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"fact-242": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-243": { "value": "10998000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-244": { "value": "12485000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-247": { "value": "
1. General information
The Group consists of a Parent Company, Phoenix Spree Deutschland Limited (\u2018the Company\u2019), incorporated in Jersey, Channel Islands and
all its subsidiaries (\u2018the Group\u2019) which are incorporated and domiciled in and operate out of Jersey and Germany. Phoenix Spree Deutschland
Limited is listed on the premium segment of the Main Market of the London Stock Exchange.
The Group invests in residential and commercial property in Berlin, Germany.
The registered office is at IFC 5, St. Helier, Jersey JE1 1ST, Channel Islands.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-6": { "value": "Phoenix Spree Deutschland Limited", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-3": { "value": "Jersey", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-245": { "value": "Jersey", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-4": { "value": "The Group invests in residential and commercial property in Berlin, Germany.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-5": { "value": "IFC 5, St. Helier, Jersey JE1 1ST, Channel Islands", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-246": { "value": "
2. Summary of material accounting policies
The principal accounting policies adopted are set out below.
2.1 Basis of preparation
The consolidated financial statements have been prepared under UK International Accounting Standards and in accordance with International
Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and applicable law.
The consolidated financial statements are presented to the nearest \u20ac1,000.
The Group has adopted all of the new and revised standards and interpretations issued by the IASB and the International Financial Reporting
Interpretations Committee (IFRIC) of the IASB, as they have been adopted by the European Union and United Kingdom, that are relevant to its
operations and effective for accounting periods beginning on 1 January 2023.
The consolidated financial statements have been prepared on a going concern basis under the historical cost convention as modified by the
revaluation of investment property and financial assets and liabilities at fair value through profit or loss.
The preparation of the consolidated financial statements requires management to exercise its judgement in the process of applying accounting
policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions or estimates are significant to the
consolidated financial statements are disclosed in note 4.
2.2 Going concern
The Directors have prepared projections for three years from the signing of this report. These projections have been prepared using assumptions
which the Directors consider to be appropriate to the current financial position of the Group as regards to current expected revenues and its
cost base and the Group\u2019s investments, borrowing and debt repayment plans and show that the Group should be able to operate within the
level of its current resources and expects to comply with all covenants for the foreseeable future. The Group\u2019s business activities together
with the factors likely to affect its future development and the Group\u2019s objectives, policies and processes for managing its capital and its risks
are set out in the Strategic Report and in notes 3 and 30. After making enquiries the Directors have a reasonable expectation that the Group
has adequate resources to continue in operational existence for the foreseeable future. The Group has considered the current economic
environment alongside its principal risks in its going concern assessment. Further information can be found in the Viability Statement on
page 42. The Group therefore continues to adopt the going concern basis in preparing its consolidated financial statements.
2.3 Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries).
The Company controls an entity when the Group is exposed to, or has rights to, variable returns through its power over the entity. Subsidiaries
are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.
Profit or loss and each component of other comprehensive income are attributable to the owners of the Company and to the non-controlling
interests. Total comprehensive income of the subsidiaries is attributable to the owners of the Company and to the non-controlling interests
even if this results in the non-controlling interests having a deficit balance.
Accounting policies of subsidiaries which differ from Group accounting policies are adjusted on consolidation. All intra-group transactions,
balances, income and expenses are eliminated on consolidation.
Non-controlling interests in subsidiaries are identified separately from the Group\u2019s equity therein. Those interests of non-controlling shareholders
that represent ownership interests entitling their holders to a proportionate share of net assets upon liquidation may initially be measured at fair
value or at the non-controlling interests\u2019 proportionate share of the fair value of the acquiree\u2019s identifiable net assets. The choice of measurement
is made on an acquisition-by-acquisition basis. Other non-controlling interests are initially measured at fair value. Subsequent to acquisition,
the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests\u2019 share
of subsequent changes in equity.
Changes in the Group\u2019s interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The carrying
amount of the Group\u2019s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries.
Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received
is recognised directly in equity and attributed to the owners of the Company.
