the Group are translated into the
\n
presentation currency using the following procedures
\n
\u2022 Assets and liabilities for each consolidated statement of financial
\n
position presented are translated at the closing rate as of the
\n
reporting date of that statement of financial position;
\n
\u2022 Income and expenses for each consolidated statement of profit or
\n
loss are translated at exchange rates at the dates of the transactions;
\n
\n\n
\n
\u2022 Exchange differences arising on translation for consolidation are
\n
recognised in other comprehensive income and presented as a
\n
separate equity component. On disposal of a foreign operation, the
\n
component of OCI relating to that particular foreign operation is
\n
reclassified to profit or loss;
\n
\n
All equity items except the revaluation reserve are translated at the
\n
historical exchange rate. The revaluation reserve is translated at the
\n
closing rate as of the statement of financial position date.
\n
For practical reasons, the Group translates items of income and
\n
expenses, cash flow items for each period presented in the financial
\n
statements using the quarterly average exchange rates if such
\n
translations reasonably approximate the results translated at exchange
\n
rates prevailing at the dates of the transactions.
\n
The following exchange rates were used:
\n
\n
\n\n\n | \nCLOSING RATE AS OF 31 DECEMBER 2025 | \nAVERAGE FOR 2025 | \nCLOSING RATE AS OF 31 DECEMBER 2024 | \nAVERAGE FOR 2024 | \n\n\n\n
\n\n\n\n\n\n\n| UAH/USD | \n42.3878 | \n41.6902 | \n42.0390 | \n40.1590 | \n\n\n\n
\n\n| UAH/EUR | \n49.8565 | \n47.0853 | \n43.9266 | \n43.4588 | \n\n\n\n
\n\n| USD/EUR | \n1.1762 | \n1.1294 | \n1.0449 | \n 1.0822 | \n\n\n\n
\n\n| USD/GBP | \n1.3497 | \n1.3182 | \n1.2594 | \n1.2785 | \n\n\n\n
\n\n| AED/USD | \n3.67 | \n3.67 | \n3.67 | \n3.67 | \n\n\n\n
\n\n| SAR/USD | \n3.75 | \n3.75 | \n3.75 | \n3.75 | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
\n
\n\n
\n\n\n
\n
\n
\n
\n2. Summary of material accounting policies
\n(continued)
\n
\n
\n\n
\n
\n
BASIS OF CONSOLIDATION
\n
The consolidated financial statements incorporate the financial statements
\n
of MHP SE and its subsidiaries. Control is achieved when the Group
\n
\u2022 has power over the investee;
\n
\u2022 is exposed, or has rights, to variable returns from its involvement
\n
with the investee; and
\n
\u2022 has the ability to use its power to affect its returns.
\n
\n
The Group reassesses whether or not it controls an investee if facts and
\n
circumstances indicate changes to one or more of the three elements of
\n
control listed above. Consolidation of a subsidiary begins when the Group
\n
obtains control over the subsidiary and ceases when the Group loses
\n
control of the subsidiary. Specifically, income and expenses of a subsidiary
\n
acquired or disposed of during the year are included in the consolidated
\n
statement of profit or loss and other comprehensive income from the date
\n
the Group gains control until the date when the Group ceases to control
\n
the subsidiary. Profit or loss and each component of other comprehensive
\n
income are attributed to the Parent\u2019s owners and to the non-controlling
\n
interests. The total comprehensive income of subsidiaries is attributed to
\n
the owners of the Parent and the non-controlling interests, even if this
\n
results in the non-controlling interests having a deficit balance.
\n
All significant intercompany transactions, balances, and unrealized gains
\n
or losses on transactions are eliminated on consolidation, except when
\n
the intragroup losses indicate an impairment that requires recognition in
\n
the consolidated financial statements.
\n
Where necessary, adjustments are made to the financial statements
\n
of subsidiaries to bring the accounting policies used in line with those
\n
adopted by the Group.
\n
\n\n\n
\n
\n\n\n
\n
\n
\n
ACQUISITIONS
\n
The acquisitions of subsidiaries from third parties are accounted for
\n
using the acquisition method. On acquisition date, the assets, liabilities
\n
and contingent liabilities of a subsidiary are measured at their fair
\n
values.
\n
The consideration transferred by the Group is measured at fair value,
\n
which is the sum of the acquisition-date fair values of the assets
\n
transferred by the Group, liabilities incurred by the Group to the former
\n
owners of the acquired subsidiary and the equity interests issued by
\n
the Group in exchange for control of the subsidiary. Acquisition-related
\n
costs are recognised in the consolidated statement of profit or loss as
\n
incurred.
\n
Non-controlling interests that are present ownership interests and
\n
entitle their holders to a proportionate share of the subsidiary\u2019s net
\n
assets in the event of liquidation may be initially measured either at
\n
fair value or at the non-controlling interests\u2019 proportionate share of
\n
the recognised amounts of the subsidiary\u2019s identifiable net assets. The
\n
choice of measurement basis is made on a transaction-by-transaction
\n
basis.
\n
Goodwill is measured as the excess of the sum of the consideration
\n
transferred, the amount of any non-controlling interests in the
\n
acquired subsidiary, and the fair value of the Group\u2019s previously held
\n
equity interest in the acquired subsidiary (if any) over the net of the
\n
acquisition-date amounts of the identifiable assets acquired and the
\n
liabilities assumed. If, after reassessment, the net of the acquisition-
\n
date amounts of the identifiable assets acquired and the liabilities
\n
assumed exceeds the sum of the consideration transferred, the amount
\n
of non-controlling interests in the subsidiary and the fair value of the
\n
Group\u2019s previously-held interest in the subsidiary (if any), the excess is
\n
recognised in the consolidated statement of profit or loss, as a bargain
\n
purchase gain.
\n
Changes in the Group\u2019s ownership interests in subsidiaries that do not
\n
result in the Group losing control over the subsidiaries are accounted for
\n
as equity transactions. The carrying amounts of the Group\u2019s interests
\n
and the non-controlling interests are adjusted to reflect the changes
\n
in their relative interests in subsidiaries. Any difference between the
\n
amount by which the non-controlling interests are adjusted and the
\n
fair value of the consideration paid or received is recognised directly in
\n
equity and attributed to owners of the Parent.
\n
In acquisition of a legal entity that does not constitute a business,
\n
the cost of the group of assets is allocated between the individual
\n
identifiable assets in the group based on their relative fair values.
\n
\n
\n\n\n
\n
\n
\n\n\n
\n
\n
\n
INVESTMENTS IN ASSOCIATES
\n
An associate is an entity over which the Group has significant influence.
\n
Significant influence is the power to participate in the financial and
\n
operating policy decisions of the investee, but is not control or joint
\n
control over those policies.
\n
The considerations made in determining significant influence or joint
\n
control are similar to those necessary to determine control over
\n
subsidiaries. The Group\u2019s investment in its associates are accounted
\n
for using the equity method.
\n
The aggregate of the Group\u2019s share of profit or loss of an associate is
\n
shown in statement of profit or loss within other operating income or
\n
expenses and represents profit or loss after tax and noncontrolling
\n
interests in the subsidiaries of the associate.
\n
\n\n\n
\n
\n\n\n
\n\n\n\n
\n
\n
\n2. Summary of material accounting policies
\n(continued)
\n
\n\n
\n
\n
INVESTMENTS IN ASSOCIATES (continued)
\n
Under the equity method, the investment in an associate is initially
\n
recognised at cost. The carrying amount of the investment is adjusted
\n
to recognise changes in the Group\u2019s share of net assets since the
\n
acquisition date. Goodwill relating to the associate is included in the
\n
carrying amount of the investment and is not tested for impairment
\n
separately. Impairments are presented within Share of profit or loss of
\n
an associate in the other operating income or expenses. The statement
\n
of profit or loss reflects the Group\u2019s share of the results of operations
\n
of the associate. Any change in OCI of those investees is presented
\n
as part of the Group\u2019s OCI. In addition, when there has been a change
\n
recognised directly in the equity of the associate, the Group recognises
\n
its share of any changes, when applicable, in the statement of changes
\n
in equity. Unrealised gains and losses resulting from transactions
\n
between the Group and the associate are eliminated to the extent of
\n
the interest in the associate or joint venture. The financial statements
\n
of the associate are prepared for the same reporting period as the
\n
Group. When necessary, adjustments are made to bring the accounting
\n
policies in line with those of the Group.
\n
After application of the equity method, the Group determines whether
\n
it is necessary to recognise an impairment loss on its investment in its
\n
associate. At each reporting date, the Group determines whether there
\n
is objective evidence that the investment in the associate is impaired. If
\n
there is such evidence, the Group calculates the amount of impairment
\n
as the difference between the recoverable amount of the associate and
\n
its carrying value, and then recognises the loss within other operating
\n
income or expenses in the statement of profit or loss.
\n
Upon loss of significant influence over the associate, the Group
\n
measures and recognises any retained investment at its fair value. Any
\n
difference between the carrying amount of the associate upon loss of
\n
significant influence and the fair value of the retained investment and
\n
proceeds from disposal is recognised in profit or loss.
\n
\n
\n\n\n
\n
\n
\n\n\n
\n
FAIR VALUE MEASUREMENT
\n
Fair value is the price received to sell an asset or paid to transfer a
\n
liability in an orderly transaction between market participants at
\n
the measurement date. The fair value measurement is based on the
\n
presumption that the transaction to sell the asset or transfer the liability
\n
occurs either in the central market for the asset or liability or, in the
\n
absence of a principal market, in the most advantageous market for the
\n
asset or liability. The principal or the most beneficial market must be
\n
accessible by the Group.
\n
The fair value of an asset or a liability is measured using the assumptions
\n
that market participants would use when pricing the asset or liability,
\n
assuming that market participants act in their economic best interest.
\n
A fair value measurement of a non-financial asset considers a market
\n
participant's ability to generate economic benefits by using the asset
\n
in its highest and best use or by selling it to another market participant
\n
that would use the asset in its highest and best use.
\n
The Group uses valuation techniques that are appropriate in the
\n
circumstances and for which sufficient data are available to measure fair
\n
value, maximizing the use of relevant observable inputs and minimizing
\n
the use of unobservable inputs.
\n
All assets and liabilities for which fair value is measured or disclosed in
\n
the financial statements are categorized within the fair value hierarchy,
\n
described as follows, based on the lowest level input that is significant
\n
to the fair value measurement as a whole:
\n
\u2022 Level 1: Quoted (unadjusted) market prices in active markets for
\n
identical assets or liabilities;
\n
\u2022 Level 2: Valuation techniques for which the lowest level input that
\n
is significant to the fair value measurement is directly or indirectly
\n
observable;
\n
\u2022 Level 3: Valuation techniques for which the lowest level input that is
\n
significant to the fair value measurement is unobservable.
\n
\n
For assets and liabilities that are recognized in the financial statements
\n
regularly, the Group determines whether transfers have occurred
\n
between Levels in the hierarchy by re-assessing categorization (based
\n
on the lowest level input that is significant to the fair value measurement
\n
as a whole) at the end of each reporting period.
\n
\n
\n\n\n
\n
BORROWING COSTS
\n
Borrowing costs include interest expense, finance charges on leases and
\n
other interest-bearing long-term payables and debt servicing costs.
\n
Borrowing costs directly attributable to the acquisition, construction or
\n
production of qualifying assets, which are assets that necessarily take
\n
a substantial period of time to get ready for their intended use or sale,
\n
are added to the cost of those assets, until such time as the assets are
\n
substantially ready for their intended use or sale.
\n
Investment income earned on the temporary investment of specific
\n
borrowings pending their expenditure on qualifying assets is deducted
\n
from the borrowing costs eligible for capitalization.
\n
All other borrowing costs are recognised in the statement of profit or loss
\n
and other comprehensive income in the period in which they are incurred.
\n
\n\n\n
\n\n\n\n
\n
\n
\n2. Summary of material accounting policies
\n(continued)
\n\n
CONTINGENT LIABILITIES AND ASSETS
\n
Contingent liabilities are not recognised in the consolidated financial
\n
statements. Rather, they are disclosed in the notes to the consolidated
\n
financial statements unless the possibility of an outflow of resources
\n
embodying economic benefits is remote. Contingent assets are
\n
recognised only when it has become virtually certain that an inflow of
\n
economic benefits will arise.
\n
\n\n\n
\n
SEGMENT INFORMATION
\n
Segment reporting is presented on the basis of Management\u2019s
\n
perspective and relates to the parts of the Group that are defined as
\n
operating segments. Operating segments are identified on the basis
\n
of internal reports provided to the Group\u2019s chief operating decision
\n
maker (\u201cCODM\u201d). The Group has identified its top Management team
\n
as its CODM and the internal reports used by the top Management
\n
team to oversee operations and make decisions on allocating resources
\n
serve as the basis of information presented. These internal reports are
\n
prepared on the same basis as these consolidated financial statements.
\n
Based on the current management structure, the Group identifies the
\n
following reportable segments that represent its principal business
\n
activities: Poultry and related operations, Vegetable oils operations,
\n
Agriculture operations, Europe operating segment. For more details on
\n
segmentation refer to Note 6 Segment information.
\n
\n\n\n
\n
\n
REVENUE RECOGNITION
\n
\n
The Group generates revenue primarily from selling of agricultural
\n
products to the end customers. Revenue is measured based on the
\n
consideration to which the Group expects to be entitled in a contract
\n
with a customer and excludes amounts collected on behalf of third
\n
parties. The Group recognises revenue when it transfers product or
\n
service control to a customer.
\n
Revenue is adjusted for estimates of known or expected variable
\n
consideration, which includes consumer incentives, trade promotions,
\n
and allowances, such as rebates, volume-based incentives and other
\n
programs. Variable consideration related to these programs is recorded
\n
as a reduction to revenue based on amounts the Group expects to pay.
\n
These estimates are based on current performance, historical utilization,
\n
and projected redemption rates of each program. The Group reviews
\n
and updates these estimates regularly until the incentives are realized
\n
and the impact of any adjustments are recognized in the period the
\n
adjustments are identified. Non-monetary exchanges or swaps of goods
\n
that are of similar nature and value are not treated as transactions that
\n
generate revenue.
\n
\n
\n\n\n
\n
The Group recognises revenue from the following major sources:
\n
\u2022 poultry meat and related sales (delivery services, eggs, meat and
\n
bone meal, and other);
\n
\u2022 processed meat and culinary products;
\n
\u2022 vegetable oil and related products (sunflower and soybean meals,
\n
sunflower husk);
\n
\u2022 grains, oilseeds and other agriculture products (milk, cattle, feed
\n
grains and other).
\n
\n
Revenue is measured based on the consideration to which the Group
\n
expects to be entitled in a contract with a customer. The Group
\n
recognises revenue at a point in time when it transfers control of a
\n
product or service to a customer.
\n
A major part of the Group\u2019s sales is generated from the wholesale market.
\n
Revenue is recognised when control of the goods has transferred,
\n
being when the goods have been shipped to the wholesaler\u2019s specific
\n
location or delivered to major Ukrainian sea ports. Following delivery,
\n
the wholesaler has full discretion over the manner of distribution and
\n
price to sell the goods, has the primary responsibility when on-selling
\n
the goods, and bears the risks of obsolescence and loss in relation to
\n
the goods. A receivable is recognised by the Group when the goods are
\n
delivered to the wholesaler as this represents the point in time at which
\n
the right to consideration becomes unconditional. Under the Group\u2019s
\n
standard contract terms, customers have no right of return.
\n
Contract liability is recognised if a payment is received from a customer
\n
before the Group transfers the related goods. Contract liabilities are
\n
recognised as revenue when the Group performs under the contract.
\n
Sales price of products for domestic market predominantly includes
\n
shipping and handling costs in the price of the product. Export sale
\n
prices may include the shipping and handling costs depending on
\n
specific incoterms applied.
\n
\n
\n
\n\n\n
TAXES RECOVERABLE AND PREPAID
\nTaxes recoverable and prepaid primarily include value-added tax (\u201cVAT\u201d)
\nrecoverable. VAT recoverable is reviewed at each reporting date and
\nreduced to the extent that it is no longer probable that a reimbursement
\nor VAT liabilities for settlement will be available. The Group considers
\nthat the outstanding amount due from the state at the reporting date
\nwill be either recovered in cash or reclaimed against the VAT liabilities
\nrelated to sales.
\n
\n\n\n\n
\n
\n2. Summary of material accounting policies
\n(continued)
\nPREPAYMENTS
\nPrepayments are carried at cost excluding VAT less provision for
\nimpairment, when applicable. Prepayments are mainly represented by
\nthe prepayments made to suppliers for raw materials and services.
\n\n
GOVERNMENT GRANTS
\n
Government grants are recognised as income over the periods
\n
necessary to match them with the related costs, or as an offset against
\n
finance costs when received as compensation for the finance costs for
\n
agricultural producers. When the grant relates to an asset, the received
\n
funds are recorded in the Group\u2019s consolidated financial statements as
\n
deferred income, which is recognised in profit or loss on a systematic
\n
basis over the useful life of the related assets.
\n
Government grants are not recognised until there is reasonable
\n
assurance that the Group will comply with the conditions attaching to
\n
them and that the grants will be received.
\n
\n\n\n
\n
\n
\n
PROPERTY, PLANT, AND EQUIPMENT
\n
All Group property, plant, and equipment are carried at revalued
\n
amounts, being their fair value at the date of the revaluation less any
\n
subsequent depreciation and impairment losses, except land and other
\n
fixed assets that are carried at historical cost less (for the other fixed
\n
assets) accumulated depreciation.
\n
The historical cost of an item of property, plant and equipment
\n
comprises: (a) its purchase price, including import duties and non-
\n
refundable purchase taxes, after deducting trade discounts and
\n
rebates; (b) any costs directly attributable to bringing the item to the
\n
location and condition necessary for it to be capable of operating in
\n
the manner intended by the management of the Group; (c) the initial
\n
estimate of the costs of dismantling and removing the item and restoring
\n
the site on which it is located, the obligation for which the Group incurs
\n
either when the item is acquired or as a consequence of having used
\n
the item during a particular period for purposes other than to produce
\n
inventories during that period; and (d) for qualifying assets, borrowing
\n
costs capitalized in accordance with the Group\u2019s accounting policy.
\n
\n
Subsequently, capitalized costs include major expenditures for
\n
improvements and replacements that extend the useful lives of the
\n
assets or increase their revenue-generating capacity. Repairs and
\n
maintenance expenditures that do not meet the foregoing criteria for
\n
capitalization are charged to the consolidated statement of profit or
\n
loss as incurred.
\n
\n\n\n
\n
For all Group`s property, plant, and equipment carried at revalued
\n
amounts, the revaluations are performed with sufficient regularity such
\n
that the carrying amount does not differ materially from that which
\n
would be determined using fair values at the reporting date. If the
\n
asset\u2019s carrying amount is increased as a result of a revaluation, this
\n
increase is credited to equity through other comprehensive income as
\n
a revaluation reserve. However, such an increase is recognized in the
\n
consolidated statement of profit or loss under \u201cLoss on impairment of
\n
property, plant and equipment\u201d, only to the extent that it reverses a
\n
previously recognized revaluation decrease of the same asset in the
\n
consolidated statement of profit or loss. Conversely, if the asset\u2019s
\n
carrying amount is reduced as a result of a revaluation, the decrease
\n
is recognized in the consolidated statement of profit or loss. However,
\n
the decrease is debited to the revaluation reserve through other
\n
comprehensive income to the extent of any credit balance existing in
\n
the revaluation reserve in respect of that asset.
\n
The carrying amount of the asset is adjusted by eliminating
\n
accumulated depreciation against the gross carrying amount and
\n
subsequent increase or decrease of the gross carrying amount to
\n
fair value.
\n
\n
Depreciation on revalued assets is charged to the consolidated
\n
statement of profit or loss. The excess depreciation charge on the
\n
revalued asset over the depreciation that would have been charged
\n
based on the historical cost of the asset is transferred from the
\n
revaluation reserve directly to retained earnings over the asset\u2019s
\n
useful life. On the subsequent sale or retirement of a revalued asset,
\n
the attributable revaluation surplus remaining in the revaluation reserve
\n
is transferred directly to retained earnings.
\n
Depreciation of property, plant, and equipment is charged so as to
\n
write off the depreciable amount over the useful life of an asset and is
\n
calculated using a straight-line method. The useful lives of the groups
\n
of property, plant, and equipment are as follows:
\n
\n
\n\n\n| Buildings and structures | \n5 - 60 years | \n\n\n\n
\n\n| Grain storage facilities | \n10 - 60 years | \n\n\n\n
\n\n| Production machinery | \n5 - 35 years | \n\n\n\n
\n\n| Auxiliary and other machinery | \n5 - 30 years | \n\n\n\n
\n\n| Utilities and infrastructure | \n15 - 60 years | \n\n\n\n
\n\n| Vehicles and agricultural machinery | \n7 - 40 years | \n\n\n\n
\n\n| Other fixed assets | \n3 - 10 years | \n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n
\n
Depreciable amount is the cost of an item of property, plant, and
\n
equipment, or revalued amount, less its residual value. The residual value
\n
is the estimated amount that the Group would currently obtain from
\n
disposal of the item of property, plant, and equipment, after deducting
\n
the estimated disposal costs, if the asset were already of the age and
\n
in the condition expected at the end of its useful life.
\n
\n\n\n
\n
\n
\n
\n\n\n
\n\n\n\n
\n
\n
\n
\n2. Summary of material accounting policies
\n(continued)
\n\n
PROPERTY, PLANT, AND EQUIPMENT (continued)
\n
Residual value, useful lives, and the depreciation method are reviewed
\n
at each financial year-end. In particular, the Group considers the impact
\n
of health, safety and environmental legislation in its assessment of
\n
expected useful lives and estimated residual values. Furthermore,
\n
the Group considers climate-related matters, including physical and
\n
transition risks. Specifically, the Group determines whether climate-
\n
related legislation and regulations might impact either the useful life or
\n
residual values. The effect of any changes from previous estimates is
\n
accounted for prospectively as a change in an accounting estimate.
\n
The gain or loss arising on the sale or disposal of an item of property,
\n
plant, and equipment is determined as the difference between the sales
\n
proceeds and the carrying amount of the asset and is recognized in the
\n
consolidated statement of profit or loss.
\n
Construction in progress comprises costs directly related to the construction
\n
of property, plant, and equipment, including an appropriate allocation of
\n
directly attributable variable overheads that are incurred in construction.
\n
Construction in progress is not depreciated. Depreciation of construction
\n
in progress commences when completed construction in progress is
\n
transferred to the relevant class of property, plant, and equipment.
\n
\n\n
\n
INTANGIBLE ASSETS
\n
IIntangible assets consist primarily of land lease rights, trademarks, and
\n
customer relationships, which are acquired in a business combination.
\n
Intangible assets acquired in a business combination are identified and
\n
recognized separately from goodwill, where they satisfy the definition
\n
of an intangible asset. The cost of such intangible assets is their fair
\n
value at the acquisition date.
\n
Intangible assets assessed as having an indefinite useful life are not
\n
amortized and are examined for impairment annually or more frequently
\n
where there is an indication of impairment. Where the carrying amount
\n
of an asset is greater than the amount estimated to be recoverable, it is
\n
written down to its recoverable amount. The assessment of indefinite life
\n
is reviewed annually to determine whether the indefinite life continues
\n
to be supportable. If not, the change in useful life from indefinite to finite
\n
is made on a prospective basis.
\n
Subsequent to initial recognition, intangible assets assessed as having
\n
finite valuable lives are reported at cost less accumulated amortization
\n
and accumulated impairment losses. Amortization of intangible assets
\n
is recognized on a straight-line basis over their estimated useful lives.
\n
The period of estimated useful life of intangibles is as follows:
\n
\n
\n\n\n| \u2022 Land lease rights | \n3 - 15 years | \n\n\n\n
\n\n| \u2022 Customer relationship | \n9-20 years | \n\n\n\n
\n\n| \u2022 Trademarks | \nIndefinite | \n\n\n\n
\n\n| \u2022 Other intangible assets | \n3 - 10 years | \n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n
\n
The amortization period and the amortization method for intangible
\n
assets with finite useful lives are reviewed at least at the end of each
\n
reporting period, with the effect of any changes in estimate being
\n
accounted for on a prospective basis.
\n
An intangible asset is derecognized on disposal or when no future
\n
economic benefits are expected from use or disposal. Gains or losses
\n
arising from the derecognition of an intangible asset, measured as
\n
the difference between the net disposal proceeds and the carrying
\n
amount of the asset, are recognized in profit or loss when the asset is
\n
derecognized.
\n
\n
\n\n
\n
RIGHT-OF-USE ASSETS
\n
Right-of-use assets mainly represents the land rented from individuals
\n
(primarily- Ukrainian citizens) for agricultural purposes, trucks,
\n
agricultural machinery and equipment essential for farm operation, as
\n
well as office buildings, facilities used as culinary centers, warehouses,
\n
and retail store spaces. The Group recognizes right-of-use assets at
\n
the commencement date of the lease (i.e., the date the underlying
\n
asset is available for use). Right-of-use assets are measured at cost,
\n
less accumulated depreciation and impairment losses, and adjusted for
\n
any remeasurement of lease liabilities. The cost of right-of-use assets
\n
includes the amount of lease liabilities recognized, initial direct costs
\n
incurred, and lease payments made at or before the commencement
\n
date, less any lease incentives received. Right-of-use assets are
\n
depreciated over the lease term. The depreciation starts at the
\n
commencement date of the lease. The Group recognizes depreciation
\n
of right-of-use assets based on the lease term, presented within the
\n
cost of goods sold in the consolidated statement of profit or loss. The
\n
average maturity of land lease agreements is 8 years, 5 years for lease
\n
agreements for agricultural machinery and equipment, 11 years for
\n
buildings and facilities and 4 years for retail store spaces.
\n
\n\n
\n
\n
\n
IMPAIRMENT OF TANGIBLE AND INTANGIBLE ASSETS
\n
OTHER THAN GOODWILL
\n
At each reporting date, the Group reviews the carrying amounts of its
\n
tangible and intangible assets with definite useful lives to determine
\n
whether there is any indication that those assets have suffered an
\n
impairment loss. If any such indication exists, the asset's recoverable
\n
amount is estimated to determine the extent of the impairment loss
\n
(if any). Intangible assets with indefinite useful lives are tested for
\n
impairment annually or more frequently when there is an indication
\n
that they might be impaired.
\n
\n\n
\n
\n\n
\n\n\n\n
\n
\n
\n2. Summary of material accounting policies
\n(continued)
\n\n
\n
IMPAIRMENT OF TANGIBLE AND INTANGIBLE ASSETS
\n
OTHER THAN GOODWILL (continued)
\n
The Group considers whether climate-related risks, including climate-
\n
related legislation, physical risks and transition risks could have
\n
a significant impact. If so, these risks are included in the cash-flow
\n
forecasts in assessing value-in-use amounts. The inputs used are
\n
developed based on the market trends and therefore reflect current
\n
expectations of climate impact.
\n
To assess impairment, assets are grouped at the lowest levels for which
\n
there are separately identifiable cash flows (cash-generating units).
\n
Recoverable amount is the higher fair value, less costs to sell, and value
\n
in use. In assessing value in use, the estimated future cash flows are
\n
discounted to their present value using a pre-tax discount rate that
\n
reflects current market assessments of the time value of money and
\n
the risks specific to the asset.
\n
If the recoverable amount of an asset (or cash-generating unit)
\n
is estimated to be less than its carrying amount. In that case, the
\n
carrying amount of the asset (cash-generating unit) is reduced to its
\n
recoverable amount. An impairment loss is recognized immediately in
\n
the consolidated statement of profit or loss unless the relevant asset
\n
is carried at a revalued amount, in which case the impairment loss is
\n
treated as a revaluation decrease through other comprehensive income.
\n
\n
Where an impairment loss subsequently reverses, the carrying amount
\n
of the asset (cash-generating unit) is increased to the revised estimate
\n
of its recoverable amount, but so that the increased carrying amount
\n
does not exceed the carrying amount that would have determined had
\n
no impairment loss been recognized for the asset (cash-generating
\n
unit) in prior years. A reversal of an impairment loss is recognized
\n
immediately in the consolidated statement of profit or loss unless the
\n
relevant asset is carried at a revalued amount, in which case the reversal
\n
of the impairment loss is treated as a revaluation increase through other
\n
comprehensive income.
\n
\n
\n\n
\n
\n
\n\n
\n
IMPAIRMENT OF GOODWILL
\n
For the purposes of impairment testing, goodwill is allocated to each of
\n
the Group\u2019s cash-generating units (or groups of cash-generating units)
\n
that is expected to benefit from the synergies of the combination.
\n
A cash-generating unit to which goodwill has been allocated is tested for
\n
impairment annually or more frequently when there is an indication that
\n
the unit may be impaired. If the recoverable amount of the cash-generating
\n
unit is less than its carrying amount, the impairment loss is allocated first
\n
to reduce the carrying amount of any goodwill allocated to the unit and
\n
then to the other assets of the unit pro rata based on the carrying amount
\n
of each asset in the unit. Any impairment loss for goodwill is recognized
\n
directly in the consolidated profit or loss. An impairment loss recognized
\n
on goodwill is not reversed in subsequent periods.
\n
The Group assesses whether climate-related risks, including physical risks
\n
and transition risks could have a significant impact. If so, these risks are
\n
included in the cash-flow forecasts in assessing value-in-use amounts.
\n
\n\n
\n
\n
INCOME TAXES
\n
Income taxes have been computed based on the laws currently enacted
\n
or substantially enacted in jurisdictions where operating entities are
\n
located. Income tax is calculated based on the year's results as adjusted
\n
for items that are non-assessable or non-tax deductible. It is calculated
\n
using tax rates that have been enacted by the reporting date.
\n
Deferred tax is accounted for using the balance sheet liability method
\n
regarding temporary differences arising from differences between the
\n
carrying amount of assets and liabilities in the consolidated financial
\n
statements and the corresponding tax basis used in the computation
\n
of taxable profit. Deferred tax liabilities are generally recognized for all
\n
taxable temporary differences, and deferred tax assets are recognized
\n
to the extent that it is probable that taxable profits will be available
\n
against which deductible temporary differences can be utilized.
\n
\n
The carrying amount of deferred tax assets is reviewed at the end of
\n
each reporting period and reduced to the extent that it is no longer
\n
probable that sufficient taxable profits will be available to allow all or
\n
part of the asset to be recovered.
\n
Deferred tax liabilities and assets are measured at the tax rates that
\n
are expected to apply in the period in which the liability is settled or
\n
the asset realized, based on tax rates (and tax laws) that have been
\n
enacted or substantively enacted by the end of the reporting period.
\n
The measurement of deferred tax liabilities and assets reflects the tax
\n
consequences that would follow from how the Group expects, at the
\n
end of the reporting period, to recover or settle the carrying amount of
\n
its assets and liabilities.
\n
Deferred tax is charged or credited to the consolidated statement of profit
\n
or loss, except when it relates to items credited or charged directly to
\n
equity or other comprehensive income, in which case the deferred tax is
\n
also dealt with in equity or other comprehensive income.
\n
Deferred tax assets and liabilities are offset when:
\n
\u2022 The Group has a legally enforceable right to set off the recognized
\n
amounts of current tax assets and current tax liabilities;
\n
\u2022 The Group has an intention to settle on a net basis or to realize the
\n
asset and settle the liability simultaneously;
\n
\u2022 The deferred tax assets and the deferred tax liabilities relate to
\n
income taxes levied by the same taxation authority in each future
\n
period in which significant amounts of deferred tax liabilities and
\n
assets are expected to be settled or recovered.
\n
\n\n
\n
\n
\n\n
\n\n\n
\n
\n
\n2. Summary of material accounting policies
\n(continued)
\n
\n\n
INCOME TAXES (continued)
\n
The Group companies involved in agricultural production (those engaged
\n
in grain and oilseeds growing) benefit substantially from the status
\n
of an agricultural producer. These companies are exempt from income
\n
taxes and pay the Fixed Agricultural Tax (FAT) instead (Note 14).
\n
\n\n
\n
INVENTORIES
\n
Inventories are stated at the lower cost and net realizable value. Costs
\n
comprise raw materials and, where applicable, direct labor costs and
\n
overheads incurred in bringing the inventories to their present locations
\n
and condition.
\n
Cost is calculated using the FIFO (first-in, first-out) method. Net realizable
\n
value is determined as the estimated selling price less all estimated completion
\n
costs and costs to be incurred in marketing, selling, and distribution. The
\n
agriculture-related production process results in the production of joint
\n
products: main and by-products. A by-product arising from the process is
\n
measured at net realizable value and deducted from the main product`s cost.
\n
\n\n
\n
BIOLOGICAL ASSETS AND AGRICULTURAL PRODUCE
\n
Agricultural activity is defined as a biological transformation of biological
\n
assets for sale into agrarian produce or into additional biological assets.
\n
The Group classifies hatchery eggs, live poultry, cattle and other animals
\n
and crops in fields as biological assets.
\n
The Group recognizes a biological asset or agricultural produce when
\n
the Group controls the asset as a result of past events, it is probable
\n
that future economic benefits associated with the asset will flow to the
\n
Group, and the fair value of the asset can be measured reliably.
\n
Biological assets are stated at fair value minus estimated costs to sell at
\n
both initial recognition and as of the reporting date, with any resulting
\n
gain or loss recognized in the consolidated profit or loss.
\n
Costs to sell include all costs necessary to sell the assets, including
\n
costs necessary to get the assets to market.
\n
The difference between fair value less costs to sell and total production
\n
costs is allocated to biological assets as of each reporting date as a fair
\n
value adjustment.
\n
The change in this adjustment from one period to another is recognised
\n
as a \u201cNet change in fair value of biological assets and agricultural
\n
produce\u201d in the consolidated profit or loss.
\n
Agricultural produce harvested from biological assets is measured at its
\n
fair value less costs to sell at the point of harvest. A gain or loss arising
\n
on initial recognition of agricultural produce at fair value, less costs to
\n
sell, is included in the consolidated profit or loss.
\n
Based on the above policy, the principal groups of biological assets and
\n
agricultural produce are stated as follows:
\n
Biological Assets
\n
(i) Broiler chickens
\n
Broilers comprise poultry held for chicken meat production. The fair value
\n
of broilers is determined by reference to the cash flows obtained from the
\n
sales of 42-day-aged chickens, with an allowance for costs to be incurred
\n
and risks to be faced during the remaining transformation process.
\n
(ii) Breeders held for hatchery egg production
\n
The fair value of breeders is determined using the discounted cash flow
\n
approach based on hatchery eggs\u2019 and meat market prices.
\n
(iii) Cattle
\n
Cattle comprise cows and bulls held for the regeneration of the livestock
\n
population and animals raised for milk and beef meat production. The
\n
fair value of livestock is determined based on cash flows obtained from
\n
sales of milk, calves and meat during the life of cattle.
\n
(iv) Breeding sows
\n
The fair value of breeding sows is determined using the discounted
\n
cash flow approach based on piglets and meat market prices.
\n
(v) Pigs
\n
Their fair value is determined by reference to the cash flows obtained
\n
from the sales of 4- to 9-month-old live pigs, with an allowance for costs
\n
to be incurred and risks to be faced during the remaining transformation
\n
process.
\n
(vi) Crops in fields
\n
The fair value of crops in fields is determined by reference to the
\n
cash flows obtained from sales of harvested crops, with an allowance
\n
for costs to be incurred and risks to be faced during the remaining
\n
transformation process.
\n
(vii) Hatchery eggs
\n
The fair value of hatchery eggs is determined by reference to market
\n
prices at the point of harvest.
\n
Agricultural Produce
\n
(i) Dressed poultry, beef, and pork
\n
The fair value of dressed poultry, beef and pork is determined by
\n
reference to market prices at the point of harvest.
\n
(ii) Grain and oilseeds
\n
The fair value of fodder grain and oilseeds is determined by market
\n
prices at the point of harvest.
\n
\n
\n
\n\n
\n\n\n
\n
\n
\n2. Summary of material accounting policies
\n(continued)
\n\n
BIOLOGICAL ASSETS AND AGRICULTURAL PRODUCE (continued)
\n
The Group\u2019s biological assets are classified into bearer and consumable
\n
biological assets depending upon the function of a particular group of
\n
biological assets in the Group\u2019s production process. Consumable biological
\n
assets are those to be harvested as agricultural produce, including
\n
hatchery eggs and live broiler chickens intended for the production of
\n
meat, as well as pork and meat cows. Bearer biological assets include
\n
poultry held for hatchery egg production, milk cows, and breeding bulls.
\n
\n\n
\n
\n\n
FINANCIAL INSTRUMENTS
\n
Financial assets and liabilities are recognized in the Group\u2019s statement
\n
of financial position when the Group becomes a party to the contractual
\n
provisions of the instrument.
\n
The financial assets and financial liabilities of the Group are represented
\n
by cash and cash equivalents, bank deposits, bank borrowings, bonds
\n
issued and other financial liabilities. The accounting policies for initial
\n
recognition and subsequent measurement of financial instruments are
\n
disclosed in the respective accounting policies below in this Note.
\n
Financial assets and financial liabilities are initially recognised at fair
\n
value. Transaction costs that are directly attributable to the acquisition
\n
or issue of financial assets and financial liabilities (other than financial
\n
assets and financial liabilities at fair value through profit or loss) are
\n
added to or deducted from the fair value of the financial assets or
\n
financial liabilities, as appropriate, on initial recognition. Transaction
\n
costs are directly attributable to the acquisition of financial assets or
\n
financial liabilities at fair value through profit or loss are recognized
\n
immediately in profit or loss.
\n
\n\n
\n
\n
FINANCIAL ASSETS
\n
All recognized financial assets are measured subsequently at either
\n
amortized cost or fair value, depending on the classification of the
\n
financial assets.
\n
Classification of financial assets
\n
Debt instruments that meet the following conditions are measured
\n
subsequently at amortized cost (this category is the most relevant to
\n
the Group):
\n
- the financial asset is held within a business model whose objective
\n
is to have financial assets to collect contractual cash flows; and
\n
- the contractual terms of the financial asset give rise on specified
\n
dates to cash flows that are solely payments of principal and interest
\n
on the principal amount outstanding.
\n
\n
Debt instruments that meet the following conditions are measured
\n
subsequently at fair value through other comprehensive income
\n
(FVTOCI):
\n
- the financial asset is held within a business model whose objective
\n
is achieved by both collecting contractual cash flows and selling the
\n
financial assets; and
\n
- the contractual terms of the financial asset give rise on specified
\n
dates to cash flows that are solely payments of principal and interest
\n
on the principal amount outstanding.
\n
\n
By default, all other financial assets are measured subsequently at
\n
FVTPL.
\n
Financial assets at amortized cost are subsequently measured using
\n
the effective interest (EIR) method and are subject to impairment.
\n
The effective interest method is a method calculates the amortized cost
\n
of a debt instrument and allocates interest income over the relevant
\n
period.
\n
The amortized cost of a financial asset is the amount at which the
\n
financial asset is measured at initial recognition minus the principal
\n
repayments, plus the cumulative amortization using the effective
\n
interest method of any difference between that initial amount and the
\n
maturity amount, adjusted for any loss allowance. The gross carrying
\n
amount of a financial asset is the amortized cost of a financial asset
\n
before adjusting for any loss allowance.
\n
\n
Impairment of financial assets
\n
The Group recognizes an allowance for expected credit losses (ECLs)
\n
for all debt instruments not held at fair value through profit or loss.
\n
ECLs are estimated as the difference between all contractual cash
\n
flows due to the Group per the contract and all the cash flows that the
\n
Group expects to receive, discounted at the original effective interest
\n
rate. The amount of expected credit losses is updated at each reporting
\n
date to reflect changes in credit risk since the initial recognition of the
\n
respective financial instrument.
\n
The Group applies a simplified approach to calculating ECLs for trade
\n
accounts receivable and contract assets. Therefore, the Group does
\n
not track changes in credit risk but instead recognizes a loss allowance
\n
based on ECLs at each reporting date. The Group has established a
\n
provision matrix that is based on its historical credit loss experience,
\n
adjusted for forward-looking factors specific to the debtors and the
\n
economic environment.
\n
For all other financial instruments, a financial instrument not credit-
\n
impaired on initial recognition is classified in Stage 1. Suppose the credit
\n
risk on the financial instrument has not increased significantly since
\n
initial recognition. In that case, the Group measures the loss allowance
\n
for that financial instrument (Stage 1) at an amount equal to 12-month
\n
ECLs. If the Group identifies a significant increase in credit risk since
\n
initial recognition, the financial instrument is transferred to Stage 2, but it
\n
is not considered credit-impaired, the Group recognizes lifetime ECLs. If
\n
the Group determines that a financial asset is credit-impaired, the asset
\n
is transferred to Stage 3, and its ECLs are measured as Lifetime ECLs.
\n
\n\n
\n
\n
\n\n
\n\n\n
\n
\n2. Summary of material accounting policies
\n(continued)
\n\n
\n
FINANCIAL ASSETS (continued)
\n
\n
Lifetime ECLs represent the expected credit losses that will result
\n
from all possible default events over the expected life of a financial
\n
instrument. In contrast, 12-month ECLs represent the portion of lifetime
\n
ECLs that is expected to result from default events on a financial
\n
instrument that are possible within 12 months after the reporting date.
\n
\n\n
\n
Significant increase in credit risk
\n
In assessing whether the credit risk on a financial instrument has increased
\n
significantly since initial recognition, the Group compares the risk of a
\n
default occurring on the financial instrument at the reporting date with
\n
the risk of a default occurring on the financial instrument at the date of
\n
initial recognition. In making this assessment, the Group considers both
\n
quantitative and qualitative information that is reasonable and supportable,
\n
including historical experience and forward-looking information that
\n
is available without undue cost or effort. Forward-looking information
\n
considered includes the economic situation of countries and the future
\n
prospects of the industries in which the Group\u2019s debtors operate, obtained
\n
from economic expert reports, financial analysts, and governmental
\n
bodies, as well as consideration of various external sources of actual and
\n
forecast economic information that relates to the Group\u2019s core operations.
\n
Irrespective of the outcome of the above assessment, the Group
\n
presumes that the credit risk on a financial asset has increased
\n
significantly since initial recognition when contractual payments are
\n
more than 30 days past due unless the Group has reasonable and
\n
supportable information that demonstrates otherwise.
\n
Low credit risk financial instruments
\n
Despite the preceding, the Group assumes that the credit risk on a financial
\n
instrument has not increased significantly since initial recognition if
\n
the financial instrument is determined to have low credit risk at the
\n
reporting date. A financial instrument is chosen to have low credit risk if:
\n
a) the financial instrument has a low risk of default,
\n
b) the debtor has a solid capacity to meet its contractual cash flow
\n
obligations in the near term and
\n
c) adverse changes in economic and business conditions in the
\n
longer term may, but will not necessarily, reduce the ability of the
\n
borrower to fulfill its contractual cash flow obligations.
\n
\n
Default definition
\n
The Group considers that default has occurred when a financial asset
\n
is more than 90 days past due unless the Group has reasonable and
\n
supportable information to demonstrate that a more lagging default
\n
criterion is more appropriate.
\n
Credit-impaired financial assets
\n
A financial asset is credit-impaired (Stage 3) when one or more events that
\n
have a detrimental impact on that financial asset's estimated future cash
\n
flows have occurred. Evidence that a financial asset is credit-impaired
\n
includes observable data about the following events:
\n
a) significant financial difficulty of the issuer or the borrower;
\n
b) a breach of contract, such as a default or past due event;
\n
c) the lender(s) of the borrower, for economic or contractual reasons
\n
relating to the borrower\u2019s financial difficulty, having granted to the
\n
borrower a concession(s) that the lender(s) would not otherwise
\n
consider;
\n
d) it is becoming probable that the borrower will enter bankruptcy
\n
or other financial reorganization; or
\n
e) the disappearance of an active market for that financial asset
\n
because of financial difficulties.
\n
\n
Write-off policy
\n
The Group writes off a financial asset when information indicates the
\n
debtor has severe financial difficulty. There is no realistic prospect of
\n
recovery, e.g., when the debtor has been placed under liquidation or has
\n
entered into bankruptcy proceedings, or in the case of trade accounts
\n
receivable, when the amounts are over three years past due, whichever
\n
occurs sooner. Written-off financial assets may still be subject to
\n
enforcement activities under the Group\u2019s recovery procedures, taking
\n
into account legal advice where appropriate. Any recoveries made
\n
are recognized in the consolidated statement of profit or loss. Inputs,
\n
assumptions, and estimation techniques used by measurement and
\n
recognition of expected credit losses are disclosed in respective Notes
\n
19 and 24 on financial assets.
\n
\n
\n
\n\n
\n
FINANCIAL LIABILITIES
\n
Initial recognition and measurement
\n
The Group\u2019s financial liabilities include loans and borrowings, lease
\n
liabilities, and trade and other accounts payable.
\n
Financial liabilities are recognized at fair value and are measured at
\n
amortized cost using the effective interest method.
\n
The effective interest method calculates the amortized cost of a financial
\n
liability and allocates interest expense over the relevant period. The
\n
effective interest rate is the rate that exactly discounts estimated future
\n
cash payments (including all fees and points paid or received that form
\n
an integral part of the effective interest rate, transaction costs, and
\n
other premiums or discounts) through the expected life of the financial
\n
liability, or (where appropriate) a shorter period, to the amortized cost
\n
of a financial liability.
\n
\n\n
\n\n\n
\n
\n
\n
\n
\n
\n
\n2. Summary of material accounting policies
\n(continued)
\n\n
\n
FINANCIAL LIABILITIES (continued)
\n
\n
Derecognition of financial liabilities
\n
The Group derecognizes financial liabilities when, and only when,
\n
the Group\u2019s obligations are discharged, canceled, or have expired.
\n
The difference between the carrying amount of the financial liability
\n
derecognized and the consideration paid and payable is recognized in
\n
profit or loss.
\n
When the Group exchanges one debt instrument with the existing lender
\n
into another one with substantially different terms, such exchange is
\n
accounted for as an extinguishment of the original financial liability and
\n
the recognition of a new one.
\n
\n\n
\n
\n\n
\n
TRADE ACCOUNTS RECEIVABLE
\n
Trade accounts receivable are recognised if an amount of consideration
\n
that is unconditional is due from the customer. Trade accounts receivable
\n
that do not contain a significant financing component are measured at
\n
the transaction price.
\n
\n\n
\n
CASH AND CASH EQUIVALENTS
\n
Cash and cash equivalents include cash on hand, cash with banks,
\n
deposits, and government bonds with maturity of less than three
\n
months from the date of acquisition.
\n
\n\n
\n
BANK BORROWINGS, CORPORATE BONDS ISSUED,
\n
AND OTHER LONG-TERM PAYABLES
\n
Interest-bearing bank borrowings, bonds issued, and other long-term
\n
payables are initially measured at fair value that is calculated by taking
\n
into account any discount or premium on acquisition and fees or costs
\n
that are an integral part of the effective interest rate (EIR). They are
\n
subsequently measured at amortized cost using the EIR method, where
\n
amortization is included as finance costs in the statement of profit or
\n
loss. Gains and losses are recognized in profit or loss when the liabilities
\n
are derecognized as well as through the EIR amortization process.
\n
\n
\n\n
\n
TRADE AND OTHER ACCOUNTS PAYABLE
\n
Accounts payable are measured at initial recognition at fair value and
\n
are subsequently measured at amortized cost using the effective
\n
interest rate method.
\n
\n\n
\n
LEASE LIABILITIES
\n
The Group assesses whether a contract is or contains a lease at the
\n
inception of the contract.
\n
The Group recognizes lease liabilities in the consolidated statement of
\n
financial position, initially measured at the present value of future lease
\n
payments. The Group does not apply the short-term and low-value
\n
lease exemptions.
\n
The Group measures the lease liability at the present value of the lease
\n
payments not paid at the commencement date, discounted by using
\n
the incremental borrowing rate, because the interest rate implicit in
\n
the lease is not readily determinable. The incremental borrowing rate
\n
is defined as the rate of interest that the lessee would have to pay
\n
to borrow over a similar term and with a similar security, the funds
\n
necessary to obtain an asset of equal value to the right-of-use asset
\n
in a similar economic environment.
\n
The lease liability is presented as a separate line in the consolidated
\n
statement of financial position. The lease liability is subsequently
\n
measured by increasing the carrying amount to reflect interest on the
\n
lease liability and by reducing the carrying amount to reflect the lease
\n
payments made. The Group recognizes interest on lease liabilities and
\n
presents it within interest expenses in the consolidated profit or loss.
\n
The Group remeasures the lease liability (and makes a corresponding
\n
adjustment to the related right-of-use asset) whenever:
\n
\u2022 The lease term has changed, or there is a change in the assessment
\n
of the exercise of a purchase option, in which case the lease liability
\n
is remeasured by discounting the revised lease payments using a
\n
revised discount rate.
\n
\u2022 The lease payments change due to changes in an index or rate
\n
or market rate. In these cases, the lease liability is remeasured by
\n
discounting the revised lease payments using the initial discount rate
\n
(unless the lease payments change is due to a change in a floating
\n
interest rate, in which case a revised discount rate is used).
\n
\n
A lease contract is modified, and the lease modification is not accounted
\n
for as a separate lease, in which case the lease liability is remeasured
\n
by discounting the revised lease payments using a fixed discount rate.
\n
In the statement of cash flows, the Group separates the total amount of
\n
cash paid into a principal portion (presented within financing activities)
\n
and interest (presented within operating activities).
\n
\n
\n\n
\n
PROVISIONS
\n
Provisions are recognized when the Group has a present legal or
\n
constructive obligation (either based on legal regulations or implied)
\n
due to past events, and an outflow of resources will probably be
\n
required to settle the obligation, and a reliable estimate of the
\n
obligation can be made.
\n
\n\n
\n\n\n
\n
\n2. Summary of material accounting policies
\n(continued)
\n
\n\n
\n
\n
\n
\n
FINANCE INCOME AND FINANCE COSTS
\n
The Group\u2019s finance income and finance costs include:
\n
\u2022 Interest income (e.g. on bank deposits and loans provided);
\n
\u2022 Interest expense (e.g. on corporate bonds and bank borrowings; on
\n
obligation under leases);
\n
\u2022 Income/expense from derecognition of financial assets/financial
\n
liabilities.
\n
\n
Interest income and expense are recognized under the effective interest
\n
method.
\n
The \u201ceffective interest rate\u201d is the rate that exactly discounts estimated
\n
future cash payments or receipts through the expected life of the
\n
financial instrument to:
\n
\u2022 The gross carrying amount of the financial asset; or
\n
\u2022 The amortized cost of the financial liability.
\n
\n
In calculating interest income and expense, the effective interest rate
\n
is applied to the gross carrying amount of the asset (when the asset is
\n
not credit-impaired) or to the amortized cost of the liability. However,
\n
for financial assets that have become credit-impaired after their initial
\n
recognition, interest income is calculated by applying effective the
\n
interest rate to the amortized cost of the financial asset. If the asset
\n
is no longer credit-impaired, then the calculation of interest income
\n
reverts to the gross basis.
\n
\n\n\n
\n
\n\n\n
\n
\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag379": {
"value": "\n
\n
\n2. Summary of material accounting policies
\nBASIS OF PRESENTATION AND ACCOUNTING
\n\n
The consolidated financial statements have been prepared in accordance
\n
with IFRS Accounting Standards as adopted by the European Union and
\n
the requirements of the Cyprus Companies Law Cap 113. The operating
\n
subsidiaries of the Group maintain their accounting records under local
\n
accounting standards.
\n
The financial statements of the subsidiaries of the Group are prepared
\n
for the same reporting period as the Parent, using consistent accounting
\n
policies. Adjustments are made to align any dissimilar accounting
\n
policies, that may exist, with the Group\u2019s accounting policies.
\n
\n\n\n
BASIS OF PREPARATION
\nThe consolidated financial statements of the Group are prepared on
\na historical cost basis, except for revalued amounts of buildings and
\nstructures, grain storage facilities, production machinery, vehicles
\nand agricultural machinery, biological assets, agricultural produce,
\nand certain financial instruments, which are measured at fair value.
\nHistorical cost is generally based on the fair value of the consideration
\ngiven in exchange for goods and services at the date of initial
\nrecognition of an item.
\n\n
GOING CONCERN
\n
In assessing the appropriateness of preparing the consolidated
\n
financial statements on a going concern basis, the Group considered
\n
the significant events and conditions, which occurred during the year
\n
ended 31 December 2025 and through to the date of authorization of
\n
these consolidated financial statements:
\n
\u2022 The Group continued to operate within the highly challenging
\n
environment following the Russian invasion of Ukraine. Throughout
\n
2025 and up to April 2026, despite systemic attacks on Ukraine\u2019s
\n
energy and public infrastructure causing widespread electricity
\n
shortages, the Group\u2019s core production facilities remained operational
\n
and largely undamaged.
\n
\u2022 Agricultural export processes remained stable through the Ukrainian
\n
Maritime Corridor. Following the cessation of the UN-backed initiative
\n
in 2023, the corridor has become the primary and reliable route
\n
for the Group\u2019s grain and poultry exports, ensuring uninterrupted
\n
access to global markets.
\n
\u2022 Despite repeated drone and rocket attacks, frequent energy-grid
\n
failures and other logistical challenges, MHP has maintained its
\n
operations without material interruption. This was achieved through
\n
strategic capital expenditure in alternative energy solutions, including
\n
diesel generators and biogas facilities, ensuring a continuous supply
\n
of electricity, steam, heating, and cooling.
\n
\u2022 The Group proactively managed its capital structure by successfully
\n
refinancing its USD 550 million senior notes (originally due April
\n
2026) with new long-term notes maturing in 2029. Throughout
\n
the reporting period and up to the date of this report, the Group
\n
continuously monitors the covenants compliance and, if applicable,
\n
engages with the banks to mitigate any potential non-compliance.
\n
\u2022 For the year ended 31 December 2025, the Group generated revenue
\n
of USD 3,766 million (up 24% YoY) and operating profit of USD 376
\n
million (down 9% YoY). The Group also maintained a strong liquidity
\n
position, supported by positive net cash flows from operating
\n
activities.
\n
\u2022 In August 2025, the Group further de-risked its operational footprint
\n
by acquiring UVESA, a leading vertically integrated poultry producer
\n
in Spain. This acquisition, combined with the continued strong
\n
performance of Perutnina Ptuj in the Balkans, has significantly
\n
mitigated risks associated with the Group\u2019s concentration in Ukraine.
\n
\u2022 Following the escalation of the military conflict in the Middle East
\n
in late February 2026 (Note 40) and related disruptions to regional
\n
navigation, the Group has identified their potential impacts on logistics
\n
costs for its MENA export operations and cost of production due to
\n
additional prices pressure on energy resources and commodities.
\n
Increased selling prices observed across a number of MENA markets
\n
are expected to partially offset the rise in freight costs. The full
\n
monetary impact is currently being assessed and is not expected to
\n
affect the Group's ability to continue as a going concern.
\n
Between 2022 and 2025, the Group successfully transitioned from crisis
\n
management to a model of international growth and energy innovation.
\n
Based on the Group\u2019s current liquidity position, the successful 2026
\n
bond refinancing, and the cash-generative nature of its geographically
\n
diversified operations, Management has a reasonable expectation that
\n
the Group has adequate resources to continue in operational existence
\n
for the foreseeable future.
\n
Management has prepared financial forecasts, including cash flow
\n
projections, covering the 2026-2027 budget cycle. These forecasts
\n
reflect expected economic conditions and consider anticipated changes
\n
in the operating environment.
\n
These forecasts indicate that the Group has adequate resources
\n
to continue in operational existence for the foreseeable future. The
\n
Directors have therefore concluded that it is appropriate to apply the
\n
going concern basis of accounting in preparing these consolidated
\n
financial statements. However, due to the currently unpredictable
\n
effects of the factors described in the Annual report and referred
\n
above, the Directors have concluded that a material uncertainty exists,
\n
which may cast significant doubt on the Group\u2019s ability to continue as
\n
a going concern, in which case the Group may be unable to realize its
\n
assets and discharge its liabilities in the normal course of business.
\n
\n
\n
\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag380": {
"value": "\nThe consolidated financial statements have been prepared in accordance
\nwith IFRS Accounting Standards as adopted by the European Union and
\nthe requirements of the Cyprus Companies Law Cap 113. The operating
\nsubsidiaries of the Group maintain their accounting records under local
\naccounting standards.
\nThe financial statements of the subsidiaries of the Group are prepared
\nfor the same reporting period as the Parent, using consistent accounting
\npolicies. Adjustments are made to align any dissimilar accounting
\npolicies, that may exist, with the Group\u2019s accounting policies.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag381": {
"value": "\nGOING CONCERN
\nIn assessing the appropriateness of preparing the consolidated
\nfinancial statements on a going concern basis, the Group considered
\nthe significant events and conditions, which occurred during the year
\nended 31 December 2025 and through to the date of authorization of
\nthese consolidated financial statements:
\n\u2022 The Group continued to operate within the highly challenging
\nenvironment following the Russian invasion of Ukraine. Throughout
\n2025 and up to April 2026, despite systemic attacks on Ukraine\u2019s
\nenergy and public infrastructure causing widespread electricity
\nshortages, the Group\u2019s core production facilities remained operational
\nand largely undamaged.
\n\u2022 Agricultural export processes remained stable through the Ukrainian
\nMaritime Corridor. Following the cessation of the UN-backed initiative
\nin 2023, the corridor has become the primary and reliable route
\nfor the Group\u2019s grain and poultry exports, ensuring uninterrupted
\naccess to global markets.
\n\u2022 Despite repeated drone and rocket attacks, frequent energy-grid
\nfailures and other logistical challenges, MHP has maintained its
\noperations without material interruption. This was achieved through
\nstrategic capital expenditure in alternative energy solutions, including
\ndiesel generators and biogas facilities, ensuring a continuous supply
\nof electricity, steam, heating, and cooling.
\n\u2022 The Group proactively managed its capital structure by successfully
\nrefinancing its USD 550 million senior notes (originally due April
\n2026) with new long-term notes maturing in 2029. Throughout
\nthe reporting period and up to the date of this report, the Group
\ncontinuously monitors the covenants compliance and, if applicable,
\nengages with the banks to mitigate any potential non-compliance.
\n\u2022 For the year ended 31 December 2025, the Group generated revenue
\nof USD 3,766 million (up 24% YoY) and operating profit of USD 376
\nmillion (down 9% YoY). The Group also maintained a strong liquidity
\nposition, supported by positive net cash flows from operating
\nactivities.
\n\u2022 In August 2025, the Group further de-risked its operational footprint
\nby acquiring UVESA, a leading vertically integrated poultry producer
\nin Spain. This acquisition, combined with the continued strong
\nperformance of Perutnina Ptuj in the Balkans, has significantly
\nmitigated risks associated with the Group\u2019s concentration in Ukraine.
\n\u2022 Following the escalation of the military conflict in the Middle East
\nin late February 2026 (Note 40) and related disruptions to regional
\nnavigation, the Group has identified their potential impacts on logistics
\ncosts for its MENA export operations and cost of production due to
\nadditional prices pressure on energy resources and commodities.
\nIncreased selling prices observed across a number of MENA markets
\nare expected to partially offset the rise in freight costs. The full
\nmonetary impact is currently being assessed and is not expected to
\naffect the Group's ability to continue as a going concern.
\nBetween 2022 and 2025, the Group successfully transitioned from crisis
\nmanagement to a model of international growth and energy innovation.
\nBased on the Group\u2019s current liquidity position, the successful 2026
\nbond refinancing, and the cash-generative nature of its geographically
\ndiversified operations, Management has a reasonable expectation that
\nthe Group has adequate resources to continue in operational existence
\nfor the foreseeable future.
\nManagement has prepared financial forecasts, including cash flow
\nprojections, covering the 2026-2027 budget cycle. These forecasts
\nreflect expected economic conditions and consider anticipated changes
\nin the operating environment.
\nThese forecasts indicate that the Group has adequate resources
\nto continue in operational existence for the foreseeable future. The
\nDirectors have therefore concluded that it is appropriate to apply the
\ngoing concern basis of accounting in preparing these consolidated
\nfinancial statements. However, due to the currently unpredictable
\neffects of the factors described in the Annual report and referred
\nabove, the Directors have concluded that a material uncertainty exists,
\nwhich may cast significant doubt on the Group\u2019s ability to continue as
\na going concern, in which case the Group may be unable to realize its
\nassets and discharge its liabilities in the normal course of business.
\n
\n
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag383": {
"value": "\nADOPTION OF NEW AND REVISED
\nIFRS ACCOUNTING STANDARDS
\nThe Group applied for the first time certain standards and amendments
\nwhich are effective for annual periods beginning on or after 1 January
\n2025. The Group has not early adopted any other standard, interpretation
\nor amendment that has been issued but is not yet effective.
\nThe following standards and amendments were adopted by the Group
\non 1 January 2025:
\n\u2022 IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack
\nof Exchangeability (Amendments). These amendments apply to
\nannual reporting periods beginning on or after 1 January 2025. Their
\nadoption did not have a material impact on the Group\u2019s consolidated
\nfinancial statements.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag384": {
"value": "\nStandards and Interpretations in issue but not effective
\nAt the date of authorization of these consolidated financial statements,
\nthe following Standards and Interpretations, as well as amendments to
\nthe Standards were in issue but not yet effective:
\nIFRS 9 Financial Instruments and IFRS 7 Financial Instruments:
\nDisclosures - Classification and Measurement of Financial
\nInstruments (Amendments)
\nIIn May 2024, the IASB issued amendments to the Classification
\nand Measurement of Financial Instruments which amended IFRS 9
\nFinancial Instruments and IFRS 7 Financial Instruments: Disclosures.
\nThe amendments are effective for annual reporting periods beginning
\non or after 1 January 2026, with earlier application permitted. The
\namendments are not expected to have a material impact on the Group\u2019s
\nconsolidated financial statementsThe amendments are not expected to
\nhave a material impact on the Group\u2019s consolidated financial statements.
\nIFRS 9 Financial Instruments and IFRS 7 Financial Instruments:
\nDisclosures - Contracts Referencing Nature-dependent Electricity
\n(Amendments)
\nIn December 2024, the IASB issued targeted amendments for a better
\nreflection of Contracts Referencing Nature-dependent Electricity, which
\namended IFRS 9 Financial Instruments and IFRS 7 Financial Instruments:
\nDisclosures. The amendments are effective for annual reporting periods
\nbeginning on or after 1 January 2026, with earlier application permitted.
\nThe amendments are not expected to have a material impact on the
\nGroup\u2019s consolidated financial statements.
\nAnnual Improvements to IFRS Accounting Standards \u2013 Volume 11
\nIn July 2024, the IASB issued Annual Improvements to IFRS Accounting
\nStandards \u2013 Volume 11. An entity shall apply those amendments for annual
\nreporting periods beginning on or after 1 January 2026, with earlier
\napplication permitted. Management will analyse the requirements of these
\nnew improvements and assess their impact.
\nIFRS 18 \u2013 Presentation and Disclosure in Financial Statements
\nIn April 2024, the IASB issued IFRS 18, which supersedes IAS 1. The
\nstandard is effective for annual periods beginning on or after 1 January
\n2027, with early adoption permitted. The Group intends to adopt the
\nstandard on its effective date and is currently evaluating the impact on
\nits consolidated financial statements.
\nKey areas of expected impact include:
\n\u2022 Reclassification of income and expenses into three new categories
\n(operating, investing, and financing) to provide defined subtotals;
\n\u2022 Disclosure and reconciliation of non-IFRS measures that are
\ncommunicated publicly within the notes to the financial statements;
\n\u2022 Revised principles for grouping financial information to ensure
\nmaterial items are not obscured.
\nThe Group is currently assessing the impact of IFRS 18 implementation
\nand estimating its effects on the consolidated financial statements. The
\ninitial expected material impacts are described below.
\nThe Group expects changes in the structure of the consolidated
\nstatement of profit or loss and other comprehensive income with two
\nrequired subtotals to be introduced:
\n\u2022 The operating profit is already presented in the consolidated
\nstatement of profit or loss. But the Group is currently evaluating
\nclassification of the income and expenses as operating under IFRS
\n18 requirements. Further, the Group is reassessing classification of
\nother income and expenses as either investing or financing.
\n\u2022 A new subtotal line \u201cProfit before financing and income tax\u201d will be
\nintroduced.
\n
\nThe Group is also reviewing non-IFRS measures used in public
\ncommunications, such as EBITDA and adjusted EBITDA, to determine if
\nthey meet the definition of management performance measures (MPMs)
\nand whether additional MPMs should be presented.
\nThe Group is currently considering the principles of aggregation and
\ndisaggregation under IFRS 18 to estimate its impact on the presentation
\nof the consolidated financial statements.
\nFor the consolidated statement of cash flows, interest paid will be
\npresented under the financing activities and interest received will be
\npresented under the investing activities according to IFRS 18 rather than
\ncash flows from operating activities as they are currently presented.
\nThe Group continues to evaluate further potential effects of this new
\nstandard on the consolidated statement of cash flows.
\n
\n
\n
\n\n\nADOPTION OF NEW AND REVISED
\nIFRS ACCOUNTING STANDARDS (continued)
\nIFRS 19 Subsidiaries without Public Accountability: Disclosures,
\nincluding amendments
\nIn May 2024, the IASB issued the IFRS 19 - Subsidiaries without Public
\nAccountability: Disclosures. The amendememnts to IFRS 19 have been
\nissued on 21 August 2025. This standard together with the amendments
\nbecome effective for reporting periods beginning on or after 1 January
\n2027, with early application permitted. The new standard together
\nwith the amendments has not yet been endorsed by the EU. The
\namendments are not expected to have a material impact on the Group\u2019s
\nconsolidated financial statements.
\nIAS 21 The Effects of Changes in Foreign Exchange Rates:
\nTranslation to a Hyperinflationary Presentation Currency
\n(Amendments)
\nIn November 2025, the IASB issued amendments to Translation to a
\nHyperinflationary Presentation Currency which amend IAS 21 The Effects
\nof Changes in Foreign Exchange Rates, and they become effective for
\nannual reporting periods beginning on or after January 1, 2027, with earlier
\napplication permitted. The new standard has not yet been endorsed by
\nthe EU. The amendments are not expected to have a material impact on
\nthe Group\u2019s consolidated financial statements.
\nAmendment in IFRS 10 Consolidated Financial Statements and IAS 28
\nInvestments in Associates and Joint Ventures: Sale or Contribution of
\nAssets between an Investor and its Associate or Joint Venture
\nIn December 2015, the IASB postponed the effective date of this
\namendment indefinitely pending the outcome of its research project
\n
\n\n\non the equity method of accounting.
\n
\n\n",
"dimensions": {
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"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag388": {
"value": "\n
\nFUNCTIONAL AND PRESENTATION CURRENCY
\n\n
The functional currency of the Ukrainian companies of the Group is
\n
the Ukrainian Hryvnia (\u201cUAH\u201d); the functional currency of the Cyprus
\n
companies and Luxembourg company of the Group is the US Dollar
\n
(\u201cUSD\u201d); the functional currency of the other European companies of
\n
the Group is the Euro (\u201cEUR\u201d); the functional currency of the United
\n
Arab Emirates companies is the Dirham (\u201cAED\u201d); the functional currency
\n
of the UK company is the British Pound (\"GBP\u201d); the functional currency
\n
of the Saudi Arabia company is the Saudi Riyal (\"SAR\u201d).
\n
Transactions in currencies other than the functional currency of the
\n
entities concerned are treated as transactions in foreign currencies.
\n
\n\n
Such transactions are initially recorded at the rates of exchange
\nruling at the dates of the transactions. Monetary assets and liabilities
\ndenominated in such currencies are translated at prevailing rates on
\nthe reporting date. All realized and unrealized gains and losses arising
\non exchange differences are recognised in the consolidated statement
\nof profit or loss and other comprehensive income for the period.
\nThese consolidated financial statements are presented in US Dollars
\n(\u201cUSD\u201d), the Group\u2019s presentation currency, and all values are rounded
\nto the nearest million, except when otherwise indicated.
\nThe results and financial position of the Group are translated into the
\npresentation currency using the following procedures
\n\u2022 Assets and liabilities for each consolidated statement of financial
\nposition presented are translated at the closing rate as of the
\nreporting date of that statement of financial position;
\n\u2022 Income and expenses for each consolidated statement of profit or
\nloss are translated at exchange rates at the dates of the transactions;
\n
\n\n\n\u2022 Exchange differences arising on translation for consolidation are
\nrecognised in other comprehensive income and presented as a
\nseparate equity component. On disposal of a foreign operation, the
\ncomponent of OCI relating to that particular foreign operation is
\nreclassified to profit or loss;
\n
\nAll equity items except the revaluation reserve are translated at the
\nhistorical exchange rate. The revaluation reserve is translated at the
\nclosing rate as of the statement of financial position date.
\nFor practical reasons, the Group translates items of income and
\nexpenses, cash flow items for each period presented in the financial
\nstatements using the quarterly average exchange rates if such
\ntranslations reasonably approximate the results translated at exchange
\nrates prevailing at the dates of the transactions.
\nThe following exchange rates were used:
\n\n
\n\n\n | \nCLOSING RATE AS OF 31 DECEMBER 2025 | \nAVERAGE FOR 2025 | \nCLOSING RATE AS OF 31 DECEMBER 2024 | \nAVERAGE FOR 2024 | \n\n\n\n
\n\n\n\n\n\n\n| UAH/USD | \n42.3878 | \n41.6902 | \n42.0390 | \n40.1590 | \n\n\n\n
\n\n| UAH/EUR | \n49.8565 | \n47.0853 | \n43.9266 | \n43.4588 | \n\n\n\n
\n\n| USD/EUR | \n1.1762 | \n1.1294 | \n1.0449 | \n 1.0822 | \n\n\n\n
\n\n| USD/GBP | \n1.3497 | \n1.3182 | \n1.2594 | \n1.2785 | \n\n\n\n
\n\n| AED/USD | \n3.67 | \n3.67 | \n3.67 | \n3.67 | \n\n\n\n
\n\n| SAR/USD | \n3.75 | \n3.75 | \n3.75 | \n3.75 | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag390": {
"value": "\nThe functional currency of the Ukrainian companies of the Group is
\nthe Ukrainian Hryvnia (\u201cUAH\u201d); the functional currency of the Cyprus
\ncompanies and Luxembourg company of the Group is the US Dollar
\n(\u201cUSD\u201d); the functional currency of the other European companies of
\nthe Group is the Euro (\u201cEUR\u201d); the functional currency of the United
\nArab Emirates companies is the Dirham (\u201cAED\u201d); the functional currency
\nof the UK company is the British Pound (\"GBP\u201d); the functional currency
\nof the Saudi Arabia company is the Saudi Riyal (\"SAR\u201d).
\nTransactions in currencies other than the functional currency of the
\nentities concerned are treated as transactions in foreign currencies.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag256": {
"value": "\n
\n\n
BASIS OF CONSOLIDATION
\n
The consolidated financial statements incorporate the financial statements
\n
of MHP SE and its subsidiaries. Control is achieved when the Group
\n
\u2022 has power over the investee;
\n
\u2022 is exposed, or has rights, to variable returns from its involvement
\n
with the investee; and
\n
\u2022 has the ability to use its power to affect its returns.
\n
\n
The Group reassesses whether or not it controls an investee if facts and
\n
circumstances indicate changes to one or more of the three elements of
\n
control listed above. Consolidation of a subsidiary begins when the Group
\n
obtains control over the subsidiary and ceases when the Group loses
\n
control of the subsidiary. Specifically, income and expenses of a subsidiary
\n
acquired or disposed of during the year are included in the consolidated
\n
statement of profit or loss and other comprehensive income from the date
\n
the Group gains control until the date when the Group ceases to control
\n
the subsidiary. Profit or loss and each component of other comprehensive
\n
income are attributed to the Parent\u2019s owners and to the non-controlling
\n
interests. The total comprehensive income of subsidiaries is attributed to
\n
the owners of the Parent and the non-controlling interests, even if this
\n
results in the non-controlling interests having a deficit balance.
\n
All significant intercompany transactions, balances, and unrealized gains
\n
or losses on transactions are eliminated on consolidation, except when
\n
the intragroup losses indicate an impairment that requires recognition in
\n
the consolidated financial statements.
\n
Where necessary, adjustments are made to the financial statements
\n
of subsidiaries to bring the accounting policies used in line with those
\n
adopted by the Group.
\n
\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag257": {
"value": "\nBASIS OF CONSOLIDATION
\nThe consolidated financial statements incorporate the financial statements
\nof MHP SE and its subsidiaries. Control is achieved when the Group
\n\u2022 has power over the investee;
\n\u2022 is exposed, or has rights, to variable returns from its involvement
\nwith the investee; and
\n\u2022 has the ability to use its power to affect its returns.
\n
\nThe Group reassesses whether or not it controls an investee if facts and
\ncircumstances indicate changes to one or more of the three elements of
\ncontrol listed above. Consolidation of a subsidiary begins when the Group
\nobtains control over the subsidiary and ceases when the Group loses
\ncontrol of the subsidiary. Specifically, income and expenses of a subsidiary
\nacquired or disposed of during the year are included in the consolidated
\nstatement of profit or loss and other comprehensive income from the date
\nthe Group gains control until the date when the Group ceases to control
\nthe subsidiary. Profit or loss and each component of other comprehensive
\nincome are attributed to the Parent\u2019s owners and to the non-controlling
\ninterests. The total comprehensive income of subsidiaries is attributed to
\nthe owners of the Parent and the non-controlling interests, even if this
\nresults in the non-controlling interests having a deficit balance.
\nAll significant intercompany transactions, balances, and unrealized gains
\nor losses on transactions are eliminated on consolidation, except when
\nthe intragroup losses indicate an impairment that requires recognition in
\nthe consolidated financial statements.
\nWhere necessary, adjustments are made to the financial statements
\nof subsidiaries to bring the accounting policies used in line with those
\nadopted by the Group.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag258": {
"value": "\n
\n\n
ACQUISITIONS
\n
The acquisitions of subsidiaries from third parties are accounted for
\n
using the acquisition method. On acquisition date, the assets, liabilities
\n
and contingent liabilities of a subsidiary are measured at their fair
\n
values.
\n
The consideration transferred by the Group is measured at fair value,
\n
which is the sum of the acquisition-date fair values of the assets
\n
transferred by the Group, liabilities incurred by the Group to the former
\n
owners of the acquired subsidiary and the equity interests issued by
\n
the Group in exchange for control of the subsidiary. Acquisition-related
\n
costs are recognised in the consolidated statement of profit or loss as
\n
incurred.
\n
Non-controlling interests that are present ownership interests and
\n
entitle their holders to a proportionate share of the subsidiary\u2019s net
\n
assets in the event of liquidation may be initially measured either at
\n
fair value or at the non-controlling interests\u2019 proportionate share of
\n
the recognised amounts of the subsidiary\u2019s identifiable net assets. The
\n
choice of measurement basis is made on a transaction-by-transaction
\n
basis.
\n
Goodwill is measured as the excess of the sum of the consideration
\n
transferred, the amount of any non-controlling interests in the
\n
acquired subsidiary, and the fair value of the Group\u2019s previously held
\n
equity interest in the acquired subsidiary (if any) over the net of the
\n
acquisition-date amounts of the identifiable assets acquired and the
\n
liabilities assumed. If, after reassessment, the net of the acquisition-
\n
date amounts of the identifiable assets acquired and the liabilities
\n
assumed exceeds the sum of the consideration transferred, the amount
\n
of non-controlling interests in the subsidiary and the fair value of the
\n
Group\u2019s previously-held interest in the subsidiary (if any), the excess is
\n
recognised in the consolidated statement of profit or loss, as a bargain
\n
purchase gain.
\n
Changes in the Group\u2019s ownership interests in subsidiaries that do not
\n
result in the Group losing control over the subsidiaries are accounted for
\n
as equity transactions. The carrying amounts of the Group\u2019s interests
\n
and the non-controlling interests are adjusted to reflect the changes
\n
in their relative interests in subsidiaries. Any difference between the
\n
amount by which the non-controlling interests are adjusted and the
\n
fair value of the consideration paid or received is recognised directly in
\n
equity and attributed to owners of the Parent.
\n
In acquisition of a legal entity that does not constitute a business,
\n
the cost of the group of assets is allocated between the individual
\n
identifiable assets in the group based on their relative fair values.
\n
\n
\n\n\n
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag259": {
"value": "\nACQUISITIONS
\nThe acquisitions of subsidiaries from third parties are accounted for
\nusing the acquisition method. On acquisition date, the assets, liabilities
\nand contingent liabilities of a subsidiary are measured at their fair
\nvalues.
\nThe consideration transferred by the Group is measured at fair value,
\nwhich is the sum of the acquisition-date fair values of the assets
\ntransferred by the Group, liabilities incurred by the Group to the former
\nowners of the acquired subsidiary and the equity interests issued by
\nthe Group in exchange for control of the subsidiary. Acquisition-related
\ncosts are recognised in the consolidated statement of profit or loss as
\nincurred.
\nNon-controlling interests that are present ownership interests and
\nentitle their holders to a proportionate share of the subsidiary\u2019s net
\nassets in the event of liquidation may be initially measured either at
\nfair value or at the non-controlling interests\u2019 proportionate share of
\nthe recognised amounts of the subsidiary\u2019s identifiable net assets. The
\nchoice of measurement basis is made on a transaction-by-transaction
\nbasis.
\nGoodwill is measured as the excess of the sum of the consideration
\ntransferred, the amount of any non-controlling interests in the
\nacquired subsidiary, and the fair value of the Group\u2019s previously held
\nequity interest in the acquired subsidiary (if any) over the net of the
\nacquisition-date amounts of the identifiable assets acquired and the
\nliabilities assumed. If, after reassessment, the net of the acquisition-
\ndate amounts of the identifiable assets acquired and the liabilities
\nassumed exceeds the sum of the consideration transferred, the amount
\nof non-controlling interests in the subsidiary and the fair value of the
\nGroup\u2019s previously-held interest in the subsidiary (if any), the excess is
\nrecognised in the consolidated statement of profit or loss, as a bargain
\npurchase gain.
\nChanges in the Group\u2019s ownership interests in subsidiaries that do not
\nresult in the Group losing control over the subsidiaries are accounted for
\nas equity transactions. The carrying amounts of the Group\u2019s interests
\nand the non-controlling interests are adjusted to reflect the changes
\nin their relative interests in subsidiaries. Any difference between the
\namount by which the non-controlling interests are adjusted and the
\nfair value of the consideration paid or received is recognised directly in
\nequity and attributed to owners of the Parent.
\nIn acquisition of a legal entity that does not constitute a business,
\nthe cost of the group of assets is allocated between the individual
\nidentifiable assets in the group based on their relative fair values.
\n
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag260": {
"value": "\n
\n\n
INVESTMENTS IN ASSOCIATES
\n
An associate is an entity over which the Group has significant influence.
\n
Significant influence is the power to participate in the financial and
\n
operating policy decisions of the investee, but is not control or joint
\n
control over those policies.
\n
The considerations made in determining significant influence or joint
\n
control are similar to those necessary to determine control over
\n
subsidiaries. The Group\u2019s investment in its associates are accounted
\n
for using the equity method.
\n
The aggregate of the Group\u2019s share of profit or loss of an associate is
\n
shown in statement of profit or loss within other operating income or
\n
expenses and represents profit or loss after tax and noncontrolling
\n
interests in the subsidiaries of the associate.
\n
\n\n\n
\n\n\n\n
\n\n
INVESTMENTS IN ASSOCIATES (continued)
\n
Under the equity method, the investment in an associate is initially
\n
recognised at cost. The carrying amount of the investment is adjusted
\n
to recognise changes in the Group\u2019s share of net assets since the
\n
acquisition date. Goodwill relating to the associate is included in the
\n
carrying amount of the investment and is not tested for impairment
\n
separately. Impairments are presented within Share of profit or loss of
\n
an associate in the other operating income or expenses. The statement
\n
of profit or loss reflects the Group\u2019s share of the results of operations
\n
of the associate. Any change in OCI of those investees is presented
\n
as part of the Group\u2019s OCI. In addition, when there has been a change
\n
recognised directly in the equity of the associate, the Group recognises
\n
its share of any changes, when applicable, in the statement of changes
\n
in equity. Unrealised gains and losses resulting from transactions
\n
between the Group and the associate are eliminated to the extent of
\n
the interest in the associate or joint venture. The financial statements
\n
of the associate are prepared for the same reporting period as the
\n
Group. When necessary, adjustments are made to bring the accounting
\n
policies in line with those of the Group.
\n
After application of the equity method, the Group determines whether
\n
it is necessary to recognise an impairment loss on its investment in its
\n
associate. At each reporting date, the Group determines whether there
\n
is objective evidence that the investment in the associate is impaired. If
\n
there is such evidence, the Group calculates the amount of impairment
\n
as the difference between the recoverable amount of the associate and
\n
its carrying value, and then recognises the loss within other operating
\n
income or expenses in the statement of profit or loss.
\n
Upon loss of significant influence over the associate, the Group
\n
measures and recognises any retained investment at its fair value. Any
\n
difference between the carrying amount of the associate upon loss of
\n
significant influence and the fair value of the retained investment and
\n
proceeds from disposal is recognised in profit or loss.
\n
\n
\n\n\n
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag261": {
"value": "\nINVESTMENTS IN ASSOCIATES
\nAn associate is an entity over which the Group has significant influence.
\nSignificant influence is the power to participate in the financial and
\noperating policy decisions of the investee, but is not control or joint
\ncontrol over those policies.
\nThe considerations made in determining significant influence or joint
\ncontrol are similar to those necessary to determine control over
\nsubsidiaries. The Group\u2019s investment in its associates are accounted
\nfor using the equity method.
\nThe aggregate of the Group\u2019s share of profit or loss of an associate is
\nshown in statement of profit or loss within other operating income or
\nexpenses and represents profit or loss after tax and noncontrolling
\ninterests in the subsidiaries of the associate.
\n
\n\n\n\nINVESTMENTS IN ASSOCIATES (continued)
\nUnder the equity method, the investment in an associate is initially
\nrecognised at cost. The carrying amount of the investment is adjusted
\nto recognise changes in the Group\u2019s share of net assets since the
\nacquisition date. Goodwill relating to the associate is included in the
\ncarrying amount of the investment and is not tested for impairment
\nseparately. Impairments are presented within Share of profit or loss of
\nan associate in the other operating income or expenses. The statement
\nof profit or loss reflects the Group\u2019s share of the results of operations
\nof the associate. Any change in OCI of those investees is presented
\nas part of the Group\u2019s OCI. In addition, when there has been a change
\nrecognised directly in the equity of the associate, the Group recognises
\nits share of any changes, when applicable, in the statement of changes
\nin equity. Unrealised gains and losses resulting from transactions
\nbetween the Group and the associate are eliminated to the extent of
\nthe interest in the associate or joint venture. The financial statements
\nof the associate are prepared for the same reporting period as the
\nGroup. When necessary, adjustments are made to bring the accounting
\npolicies in line with those of the Group.
\nAfter application of the equity method, the Group determines whether
\nit is necessary to recognise an impairment loss on its investment in its
\nassociate. At each reporting date, the Group determines whether there
\nis objective evidence that the investment in the associate is impaired. If
\nthere is such evidence, the Group calculates the amount of impairment
\nas the difference between the recoverable amount of the associate and
\nits carrying value, and then recognises the loss within other operating
\nincome or expenses in the statement of profit or loss.
\nUpon loss of significant influence over the associate, the Group
\nmeasures and recognises any retained investment at its fair value. Any
\ndifference between the carrying amount of the associate upon loss of
\nsignificant influence and the fair value of the retained investment and
\nproceeds from disposal is recognised in profit or loss.
\n
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag265": {
"value": "\nFAIR VALUE MEASUREMENT
\nFair value is the price received to sell an asset or paid to transfer a
\nliability in an orderly transaction between market participants at
\nthe measurement date. The fair value measurement is based on the
\npresumption that the transaction to sell the asset or transfer the liability
\noccurs either in the central market for the asset or liability or, in the
\nabsence of a principal market, in the most advantageous market for the
\nasset or liability. The principal or the most beneficial market must be
\naccessible by the Group.
\nThe fair value of an asset or a liability is measured using the assumptions
\nthat market participants would use when pricing the asset or liability,
\nassuming that market participants act in their economic best interest.
\nA fair value measurement of a non-financial asset considers a market
\nparticipant's ability to generate economic benefits by using the asset
\nin its highest and best use or by selling it to another market participant
\nthat would use the asset in its highest and best use.
\nThe Group uses valuation techniques that are appropriate in the
\ncircumstances and for which sufficient data are available to measure fair
\nvalue, maximizing the use of relevant observable inputs and minimizing
\nthe use of unobservable inputs.
\nAll assets and liabilities for which fair value is measured or disclosed in
\nthe financial statements are categorized within the fair value hierarchy,
\ndescribed as follows, based on the lowest level input that is significant
\nto the fair value measurement as a whole:
\n\u2022 Level 1: Quoted (unadjusted) market prices in active markets for
\nidentical assets or liabilities;
\n\u2022 Level 2: Valuation techniques for which the lowest level input that
\nis significant to the fair value measurement is directly or indirectly
\nobservable;
\n\u2022 Level 3: Valuation techniques for which the lowest level input that is
\nsignificant to the fair value measurement is unobservable.
\n
\nFor assets and liabilities that are recognized in the financial statements
\nregularly, the Group determines whether transfers have occurred
\nbetween Levels in the hierarchy by re-assessing categorization (based
\non the lowest level input that is significant to the fair value measurement
\nas a whole) at the end of each reporting period.
\n
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag266": {
"value": "\nBORROWING COSTS
\nBorrowing costs include interest expense, finance charges on leases and
\nother interest-bearing long-term payables and debt servicing costs.
\nBorrowing costs directly attributable to the acquisition, construction or
\nproduction of qualifying assets, which are assets that necessarily take
\na substantial period of time to get ready for their intended use or sale,
\nare added to the cost of those assets, until such time as the assets are
\nsubstantially ready for their intended use or sale.
\nInvestment income earned on the temporary investment of specific
\nborrowings pending their expenditure on qualifying assets is deducted
\nfrom the borrowing costs eligible for capitalization.
\nAll other borrowing costs are recognised in the statement of profit or loss
\nand other comprehensive income in the period in which they are incurred.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag270": {
"value": "\nCONTINGENT LIABILITIES AND ASSETS
\nContingent liabilities are not recognised in the consolidated financial
\nstatements. Rather, they are disclosed in the notes to the consolidated
\nfinancial statements unless the possibility of an outflow of resources
\nembodying economic benefits is remote. Contingent assets are
\nrecognised only when it has become virtually certain that an inflow of
\neconomic benefits will arise.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag271": {
"value": "\nSEGMENT INFORMATION
\nSegment reporting is presented on the basis of Management\u2019s
\nperspective and relates to the parts of the Group that are defined as
\noperating segments. Operating segments are identified on the basis
\nof internal reports provided to the Group\u2019s chief operating decision
\nmaker (\u201cCODM\u201d). The Group has identified its top Management team
\nas its CODM and the internal reports used by the top Management
\nteam to oversee operations and make decisions on allocating resources
\nserve as the basis of information presented. These internal reports are
\nprepared on the same basis as these consolidated financial statements.
\nBased on the current management structure, the Group identifies the
\nfollowing reportable segments that represent its principal business
\nactivities: Poultry and related operations, Vegetable oils operations,
\nAgriculture operations, Europe operating segment. For more details on
\nsegmentation refer to Note 6 Segment information.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag272": {
"value": "\n
\nREVENUE RECOGNITION
\n\n
The Group generates revenue primarily from selling of agricultural
\n
products to the end customers. Revenue is measured based on the
\n
consideration to which the Group expects to be entitled in a contract
\n
with a customer and excludes amounts collected on behalf of third
\n
parties. The Group recognises revenue when it transfers product or
\n
service control to a customer.
\n
Revenue is adjusted for estimates of known or expected variable
\n
consideration, which includes consumer incentives, trade promotions,
\n
and allowances, such as rebates, volume-based incentives and other
\n
programs. Variable consideration related to these programs is recorded
\n
as a reduction to revenue based on amounts the Group expects to pay.
\n
These estimates are based on current performance, historical utilization,
\n
and projected redemption rates of each program. The Group reviews
\n
and updates these estimates regularly until the incentives are realized
\n
and the impact of any adjustments are recognized in the period the
\n
adjustments are identified. Non-monetary exchanges or swaps of goods
\n
that are of similar nature and value are not treated as transactions that
\n
generate revenue.
\n
\n
\n\n\n
The Group recognises revenue from the following major sources:
\n\u2022 poultry meat and related sales (delivery services, eggs, meat and
\nbone meal, and other);
\n\u2022 processed meat and culinary products;
\n\u2022 vegetable oil and related products (sunflower and soybean meals,
\nsunflower husk);
\n\u2022 grains, oilseeds and other agriculture products (milk, cattle, feed
\ngrains and other).
\n
\nRevenue is measured based on the consideration to which the Group
\nexpects to be entitled in a contract with a customer. The Group
\nrecognises revenue at a point in time when it transfers control of a
\nproduct or service to a customer.
\nA major part of the Group\u2019s sales is generated from the wholesale market.
\nRevenue is recognised when control of the goods has transferred,
\nbeing when the goods have been shipped to the wholesaler\u2019s specific
\nlocation or delivered to major Ukrainian sea ports. Following delivery,
\nthe wholesaler has full discretion over the manner of distribution and
\nprice to sell the goods, has the primary responsibility when on-selling
\nthe goods, and bears the risks of obsolescence and loss in relation to
\nthe goods. A receivable is recognised by the Group when the goods are
\ndelivered to the wholesaler as this represents the point in time at which
\nthe right to consideration becomes unconditional. Under the Group\u2019s
\nstandard contract terms, customers have no right of return.
\nContract liability is recognised if a payment is received from a customer
\nbefore the Group transfers the related goods. Contract liabilities are
\nrecognised as revenue when the Group performs under the contract.
\nSales price of products for domestic market predominantly includes
\nshipping and handling costs in the price of the product. Export sale
\nprices may include the shipping and handling costs depending on
\nspecific incoterms applied.
\n
\n
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag273": {
"value": "\nThe Group generates revenue primarily from selling of agricultural
\nproducts to the end customers. Revenue is measured based on the
\nconsideration to which the Group expects to be entitled in a contract
\nwith a customer and excludes amounts collected on behalf of third
\nparties. The Group recognises revenue when it transfers product or
\nservice control to a customer.
\nRevenue is adjusted for estimates of known or expected variable
\nconsideration, which includes consumer incentives, trade promotions,
\nand allowances, such as rebates, volume-based incentives and other
\nprograms. Variable consideration related to these programs is recorded
\nas a reduction to revenue based on amounts the Group expects to pay.
\nThese estimates are based on current performance, historical utilization,
\nand projected redemption rates of each program. The Group reviews
\nand updates these estimates regularly until the incentives are realized
\nand the impact of any adjustments are recognized in the period the
\nadjustments are identified. Non-monetary exchanges or swaps of goods
\nthat are of similar nature and value are not treated as transactions that
\ngenerate revenue.
\n
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag274": {
"value": "\nGOVERNMENT GRANTS
\nGovernment grants are recognised as income over the periods
\nnecessary to match them with the related costs, or as an offset against
\nfinance costs when received as compensation for the finance costs for
\nagricultural producers. When the grant relates to an asset, the received
\nfunds are recorded in the Group\u2019s consolidated financial statements as
\ndeferred income, which is recognised in profit or loss on a systematic
\nbasis over the useful life of the related assets.
\nGovernment grants are not recognised until there is reasonable
\nassurance that the Group will comply with the conditions attaching to
\nthem and that the grants will be received.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag275": {
"value": "\n
\n
\nPROPERTY, PLANT, AND EQUIPMENT
\nAll Group property, plant, and equipment are carried at revalued
\namounts, being their fair value at the date of the revaluation less any
\nsubsequent depreciation and impairment losses, except land and other
\nfixed assets that are carried at historical cost less (for the other fixed
\nassets) accumulated depreciation.
\nThe historical cost of an item of property, plant and equipment
\ncomprises: (a) its purchase price, including import duties and non-
\nrefundable purchase taxes, after deducting trade discounts and
\nrebates; (b) any costs directly attributable to bringing the item to the
\nlocation and condition necessary for it to be capable of operating in
\nthe manner intended by the management of the Group; (c) the initial
\nestimate of the costs of dismantling and removing the item and restoring
\nthe site on which it is located, the obligation for which the Group incurs
\neither when the item is acquired or as a consequence of having used
\nthe item during a particular period for purposes other than to produce
\ninventories during that period; and (d) for qualifying assets, borrowing
\ncosts capitalized in accordance with the Group\u2019s accounting policy.
\n\n
Subsequently, capitalized costs include major expenditures for
\n
improvements and replacements that extend the useful lives of the
\n
assets or increase their revenue-generating capacity. Repairs and
\n
maintenance expenditures that do not meet the foregoing criteria for
\n
capitalization are charged to the consolidated statement of profit or
\n
loss as incurred.
\n
\n\n\n
For all Group`s property, plant, and equipment carried at revalued
\namounts, the revaluations are performed with sufficient regularity such
\nthat the carrying amount does not differ materially from that which
\nwould be determined using fair values at the reporting date. If the
\nasset\u2019s carrying amount is increased as a result of a revaluation, this
\nincrease is credited to equity through other comprehensive income as
\na revaluation reserve. However, such an increase is recognized in the
\nconsolidated statement of profit or loss under \u201cLoss on impairment of
\nproperty, plant and equipment\u201d, only to the extent that it reverses a
\npreviously recognized revaluation decrease of the same asset in the
\nconsolidated statement of profit or loss. Conversely, if the asset\u2019s
\ncarrying amount is reduced as a result of a revaluation, the decrease
\nis recognized in the consolidated statement of profit or loss. However,
\nthe decrease is debited to the revaluation reserve through other
\ncomprehensive income to the extent of any credit balance existing in
\nthe revaluation reserve in respect of that asset.
\nThe carrying amount of the asset is adjusted by eliminating
\naccumulated depreciation against the gross carrying amount and
\nsubsequent increase or decrease of the gross carrying amount to
\nfair value.
\n\n
Depreciation on revalued assets is charged to the consolidated
\n
statement of profit or loss. The excess depreciation charge on the
\n
revalued asset over the depreciation that would have been charged
\n
based on the historical cost of the asset is transferred from the
\n
revaluation reserve directly to retained earnings over the asset\u2019s
\n
useful life. On the subsequent sale or retirement of a revalued asset,
\n
the attributable revaluation surplus remaining in the revaluation reserve
\n
is transferred directly to retained earnings.
\n
Depreciation of property, plant, and equipment is charged so as to
\n
write off the depreciable amount over the useful life of an asset and is
\n
calculated using a straight-line method. The useful lives of the groups
\n
of property, plant, and equipment are as follows:
\n
\n
\n\n\n| Buildings and structures | \n5 - 60 years | \n\n\n\n
\n\n| Grain storage facilities | \n10 - 60 years | \n\n\n\n
\n\n| Production machinery | \n5 - 35 years | \n\n\n\n
\n\n| Auxiliary and other machinery | \n5 - 30 years | \n\n\n\n
\n\n| Utilities and infrastructure | \n15 - 60 years | \n\n\n\n
\n\n| Vehicles and agricultural machinery | \n7 - 40 years | \n\n\n\n
\n\n| Other fixed assets | \n3 - 10 years | \n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n
\n
Depreciable amount is the cost of an item of property, plant, and
\n
equipment, or revalued amount, less its residual value. The residual value
\n
is the estimated amount that the Group would currently obtain from
\n
disposal of the item of property, plant, and equipment, after deducting
\n
the estimated disposal costs, if the asset were already of the age and
\n
in the condition expected at the end of its useful life.
\n
\n\n\n
\n
\n
\n\n\n\nPROPERTY, PLANT, AND EQUIPMENT (continued)
\nResidual value, useful lives, and the depreciation method are reviewed
\nat each financial year-end. In particular, the Group considers the impact
\nof health, safety and environmental legislation in its assessment of
\nexpected useful lives and estimated residual values. Furthermore,
\nthe Group considers climate-related matters, including physical and
\ntransition risks. Specifically, the Group determines whether climate-
\nrelated legislation and regulations might impact either the useful life or
\nresidual values. The effect of any changes from previous estimates is
\naccounted for prospectively as a change in an accounting estimate.
\nThe gain or loss arising on the sale or disposal of an item of property,
\nplant, and equipment is determined as the difference between the sales
\nproceeds and the carrying amount of the asset and is recognized in the
\nconsolidated statement of profit or loss.
\nConstruction in progress comprises costs directly related to the construction
\nof property, plant, and equipment, including an appropriate allocation of
\ndirectly attributable variable overheads that are incurred in construction.
\nConstruction in progress is not depreciated. Depreciation of construction
\nin progress commences when completed construction in progress is
\ntransferred to the relevant class of property, plant, and equipment.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag276": {
"value": "\nSubsequently, capitalized costs include major expenditures for
\nimprovements and replacements that extend the useful lives of the
\nassets or increase their revenue-generating capacity. Repairs and
\nmaintenance expenditures that do not meet the foregoing criteria for
\ncapitalization are charged to the consolidated statement of profit or
\nloss as incurred.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag277": {
"value": "\nDepreciation on revalued assets is charged to the consolidated
\nstatement of profit or loss. The excess depreciation charge on the
\nrevalued asset over the depreciation that would have been charged
\nbased on the historical cost of the asset is transferred from the
\nrevaluation reserve directly to retained earnings over the asset\u2019s
\nuseful life. On the subsequent sale or retirement of a revalued asset,
\nthe attributable revaluation surplus remaining in the revaluation reserve
\nis transferred directly to retained earnings.
\nDepreciation of property, plant, and equipment is charged so as to
\nwrite off the depreciable amount over the useful life of an asset and is
\ncalculated using a straight-line method. The useful lives of the groups
\nof property, plant, and equipment are as follows:
\n\n
\n\n\n| Buildings and structures | \n5 - 60 years | \n\n\n\n
\n\n| Grain storage facilities | \n10 - 60 years | \n\n\n\n
\n\n| Production machinery | \n5 - 35 years | \n\n\n\n
\n\n| Auxiliary and other machinery | \n5 - 30 years | \n\n\n\n
\n\n| Utilities and infrastructure | \n15 - 60 years | \n\n\n\n
\n\n| Vehicles and agricultural machinery | \n7 - 40 years | \n\n\n\n
\n\n| Other fixed assets | \n3 - 10 years | \n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n
Depreciable amount is the cost of an item of property, plant, and
\nequipment, or revalued amount, less its residual value. The residual value
\nis the estimated amount that the Group would currently obtain from
\ndisposal of the item of property, plant, and equipment, after deducting
\nthe estimated disposal costs, if the asset were already of the age and
\nin the condition expected at the end of its useful life.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag279": {
"value": "\nINTANGIBLE ASSETS
\nIIntangible assets consist primarily of land lease rights, trademarks, and
\ncustomer relationships, which are acquired in a business combination.
\nIntangible assets acquired in a business combination are identified and
\nrecognized separately from goodwill, where they satisfy the definition
\nof an intangible asset. The cost of such intangible assets is their fair
\nvalue at the acquisition date.
\nIntangible assets assessed as having an indefinite useful life are not
\namortized and are examined for impairment annually or more frequently
\nwhere there is an indication of impairment. Where the carrying amount
\nof an asset is greater than the amount estimated to be recoverable, it is
\nwritten down to its recoverable amount. The assessment of indefinite life
\nis reviewed annually to determine whether the indefinite life continues
\nto be supportable. If not, the change in useful life from indefinite to finite
\nis made on a prospective basis.
\nSubsequent to initial recognition, intangible assets assessed as having
\nfinite valuable lives are reported at cost less accumulated amortization
\nand accumulated impairment losses. Amortization of intangible assets
\nis recognized on a straight-line basis over their estimated useful lives.
\nThe period of estimated useful life of intangibles is as follows:
\n\n
\n\n\n| \u2022 Land lease rights | \n3 - 15 years | \n\n\n\n
\n\n| \u2022 Customer relationship | \n9-20 years | \n\n\n\n
\n\n| \u2022 Trademarks | \nIndefinite | \n\n\n\n
\n\n| \u2022 Other intangible assets | \n3 - 10 years | \n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n
The amortization period and the amortization method for intangible
\nassets with finite useful lives are reviewed at least at the end of each
\nreporting period, with the effect of any changes in estimate being
\naccounted for on a prospective basis.
\nAn intangible asset is derecognized on disposal or when no future
\neconomic benefits are expected from use or disposal. Gains or losses
\narising from the derecognition of an intangible asset, measured as
\nthe difference between the net disposal proceeds and the carrying
\namount of the asset, are recognized in profit or loss when the asset is
\nderecognized.
\n
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag280": {
"value": "\nRIGHT-OF-USE ASSETS
\nRight-of-use assets mainly represents the land rented from individuals
\n(primarily- Ukrainian citizens) for agricultural purposes, trucks,
\nagricultural machinery and equipment essential for farm operation, as
\nwell as office buildings, facilities used as culinary centers, warehouses,
\nand retail store spaces. The Group recognizes right-of-use assets at
\nthe commencement date of the lease (i.e., the date the underlying
\nasset is available for use). Right-of-use assets are measured at cost,
\nless accumulated depreciation and impairment losses, and adjusted for
\nany remeasurement of lease liabilities. The cost of right-of-use assets
\nincludes the amount of lease liabilities recognized, initial direct costs
\nincurred, and lease payments made at or before the commencement
\ndate, less any lease incentives received. Right-of-use assets are
\ndepreciated over the lease term. The depreciation starts at the
\ncommencement date of the lease. The Group recognizes depreciation
\nof right-of-use assets based on the lease term, presented within the
\ncost of goods sold in the consolidated statement of profit or loss. The
\naverage maturity of land lease agreements is 8 years, 5 years for lease
\nagreements for agricultural machinery and equipment, 11 years for
\nbuildings and facilities and 4 years for retail store spaces.
\n
\n\n\nLEASE LIABILITIES
\nThe Group assesses whether a contract is or contains a lease at the
\ninception of the contract.
\nThe Group recognizes lease liabilities in the consolidated statement of
\nfinancial position, initially measured at the present value of future lease
\npayments. The Group does not apply the short-term and low-value
\nlease exemptions.
\nThe Group measures the lease liability at the present value of the lease
\npayments not paid at the commencement date, discounted by using
\nthe incremental borrowing rate, because the interest rate implicit in
\nthe lease is not readily determinable. The incremental borrowing rate
\nis defined as the rate of interest that the lessee would have to pay
\nto borrow over a similar term and with a similar security, the funds
\nnecessary to obtain an asset of equal value to the right-of-use asset
\nin a similar economic environment.
\nThe lease liability is presented as a separate line in the consolidated
\nstatement of financial position. The lease liability is subsequently
\nmeasured by increasing the carrying amount to reflect interest on the
\nlease liability and by reducing the carrying amount to reflect the lease
\npayments made. The Group recognizes interest on lease liabilities and
\npresents it within interest expenses in the consolidated profit or loss.
\nThe Group remeasures the lease liability (and makes a corresponding
\nadjustment to the related right-of-use asset) whenever:
\n\u2022 The lease term has changed, or there is a change in the assessment
\nof the exercise of a purchase option, in which case the lease liability
\nis remeasured by discounting the revised lease payments using a
\nrevised discount rate.
\n\u2022 The lease payments change due to changes in an index or rate
\nor market rate. In these cases, the lease liability is remeasured by
\ndiscounting the revised lease payments using the initial discount rate
\n(unless the lease payments change is due to a change in a floating
\ninterest rate, in which case a revised discount rate is used).
\n
\nA lease contract is modified, and the lease modification is not accounted
\nfor as a separate lease, in which case the lease liability is remeasured
\nby discounting the revised lease payments using a fixed discount rate.
\nIn the statement of cash flows, the Group separates the total amount of
\ncash paid into a principal portion (presented within financing activities)
\nand interest (presented within operating activities).
\n
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag281": {
"value": "\n
\n\n
IMPAIRMENT OF TANGIBLE AND INTANGIBLE ASSETS
\n
OTHER THAN GOODWILL
\n
At each reporting date, the Group reviews the carrying amounts of its
\n
tangible and intangible assets with definite useful lives to determine
\n
whether there is any indication that those assets have suffered an
\n
impairment loss. If any such indication exists, the asset's recoverable
\n
amount is estimated to determine the extent of the impairment loss
\n
(if any). Intangible assets with indefinite useful lives are tested for
\n
impairment annually or more frequently when there is an indication
\n
that they might be impaired.
\n
\n\n
\n\n\n
\nIMPAIRMENT OF TANGIBLE AND INTANGIBLE ASSETS
\nOTHER THAN GOODWILL (continued)
\nThe Group considers whether climate-related risks, including climate-
\nrelated legislation, physical risks and transition risks could have
\na significant impact. If so, these risks are included in the cash-flow
\nforecasts in assessing value-in-use amounts. The inputs used are
\ndeveloped based on the market trends and therefore reflect current
\nexpectations of climate impact.
\nTo assess impairment, assets are grouped at the lowest levels for which
\nthere are separately identifiable cash flows (cash-generating units).
\nRecoverable amount is the higher fair value, less costs to sell, and value
\nin use. In assessing value in use, the estimated future cash flows are
\ndiscounted to their present value using a pre-tax discount rate that
\nreflects current market assessments of the time value of money and
\nthe risks specific to the asset.
\nIf the recoverable amount of an asset (or cash-generating unit)
\nis estimated to be less than its carrying amount. In that case, the
\ncarrying amount of the asset (cash-generating unit) is reduced to its
\nrecoverable amount. An impairment loss is recognized immediately in
\nthe consolidated statement of profit or loss unless the relevant asset
\nis carried at a revalued amount, in which case the impairment loss is
\ntreated as a revaluation decrease through other comprehensive income.
\n\n
Where an impairment loss subsequently reverses, the carrying amount
\n
of the asset (cash-generating unit) is increased to the revised estimate
\n
of its recoverable amount, but so that the increased carrying amount
\n
does not exceed the carrying amount that would have determined had
\n
no impairment loss been recognized for the asset (cash-generating
\n
unit) in prior years. A reversal of an impairment loss is recognized
\n
immediately in the consolidated statement of profit or loss unless the
\n
relevant asset is carried at a revalued amount, in which case the reversal
\n
of the impairment loss is treated as a revaluation increase through other
\n
comprehensive income.
\n
\n
\n\n
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag282": {
"value": "\nIMPAIRMENT OF TANGIBLE AND INTANGIBLE ASSETS
\nOTHER THAN GOODWILL
\nAt each reporting date, the Group reviews the carrying amounts of its
\ntangible and intangible assets with definite useful lives to determine
\nwhether there is any indication that those assets have suffered an
\nimpairment loss. If any such indication exists, the asset's recoverable
\namount is estimated to determine the extent of the impairment loss
\n(if any). Intangible assets with indefinite useful lives are tested for
\nimpairment annually or more frequently when there is an indication
\nthat they might be impaired.
\n
\n\n\nWhere an impairment loss subsequently reverses, the carrying amount
\nof the asset (cash-generating unit) is increased to the revised estimate
\nof its recoverable amount, but so that the increased carrying amount
\ndoes not exceed the carrying amount that would have determined had
\nno impairment loss been recognized for the asset (cash-generating
\nunit) in prior years. A reversal of an impairment loss is recognized
\nimmediately in the consolidated statement of profit or loss unless the
\nrelevant asset is carried at a revalued amount, in which case the reversal
\nof the impairment loss is treated as a revaluation increase through other
\ncomprehensive income.
\n
\n
\n\n\nIMPAIRMENT OF GOODWILL
\nFor the purposes of impairment testing, goodwill is allocated to each of
\nthe Group\u2019s cash-generating units (or groups of cash-generating units)
\nthat is expected to benefit from the synergies of the combination.
\nA cash-generating unit to which goodwill has been allocated is tested for
\nimpairment annually or more frequently when there is an indication that
\nthe unit may be impaired. If the recoverable amount of the cash-generating
\nunit is less than its carrying amount, the impairment loss is allocated first
\nto reduce the carrying amount of any goodwill allocated to the unit and
\nthen to the other assets of the unit pro rata based on the carrying amount
\nof each asset in the unit. Any impairment loss for goodwill is recognized
\ndirectly in the consolidated profit or loss. An impairment loss recognized
\non goodwill is not reversed in subsequent periods.
\nThe Group assesses whether climate-related risks, including physical risks
\nand transition risks could have a significant impact. If so, these risks are
\nincluded in the cash-flow forecasts in assessing value-in-use amounts.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag291": {
"value": "\n
\nINCOME TAXES
\nIncome taxes have been computed based on the laws currently enacted
\nor substantially enacted in jurisdictions where operating entities are
\nlocated. Income tax is calculated based on the year's results as adjusted
\nfor items that are non-assessable or non-tax deductible. It is calculated
\nusing tax rates that have been enacted by the reporting date.
\nDeferred tax is accounted for using the balance sheet liability method
\nregarding temporary differences arising from differences between the
\ncarrying amount of assets and liabilities in the consolidated financial
\nstatements and the corresponding tax basis used in the computation
\nof taxable profit. Deferred tax liabilities are generally recognized for all
\ntaxable temporary differences, and deferred tax assets are recognized
\nto the extent that it is probable that taxable profits will be available
\nagainst which deductible temporary differences can be utilized.
\n\n
The carrying amount of deferred tax assets is reviewed at the end of
\n
each reporting period and reduced to the extent that it is no longer
\n
probable that sufficient taxable profits will be available to allow all or
\n
part of the asset to be recovered.
\n
Deferred tax liabilities and assets are measured at the tax rates that
\n
are expected to apply in the period in which the liability is settled or
\n
the asset realized, based on tax rates (and tax laws) that have been
\n
enacted or substantively enacted by the end of the reporting period.
\n
The measurement of deferred tax liabilities and assets reflects the tax
\n
consequences that would follow from how the Group expects, at the
\n
end of the reporting period, to recover or settle the carrying amount of
\n
its assets and liabilities.
\n
Deferred tax is charged or credited to the consolidated statement of profit
\n
or loss, except when it relates to items credited or charged directly to
\n
equity or other comprehensive income, in which case the deferred tax is
\n
also dealt with in equity or other comprehensive income.
\n
Deferred tax assets and liabilities are offset when:
\n
\u2022 The Group has a legally enforceable right to set off the recognized
\n
amounts of current tax assets and current tax liabilities;
\n
\u2022 The Group has an intention to settle on a net basis or to realize the
\n
asset and settle the liability simultaneously;
\n
\u2022 The deferred tax assets and the deferred tax liabilities relate to
\n
income taxes levied by the same taxation authority in each future
\n
period in which significant amounts of deferred tax liabilities and
\n
assets are expected to be settled or recovered.
\n
\n\n
\n
\n\n\nINCOME TAXES (continued)
\nThe Group companies involved in agricultural production (those engaged
\nin grain and oilseeds growing) benefit substantially from the status
\nof an agricultural producer. These companies are exempt from income
\ntaxes and pay the Fixed Agricultural Tax (FAT) instead (Note 14).
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag292": {
"value": "\nThe carrying amount of deferred tax assets is reviewed at the end of
\neach reporting period and reduced to the extent that it is no longer
\nprobable that sufficient taxable profits will be available to allow all or
\npart of the asset to be recovered.
\nDeferred tax liabilities and assets are measured at the tax rates that
\nare expected to apply in the period in which the liability is settled or
\nthe asset realized, based on tax rates (and tax laws) that have been
\nenacted or substantively enacted by the end of the reporting period.
\nThe measurement of deferred tax liabilities and assets reflects the tax
\nconsequences that would follow from how the Group expects, at the
\nend of the reporting period, to recover or settle the carrying amount of
\nits assets and liabilities.
\nDeferred tax is charged or credited to the consolidated statement of profit
\nor loss, except when it relates to items credited or charged directly to
\nequity or other comprehensive income, in which case the deferred tax is
\nalso dealt with in equity or other comprehensive income.
\nDeferred tax assets and liabilities are offset when:
\n\u2022 The Group has a legally enforceable right to set off the recognized
\namounts of current tax assets and current tax liabilities;
\n\u2022 The Group has an intention to settle on a net basis or to realize the
\nasset and settle the liability simultaneously;
\n\u2022 The deferred tax assets and the deferred tax liabilities relate to
\nincome taxes levied by the same taxation authority in each future
\nperiod in which significant amounts of deferred tax liabilities and
\nassets are expected to be settled or recovered.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag294": {
"value": "\nINVENTORIES
\nInventories are stated at the lower cost and net realizable value. Costs
\ncomprise raw materials and, where applicable, direct labor costs and
\noverheads incurred in bringing the inventories to their present locations
\nand condition.
\nCost is calculated using the FIFO (first-in, first-out) method. Net realizable
\nvalue is determined as the estimated selling price less all estimated completion
\ncosts and costs to be incurred in marketing, selling, and distribution. The
\nagriculture-related production process results in the production of joint
\nproducts: main and by-products. A by-product arising from the process is
\nmeasured at net realizable value and deducted from the main product`s cost.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag295": {
"value": "\nBIOLOGICAL ASSETS AND AGRICULTURAL PRODUCE
\nAgricultural activity is defined as a biological transformation of biological
\nassets for sale into agrarian produce or into additional biological assets.
\nThe Group classifies hatchery eggs, live poultry, cattle and other animals
\nand crops in fields as biological assets.
\nThe Group recognizes a biological asset or agricultural produce when
\nthe Group controls the asset as a result of past events, it is probable
\nthat future economic benefits associated with the asset will flow to the
\nGroup, and the fair value of the asset can be measured reliably.
\nBiological assets are stated at fair value minus estimated costs to sell at
\nboth initial recognition and as of the reporting date, with any resulting
\ngain or loss recognized in the consolidated profit or loss.
\nCosts to sell include all costs necessary to sell the assets, including
\ncosts necessary to get the assets to market.
\nThe difference between fair value less costs to sell and total production
\ncosts is allocated to biological assets as of each reporting date as a fair
\nvalue adjustment.
\nThe change in this adjustment from one period to another is recognised
\nas a \u201cNet change in fair value of biological assets and agricultural
\nproduce\u201d in the consolidated profit or loss.
\nAgricultural produce harvested from biological assets is measured at its
\nfair value less costs to sell at the point of harvest. A gain or loss arising
\non initial recognition of agricultural produce at fair value, less costs to
\nsell, is included in the consolidated profit or loss.
\nBased on the above policy, the principal groups of biological assets and
\nagricultural produce are stated as follows:
\nBiological Assets
\n(i) Broiler chickens
\nBroilers comprise poultry held for chicken meat production. The fair value
\nof broilers is determined by reference to the cash flows obtained from the
\nsales of 42-day-aged chickens, with an allowance for costs to be incurred
\nand risks to be faced during the remaining transformation process.
\n(ii) Breeders held for hatchery egg production
\nThe fair value of breeders is determined using the discounted cash flow
\napproach based on hatchery eggs\u2019 and meat market prices.
\n(iii) Cattle
\nCattle comprise cows and bulls held for the regeneration of the livestock
\npopulation and animals raised for milk and beef meat production. The
\nfair value of livestock is determined based on cash flows obtained from
\nsales of milk, calves and meat during the life of cattle.
\n(iv) Breeding sows
\nThe fair value of breeding sows is determined using the discounted
\ncash flow approach based on piglets and meat market prices.
\n(v) Pigs
\nTheir fair value is determined by reference to the cash flows obtained
\nfrom the sales of 4- to 9-month-old live pigs, with an allowance for costs
\nto be incurred and risks to be faced during the remaining transformation
\nprocess.
\n(vi) Crops in fields
\nThe fair value of crops in fields is determined by reference to the
\ncash flows obtained from sales of harvested crops, with an allowance
\nfor costs to be incurred and risks to be faced during the remaining
\ntransformation process.
\n(vii) Hatchery eggs
\nThe fair value of hatchery eggs is determined by reference to market
\nprices at the point of harvest.
\nAgricultural Produce
\n(i) Dressed poultry, beef, and pork
\nThe fair value of dressed poultry, beef and pork is determined by
\nreference to market prices at the point of harvest.
\n(ii) Grain and oilseeds
\nThe fair value of fodder grain and oilseeds is determined by market
\nprices at the point of harvest.
\n
\n
\n
\n\n\nBIOLOGICAL ASSETS AND AGRICULTURAL PRODUCE (continued)
\nThe Group\u2019s biological assets are classified into bearer and consumable
\nbiological assets depending upon the function of a particular group of
\nbiological assets in the Group\u2019s production process. Consumable biological
\nassets are those to be harvested as agricultural produce, including
\nhatchery eggs and live broiler chickens intended for the production of
\nmeat, as well as pork and meat cows. Bearer biological assets include
\npoultry held for hatchery egg production, milk cows, and breeding bulls.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBiologicalAssetsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag297": {
"value": "\nFINANCIAL INSTRUMENTS
\nFinancial assets and liabilities are recognized in the Group\u2019s statement
\nof financial position when the Group becomes a party to the contractual
\nprovisions of the instrument.
\nThe financial assets and financial liabilities of the Group are represented
\nby cash and cash equivalents, bank deposits, bank borrowings, bonds
\nissued and other financial liabilities. The accounting policies for initial
\nrecognition and subsequent measurement of financial instruments are
\ndisclosed in the respective accounting policies below in this Note.
\nFinancial assets and financial liabilities are initially recognised at fair
\nvalue. Transaction costs that are directly attributable to the acquisition
\nor issue of financial assets and financial liabilities (other than financial
\nassets and financial liabilities at fair value through profit or loss) are
\nadded to or deducted from the fair value of the financial assets or
\nfinancial liabilities, as appropriate, on initial recognition. Transaction
\ncosts are directly attributable to the acquisition of financial assets or
\nfinancial liabilities at fair value through profit or loss are recognized
\nimmediately in profit or loss.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag298": {
"value": "\n
\nFINANCIAL ASSETS
\nAll recognized financial assets are measured subsequently at either
\namortized cost or fair value, depending on the classification of the
\nfinancial assets.
\nClassification of financial assets
\nDebt instruments that meet the following conditions are measured
\nsubsequently at amortized cost (this category is the most relevant to
\nthe Group):
\n- the financial asset is held within a business model whose objective
\nis to have financial assets to collect contractual cash flows; and
\n- the contractual terms of the financial asset give rise on specified
\ndates to cash flows that are solely payments of principal and interest
\non the principal amount outstanding.
\n
\nDebt instruments that meet the following conditions are measured
\nsubsequently at fair value through other comprehensive income
\n(FVTOCI):
\n- the financial asset is held within a business model whose objective
\nis achieved by both collecting contractual cash flows and selling the
\nfinancial assets; and
\n- the contractual terms of the financial asset give rise on specified
\ndates to cash flows that are solely payments of principal and interest
\non the principal amount outstanding.
\n
\nBy default, all other financial assets are measured subsequently at
\nFVTPL.
\nFinancial assets at amortized cost are subsequently measured using
\nthe effective interest (EIR) method and are subject to impairment.
\nThe effective interest method is a method calculates the amortized cost
\nof a debt instrument and allocates interest income over the relevant
\nperiod.
\nThe amortized cost of a financial asset is the amount at which the
\nfinancial asset is measured at initial recognition minus the principal
\nrepayments, plus the cumulative amortization using the effective
\ninterest method of any difference between that initial amount and the
\nmaturity amount, adjusted for any loss allowance. The gross carrying
\namount of a financial asset is the amortized cost of a financial asset
\nbefore adjusting for any loss allowance.
\n\n
Impairment of financial assets
\n
The Group recognizes an allowance for expected credit losses (ECLs)
\n
for all debt instruments not held at fair value through profit or loss.
\n
ECLs are estimated as the difference between all contractual cash
\n
flows due to the Group per the contract and all the cash flows that the
\n
Group expects to receive, discounted at the original effective interest
\n
rate. The amount of expected credit losses is updated at each reporting
\n
date to reflect changes in credit risk since the initial recognition of the
\n
respective financial instrument.
\n
The Group applies a simplified approach to calculating ECLs for trade
\n
accounts receivable and contract assets. Therefore, the Group does
\n
not track changes in credit risk but instead recognizes a loss allowance
\n
based on ECLs at each reporting date. The Group has established a
\n
provision matrix that is based on its historical credit loss experience,
\n
adjusted for forward-looking factors specific to the debtors and the
\n
economic environment.
\n
For all other financial instruments, a financial instrument not credit-
\n
impaired on initial recognition is classified in Stage 1. Suppose the credit
\n
risk on the financial instrument has not increased significantly since
\n
initial recognition. In that case, the Group measures the loss allowance
\n
for that financial instrument (Stage 1) at an amount equal to 12-month
\n
ECLs. If the Group identifies a significant increase in credit risk since
\n
initial recognition, the financial instrument is transferred to Stage 2, but it
\n
is not considered credit-impaired, the Group recognizes lifetime ECLs. If
\n
the Group determines that a financial asset is credit-impaired, the asset
\n
is transferred to Stage 3, and its ECLs are measured as Lifetime ECLs.
\n
\n\n
\n
\n\n\n
\nFINANCIAL ASSETS (continued)
\n\n
Lifetime ECLs represent the expected credit losses that will result
\n
from all possible default events over the expected life of a financial
\n
instrument. In contrast, 12-month ECLs represent the portion of lifetime
\n
ECLs that is expected to result from default events on a financial
\n
instrument that are possible within 12 months after the reporting date.
\n
\n\n
Significant increase in credit risk
\nIn assessing whether the credit risk on a financial instrument has increased
\nsignificantly since initial recognition, the Group compares the risk of a
\ndefault occurring on the financial instrument at the reporting date with
\nthe risk of a default occurring on the financial instrument at the date of
\ninitial recognition. In making this assessment, the Group considers both
\nquantitative and qualitative information that is reasonable and supportable,
\nincluding historical experience and forward-looking information that
\nis available without undue cost or effort. Forward-looking information
\nconsidered includes the economic situation of countries and the future
\nprospects of the industries in which the Group\u2019s debtors operate, obtained
\nfrom economic expert reports, financial analysts, and governmental
\nbodies, as well as consideration of various external sources of actual and
\nforecast economic information that relates to the Group\u2019s core operations.
\nIrrespective of the outcome of the above assessment, the Group
\npresumes that the credit risk on a financial asset has increased
\nsignificantly since initial recognition when contractual payments are
\nmore than 30 days past due unless the Group has reasonable and
\nsupportable information that demonstrates otherwise.
\nLow credit risk financial instruments
\nDespite the preceding, the Group assumes that the credit risk on a financial
\ninstrument has not increased significantly since initial recognition if
\nthe financial instrument is determined to have low credit risk at the
\nreporting date. A financial instrument is chosen to have low credit risk if:
\na) the financial instrument has a low risk of default,
\nb) the debtor has a solid capacity to meet its contractual cash flow
\nobligations in the near term and
\nc) adverse changes in economic and business conditions in the
\nlonger term may, but will not necessarily, reduce the ability of the
\nborrower to fulfill its contractual cash flow obligations.
\n
\nDefault definition
\nThe Group considers that default has occurred when a financial asset
\nis more than 90 days past due unless the Group has reasonable and
\nsupportable information to demonstrate that a more lagging default
\ncriterion is more appropriate.
\nCredit-impaired financial assets
\nA financial asset is credit-impaired (Stage 3) when one or more events that
\nhave a detrimental impact on that financial asset's estimated future cash
\nflows have occurred. Evidence that a financial asset is credit-impaired
\nincludes observable data about the following events:
\na) significant financial difficulty of the issuer or the borrower;
\nb) a breach of contract, such as a default or past due event;
\nc) the lender(s) of the borrower, for economic or contractual reasons
\nrelating to the borrower\u2019s financial difficulty, having granted to the
\nborrower a concession(s) that the lender(s) would not otherwise
\nconsider;
\nd) it is becoming probable that the borrower will enter bankruptcy
\nor other financial reorganization; or
\ne) the disappearance of an active market for that financial asset
\nbecause of financial difficulties.
\n
\nWrite-off policy
\nThe Group writes off a financial asset when information indicates the
\ndebtor has severe financial difficulty. There is no realistic prospect of
\nrecovery, e.g., when the debtor has been placed under liquidation or has
\nentered into bankruptcy proceedings, or in the case of trade accounts
\nreceivable, when the amounts are over three years past due, whichever
\noccurs sooner. Written-off financial assets may still be subject to
\nenforcement activities under the Group\u2019s recovery procedures, taking
\ninto account legal advice where appropriate. Any recoveries made
\nare recognized in the consolidated statement of profit or loss. Inputs,
\nassumptions, and estimation techniques used by measurement and
\nrecognition of expected credit losses are disclosed in respective Notes
\n19 and 24 on financial assets.
\n
\n
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag299": {
"value": "\nImpairment of financial assets
\nThe Group recognizes an allowance for expected credit losses (ECLs)
\nfor all debt instruments not held at fair value through profit or loss.
\nECLs are estimated as the difference between all contractual cash
\nflows due to the Group per the contract and all the cash flows that the
\nGroup expects to receive, discounted at the original effective interest
\nrate. The amount of expected credit losses is updated at each reporting
\ndate to reflect changes in credit risk since the initial recognition of the
\nrespective financial instrument.
\nThe Group applies a simplified approach to calculating ECLs for trade
\naccounts receivable and contract assets. Therefore, the Group does
\nnot track changes in credit risk but instead recognizes a loss allowance
\nbased on ECLs at each reporting date. The Group has established a
\nprovision matrix that is based on its historical credit loss experience,
\nadjusted for forward-looking factors specific to the debtors and the
\neconomic environment.
\nFor all other financial instruments, a financial instrument not credit-
\nimpaired on initial recognition is classified in Stage 1. Suppose the credit
\nrisk on the financial instrument has not increased significantly since
\ninitial recognition. In that case, the Group measures the loss allowance
\nfor that financial instrument (Stage 1) at an amount equal to 12-month
\nECLs. If the Group identifies a significant increase in credit risk since
\ninitial recognition, the financial instrument is transferred to Stage 2, but it
\nis not considered credit-impaired, the Group recognizes lifetime ECLs. If
\nthe Group determines that a financial asset is credit-impaired, the asset
\nis transferred to Stage 3, and its ECLs are measured as Lifetime ECLs.
\n
\n\n\nLifetime ECLs represent the expected credit losses that will result
\nfrom all possible default events over the expected life of a financial
\ninstrument. In contrast, 12-month ECLs represent the portion of lifetime
\nECLs that is expected to result from default events on a financial
\ninstrument that are possible within 12 months after the reporting date.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag302": {
"value": "\nFINANCIAL LIABILITIES
\nInitial recognition and measurement
\nThe Group\u2019s financial liabilities include loans and borrowings, lease
\nliabilities, and trade and other accounts payable.
\nFinancial liabilities are recognized at fair value and are measured at
\namortized cost using the effective interest method.
\nThe effective interest method calculates the amortized cost of a financial
\nliability and allocates interest expense over the relevant period. The
\neffective interest rate is the rate that exactly discounts estimated future
\ncash payments (including all fees and points paid or received that form
\nan integral part of the effective interest rate, transaction costs, and
\nother premiums or discounts) through the expected life of the financial
\nliability, or (where appropriate) a shorter period, to the amortized cost
\nof a financial liability.
\n
\n\n\n
\nFINANCIAL LIABILITIES (continued)
\n\n
Derecognition of financial liabilities
\n
The Group derecognizes financial liabilities when, and only when,
\n
the Group\u2019s obligations are discharged, canceled, or have expired.
\n
The difference between the carrying amount of the financial liability
\n
derecognized and the consideration paid and payable is recognized in
\n
profit or loss.
\n
When the Group exchanges one debt instrument with the existing lender
\n
into another one with substantially different terms, such exchange is
\n
accounted for as an extinguishment of the original financial liability and
\n
the recognition of a new one.
\n
\n\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag304": {
"value": "\nDerecognition of financial liabilities
\nThe Group derecognizes financial liabilities when, and only when,
\nthe Group\u2019s obligations are discharged, canceled, or have expired.
\nThe difference between the carrying amount of the financial liability
\nderecognized and the consideration paid and payable is recognized in
\nprofit or loss.
\nWhen the Group exchanges one debt instrument with the existing lender
\ninto another one with substantially different terms, such exchange is
\naccounted for as an extinguishment of the original financial liability and
\nthe recognition of a new one.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag305": {
"value": "\nTRADE ACCOUNTS RECEIVABLE
\nTrade accounts receivable are recognised if an amount of consideration
\nthat is unconditional is due from the customer. Trade accounts receivable
\nthat do not contain a significant financing component are measured at
\nthe transaction price.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag310": {
"value": "\nCASH AND CASH EQUIVALENTS
\nCash and cash equivalents include cash on hand, cash with banks,
\ndeposits, and government bonds with maturity of less than three
\nmonths from the date of acquisition.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag306": {
"value": "\nBANK BORROWINGS, CORPORATE BONDS ISSUED,
\nAND OTHER LONG-TERM PAYABLES
\nInterest-bearing bank borrowings, bonds issued, and other long-term
\npayables are initially measured at fair value that is calculated by taking
\ninto account any discount or premium on acquisition and fees or costs
\nthat are an integral part of the effective interest rate (EIR). They are
\nsubsequently measured at amortized cost using the EIR method, where
\namortization is included as finance costs in the statement of profit or
\nloss. Gains and losses are recognized in profit or loss when the liabilities
\nare derecognized as well as through the EIR amortization process.
\n
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag307": {
"value": "\nTRADE AND OTHER ACCOUNTS PAYABLE
\nAccounts payable are measured at initial recognition at fair value and
\nare subsequently measured at amortized cost using the effective
\ninterest rate method.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag309": {
"value": "\nPROVISIONS
\nProvisions are recognized when the Group has a present legal or
\nconstructive obligation (either based on legal regulations or implied)
\ndue to past events, and an outflow of resources will probably be
\nrequired to settle the obligation, and a reliable estimate of the
\nobligation can be made.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag359": {
"value": "\n
\n\n
\n
\n
FINANCE INCOME AND FINANCE COSTS
\n
The Group\u2019s finance income and finance costs include:
\n
\u2022 Interest income (e.g. on bank deposits and loans provided);
\n
\u2022 Interest expense (e.g. on corporate bonds and bank borrowings; on
\n
obligation under leases);
\n
\u2022 Income/expense from derecognition of financial assets/financial
\n
liabilities.
\n
\n
Interest income and expense are recognized under the effective interest
\n
method.
\n
The \u201ceffective interest rate\u201d is the rate that exactly discounts estimated
\n
future cash payments or receipts through the expected life of the
\n
financial instrument to:
\n
\u2022 The gross carrying amount of the financial asset; or
\n
\u2022 The amortized cost of the financial liability.
\n
\n
In calculating interest income and expense, the effective interest rate
\n
is applied to the gross carrying amount of the asset (when the asset is
\n
not credit-impaired) or to the amortized cost of the liability. However,
\n
for financial assets that have become credit-impaired after their initial
\n
recognition, interest income is calculated by applying effective the
\n
interest rate to the amortized cost of the financial asset. If the asset
\n
is no longer credit-impaired, then the calculation of interest income
\n
reverts to the gross basis.
\n
\n\n\n
\n
\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag358": {
"value": "\n
\n\n
FINANCE INCOME AND FINANCE COSTS
\n
The Group\u2019s finance income and finance costs include:
\n
\u2022 Interest income (e.g. on bank deposits and loans provided);
\n
\u2022 Interest expense (e.g. on corporate bonds and bank borrowings; on
\n
obligation under leases);
\n
\u2022 Income/expense from derecognition of financial assets/financial
\n
liabilities.
\n
\n
Interest income and expense are recognized under the effective interest
\n
method.
\n
The \u201ceffective interest rate\u201d is the rate that exactly discounts estimated
\n
future cash payments or receipts through the expected life of the
\n
financial instrument to:
\n
\u2022 The gross carrying amount of the financial asset; or
\n
\u2022 The amortized cost of the financial liability.
\n
\n
In calculating interest income and expense, the effective interest rate
\n
is applied to the gross carrying amount of the asset (when the asset is
\n
not credit-impaired) or to the amortized cost of the liability. However,
\n
for financial assets that have become credit-impaired after their initial
\n
recognition, interest income is calculated by applying effective the
\n
interest rate to the amortized cost of the financial asset. If the asset
\n
is no longer credit-impaired, then the calculation of interest income
\n
reverts to the gross basis.
\n
\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag357": {
"value": "\nFINANCE INCOME AND FINANCE COSTS
\nThe Group\u2019s finance income and finance costs include:
\n\u2022 Interest income (e.g. on bank deposits and loans provided);
\n\u2022 Interest expense (e.g. on corporate bonds and bank borrowings; on
\nobligation under leases);
\n\u2022 Income/expense from derecognition of financial assets/financial
\nliabilities.
\n
\nInterest income and expense are recognized under the effective interest
\nmethod.
\nThe \u201ceffective interest rate\u201d is the rate that exactly discounts estimated
\nfuture cash payments or receipts through the expected life of the
\nfinancial instrument to:
\n\u2022 The gross carrying amount of the financial asset; or
\n\u2022 The amortized cost of the financial liability.
\n
\nIn calculating interest income and expense, the effective interest rate
\nis applied to the gross carrying amount of the asset (when the asset is
\nnot credit-impaired) or to the amortized cost of the liability. However,
\nfor financial assets that have become credit-impaired after their initial
\nrecognition, interest income is calculated by applying effective the
\ninterest rate to the amortized cost of the financial asset. If the asset
\nis no longer credit-impaired, then the calculation of interest income
\nreverts to the gross basis.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag332": {
"value": "\n3. Changes in the group structure
\n
\nACQUISITION OF THE UVESA GROUP
\nOn 31 July 2025 the Group finalized the acquisition of 92% of the share
\ncapital of UVE SA, a non-listed Spanish producer of poultry and pork
\nmeat and animal feed. UVESA controls its subsidiaries in Spain, that
\nsupports its primary operations and together form the UVESA Group.
\nFrom that date, the Group has obtained control over UVESA. Perutnina
\nPtuj, a subsidiary of the Group, acted as the intermediate parent in the
\ntransaction and directly acquired the shares of UVESA.
\nThe total consideration for the transaction amounted to EUR 271 million
\n(equivalent of USD 312 million).
\nAs part of the purchase agreement, the parties agreed on a potential
\ncontingent consideration mechanism linked to the post-acquisition resolution
\nof certain contingent matters affecting UVESA. Based on management\u2019s
\nassessment as of the acquisition date, the estimated probability-weighted
\noutcome related to this contingent consideration is immaterial to the
\nconsolidated financial statements. Consequently, no liability has been
\nrecognized in respect of the contingent consideration at the acquisition date.
\nThis strategic acquisition represents a significant milestone in the
\nGroup\u2019s long-term development strategy aimed at geographical
\ndiversification, enhanced vertical integration, and expansion in the
\nEuropean Union market. Through the transaction, the Group gains
\naccess to a fully operational business with an established operating
\nmodel, developed infrastructure, and a stable customer base in Spain.
\nUVESA, headquartered in Tudela (Spain), is a vertically integrated
\nproducer of poultry, pork, and animal feed, operating both its own
\nfacilities and a wide network of over 600 integrated farms. Its products
\nare mainly sold through large retailers and wholesalers, with poultry
\naccounting for more than two-thirds of total sales.
\nThe fair values of identifiable assets acquired and liabilities assumed are
\nas set out in the table below:
\n\n
\n\n\n | \n31 JULY 2025 | \n\n\n\n\n
\n\n\n\n\n\n\n\n| Property, plant and equipment | \n 254 | \n\n\n\n\n
\n\n| Right-of-use asset | \n 7 | \n\n\n\n\n
\n\n| Intangible assets | \n 32 | \n\n\n\n\n
\n\n| Non-current biological assets | \n 16 | \n\n\n\n\n
\n\n| Investments in associates | \n6 | \n\n\n\n\n
\n\n| Other financial assets | \n 14 | \n\n\n\n\n
\n\n| Inventories | \n 21 | \n\n\n\n\n
\n\n| Biological assets | \n 69 | \n\n\n\n\n
\n\n| Agricultural produce | \n 8 | \n\n\n\n\n
\n\n| Taxes recoverable and prepaid | \n 5 | \n\n\n\n\n
\n\n| Trade accounts receivable | \n 86 | \n\n\n\n\n
\n\n| Cash and cash equivalents | \n 36 | \n\n\n\n\n
\n\n| Bank borrowings | \n (120) | \n\n\n\n\n
\n\n| Lease liabilities | \n (4) | \n\n\n\n\n
\n\n| Deferred revenues | \n (7) | \n\n\n\n\n
\n\n| Deferred tax liabilities | \n (34) | \n\n\n\n\n
\n\n| Trade accounts payable | \n (89) | \n\n\n\n\n
\n\n| Other current liabilities | \n (18) | \n\n\n\n\n
\n\n| Total identifiable net assets | \n 282 | \n\n\n\n\n
\n\n| Non-controlling interest | \n (14) | \n\n\n\n\n
\n\n| Goodwill arising on acquisition | \n 44 | \n\n\n\n\n
\n\n| Total consideration due and payable | \n 312 | \n\n\n\n\n
\n\n | \n | \n\n\n\n\n
\n\n| Analysis of cash flows on acquisitions: | \n | \n\n\n\n\n
\n\n| Cash paid | \n 312 | \n\n\n\n\n
\n\n| Net cash acquired on acquisition | \n (36) | \n\n\n\n\n
\n\n| Net cash outflow on acquisition | \n 276 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\n
\n\n\n\n\n\n\n
\n3. Changes in the group structure (continued)
\nACQUISITION OF THE UVESA GROUP (continued)
\nThe gross amount of trade accounts receivable approximates their
\nfair value as stated above, and it is expected that the full contractual
\namount can be collected.
\nThe consideration payable amounting to USD 312 million had been fully
\npaid by 31 December 2025.
\n\n
The goodwill of USD 44 million arising from the acquisition is attributed
\n
to the expected synergies and other benefits from combining the assets
\n
and activities of UVESA with those of the Group. The goodwill is not
\n
deductible for income tax purposes.
\n
\n
Acquisition-related costs of USD 2.7 million have been expensed and
\nare presented within Selling, general and administrative expenses.
\nThese costs are included in operating cash flows in the consolidated
\nstatement of cash flows.
\nFrom the date of acquisition, UVESA's revenue from third parties
\namounted to USD 317 million, with a net profit of USD 1.8 million. If the
\nacquisition of UVESA had been completed on the first day of the financial
\nyear, the Group revenues for the year ended 31 December 2025 would
\nhave reached USD 4,163 million (unaudited) and the Group profit would
\nhave comprised USD 215 million (unaudited).
\nACQUISITION OF UKRAINSKYI MIASNYI KHUTIR
\nOn 24 January 2025, the Group obtained control over Ukrainskyi Miasnyi
\nKhutir LLC, a Ukrainian meat processing company. The acquisition was
\ncarried out in stages: an initial 24.9% stake was acquired in April 2024,
\nincreased to 49% in August 2024, and completed with the acquisition
\nof the remaining 51% in January 2025. The carrying value of 49%
\nownership interest in this investee of USD 7.5 million together with
\nthe prepayment for the remaining 51% ownership interest of USD 7.4
\nmillion made by the Group in December 2024 were presented within
\ninvestments in associates as at 31 December 2024.
\nThe total final consideration for this acquisition is USD 15.6 million,
\nincluding the acquisition-date fair value of initial 49% interest as
\nmentioned above. At the ultimate acquisition date, the fair value of
\nthe company\u2019s identifiable net assets was USD 11.3 million, primarily
\nconsisting of property, plant and equipment, intangible assets,
\ninventories, trade and other accounts receivables and payables.
\n\n
Goodwill of USD 4.2 million was recognized as part of the transaction,
\n
reflecting expected synergies from the enhanced market presence in
\n
the processed meat segment and anticipated operational efficiencies
\n
from integrating support functions while maintaining the acquired
\n
company\u2019s autonomous operations.
\n
\n
From the date of acquisition, Ukrainskyi Miasnyi Khutir contributed
\nrevenue of USD 20 million to the Group`s results. Its contribution to the
\nnet profit was not material.
\n
\n
\n\n\n\n",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"Tag334": {
"value": "\n
\n\n
4. Investments in associates
\n
\n
Investments in associates for the years ended 31 December 2025 and 2024 were as follows:
\n
\n
\n\n\n| NAME | \nCOUNTRY OF REGISTRATION | \nPRINCIPAL ACTIVITIES | \nOWNERSHIP INTEREST | \nCARRYING AMOUNT | \n\n\n\n\n
\n\n| 2025 | \n 2024 | \n 2025 | \n 2024 | \n\n\n\n\n
\n\n\n\n\n\n\n\n| MHP Desert Hills | \nKingdom of Saudi Arabia | \nPoultry farming | \n45.0% | \n45.0% | \n 6 | \n6 | \n\n\n\n\n
\n\n| Graninvest | \nSpain | \nPig and chiken barns renting | \n20.9% | \n- | \n 4 | \n- | \n\n\n\n\n
\n\n| Avicogan, S.L. | \nSpain | \nLivestock warehouses renting | \n32.2% | \n- | \n 2 | \n- | \n\n\n\n\n
\n\n| Ukrainskyi Miasnyi Khutir | \nUkraine | \nMeat processing | \n- | \n49.0% | \n- | \n151) | \n\n\n\n\n
\n\n| Other | \n- | \n- | \n- | \n- | \n 5 | \n- | \n\n\n\n\n
\n\n | \n | \n | \n | \n | \n17 | \n21 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\n
1)
\n
This amount includes USD 7.4 million prepayment for 51% ownership transferred to the Group in 2025 as disclosed in Note 3.
\n
\n
The following table represents movements in investments in associates for the years ended
\n
\n
31 December 2025 and 2024:
\n
\n
\n\n\n | \n2025 | \n2024 | \n\n\n\n\n
\n\n\n\n\n\n\n\n| As of 1 January | \n21 | \n1 | \n\n\n\n\n
\n\n| Acquisitions of investments in associate1) | \n4 | \n22 | \n\n\n\n\n
\n\n| Acquisition through obtaning control over Uvesa (Note 3) | \n6 | \n- | \n\n\n\n\n
\n\n| Share of profit / (loss) for the period | \n- | \n(2) | \n\n\n\n\n
\n\n| Reclassification to investments in subsidiaries upon obtaining control (Note 3) | \n(15) | \n- | \n\n\n\n\n
\n\n| Translation difference | \n1 | \n- | \n\n\n\n\n
\n\n| As of 31 December | \n 17 | \n21 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\n
1)
\n
In December 2025, Uvesa acquired a 20.94% equity interest in Graininvest, whose primary operations involve the rental of pig and
\n
chicken barns.
\n
The following table illustrates the summarised financial information of the Group\u2019s investments in associates
\n
that are individually immaterial as at 31 December 2025 and 2024:
\n
\n
\n\n\n| SUMMARISED STATEMENT OF FINANCIAL POSITION | \n2025 | \n2024 | \n\n\n\n\n
\n\n\n\n\n\n\n\n| Non-current assets | \n 68 | \n 28 | \n\n\n\n\n
\n\n| Current assets | \n 65 | \n 34 | \n\n\n\n\n
\n\n| Non-current liabilities | \n 44 | \n 24 | \n\n\n\n\n
\n\n| Current liabilities | \n 43 | \n 21 | \n\n\n\n\n
\n\n| Equity | \n 46 | \n 17 | \n\n\n\n\n
\n\n| Group\u2019s share in equity | \n 15 | \n 8 | \n\n\n\n\n
\n\n| Goodwill | \n 2 | \n 6 | \n\n\n\n\n
\n\n| Group\u2019s carrying amount of the investment | \n 17 | \n 14 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\n
\n
\n\n\n | \n\n\n\n\n
\n\n| SUMMARISED STATEMENT OF PROFIT OR LOSS | \n2025 | \n2024 | \n\n\n\n\n
\n\n\n\n\n\n\n\n| Revenue | \n 70 | \n 25 | \n\n\n\n\n
\n\n| Operating Expenses | \n(64) | \n(25) | \n\n\n\n\n
\n\n| Operating profit | \n 6 | \n - | \n\n\n\n\n
\n\n| Profit/(loss) for the year | \n 2 | \n(3) | \n\n\n\n\n
\n\n| Group\u2019s share of loss for the year / period since the acquisition | \n - | \n(1) | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\n
\n
\n\n\n\n
\n
\n\n\n\n",
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"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
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"Tag335": {
"value": "\n4. Investments in associates
\n
\nInvestments in associates for the years ended 31 December 2025 and 2024 were as follows:
\n\n
\n\n\n| NAME | \nCOUNTRY OF REGISTRATION | \nPRINCIPAL ACTIVITIES | \nOWNERSHIP INTEREST | \nCARRYING AMOUNT | \n\n\n\n\n
\n\n| 2025 | \n 2024 | \n 2025 | \n 2024 | \n\n\n\n\n
\n\n\n\n\n\n\n\n| MHP Desert Hills | \nKingdom of Saudi Arabia | \nPoultry farming | \n45.0% | \n45.0% | \n 6 | \n6 | \n\n\n\n\n
\n\n| Graninvest | \nSpain | \nPig and chiken barns renting | \n20.9% | \n- | \n 4 | \n- | \n\n\n\n\n
\n\n| Avicogan, S.L. | \nSpain | \nLivestock warehouses renting | \n32.2% | \n- | \n 2 | \n- | \n\n\n\n\n
\n\n| Ukrainskyi Miasnyi Khutir | \nUkraine | \nMeat processing | \n- | \n49.0% | \n- | \n151) | \n\n\n\n\n
\n\n| Other | \n- | \n- | \n- | \n- | \n 5 | \n- | \n\n\n\n\n
\n\n | \n | \n | \n | \n | \n17 | \n21 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
1)
\n This amount includes USD 7.4 million prepayment for 51% ownership transferred to the Group in 2025 as disclosed in Note 3.
\n
\nThe following table represents movements in investments in associates for the years ended
\n
\n31 December 2025 and 2024:
\n\n
\n\n\n | \n2025 | \n2024 | \n\n\n\n\n
\n\n\n\n\n\n\n\n| As of 1 January | \n21 | \n1 | \n\n\n\n\n
\n\n| Acquisitions of investments in associate1) | \n4 | \n22 | \n\n\n\n\n
\n\n| Acquisition through obtaning control over Uvesa (Note 3) | \n6 | \n- | \n\n\n\n\n
\n\n| Share of profit / (loss) for the period | \n- | \n(2) | \n\n\n\n\n
\n\n| Reclassification to investments in subsidiaries upon obtaining control (Note 3) | \n(15) | \n- | \n\n\n\n\n
\n\n| Translation difference | \n1 | \n- | \n\n\n\n\n
\n\n| As of 31 December | \n 17 | \n21 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
1)
\n In December 2025, Uvesa acquired a 20.94% equity interest in Graininvest, whose primary operations involve the rental of pig and
\nchicken barns.
\nThe following table illustrates the summarised financial information of the Group\u2019s investments in associates
\nthat are individually immaterial as at 31 December 2025 and 2024:
\n\n
\n\n\n| SUMMARISED STATEMENT OF FINANCIAL POSITION | \n2025 | \n2024 | \n\n\n\n\n
\n\n\n\n\n\n\n\n| Non-current assets | \n 68 | \n 28 | \n\n\n\n\n
\n\n| Current assets | \n 65 | \n 34 | \n\n\n\n\n
\n\n| Non-current liabilities | \n 44 | \n 24 | \n\n\n\n\n
\n\n| Current liabilities | \n 43 | \n 21 | \n\n\n\n\n
\n\n| Equity | \n 46 | \n 17 | \n\n\n\n\n
\n\n| Group\u2019s share in equity | \n 15 | \n 8 | \n\n\n\n\n
\n\n| Goodwill | \n 2 | \n 6 | \n\n\n\n\n
\n\n| Group\u2019s carrying amount of the investment | \n 17 | \n 14 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\n
\n\n\n | \n\n\n\n\n
\n\n| SUMMARISED STATEMENT OF PROFIT OR LOSS | \n2025 | \n2024 | \n\n\n\n\n
\n\n\n\n\n\n\n\n| Revenue | \n 70 | \n 25 | \n\n\n\n\n
\n\n| Operating Expenses | \n(64) | \n(25) | \n\n\n\n\n
\n\n| Operating profit | \n 6 | \n - | \n\n\n\n\n
\n\n| Profit/(loss) for the year | \n 2 | \n(3) | \n\n\n\n\n
\n\n| Group\u2019s share of loss for the year / period since the acquisition | \n - | \n(1) | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
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"Tag336": {
"value": "\n5. Critical accounting judgments and key sources of estimation uncertainty
\nIIn applying the Group\u2019s accounting policies described in Note 2, management make judgments, estimates,
\nand assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other
\nsources. The estimates and associated assumptions are based on historical experience and other factors that
\nare considered to be relevant. Actual results may differ from these estimates.
\nThe estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates
\nare recognized in the period in which the estimate is revised if the revision affects both current and future
\nperiods.
\n
\n\n\n\n\n
\n5. Critical accounting judgments and key
\nsources of estimation uncertainty (continued)
\n
\nCRITICAL JUDGMENTS IN APPLYING ACCOUNTING POLICIES
\nThe following are the essential judgments, apart from those involving
\nestimations (see below), that management has made using the Group\u2019s
\naccounting policies and have the most significant effect on the amounts
\nrecognized in the consolidated financial statements.
\nGoing concern
\nThe Group has concluded that applying the going concern basis of
\naccounting in preparing these consolidated financial statements
\nis appropriate. Management exercises significant judgment in the
\nassessment of the existence of a material uncertainty related to going
\nconcern by taking into consideration the effects of the ongoing War
\non the Group`s activities. The information about material uncertainties
\nrelated to events or conditions that may doubt the Group\u2019s ability to
\ncontinue as a going concern is disclosed in Note 2.
\nDetermination of variable lease payments
\nAs described in Note 2, the Group measures lease liabilities at the
\npresent value of future lease payments, discounted using the lessee\u2019s
\nincremental borrowing rate. Future lease payments consist of fixed
\npayments (including in-substance fixed payments) and variable lease
\npayments that depend on an index or rate, including payments that
\nvary to reflect changes in market rental rates. Management must make
\na significant judgment in determining whether variable lease payments
\ndepend on an index or rate. Regardless of the lease payments stated
\nin the lease contracts, customary business practices complement the
\ncontractual terms so that at each particular date, the rate is a market
\nrate. Since the entire market operates on the basis of expectations of a
\nperiodic revision of rates (based on current market rates), Management
\nhas concluded that the market mechanism determines the rates. In
\nsubstance, non-contractual changes in lease payments are driven by
\ncompetitive forces. Pay changes are based on the average changes in
\nlease payments in the region, meaning that the variable component of
\nlease payments depends on a market index.
\nRevaluation of property, plant, and equipment
\nAs described in Note 2, the Group applies the revaluation model to the
\nmeasurement of all groups of property, plant, and equipment, except
\nland and other fixed assets (Note 15). At each reporting date, the Group
\nreviews the carrying amount of items of property, plant, and equipment
\naccounted for using a revaluation model to determine whether the
\namount differs materially from fair value.
\nThe latest revaluation of the of buildings and structures, grain storage
\nfacilities, production machinery, utilities and infrastructure, vehicles and
\nagricultural machinery, and auxiliary and other machinery has been
\nperformed as of 1 October 2024 with engagement of an independent
\nappraiser.
\nWhen determining whether to perform a fair value assessment in a given
\nperiod, Management considers the development of macroeconomic
\nindicators, including changes in prices (producer price indices, price
\nindices for non-residential buildings, transport facilities, utilities, and
\nother engineering structures), inflation rates, GDP growth rates and
\nvolatility in foreign exchange rates,. Other internal and external factors,
\nsuch as political, legislative and economic situations, are evaluated.
\nBased on the results of this review, the management of the Group
\nconcluded that the carrying value of the property, plant and
\nequipment, accounted for using revaluation model, as at 31 December
\n2025 approximates their fair values, so the Group didn`t perform new
\nrevaluation at this reporting date.
\nPresentation of the expenses as war-related
\nSeveral critical assumptions have been used to determine if the
\nexpenses incurred by the Group relate to the War and should have
\nbeen disclosed in Note 34 as such. These assumptions include but are
\nnot limited to the timing of the costs, their nature, prerequisites of their
\nincurrence, ordinariness, and necessity of expenses, and the possibility
\nof their incurrence in significant amounts during routine operations
\nduring the pre-war period.
\n\nKEY SOURCES OF ESTIMATION UNCERTAINTY
\nThe following are the key assumptions concerning the future and other
\nkey sources of estimation uncertainty at the end of the reporting period
\nthat have a significant risk of causing a material adjustment to the
\ncarrying amounts of assets and liabilities within the next financial year.
\nImpairment of goodwill and intangibles with indefinite useful lives
\nAs disclosed in Notes 17 and 18, the Group determines on an annual basis
\nat least whether indefinite life intangible assets and goodwill have been
\nimpaired. This requires an estimate of an asset\u2019s recoverable amount,
\nwhich is the higher of an asset\u2019s or cash generating unit\u2019s (CGU\u2019s) fair
\nvalue less costs of disposal and its value in use and it is determined for
\nan individual asset unless the asset does not generate cash inflows that
\nare largely independent of those from other assets or groups of assets.
\nEstimating a value-in-use amount requires management to estimate of
\nthe expected future cash flows from the cash-generating unit and also
\nto choose a suitable discount rate and growth rates in order to calculate
\nthe present value of those cash flows.
\nWhen assessing impairment of goodwill and intangible assets with
\nindefinite useful lives, the Group constantly monitors climate-related
\nmatters affecting the value-in-use of intangibles and goodwill. As at 31
\nDecember 2025, the Group concluded that the climate-related risks did
\nnot have material impact of the value-in-use amounts for intangibles and
\ngoodwill. The Group will adjust the critical assumptions used in value-in-
\nuse calculations should a change be required in the future.
\n
\n\n\n\n\n
\n\n\n\n\n
\n5. Critical accounting judgments and key
\nsources of estimation uncertainty (continued)
\n\nKEY SOURCES OF ESTIMATION UNCERTAINTY (continued)
\n
\nDetermination of incremental borrowing rate
\nAs described in Note 2, the Group uses incremental borrowing rate as
\nthe discounting factor to calculate lease liability if the rate implicit in
\nthe lease is not readily determinable. The incremental borrowing rate is
\ndetermined as the available rate for the Group adjusted for the specifics
\nof particular lease contracts.
\nFair value less costs to sell biological assets
\nand agricultural produce
\nBiological assets are recorded at fair values, less costs to sell. The Group
\nestimates the fair values of biological assets based on the following key
\nassumptions:
\n\u2022 Average meat output for broilers, pigs and livestock for meat
\nproduction;
\n\u2022 Average productive life of breeders and sows held for regeneration
\nand cattle for milk production;
\n\u2022 Expected crop output;
\n\u2022 Estimated changes in future sales prices;
\n\u2022 Projected production costs and costs to sell; and,
\n\u2022 Discount rate.
\n
\nThe fair value of biological assets is determined using discount rates
\ntailored to the economic environment of each operation. As of 31
\nDecember 2025, the weighted average discount rates were 17.7% for
\nUkrainian assets and 8.8% for European assets (31 December 2024:
\n21.5% and 9.9% respectively).
\nAlthough some of these assumptions are obtained from published
\nmarket data, the majority of these assumptions are estimated based
\non the Group\u2019s historical and projected results (Note 20).
\nThe impact of potential climate-related matters, including legislation,
\nclimate change, and company climate objectives, which may affect the
\nfair value measurement of biological assets and agricultural produce,
\nhas been considered in determining fair value measurement. The
\nimpact of climate-related matters is not material to the Group\u2019s financial
\nstatements.
\nUseful lives of property, plant, and equipment
\nThe estimation of the useful life of an item of property, plant, and
\nequipment is a matter of management based upon experience with
\nsimilar assets. In determining the useful life of an asset, Management
\nconsiders the expected usage, estimated technical obsolescence,
\nphysical wear and tear, the physical environment in which the asset is
\noperated, and other factors (including climate-related matters). Changes
\nin any of these conditions or estimates may result in adjustments for
\nfuture depreciation rates. The Group concluded that, as of 31 December
\n2025, climate-related matters had no material impact on the useful lives
\nof property, plant and equipment.
\nGovernment grants
\nGovernment grants are recognised when there is reasonable assurance
\nthat the Group will comply with the conditions attached to them and that
\nthe grants will be received.
\nGovernment grants related to the acquisition or construction of property,
\nplant and equipment are recognised as deferred income and recognised
\nin profit or loss on a systematic basis over the useful lives of the related
\nassets. Government grants related to income are recognised in profit or
\nloss on a systematic basis in the periods in which the related costs are
\nrecognised or, where no future related costs are expected, when the
\nGroup becomes entitled to receive the grant.
\n
\n
\n\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag338": {
"value": "\nKEY SOURCES OF ESTIMATION UNCERTAINTY\nThe following are the key assumptions concerning the future and other \nkey sources of estimation uncertainty at the end of the reporting period \nthat have a significant risk of causing a material adjustment to the \ncarrying amounts of assets and liabilities within the next financial year.\nImpairment of goodwill and intangibles with indefinite useful lives\nAs disclosed in Notes 17 and 18, the Group determines on an annual basis \nat least whether indefinite life intangible assets and goodwill have been \nimpaired. This requires an estimate of an asset\u2019s recoverable amount, \nwhich is the higher of an asset\u2019s or cash generating unit\u2019s (CGU\u2019s) fair \nvalue less costs of disposal and its value in use and it is determined for \nan individual asset unless the asset does not generate cash inflows that \nare largely independent of those from other assets or groups of assets. \nEstimating a value-in-use amount requires management to estimate of \nthe expected future cash flows from the cash-generating unit and also \nto choose a suitable discount rate and growth rates in order to calculate \nthe present value of those cash flows.\nWhen assessing impairment of goodwill and intangible assets with \nindefinite useful lives, the Group constantly monitors climate-related \nmatters affecting the value-in-use of intangibles and goodwill. As at 31 \nDecember 2025, the Group concluded that the climate-related risks did \nnot have material impact of the value-in-use amounts for intangibles and \ngoodwill. The Group will adjust the critical assumptions used in value-in-\nuse calculations should a change be required in the future.\n\n\n\n\n\nKEY SOURCES OF ESTIMATION UNCERTAINTY (continued)\n \nDetermination of incremental borrowing rate\nAs described in Note 2, the Group uses incremental borrowing rate as \nthe discounting factor to calculate lease liability if the rate implicit in \nthe lease is not readily determinable. The incremental borrowing rate is \ndetermined as the available rate for the Group adjusted for the specifics \nof particular lease contracts. \nFair value less costs to sell biological assets \nand agricultural produce\nBiological assets are recorded at fair values, less costs to sell. The Group \nestimates the fair values of biological assets based on the following key \nassumptions:\n\u2022 Average meat output for broilers, pigs and livestock for meat \nproduction;\n\u2022 Average productive life of breeders and sows held for regeneration \nand cattle for milk production;\n\u2022 Expected crop output;\n\u2022 Estimated changes in future sales prices;\n\u2022 Projected production costs and costs to sell; and,\n\u2022 Discount rate.\n \nThe fair value of biological assets is determined using discount rates \ntailored to the economic environment of each operation. As of 31 \nDecember 2025, the weighted average discount rates were 17.7% for \nUkrainian assets and 8.8% for European assets (31 December 2024: \n21.5% and 9.9% respectively).\nAlthough some of these assumptions are obtained from published \nmarket data, the majority of these assumptions are estimated based \non the Group\u2019s historical and projected results (Note 20).\nThe impact of potential climate-related matters, including legislation, \nclimate change, and company climate objectives, which may affect the \nfair value measurement of biological assets and agricultural produce, \nhas been considered in determining fair value measurement. The \nimpact of climate-related matters is not material to the Group\u2019s financial \nstatements.\nUseful lives of property, plant, and equipment\nThe estimation of the useful life of an item of property, plant, and \nequipment is a matter of management based upon experience with \nsimilar assets. In determining the useful life of an asset, Management \nconsiders the expected usage, estimated technical obsolescence, \nphysical wear and tear, the physical environment in which the asset is \noperated, and other factors (including climate-related matters). Changes \nin any of these conditions or estimates may result in adjustments for \nfuture depreciation rates. The Group concluded that, as of 31 December \n2025, climate-related matters had no material impact on the useful lives \nof property, plant and equipment.\nGovernment grants\nGovernment grants are recognised when there is reasonable assurance \nthat the Group will comply with the conditions attached to them and that \nthe grants will be received.\nGovernment grants related to the acquisition or construction of property, \nplant and equipment are recognised as deferred income and recognised \nin profit or loss on a systematic basis over the useful lives of the related \nassets. Government grants related to income are recognised in profit or \nloss on a systematic basis in the periods in which the related costs are \nrecognised or, where no future related costs are expected, when the \nGroup becomes entitled to receive the grant. \n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag341": {
"value": "\n6. Segment information
\n
\nThe Group\u2019s business is managed worldwide but main manufacturing
\nfacilities and sales offices are located primarily in Ukraine, Europe and
\nMiddle East.
\nReportable segments are presented consistent with the internal
\nreporting to the Group\u2019s chief operating decision maker (\u201cCODM\u201d).
\nSegment information is analysed based on the types of goods produced
\nand supplied by the Group\u2019s operating divisions. The Group\u2019s reportable
\nsegments under IFRS 8 are as follows:
\n\n
\n\n\n| Poultry and Related Operations Segment: | \n\u2022 poultry meat operations\u2022 processed meat and culinary products operations\u2022 other poultry related products operations | \n\n\n\n\n
\n\n| Vegetable oils operations segment: | \n\u2022 other agricultural operations (milk, feed grains and other) | \n\n\n\n\n
\n\n| Agriculture operations segment: | \n\u2022 grains and oilseeds operations\u2022 other agricultural operations (milk, feed grains and other) | \n\n\n\n\n
\n\n| European Operating Segment: | \n\u2022 sales of poultry and processed meat in Southeast Europe\u2022 sales of poultry, processed meat and pork in Spain | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\nProduction facilities of poultry and related operations, vegetable oil
\noperations and agriculture operations segments are primarily located
\nin Ukraine.
\nThe accounting policies of the reportable segments are the same as the
\nGroup\u2019s accounting policies described in Note 2 Basis of preparation and
\naccounting policies. Sales between segments are carried out at prices
\nwhich approximate market prices. The segment result represents operating
\nprofit before unallocated corporate expenses and loss on impairment of
\nproperty, plant and equipment. Unallocated corporate expenses include management remuneration, representative expenses, and expenses incurred in
\nrespect of the maintenance of office premises. This is the measure reported to the CODM for resource allocation and assessment of segment performance.
\nThe European operating segment comprises the production and sale of poultry and processed meat products through Perutnina Ptuj and its subsidiaries,
\nalongside UVESA, which provides poultry, processed meat, and pork within the Spanish market. The CODM manages this as a single segment as these
\nsubsidiairies have similar products and production processes and are subject to common marketing strategies, a centralized budgeting process, and
\ncentrally managed decision-making process.
\nThe Group does not present information on segment assets and liabilities as the CODM does not review such information for decision-making purposes.
\nThe reportable segment information for the year ended 31 December 2025 comprised:
\n\n
\n\n\n| YEAR ENDED | \n | \nPOULTRY | \nVEGETABLE | \nAGRICULTURE | \nEUROPEAN | \nTOTAL | \nELIMINATIONS | \nCONSOLIDATED | \n\n\n\n\n
\n\n| 31 DECEMBER 2025 | \n | \nAND RELATED | \nOILS | \nOPERATIONS | \nOPERATING | \nREPORTABLE | \n | \n | \n | \n\n\n\n\n
\n\n | \n | \nOPERATIONS | \nOPERATIONS | \n | \nSEGMENT | \nSEGMENTS | \n | \n | \n | \n\n\n\n\n
\n\n| External sales | \n | \n 1,926 | \n 394 | \n 436 | \n 1,010 | \n 3,766 | \n- | \n 3,766 | \n\n\n\n\n
\n\n| Sales between segments | \n | \n 31 | \n 155 | \n 217 | \n - | \n 403 | \n (403) | \n | \n - | \n\n\n\n\n
\n\n| Total revenue | \n | \n 1,957 | \n 549 | \n 653 | \n 1,010 | \n 4,169 | \n (403) | \n 3,766 | \n\n\n\n\n
\n\n| Net change in fair value of biological assets | \n 5 7 | \n - | \n (9) | \n (16) | \n | \n 32 | \n - | \n | \n 32 | \n\n\n\n\n
\n\n| and agricultural produce | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n
\n\n| Cost of sales | \n | \n (1,533) | \n (382) | \n (169) | \n (814) | \n (2,898) | \n - | \n (2,898) | \n\n\n\n\n
\n\n| Operating expenses1) | \n | \n (263) | \n (3) | \n (11) | \n (102) | \n (379) | \n - | \n (379) | \n\n\n\n\n
\n\n| Segment results2) | \n | \n 187 | \n 9 | \n 247 | \n 78 | \n | \n521 | \n- | \n | \n521 | \n\n\n\n\n
\n\n| Unallocated corporate expenses | \n | \n | \n | \n | \n | \n | \n | \n | \n (145) | \n\n\n\n\n
\n\n| Other expenses, net 3) | \n | \n | \n | \n | \n | \n | \n | \n | \n (164) | \n\n\n\n\n
\n\n| Profit before tax | \n | \n | \n | \n | \n | \n | \n | \n | \n 212 | \n\n\n\n\n
\n\n| OTHER INFORMATION: | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n
\n\n| Additions to property, plant and equipment 4) | \n 143 | \n 13 | \n 37 | \n 82 | \n 275 | \n - | \n 275 | \n\n\n\n\n
\n\n| Depreciation and amortization expense | \n5) | \n 136 | \n 5 | \n 75 | \n 4 4 | \n 260 | \n- | \n 260 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
1)
\n Includes selling, general and administrative expenses, other operating income and expense;
\n2)
\n Calculated as external sales plus net change in fair value of biological assets and agricultural produce, cost of sales and corporate expenses;
\n3)
\n Includes finance income, finance costs, foreign exchange loss;
\n4)
\n Additions to property, plant, and equipment in 2025 do not include unallocated additions in the amount of USD 4 million;
\n5)
\n Depreciation and amortization for the year ended 31 December 2025 does not include unallocated depreciation and amortization in the amount of USD 5 million.
\n
\n\n\n\n\n6. Segment information (continued)
\nThe reportable segment information for the year ended 31 December 2024 comprised:
\nNet change in fair value of biological assets
\n
\n\n
\n\n\n| YEAR ENDED | \n | \n | \n | \nPOULTRY | \nVEGETABLE | \nAGRICULTURE | \nEUROPEAN | \nTOTAL | \nELIMINATIONS | \nCONSOLIDATED | \n\n\n\n\n
\n\n| 31 DECEMBER 2024 | \n | \n | \n | \nAND RELATED | \nOILS | \nOPERATIONS | \nOPERATING | \nREPORTABLE | \n | \n | \n | \n | \n\n\n\n\n
\n\n | \n | \n | \n | \nOPERATIONS | \nOPERATIONS | \n | \nSEGMENT | \nSEGMENTS | \n | \n | \n | \n | \n\n\n\n\n
\n\n| External sales | \n | \n | \n | \n 1,633 | \n 457 | \n 381 | \n 575 | \n 3,046 | \n- | \n | \n 3,046 | \n\n\n\n\n
\n\n| Sales between segments | \n | \n | \n 16 | \n 178 | \n 200 | \n - | \n 394 | \n (394) | \n | \n | \n- | \n\n\n\n\n
\n\n| Total revenue | \n | \n | \n | \n 1,649 | \n 635 | \n 581 | \n 575 | \n 3,440 | \n (394) | \n | \n 3,046 | \n\n\n\n\n
\n\n | \n | \n 4 | \n - | \n 134 | \n (3) | \n | \n135 | \n- | \n | \n | \n135 | \n\n\n\n\n
\n\n| and agricultural produce | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n
\n\n| Cost of sales | \n | \n | \n | \n (1,264) | \n (410) | \n (232) | \n (427) | \n(2,333) | \n- | \n | \n(2,333) | \n\n\n\n\n
\n\n| Operating expenses, net | \n1) | \n | \n | \n (209) | \n (4) | \n (25) | \n (83) | \n(321) | \n- | \n | \n(321) | \n\n\n\n\n
\n\n| Segment results 2) | \n | \n | \n | \n 164 | \n 43 | \n 258 | \n 62 | \n | \n527 | \n- | \n | \n | \n527 | \n\n\n\n\n
\n\n| Unallocated operating expenses | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n (87) | \n\n\n\n\n
\n\n| Loss on impairment of property, | \n | \n | \n(21) | \n (1) | \n(2) | \n(3) | \n | \n(27) | \n - | \n | \n (27) | \n\n\n\n\n
\n\n| plant and equipment 6) | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n
\n\n| Other expenses, net 3) | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n (264) | \n\n\n\n\n
\n\n| Profit before tax | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n 149 | \n\n\n\n\n
\n\n| OTHER INFORMATION: | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n\n\n
\n\n| Additions to property, plant and equipment | \n4) | \n 186 | \n 8 | \n 35 | \n 78 | \n 307 | \n - | \n | \n 307 | \n\n\n\n\n
\n\n| Depreciation and amortization expense | \n5) | \n | \n 93 | \n 6 | \n 64 | \n 27 | \n 190 | \n- | \n | \n 190 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
1)
\n Includes selling, general and administrative expenses, other operating income and expense;
\n2)
\n Calculated as external sales plus net change in fair value of biological assets and agricultural produce, cost of sales and corporate expenses;
\n3)
\n Includes finance income, finance costs, foreign exchange loss;
\n4)
\n Additions to property, plant, and equipment in 2024 do not include unallocated additions in the amount of USD 6.6 million;
\n5)
\n Depreciation and amortization for the year ended 31 December 2024 does not include unallocated depreciation and amortization in the amount of USD 2 million;
\n6)
\n Loss on impairment of property, plant and equipment for the year ended 31 December 2024 includes unallocated loss in amount of USD 0.4 million.
\nNon-current assets (excluding deferred tax assets, investments in
\nassociates and non-current financial assets) based on the geographic
\nlocation of the manufacturing facilities were as follows as of 31
\nDecember 2025 and 31 December 2024:
\n\n
\n\n\n | \n2025 | \n2024 | \n\n\n\n\n
\n\n\n\n\n\n\n\n| Ukraine | \n 2,341 | \n 2,285 | \n\n\n\n\n
\n\n| Europe | \n 903 | \n 441 | \n\n\n\n\n
\n\n| The Middle East and North Africa (MENA) | \n 2 | \n 3 | \n\n\n\n\n
\n\n | \n 3,246 | \n 2,729 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
No single customer contributed more than 10% of the Group\u2019s revenue
\nin either 2025 or 2024.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag343": {
"value": "\n7. Revenue
\n
\nRevenue for the years ended 31 December 2025, and 2024 was as
\nfollows:
\n\n
\n\n\n | \n2025 | \n2024 | \n\n\n\n\n
\n\n\n\n\n\n\n\n| Poultry and related operations segment | \n | \n | \n\n\n\n\n
\n\n| Chicken meat | \n 1,522 | \n 1,363 | \n\n\n\n\n
\n\n| Processed meat | \n 188 | \n 127 | \n\n\n\n\n
\n\n| Other poultry related sales | \n 216 | \n 143 | \n\n\n\n\n
\n\n | \n 1,926 | \n 1,633 | \n\n\n\n\n
\n\n | \n | \n | \n\n\n\n\n
\n\n| Vegetable oil operations segment | \n | \n | \n\n\n\n\n
\n\n| Vegetable oil | \n 378 | \n 437 | \n\n\n\n\n
\n\n| Oil related products | \n 16 | \n 20 | \n\n\n\n\n
\n\n | \n 394 | \n 457 | \n\n\n\n\n
\n\n | \n | \n | \n\n\n\n\n
\n\n| Agricultural operations segment | \n | \n | \n\n\n\n\n
\n\n| Grain | \n 376 | \n 328 | \n\n\n\n\n
\n\n| Other agricultural sales | \n 60 | \n 5 3 | \n\n\n\n\n
\n\n | \n 436 | \n 381 | \n\n\n\n\n
\n\n | \n | \n | \n\n\n\n\n
\n\n| European operating segment | \n | \n | \n\n\n\n\n
\n\n| Chicken meat | \n 654 | \n 345 | \n\n\n\n\n
\n\n| Processed meat | \n 225 | \n 177 | \n\n\n\n\n
\n\n| Live pigs | \n 5 8 | \n- | \n\n\n\n\n
\n\n| Other agricultural sales | \n 7 3 | \n 5 3 | \n\n\n\n\n
\n\n | \n 1,010 | \n 575 | \n\n\n\n\n
\n\n | \n 3,766 | \n 3,046 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
The composition of revenue by currency (in US dollars equivalent) for
\nthe years ended 31 December 2025, and 2024 was as follows:
\n\n
\n\n\n | \n2025 | \n2024 | \n\n\n\n\n
\n\n\n\n\n\n\n\n| Euro | \n 1,330 | \n 869 | \n\n\n\n\n
\n\n| US Dollar | \n 972 | \n 930 | \n\n\n\n\n
\n\n| Ukrainian Hryvnia | \n 887 | \n 770 | \n\n\n\n\n
\n\n| Great British Pound Sterling | \n 163 | \n 84 | \n\n\n\n\n
\n\n| Saudi Riyal | \n 139 | \n 147 | \n\n\n\n\n
\n\n| Other currencies1) | \n 275 | \n 246 | \n\n\n\n\n
\n\n | \n 3,766 | \n 3,046 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
1)
\n Other currencies include the following: UAE Dirham, Canadian Dollar, Bosnia-Herze-
\ngovina Convertible Mark, Macedonian Denar, Serbian Dinar, Romanian Leu and Alba-
\nnian Lek.
\n
\nThe Group\u2019s export sales to external customers by major product types
\nwere as follows during the years ended 31 December 2025 and 2024:
\n\n
\n\n\n | \n2025 | \n2024 | \n\n\n\n\n
\n\n\n\n\n\n\n\n| Poultry and processed meat | \n 1,263 | \n 1,062 | \n\n\n\n\n
\n\n| Vegetable oil and related products | \n 387 | \n 453 | \n\n\n\n\n
\n\n| Grain | \n 342 | \n 282 | \n\n\n\n\n
\n\n| Other agricultural products | \n 7 7 | \n 43 | \n\n\n\n\n
\n\n | \n 2,069 | \n 1,840 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
1)
\n Comprises revenue generated from sales to countries outside the production enti-
\nty\u2019s country of residence
\n
\nThe Group generates the majority of its revenue in Ukraine, other
\nEuropean countries and MENA. In 2025, the share of revenue from
\nEurope was 55% (2024: 45%), from Ukraine was 24% (2024: 20%), and
\nfrom the MENA region 10% (2024: 10%).
\nAdvances from customers in the amount of USD 19 million as of
\n31 December 2024 and USD 18 million as of 31 December 2023
\nwere recognized as revenue during 2025 and 2024, respectively.
\n
\n
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag344": {
"value": "\n8. Cost of sales
\n
\nCost of sales for the years ended 31 December 2025 and 2024 was as
\nfollows:
\n\n
\n\n\n | \n2025 | \n2024 | \n\n\n\n\n
\n\n\n\n\n\n\n\n| Poultry and related operations segment | \n 1,494 | \n 1,262 | \n\n\n\n\n
\n\n| Vegetable oil operations segment | \n 344 | \n 385 | \n\n\n\n\n
\n\n| Agricultural operations segment | \n 246 | \n 259 | \n\n\n\n\n
\n\n| European operating segment | \n 814 | \n 427 | \n\n\n\n\n
\n\n | \n 2,898 | \n 2,333 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
For the years ended 31 December 2025 and 2024, the cost of sales
\ncomprised the following:
\n\n
\n\n\n | \n2025 | \n2024 | \n\n\n\n\n
\n\n\n\n\n\n\n\n| Costs of raw materials and other inventory used | \n 1,851 | \n 1,548 | \n\n\n\n\n
\n\n| Payroll and related expenses | \n 507 | \n 394 | \n\n\n\n\n
\n\n| Services, including handling and transportation | \n 307 | \n 223 | \n\n\n\n\n
\n\n| Depreciation and amortization expense | \n 233 | \n 168 | \n\n\n\n\n
\n\n | \n 2,898 | \n 2,333 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\nSocial security contributions, included in Payroll and related expenses
\nabove, amounted to USD 87 million for the year ended 31 December
\n2025 (2024: USD 60 million).
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
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"Tag361": {
"value": "\n
\n\n
\n
9. Selling, general and administrative expenses
\n
\n
Selling, general and administrative expenses for the years ended 31
\n
December 2025, and 2024 were as follows:
\n
\n
\n\n\n | \n2025 | \n2024 | \n\n\n\n\n
\n\n\n\n\n\n\n\n| Payroll and related expenses | \n 230 | \n 183 | \n\n\n\n\n
\n\n| Services | \n 131 | \n 86 | \n\n\n\n\n
\n\n| Depreciation and amortization expense | \n 33 | \n 24 | \n\n\n\n\n
\n\n| Advertising expense | \n 2 2 | \n 23 | \n\n\n\n\n
\n\n| Representative costs and business trips | \n 2 2 | \n 11 | \n\n\n\n\n
\n\n| Fuel and other materials used | \n 8 | \n 7 | \n\n\n\n\n
\n\n| Insurance expense | \n 7 | \n 6 | \n\n\n\n\n
\n\n| Other | \n 8 | \n 8 | \n\n\n\n\n
\n\n | \n 461 | \n 348 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\n
Payroll and related expenses include social security contributions,
\n
which amounted to USD 25 million for the year ended 31 December
\n
2025 (2024: USD 19 million).
\n
\n
Remuneration to the auditors, included in the Services above, amounted
\n
to USD 1.6 million for the year ended 31 December 2025 (2024: USD 1.1
\n
million). This consists of both audit and non-audit services, with the
\n
statutory audit fees amounting to USD 1.1 million for the year ended 31
\n
December 2025 and other assurance services in amount of USD 0.4
\n
million (2024: USD 0.8 million and USD 0.2 million respectively), while the
\n
rest of fees relate to tax related services and other non-audit services.
\n
\n\n\n
\n
\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag360": {
"value": "\n
\n9. Selling, general and administrative expenses
\n
\nSelling, general and administrative expenses for the years ended 31
\nDecember 2025, and 2024 were as follows:
\n\n
\n\n\n | \n2025 | \n2024 | \n\n\n\n\n
\n\n\n\n\n\n\n\n| Payroll and related expenses | \n 230 | \n 183 | \n\n\n\n\n
\n\n| Services | \n 131 | \n 86 | \n\n\n\n\n
\n\n| Depreciation and amortization expense | \n 33 | \n 24 | \n\n\n\n\n
\n\n| Advertising expense | \n 2 2 | \n 23 | \n\n\n\n\n
\n\n| Representative costs and business trips | \n 2 2 | \n 11 | \n\n\n\n\n
\n\n| Fuel and other materials used | \n 8 | \n 7 | \n\n\n\n\n
\n\n| Insurance expense | \n 7 | \n 6 | \n\n\n\n\n
\n\n| Other | \n 8 | \n 8 | \n\n\n\n\n
\n\n | \n 461 | \n 348 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
Payroll and related expenses include social security contributions,
\nwhich amounted to USD 25 million for the year ended 31 December
\n2025 (2024: USD 19 million).
\n\n
Remuneration to the auditors, included in the Services above, amounted
\n
to USD 1.6 million for the year ended 31 December 2025 (2024: USD 1.1
\n
million). This consists of both audit and non-audit services, with the
\n
statutory audit fees amounting to USD 1.1 million for the year ended 31
\n
December 2025 and other assurance services in amount of USD 0.4
\n
million (2024: USD 0.8 million and USD 0.2 million respectively), while the
\n
rest of fees relate to tax related services and other non-audit services.
\n
\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag362": {
"value": "\nRemuneration to the auditors, included in the Services above, amounted
\nto USD 1.6 million for the year ended 31 December 2025 (2024: USD 1.1
\nmillion). This consists of both audit and non-audit services, with the
\nstatutory audit fees amounting to USD 1.1 million for the year ended 31
\nDecember 2025 and other assurance services in amount of USD 0.4
\nmillion (2024: USD 0.8 million and USD 0.2 million respectively), while the
\nrest of fees relate to tax related services and other non-audit services.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag345": {
"value": "\n10. Other operating income
\n
\nOther operating income for the years ended 31 December 2025, and
\n2024 was as follows:
\n\n
\n\n\n | \n2025 | \n2024 | \n\n\n\n\n
\n\n\n\n\n\n\n\n| Net gain on disposal of non-current assets | \n17 | \n- | \n\n\n\n\n
\n\n| Government grants | \n 8 | \n 7 | \n\n\n\n\n
\n\n| Income from claims, penalties and indemnification | \n 2 | \n 2 | \n\n\n\n\n
\n\n| Gain on extinguishment of trade accounts payable | \n - | \n 4 | \n\n\n\n\n
\n\n| Other income | \n 4 | \n 3 | \n\n\n\n\n
\n\n | \n 31 | \n 16 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag346": {
"value": "\n
\n\n
11. Other operating expenses
\n
Other operating expenses for the years ended 31 December 2025, and
\n
2024 were as follows:
\n
\n
\n\n\n | \n2025 | \n2024 | \n\n\n\n\n
\n\n\n\n\n\n\n\n| Charity expenses and community support donations | \n 62 | \n 37 | \n\n\n\n\n
\n\n| Expected credit losses and write-off of financial assets | \n 13 | \n 10 | \n\n\n\n\n
\n\n| Provision for claims, penalties and indemnification | \n 5 | \n 4 | \n\n\n\n\n
\n\n| Other operating war-related expenses | \n 1 | \n 3 | \n\n\n\n\n
\n\n| Inventories and biological assets written off (Note 34) | \n 3 | \n 6 | \n\n\n\n\n
\n\n| Loss on disposal of property, plant and equipment | \n- | \n 4 | \n\n\n\n\n
\n\n| Share of loss of associates (Note 4) | \n - | \n 2 | \n\n\n\n\n
\n\n| Other expenses | \n 10 | \n 10 | \n\n\n\n\n
\n\n | \n 94 | \n 76 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\n
\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag347": {
"value": "\n11. Other operating expenses
\nOther operating expenses for the years ended 31 December 2025, and
\n2024 were as follows:
\n\n
\n\n\n | \n2025 | \n2024 | \n\n\n\n\n
\n\n\n\n\n\n\n\n| Charity expenses and community support donations | \n 62 | \n 37 | \n\n\n\n\n
\n\n| Expected credit losses and write-off of financial assets | \n 13 | \n 10 | \n\n\n\n\n
\n\n| Provision for claims, penalties and indemnification | \n 5 | \n 4 | \n\n\n\n\n
\n\n| Other operating war-related expenses | \n 1 | \n 3 | \n\n\n\n\n
\n\n| Inventories and biological assets written off (Note 34) | \n 3 | \n 6 | \n\n\n\n\n
\n\n| Loss on disposal of property, plant and equipment | \n- | \n 4 | \n\n\n\n\n
\n\n| Share of loss of associates (Note 4) | \n - | \n 2 | \n\n\n\n\n
\n\n| Other expenses | \n 10 | \n 10 | \n\n\n\n\n
\n\n | \n 94 | \n 76 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag348": {
"value": "\n
\n\n
\n
\n
\n
\n
12. Finance income
\n
\n
Finance income for the years ended 31 December 2025 and 2024 were
\n
as follows:
\n
\n
\n\n\n | \n2025 | \n2024 | \n\n\n\n\n
\n\n\n\n\n\n\n\n| Interest received from deposits and bank accounts | \n 1 1 | \n 1 0 | \n\n\n\n\n
\n\n| Other interest received | \n 5 | \n 3 | \n\n\n\n\n
\n\n| Gain on early redemption of bonds | \n - | \n 6 | \n\n\n\n\n
\n\n| Other finance income | \n 3 | \n 2 | \n\n\n\n\n
\n\n | \n 19 | \n 21 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n\n
\n\n
\n
\n
\n
\n
13. Finance costs
\n
\n
Finance costs for the years ended 31 December 2025 and 2024 were
\n
as follows:
\n
\n
\n\n\n | \n2025 | \n2024 | \n\n\n\n\n
\n\n\n\n\n\n\n\n| Interest on corporate bonds | \n 63 | \n 7 1 | \n\n\n\n\n
\n\n| Interest on lease liabilities | \n 48 | \n 45 | \n\n\n\n\n
\n\n| Interest on bank borrowings | \n 60 | \n 47 | \n\n\n\n\n
\n\n| Bank commissions and other charges | \n 3 | \n 1 | \n\n\n\n\n
\n\n| Total finance costs | \n 174 | \n 164 | \n\n\n\n\n
\n\n | \n | \n | \n\n\n\n\n
\n\n| Less: | \n | \n | \n\n\n\n\n
\n\n| Finance costs included in the cost of qualifying assets | \n (3) | \n (4) | \n\n\n\n\n
\n\n | \n 171 | \n 160 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\n
\n
For qualifying assets, the weighted average capitalization rate on funds
\n
borrowed during the year ended 31 December 2025 was 7.2% (2024: 7.8%).
\n
Interest on corporate bonds for the years ended 31 December 2025
\n
and 2024 includes the amortization of premium and debt issue
\n
costs in the amount of USD 3 million and USD 4 million, respectively.
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag349": {
"value": "\n
\n\n
\n
\n
12. Finance income
\n
\n
Finance income for the years ended 31 December 2025 and 2024 were
\n
as follows:
\n
\n
\n\n\n | \n2025 | \n2024 | \n\n\n\n\n
\n\n\n\n\n\n\n\n| Interest received from deposits and bank accounts | \n 1 1 | \n 1 0 | \n\n\n\n\n
\n\n| Other interest received | \n 5 | \n 3 | \n\n\n\n\n
\n\n| Gain on early redemption of bonds | \n - | \n 6 | \n\n\n\n\n
\n\n| Other finance income | \n 3 | \n 2 | \n\n\n\n\n
\n\n | \n 19 | \n 21 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n\n
\n\n
\n
\n
13. Finance costs
\n
\n
Finance costs for the years ended 31 December 2025 and 2024 were
\n
as follows:
\n
\n
\n\n\n | \n2025 | \n2024 | \n\n\n\n\n
\n\n\n\n\n\n\n\n| Interest on corporate bonds | \n 63 | \n 7 1 | \n\n\n\n\n
\n\n| Interest on lease liabilities | \n 48 | \n 45 | \n\n\n\n\n
\n\n| Interest on bank borrowings | \n 60 | \n 47 | \n\n\n\n\n
\n\n| Bank commissions and other charges | \n 3 | \n 1 | \n\n\n\n\n
\n\n| Total finance costs | \n 174 | \n 164 | \n\n\n\n\n
\n\n | \n | \n | \n\n\n\n\n
\n\n| Less: | \n | \n | \n\n\n\n\n
\n\n| Finance costs included in the cost of qualifying assets | \n (3) | \n (4) | \n\n\n\n\n
\n\n | \n 171 | \n 160 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\n
\n
For qualifying assets, the weighted average capitalization rate on funds
\n
borrowed during the year ended 31 December 2025 was 7.2% (2024: 7.8%).
\n
Interest on corporate bonds for the years ended 31 December 2025
\n
and 2024 includes the amortization of premium and debt issue
\n
costs in the amount of USD 3 million and USD 4 million, respectively.
\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag350": {
"value": "\n
\n\n
12. Finance income
\n
\n
Finance income for the years ended 31 December 2025 and 2024 were
\n
as follows:
\n
\n
\n\n\n | \n2025 | \n2024 | \n\n\n\n\n
\n\n\n\n\n\n\n\n| Interest received from deposits and bank accounts | \n 1 1 | \n 1 0 | \n\n\n\n\n
\n\n| Other interest received | \n 5 | \n 3 | \n\n\n\n\n
\n\n| Gain on early redemption of bonds | \n - | \n 6 | \n\n\n\n\n
\n\n| Other finance income | \n 3 | \n 2 | \n\n\n\n\n
\n\n | \n 19 | \n 21 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\n
\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag351": {
"value": "\n12. Finance income
\n
\nFinance income for the years ended 31 December 2025 and 2024 were
\nas follows:
\n\n
\n\n\n | \n2025 | \n2024 | \n\n\n\n\n
\n\n\n\n\n\n\n\n| Interest received from deposits and bank accounts | \n 1 1 | \n 1 0 | \n\n\n\n\n
\n\n| Other interest received | \n 5 | \n 3 | \n\n\n\n\n
\n\n| Gain on early redemption of bonds | \n - | \n 6 | \n\n\n\n\n
\n\n| Other finance income | \n 3 | \n 2 | \n\n\n\n\n
\n\n | \n 19 | \n 21 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag355": {
"value": "\n
\n\n
13. Finance costs
\n
\n
Finance costs for the years ended 31 December 2025 and 2024 were
\n
as follows:
\n
\n
\n\n\n | \n2025 | \n2024 | \n\n\n\n\n
\n\n\n\n\n\n\n\n| Interest on corporate bonds | \n 63 | \n 7 1 | \n\n\n\n\n
\n\n| Interest on lease liabilities | \n 48 | \n 45 | \n\n\n\n\n
\n\n| Interest on bank borrowings | \n 60 | \n 47 | \n\n\n\n\n
\n\n| Bank commissions and other charges | \n 3 | \n 1 | \n\n\n\n\n
\n\n| Total finance costs | \n 174 | \n 164 | \n\n\n\n\n
\n\n | \n | \n | \n\n\n\n\n
\n\n| Less: | \n | \n | \n\n\n\n\n
\n\n| Finance costs included in the cost of qualifying assets | \n (3) | \n (4) | \n\n\n\n\n
\n\n | \n 171 | \n 160 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\n
\n
For qualifying assets, the weighted average capitalization rate on funds
\n
borrowed during the year ended 31 December 2025 was 7.2% (2024: 7.8%).
\n
Interest on corporate bonds for the years ended 31 December 2025
\n
and 2024 includes the amortization of premium and debt issue
\n
costs in the amount of USD 3 million and USD 4 million, respectively.
\n
\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag354": {
"value": "\n13. Finance costs
\n
\nFinance costs for the years ended 31 December 2025 and 2024 were
\nas follows:
\n\n
\n\n\n | \n2025 | \n2024 | \n\n\n\n\n
\n\n\n\n\n\n\n\n| Interest on corporate bonds | \n 63 | \n 7 1 | \n\n\n\n\n
\n\n| Interest on lease liabilities | \n 48 | \n 45 | \n\n\n\n\n
\n\n| Interest on bank borrowings | \n 60 | \n 47 | \n\n\n\n\n
\n\n| Bank commissions and other charges | \n 3 | \n 1 | \n\n\n\n\n
\n\n| Total finance costs | \n 174 | \n 164 | \n\n\n\n\n
\n\n | \n | \n | \n\n\n\n\n
\n\n| Less: | \n | \n | \n\n\n\n\n
\n\n| Finance costs included in the cost of qualifying assets | \n (3) | \n (4) | \n\n\n\n\n
\n\n | \n 171 | \n 160 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\nFor qualifying assets, the weighted average capitalization rate on funds
\nborrowed during the year ended 31 December 2025 was 7.2% (2024: 7.8%).
\nInterest on corporate bonds for the years ended 31 December 2025
\nand 2024 includes the amortization of premium and debt issue
\ncosts in the amount of USD 3 million and USD 4 million, respectively.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag356": {
"value": "\n14. Income tax
\n
\nThe Group carries its operations in various jurisdictions as described
\nin Note 1. In 2024-2025, the following statutory income tax rates have
\nbeen applied to the Group`s primary entities based on their residency:
\n18% - in Ukraine, 12.5% - in Cyprus, 28% - in Spain, 22% - in Slovenia and
\n18% - in Croatia. Starting from 1 January 2026, the corporate income
\ntax rate in Cyprus has increased to 15%. .
\nSimilarly to the previous years, in 2025-2024, significant number of
\nUkrainian subsidiaries of the Group were exempt from income taxes.
\nThese subsidiaries are engaged into the specified agricultural activities
\n(such as grain and oilseeds growing), that allow them to benefit
\nsubstantially from the status of an agricultural producer according to
\nthe Ukrainian tax legislation.
\nThe components of income tax expense/(benefit) were as follows for
\nthe years ended 31 December 2025 and 2024:
\n\n
\n\n\n | \n2025 | \n2024 | \n\n\n\n\n
\n\n\n\n\n\n\n\n| Current income tax expense | \n 38 | \n 14 | \n\n\n\n\n
\n\n| Deferred tax (benefit)/expense | \n(13) | \n(9) | \n\n\n\n\n
\n\n| Income tax expense | \n 25 | \n 5 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
The reconciliation between profit before tax multiplied by the statutory
\ntax rate and the tax expense for the years ended 31 December 2025
\nand 2024 was as follows:
\n\n
\n\n\n | \n2025 | \n2024 | \n\n\n\n\n
\n\n\n\n\n\n\n\n| Accounting profit before tax | \n 212 | \n 149 | \n\n\n\n\n
\n\n| Income tax expense calculated at rates effective during the year ended in respective jurisdictions | \n 41 | \n 28 | \n\n\n\n\n
\n\n | \n | \n | \n\n\n\n\n
\n\n| Tax effect of: | \n | \n | \n\n\n\n\n
\n\n| Income generated by non-CIT payers | \n (21) | \n (33) | \n\n\n\n\n
\n\n| Change in unrecognised deferred tax asset | \n(7) | \n (3) | \n\n\n\n\n
\n\n| Withholding tax | \n 9 | \n - | \n\n\n\n\n
\n\n| Non-deductible expenses and non-taxable income, net | \n 2 | \n 13 | \n\n\n\n\n
\n\n| Translation loss | \n 1 | \n - | \n\n\n\n\n
\n\n| Income tax expense | \n 25 | \n 5 | \n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n
\n
\n\n\n\n\n\n14. Income tax (continued)
\n
\n\n
As of 31 December 2025 and 2024, deferred tax assets and liabilities
\n
comprised:
\n
\n
\n\n\n | \n2025 | \n2024 | \n\n
\n\n\n\n\n| Deferred tax assets arising from: | \n | \n | \n\n
\n\n| Other current liabilities | \n 11 | \n 4 | \n\n
\n\n| Current assets | \n - | \n 1 | \n\n
\n\n| Tax losses | \n 18 | \n 26 | \n\n
\n\n | \n | \n | \n\n
\n\n| Total deferred tax assets | \n 29 | \n 31 | \n\n
\n\n | \n | \n | \n\n
\n\n| Deferred tax liabilities arising from: | \n | \n | \n\n
\n\n| Property, plant and equipment | \n (212) | \n (199) | \n\n
\n\n| Intangible assets | \n (8) | \n- | \n\n
\n\n| Current assets | \n (1) | \n- | \n\n
\n\n| Total deferred tax liabilities | \n (221) | \n (199) | \n\n
\n\n| Net deferred tax liabilities | \n (192) | \n (168) | \n\n
\n\n\n\n
\n\n
\n
As at 31 December 2025 and 2024 the Group did not recognize deferred
\n
tax asset of USD 7 million and USD 4 million in respect of tax losses carried
\n
forward, respectively, as the Group did not intend to deduct the relevant
\n
expenses for tax purposes in subsequent periods, as there are uncertainties
\n
as to whether particular companies of the Group in Ukraine will generate
\n
sufficient taxable profits in the future. According to the Tax Code of Ukraine,
\n
there is no expiration date for accounting tax losses carried forward.
\n
As at 31 December 2025 and 2024, the Company did not recognize
\n
deferred tax liability in respect of taxable temporary differences,
\n
associated with investments in subsidiaries as the Company is able to
\n
control the timing of the reversal of such temporary differences and it
\n
is probable that they will not reverse in the foreseeable future.
\n
The movements in net deferred tax position of the Group for the years
\n
ended 31 December 2025 and 2024 were as follows:
\n
\n
\n\n\n | \n2025 | \n2024 | \n\n
\n\n\n\n\n| Net deferred tax liabilities as of beginning of the year | \n (168) | \n (121) | \n\n
\n\n | \n | \n | \n\n
\n\n| Deferred tax benefit recognized in profit or loss | \n 13 | \n 9 | \n\n
\n\n| Deferred tax on revaluation of property, plant and equipment charged directly to other comprehensive income | \n - | \n (69) | \n\n
\n\n| Deferred tax liabilities acquired in business combinations (Note 3) | \n (34) | \n1 | \n\n
\n\n| Translation difference | \n (3) | \n12 | \n\n
\n\n | \n | \n | \n\n
\n\n| Net deferred tax liabilities as of end of the year | \n (192) | \n (168) | \n\n
\n\n\n\n
\n\n
\n
\n
\n
Pillar Two model rules
\nPillar Two legislation has been enacted in Republic of Cyprus, the
\njurisdiction of the Company, and in certain other jurisdictions where
\nthe Group operates. The legislation is effective since the financial
\nyear beginning 1 January 2024. Based on the applicable criteria, the
\nCompany is subject to Pillar Two minimum tax.
\nThe Pillar Two effective tax rates in most of the jurisdictions, in which
\nthe Group operates, are above 15%. The application of Pillar Two model
\nrules had no material impact on the Group\u2019s consolidated financial
\nstatements.
\nThe Group applied a mandatory temporary exception to the accounting
\nfor deferred taxes arising from the jurisdictional implementation of the
\nPillar Two model rules and disclosure requirements for affected entities
\non the potential exposure to Pillar Two income taxes.
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag227": {
"value": "\nAs of 31 December 2025 and 2024, deferred tax assets and liabilities
\ncomprised:
\n\n
\n\n\n | \n2025 | \n2024 | \n\n
\n\n\n\n\n| Deferred tax assets arising from: | \n | \n | \n\n
\n\n| Other current liabilities | \n 11 | \n 4 | \n\n
\n\n| Current assets | \n - | \n 1 | \n\n
\n\n| Tax losses | \n 18 | \n 26 | \n\n
\n\n | \n | \n | \n\n
\n\n| Total deferred tax assets | \n 29 | \n 31 | \n\n
\n\n | \n | \n | \n\n
\n\n| Deferred tax liabilities arising from: | \n | \n | \n\n
\n\n| Property, plant and equipment | \n (212) | \n (199) | \n\n
\n\n| Intangible assets | \n (8) | \n- | \n\n
\n\n| Current assets | \n (1) | \n- | \n\n
\n\n| Total deferred tax liabilities | \n (221) | \n (199) | \n\n
\n\n| Net deferred tax liabilities | \n (192) | \n (168) | \n\n
\n\n\n\n
\n\n
As at 31 December 2025 and 2024 the Group did not recognize deferred
\ntax asset of USD 7 million and USD 4 million in respect of tax losses carried
\nforward, respectively, as the Group did not intend to deduct the relevant
\nexpenses for tax purposes in subsequent periods, as there are uncertainties
\nas to whether particular companies of the Group in Ukraine will generate
\nsufficient taxable profits in the future. According to the Tax Code of Ukraine,
\nthere is no expiration date for accounting tax losses carried forward.
\nAs at 31 December 2025 and 2024, the Company did not recognize
\ndeferred tax liability in respect of taxable temporary differences,
\nassociated with investments in subsidiaries as the Company is able to
\ncontrol the timing of the reversal of such temporary differences and it
\nis probable that they will not reverse in the foreseeable future.
\nThe movements in net deferred tax position of the Group for the years
\nended 31 December 2025 and 2024 were as follows:
\n\n
\n\n\n | \n2025 | \n2024 | \n\n
\n\n\n\n\n| Net deferred tax liabilities as of beginning of the year | \n (168) | \n (121) | \n\n
\n\n | \n | \n | \n\n
\n\n| Deferred tax benefit recognized in profit or loss | \n 13 | \n 9 | \n\n
\n\n| Deferred tax on revaluation of property, plant and equipment charged directly to other comprehensive income | \n - | \n (69) | \n\n
\n\n| Deferred tax liabilities acquired in business combinations (Note 3) | \n (34) | \n1 | \n\n
\n\n| Translation difference | \n (3) | \n12 | \n\n
\n\n | \n | \n | \n\n
\n\n| Net deferred tax liabilities as of end of the year | \n (192) | \n (168) | \n\n
\n\n\n\n
\n\n
15. Property, plant and equipment
\n
\n\n
The following table represents movements in property, plant and equipment for the year ended 31 December 2025:
\n
\n
\n\n\n | \nLAND | \nBUILDINGS AND STRUCTURES | \nGRAIN STORAGE FACILITIES | \nPRODUCTION MACHINERY | \nAUXILIARY AND OTHER MACHINERY | \nUTILITIES AND INFRASTRUCTURE | \nVEHICLES AND AGRICULTURAL MACHINERY | \nOTHER FIXED ASSETS1) | \nCONSTRUCTION IN PROGRESS2) | \nTOTAL | \n\n
\n\n\n\n\n| Cost or revalued amount: | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| At 31 December 2024 | \n 35.4 | \n 1,037.8 | \n 69.0 | \n 453.3 | \n 91.0 | \n 173.4 | \n 211.9 | \n 48.3 | \n 247.8 | \n 2,367.9 | \n\n
\n\n| Additions | \n1 | \n68.1 | \n2.9 | \n15.5 | \n47.6 | \n9.2 | \n19.5 | \n13.5 | \n101.4 | \n278.7 | \n\n
\n\n| Acquisitions of subsidiaries | \n 33.6 | \n 97.6 | \n - | \n 76.9 | \n 46.2 | \n - | \n 0.7 | \n 2.6 | \n - | \n 257.6 | \n\n
\n\n| Transfers | \n 0.4 | \n 16.8 | \n - | \n 49.3 | \n 0 . 2 | \n 2.8 | \n 0.3 | \n 1.7 | \n (71.5) | \n - | \n\n
\n\n| Disposals | \n (1.2) | \n (5.0) | \n - | \n (2.6) | \n (0.5) | \n - | \n (4.2) | \n (2.5) | \n - | \n (16.0) | \n\n
\n\n| Translation difference | \n 4.6 | \n 11.5 | \n 0. 1 | \n 7.6 | \n 1.4 | \n 0.6 | \n 1.1 | \n 0.8 | \n 7.5 | \n 35.2 | \n\n
\n\n| At 31 December 2025 | \n 73.8 | \n 1,226.8 | \n 72.0 | \n 600.0 | \n 185.9 | \n 186.0 | \n 229.3 | \n 64.4 | \n 285.2 | \n 2,923.4 | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Accumulated depreciation: | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| At 31 December 2024 | \n - | \n 9.3 | \n 2.9 | \n 13.9 | \n 2.3 | \n 3.9 | \n 11.3 | \n 22.9 | \n - | \n 66.5 | \n\n
\n\n| Depreciation charge for the year | \n - | \n 42.8 | \n 11.7 | \n 65.6 | \n 15.0 | \n 16.9 | \n 40.4 | \n 8.0 | \n - | \n 200.4 | \n\n
\n\n| Disposal | \n - | \n (0.2) | \n - | \n (0.7) | \n (0.2) | \n- | \n (1.1) | \n (1.0) | \n - | \n(3.2) | \n\n
\n\n| Transfer from Right-of-use assets | \n - | \n - | \n - | \n - | \n - | \n - | \n 1.5 | \n - | \n - | \n 1.5 | \n\n
\n\n| Translation difference | \n - | \n (0.1) | \n (0.2) | \n (0.2) | \n - | \n (0.7) | \n 0.8 | \n 0.4 | \n - | \n- | \n\n
\n\n| At 31 December 2025 | \n - | \n 51.8 | \n 14.4 | \n 78.6 | \n 17.1 | \n 20.1 | \n 52.9 | \n 30.3 | \n - | \n 265.2 | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Net book value | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| At 31 December 2024 | \n 35.4 | \n 1,028.5 | \n 66.1 | \n 439.4 | \n 88.7 | \n 169.5 | \n 200.6 | \n 25.4 | \n 247.8 | \n 2,301.4 | \n\n
\n\n| At 31 December 2025 | \n 73.8 | \n 1,175.0 | \n 57.6 | \n 521.4 | \n 168.8 | \n 165.9 | \n 176.4 | \n 34.1 | \n 285.2 | \n 2,658.2 | \n\n
\n\n\n\n
\n\n
\n
1)
\n
Other fixed assets include office furniture and equipment;
\n
2)
\n
Construction in progress include advances for property plant and equispment, machinery and equipment not in use, construction materials and spare parts, projects in progress
\n
\n
15. Property, plant and equipment (continued)
\n
\n\n
The following table represents movements in property, plant, and equipment for the year ended 31 December 2024:
\n
\n
\n\n\n | \nLAND | \nBUILDINGS AND STRUCTURES | \nGRAIN STORAGE FACILITIES | \nPRODUCTION MACHINERY | \nAUXILIARY AND OTHER MACHINERY | \nUTILITIES AND INFRASTRUCTURE | \nVEHICLES AND AGRICULTURAL MACHINERY | \nOTHER FIXED ASSETS1) | \nCONSTRUCTION IN PROGRESS2) | \nTOTAL | \n\n
\n\n\n\n\n| Cost or revalued amount: | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| At 31 December 2023 | \n 34.3 | \n 884.4 | \n 79.4 | \n 440.0 | \n 81.0 | \n 131.7 | \n 205.1 | \n 38.7 | \n 140.1 | \n 2,034.7 | \n\n
\n\n| Additions | \n 2.3 | \n 40.4 | \n 2.4 | \n 35.5 | \n 38.3 | \n 5 .1 | \n 16.5 | \n 11.6 | \n 161.5 | \n 313.6 | \n\n
\n\n| Acquisitions of subsidiaries | \n 1.9 | \n 4.7 | \n 1.0 | \n 1.7 | \n - | \n - | \n 0.5 | \n 0. 1 | \n 0.9 | \n 10.8 | \n\n
\n\n| Transfer from Right-of-use assets | \n - | \n - | \n - | \n - | \n - | \n - | \n 1.3 | \n - | \n - | \n 1.3 | \n\n
\n\n| Transfers | \n (0.7) | \n (15.3) | \n (10.6) | \n 68.2 | \n (27.1) | \n 19.0 | \n 0 . 2 | \n 3.1 | \n (36.8) | \n - | \n\n
\n\n| Disposals | \n - | \n (2.8) | \n (0.1) | \n (1.8) | \n (0.6) | \n (0.4) | \n (5.6) | \n (1.2) | \n (0.2) | \n (12.7) | \n\n
\n\n| Revaluation, net of depreciation elinination | \n - | \n 215.5 | \n 4.7 | \n (31.6) | \n 9 .0 | \n 34.5 | \n 15.1 | \n - | \n - | \n 247.2 | \n\n
\n\n| Impairment loss | \n - | \n (4.6) | \n (0.5) | \n (16.6) | \n (1.7) | \n (2.4) | \n (0.9) | \n - | \n - | \n (26.7) | \n\n
\n\n| Translation difference | \n (2.4) | \n (84.5) | \n (7.3) | \n (42.1) | \n (7.9) | \n (14.1) | \n (20.3) | \n (4.0) | \n (17.9) | \n (200.5) | \n\n
\n\n| At 31 December 2024 | \n 35.4 | \n 1,037.8 | \n 69.0 | \n 453.3 | \n 91.0 | \n 173.4 | \n 211.9 | \n 48.3 | \n 247.6 | \n 2,367.7 | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Accumulated depreciation: | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| At 31 December 2023 | \n - | \n 32.4 | \n 5.0 | \n 42.5 | \n 8.2 | \n 7.2 | \n 33.6 | \n 20.5 | \n - | \n 149.4 | \n\n
\n\n| Depreciation charge for the year | \n - | \n 33.5 | \n 6.1 | \n 43.5 | \n 9.8 | \n 9.6 | \n 34.1 | \n 5 .1 | \n - | \n 141.7 | \n\n
\n\n| Disposal | \n - | \n (0.1) | \n - | \n (1.1) | \n (0.1) | \n (0.1) | \n (2.2) | \n (0.7) | \n - | \n (4.3) | \n\n
\n\n| Elimination upon revaluation | \n - | \n (54.2) | \n (5.9) | \n (70.6) | \n (12.2) | \n (12.4) | \n (51.6) | \n - | \n - | \n (206.9) | \n\n
\n\n| Transfers | \n - | \n 0.5 | \n (1.6) | \n 3.0 | \n (2.6) | \n 0.4 | \n 0.3 | \n - | \n - | \n - | \n\n
\n\n| Transfer from Right-of-use assets | \n - | \n - | \n - | \n - | \n - | \n - | \n 0.5 | \n - | \n - | \n 0.5 | \n\n
\n\n| Translation difference | \n - | \n (2.8) | \n (0.7) | \n (3.4) | \n (0.8) | \n (0.8) | \n (3.4) | \n (2.0) | \n - | \n (13.9) | \n\n
\n\n| At 31 December 2024 | \n - | \n 9.3 | \n 2.9 | \n 13.9 | \n 2.3 | \n 3.9 | \n 11.3 | \n 22.9 | \n - | \n 66.5 | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Net book value | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| At 31 December 2023 | \n 34.3 | \n 852.0 | \n 74.4 | \n 397.5 | \n 72.8 | \n 124.5 | \n 171.5 | \n 18.2 | \n 140.1 | \n 1,885.3 | \n\n
\n\n| At 31 December 2024 | \n 35.4 | \n 1,028.5 | \n 66.1 | \n 439.4 | \n 88.7 | \n 169.5 | \n 200.6 | \n 25.4 | \n 247.6 | \n 2,301.2 | \n\n
\n\n\n\n
\n\n
\n
\n
1)
\n
Other fixed assets include office furniture and equipment;
\n
2)
\n
Construction in progress include advances for property plant and equipment, machinery and equipment not in use, construction materials and spare parts, projects in progress.
\n
\n
15. Property, plant and equipment (continued)
\n
\n\n
As of 31 December 2025, prepayments for property, plant, and
\n
equipment in the amount of USD 26 million (2024: USD 53 million) were
\n
included in construction in progress.
\n
\n
As of 31 December 2025, fully depreciated assets with the original cost
\nof USD 10 million (2024: USD 15 million) were included in property, plant
\nand equipment.
\n\n
As of 31 December 2025, certain of the Group\u2019s property, plant and
\n
equipment with the collateral amount of USD 569 million (2024: USD
\n
188 million) were pledged to secure its bank borrowings.
\n
\n
REVALUATION OF PROPERTY, PLANT AND EQUIPMENT
\nThe latest revaluation of buildings and structures, grain storage
\nfacilities, production machinery, utilities and infrastructure, vehicles
\nand agricultural machinery and auxiliary and other machinery has been
\nperformed as of 1 October 2024 as described in Note 5.
\nBased on analysis of fluctuations of the cumulative index of producer\u2019s
\nprices, the cumulative index of inflation in construction works, the
\nindex of physical depreciation and foreign exchange rate fluctuations,
\nManagement concluded that the carrying value of these groups of
\nproperty, plant and equipment was not materially different from their
\nfair values as at 31 December 2025.
\nThe Group reviews its property, plant and equipment at least annually
\nto determine if any indication of impairment exists. Based on these
\nreviews, there have been no impairment as of 31 December 2025.
\nDuring the year ended 31 December 2024, impairment loss (in profit or
\nloss) and increase in revaluation (recognised in other comprehensive
\nincome before income tax effect) as a result of the latest regular
\nvaluation procedures amounted to USD 27 million and USD 454 million
\nrespectively.
\nHad the Group\u2019s property plant and equipment been measured on a
\nhistorical cost basis, their carrying amount would have been as follows:
\n\n
\n\n\n | \nFAIR VALUE HIERARCHY | \nNET BOOK VALUE UNDER REVALUATION MODEL | \nNET BOOK VALUE IF CARRIED AT COST | \n\n
\n\n | \n | \n2025 | \n2024 | \n2025 | \n2024 | \n\n
\n\n\n\n\n| Buildings and structures | \nLevel 3 | \n 1,178 | \n 1,028 | \n 515 | \n 353 | \n\n
\n\n| Production machinery | \nLevel 2, 3 | \n 5 2 2 | \n 440 | \n 380 | \n 272 | \n\n
\n\n| Utilities and infrastructure | \nLevel 3 | \n 166 | \n 169 | \n 7 1 | \n 64 | \n\n
\n\n| Vehicles and agricultural machinery | \nLevel 2 | \n 178 | \n 201 | \n 133 | \n 117 | \n\n
\n\n| Grain storage facilities | \nLevel 3 | \n 5 8 | \n 66 | \n 28 | \n 28 | \n\n
\n\n| Auxiliary and other machinery | \nLevel 2, 3 | \n 169 | \n 89 | \n 155 | \n 7 1 | \n\n
\n\n | \n | \n 2,271 | \n 1,993 | \n 1,282 | \n 905 | \n\n
\n\n\n\n
\n\n
The following table represents movements in property, plant and equipment for the year ended 31 December 2025:
\n\n
\n\n\n | \nLAND | \nBUILDINGS AND STRUCTURES | \nGRAIN STORAGE FACILITIES | \nPRODUCTION MACHINERY | \nAUXILIARY AND OTHER MACHINERY | \nUTILITIES AND INFRASTRUCTURE | \nVEHICLES AND AGRICULTURAL MACHINERY | \nOTHER FIXED ASSETS1) | \nCONSTRUCTION IN PROGRESS2) | \nTOTAL | \n\n
\n\n\n\n\n| Cost or revalued amount: | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| At 31 December 2024 | \n 35.4 | \n 1,037.8 | \n 69.0 | \n 453.3 | \n 91.0 | \n 173.4 | \n 211.9 | \n 48.3 | \n 247.8 | \n 2,367.9 | \n\n
\n\n| Additions | \n1 | \n68.1 | \n2.9 | \n15.5 | \n47.6 | \n9.2 | \n19.5 | \n13.5 | \n101.4 | \n278.7 | \n\n
\n\n| Acquisitions of subsidiaries | \n 33.6 | \n 97.6 | \n - | \n 76.9 | \n 46.2 | \n - | \n 0.7 | \n 2.6 | \n - | \n 257.6 | \n\n
\n\n| Transfers | \n 0.4 | \n 16.8 | \n - | \n 49.3 | \n 0 . 2 | \n 2.8 | \n 0.3 | \n 1.7 | \n (71.5) | \n - | \n\n
\n\n| Disposals | \n (1.2) | \n (5.0) | \n - | \n (2.6) | \n (0.5) | \n - | \n (4.2) | \n (2.5) | \n - | \n (16.0) | \n\n
\n\n| Translation difference | \n 4.6 | \n 11.5 | \n 0. 1 | \n 7.6 | \n 1.4 | \n 0.6 | \n 1.1 | \n 0.8 | \n 7.5 | \n 35.2 | \n\n
\n\n| At 31 December 2025 | \n 73.8 | \n 1,226.8 | \n 72.0 | \n 600.0 | \n 185.9 | \n 186.0 | \n 229.3 | \n 64.4 | \n 285.2 | \n 2,923.4 | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Accumulated depreciation: | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| At 31 December 2024 | \n - | \n 9.3 | \n 2.9 | \n 13.9 | \n 2.3 | \n 3.9 | \n 11.3 | \n 22.9 | \n - | \n 66.5 | \n\n
\n\n| Depreciation charge for the year | \n - | \n 42.8 | \n 11.7 | \n 65.6 | \n 15.0 | \n 16.9 | \n 40.4 | \n 8.0 | \n - | \n 200.4 | \n\n
\n\n| Disposal | \n - | \n (0.2) | \n - | \n (0.7) | \n (0.2) | \n- | \n (1.1) | \n (1.0) | \n - | \n(3.2) | \n\n
\n\n| Transfer from Right-of-use assets | \n - | \n - | \n - | \n - | \n - | \n - | \n 1.5 | \n - | \n - | \n 1.5 | \n\n
\n\n| Translation difference | \n - | \n (0.1) | \n (0.2) | \n (0.2) | \n - | \n (0.7) | \n 0.8 | \n 0.4 | \n - | \n- | \n\n
\n\n| At 31 December 2025 | \n - | \n 51.8 | \n 14.4 | \n 78.6 | \n 17.1 | \n 20.1 | \n 52.9 | \n 30.3 | \n - | \n 265.2 | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Net book value | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| At 31 December 2024 | \n 35.4 | \n 1,028.5 | \n 66.1 | \n 439.4 | \n 88.7 | \n 169.5 | \n 200.6 | \n 25.4 | \n 247.8 | \n 2,301.4 | \n\n
\n\n| At 31 December 2025 | \n 73.8 | \n 1,175.0 | \n 57.6 | \n 521.4 | \n 168.8 | \n 165.9 | \n 176.4 | \n 34.1 | \n 285.2 | \n 2,658.2 | \n\n
\n\n\n\n
\n\n
1)
\n Other fixed assets include office furniture and equipment;
\n2)
\n Construction in progress include advances for property plant and equispment, machinery and equipment not in use, construction materials and spare parts, projects in progress
\n\n\nThe following table represents movements in property, plant, and equipment for the year ended 31 December 2024:
\n\n
\n\n\n | \nLAND | \nBUILDINGS AND STRUCTURES | \nGRAIN STORAGE FACILITIES | \nPRODUCTION MACHINERY | \nAUXILIARY AND OTHER MACHINERY | \nUTILITIES AND INFRASTRUCTURE | \nVEHICLES AND AGRICULTURAL MACHINERY | \nOTHER FIXED ASSETS1) | \nCONSTRUCTION IN PROGRESS2) | \nTOTAL | \n\n
\n\n\n\n\n| Cost or revalued amount: | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| At 31 December 2023 | \n 34.3 | \n 884.4 | \n 79.4 | \n 440.0 | \n 81.0 | \n 131.7 | \n 205.1 | \n 38.7 | \n 140.1 | \n 2,034.7 | \n\n
\n\n| Additions | \n 2.3 | \n 40.4 | \n 2.4 | \n 35.5 | \n 38.3 | \n 5 .1 | \n 16.5 | \n 11.6 | \n 161.5 | \n 313.6 | \n\n
\n\n| Acquisitions of subsidiaries | \n 1.9 | \n 4.7 | \n 1.0 | \n 1.7 | \n - | \n - | \n 0.5 | \n 0. 1 | \n 0.9 | \n 10.8 | \n\n
\n\n| Transfer from Right-of-use assets | \n - | \n - | \n - | \n - | \n - | \n - | \n 1.3 | \n - | \n - | \n 1.3 | \n\n
\n\n| Transfers | \n (0.7) | \n (15.3) | \n (10.6) | \n 68.2 | \n (27.1) | \n 19.0 | \n 0 . 2 | \n 3.1 | \n (36.8) | \n - | \n\n
\n\n| Disposals | \n - | \n (2.8) | \n (0.1) | \n (1.8) | \n (0.6) | \n (0.4) | \n (5.6) | \n (1.2) | \n (0.2) | \n (12.7) | \n\n
\n\n| Revaluation, net of depreciation elinination | \n - | \n 215.5 | \n 4.7 | \n (31.6) | \n 9 .0 | \n 34.5 | \n 15.1 | \n - | \n - | \n 247.2 | \n\n
\n\n| Impairment loss | \n - | \n (4.6) | \n (0.5) | \n (16.6) | \n (1.7) | \n (2.4) | \n (0.9) | \n - | \n - | \n (26.7) | \n\n
\n\n| Translation difference | \n (2.4) | \n (84.5) | \n (7.3) | \n (42.1) | \n (7.9) | \n (14.1) | \n (20.3) | \n (4.0) | \n (17.9) | \n (200.5) | \n\n
\n\n| At 31 December 2024 | \n 35.4 | \n 1,037.8 | \n 69.0 | \n 453.3 | \n 91.0 | \n 173.4 | \n 211.9 | \n 48.3 | \n 247.6 | \n 2,367.7 | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Accumulated depreciation: | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| At 31 December 2023 | \n - | \n 32.4 | \n 5.0 | \n 42.5 | \n 8.2 | \n 7.2 | \n 33.6 | \n 20.5 | \n - | \n 149.4 | \n\n
\n\n| Depreciation charge for the year | \n - | \n 33.5 | \n 6.1 | \n 43.5 | \n 9.8 | \n 9.6 | \n 34.1 | \n 5 .1 | \n - | \n 141.7 | \n\n
\n\n| Disposal | \n - | \n (0.1) | \n - | \n (1.1) | \n (0.1) | \n (0.1) | \n (2.2) | \n (0.7) | \n - | \n (4.3) | \n\n
\n\n| Elimination upon revaluation | \n - | \n (54.2) | \n (5.9) | \n (70.6) | \n (12.2) | \n (12.4) | \n (51.6) | \n - | \n - | \n (206.9) | \n\n
\n\n| Transfers | \n - | \n 0.5 | \n (1.6) | \n 3.0 | \n (2.6) | \n 0.4 | \n 0.3 | \n - | \n - | \n - | \n\n
\n\n| Transfer from Right-of-use assets | \n - | \n - | \n - | \n - | \n - | \n - | \n 0.5 | \n - | \n - | \n 0.5 | \n\n
\n\n| Translation difference | \n - | \n (2.8) | \n (0.7) | \n (3.4) | \n (0.8) | \n (0.8) | \n (3.4) | \n (2.0) | \n - | \n (13.9) | \n\n
\n\n| At 31 December 2024 | \n - | \n 9.3 | \n 2.9 | \n 13.9 | \n 2.3 | \n 3.9 | \n 11.3 | \n 22.9 | \n - | \n 66.5 | \n\n
\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| Net book value | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n
\n\n| At 31 December 2023 | \n 34.3 | \n 852.0 | \n 74.4 | \n 397.5 | \n 72.8 | \n 124.5 | \n 171.5 | \n 18.2 | \n 140.1 | \n 1,885.3 | \n\n
\n\n| At 31 December 2024 | \n 35.4 | \n 1,028.5 | \n 66.1 | \n 439.4 | \n 88.7 | \n 169.5 | \n 200.6 | \n 25.4 | \n 247.6 | \n 2,301.2 | \n\n
\n\n\n\n
\n\n
\n1)
\n Other fixed assets include office furniture and equipment;
\n2)
\n Construction in progress include advances for property plant and equipment, machinery and equipment not in use, construction materials and spare parts, projects in progress.
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReconciliationOfChangesInPropertyPlantAndEquipmentIncludingRightofuseAssetsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag233": {
"value": "\nAs of 31 December 2025, prepayments for property, plant, and
\nequipment in the amount of USD 26 million (2024: USD 53 million) were
\nincluded in construction in progress.
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag234": {
"value": "\nAs of 31 December 2025, certain of the Group\u2019s property, plant and
\nequipment with the collateral amount of USD 569 million (2024: USD
\n188 million) were pledged to secure its bank borrowings.
\n\n\nAs of 31 December 2025, agricultural produce in the amount of
\nUSD 153 million was pledged as collateral to secure bank borrowings
\n(2024: USD 105 million.
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag235": {
"value": "\n\n16. Right\u2011of\u2011use assets
\n
\n\n
The following table presents movements in right-of-use assets for the
\n
years ended 31 December 2025 and 2024:
\n
\n
\n\n\n | \nLAND | \nBUILDINGS | \nTOTAL | \n\n
\n\n | \nAND VEHICLES | \n | \n\n
\n\n\n\n\n| Net book value: | \n | \n | \n | \n\n
\n\n| As of 31 December 2023 | \n 200 | \n 48 | \n 248 | \n\n
\n\n| Additions | \n 11 | \n 36 | \n 47 | \n\n
\n\n| Depreciation charge for the year | \n (30) | \n (11) | \n (41) | \n\n
\n\n| Termination of the lease | \n (7) | \n (1) | \n (8) | \n\n
\n\n| Reassessment of the lease | \n 4 4 | \n - | \n 4 4 | \n\n
\n\n| Translation difference | \n (20) | \n (4) | \n (24) | \n\n
\n\n| As of 31 December 2024 | \n 198 | \n 68 | \n 266 | \n\n
\n\n| Acquisitions of subsidiaries | \n- | \n6 | \n6 | \n\n
\n\n| Additions | \n 10 | \n 32 | \n 42 | \n\n
\n\n| Depreciation charge for the year | \n (33) | \n (17) | \n (50) | \n\n
\n\n| Termination of the lease | \n (12) | \n - | \n (12) | \n\n
\n\n| Reassessment of the lease | \n 5 9 | \n (4) | \n 5 5 | \n\n
\n\n| Translation difference | \n (2) | \n 2 | \n - | \n\n
\n\n| As of 31 December 2025 | \n 220 | \n 87 | \n 307 | \n\n
\n\n\n\n
\n\n
\n
\n
31. Lease liabilities
\n
\nLong-term lease obligations represent amounts due under agreements
\nfor the leasing of agricultural land, trucks, agricultural machinery and
\nequipment. As of 31 December 2025, the weighted average interest
\nrates implicit in the lease were 3.53% (2024: 3.65%), 7.83% (2024: 7.98%)
\nand 20.10% (2024: 19.61%) for lease obligations denominated in EUR,
\nUSD and UAH respectively.
\nThe carrying amount of lease liabilities as of 31 December 2025 includes
\nUSD 235 million of land lease liabilities (2024: USD 211 million).
\nThe maturity profile of the lease agreements as of 31 December 2025
\nand 2024 was as follows:
\n\n
\n\n\n | \n2025 | \n2024 | \n\n\n
\n\n\n\n\n\n| As at 1 January | \n 276 | \n 256 | \n\n\n
\n\n| Non-cash additions and change in terms | \n 80 | \n 78 | \n\n\n
\n\n| Acquisition of subsidiaries | \n3 | \n- | \n\n\n
\n\n| Interest charged | \n 5 0 | \n 45 | \n\n\n
\n\n| Foreign exchange movements | \n 4 | \n 2 | \n\n\n
\n\n| Non-cash repayments of lease liabilities1) | \n - | \n (4) | \n\n\n
\n\n| Cash repayments of lease liabilities | \n (91) | \n (73) | \n\n\n
\n\n| Translation difference | \n 1 | \n (28) | \n\n\n
\n\n| As at 31 December | \n 323 | \n 276 | \n\n\n
\n\n | \n | \n | \n\n\n
\n\n| Current portion of lease liabilities | \n 95 | \n 79 | \n\n\n
\n\n| Long-term portion of lease liabilities | \n 228 | \n 197 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n1)
\n Non-cash repayments are represented by grains and other agriculture produce pro-
\nvided to lessors of land in settlement of lease liabilities.
\n
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag236": {
"value": "\nThe following table presents movements in right-of-use assets for the
\nyears ended 31 December 2025 and 2024:
\n\n
\n\n\n | \nLAND | \nBUILDINGS | \nTOTAL | \n\n
\n\n | \nAND VEHICLES | \n | \n\n
\n\n\n\n\n| Net book value: | \n | \n | \n | \n\n
\n\n| As of 31 December 2023 | \n 200 | \n 48 | \n 248 | \n\n
\n\n| Additions | \n 11 | \n 36 | \n 47 | \n\n
\n\n| Depreciation charge for the year | \n (30) | \n (11) | \n (41) | \n\n
\n\n| Termination of the lease | \n (7) | \n (1) | \n (8) | \n\n
\n\n| Reassessment of the lease | \n 4 4 | \n - | \n 4 4 | \n\n
\n\n| Translation difference | \n (20) | \n (4) | \n (24) | \n\n
\n\n| As of 31 December 2024 | \n 198 | \n 68 | \n 266 | \n\n
\n\n| Acquisitions of subsidiaries | \n- | \n6 | \n6 | \n\n
\n\n| Additions | \n 10 | \n 32 | \n 42 | \n\n
\n\n| Depreciation charge for the year | \n (33) | \n (17) | \n (50) | \n\n
\n\n| Termination of the lease | \n (12) | \n - | \n (12) | \n\n
\n\n| Reassessment of the lease | \n 5 9 | \n (4) | \n 5 5 | \n\n
\n\n| Translation difference | \n (2) | \n 2 | \n - | \n\n
\n\n| As of 31 December 2025 | \n 220 | \n 87 | \n 307 | \n\n
\n\n\n\n
\n\n
\n
17. Intangible assets
\n
\n
The following table presents movements in intangible assets for the year ended 31 December 2025:
\n
\n
\n\n\n | \nTRADEMARKS | \nCUSTOMER RELATIONS | \nOTHER INTANGIBLE ASSETS | \nTOTAL | \n\n
\n\n\n\n\n| Cost: | \n | \n | \n | \n | \n\n
\n\n| As of 31 December 2024 | \n 29 | \n 18 | \n 82 | \n 129 | \n\n
\n\n| Additions | \n- | \n- | \n 3 | \n 3 | \n\n
\n\n| Acquisition of subsidiaries | \n 20 | \n 14 | \n 2 | \n 36 | \n\n
\n\n| Translation difference | \n 4 | \n 4 | \n 1 | \n 9 | \n\n
\n\n| As of 31 December 2025 | \n 53 | \n 36 | \n 88 | \n 177 | \n\n
\n\n | \n | \n | \n | \n | \n\n
\n\n| Accumulated amortization: | \n | \n | \n | \n | \n\n
\n\n| As of 31 December 2024 | \n- | \n 5 | \n 58 | \n 63 | \n\n
\n\n| Amortization charge for the year | \n- | \n 2 | \n 5 | \n 7 | \n\n
\n\n| Translation difference | \n- | \n- | \n 1 | \n 1 | \n\n
\n\n| As of 31 December 2025 | \n- | \n 7 | \n 64 | \n 71 | \n\n
\n\n | \n | \n | \n | \n | \n\n
\n\n| Net book value: | \n | \n | \n | \n | \n\n
\n\n| As of 31 December 2024 | \n 29 | \n 13 | \n 24 | \n 66 | \n\n
\n\n| As of 31 December 2025 | \n 53 | \n 29 | \n 24 | \n 106 | \n\n
\n\n\n\n
\n\n
\n
The following table presents movements in intangible assets for the year ended 31 December 2024:
\n
\n
\n\n\n | \nTRADEMARKS | \nCUSTOMER RELATIONS | \nOTHER INTANGIBLE ASSETS | \nTOTAL | \n\n
\n\n\n\n\n| Cost: | \n | \n | \n | \n | \n\n
\n\n| As of 31 December 2023 | \n 31 | \n 19 | \n 83 | \n 133 | \n\n
\n\n| Additions | \n - | \n - | \n 8 | \n 8 | \n\n
\n\n| Translation difference | \n(2) | \n(1) | \n(9) | \n(12) | \n\n
\n\n| As of 31 December 2024 | \n29 | \n18 | \n82 | \n129 | \n\n
\n\n | \n | \n | \n | \n | \n\n
\n\n| Accumulated amortization: | \n | \n | \n | \n | \n\n
\n\n| As of 31 December 2023 | \n- | \n 5 | \n 53 | \n 58 | \n\n
\n\n| Amortization charge for the year | \n- | \n 1 | \n 11 | \n 12 | \n\n
\n\n| Translation difference | \n- | \n (1) | \n (6) | \n (7) | \n\n
\n\n| As of 31 December 2024 | \n- | \n 5 | \n 58 | \n 63 | \n\n
\n\n | \n | \n | \n | \n | \n\n
\n\n| Net book value: | \n | \n | \n | \n | \n\n
\n\n| As of 31 December 2023 | \n 31 | \n 14 | \n 30 | \n 75 | \n\n
\n\n| As of 31 December 2024 | \n 29 | \n 13 | \n 24 | \n 66 | \n\n
\n\n\n\n
\n\n
\n
The Group recognized certain trademarks and customer relationships as a part of intangible assets through the
\n
acquisition of Perutnina Ptuj in previous years, and further business combinations completed in 2025, including
\n
the acquisition of Ukrainskyi Miasnyi Khutir LLC and UVESA, together with related trademarks and customer
\n
relationships. The remaining useful life of customer relationships was estimated at 9-20 years.
\n
\n
\n
17. Intangible assets (continued)
\n
\n
The trademarks acquired by the Group mainly consist of the PP, Topiko
\n
and UVESA poultry meat brands and the Poli, Miasnyi Khutir and
\n
Parowki meat processing products brand. The Group believes that,
\n
since trademarks are well-positioned and recognizable on a stable
\n
and mature market, there are no technical barriers that would limit
\n
their lifetime. As a result of further promotion of the trademarks, the
\n
Group expects to obtain economic benefits from them indefinitely.
\n
Accordingly, the trademarks held by the Group are considered to
\n
have an indefinite useful life and thus are not amortized but tested for
\n
impairment by comparing their recoverable amount with their carrying
\n
amount annually.
\n
The Group allocates trademarks to individual entities as separate cash-
\n
generating units (CGU). A summary of the allocation of trademark values
\n
to separate CGUs is presented below:
\n
\n
\n\n\n| SEGMENT | \nCOUNTRY | \nTRADEMARKS CARRYING VALUE | \n\n
\n\n| 2025 | \n2024 | \n\n
\n\n\n\n\n| Poultry and related operations | \nUkraine | \n 4 | \n- | \n\n
\n\n| European operating | \nSpain | \n 16 | \n- | \n\n
\n\n| Slovenia | \n 19 | \n 17 | \n\n
\n\n| Bosnia and | \n 6 | \n 5 | \n\n
\n\n| Herzegovina | \n | \n | \n\n
\n\n| Croatia | \n 6 | \n 5 | \n\n
\n\n| Serbia | \n 2 | \n 2 | \n\n
\n\n | \n | \n 53 | \n 29 | \n\n
\n\n\n\n
\n\n
\n
The impairment testing of the trademarks was performed by internal
\n
specialists. The recoverable amount of trademarks in all cash-generating
\n
units was determined based on the value-in-use method, which uses
\n
cash flow projections covering a five-year period.
\n
Discount rates incorporate the current market assessment of the risks
\n
specific to each CGU, considering the time value of money and individual
\n
risks of the underlying assets that have not been incorporated in the cash
\n
flow estimates. The discount rate calculation is based on the specific
\n
circumstances of the separate CGUs and is derived from its weighted
\n
average cost of capital (WACC). The WACC takes into account both debt
\n
and equity. The cost of equity is derived from the expected return on
\n
investment by the Group\u2019s investors. The cost of debt is based on the
\n
interest-bearing borrowings the Group is obliged to service. Segment-
\n
specific risk is incorporated by applying individual beta factors.
\n
The weighted average discount rate of 18.2% (2024: 15.9%) was used.
\n
An increase of 2,466 basis points in the weighted average discount rate
\n
would result in impairment in 2025 (2024: 6,154 basis points).
\n
The revenue for the next five years was estimated using a weighted
\n
average 2.3% sales growth rate and 2.3% the terminal growth rate
\n
for revenue beyond this period (2024: 2.3% and 2.3% respectively). A
\n
reduction of 4,817 basis points in the budgeted sales growth would result
\n
in impairment in 2025 (2024: 5,972 basis points).
\n
Weighted average royalty rate used in calculation of cash flows was
\n
set at a level of 4.4% (2024: 4.4%). A reduction by 317 basis points in the
\n
weighted average royalty rate would result in impairment in 2025 (2024:
\n
368 basis points).
\n
As of 31 December 2025 and 2024 no impairment of trademarks was
\n
identified.
\n
\n
\n
\n
18. Goodwill
\n
\n
The following table represents movements in goodwill for the years
\n
ended 31 December 2025 and 2024:
\n
\n
\n\n\n | \n2025 | \n2024 | \n\n
\n\n\n\n\n| Net book value: | \n | \n | \n\n
\n\n| As of 1 January | \n 65 | \n 62 | \n\n
\n\n| Acquisitions of subsidiaries (Note 3) | \n 48 | \n 7 | \n\n
\n\n| Translation difference | \n 8 | \n (4) | \n\n
\n\n| As of 31 December | \n 121 | \n 65 | \n\n
\n\n\n\n
\n\n
\n
\n
\n
18. Goodwill (continued)
\n
\n
The Group allocates goodwill to individual entities as separate cash-generating units (CGU). A summary of
\n
goodwill allocation to separate CGUs is presented below:
\n
\n
\n\n\n| SEGMENT | \nCOUNTRY | \nGOODWILL CARRYING VALUE | \nMETHODOLOGY ASSUMPTIONS AND METHODS USED FOR GOODWILL | \n\n
\n\n | \n | \n2025 | \n2024 | \n2025 (2024) | \n\n
\n\n\n\n\n| Poultry and related operations | \nUkraine | \n 7 | \n 3 | \nAverage sales growth: 7.6% (10.0%)Terminal sales growth: 4.8% (4.8%)Discount rate: 19.0% (22.6%)Projection period: 5 years | \n\n
\n\n| European operating | \nSpain | \n44 | \n- | \nAverage sales growth: 5.3% Terminal sales growth: 2.0%Discount rate: 7.6%Projection period: 5 years | \n\n
\n\n| Slovenia | \n 41 | \n 36 | \nAverage sales growth: 3.3% (1.6%)Terminal sales growth: 2.1% (2.1%)Discount rate: 8.7% (8.7%)Projection period: 5 years | \n\n
\n\n| Serbia | \n 4 | \n 4 | \nAverage sales growth: 3.6% (2.4%)Terminal sales growth: 3.0% (3.0%)Discount rate: 10.5% (11.2%)Projection period: 5 years | \n\n
\n\n| Bosnia and Herzegovina | \n 12 | \n 11 | \nAverage sales growth: 6.7% (1.5%)Terminal sales growth: 2.0% (2.0%)Discount rate: 13.9% (15.8%)Projection period: 5 years | \n\n
\n\n| Croatia | \n 13 | \n 11 | \nAverage sales growth: 1.1% (1.8%)Terminal sales growth: 2.4% (2.2%)Discount rate: 8.8% (8.8%)Projection period: 5 years | \n\n
\n\n | \n | \n 121 | \n 65 | \n | \n\n
\n\n\n\n
\n\n
\n
\n
The recoverable amount of cash-generating units is determined based on a value-in-use calculation, which
\n
uses cash flow projections based on financial forecasts approved by the Directors.
\n
The discount rate is determined on the specific circumstances of the Group and its operating segments and
\n
is derived from its weighted average cost of capital (WACC), adjusted on segment-specific risk by applying
\n
individual beta factors. An increase of 245 basis points in the weighted average discount rate to 12.1% would
\n
result in impairment in 2025 (2024: 386 basis points to 13.9%).
\n
The growth rates and gross margins used for cash flow extrapolations are supported by industry trends
\n
such as consumer prosperity and dietary trends. The Directors estimated these inputs based on the past
\n
performance of the cash-generating unit and their expectations of market development. A reduction by 279
\n
basis points in the budgeted sales growth or a decrease in gross margin by 155 basis points would result in
\n
impairment in 2025 (2024: 364 and 239 respectively).
\n
As of 31 December 2025 and 2024, no impairment was identified.
\n
\n
\n
17. Intangible assets
\n
\nThe following table presents movements in intangible assets for the year ended 31 December 2025:
\n\n
\n\n\n | \nTRADEMARKS | \nCUSTOMER RELATIONS | \nOTHER INTANGIBLE ASSETS | \nTOTAL | \n\n
\n\n\n\n\n| Cost: | \n | \n | \n | \n | \n\n
\n\n| As of 31 December 2024 | \n 29 | \n 18 | \n 82 | \n 129 | \n\n
\n\n| Additions | \n- | \n- | \n 3 | \n 3 | \n\n
\n\n| Acquisition of subsidiaries | \n 20 | \n 14 | \n 2 | \n 36 | \n\n
\n\n| Translation difference | \n 4 | \n 4 | \n 1 | \n 9 | \n\n
\n\n| As of 31 December 2025 | \n 53 | \n 36 | \n 88 | \n 177 | \n\n
\n\n | \n | \n | \n | \n | \n\n
\n\n| Accumulated amortization: | \n | \n | \n | \n | \n\n
\n\n| As of 31 December 2024 | \n- | \n 5 | \n 58 | \n 63 | \n\n
\n\n| Amortization charge for the year | \n- | \n 2 | \n 5 | \n 7 | \n\n
\n\n| Translation difference | \n- | \n- | \n 1 | \n 1 | \n\n
\n\n| As of 31 December 2025 | \n- | \n 7 | \n 64 | \n 71 | \n\n
\n\n | \n | \n | \n | \n | \n\n
\n\n| Net book value: | \n | \n | \n | \n | \n\n
\n\n| As of 31 December 2024 | \n 29 | \n 13 | \n 24 | \n 66 | \n\n
\n\n| As of 31 December 2025 | \n 53 | \n 29 | \n 24 | \n 106 | \n\n
\n\n\n\n
\n\n
The following table presents movements in intangible assets for the year ended 31 December 2024:
\n\n
\n\n\n | \nTRADEMARKS | \nCUSTOMER RELATIONS | \nOTHER INTANGIBLE ASSETS | \nTOTAL | \n\n
\n\n\n\n\n| Cost: | \n | \n | \n | \n | \n\n
\n\n| As of 31 December 2023 | \n 31 | \n 19 | \n 83 | \n 133 | \n\n
\n\n| Additions | \n - | \n - | \n 8 | \n 8 | \n\n
\n\n| Translation difference | \n(2) | \n(1) | \n(9) | \n(12) | \n\n
\n\n| As of 31 December 2024 | \n29 | \n18 | \n82 | \n129 | \n\n
\n\n | \n | \n | \n | \n | \n\n
\n\n| Accumulated amortization: | \n | \n | \n | \n | \n\n
\n\n| As of 31 December 2023 | \n- | \n 5 | \n 53 | \n 58 | \n\n
\n\n| Amortization charge for the year | \n- | \n 1 | \n 11 | \n 12 | \n\n
\n\n| Translation difference | \n- | \n (1) | \n (6) | \n (7) | \n\n
\n\n| As of 31 December 2024 | \n- | \n 5 | \n 58 | \n 63 | \n\n
\n\n | \n | \n | \n | \n | \n\n
\n\n| Net book value: | \n | \n | \n | \n | \n\n
\n\n| As of 31 December 2023 | \n 31 | \n 14 | \n 30 | \n 75 | \n\n
\n\n| As of 31 December 2024 | \n 29 | \n 13 | \n 24 | \n 66 | \n\n
\n\n\n\n
\n\n
The Group recognized certain trademarks and customer relationships as a part of intangible assets through the
\nacquisition of Perutnina Ptuj in previous years, and further business combinations completed in 2025, including
\nthe acquisition of Ukrainskyi Miasnyi Khutir LLC and UVESA, together with related trademarks and customer
\nrelationships. The remaining useful life of customer relationships was estimated at 9-20 years.
\n\n\n17. Intangible assets (continued)
\n
\nThe trademarks acquired by the Group mainly consist of the PP, Topiko
\nand UVESA poultry meat brands and the Poli, Miasnyi Khutir and
\nParowki meat processing products brand. The Group believes that,
\nsince trademarks are well-positioned and recognizable on a stable
\nand mature market, there are no technical barriers that would limit
\ntheir lifetime. As a result of further promotion of the trademarks, the
\nGroup expects to obtain economic benefits from them indefinitely.
\nAccordingly, the trademarks held by the Group are considered to
\nhave an indefinite useful life and thus are not amortized but tested for
\nimpairment by comparing their recoverable amount with their carrying
\namount annually.
\nThe Group allocates trademarks to individual entities as separate cash-
\ngenerating units (CGU). A summary of the allocation of trademark values
\nto separate CGUs is presented below:
\n\n
\n\n\n| SEGMENT | \nCOUNTRY | \nTRADEMARKS CARRYING VALUE | \n\n
\n\n| 2025 | \n2024 | \n\n
\n\n\n\n\n| Poultry and related operations | \nUkraine | \n 4 | \n- | \n\n
\n\n| European operating | \nSpain | \n 16 | \n- | \n\n
\n\n| Slovenia | \n 19 | \n 17 | \n\n
\n\n| Bosnia and | \n 6 | \n 5 | \n\n
\n\n| Herzegovina | \n | \n | \n\n
\n\n| Croatia | \n 6 | \n 5 | \n\n
\n\n| Serbia | \n 2 | \n 2 | \n\n
\n\n | \n | \n 53 | \n 29 | \n\n
\n\n\n\n
\n\n
The impairment testing of the trademarks was performed by internal
\nspecialists. The recoverable amount of trademarks in all cash-generating
\nunits was determined based on the value-in-use method, which uses
\ncash flow projections covering a five-year period.
\nDiscount rates incorporate the current market assessment of the risks
\nspecific to each CGU, considering the time value of money and individual
\nrisks of the underlying assets that have not been incorporated in the cash
\nflow estimates. The discount rate calculation is based on the specific
\ncircumstances of the separate CGUs and is derived from its weighted
\naverage cost of capital (WACC). The WACC takes into account both debt
\nand equity. The cost of equity is derived from the expected return on
\ninvestment by the Group\u2019s investors. The cost of debt is based on the
\ninterest-bearing borrowings the Group is obliged to service. Segment-
\nspecific risk is incorporated by applying individual beta factors.
\nThe weighted average discount rate of 18.2% (2024: 15.9%) was used.
\nAn increase of 2,466 basis points in the weighted average discount rate
\nwould result in impairment in 2025 (2024: 6,154 basis points).
\nThe revenue for the next five years was estimated using a weighted
\naverage 2.3% sales growth rate and 2.3% the terminal growth rate
\nfor revenue beyond this period (2024: 2.3% and 2.3% respectively). A
\nreduction of 4,817 basis points in the budgeted sales growth would result
\nin impairment in 2025 (2024: 5,972 basis points).
\nWeighted average royalty rate used in calculation of cash flows was
\nset at a level of 4.4% (2024: 4.4%). A reduction by 317 basis points in the
\nweighted average royalty rate would result in impairment in 2025 (2024:
\n368 basis points).
\nAs of 31 December 2025 and 2024 no impairment of trademarks was
\nidentified.
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag241": {
"value": "\n18. Goodwill
\n
\nThe following table represents movements in goodwill for the years
\nended 31 December 2025 and 2024:
\n\n
\n\n\n | \n2025 | \n2024 | \n\n
\n\n\n\n\n| Net book value: | \n | \n | \n\n
\n\n| As of 1 January | \n 65 | \n 62 | \n\n
\n\n| Acquisitions of subsidiaries (Note 3) | \n 48 | \n 7 | \n\n
\n\n| Translation difference | \n 8 | \n (4) | \n\n
\n\n| As of 31 December | \n 121 | \n 65 | \n\n
\n\n\n\n
\n\n
18. Goodwill (continued)
\n
\nThe Group allocates goodwill to individual entities as separate cash-generating units (CGU). A summary of
\ngoodwill allocation to separate CGUs is presented below:
\n\n
\n\n\n| SEGMENT | \nCOUNTRY | \nGOODWILL CARRYING VALUE | \nMETHODOLOGY ASSUMPTIONS AND METHODS USED FOR GOODWILL | \n\n
\n\n | \n | \n2025 | \n2024 | \n2025 (2024) | \n\n
\n\n\n\n\n| Poultry and related operations | \nUkraine | \n 7 | \n 3 | \nAverage sales growth: 7.6% (10.0%)Terminal sales growth: 4.8% (4.8%)Discount rate: 19.0% (22.6%)Projection period: 5 years | \n\n
\n\n| European operating | \nSpain | \n44 | \n- | \nAverage sales growth: 5.3% Terminal sales growth: 2.0%Discount rate: 7.6%Projection period: 5 years | \n\n
\n\n| Slovenia | \n 41 | \n 36 | \nAverage sales growth: 3.3% (1.6%)Terminal sales growth: 2.1% (2.1%)Discount rate: 8.7% (8.7%)Projection period: 5 years | \n\n
\n\n| Serbia | \n 4 | \n 4 | \nAverage sales growth: 3.6% (2.4%)Terminal sales growth: 3.0% (3.0%)Discount rate: 10.5% (11.2%)Projection period: 5 years | \n\n
\n\n| Bosnia and Herzegovina | \n 12 | \n 11 | \nAverage sales growth: 6.7% (1.5%)Terminal sales growth: 2.0% (2.0%)Discount rate: 13.9% (15.8%)Projection period: 5 years | \n\n
\n\n| Croatia | \n 13 | \n 11 | \nAverage sales growth: 1.1% (1.8%)Terminal sales growth: 2.4% (2.2%)Discount rate: 8.8% (8.8%)Projection period: 5 years | \n\n
\n\n | \n | \n 121 | \n 65 | \n | \n\n
\n\n\n\n
\n\n
\nThe recoverable amount of cash-generating units is determined based on a value-in-use calculation, which
\nuses cash flow projections based on financial forecasts approved by the Directors.
\nThe discount rate is determined on the specific circumstances of the Group and its operating segments and
\nis derived from its weighted average cost of capital (WACC), adjusted on segment-specific risk by applying
\nindividual beta factors. An increase of 245 basis points in the weighted average discount rate to 12.1% would
\nresult in impairment in 2025 (2024: 386 basis points to 13.9%).
\nThe growth rates and gross margins used for cash flow extrapolations are supported by industry trends
\nsuch as consumer prosperity and dietary trends. The Directors estimated these inputs based on the past
\nperformance of the cash-generating unit and their expectations of market development. A reduction by 279
\nbasis points in the budgeted sales growth or a decrease in gross margin by 155 basis points would result in
\nimpairment in 2025 (2024: 364 and 239 respectively).
\nAs of 31 December 2025 and 2024, no impairment was identified.
\n\n\n\nThe goodwill of USD 44 million arising from the acquisition is attributed
\nto the expected synergies and other benefits from combining the assets
\nand activities of UVESA with those of the Group. The goodwill is not
\ndeductible for income tax purposes.
\n\n\nGoodwill of USD 4.2 million was recognized as part of the transaction,
\nreflecting expected synergies from the enhanced market presence in
\nthe processed meat segment and anticipated operational efficiencies
\nfrom integrating support functions while maintaining the acquired
\ncompany\u2019s autonomous operations.
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag244": {
"value": "\n19. Non\u2011current financial assets
\n
\nThe balances of non-current financial assets were as follows as of 31 December 2025 and 2024:
\n\n
\n\n\n | \n2025 | \n2024 | \n\n
\n\n\n\n\n| Loans provided to third parties | \n35 | \n33 | \n\n
\n\n| Loans and finance aid provided to related parties (Note 32) | \n5 | \n2 | \n\n
\n\n| Other financial assets | \n4 | \n1 | \n\n
\n\n| Less: expected credit losses | \n(26) | \n(26) | \n\n
\n\n | \n18 | \n10 | \n\n
\n\n\n\n
\n\n
Loans receivable are mainly represented by loans with a fixed interest rate of 2.5% in US dollars (effective
\ninterest rate of 4.25%) with rates of 15-25% in Ukrainian hryvnia with maturities in 2025 - 2031.
\nThe Group determines expected credit losses attributable to other non-current loans receivable and other
\nfinancial assets based on different scenarios of probability of default and on individual basis. The expected
\ncredit losses relate to loans provided to third parties and loans and finance aid provided to related parties
\nin amounts of USD 25.2 million and USD 0.5 million, respectively (2024: USD 25.6 million and USD 0.4 million,
\nrespectively).
\n\n\n\n19. Non\u2011current financial assets (continued)
\n
\n\n
The movement in loss allowance for loan receivables and other financial
\n
assets classified at amortized cost is detailed below:
\n
\n
\n\n\n | \n2025 | \n2024 | \n\n
\n\n\n\n\n| 1 January | \n(26) | \n(22) | \n\n
\n\n| Charged during the year | \n - | \n(4) | \n\n
\n\n| 31 December | \n(26) | \n(26) | \n\n
\n\n\n\n
\n\n
\n
\n
25. Other current financial assets
\n
\nThe balances of other current assets were as follows as of 31 December
\n2025 and 2024:
\n\n
\n\n\n | \n2025 | \n2024 | \n\n\n
\n\n\n\n\n\n| Loans provided to third parties | \n18 | \n12 | \n\n\n
\n\n| Government grants | \n3 | \n- | \n\n\n
\n\n| Loans and finance aid provided to related parties (Note 33) | \n8 | \n6 | \n\n\n
\n\n| Receivables for claims and indemnification | \n5 | \n4 | \n\n\n
\n\n| Other financial assets | \n17 | \n7 | \n\n\n
\n\n| Less: allowance for expected credit losses | \n(18) | \n(10) | \n\n\n
\n\n | \n33 | \n19 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\nThe Group determines the expected credit loss of loans and finance
\naid receivable and other financial assets based on different scenarios
\nof probability of default and expected loss applicable to each of the
\nmaterial underlying balances. The expected credit losses relate to loans
\nprovided to third parties, lending and finance aid provided to related
\nparties, and receivables for claims and indemnification in amounts of
\nUSD 10.7 million, USD 3.6 million and USD 3.6 million, respectively (2024:
\nUSD 5.7 million, USD 2.4 million and USD 1.6 million, respectively).
\nThe movement in allowance for expected credit losses is detailed below:
\n\n
\n\n\n | \n2025 | \n2024 | \n\n\n
\n\n\n\n\n\n| 1 January | \n(10) | \n(7) | \n\n\n
\n\n| Charged during the year | \n(8) | \n(3) | \n\n\n
\n\n| 31 December | \n(18) | \n(10) | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag246": {
"value": "\nThe movement in loss allowance for loan receivables and other financial
\nassets classified at amortized cost is detailed below:
\n\n
\n\n\n | \n2025 | \n2024 | \n\n
\n\n\n\n\n| 1 January | \n(26) | \n(22) | \n\n
\n\n| Charged during the year | \n - | \n(4) | \n\n
\n\n| 31 December | \n(26) | \n(26) | \n\n
\n\n\n\n
\n\n
The following table illustrates the use of a provision matrix as a risk profile disclosure under the simplified approach as of 31 December 2025:
\n\n
\n\n\n| 31 DECEMBER 2025 | \nTRADE ACCOUNTS RECEIVABLE \u2013 DAYS PAST DUE | \n\n\n
\n\n| NOT PAST DUE | \n< 30 | \n 31-90 | \n 91-270 | \n >270 | \n TOTAL | \n\n\n
\n\n\n\n\n\n| PORTFOLIO ASSESSMENT: | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Poultry meat Ukraine1) | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| ECL rate, % | \n9.21% | \n9.32% | \n9.57% | \n10.04% | \n100% | \n | \n\n\n
\n\n| Estimated total gross carrying amount at default | \n 26.6 | \n 4.1 | \n 1.4 | \n 0.4 | \n 0.6 | \n 33.1 | \n\n\n
\n\n| Lifetime ECL | \n(2.5) | \n(0.4) | \n(0.1) | \n - | \n(0.6) | \n(3.6) | \n\n\n
\n\n| Poultry meat export1) | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| ECL rate, % | \n0.00% | \n0.00% | \n0.01% | \n0.02% | \n100% | \n | \n\n\n
\n\n| Estimated total gross carrying amount at default | \n 56.5 | \n 14.3 | \n 5.7 | \n 2.4 | \n 0.1 | \n 79.0 | \n\n\n
\n\n| Lifetime ECL | \n - | \n - | \n - | \n - | \n(0.1) | \n(0.1) | \n\n\n
\n\n| Other products Ukraine2) | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| ECL rate, % | \n9.27% | \n9.39% | \n9.63% | \n9.92% | \n100% | \n | \n\n\n
\n\n| Estimated total gross carrying amount at default | \n 38.2 | \n 10.5 | \n 3.1 | \n 2.1 | \n 2.3 | \n 56.2 | \n\n\n
\n\n| Lifetime ECL | \n(3.5) | \n(1.0) | \n(0.3) | \n(0.2) | \n(2.3) | \n(7.3) | \n\n\n
\n\n| Other products export3) | \n - | \n | \n | \n | \n | \n | \n\n\n
\n\n| ECL rate, % | \n0.01% | \n0.01% | \n0.03% | \n0.21% | \n100% | \n | \n\n\n
\n\n| Estimated total gross carrying amount at default | \n 10.4 | \n 7.8 | \n 1.3 | \n 0.2 | \n - | \n 19.7 | \n\n\n
\n\n| Lifetime ECL | \n | \n - | \n - | \n - | \n - | \n - | \n\n\n
\n\n| European operating segment | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| ECL rate, % | \n0.04% | \n0.21% | \n0.78% | \n1.10% | \n100% | \n | \n\n\n
\n\n| Estimated total gross carrying amount at default | \n 115.8 | \n 19.5 | \n 5.1 | \n 8.2 | \n 0.3 | \n 148.9 | \n\n\n
\n\n| Lifetime ECL | \n(0.1) | \n(0.1) | \n - | \n(0.1) | \n(0.3) | \n(0.6) | \n\n\n
\n\n| Estimated total gross carrying amount at default | \n | \n | \n | \n | \n | \n 336.9 | \n\n\n
\n\n| Total lifetime ECL | \n | \n | \n | \n | \n | \n(11.6) | \n\n\n
\n\n| INDIVIDUAL ASSESSMENT4): | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| ECL rate, % | \n0.00% | \n0.00% | \n0.00% | \n0.00% | \n59.46% | \n | \n\n\n
\n\n| Estimated total gross carrying amount at default | \n - | \n - | \n - | \n - | \n 3.7 | \n 3.7 | \n\n\n
\n\n| Lifetime ECL | \n - | \n - | \n - | \n - | \n(2.2) | \n(2.2) | \n\n\n
\n\n| Estimated total gross carrying amount at default | \n | \n | \n | \n | \n | \n 340.6 | \n\n\n
\n\n| Total lifetime ECL | \n | \n | \n | \n | \n | \n(13.8) | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n1)
\nPoultry meat consists only trade accounts receivables from sales of raw poultry meat and other raw poultry components
\n2)
\nOther products Ukraine mostly consists of trade accounts receivables from sales of processed meat and agricultures products (milk, grain, cattle and different agricultural services)
\n3)
\nOther products export mostly consists of trade accounts receivables from sales of vegetable oil and grain
\n4)
\nIndividually assessed trade accounts receivable mainly consists of accounts receivable from sales of energy
\n
\n\n\nThe following table illustrates the use of a provision matrix as a risk profile disclosure under the simplified approach as of 31 December 2024:
\n\n
\n\n\n| 31 DECEMBER 2024 | \nTRADE ACCOUNTS RECEIVABLE \u2013 DAYS PAST DUE | \n\n\n
\n\n| NOT PAST DUE | \n< 30 | \n 31-90 | \n 91-270 | \n >270 | \n TOTAL | \n\n\n
\n\n\n\n\n\n| PORTFOLIO ASSESSMENT: | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Poultry meat Ukraine1) | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| ECL rate, % | \n9.22% | \n9.38% | \n9.73% | \n10.19% | \n100% | \n | \n\n\n
\n\n| Estimated total gross carrying amount at default | \n 18.7 | \n 3.1 | \n 0.2 | \n 0.1 | \n 0.6 | \n 22.7 | \n\n\n
\n\n| Lifetime ECL | \n(1.7) | \n(0.3) | \n - | \n - | \n(0.6) | \n(2.6) | \n\n\n
\n\n| Poultry meat export1) | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| ECL rate, % | \n0.04% | \n0.13% | \n0.61% | \n2.18% | \n100% | \n | \n\n\n
\n\n| Estimated total gross carrying amount at default | \n 48.9 | \n 9.0 | \n 0.7 | \n 0.1 | \n 0.4 | \n 59.1 | \n\n\n
\n\n| Lifetime ECL | \n - | \n - | \n - | \n - | \n(0.4) | \n(0.4) | \n\n\n
\n\n| Other products Ukraine2) | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| ECL rate, % | \n9.31% | \n9.46% | \n9.74% | \n10.00% | \n100% | \n | \n\n\n
\n\n| Estimated total gross carrying amount at default | \n 19.7 | \n 9.2 | \n 2.8 | \n 2.0 | \n 1.4 | \n 35.1 | \n\n\n
\n\n| Lifetime ECL | \n(1.8) | \n(0.9) | \n(0.3) | \n(0.2) | \n(1.4) | \n(4.6) | \n\n\n
\n\n| Other products export3) | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| ECL rate, % | \n0.01% | \n0.01% | \n0.04% | \n0.31% | \n100% | \n | \n\n\n
\n\n| Estimated total gross carrying amount at default | \n 8.0 | \n 12.3 | \n 1.1 | \n 0.7 | \n - | \n 22.1 | \n\n\n
\n\n| Lifetime ECL | \n - | \n - | \n - | \n - | \n - | \n - | \n\n\n
\n\n| European operating segment | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| ECL rate, % | \n0.01% | \n0.08% | \n0.12% | \n0.16% | \n100% | \n | \n\n\n
\n\n| Estimated total gross carrying amount at default | \n 47.1 | \n 9.6 | \n 3.6 | \n 4.6 | \n 0.1 | \n 65.0 | \n\n\n
\n\n| Lifetime ECL | \n - | \n - | \n - | \n - | \n(0.1) | \n(0.1) | \n\n\n
\n\n| Estimated total gross carrying amount at default | \n | \n | \n | \n | \n | \n 204.0 | \n\n\n
\n\n| Total lifetime ECL | \n | \n | \n | \n | \n | \n(7.7) | \n\n\n
\n\n| INDIVIDUAL ASSESSMENT4): | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| ECL rate, % | \n23.63% | \n23.63% | \n23.63% | \n26.18% | \n62.80% | \n | \n\n\n
\n\n| Estimated total gross carrying amount at default | \n 0.2 | \n - | \n 0.3 | \n 2.5 | \n 2.6 | \n 5.6 | \n\n\n
\n\n| Lifetime ECL | \n(0.1) | \n - | \n - | \n(0.7) | \n(1.6) | \n(2.4) | \n\n\n
\n\n| Estimated total gross carrying amount at default | \n | \n | \n | \n | \n | \n 209.6 | \n\n\n
\n\n| Total lifetime ECL | \n | \n | \n | \n | \n | \n(10.1) | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n1)
\n Poultry meat consists only trade accounts receivables from sales of raw poultry meat and other raw poultry components
\n2)
\n Other products Ukraine mostly consists of trade accounts receivables from sales of processed meat and agricultures products (milk, grain, cattle and different agricultural services)
\n3)
\n Other products export mostly consists of trade accounts receivables from sales of vegetable oil and grain
\n4)
\n Individually assessed trade accounts receivable mainly consists of accounts receivable from sales of energy
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag247": {
"value": "\n20.
\nBiological assets
\nThe balances of non-current biological assets were as follows as of
\n31 December 2025 and 2024:
\n\n
\n\n\n | \nTHOUSAND UNITS | \nCARRYING AMOUNT | \nTHOUSAND UNITS | \nCARRYING AMOUNT | \n\n
\n\n | \n2025 | \n | \n2024 | \n\n
\n\n\n\n\n| Milk cows, units | \n 18.2 | \n 39 | \n 16.8 | \n 27 | \n\n
\n\n| Boars, sows, cattle, units | \n 41.5 | \n 11 | \n- | \n- | \n\n
\n\n | \n | \n | \n | \n | \n\n
\n\n| Non-current comsumable cattle, units | \n 5.1 | \n 4 | \n 4.8 | \n 4 | \n\n
\n\n| Total non-current biological assets | \n | \n 54 | \n | \n 31 | \n\n
\n\n\n\n
\n\n
The balances of current biological assets were as follows as of
\n31 December 2025 and 2024:
\n\n
\n\n\n | \nTHOUSAND UNITS | \nCARRYING AMOUNT | \nTHOUSAND UNITS | \nCARRYING AMOUNT | \n\n
\n\n| 2025 | \n | \n2024 | \n | \n\n
\n\n\n\n\n| Bearer breeders held for hatchery eggs production, units | \n 4,928 | \n102 | \n4,539 | \n53 | \n\n
\n\n | \n | \n | \n | \n | \n\n
\n\n| Broiler chickens, units | \n 69,703 | \n113 | \n55,421 | \n66 | \n\n
\n\n| Hatchery eggs, units | \n 50,393 | \n18 | \n38,701 | \n10 | \n\n
\n\n| Crops in fields, hectare | \n 100 | \n58 | \n84 | \n39 | \n\n
\n\n| Pigs, units | \n 326 | \n31 | \n- | \n- | \n\n
\n\n| Other current consumable biological assets | \n2.6 | \n 1 | \n2.6 | \n1 | \n\n
\n\n| Total consumable current biological assets | \n | \n221 | \n | \n116 | \n\n
\n\n| Total current biological assets | \n | \n323 | \n | \n169 | \n\n
\n\n\n\n
\n\n
20.
\nBiological assets (continued)
\n
\nThe following table represents movements in significant biological assets for the years ended 31 December
\n2025 and 2024:
\n\n
\n\n\n | \nMILK COWS, BOARS AND SOWS | \nBREEDERS HELD FOR HATCHERY EGGS PRODUCTION | \nBROILER CHICKENS | \nCROPS IN FIELDS | \n\n
\n\n\n\n\n| As of 31 December 2023 | \n 12 | \n 65 | \n 73 | \n 21 | \n\n
\n\n| Costs incurred | \n 10 | \n 118 | \n 981 | \n 308 | \n\n
\n\n| Gains arising from change in fair value of biological assets less costs to sell | \n 36 | \n 4 4 | \n 428 | \n 168 | \n\n
\n\n| Transfer to consumable biological assets | \n - | \n (143) | \n 143 | \n - | \n\n
\n\n| Increase due to birth and weight increase | \n 5 | \n - | \n - | \n - | \n\n
\n\n| Decrease due to sale | \n - | \n (2) | \n (1) | \n - | \n\n
\n\n| Decrease due to harvest/slaughtering | \n (33) | \n (24) | \n (1,551) | \n (455) | \n\n
\n\n| Translation difference | \n (3) | \n (5) | \n (7) | \n (3) | \n\n
\n\n| As of 31 December 2024 | \n 27 | \n 53 | \n 66 | \n 39 | \n\n
\n\n| Business acquisition | \n 16 | \n 6 | \n 23 | \n - | \n\n
\n\n| Costs incurred | \n 49 | \n 140 | \n 1 444 | \n 345 | \n\n
\n\n| Gains arising from change in fair value of biological assets less costs to sell | \n 28 | \n 120 | \n 444 | \n 151 | \n\n
\n\n| Transfer to consumable biological assets | \n(37) | \n(199) | \n 199 | \n - | \n\n
\n\n| Increase due to birth and weight increase | \n 8 | \n - | \n - | \n - | \n\n
\n\n| Decrease due to sale | \n(1) | \n(1) | \n(1) | \n - | \n\n
\n\n| Decrease due to harvest/slaughtering | \n(40) | \n(15) | \n(2,062) | \n(476) | \n\n
\n\n| Translation difference | \n - | \n(2) | \n - | \n(1) | \n\n
\n\n| As of 31 December 2025 | \n 50 | \n 102 | \n 113 | \n 58 | \n\n
\n\n\n\n
\n\n
Information on movements in hatchery eggs and cattle and pig groups has been considered immaterial for disclosure.
\n
\nBiological assets of the Group are measured at fair value within Level 3 of the fair value hierarchy, except for
\ncattle and pigs that can be calculated based on market prices of livestock of a similar age, breed and genetic
\nmerit, and which are therefore measured at fair value within Level 2 of the fair value hierarchy. There were no
\ntransfers between any levels during the year.
\nThe following significant unobservable inputs were used to measure biological assets:
\n\n
\n\n\n| DESCRIPTION | \nSIGNIFICANT UNOBSERVABLE INPUTS | \nYEAR | \nRANGE OF UNOBSERVABLE INPUTS | \nSENSITIVITY OF THE INPUT TO FAIR VALUE INCREASE/ (DECREASE) USD MILLION | \n\n
\n\n| INPUT 5% HIGHER | \nINPUT 5% LOWER | \n\n
\n\n\n\n\n| Crops in fields | \nCrops yield - tonnes per hectare | \n2025 | \n3.5 \u2013 7.4 | \n 6.9 | \n(6.9) | \n\n
\n\n| 2024 | \n3.7 \u2013 6.9 | \n5.0 | \n(5.0) | \n\n
\n\n| Crops price \u2013 USD per tonne | \n2025 | \n191 \u2013 501 | \n 6.9 | \n(6.9) | \n\n
\n\n| 2024 | \n177 \u2013 444 | \n 5.0 | \n(5.0) | \n\n
\n\n| Breeders held for hatchery eggs production | \nNumber of hatchery eggs produced by one breeder | \n2025 | \n165 | \n 4.6 | \n(4.6) | \n\n
\n\n| 2024 | \n165 | \n 0.9 | \n(0.9) | \n\n
\n\n| Hatchery egg price \u2013 EUR per egg | \n2025 | \n0.29 | \n 6.2 | \n(6.2) | \n\n
\n\n| 2024 | \n0.25 | \n 4.2 | \n(4.2) | \n\n
\n\n| Broiler chickens | \nAverage weight of one broiler - kg | \n2025 | \n2.30 | \n 7.8 | \n(7.8) | \n\n
\n\n| 2024 | \n2.42 | \n 6.5 | \n(6.5) | \n\n
\n\n| Poultry meat price \u2013 USD per kg | \n2025 | \n1.42 | \n 7.8 | \n(7.8) | \n\n
\n\n| 2024 | \n1.17 | \n7.0 | \n(7.0) | \n\n
\n\n| Milk cows | \nDaily milk yield - litre per cow | \n2025 | \n26.83 \u2013 28.89 | \n 2.1 | \n(2.1) | \n\n
\n\n| 2024 | \n22.60 \u2013 24.09 | \n 1.4 | \n(1.4) | \n\n
\n\n| Milk price \u2013 USD per litre | \n2025 | \n0.46 \u2013 0.47 | \n 8.6 | \n(8.6) | \n\n
\n\n| 2024 | \n0.43 \u2013 0.44 | \n 6.0 | \n(6.0) | \n\n
\n\n| Boars and sows | \nNumber of piglets produced by one sow | \n2025 | \n81 | \n 0.4 | \n(0.4) | \n\n
\n\n| 2024 | \n- | \n- | \n- | \n\n
\n\n| Piglets price \u2013 EUR per piglet | \n2025 | \n56.99 | \n 4.7 | \n(4.7) | \n\n
\n\n| 2024 | \n- | \n- | \n- | \n\n
\n\n| Pigs | \nAverage weight of one pig \u2013 kg | \n2025 | \n113 \u2013 162 | \n 3.3 | \n(3.3) | \n\n
\n\n | \n2024 | \n- | \n- | \n- | \n\n
\n\n| Live pig price \u2013 EUR per kg | \n2025 | \n1.56 \u2013 2.95 | \n 3.3 | \n(3.3) | \n\n
\n\n| 2024 | \n- | \n- | \n- | \n\n
\n\n\n\n
\n\n
22. Agricultural produce
\n
\nThe balances of agricultural produce were as follows as of 31 December
\n2025 and 2024:
\n\n
\n\n\n | \nTHOUSAND TONNES | \nCARRYING AMOUNT | \nTHOUSAND TONNES | \nCARRYING AMOUNT | \n\n
\n\n| 2025 | \n | \n2024 | \n | \n\n
\n\n\n\n\n| Grain | \n 1,080 | \n 247 | \n 1,271 | \n 278 | \n\n
\n\n| Chicken meat | \n 65.0 | \n 172 | \n 67.0 | \n 145 | \n\n
\n\n| Other various crops | \n | \n 6 | \n | \n 14 | \n\n
\n\n | \n | \n 425 | \n | \n 437 | \n\n
\n\n\n\n
\n\n
\n
\n
\n
\nThe fair value of Agricultural produce was estimated based on market
\nprice as of the date of harvest and is within Level 2 of the fair value
\nhierarchy.
\n\n
As of 31 December 2025, agricultural produce in the amount of
\n
USD 153 million was pledged as collateral to secure bank borrowings
\n
(2024: USD 105 million.
\n
\n
21. Inventories
\n
\nThe balances of inventories were as follows as of 31 December 2025
\nand 2024:
\n\n
\n\n\n | \n2025 | \n2024 | \n\n
\n\n\n\n\n| Mixed fodder and components for its production | \n212 | \n164 | \n\n
\n\n| Other raw materials | \n57 | \n43 | \n\n
\n\n| Processed meat | \n44 | \n26 | \n\n
\n\n| Work in progress | \n32 | \n37 | \n\n
\n\n| Vegetable oil | \n39 | \n29 | \n\n
\n\n| Spare parts | \n37 | \n26 | \n\n
\n\n| Fertilizers | \n29 | \n21 | \n\n
\n\n| Gas and fuel | \n17 | \n8 | \n\n
\n\n| Other inventories | \n30 | \n27 | \n\n
\n\n | \n497 | \n381 | \n\n
\n\n\n\n
\n\n
\nAs of 31 December 2025 and 2024 work in progress was mainly
\ncomprised of expenses incurred in cultivating fields to be planted in the
\nyears 2025 and 2024 in amounts of USD 32 million and USD 37 million,
\nrespectively.
\nAs of 31 December 2025, components for mixed fodder production
\nmostly consist of sunflower seeds in the amount of USD 111 million (31
\nDecember 2024: USD 56 million), corn in the amount of USD 30 million
\n(31 December 2024: USD 34 million) and soybeans in the amount of USD
\n25 million (31 December 2024: USD 39 million). The remaining amount
\nincludes other components of mixed fodder production. Additionally,
\nthe balance of finished mixed fodder held in inventory remained stable,
\namounting to USD 11 million as of 31 December 2025 and 2024.
\nInventory is stated at the lower of cost and net realizable
\nvalue. There were no significant inventory write-downs to
\nbring them to net realizable value in both 2025 and 2024.
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag252": {
"value": "\n23. Taxes recoverable and prepaid
\n
\nTaxes recoverable and prepaid were as follows as of 31 December 2025
\nand 2024:
\n\n
\n\n\n | \n2025 | \n2024 | \n\n
\n\n\n\n\n| VAT recoverable | \n 62 | \n 5 1 | \n\n
\n\n| Income tax prepaid | \n 9 | \n 5 | \n\n
\n\n| Miscellaneous taxes prepaid | \n 4 | \n 1 | \n\n
\n\n | \n 75 | \n 57 | \n\n
\n\n\n\n
\n\n
1) as of 31 December 2025 miscellaneous taxes include USD 3 million taxes in payroll
\nrelated taxes (2024: USD 0.4 million)
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag253": {
"value": "\n24. Trade accounts receivable
\n
\nThe balances of trade accounts receivable were as follows as of
\n31 December 2025 and 2024:
\n\n
\n\n\n | \n2025 | \n2024 | \n\n
\n\n\n\n\n| Poultry meat | \n 2 2 2 | \n 127 | \n\n
\n\n| Processed meat | \n 46 | \n 27 | \n\n
\n\n| Vegetable oil | \n 6 | \n 12 | \n\n
\n\n| Agriculture | \n 33 | \n 30 | \n\n
\n\n| Energy and fuel resources | \n 21 | \n 6 | \n\n
\n\n| Other* | \n 13 | \n 8 | \n\n
\n\n| Less: expected credit losses | \n ( 1 4 ) | \n (10) | \n\n
\n\n | \n 327 | \n 200 | \n\n
\n\n\n\n
\n\n
* - includes trade accounts recivables due from related parties (Note 34) in total
\namount of USD 375 thousands as of 31 December 2025 (31 December 2024: USD 346
\nthousands)
\n\n\n
\n24. Trade accounts receivable (continued)
\n
\nThe average credit period for poultry sales is 30 days, and for agricultural
\ngoods is 10 days, with no interest on outstanding accounts. Expected
\ncredit losses are estimated using a provision matrix and individual
\nassessments based on different default probability scenarios.
\nThe provision matrix is based on past defaults, the debtor's financial
\nposition, specific debtor factors, and economic conditions in the debtor's
\nindustry, adjusted for current and forecasted conditions. Due to the
\nongoing economic challenges in Ukraine caused by the Russian invasion,
\nthe credit default swap rate of 9.18% is included in the expected credit
\nloss calculation as at 31 December 2025 and 2024.
\nIndividual assessments are used for significant debtors with unique
\ncredit risks.
\nThere have been no changes in estimation techniques or assumptions.
\nTrade receivables are written off when the debtor is in severe financial
\ndistress, such as liquidation or bankruptcy, or when receivables are
\nover 3 years past due. Written-off receivables are not subject to
\nenforcement.
\nThe table below shows the risk profile of trade receivables based
\non the Group\u2019s provision matrix and grouped based on shared credit
\nrisk characteristics of different customers as presented below. The
\nsimplified approach is applied to all receivables, ensuring the loss
\nallowance reflects lifetime expected credit losses.
\n\n
The following table illustrates the use of a provision matrix as a risk profile disclosure under the simplified approach as of 31 December 2025:
\n
\n
\n\n\n| 31 DECEMBER 2025 | \nTRADE ACCOUNTS RECEIVABLE \u2013 DAYS PAST DUE | \n\n\n
\n\n| NOT PAST DUE | \n< 30 | \n 31-90 | \n 91-270 | \n >270 | \n TOTAL | \n\n\n
\n\n\n\n\n\n| PORTFOLIO ASSESSMENT: | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Poultry meat Ukraine1) | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| ECL rate, % | \n9.21% | \n9.32% | \n9.57% | \n10.04% | \n100% | \n | \n\n\n
\n\n| Estimated total gross carrying amount at default | \n 26.6 | \n 4.1 | \n 1.4 | \n 0.4 | \n 0.6 | \n 33.1 | \n\n\n
\n\n| Lifetime ECL | \n(2.5) | \n(0.4) | \n(0.1) | \n - | \n(0.6) | \n(3.6) | \n\n\n
\n\n| Poultry meat export1) | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| ECL rate, % | \n0.00% | \n0.00% | \n0.01% | \n0.02% | \n100% | \n | \n\n\n
\n\n| Estimated total gross carrying amount at default | \n 56.5 | \n 14.3 | \n 5.7 | \n 2.4 | \n 0.1 | \n 79.0 | \n\n\n
\n\n| Lifetime ECL | \n - | \n - | \n - | \n - | \n(0.1) | \n(0.1) | \n\n\n
\n\n| Other products Ukraine2) | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| ECL rate, % | \n9.27% | \n9.39% | \n9.63% | \n9.92% | \n100% | \n | \n\n\n
\n\n| Estimated total gross carrying amount at default | \n 38.2 | \n 10.5 | \n 3.1 | \n 2.1 | \n 2.3 | \n 56.2 | \n\n\n
\n\n| Lifetime ECL | \n(3.5) | \n(1.0) | \n(0.3) | \n(0.2) | \n(2.3) | \n(7.3) | \n\n\n
\n\n| Other products export3) | \n - | \n | \n | \n | \n | \n | \n\n\n
\n\n| ECL rate, % | \n0.01% | \n0.01% | \n0.03% | \n0.21% | \n100% | \n | \n\n\n
\n\n| Estimated total gross carrying amount at default | \n 10.4 | \n 7.8 | \n 1.3 | \n 0.2 | \n - | \n 19.7 | \n\n\n
\n\n| Lifetime ECL | \n | \n - | \n - | \n - | \n - | \n - | \n\n\n
\n\n| European operating segment | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| ECL rate, % | \n0.04% | \n0.21% | \n0.78% | \n1.10% | \n100% | \n | \n\n\n
\n\n| Estimated total gross carrying amount at default | \n 115.8 | \n 19.5 | \n 5.1 | \n 8.2 | \n 0.3 | \n 148.9 | \n\n\n
\n\n| Lifetime ECL | \n(0.1) | \n(0.1) | \n - | \n(0.1) | \n(0.3) | \n(0.6) | \n\n\n
\n\n| Estimated total gross carrying amount at default | \n | \n | \n | \n | \n | \n 336.9 | \n\n\n
\n\n| Total lifetime ECL | \n | \n | \n | \n | \n | \n(11.6) | \n\n\n
\n\n| INDIVIDUAL ASSESSMENT4): | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| ECL rate, % | \n0.00% | \n0.00% | \n0.00% | \n0.00% | \n59.46% | \n | \n\n\n
\n\n| Estimated total gross carrying amount at default | \n - | \n - | \n - | \n - | \n 3.7 | \n 3.7 | \n\n\n
\n\n| Lifetime ECL | \n - | \n - | \n - | \n - | \n(2.2) | \n(2.2) | \n\n\n
\n\n| Estimated total gross carrying amount at default | \n | \n | \n | \n | \n | \n 340.6 | \n\n\n
\n\n| Total lifetime ECL | \n | \n | \n | \n | \n | \n(13.8) | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
1)
\n
Poultry meat consists only trade accounts receivables from sales of raw poultry meat and other raw poultry components
\n
2)
\n
Other products Ukraine mostly consists of trade accounts receivables from sales of processed meat and agricultures products (milk, grain, cattle and different agricultural services)
\n
3)
\n
Other products export mostly consists of trade accounts receivables from sales of vegetable oil and grain
\n
4)
\n
Individually assessed trade accounts receivable mainly consists of accounts receivable from sales of energy
\n
\n\n
\n\n\n
\n24. Trade accounts receivable (continued)
\n\n
The following table illustrates the use of a provision matrix as a risk profile disclosure under the simplified approach as of 31 December 2024:
\n
\n
\n\n\n| 31 DECEMBER 2024 | \nTRADE ACCOUNTS RECEIVABLE \u2013 DAYS PAST DUE | \n\n\n
\n\n| NOT PAST DUE | \n< 30 | \n 31-90 | \n 91-270 | \n >270 | \n TOTAL | \n\n\n
\n\n\n\n\n\n| PORTFOLIO ASSESSMENT: | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Poultry meat Ukraine1) | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| ECL rate, % | \n9.22% | \n9.38% | \n9.73% | \n10.19% | \n100% | \n | \n\n\n
\n\n| Estimated total gross carrying amount at default | \n 18.7 | \n 3.1 | \n 0.2 | \n 0.1 | \n 0.6 | \n 22.7 | \n\n\n
\n\n| Lifetime ECL | \n(1.7) | \n(0.3) | \n - | \n - | \n(0.6) | \n(2.6) | \n\n\n
\n\n| Poultry meat export1) | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| ECL rate, % | \n0.04% | \n0.13% | \n0.61% | \n2.18% | \n100% | \n | \n\n\n
\n\n| Estimated total gross carrying amount at default | \n 48.9 | \n 9.0 | \n 0.7 | \n 0.1 | \n 0.4 | \n 59.1 | \n\n\n
\n\n| Lifetime ECL | \n - | \n - | \n - | \n - | \n(0.4) | \n(0.4) | \n\n\n
\n\n| Other products Ukraine2) | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| ECL rate, % | \n9.31% | \n9.46% | \n9.74% | \n10.00% | \n100% | \n | \n\n\n
\n\n| Estimated total gross carrying amount at default | \n 19.7 | \n 9.2 | \n 2.8 | \n 2.0 | \n 1.4 | \n 35.1 | \n\n\n
\n\n| Lifetime ECL | \n(1.8) | \n(0.9) | \n(0.3) | \n(0.2) | \n(1.4) | \n(4.6) | \n\n\n
\n\n| Other products export3) | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| ECL rate, % | \n0.01% | \n0.01% | \n0.04% | \n0.31% | \n100% | \n | \n\n\n
\n\n| Estimated total gross carrying amount at default | \n 8.0 | \n 12.3 | \n 1.1 | \n 0.7 | \n - | \n 22.1 | \n\n\n
\n\n| Lifetime ECL | \n - | \n - | \n - | \n - | \n - | \n - | \n\n\n
\n\n| European operating segment | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| ECL rate, % | \n0.01% | \n0.08% | \n0.12% | \n0.16% | \n100% | \n | \n\n\n
\n\n| Estimated total gross carrying amount at default | \n 47.1 | \n 9.6 | \n 3.6 | \n 4.6 | \n 0.1 | \n 65.0 | \n\n\n
\n\n| Lifetime ECL | \n - | \n - | \n - | \n - | \n(0.1) | \n(0.1) | \n\n\n
\n\n| Estimated total gross carrying amount at default | \n | \n | \n | \n | \n | \n 204.0 | \n\n\n
\n\n| Total lifetime ECL | \n | \n | \n | \n | \n | \n(7.7) | \n\n\n
\n\n| INDIVIDUAL ASSESSMENT4): | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| ECL rate, % | \n23.63% | \n23.63% | \n23.63% | \n26.18% | \n62.80% | \n | \n\n\n
\n\n| Estimated total gross carrying amount at default | \n 0.2 | \n - | \n 0.3 | \n 2.5 | \n 2.6 | \n 5.6 | \n\n\n
\n\n| Lifetime ECL | \n(0.1) | \n - | \n - | \n(0.7) | \n(1.6) | \n(2.4) | \n\n\n
\n\n| Estimated total gross carrying amount at default | \n | \n | \n | \n | \n | \n 209.6 | \n\n\n
\n\n| Total lifetime ECL | \n | \n | \n | \n | \n | \n(10.1) | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
1)
\n
Poultry meat consists only trade accounts receivables from sales of raw poultry meat and other raw poultry components
\n
2)
\n
Other products Ukraine mostly consists of trade accounts receivables from sales of processed meat and agricultures products (milk, grain, cattle and different agricultural services)
\n
3)
\n
Other products export mostly consists of trade accounts receivables from sales of vegetable oil and grain
\n
4)
\n
Individually assessed trade accounts receivable mainly consists of accounts receivable from sales of energy
\n
\n\n
The following table shows the movement in lifetime ECL that has been
\nrecognized for trade and other accounts receivable, in USD million:
\n
\n\n
\n\n\n | \nCOLLECTIVELY ASSESSED | \nINDIVIDUALLY ASSESSED | \n\n\n
\n\n\n\n\n\n| 1 January 2024 | \n (10.4) | \n (2.5) | \n\n\n
\n\n| (Charged)/reversed during the year | \n 1.9 | \n 0 .1 | \n\n\n
\n\n| Utilised | \n 0.8 | \n - | \n\n\n
\n\n| 31 December 2024 | \n (7.7) | \n (2.4) | \n\n\n
\n\n| (Charged)/reversed during the year | \n (4.0) | \n 0 . 2 | \n\n\n
\n\n| Utilised | \n 0. 1 | \n - | \n\n\n
\n\n| 31 December 2025 | \n (11.6) | \n (2.2) | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag316": {
"value": "\n26.
\nCash and cash equivalents
\n
\nThe balances of cash and cash equivalents were as follows as of 31
\nDecember 2025 and 2024:
\n\n
\n\n\n | \n2025 | \n2024 | \n\n\n
\n\n\n\n\n\n| Cash and cash equivalents at banks and on hand in: | \n | \n | \n\n\n
\n\n| US Dollars | \n 28 | \n 119 | \n\n\n
\n\n| Euro | \n 132 | \n 75 | \n\n\n
\n\n| Ukrainian Hryvnia | \n 41 | \n 65 | \n\n\n
\n\n| Other currencies | \n 21 | \n 16 | \n\n\n
\n\n | \n | \n | \n\n\n
\n\n| Short-term deposits with an original maturity of less than 90 days: | \n | \n | \n\n\n
\n\n| US Dollars | \n 158 | \n 35 | \n\n\n
\n\n| Euro | \n 25 | \n 26 | \n\n\n
\n\n| Ukrainian Hryvnia | \n 6 | \n 7 | \n\n\n
\n\n| Other currencies | \n 4 | \n 12 | \n\n\n
\n\n | \n | \n | \n\n\n
\n\n| Total cash and equivalents | \n 415 | \n 355 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\nCash balances at banks earn interest at floating rates based on daily
\nbank deposit rates. Short-term deposits with the original maturity up to
\nthree months earn interest at the respective short-term deposit rates.
\nIn accordance with the international rating agency of Moody\u2019s, credit
\nratings of the banks with which the Group had accounts opened as of
\n31 December 2025 and 2024 were as follows:
\n\n
\n\n\n | \n2025 | \n2024 | \n\n\n
\n\n\n\n\n\n| International banks with A rating | \n 279 | \n 176 | \n\n\n
\n\n| International banks with B rating | \n 8 | \n 2 | \n\n\n
\n\n| Subsidiaries of international banks with A rating | \n 35 | \n 68 | \n\n\n
\n\n| Subsidiaries of international banks with B rating | \n 31 | \n 40 | \n\n\n
\n\n| Subsidiaries of international banks with \u0421 rating | \n 5 | \n 4 | \n\n\n
\n\n| Ukrainian banks with C rating | \n 5 4 | \n 65 | \n\n\n
\n\n| Other banks without rating | \n 3 | \n- | \n\n\n
\n\n | \n 415 | \n 355 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\nEstimated credit losses relating to cash and cash equivalents held in
\nUkrainian state banks with C rating were immaterial as of 31 December
\n2025 and 2024.
\n
\n
\n\n",
"dimensions": {
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"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag317": {
"value": "\n
\n\n
27. Shareholders\u2019 equity
\n
\n
SHARE CAPITAL
\n
As of 31 December 2025 and 2024 the authorized, issued, and fully paid
\n
share capital of MHP SE comprised the following number of shares:
\n
\n
\n\n\n | \n2025 | \n2024 | \n\n\n
\n\n\n\n\n\n| Number of shares issued and fully paid | \n 110,770,000 | \n 110,770,000 | \n\n\n
\n\n| Less: Treasury shares | \n(3,731,792) | \n(3,731,792) | \n\n\n
\n\n| Number of shares outstanding1) | \n 107,038,208 | \n 107,038,208 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n
1)
\n
This number of outstanding shares is included in computation of the weighted average
\n
number of shares used as a denominator in calculating earnings per share in Note 39
\n
\n
The authorized share capital as of 31 December 2025 and 2024 was
\n
EUR 222 million, represented by 110,770,000 shares with a par value of
\n
EUR 2 each.
\n
All shares have equal voting rights and rights to receive dividends.
\n
\n\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag318": {
"value": "\n27. Shareholders\u2019 equity
\n
\nSHARE CAPITAL
\nAs of 31 December 2025 and 2024 the authorized, issued, and fully paid
\nshare capital of MHP SE comprised the following number of shares:
\n\n
\n\n\n | \n2025 | \n2024 | \n\n\n
\n\n\n\n\n\n| Number of shares issued and fully paid | \n 110,770,000 | \n 110,770,000 | \n\n\n
\n\n| Less: Treasury shares | \n(3,731,792) | \n(3,731,792) | \n\n\n
\n\n| Number of shares outstanding1) | \n 107,038,208 | \n 107,038,208 | \n\n\n
\n\n\n\n\n\n
\n\n\n
1)
\n This number of outstanding shares is included in computation of the weighted average
\nnumber of shares used as a denominator in calculating earnings per share in Note 39
\n
\nThe authorized share capital as of 31 December 2025 and 2024 was
\nEUR 222 million, represented by 110,770,000 shares with a par value of
\nEUR 2 each.
\nAll shares have equal voting rights and rights to receive dividends.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag319": {
"value": "\n28. Non\u2011controlling interests
\n
\nThe table below presents the details of non-wholly owned principal subsidiaries of the Group that have material non-controlling interests:
\n\n
\n\n\n| NAME OF SUBSIDIARY | \nPROPORTION OF OWNERSHIP INTERESTS AND VOTING RIGHTS HELD BY NON-CONTROLLING INTERESTS | \nPROFIT/(LOSS) ALLOCATED TO NON-CONTROLLING INTERESTS | \nACCUMULATEDNON-CONTROLLING INTERESTS | \n\n\n
\n\n| 2025 | \n2024 | \n2025 | \n2024 | \n2025 | \n2024 | \n\n\n
\n\n\n\n\n\n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| MHP-Agro-S | \n49.0% | \n49.0% | \n 8 | \n 8 | \n 25 | \n 17 | \n\n\n
\n\n| MHP-AgroKryazh | \n49.0% | \n49.0% | \n 6 | \n 5 | \n 14 | \n 8 | \n\n\n
\n\n| Myronivsky Plant of Manufacturing Feeds and Groats | \n11.5% | \n11.5% | \n (1) | \n (2) | \n 3 | \n 4 | \n\n\n
\n\n| UVESA | \n5.0% | \n- | \n - | \n- | \n 14 | \n- | \n\n\n
\n\n| Other subsidiaries with immaterial non-controlling interests | \nn/a | \nn/a | \n (1) | \n (1) | \n (4) | \n (3) | \n\n\n
\n\n | \nn/a | \nn/a | \n 12 | \n 10 | \n 52 | \n 26 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\nSummarised financial information regarding each of the Group's subsidiaries with material non-controlling interests is set out below. The summarised
\nfinancial information below represents amounts before intragroup eliminations.
\nSummarised statement of financial position as of 31 December 2025 and 2024:
\n\n
\n\n\n | \nMHP-AGRO-SMHP-AGROKRYAZH | \nMHP-AGROKRYAZH | \nMYRONIVSKY PLANT OF MANUFACTURING FEEDS AND GROATS | \nUVESA | \n\n\n
\n\n | \n2025 | \n2024 | \n2025 | \n2024 | \n2025 | \n2024 | \n2025 | \n2024 | \n\n\n
\n\n\n\n\n\n| Current assets | \n 38 | \n40 | \n 29 | \n 27 | \n 36 | \n 37 | \n 236 | \n- | \n\n\n
\n\n| Non-current assets | \n 28 | \n24 | \n 20 | \n 19 | \n 109 | \n 108 | \n 329 | \n- | \n\n\n
\n\n| Current liabilities | \n (24) | \n(30) | \n (15) | \n (23) | \n (119) | \n (106) | \n (138) | \n- | \n\n\n
\n\n| Non-current liabilities | \n (11) | \n(10) | \n (9) | \n (8) | \n (9) | \n (10) | \n (129) | \n- | \n\n\n
\n\n| Total equity | \n 31 | \n24 | \n 25 | \n 15 | \n 17 | \n 29 | \n 298 | \n- | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n\n28. Non\u2011controlling interests
\n
\nSummarised statements of profit or loss and other comprehensive income for the years ended 31 December 2025 and 2024:
\n\n
\n\n\n | \nMHP-AGRO-S | \nMHP-AGROKRYAZH | \nMYRONIVSKY PLANT OF MANUFACTURING FEEDS AND GROATS | \nUVESA | \n\n\n
\n\n | \n2025 | \n2024 | \n2025 | \n2024 | \n2025 | \n2024 | \n20251) | \n2024 | \n\n\n
\n\n\n\n\n\n| Revenue | \n 51 | \n 41 | \n 35 | \n 33 | \n 146 | \n 150 | \n 318 | \n- | \n\n\n
\n\n| Profit/(loss) for the year | \n 17 | \n 16 | \n 11 | \n 9 | \n (14) | \n (15) | \n 7 | \n- | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n\n
\n\n| Total comprehensive income/(loss) for the year | \n 17 | \n 19 | \n 11 | \n 9 | \n (14) | \n 6 | \n 7 | \n- | \n\n\n
\n\n\n\n\n\n
\n\n\n
\nNo dividends were declared or paid to non-controlling interest for the years ended 31 December 2025 and 2024.
\nSummarised cash inflow/(outflow) for the years ended 31 December 2025 and 2024:
\n\n
\n\n\n | \nMHP-AGRO-S | \nMHP-AGROKRYAZH | \nMYRONIVSKY PLANT OF MANUFACTURING FEEDS AND GROATS | \nUVESA | \n\n\n
\n\n | \n2025 | \n2024 | \n2025 | \n2024 | \n2025 | \n2024 | \n20251) | \n2024 | \n\n\n
\n\n\n\n\n\n| Operating activities | \n 2 | \n 2 | \n 1 | \n 1 | \n 17 | \n 4 | \n 45 | \n- | \n\n\n
\n\n| Investing activities | \n (2) | \n (2) | \n (1) | \n (1) | \n (19) | \n (3) | \n (10) | \n- | \n\n\n
\n\n| Financing activities | \n - | \n - | \n - | \n - | \n - | \n - | \n (10) | \n- | \n\n\n
\n\n\n\n\n\n
\n\n\n
1) for the period from 1 August till 31 December
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"Tag321": {
"value": "\n29. Bank borrowings
\n
\nThe following table summarizes bank borrowings and credit lines outstanding as of 31 December 2025 and 2024:
\n\n
\n\n\n | \n2025 | \n2024 | \n\n\n
\n\n | \nCURRENCY | \nWAIR1) | \nUSD\u2019 MLN | \nWAIR1) | \nUSD\u2019 MLN | \n\n\n
\n\n\n\n\n\n| NON-CURRENT | \n | \n | \n | \n | \n | \n\n\n
\n\n | \nEUR | \nEURIBOR2) + 1.26% | \n 419 | \nEURIBOR2) + 1.03% | \n 105 | \n\n\n
\n\n | \nEUR | \n1.89% | \n 49 | \n1.50% | \n 4 | \n\n\n
\n\n | \nUSD | \nSOFR3) + 3.94% | \n 269 | \nSOFR3) + 3.95% | \n 337 | \n\n\n
\n\n | \nUSD | \nUIRD4) + 5.53% | \n 34 | \nUIRD4) + 5.53% | \n 4 4 | \n\n\n
\n\n | \nUAH | \nUIRD4) +4.00% | \n 2 | \nUIRD4) +4.00% | \n 2 | \n\n\n
\n\n | \n | \n | \n 773 | \n | \n 492 | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n\n\n
\n\n| CURRENT | \n | \n | \n | \n | \n | \n\n\n
\n\n | \nEUR | \nEURIBOR2) + 2.30% | \n 32 | \nEURIBOR2) + 2.30% | \n 34 | \n\n\n
\n\n | \nEUR | \n4.57% | \n 125 | \n4.60% | \n 5 4 | \n\n\n
\n\n | \nUSD | \nSOFR3) + 2.48% | \n 69 | \nSOFR3) + 2.48% | \n 32 | \n\n\n
\n\n | \nUSD | \nUIRD4) + 4.50% | \n 10 | \n | \n- | \n\n\n
\n\n | \nUSD | \n5.41% | \n 37 | \n5.70% | \n 45 | \n\n\n
\n\n | \n | \n | \n | \n | \n | \n\n\n
\n\n| CURRENT PORTION OF LONG-TERM BANK BORROWINGS | \n | \n | \n | \n | \n | \n\n\n
\n\n | \nEUR | \nEURIBOR2) + 1.26% | \n 89 | \nEURIBOR2) + 1.03% | \n 26 | \n\n\n
\n\n | \nEUR | \n1.89% | \n 20 | \n1.50% | \n 1 | \n\n\n
\n\n | \nUSD | \nSOFR3) + 3.94% | \n 94 | \nSOFR3)+ 3.95% | \n 74 | \n\n\n
\n\n | \nUSD | \nUIRD4) + 5.53% | \n 10 | \nUIRD4)+ 5.53% | \n 5 | \n\n\n
\n\n | \n | \n | \n 486 | \n | \n 271 | \n\n\n
\n\n| Total bank borrowings | \n | \n | \n 1,259 | \n | \n763 | \n\n\n
\n\n\n\n\n\n
\n\n\n
1)
\nWAIR represents the weighted average interest rate on outstanding borrowings;
\n2)
\n According to the terms of the agreement, if market EURIBOR becomes negative, it
\nshall be deemed zero for the calculation of interest expense;
\n3)
\n The Secured Overnight Financing Rate (SOFR) is a broad measure of the cost of bor-
\nrowing cash overnight collateralized by Treasury securities;
\n4)
\n Ukrainian Index of Retail Deposit Rates (UIRD) - indicative rate calculated at 15:00
\nKyiv time of each Banking Day in the Thomson Reuters system based on nominal rates
\non time deposits of individuals in respective currency for a period of 3 months with
\ninterest paid upon the expiration of the deposit agreement, operating in 20 largest
\nUkrainian banks in the size of the deposit portfolio of individuals.
\n
\n\n\n29. Bank borrowings (continued)
\n
\nThe Group\u2019s borrowings are drawn from various banks, mostly from
\ninternational financial institutions and local subsidiaries of international
\nbanks and Ukrainian state banks as term loans, credit line facilities.
\nRepayment terms of principal amounts of bank borrowings vary from
\nmonthly repayment to repayment on maturity depending on the terms
\nof the agreement with each bank.
\nAs of 31 December 2025 and 31 December 2024, the Group\u2019s bank term
\nloans and credit lines bear either floating or fixed interest rates.
\nTerm loans and credit line facilities were as follows as of 31 December
\n2025 and 2024:
\n\n
\n\n\n | \n2025 | \n2024 | \n\n\n
\n\n\n\n\n\n| Credit lines | \n 273 | \n 164 | \n\n\n
\n\n| Term loans | \n 986 | \n 599 | \n\n\n
\n\n | \n 1,259 | \n 763 | \n\n\n
\n\n\n\n\n\n
\n\n\n
Maturity profile of the bank borrowings and credit lines outstanding as
\nof 31 December 2025 and 2024 was as follows:
\n\n
\n\n\n | \n2025 | \n2024 | \n\n\n
\n\n\n\n\n\n| Within one year | \n 486 | \n 271 | \n\n\n
\n\n| In the second year | \n 195 | \n 134 | \n\n\n
\n\n| In the third to fifth year inclusive | \n 456 | \n 336 | \n\n\n
\n\n| After five years | \n 122 | \n 2 2 | \n\n\n
\n\n | \n 1,259 | \n 763 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\nAs of 31 December 2025, the Group had undrawn facilities of USD 197
\nmillion (2024: USD 162 million). These undrawn facilities expire during
\nthe period until March 2030.
\nThe Group\u2019s bank borrowings are jointly and severally guaranteed
\nby MHP, Oril-Leader, Starynska Ptakhofabryka, Zernoproduct MHP,
\nKaterinopilskiy Elevator, Agrofort, SPF Urozhay, MHP SE, Myronivska
\nPticefabrika, Vinnytska Ptakhofabryka.
\nAs of 31 December 2025, the Group had borrowings of USD 489 million
\nthat were secured by property, plant, and equipment with a collateral
\namount of USD 569 million (31 December 2024: USD 189 million and
\nUSD 187 million, respectively) (Note 15).
\nAs of 31 December 2025, the Group had borrowings of USD 122 million
\nthat were secured by agricultural produce with a carrying amount of
\nUSD 153 million (31 December 2024: USD 84 million and USD 105 million,
\nrespectively) (Note 22).
\nAs of 31 December 2025, the cash deposits with a carrying amount
\nof USD 2 million (31 December 2024: USD 1 million) was restricted to
\nsecure issued letters of guarantee.
\nAs of 31 December 2025 and 31 December 2024, interest payable on
\nbank borrowings was USD 8.8 million and USD 8.6 million, respectively.
\nCOVENANTS
\nThe Group must comply with several maintenance covenants
\ndetermined by its bank borrowing arrangements, including ongoing
\ncompliance with EBITDA to interest expenses ratio, current ratio,
\nliabilities to equity ratio, Net Debt to EBITDA (the Group`s leverage
\nratio). The covenant compliance is monitored on quarterly or annual
\nbasis, as the case might be, for the borrowing arrangements at the
\nGroup consolidated or the specified borrower level.
\nAs of the reporting date, of the total bank borrowings included the
\nnon-current bank borrowings with carrying amount of USD 310 million
\nand current bank borrowings of USD 184 million subject to these
\ncovenants at the Group level and USD 317 million and USD 71 million,
\nrespectively, at the Perutnina Ptuj Group level.
\nThe Group continuously monitors its covenant compliance to ensure
\nthat all covenant obligations are met and maintains the process of
\nfinancial metrics proactive management to maintain compliance with
\nthe covenant requirements.
\nThe leverage ratio at the Group level is of the negative nature,
\nrestricting the Group, in case of non-compliance, from making certain
\npayments, including dividends, incurring additional indebtedness as
\nwell as placing restrictions on mergers or consolidations, limitations
\non liens and dispositions of assets and limitations on transactions
\nwith its affiliates. As at 31 December 2025, the Group`s leverage was
\nbelow the covenant limit of 3.0 to 1, and it was in compliance with
\nother applicable covenants.
\nIn addition, the covenants at Perutnina Ptuj Group level, in case of
\nnon-compliance, may also provide the banks with the right to request
\npayment acceleration under respective borrowings and, if such right
\nis formally exercised, trigger similar consequences for the other
\nGroup borrowings. The Perutnina Ptuj sub-group met all the covenant
\nrequirements, except for the borrowing arrangement in respect of a
\nbank loan with a carrying amount of USD 92 million, including non-
\ncurrent portion of USD 61 million as at 31 December 2025, where
\ncertain financial ratios had not been met for the two consecutive
\nperiods ending 31 December 2025 and 31 March 2026 as required by
\nthe arrangement. However, the requirement to meet this covenant
\nwas waived by the bank before it obtained the right to declare default
\nand to accelerate the debt repayment.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag323": {
"value": "\n30. Bonds issued
\n
\nBonds issued and outstanding as of 31 December 2025 and 2024 were as follows:
\n\n
\n\n\n | \nCARRYING AMOUNT | \nNOMINAL AMOUNT | \n\n\n
\n\n | \n31 DECEMBER | \n31 DECEMBER | \n31 DECEMBER | \n31 DECEMBER | \n\n\n
\n\n| 2025 | \n2024 | \n2025 | \n2024 | \n\n\n
\n\n\n\n\n\n| Non-current | \n | \n | \n | \n | \n\n\n
\n\n| 6.25% Senior Notes due in 2029 | \n 349 | \n 348 | \n 350 | \n 350 | \n\n\n
\n\n| 6.95% Senior Notes due in 2026 | \n - | \n 546 | \n - | \n 550 | \n\n\n
\n\n | \n 349 | \n 894 | \n 350 | \n 900 | \n\n\n
\n\n | \n | \n | \n | \n | \n\n\n
\n\n| Current | \n | \n | \n | \n | \n\n\n
\n\n| 6.95% Senior Notes due in 2026 | \n 549 | \n- | \n 550 | \n- | \n\n\n
\n\n | \n 549 | \n- | \n 550 | \n- | \n\n\n
\n\n | \n | \n | \n | \n | \n\n\n
\n\n| Unamortized debt issuance cost | \n- | \n- | \n (2) | \n (6) | \n\n\n
\n\n| Total bonds issued | \n 898 | \n 894 | \n 898 | \n 894 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\nAs of 31 December 2025 and 2024 accrued interest payable on bonds issued was USD 15.4 million.
\n6.25% SENIOR NOTES
\nOn 19 September 2019, MHP Lux S.A., a public company with limited liability (soci\u00e9t\u00e9 anonyme) incorporated
\nin 2018 under the laws of the Grand Duchy of Luxembourg, issued USD 350 million 6.25% Senior Notes due in
\n2029 at par value. The funds received were used to satisfy and discharge the 8.25% Senior Notes due in April
\n2020 for debt refinancing and general corporate purposes.
\nThe Senior Notes are jointly and severally guaranteed on a senior basis by MHP SE, PrJSC \u201cOril \u2013 Leader\u201d, PrJSC
\n\u201cMyronivska Pticefabrika\u201d, \u201cSPF \u201cUrozhay\u201d LLC, \u201cStarynska Ptakhofabryka\u201d ALLC, \u201cVinnytska Ptakhofabryka\u201d
\nLLC, \u201cPeremoga Nova\u201d SE, \u201cKaterinopolskiy Elevator\u201d LLC, PrJSC \u201cMHP\u201d, PrJSC \u201cZernoprodukt MHP\u201d and PrJSC
\n\u201cAgrofort\u201d.
\nInterest on the Senior Notes is payable semi-annually in arrears in March and September. These Senior Notes are
\nsubject to certain restrictive covenants including, but not limited to, limitations on the incurrence of additional
\nindebtedness in excess of Net Debt to EBITDA ratio as defined by the indenture, restrictions on mergers or
\nconsolidations, limitations on liens and dispositions of assets and limitations on transactions with affiliates. If
\nthe Group fails to comply with the covenants imposed, the Trustee or the Holders of at least 25% in principal
\namount of outstanding Notes may, upon written notice to the Group, declare all outstanding Senior Notes to
\nbe due and payable immediately. If a change of control occurs, the Group shall make an offer to each holder
\nof the Senior Notes to purchase such Senior Notes at a purchase price in cash in an amount equal to 100% of
\nthe aggregate principal amount thereof, plus accrued and unpaid interest and additional amounts, if any.
\n6.95% SENIOR NOTES
\nOn 3 April 2018, MHP Lux S.A. issued USD 550 million 6.95% Senior Notes due in 2026 at par value. Out of the
\ntotal issue amount, USD 416 million were designated for redemption and exchange of the existing 8.25% Senior
\nNotes due in 2020. The Group redeemed these 6.95% Senior Notes in January-February 2026 as described
\nin Note 40.
\nThe Senior Notes are jointly and severally guaranteed on a senior basis by MHP SE, PrJSC \u201cMHP\u201d, PJSC
\n\u201cMyronivsky Plant of Manufacturing Feeds and Groats\u201d, PrJSC \u201cZernoprodukt MHP\u201d, PrJSC \u201cAgrofort\u201d, PrJSC
\n\u201cOril-Leader\u201d, PrJSC \u201cMyronivska Pticefabrika\u201d, \u201cSPF \u201cUrozhay\u201d LLC, \u201cStarynska Ptakhofabryka\u201d ALLC,
\n\u201cVinnytska Ptakhofabryka\u201d LLC, \u201cPeremoga Nova\u201d SE, \u201cKaterinopolskiy Elevator\u201d LLC, Scylla Capital Limited.
\nInterest on the Senior Notes is payable semi-annually in arrears in April and October. These Senior Notes are
\nsubject to certain restrictive covenants including, but not limited to, limitations on the incurrence of additional
\nindebtedness in excess of Net Debt to EBITDA ratio as defined by the indenture, restrictions on mergers or
\nconsolidations, limitations on liens and dispositions of assets and limitations on transactions with affiliates. If
\nthe Group fails to comply with the covenants imposed, the Trustee or the Holders of at least 25% in principal
\namount of outstanding Notes may, upon written notice to the Group, declare all outstanding Senior Notes to
\nbe due and payable immediately. If a change of control occurs, the Group shall make an offer to each holder
\nof the Senior Notes to purchase such Senior Notes at a purchase price in cash in an amount equal to 100% of
\nthe principal amount thereof, plus accrued and unpaid interest and additional amounts, if any.
\n
\n\n\n30. Bonds issued (continued)
\nCOVENANTS
\nCertain restrictions under the indebtedness agreements (e.g. incurrence
\nof additional indebtedness, restricted payments as defined above,
\ndividends payment) are dependent on the leverage ratio of the Group
\ncalculated as Net Debt to EBITDA. Once the leverage ratio exceeds
\n3.0 to 1, it is not permitted for the Group to make certain restricted
\npayments, declare dividends exceeding USD 30 million in any financial
\nyear, or incur additional debt except that defined as a Permitted Debt.
\nAccording to the indebtedness agreements, the consolidated leverage
\nratio is tested on the date of incurrence of additional indebtedness or
\nrestricted payment and after giving pro forma effect to such incurrence
\nor restricted payment as if it had been incurred or done at the beginning
\nof the most recent four consecutive fiscal quarters for which financial
\nstatements are publicly available (or are made available).
\nThe Group remained compliant with all the covenants as of 31 December
\n2025. Its leverage ratio was below the covenant limit of 3.0 to 1.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag326": {
"value": "\n32. Other current liabilities
\n
\nOther current liabilities were as follows as of 31 December 2025 and 2024:
\n\n
\n\n\n | \n2025 | \n2024 | \n\n\n
\n\n\n\n\n\n| Accrued payroll and related taxes | \n112 | \n86 | \n\n\n
\n\n| Amounts payable for property, plant and equipment | \n24 | \n17 | \n\n\n
\n\n| Income tax payable | \n10 | \n9 | \n\n\n
\n\n| VAT paybable | \n3 | \n4 | \n\n\n
\n\n| Accrued expenses | \n3 | \n2 | \n\n\n
\n\n| Other financial liabilities | \n8 | \n2 | \n\n\n
\n\n | \n160 | \n120 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag327": {
"value": "\n
\n33. Related party balances and transactions
\n\n
For the purpose of these financial statements, parties are considered
\n
to be related if one party controls, is controlled by, or is under common
\n
control with the other party or exercises significant influence over the
\n
other party in making financial or operational decisions. In considering
\n
each possible related party relationship, attention is directed to the
\n
substance of the relationship, not merely the legal form.
\n
Related parties may enter into transactions unrelated parties might not,
\n
and transactions between related parties may not be executed on the
\n
same terms and conditions as transactions between unrelated parties.
\n
TRANSACTIONS WITH RELATED PARTIES
\n
In the ordinary course of business, the Group enters into transactions
\n
with its related parties, including companies under common control
\n
of the Group`s Principal Shareholder (Note 1) and presented below as
\n
\u201cother related parties\u201d, and the associates, primarily for the purchase
\n
and sale of goods and services. The Group also periodically provides
\n
loans and financial aids to the key management personnel in relation to
\n
the provision of financing arrangements. Terms and conditions of sales
\n
to related parties are determined based on arrangements specific to
\n
each contract or transaction. The terms of the payables and receivables
\n
related to the Group's trading activities do not vary significantly from
\n
the terms of similar transactions with third parties.
\n
\n\n
\n\n\n
\n33. Related party balances and transactions
\n(continued)
\n
\nTRANSACTIONS WITH RELATED PARTIES (continued)
\nTransactions with related parties during the years ended 31 December
\n2025 and 2024 were as follows:
\n\n
\n\n\n| IN MILLION USD | \n2025 | \n2024 | \n\n\n
\n\n\n\n\n\n| Interest charged on loans and finance aid provided to other related parties | \n 0. 1 | \n 0. 2 | \n\n\n
\n\n| Sales of goods and services to other related parties | \n 0 . 2 | \n 1.0 | \n\n\n
\n\n| Purchases from other related parties | \n 0. 2 | \n0 . 2 | \n\n\n
\n\n| Loans and finance aid provided to assosiate1) | \n - | \n 1.6 | \n\n\n
\n\n| Purchases from assosiates | \n6.7 | \n- | \n\n\n
\n\n | \n | \n | \n\n\n
\n\n| Key management personnel of the Group: | \n | \n | \n\n\n
\n\n| Loans provided | \n 0. 2 | \n 0.5 | \n\n\n
\n\n| Loans repaid | \n 0.3 | \n 0.4 | \n\n\n
\n\n\n\n\n\n
\n\n\n
The balances owed to and due from related parties were as follows as
\nof 31 December 2025 and 2024:
\n\n
\n\n\n| IN MILLION USD | \n2025 | \n2024 | \n\n\n
\n\n\n\n\n\n| Loans and finance aid receivable to other related parties (Notes 19, 25) | \n 3.7 | \n 3.7 | \n\n\n
\n\n| Loans due to associate (Notes 19, 25) | \n4.4 | \n1.6 | \n\n\n
\n\n| Less: expected credit losses | \n (3.6) | \n (2.0) | \n\n\n
\n\n | \n 4.5 | \n 3.3 | \n\n\n
\n\n | \n | \n | \n\n\n
\n\n| Loans to key management personnel (Notes 19, 25) | \n 3.2 | \n 3.3 | \n\n\n
\n\n| Less: expected credit losses | \n (0.8) | \n (0.6) | \n\n\n
\n\n | \n 2.4 | \n 2.7 | \n\n\n
\n\n | \n | \n | \n\n\n
\n\n| Trade accounts receivable due from other related parties (Note 24) | \n 0.4 | \n 0.4 | \n\n\n
\n\n| Payables due to other related parties | \n 3.3 | \n - | \n\n\n
\n\n| Payables due to associates | \n 0. 0 | \n 0. 2 | \n\n\n
\n\n\n\n\n\n
\n\n\n
\nLOANS AND FINANCE AID RECEIVABLE
\nFor loans and finance aid receivable, credit risk increased to the point
\nwhere it is considered credit-impaired. The expected credit loss for
\nsuch loans amounted to USD 3.6 million and USD 1.8 million as of 31
\nDecember 2025 and 2024, respectively.
\n\n
COMPENSATION OF KEY MANAGEMENT PERSONNEL
\n
Key management personnel totalled 22 individuals as of 31 December
\n
2025 (31 December 2024: 22 individuals), including 3 and 3 independent
\n
non-executive directors as of 31 December 2025 and 2024 respectively.
\n
Total compensation of the Group\u2019s key management personnel
\n
included primarily in selling, general and administrative expenses in the
\n
Consolidated Statements of Profit and Loss and Other Comprehensive
\n
Income amounted to USD 28.5 million and USD 24.7 million for the years
\n
ended 31 December 2025 and 2024, respectively. Compensation of key
\n
management personnel consists of contractual salary and performance
\n
bonuses paid.
\n
Total compensation of the Group\u2019s non-executive directors, which
\n
consists of contractual salary, amounted to USD 0.7 million and USD
\n
0.8 million in 2025 and 2024, respectively.
\n
Total compensation of the Group\u2019s Executive Chairman, which consists
\n
of contractual salary, amounted to USD 1.1 million in 2025 (2024: USD
\n
0.7 million).
\n
LOANS TO KEY MANAGEMENT PERSONNEL
\n
The Group has provided several of its key management personnel with
\n
unsecured loans. The loans to key management personnel granted
\n
during 2025 and 2024 mainly include loans provided by the Ukrainian
\n
subsidiaries to the Group\u2019s executive directors, which amounted to USD
\n
0.2 million and USD 0.5 million, respectively.
\n
\n
\n\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag328": {
"value": "\nFor the purpose of these financial statements, parties are considered
\nto be related if one party controls, is controlled by, or is under common
\ncontrol with the other party or exercises significant influence over the
\nother party in making financial or operational decisions. In considering
\neach possible related party relationship, attention is directed to the
\nsubstance of the relationship, not merely the legal form.
\nRelated parties may enter into transactions unrelated parties might not,
\nand transactions between related parties may not be executed on the
\nsame terms and conditions as transactions between unrelated parties.
\nTRANSACTIONS WITH RELATED PARTIES
\nIn the ordinary course of business, the Group enters into transactions
\nwith its related parties, including companies under common control
\nof the Group`s Principal Shareholder (Note 1) and presented below as
\n\u201cother related parties\u201d, and the associates, primarily for the purchase
\nand sale of goods and services. The Group also periodically provides
\nloans and financial aids to the key management personnel in relation to
\nthe provision of financing arrangements. Terms and conditions of sales
\nto related parties are determined based on arrangements specific to
\neach contract or transaction. The terms of the payables and receivables
\nrelated to the Group's trading activities do not vary significantly from
\nthe terms of similar transactions with third parties.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag330": {
"value": "\nCOMPENSATION OF KEY MANAGEMENT PERSONNEL
\nKey management personnel totalled 22 individuals as of 31 December
\n2025 (31 December 2024: 22 individuals), including 3 and 3 independent
\nnon-executive directors as of 31 December 2025 and 2024 respectively.
\nTotal compensation of the Group\u2019s key management personnel
\nincluded primarily in selling, general and administrative expenses in the
\nConsolidated Statements of Profit and Loss and Other Comprehensive
\nIncome amounted to USD 28.5 million and USD 24.7 million for the years
\nended 31 December 2025 and 2024, respectively. Compensation of key
\nmanagement personnel consists of contractual salary and performance
\nbonuses paid.
\nTotal compensation of the Group\u2019s non-executive directors, which
\nconsists of contractual salary, amounted to USD 0.7 million and USD
\n0.8 million in 2025 and 2024, respectively.
\nTotal compensation of the Group\u2019s Executive Chairman, which consists
\nof contractual salary, amounted to USD 1.1 million in 2025 (2024: USD
\n0.7 million).
\nLOANS TO KEY MANAGEMENT PERSONNEL
\nThe Group has provided several of its key management personnel with
\nunsecured loans. The loans to key management personnel granted
\nduring 2025 and 2024 mainly include loans provided by the Ukrainian
\nsubsidiaries to the Group\u2019s executive directors, which amounted to USD
\n0.2 million and USD 0.5 million, respectively.
\n
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag391": {
"value": "\n34. Operating environment in Ukraine
\n
\nOn 24 February 2022, Russian forces commenced a military invasion
\nof Ukraine, resulting in a full-scale war across the Ukrainian state. The
\nongoing military invasion has led, and continues to lead, to significant
\ncasualties, displacement of the population, damage to infrastructure
\nand logistics, and disruption of economic activity in Ukraine.
\nIn 2025, Ukrainian entities operated in a challenging economic
\nenvironment, facing supply chain disruptions, higher costs, and damage
\nto infrastructure. Attacks on Ukraine\u2019s energy system caused severe
\npower shortages and higher electricity prices. These factors continued
\nto affect business activities in 2025. The Black Sea corridor, established
\nin the second half of 2023, remained operational throughout 2025,
\ndriving an increase in Ukrainian export volumes compared to 2024 and
\nserving as a primary catalyst for economic activity.
\nThe European Union's Autonomous Trade Measures (ATMs), which
\nhad granted Ukrainian agricultural products, including poultry, tariff-
\nfree access to EU markets, expired on 5 June 2025 leading to the
\nreinstatement of import tariffs and quotas under a revised trade
\nframework. Under the revised Deep and Comprehensive Free Trade
\nArea (DCFTA) agreement, which entered into force on October 29, 2025,
\nthe tariff for poultry\u2014the group\u2019s primary export product\u2014remains at
\n0%, consistent with previous ATM rules, but is now subject to a quota
\nof 120,000 tons per year.
\nUkraine\u2019s GDP continued to grow despite ongoing challenges caused
\nby the war, including migration and labor shortages. In 2025, Ukraine's
\nreal GDP grew by 1.8% y/y. Taking into account the impact of a larger
\nelectricity shortage, the NBU has slightly revised its real GDP growth
\nforecast for 2026, down to 1.8%. Gradual improvements in the energy
\nsector, an increase in private investment, European integration reforms,
\nand a reversal of migration trends will facilitate faster economic
\ngrowth, which will reach 2.8% in 2027 and 3.7% in 2028.
\n In December 2025, both consumer and core inflation was 8% y/y. The
\nacceleration in inflation was driven by a further increase in production
\ncosts, including electricity and labor, and exchange rate effects
\nof the hryvnia depreciation in previous periods. These factors have
\nbeen partially offset by the effects of higher harvests, as well as by
\na certain decline in pressures on the labor market and the maintained
\nsustainability of the foreign currency exchangemarket.
\nTo maintain currency market stability, keep expectations under control,
\nand bring inflation down to the 5% target over the policy horizon, the
\nNBU is keeping its key policy rate at 15.5% since March 2025. Effective
\nJanuary 30, 2026, the NBU reduced its key policy rate from 15.5% to
\n15%. This decision aims to ease monetary policy and support economic
\nrecovery, reflecting a steady decline in inflationary pressures and
\nstabilized market expectations.
\nThe Government continues to implement measures to stabilize markets
\nand the economy. International organizations (such as the IMF, EBRD,
\nWorld Bank), along with individual countries and nongovernmental
\norganizations, are providing Ukraine with financing, donations and
\nmaterial support. External financial support remains a critical contributor
\nto the funding of the state budget of Ukraine. Consequently, the timing
\nand volume of such support may affect macroeconomic conditions
\nsubsequent to the reporting date.
\nAdditional uncertainty affecting international economic environment
\nafter the reporting date arised from the conflict in the Middle East as
\ndisclosed in Note 40.
\nThe Group considers the following losses and expenses incurred during
\nthe periods ended 31 December 2025 and 2024 to be directly related
\nto or driven by the continuing war:
\n\n
\n\n\n| IN MILLION USD | \n2025 | \n2024 | \n\n\n\n
\n\n\n\n\n\n\n| Community support donations1) | \n 41 | \n 23 | \n\n\n\n
\n\n| Salary to mobilized employees2) | \n 24 | \n 21 | \n\n\n\n
\n\n| Write-off of inventories and biological assets1) | \n 3 | \n 6 | \n\n\n\n
\n\n| Other war-related expenses1) | \n 1 | \n 4 | \n\n\n\n
\n\n| Total amount recognized in profit or loss | \n 69 | \n 54 | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
\n1)
\n These expenses are presented within other operating expenses in the consolidated
\nstatement of profit or loss and other comprehensive income;
\n2)
\n These expenses are presented within the cost of sales and selling, general and ad-
\nministrative expenses in the consolidated statement of profit or loss, and other com-
\nprehensive income.
\n
\nThe Group, working with volunteers, has provided humanitarian
\naid (mainly through food supply) to the people of Ukraine since the
\nbeginning of the war.
\nWhile the Ukrainian businesses and government institutions
\ndemonstrated a high degree of adaptability and resilience in the face
\nof challenges brought by the full-scale military invasion, the related
\nsecurity and macroeconomic risks remain high and continue to affect
\nthe economic situation in Ukraine. Due to the unpredictability in the
\nfuture course of the war and the uncertainty regarding the timing
\nof its cessation as well as availability of sustainable international
\nfinancial support, other geopolitical and macroeconomic factors, it
\nremains difficult to estimate the scale and direction of possible further
\ndevelopments, both negative or positive, in the operating environment
\nin Ukraine at present.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag392": {
"value": "\n
\n
\n35. Contingencies and contractual
\ncommitments
\n
\n\n
TAXATION AND LEGAL ISSUES
\n
The Group carries its operations in various jurisdictions, with a significant
\n
number of operations in Ukraine. Ukrainian legislation regarding taxation
\n
and other regulatory matters, including currency exchange control
\n
and customs regulations, is regularly changed and revisited. Non-
\n
compliance with tax laws and regulations may lead to the imposition of
\n
severe penalties and fines.
\n
Management believes that the Group has complied with all requirements
\n
of effective tax legislation.
\n
The Group exports vegetable oil, chicken meat, and related products
\n
and performs intercompany transactions, which may potentially be
\n
in the scope of the Ukrainian transfer pricing regulations. The Group
\n
believes that it complies with relevant transfer pricing requirements.
\n
As of 31 December 2025 and 2024, management assessed the Group`s
\n
possible exposure to tax risks for a total amount of USD 4 million related
\n
to corporate income tax. No provision was recognized relating to such
\n
possible tax exposure.
\n
Also, as of 31 December 2025, companies of the Group were engaged in
\n
ongoing litigations with tax authorities in the amount of USD 29 million
\n
(2024: USD 35 million), including USD 5 million (2024: USD 5 million) of
\n
litigations with the tax authorities related to disallowance of certain
\n
amounts of VAT refunds and deductible expenses claimed by the Group.
\n
Out of this amount, USD 20 million as of 31 December 2025 (2024: USD
\n
30 million) relates to cases where court hearings have taken place
\n
and where the court in either the first or second instance has ruled in
\n
favour of the Group. In addition, the Group maintains disputes with tax
\n
authorities in the amount of USD 0.3 million, which are not brought to
\n
the courts as at 31 December 2025 (2024: USD 2 million).
\n
Management believes that, based on the past history of court
\n
resolutions of similar disputes upheld by the Group, it is unlikely that a
\n
significant settlement would arise out of such lawsuits and, therefore,
\n
no respective provision is required in the Group\u2019s financial statements.
\n
\n
\n\n\n
\n
CONTRACTUAL COMMITMENTS ON THE PURCHASE
\n
OF PROPERTY, PLANT, AND EQUIPMENT
\n
During the year ended 31 December 2025, companies of the
\n
Group entered into a number of contracts with suppliers for the
\n
purchase of property, plant and equipment. These agreements
\n
are mainly related to maintenance and modernization projects,
\n
new product development in Ukraine, and expansion of Perutnina
\n
Ptuj production facilities. As of 31 December 2025, such purchase
\n
commitments amounted to USD 61 million (2024: USD 70 million).
\n
\n\n\n
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag393": {
"value": "\nTAXATION AND LEGAL ISSUES
\nThe Group carries its operations in various jurisdictions, with a significant
\nnumber of operations in Ukraine. Ukrainian legislation regarding taxation
\nand other regulatory matters, including currency exchange control
\nand customs regulations, is regularly changed and revisited. Non-
\ncompliance with tax laws and regulations may lead to the imposition of
\nsevere penalties and fines.
\nManagement believes that the Group has complied with all requirements
\nof effective tax legislation.
\nThe Group exports vegetable oil, chicken meat, and related products
\nand performs intercompany transactions, which may potentially be
\nin the scope of the Ukrainian transfer pricing regulations. The Group
\nbelieves that it complies with relevant transfer pricing requirements.
\nAs of 31 December 2025 and 2024, management assessed the Group`s
\npossible exposure to tax risks for a total amount of USD 4 million related
\nto corporate income tax. No provision was recognized relating to such
\npossible tax exposure.
\nAlso, as of 31 December 2025, companies of the Group were engaged in
\nongoing litigations with tax authorities in the amount of USD 29 million
\n(2024: USD 35 million), including USD 5 million (2024: USD 5 million) of
\nlitigations with the tax authorities related to disallowance of certain
\namounts of VAT refunds and deductible expenses claimed by the Group.
\nOut of this amount, USD 20 million as of 31 December 2025 (2024: USD
\n30 million) relates to cases where court hearings have taken place
\nand where the court in either the first or second instance has ruled in
\nfavour of the Group. In addition, the Group maintains disputes with tax
\nauthorities in the amount of USD 0.3 million, which are not brought to
\nthe courts as at 31 December 2025 (2024: USD 2 million).
\nManagement believes that, based on the past history of court
\nresolutions of similar disputes upheld by the Group, it is unlikely that a
\nsignificant settlement would arise out of such lawsuits and, therefore,
\nno respective provision is required in the Group\u2019s financial statements.
\n
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag394": {
"value": "\nCONTRACTUAL COMMITMENTS ON THE PURCHASE
\nOF PROPERTY, PLANT, AND EQUIPMENT
\nDuring the year ended 31 December 2025, companies of the
\nGroup entered into a number of contracts with suppliers for the
\npurchase of property, plant and equipment. These agreements
\nare mainly related to maintenance and modernization projects,
\nnew product development in Ukraine, and expansion of Perutnina
\nPtuj production facilities. As of 31 December 2025, such purchase
\ncommitments amounted to USD 61 million (2024: USD 70 million).
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag413": {
"value": "\n
\n\n
36. Fair value of financial instruments
\n
\n
Fair value disclosures in respect of financial instruments are made in
\n
accordance with the requirements of IFRS 7 \u201cFinancial Instruments:
\n
Disclosure\u201d and IFRS 13 \u201cFair Value Measurement\u201d. Fair value is
\n
defined as the amount at which the instrument could be exchanged
\n
in a current transaction between knowledgeable willing parties in
\n
an arm\u2019s length transaction, other than in forced or liquidation sale.
\n
As no readily available market exists for a large part of the Group\u2019s
\n
financial instruments, judgment is necessary in arriving at fair value,
\n
based on current economic conditions and specific risks attributable
\n
to the instrument. The estimates presented herein are not necessarily
\n
indicative of the amounts the Group could realize in a market exchange
\n
from the sale of its full holdings of a particular instrument.
\n
The fair value is estimated to be the same as the carrying value for
\n
cash and cash equivalents, short-term bank deposits, trade accounts
\n
receivables, other current assets, and trade accounts payable due to
\n
the short-term nature of the financial instruments. The fair value of
\n
non-current financial assets is measured by discounting the estimated
\n
future cash outflows, with reference to market interest rates, and it
\n
approximates the carrying value of non-current financial assets.
\n
Set out below is the comparison of carrying amounts and fair values of
\n
the Group\u2019s financial instruments, excluding those discussed above, in
\n
the consolidated statement of financial position:
\n
\n
\n\n\n | \nCARRYING AMOUNT | \nFAIR VALUE | \n\n\n\n
\n\n | \n2025 | \n2024 | \n2025 | \n2024 | \n\n\n\n
\n\n\n\n\n\n\n| Financial liabilities | \n | \n | \n | \n | \n\n\n\n
\n\n| Bank borrowings (Note 29) | \n 1,268 | \n 772 | \n 1,277 | \n 774 | \n\n\n\n
\n\n| Senior Notes due in 2024, 2026, 2029 (Note 30) | \n 913 | \n 909 | \n 823 | \n 807 | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
\n
\n
The fair value of bank borrowings was estimated by discounting the
\n
expected future cash outflows by a market rate of interest for bank
\n
borrowings and is within Level 2 of the fair value hierarchy.
\n
The fair value of Senior Notes was estimated based on market quotations
\n
and is within Level 1 of the fair value hierarchy.
\n
In determining the fair value of financial instruments, the impact of
\n
potential climate-related matters, including legislation, climate change,
\n
and company climate objectives, which may affect the fair value
\n
measurement of financial assets and liabilities, has been considered
\n
and found not to be material.
\n
\n
\n\n\n
\n
\n\n\n\n
\n\n
36. Fair value of financial instruments (continued)
\n
\n
RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES
\n
The table below details the changes in the Group\u2019s liabilities arising from financing activities, including cash and
\n
non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future
\n
cash flows will be classified in the Group\u2019s consolidated statement of cash flows as cash flows from financing
\n
activities.
\n
\n
\n\n\n | \nBANK BORROWINGS | \nBONDS ISSUED | \nLEASE OBLIGATIONS | \nTOTAL | \n\n\n\n
\n\n\n\n\n\n\n| As of 31 December 2024 | \n 763 | \n 894 | \n 276 | \n 1,933 | \n\n\n\n
\n\n| Cash flow from proceeds/(repayments) | \n 339 | \n - | \n (91) | \n 248 | \n\n\n\n
\n\n| Non-cash movements | \n | \n | \n | \n | \n\n\n\n
\n\n| Foreign exchange movements | \n 21 | \n - | \n 4 | \n 25 | \n\n\n\n
\n\n| Non-cash additions and change in terms | \n - | \n - | \n 80 | \n 80 | \n\n\n\n
\n\n| Acquisition of subsidiaries | \n 120 | \n - | \n 3 | \n 123 | \n\n\n\n
\n\n| Finance costs | \n 60 | \n 63 | \n 50 | \n 173 | \n\n\n\n
\n\n| Reclassification to interest payable | \n (60) | \n (60) | \n - | \n (120) | \n\n\n\n
\n\n| Translation difference | \n 16 | \n 1 | \n 1 | \n 18 | \n\n\n\n
\n\n| As of 31 December 2025 | \n 1,259 | \n 898 | \n 323 | \n 2,480 | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
\n
\n
\n\n\n | \nBANK BORROWINGS | \nBONDS ISSUED | \nLEASE OBLIGATIONS | \nTOTAL | \n\n\n\n
\n\n\n\n\n\n\n| As of 31 December 2023 | \n 379 | \n 1,239 | \n 256 | \n 1,874 | \n\n\n\n
\n\n| Cash flow from proceeds/(repayments) | \n 387 | \n (342) | \n (73) | \n (28) | \n\n\n\n
\n\n| Non-cash movements | \n | \n | \n | \n | \n\n\n\n
\n\n| Foreign exchange movements | \n 57 | \n - | \n 2 | \n 59 | \n\n\n\n
\n\n| Non-cash additions and change in terms | \n - | \n - | \n 78 | \n 78 | \n\n\n\n
\n\n| Non-cash repayments of lease liabilities1) | \n - | \n - | \n (4) | \n (4) | \n\n\n\n
\n\n| Acquisition of subsidiaries | \n 4 | \n - | \n - | \n 4 | \n\n\n\n
\n\n| Gain on bonds early redemption | \n - | \n (6) | \n - | \n (6) | \n\n\n\n
\n\n| Finance costs | \n 47 | \n 71 | \n 45 | \n 163 | \n\n\n\n
\n\n| Reclassification to interest payable | \n (47) | \n (67) | \n - | \n (114) | \n\n\n\n
\n\n| Translation difference | \n (64) | \n (1) | \n (28) | \n (93) | \n\n\n\n
\n\n| As of 31 December 2024 | \n 763 | \n 894 | \n 276 | \n 1,933 | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
\n
\n
1)
\n
Non-cash repayments are represented by grains and other agriculture produce provided to lessors of land in settlement of lease liabilities.
\n
\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag414": {
"value": "\n36. Fair value of financial instruments
\n
\nFair value disclosures in respect of financial instruments are made in
\naccordance with the requirements of IFRS 7 \u201cFinancial Instruments:
\nDisclosure\u201d and IFRS 13 \u201cFair Value Measurement\u201d. Fair value is
\ndefined as the amount at which the instrument could be exchanged
\nin a current transaction between knowledgeable willing parties in
\nan arm\u2019s length transaction, other than in forced or liquidation sale.
\nAs no readily available market exists for a large part of the Group\u2019s
\nfinancial instruments, judgment is necessary in arriving at fair value,
\nbased on current economic conditions and specific risks attributable
\nto the instrument. The estimates presented herein are not necessarily
\nindicative of the amounts the Group could realize in a market exchange
\nfrom the sale of its full holdings of a particular instrument.
\nThe fair value is estimated to be the same as the carrying value for
\ncash and cash equivalents, short-term bank deposits, trade accounts
\nreceivables, other current assets, and trade accounts payable due to
\nthe short-term nature of the financial instruments. The fair value of
\nnon-current financial assets is measured by discounting the estimated
\nfuture cash outflows, with reference to market interest rates, and it
\napproximates the carrying value of non-current financial assets.
\nSet out below is the comparison of carrying amounts and fair values of
\nthe Group\u2019s financial instruments, excluding those discussed above, in
\nthe consolidated statement of financial position:
\n\n
\n\n\n | \nCARRYING AMOUNT | \nFAIR VALUE | \n\n\n\n
\n\n | \n2025 | \n2024 | \n2025 | \n2024 | \n\n\n\n
\n\n\n\n\n\n\n| Financial liabilities | \n | \n | \n | \n | \n\n\n\n
\n\n| Bank borrowings (Note 29) | \n 1,268 | \n 772 | \n 1,277 | \n 774 | \n\n\n\n
\n\n| Senior Notes due in 2024, 2026, 2029 (Note 30) | \n 913 | \n 909 | \n 823 | \n 807 | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
\nThe fair value of bank borrowings was estimated by discounting the
\nexpected future cash outflows by a market rate of interest for bank
\nborrowings and is within Level 2 of the fair value hierarchy.
\nThe fair value of Senior Notes was estimated based on market quotations
\nand is within Level 1 of the fair value hierarchy.
\nIn determining the fair value of financial instruments, the impact of
\npotential climate-related matters, including legislation, climate change,
\nand company climate objectives, which may affect the fair value
\nmeasurement of financial assets and liabilities, has been considered
\nand found not to be material.
\n
\n
\n\n\n\n36. Fair value of financial instruments (continued)
\n
\nRECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES
\nThe table below details the changes in the Group\u2019s liabilities arising from financing activities, including cash and
\nnon-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future
\ncash flows will be classified in the Group\u2019s consolidated statement of cash flows as cash flows from financing
\nactivities.
\n\n
\n\n\n | \nBANK BORROWINGS | \nBONDS ISSUED | \nLEASE OBLIGATIONS | \nTOTAL | \n\n\n\n
\n\n\n\n\n\n\n| As of 31 December 2024 | \n 763 | \n 894 | \n 276 | \n 1,933 | \n\n\n\n
\n\n| Cash flow from proceeds/(repayments) | \n 339 | \n - | \n (91) | \n 248 | \n\n\n\n
\n\n| Non-cash movements | \n | \n | \n | \n | \n\n\n\n
\n\n| Foreign exchange movements | \n 21 | \n - | \n 4 | \n 25 | \n\n\n\n
\n\n| Non-cash additions and change in terms | \n - | \n - | \n 80 | \n 80 | \n\n\n\n
\n\n| Acquisition of subsidiaries | \n 120 | \n - | \n 3 | \n 123 | \n\n\n\n
\n\n| Finance costs | \n 60 | \n 63 | \n 50 | \n 173 | \n\n\n\n
\n\n| Reclassification to interest payable | \n (60) | \n (60) | \n - | \n (120) | \n\n\n\n
\n\n| Translation difference | \n 16 | \n 1 | \n 1 | \n 18 | \n\n\n\n
\n\n| As of 31 December 2025 | \n 1,259 | \n 898 | \n 323 | \n 2,480 | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
\n
\n\n\n | \nBANK BORROWINGS | \nBONDS ISSUED | \nLEASE OBLIGATIONS | \nTOTAL | \n\n\n\n
\n\n\n\n\n\n\n| As of 31 December 2023 | \n 379 | \n 1,239 | \n 256 | \n 1,874 | \n\n\n\n
\n\n| Cash flow from proceeds/(repayments) | \n 387 | \n (342) | \n (73) | \n (28) | \n\n\n\n
\n\n| Non-cash movements | \n | \n | \n | \n | \n\n\n\n
\n\n| Foreign exchange movements | \n 57 | \n - | \n 2 | \n 59 | \n\n\n\n
\n\n| Non-cash additions and change in terms | \n - | \n - | \n 78 | \n 78 | \n\n\n\n
\n\n| Non-cash repayments of lease liabilities1) | \n - | \n - | \n (4) | \n (4) | \n\n\n\n
\n\n| Acquisition of subsidiaries | \n 4 | \n - | \n - | \n 4 | \n\n\n\n
\n\n| Gain on bonds early redemption | \n - | \n (6) | \n - | \n (6) | \n\n\n\n
\n\n| Finance costs | \n 47 | \n 71 | \n 45 | \n 163 | \n\n\n\n
\n\n| Reclassification to interest payable | \n (47) | \n (67) | \n - | \n (114) | \n\n\n\n
\n\n| Translation difference | \n (64) | \n (1) | \n (28) | \n (93) | \n\n\n\n
\n\n| As of 31 December 2024 | \n 763 | \n 894 | \n 276 | \n 1,933 | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
\n1)
\n Non-cash repayments are represented by grains and other agriculture produce provided to lessors of land in settlement of lease liabilities.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag395": {
"value": "\n
\n
\n37. Risk management policies
\n
\nDuring the years ended 31 December 2025 and 2024, there were no
\nmaterial changes to the objectives, policies, and processes for managing
\ncredit risk, capital risk, liquidity risk, currency risk, interest rate risk,
\nlivestock diseases risk, and commodity price and procurement risk.
\n\n
CAPITAL MANAGEMENT
\n
The Group manages its capital to ensure that entities of the Group will
\n
be able to continue as a going concern while maximizing the return to
\n
the equity holders through maintaining a balance between the higher
\n
returns that might be possible with higher levels of borrowings and the
\n
security afforded by a sound capital position. The management of the
\n
Group reviews its capital structure regularly. Based on the results of
\n
this review, the Group takes steps to balance its overall capital structure
\n
through new share issues and the issue of new debt or the redemption
\n
of existing debt.
\n
In addition to the target ratios of the covenants established under the
\n
terms of the bonds issued and bank borrowings (Notes 30 and 31), the
\n
Group aims to achieve a gearing ratio that is not higher than 2.5. The
\n
Group defines its gearing ratio as the proportion of total liabilities to
\n
total equity.
\n
As of 31 December 2025 and 2024 the gearing ratio was as follows:
\n
\n
\n\n\n | \n2025 | \n2024 | \n\n\n\n
\n\n\n\n\n\n\n| Total Liabilities | \n3,231 | \n2,460 | \n\n\n\n
\n\n| Total Equity | \n2,214 | \n1,966 | \n\n\n\n
\n\n| Total Liabilities to Equity | \n1.46 | \n1.25 | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
\n
MAJOR CATEGORIES OF ASSETS AND LIABILITIES CONSIDERED BY
\n
THE GROUP FROM A RISK MANAGEMENT PERSPECTIVE
\n
\n
\n\n\n | \n2025 | \n2024 | \n\n\n\n
\n\n\n\n\n\n\n| Assets: | \n | \n | \n\n\n\n
\n\n| Cash and cash equivalents (Note 26) | \n 415 | \n 355 | \n\n\n\n
\n\n| Trade accounts receivable (Note 24) | \n 327 | \n 200 | \n\n\n\n
\n\n| Investments in associates (Note 4) | \n 17 | \n 21 | \n\n\n\n
\n\n| Other current financial assets (Note 25) | \n 33 | \n 19 | \n\n\n\n
\n\n| Non-current financial assets (Note 19) | \n 18 | \n 10 | \n\n\n\n
\n\n | \n 810 | \n 605 | \n\n\n\n
\n\n | \n | \n | \n\n\n\n
\n\n| Liabilities: | \n | \n | \n\n\n\n
\n\n| Bank borrowings (Note 29) | \n 1,259 | \n 763 | \n\n\n\n
\n\n| Bonds issued (Note 30) | \n 898 | \n 894 | \n\n\n\n
\n\n| Lease liabilities (Note 31) | \n 323 | \n 276 | \n\n\n\n
\n\n| Trade accounts payable | \n 277 | \n 147 | \n\n\n\n
\n\n| Accrued payroll and related taxes (Note 32) | \n 112 | \n 86 | \n\n\n\n
\n\n| Interest payable (Note 29, 30) | \n 24 | \n 24 | \n\n\n\n
\n\n| Amounts payable for property, plant and equipment (Note 32) | \n 24 | \n 17 | \n\n\n\n
\n\n| Income tax payable (Note 32) | \n 10 | \n 9 | \n\n\n\n
\n\n| VAT payable (Note 32) | \n 3 | \n 4 | \n\n\n\n
\n\n| Provision for claims, penalties and indemnification (Note 32) | \n 3 | \n 2 | \n\n\n\n
\n\n| Other financial liabilities (Note 32) | \n 8 | \n 2 | \n\n\n\n
\n\n | \n 2,941 | \n 2,224 | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
\n
\n
The main risks inherent to the Group\u2019s operations are those related to
\n
credit risk, liquidity risk, currency risk, interest rate, and commodity
\n
price risk.
\n
\n
\n\n\n
\n
CREDIT RISK
\n
The Group is exposed to credit risk, which is the risk that one party to a
\n
financial instrument will fail to discharge an obligation and cause the other
\n
party to incur a financial loss. The Group does not hold any collateral or
\n
other credit enhancements to cover its credit risks associated with its
\n
financial assets. The amount of financial assets disclosed in the table
\n
\u201cMajor categories of assets and liabilities considered by the Group from a
\n
risk management perspective\u201d represents the maximum credit exposure.
\n
The Group structures the levels of credit risk it undertakes by limiting
\n
the amount of risk accepted by one customer or group of customers.
\n
The approved credit period for significant customer groups, including
\n
franchisees, distributors, and supermarkets, is 45 days.
\n
Limits on the level of credit risk by customers are approved and
\n
monitored regularly by the management of the Group. Management
\n
assesses amounts receivable from customers for recoverability
\n
starting from 30 and 60 days for receivables on sales of poultry meat
\n
and receivables on other sales, respectively. As of 31 December 2025,
\n
approximately 18% of trade accounts receivable relates to the top 10
\n
customers, of which 76% are from the customers outside of Ukraine
\n
(31 December 2024: 20% and 57%, respectively).
\n
Other current and non-current financial assets primarily consist of loans
\n
to third parties and related parties, as well as other financial assets.
\n
The Group has implemented a credit risk policy, whereby each new
\n
loan is assessed for creditworthiness on an individual basis prior to
\n
the transaction. This assessment includes an evaluation of the debtor\u2019s
\n
financial position, payment history, transaction volume, and other
\n
relevant factors.
\n
The credit risk on liquid funds is limited because almost all counterparties
\n
are banks with high credit ratings assigned by international credit-
\n
rating agencies; a relatively small portion of cash is held in Ukrainian
\n
state banks on current accounts.
\n
\n\n\n
\n\n\n\n
\n
\n37. Risk management policies (continued)
\n
\n\n
LIQUIDITY RISK
\n
Liquidity risk is the risk that the Group will not be able to settle its liabilities as they fall due. The Group\u2019s liquidity
\n
position is carefully monitored and managed. The Group has a detailed budgeting and cash forecasting process
\n
to help ensure adequate cash is available to meet its payment obligations.
\n
The following table details the Group\u2019s financial liabilities by their remaining contractual maturity. The table has
\n
been drawn up based on the undiscounted cash flows of financial liabilities using the earliest date the Group
\n
can be required to pay. The table includes both interest and principal cash flows as of 31 December 2025 and
\n
2024. The amounts in the table may not be equal to the carrying amounts in the statement of financial position
\n
since the table presents all cash outflows on an undiscounted basis.
\n
\n
\n\n\n | \nCARRYING AMOUNT | \nCONTRACTUAL AMOUNTS | \nLESS THAN 1 YEAR | \nFROM 2ND TO 5TH YEAR | \nAFTER 5TH YEAR | \n\n\n\n
\n\n\n\n\n\n\n| Year ended 31 December 2025 | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Bank borrowings | \n 1,268 | \n 1,402 | \n 536 | \n 739 | \n 127 | \n\n\n\n
\n\n| Bonds issued | \n 913 | \n 1,007 | \n 591 | \n 416 | \n - | \n\n\n\n
\n\n| Lease liabilities | \n 323 | \n 614 | \n 95 | \n 285 | \n 234 | \n\n\n\n
\n\n| Trade accounts payable | \n 277 | \n 277 | \n 277 | \n- | \n- | \n\n\n\n
\n\n| Other current liabilities | \n 160 | \n 160 | \n 160 | \n- | \n- | \n\n\n\n
\n\n| Total | \n 2,941 | \n 3,460 | \n 1,659 | \n 1,440 | \n 361 | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Year ended 31 December 2024 | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Bank borrowings | \n 772 | \n 1,019 | \n 341 | \n 651 | \n 27 | \n\n\n\n
\n\n| Bonds issued | \n 909 | \n 1,067 | \n 60 | \n 1,007 | \n - | \n\n\n\n
\n\n| Lease liabilities | \n 276 | \n 529 | \n 80 | \n 246 | \n 203 | \n\n\n\n
\n\n| Trade accounts payable | \n 147 | \n 147 | \n 147 | \n- | \n- | \n\n\n\n
\n\n| Other current liabilities | \n 120 | \n 120 | \n 120 | \n- | \n- | \n\n\n\n
\n\n| Total | \n 2,224 | \n 2,882 | \n 748 | \n 1,904 | \n 230 | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
\n
The Group\u2019s target is to maintain its current ratio, defined as the proportion of current assets to current
\n
liabilities, at the level of not less than 1.2. As of 31 December 2025 and 2024, the current ratio was as follows:
\n
\n
\n
\n
\n\n\n | \n2025 | \n2024 | \n\n\n\n
\n\n\n\n\n\n\n| Current assets | \n 2,164 | \n 1,665 | \n\n\n\n
\n\n| Current liabilities | \n1,631 | \n665 | \n\n\n\n
\n\n | \n 1.33 | \n 2.50 | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
\n
\n
As disclosed in Note 40, the Group refinanced its Senior notes due in 2026 with nominal amount of USD 550
\n
million by issuing new Senior notes due in 2026, which improved the liquidity position after the reporting date.
\n
\n
\n\n\n
\n
CURRENCY RISK
\n
Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because
\n
of changes in foreign exchange rates. The Group operates across multiple jurisdictions and is exposed to
\n
currency risk through various export and import transactions, as well as monetary balances and net investments
\n
denominated in currencies other than the functional currency of each respective entity.
\n
The Group\u2019s presentation currency is USD. The primary exposures arise from fluctuations in the US Dollar (USD),
\n
Euro (EUR), Ukrainian Hryvnia (UAH) and other. In particular, the Ukrainian operations, which use UAH as their
\n
functional currency, are significantly exposed to foreign currency risk due to a substantial portion of loans and
\n
borrowings being denominated in USD and EUR.
\n
The Group does not use any derivatives to manage foreign currency risk exposure. However, Management
\n
limits exposure to foreign currency fluctuations to manage currency risk.
\n
\n\n\n
\n\n\n\n
\n37. Risk management policies (continued)
\n
\n\n
\n
CURRENCY RISK (continued)
\n
\n
The following table illustrates the estimated impact of a reasonably
\n
possible change in exchange rates on profit or loss, holding all
\n
other variables constant. Rate movements reflect management\u2019s
\n
assessment of historical volatility. The analysis covers monetary
\n
financial instruments only.
\n
\n
\n\n\n | \nCHANGE IN FOREIGN CURRENCY EXCHANGE RATES | \nEFFECT ON PROFIT BEFORE TAX, GAIN/(LOSS) | \n\n\n\n
\n\n\n\n\n\n\n| 2025 | \n | \n | \n\n\n\n
\n\n| UAH/USD | \n10% | \n (134) | \n\n\n\n
\n\n| UAH/USD | \n-2% | \n 27 | \n\n\n\n
\n\n| UAH/EUR | \n10% | \n (15) | \n\n\n\n
\n\n| UAH/EUR | \n-2% | \n 3 | \n\n\n\n
\n\n| EUR/USD | \n5% | \n 8 | \n\n\n\n
\n\n| EUR/USD | \n-5% | \n (8) | \n\n\n\n
\n\n | \n | \n | \n\n\n\n
\n\n| 2024 | \n | \n | \n\n\n\n
\n\n| UAH/USD | \n10% | \n (138) | \n\n\n\n
\n\n| UAH/USD | \n-2% | \n 28 | \n\n\n\n
\n\n| UAH/EUR | \n10% | \n (7) | \n\n\n\n
\n\n| UAH/EUR | \n-2% | \n 1 | \n\n\n\n
\n\n| EUR/USD | \n5% | \n 6 | \n\n\n\n
\n\n| EUR/USD | \n-5% | \n (6) | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
\n
\n\n\n
\n
During the year ended 31 December 2025 the Ukrainian Hryvnia
\n
depreciated against the EUR and USD by 11.89% and 0.82% respectively
\n
(2024: depreciated against the EUR by 3.91% and 9.65% against the
\n
USD). As a result, during the year ended 31 December 2025 the Group
\n
recognised net foreign exchange losses in the amount of USD 12 million
\n
(2024: foreign exchange losses in the amount of USD 125 million) and
\n
cumulative translation loss of USD 45 million (2024: USD 131 million) in
\n
the consolidated statement of profit or loss and other comprehensive
\n
income.
\n
As operations of Ukrainian subsidiaries of the Group are primarily
\n
exposed to the currency risk, it is mitigated by the USD-denominated
\n
cash proceeds from sales of sunflower oil, grain, and chicken meat
\n
export, which are deemed sufficient for servicing the Group\u2019s foreign
\n
currency denominated liabilities. Information about export sales is
\n
presented in Note 7.
\n
INTEREST RATE RISK
\n
Interest rate risk arises from the possibility that interest rate changes
\n
Interest rate risk arises from the possibility that interest rate changes
\n
will primarily affect borrowings by changing future cash flows. For
\n
variable rate borrowings, interest is linked to SOFR, EURIBOR or UIRD.
\n
The table below illustrates the Group\u2019s sensitivity to increases or
\n
decreases in interest rates by 1%. The analysis was applied to interest-
\n
bearing bank borrowings and lease obligations based on the assumption
\n
that the amount of liability outstanding as of the reporting date was
\n
significant for the whole year.
\n
\n
\n\n\n | \nINCREASE/ (DECREASE) OF FLOATING RATE | \nEFFECT ON PROFIT BEFORE TAX, GAIN/(LOSS) | \n\n\n\n
\n\n\n\n\n\n\n| 2025 | \n | \n | \n\n\n\n
\n\n| SOFR | \n1% | \n ( 4 ) | \n\n\n\n
\n\n| SOFR | \n-1% | \n 4 | \n\n\n\n
\n\n| EURIBOR | \n1% | \n (5) | \n\n\n\n
\n\n| EURIBOR | \n-1% | \n 5 | \n\n\n\n
\n\n | \n | \n | \n\n\n\n
\n\n| 2024 | \n | \n | \n\n\n\n
\n\n| SOFR | \n1% | \n ( 4 ) | \n\n\n\n
\n\n| SOFR | \n-1% | \n 4 | \n\n\n\n
\n\n| EURIBOR | \n1% | \n (2) | \n\n\n\n
\n\n| EURIBOR | \n-1% | \n 2 | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
\n
The effect of interest rate sensitivity on shareholders\u2019 equity is equal
\n
to that on the consolidated statement of profit or loss.
\n
\n
\n
\n\n\n
\n\n\n\n
\n37. Risk management policies (continued)
\n
\n\n
LIVESTOCK DISEASES RISK
\n
The Group\u2019s agro-industrial business is subject to risks of outbreaks of
\n
various diseases. The Group faces the risk of outbreaks of diseases, which
\n
are highly contagious and destructive to susceptible livestock, such as
\n
avian influenza or bird flu, for its poultry operations. These and other
\n
diseases could result in mortality losses. The Group adopted disease control
\n
measures to minimize and manage this risk. Management is satisfied that
\n
its current risk management and quality control processes are adequate to
\n
prevent any outbreak of livestock diseases and related losses.
\n
COMMODITY PRICE AND PROCUREMENT RISK
\n
Commodity price risk arises from the risk of an adverse effect on current
\n
or future earnings from fluctuations in the prices of commodities.
\n
To mitigate this risk, the Group continues the expansion of its grain-
\n
growing segment as part of its vertical integration strategy. Also, it
\n
accumulates sufficient commodity stock to meet its production needs.
\n
\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag396": {
"value": "\nCAPITAL MANAGEMENT
\nThe Group manages its capital to ensure that entities of the Group will
\nbe able to continue as a going concern while maximizing the return to
\nthe equity holders through maintaining a balance between the higher
\nreturns that might be possible with higher levels of borrowings and the
\nsecurity afforded by a sound capital position. The management of the
\nGroup reviews its capital structure regularly. Based on the results of
\nthis review, the Group takes steps to balance its overall capital structure
\nthrough new share issues and the issue of new debt or the redemption
\nof existing debt.
\nIn addition to the target ratios of the covenants established under the
\nterms of the bonds issued and bank borrowings (Notes 30 and 31), the
\nGroup aims to achieve a gearing ratio that is not higher than 2.5. The
\nGroup defines its gearing ratio as the proportion of total liabilities to
\ntotal equity.
\nAs of 31 December 2025 and 2024 the gearing ratio was as follows:
\n\n
\n\n\n | \n2025 | \n2024 | \n\n\n\n
\n\n\n\n\n\n\n| Total Liabilities | \n3,231 | \n2,460 | \n\n\n\n
\n\n| Total Equity | \n2,214 | \n1,966 | \n\n\n\n
\n\n| Total Liabilities to Equity | \n1.46 | \n1.25 | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
MAJOR CATEGORIES OF ASSETS AND LIABILITIES CONSIDERED BY
\nTHE GROUP FROM A RISK MANAGEMENT PERSPECTIVE
\n\n
\n\n\n | \n2025 | \n2024 | \n\n\n\n
\n\n\n\n\n\n\n| Assets: | \n | \n | \n\n\n\n
\n\n| Cash and cash equivalents (Note 26) | \n 415 | \n 355 | \n\n\n\n
\n\n| Trade accounts receivable (Note 24) | \n 327 | \n 200 | \n\n\n\n
\n\n| Investments in associates (Note 4) | \n 17 | \n 21 | \n\n\n\n
\n\n| Other current financial assets (Note 25) | \n 33 | \n 19 | \n\n\n\n
\n\n| Non-current financial assets (Note 19) | \n 18 | \n 10 | \n\n\n\n
\n\n | \n 810 | \n 605 | \n\n\n\n
\n\n | \n | \n | \n\n\n\n
\n\n| Liabilities: | \n | \n | \n\n\n\n
\n\n| Bank borrowings (Note 29) | \n 1,259 | \n 763 | \n\n\n\n
\n\n| Bonds issued (Note 30) | \n 898 | \n 894 | \n\n\n\n
\n\n| Lease liabilities (Note 31) | \n 323 | \n 276 | \n\n\n\n
\n\n| Trade accounts payable | \n 277 | \n 147 | \n\n\n\n
\n\n| Accrued payroll and related taxes (Note 32) | \n 112 | \n 86 | \n\n\n\n
\n\n| Interest payable (Note 29, 30) | \n 24 | \n 24 | \n\n\n\n
\n\n| Amounts payable for property, plant and equipment (Note 32) | \n 24 | \n 17 | \n\n\n\n
\n\n| Income tax payable (Note 32) | \n 10 | \n 9 | \n\n\n\n
\n\n| VAT payable (Note 32) | \n 3 | \n 4 | \n\n\n\n
\n\n| Provision for claims, penalties and indemnification (Note 32) | \n 3 | \n 2 | \n\n\n\n
\n\n| Other financial liabilities (Note 32) | \n 8 | \n 2 | \n\n\n\n
\n\n | \n 2,941 | \n 2,224 | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
\nThe main risks inherent to the Group\u2019s operations are those related to
\ncredit risk, liquidity risk, currency risk, interest rate, and commodity
\nprice risk.
\n
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag397": {
"value": "\nCREDIT RISK
\nThe Group is exposed to credit risk, which is the risk that one party to a
\nfinancial instrument will fail to discharge an obligation and cause the other
\nparty to incur a financial loss. The Group does not hold any collateral or
\nother credit enhancements to cover its credit risks associated with its
\nfinancial assets. The amount of financial assets disclosed in the table
\n\u201cMajor categories of assets and liabilities considered by the Group from a
\nrisk management perspective\u201d represents the maximum credit exposure.
\nThe Group structures the levels of credit risk it undertakes by limiting
\nthe amount of risk accepted by one customer or group of customers.
\nThe approved credit period for significant customer groups, including
\nfranchisees, distributors, and supermarkets, is 45 days.
\nLimits on the level of credit risk by customers are approved and
\nmonitored regularly by the management of the Group. Management
\nassesses amounts receivable from customers for recoverability
\nstarting from 30 and 60 days for receivables on sales of poultry meat
\nand receivables on other sales, respectively. As of 31 December 2025,
\napproximately 18% of trade accounts receivable relates to the top 10
\ncustomers, of which 76% are from the customers outside of Ukraine
\n(31 December 2024: 20% and 57%, respectively).
\nOther current and non-current financial assets primarily consist of loans
\nto third parties and related parties, as well as other financial assets.
\nThe Group has implemented a credit risk policy, whereby each new
\nloan is assessed for creditworthiness on an individual basis prior to
\nthe transaction. This assessment includes an evaluation of the debtor\u2019s
\nfinancial position, payment history, transaction volume, and other
\nrelevant factors.
\nThe credit risk on liquid funds is limited because almost all counterparties
\nare banks with high credit ratings assigned by international credit-
\nrating agencies; a relatively small portion of cash is held in Ukrainian
\nstate banks on current accounts.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag400": {
"value": "\nLIQUIDITY RISK
\nLiquidity risk is the risk that the Group will not be able to settle its liabilities as they fall due. The Group\u2019s liquidity
\nposition is carefully monitored and managed. The Group has a detailed budgeting and cash forecasting process
\nto help ensure adequate cash is available to meet its payment obligations.
\nThe following table details the Group\u2019s financial liabilities by their remaining contractual maturity. The table has
\nbeen drawn up based on the undiscounted cash flows of financial liabilities using the earliest date the Group
\ncan be required to pay. The table includes both interest and principal cash flows as of 31 December 2025 and
\n2024. The amounts in the table may not be equal to the carrying amounts in the statement of financial position
\nsince the table presents all cash outflows on an undiscounted basis.
\n\n
\n\n\n | \nCARRYING AMOUNT | \nCONTRACTUAL AMOUNTS | \nLESS THAN 1 YEAR | \nFROM 2ND TO 5TH YEAR | \nAFTER 5TH YEAR | \n\n\n\n
\n\n\n\n\n\n\n| Year ended 31 December 2025 | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Bank borrowings | \n 1,268 | \n 1,402 | \n 536 | \n 739 | \n 127 | \n\n\n\n
\n\n| Bonds issued | \n 913 | \n 1,007 | \n 591 | \n 416 | \n - | \n\n\n\n
\n\n| Lease liabilities | \n 323 | \n 614 | \n 95 | \n 285 | \n 234 | \n\n\n\n
\n\n| Trade accounts payable | \n 277 | \n 277 | \n 277 | \n- | \n- | \n\n\n\n
\n\n| Other current liabilities | \n 160 | \n 160 | \n 160 | \n- | \n- | \n\n\n\n
\n\n| Total | \n 2,941 | \n 3,460 | \n 1,659 | \n 1,440 | \n 361 | \n\n\n\n
\n\n | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Year ended 31 December 2024 | \n | \n | \n | \n | \n | \n\n\n\n
\n\n| Bank borrowings | \n 772 | \n 1,019 | \n 341 | \n 651 | \n 27 | \n\n\n\n
\n\n| Bonds issued | \n 909 | \n 1,067 | \n 60 | \n 1,007 | \n - | \n\n\n\n
\n\n| Lease liabilities | \n 276 | \n 529 | \n 80 | \n 246 | \n 203 | \n\n\n\n
\n\n| Trade accounts payable | \n 147 | \n 147 | \n 147 | \n- | \n- | \n\n\n\n
\n\n| Other current liabilities | \n 120 | \n 120 | \n 120 | \n- | \n- | \n\n\n\n
\n\n| Total | \n 2,224 | \n 2,882 | \n 748 | \n 1,904 | \n 230 | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
The Group\u2019s target is to maintain its current ratio, defined as the proportion of current assets to current
\nliabilities, at the level of not less than 1.2. As of 31 December 2025 and 2024, the current ratio was as follows:
\n
\n
\n\n
\n\n\n | \n2025 | \n2024 | \n\n\n\n
\n\n\n\n\n\n\n| Current assets | \n 2,164 | \n 1,665 | \n\n\n\n
\n\n| Current liabilities | \n1,631 | \n665 | \n\n\n\n
\n\n | \n 1.33 | \n 2.50 | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
\nAs disclosed in Note 40, the Group refinanced its Senior notes due in 2026 with nominal amount of USD 550
\nmillion by issuing new Senior notes due in 2026, which improved the liquidity position after the reporting date.
\n
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag401": {
"value": "\nCURRENCY RISK
\nCurrency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because
\nof changes in foreign exchange rates. The Group operates across multiple jurisdictions and is exposed to
\ncurrency risk through various export and import transactions, as well as monetary balances and net investments
\ndenominated in currencies other than the functional currency of each respective entity.
\nThe Group\u2019s presentation currency is USD. The primary exposures arise from fluctuations in the US Dollar (USD),
\nEuro (EUR), Ukrainian Hryvnia (UAH) and other. In particular, the Ukrainian operations, which use UAH as their
\nfunctional currency, are significantly exposed to foreign currency risk due to a substantial portion of loans and
\nborrowings being denominated in USD and EUR.
\nThe Group does not use any derivatives to manage foreign currency risk exposure. However, Management
\nlimits exposure to foreign currency fluctuations to manage currency risk.
\n
\n\n\n\n
\nCURRENCY RISK (continued)
\n\n
The following table illustrates the estimated impact of a reasonably
\n
possible change in exchange rates on profit or loss, holding all
\n
other variables constant. Rate movements reflect management\u2019s
\n
assessment of historical volatility. The analysis covers monetary
\n
financial instruments only.
\n
\n
\n\n\n | \nCHANGE IN FOREIGN CURRENCY EXCHANGE RATES | \nEFFECT ON PROFIT BEFORE TAX, GAIN/(LOSS) | \n\n\n\n
\n\n\n\n\n\n\n| 2025 | \n | \n | \n\n\n\n
\n\n| UAH/USD | \n10% | \n (134) | \n\n\n\n
\n\n| UAH/USD | \n-2% | \n 27 | \n\n\n\n
\n\n| UAH/EUR | \n10% | \n (15) | \n\n\n\n
\n\n| UAH/EUR | \n-2% | \n 3 | \n\n\n\n
\n\n| EUR/USD | \n5% | \n 8 | \n\n\n\n
\n\n| EUR/USD | \n-5% | \n (8) | \n\n\n\n
\n\n | \n | \n | \n\n\n\n
\n\n| 2024 | \n | \n | \n\n\n\n
\n\n| UAH/USD | \n10% | \n (138) | \n\n\n\n
\n\n| UAH/USD | \n-2% | \n 28 | \n\n\n\n
\n\n| UAH/EUR | \n10% | \n (7) | \n\n\n\n
\n\n| UAH/EUR | \n-2% | \n 1 | \n\n\n\n
\n\n| EUR/USD | \n5% | \n 6 | \n\n\n\n
\n\n| EUR/USD | \n-5% | \n (6) | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
\n
\n\n\n
During the year ended 31 December 2025 the Ukrainian Hryvnia
\ndepreciated against the EUR and USD by 11.89% and 0.82% respectively
\n(2024: depreciated against the EUR by 3.91% and 9.65% against the
\nUSD). As a result, during the year ended 31 December 2025 the Group
\nrecognised net foreign exchange losses in the amount of USD 12 million
\n(2024: foreign exchange losses in the amount of USD 125 million) and
\ncumulative translation loss of USD 45 million (2024: USD 131 million) in
\nthe consolidated statement of profit or loss and other comprehensive
\nincome.
\nAs operations of Ukrainian subsidiaries of the Group are primarily
\nexposed to the currency risk, it is mitigated by the USD-denominated
\ncash proceeds from sales of sunflower oil, grain, and chicken meat
\nexport, which are deemed sufficient for servicing the Group\u2019s foreign
\ncurrency denominated liabilities. Information about export sales is
\npresented in Note 7.
\nINTEREST RATE RISK
\nInterest rate risk arises from the possibility that interest rate changes
\nInterest rate risk arises from the possibility that interest rate changes
\nwill primarily affect borrowings by changing future cash flows. For
\nvariable rate borrowings, interest is linked to SOFR, EURIBOR or UIRD.
\nThe table below illustrates the Group\u2019s sensitivity to increases or
\ndecreases in interest rates by 1%. The analysis was applied to interest-
\nbearing bank borrowings and lease obligations based on the assumption
\nthat the amount of liability outstanding as of the reporting date was
\nsignificant for the whole year.
\n\n
\n\n\n | \nINCREASE/ (DECREASE) OF FLOATING RATE | \nEFFECT ON PROFIT BEFORE TAX, GAIN/(LOSS) | \n\n\n\n
\n\n\n\n\n\n\n| 2025 | \n | \n | \n\n\n\n
\n\n| SOFR | \n1% | \n ( 4 ) | \n\n\n\n
\n\n| SOFR | \n-1% | \n 4 | \n\n\n\n
\n\n| EURIBOR | \n1% | \n (5) | \n\n\n\n
\n\n| EURIBOR | \n-1% | \n 5 | \n\n\n\n
\n\n | \n | \n | \n\n\n\n
\n\n| 2024 | \n | \n | \n\n\n\n
\n\n| SOFR | \n1% | \n ( 4 ) | \n\n\n\n
\n\n| SOFR | \n-1% | \n 4 | \n\n\n\n
\n\n| EURIBOR | \n1% | \n (2) | \n\n\n\n
\n\n| EURIBOR | \n-1% | \n 2 | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
The effect of interest rate sensitivity on shareholders\u2019 equity is equal
\nto that on the consolidated statement of profit or loss.
\n
\n
\n
\n\n\n\nLIVESTOCK DISEASES RISK
\nThe Group\u2019s agro-industrial business is subject to risks of outbreaks of
\nvarious diseases. The Group faces the risk of outbreaks of diseases, which
\nare highly contagious and destructive to susceptible livestock, such as
\navian influenza or bird flu, for its poultry operations. These and other
\ndiseases could result in mortality losses. The Group adopted disease control
\nmeasures to minimize and manage this risk. Management is satisfied that
\nits current risk management and quality control processes are adequate to
\nprevent any outbreak of livestock diseases and related losses.
\nCOMMODITY PRICE AND PROCUREMENT RISK
\nCommodity price risk arises from the risk of an adverse effect on current
\nor future earnings from fluctuations in the prices of commodities.
\nTo mitigate this risk, the Group continues the expansion of its grain-
\ngrowing segment as part of its vertical integration strategy. Also, it
\naccumulates sufficient commodity stock to meet its production needs.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag403": {
"value": "\nThe following table illustrates the estimated impact of a reasonably
\npossible change in exchange rates on profit or loss, holding all
\nother variables constant. Rate movements reflect management\u2019s
\nassessment of historical volatility. The analysis covers monetary
\nfinancial instruments only.
\n\n
\n\n\n | \nCHANGE IN FOREIGN CURRENCY EXCHANGE RATES | \nEFFECT ON PROFIT BEFORE TAX, GAIN/(LOSS) | \n\n\n\n
\n\n\n\n\n\n\n| 2025 | \n | \n | \n\n\n\n
\n\n| UAH/USD | \n10% | \n (134) | \n\n\n\n
\n\n| UAH/USD | \n-2% | \n 27 | \n\n\n\n
\n\n| UAH/EUR | \n10% | \n (15) | \n\n\n\n
\n\n| UAH/EUR | \n-2% | \n 3 | \n\n\n\n
\n\n| EUR/USD | \n5% | \n 8 | \n\n\n\n
\n\n| EUR/USD | \n-5% | \n (8) | \n\n\n\n
\n\n | \n | \n | \n\n\n\n
\n\n| 2024 | \n | \n | \n\n\n\n
\n\n| UAH/USD | \n10% | \n (138) | \n\n\n\n
\n\n| UAH/USD | \n-2% | \n 28 | \n\n\n\n
\n\n| UAH/EUR | \n10% | \n (7) | \n\n\n\n
\n\n| UAH/EUR | \n-2% | \n 1 | \n\n\n\n
\n\n| EUR/USD | \n5% | \n 6 | \n\n\n\n
\n\n| EUR/USD | \n-5% | \n (6) | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag406": {
"value": "\n
\n
\n38. Pensions and retirement plans
\n
\n\n
The Group's employees receive pension benefits from the government in
\n
accordance with the laws and regulations of their respective jurisdictions.
\n
Ukrainian subsidiaries of the Group contributed USD 104 million to the
\n
State Pension Fund of Ukraine for the year ended 31 December 2025,
\n
which is recorded in the Consolidated Statement of Profit or Loss and
\n
Other Comprehensive Income on an accrual basis (compared to USD 87
\n
million in 2024). The Ukrainian companies of the Group are not obliged for
\n
providing any additional pensions, post-retirement healthcare, insurance
\n
benefits, or retirement indemnities to current or former employees, apart
\n
from pay-as-you-go expenses.
\n
According to legislative regulations, collective contracts, and internal rules,
\n
the European Operating Segment companies are obligated to pay loyalty
\n
bonuses and severance payments to employees upon their retirement, for
\n
which long-term provisions are made. Provisions are recognised in other
\n
operating expenses in the Consolidated Statement of Profit or Loss and
\n
Other Comprehensive Income, and in other non-current liabilities in the
\n
Statement of Financial Position.
\n
\n
\n\n
\n
The balances of provisions for employee benefits are presented within
\n
other non-current liabilities and were as follows as of 31 December
\n
2025 and 2024:
\n
\n
\n\n\n | \n2025 | \n2024 | \n\n\n\n
\n\n\n\n\n\n\n| Provisions for severance payments | \n 5.6 | \n 4.7 | \n\n\n\n
\n\n| Provisions for loyalty bonuses | \n 1.2 | \n 1.1 | \n\n\n\n
\n\n | \n 6.8 | \n 5.8 | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
\n
\n
The following table represents movements in provisions for employee
\n
benefits for the years ended 31 December 2025 and 2024:
\n
\n
\n\n\n | \nPROVISIONS FOR SEVERANCE PAYMENTS | \nPROVISIONS FOR LOYALTY BONUSES | \nTOTAL | \n\n\n\n
\n\n\n\n\n\n\n| 31 December 2023 | \n 4.8 | \n 1.0 | \n 5.8 | \n\n\n\n
\n\n| Formation | \n 0.8 | \n 0.2 | \n 1.0 | \n\n\n\n
\n\n| Expenditure | \n(0.6) | \n(0.1) | \n(0.7) | \n\n\n\n
\n\n| Translation differences | \n(0.3) | \n- | \n(0.3) | \n\n\n\n
\n\n| 31 December 2024 | \n 4.7 | \n 1.1 | \n 5.8 | \n\n\n\n
\n\n| Formation | \n 0.9 | \n- | \n 0.9 | \n\n\n\n
\n\n| Expenditure | \n (0.6) | \n- | \n (0.6) | \n\n\n\n
\n\n| Translation differences | \n 0.6 | \n 0 .1 | \n 0.7 | \n\n\n\n
\n\n| 31 December 2025 | \n 5.6 | \n 1.2 | \n 6.8 | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
\n
\n\n
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag407": {
"value": "\nThe Group's employees receive pension benefits from the government in
\naccordance with the laws and regulations of their respective jurisdictions.
\nUkrainian subsidiaries of the Group contributed USD 104 million to the
\nState Pension Fund of Ukraine for the year ended 31 December 2025,
\nwhich is recorded in the Consolidated Statement of Profit or Loss and
\nOther Comprehensive Income on an accrual basis (compared to USD 87
\nmillion in 2024). The Ukrainian companies of the Group are not obliged for
\nproviding any additional pensions, post-retirement healthcare, insurance
\nbenefits, or retirement indemnities to current or former employees, apart
\nfrom pay-as-you-go expenses.
\nAccording to legislative regulations, collective contracts, and internal rules,
\nthe European Operating Segment companies are obligated to pay loyalty
\nbonuses and severance payments to employees upon their retirement, for
\nwhich long-term provisions are made. Provisions are recognised in other
\noperating expenses in the Consolidated Statement of Profit or Loss and
\nOther Comprehensive Income, and in other non-current liabilities in the
\nStatement of Financial Position.
\n
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag408": {
"value": "\nThe balances of provisions for employee benefits are presented within
\nother non-current liabilities and were as follows as of 31 December
\n2025 and 2024:
\n\n
\n\n\n | \n2025 | \n2024 | \n\n\n\n
\n\n\n\n\n\n\n| Provisions for severance payments | \n 5.6 | \n 4.7 | \n\n\n\n
\n\n| Provisions for loyalty bonuses | \n 1.2 | \n 1.1 | \n\n\n\n
\n\n | \n 6.8 | \n 5.8 | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
\nThe following table represents movements in provisions for employee
\nbenefits for the years ended 31 December 2025 and 2024:
\n\n
\n\n\n | \nPROVISIONS FOR SEVERANCE PAYMENTS | \nPROVISIONS FOR LOYALTY BONUSES | \nTOTAL | \n\n\n\n
\n\n\n\n\n\n\n| 31 December 2023 | \n 4.8 | \n 1.0 | \n 5.8 | \n\n\n\n
\n\n| Formation | \n 0.8 | \n 0.2 | \n 1.0 | \n\n\n\n
\n\n| Expenditure | \n(0.6) | \n(0.1) | \n(0.7) | \n\n\n\n
\n\n| Translation differences | \n(0.3) | \n- | \n(0.3) | \n\n\n\n
\n\n| 31 December 2024 | \n 4.7 | \n 1.1 | \n 5.8 | \n\n\n\n
\n\n| Formation | \n 0.9 | \n- | \n 0.9 | \n\n\n\n
\n\n| Expenditure | \n (0.6) | \n- | \n (0.6) | \n\n\n\n
\n\n| Translation differences | \n 0.6 | \n 0 .1 | \n 0.7 | \n\n\n\n
\n\n| 31 December 2025 | \n 5.6 | \n 1.2 | \n 6.8 | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag409": {
"value": "\n
\n39. Earnings per share
\n
\nThe earnings and weighted average number of ordinary shares used in
\ncalculation of earnings per share are as follows:
\n\n
\n\n\n | \n2025 | \n2024 | \n\n\n\n
\n\n\n\n\n\n\n| Profit for the year attributable to equity holders of the Parent | \n 175 | \n 134 | \n\n\n\n
\n\n| Earnings used in calculation of earnings per share | \n 175 | \n 134 | \n\n\n\n
\n\n | \n | \n | \n\n\n\n
\n\n| Weighted average number of shares outstanding (Note 28) | \n 107,038,208 | \n 107,038,208 | \n\n\n\n
\n\n| Basic and diluted Earnings per share (USD per share) | \n 1.63 | \n 1.25 | \n\n\n\n
\n\n\n\n\n\n\n\n
\n\n\n\n
\n\n
The Group has neither potentially dilutive ordinary shares nor other
\n
dilutive instruments; therefore, the diluted earnings per share equal
\n
basic earnings per share.
\n
\n\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag410": {
"value": "\nThe Group has neither potentially dilutive ordinary shares nor other
\ndilutive instruments; therefore, the diluted earnings per share equal
\nbasic earnings per share.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag411": {
"value": "\n40. Subsequent events
\n
\nREFINANCING OF 6.95% SENIOR NOTES DUE IN 2026
\nOn 15 January 2026, MHP Lux S.A. launched a cash tender offer for
\nany and all of its outstanding USD 550 million 6.95% Senior Notes due
\nin 2026 at a purchase price equal to par value plus accrued interest.
\nConcurrently, the Group announced its intention to issue new Senior
\nNotes due in 2029 and to redeem at par value any 2026 Notes not
\ntendered.
\nOn 28 January 2026, MHP Lux S.A. issued USD 450 million 10.5% Senior
\nNotes due in 2029 at par value. On 10 February 2026, an additional USD
\n100 million of 10.5% Senior Notes due in 2029 was issued at 104% of par
\nvalue, forming a single series with the notes issued on 28 January 2026.
\nThe proceeds were used to fund the tender offer and the redemption
\nof the 6.95% Senior Notes due in 2026.
\nFollowing the completion of the tender offer on 13 February 2026, USD
\n332 million in aggregate principal amount of the 6.95% Senior Notes
\ndue in 2026 were repurchased and cancelled. The remaining USD 218
\nmillion were redeemed at par value on 18 February 2026. As a result,
\nall obligations in respect of the 6.95% Senior Notes due in 2026 with a
\ntotal nominal value of USD 550 million have been fully discharged.
\nGEOPOLITICAL UNCERTAINTIES IN THE MIDDLE EAST
\nOn 28 February 2026, the geopolitical situation in the Middle East
\nescalated due to the armed conflict. The situation has created
\nheightened uncertainty in international relations and financial markets,
\nwith potential implications for global trade, energy supply, and overall
\nglobal economic stability. Potential consequences include volatility
\nin energy and commodity prices, that create pressure on cost of
\nproduction, disruptions in global supply chains, fluctuations in foreign
\nexchange and capital markets, and heightened uncertainty in logistics.
\nThe extent and duration of these effects remain uncertain and cannot
\nbe reliably estimated at this stage.
\nThese events after the reporting date are not expected to have an
\nimmediate material impact on the business operations of the Group.
\nManagement will continue to monitor the situation closely and will
\nimplement required measures.
\n
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
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"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag412": {
"value": "\n41. Authorization of the consolidated financial
\nstatements
\n
\nThese consolidated financial statements were authorized for issue by
\nthe Board of Directors of MHP SE on 5 May 2026.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
}
}
}