2.4 Revenue recognition Revenue includes rental income, service charges and other amounts directly recoverable from tenants. Rental income and service charges from operating leases are recognised as income on a straight-line basis over the lease term. When the Group provides incentives to its tenants, the cost of incentives are recognised over the lease term, on a straight-line basis, as a reduction of rental income. 2.5 Foreign currencies (a) Functional and presentation currency The currency of the primary economic environment in which the Group operates (\u2018the functional currency\u2019) is the Euro (\u20ac). The presentational currency of the consolidated financial statements is also the Euro (\u20ac). (b) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. At each reporting date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing at that date. Foreign exchange gains and losses resulting from such transactions are recognised in the Consolidated Statement of Comprehensive Income. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. 2.6 Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Board of Directors. The Board has identified the operations of the Group as a whole as the only operating segment. 2.7 Operating profit/(loss) Operating profit/(loss) is stated before the Group\u2019s net finance charges and gains/losses on derivative financial instruments and after the revaluation gains or losses for the year in respect of investment properties and after gains or losses on the disposal of investment properties. 2.8 Administrative and property expenses All expenses are accounted for on an accruals basis and are charged to the Consolidated Statement of Comprehensive Income in the period in which they are incurred. Service charge costs are accounted for on an accruals basis and included in property expenses. 2.9 Separately disclosed items Certain items are disclosed separately in the consolidated financial statements where this provides further understanding of the financial performance of the Group, due to their significance in terms of nature or amount. 2.10 Property Advisor fees The element of Property Advisor fees for management services provided are accounted for on an accruals basis and are charged to the Consolidated Statement of Comprehensive Income. These fees are detailed in note 7 and classified under \u2018Property advisors\u2019 fees and expenses\u2019. The settlement of the Property Advisor performance fees is detailed in note 25. Due to the nature of the settlement of the performance fee, any movement in the amount payable at the year end is reflected within the share-based payment reserve in the Consolidated Statement of Financial Position. 2.11 Investment property Property that is held for long-term rental yields or for capital appreciation, or both, which is not occupied by the Group, is classified as investment property. Investment property is measured initially at cost, including related transaction costs. After initial recognition, investment property is carried at fair value, based on market value. The change in fair values is recognised in the Consolidated Statement of Comprehensive Income for the year. A valuation exercise is undertaken by the Group\u2019s independent valuer, Jones Lang LaSalle GmbH (JLL), at each reporting date in accordance with the methodology described in note 16 on a building-by-building basis. Such estimates are inherently subjective and actual values can only be determined in a sales transaction. The valuations have been prepared by JLL on a consistent basis at each reporting date. Subsequent expenditure is added to the asset\u2019s carrying amount only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. Repairs and maintenance costs are charged to the Consolidated Statement of Comprehensive Income during the financial period in which they are incurred. Changes in fair values are recorded in the Consolidated Statement of Comprehensive Income for the year. Purchases and sales of investment properties are recognised on legal completion.
An investment property is derecognised upon disposal or when the investment property is permanently withdrawn from use and no future
economic benefits are expected from the disposal. Any gain or loss arising on derecognition of the property (calculated as the difference
between the net disposal proceeds and the carrying amount of the asset, where the carrying amount is the higher of cost or fair value) is
included in the Consolidated Statement of Comprehensive Income in the period in which the property is derecognised.
2.12 Current assets held for sale \u2013 investment property
Current assets (and disposal groups) classified as held for sale are measured at the most recent valuation.
Current assets (and disposal groups) are classified as held for sale if their carrying amount will be recovered through a sale transaction rather
than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset (or disposal group) is
available for immediate sale in its present condition. Management must be committed to the sale which should be expected to qualify for
recognition as a completed sale within one year from the date of classification.
The Group recognises an asset in this category once the Board has committed to the sale of an asset and marketing has commenced.
When the Group is committed to a sale plan involving loss of control of a subsidiary, all of the assets and liabilities of that subsidiary are classified
as held for sale when the criteria described above are met, regardless of whether the Group will retain a non-controlling interest in its former
subsidiary after the sale.
If an asset held for sale is unsold within one year of being classified as such, it will continue to be classified as held for sale if:
a) at the date the Company commits itself to a plan to sell a non-current asset (or disposal group) it reasonably expects that others (not a buyer)
will impose conditions on the transfer of the asset that will extend the period required to complete the sale, and actions necessary to respond
to those conditions cannot be initiated until after a firm purchase commitment is obtained, and a firm purchase commitment is highly
probable within one year;
b) the Company obtains a firm purchase commitment and, as a result, a buyer or others unexpectedly impose conditions on the transfer of
a non-current asset (or disposal group) previously classified as held for sale that will extend the period required to complete the sale, and
timely actions necessary to respond to the conditions have been taken, and a favourable resolution of the delaying factors is expected;
c) during the initial one-year period, circumstances arise that were previously considered unlikely and, as a result, a non-current asset previously
classified as held for sale is not sold by the end of that period, and during the initial one-year period the Company took action necessary to
respond to the change in circumstances, and the non-current asset is being actively marketed at a price that is reasonable, given the change
in circumstances, and the criteria above are met; otherwise it will be transferred back to investment property.
2.13 Property, plant and equipment
Property, plant and equipment is stated at cost less accumulated depreciation.
Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended
use. Depreciation is charged so as to write off the costs of assets to their residual values over their estimated useful lives, on the following basis:
Equipment \u2013 4.5% to 25% per annum, straight line.
The gain or loss arising on the disposal of an asset is determined as the difference between the sales proceeds and the carrying amount of the
asset and is recognised in the Consolidated Statement of Comprehensive Income.
2.14 Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take
a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are
substantially ready for their intended use or sale.
All other borrowing costs are recognised in the Consolidated Statement of Comprehensive Income in the period in which they are incurred.
2.15 Tenants deposits
Tenants deposits are held off the Consolidated Statement of Financial Position in a separate bank account in accordance with German legal
requirements, and the funds are not accessible to the Group. Accordingly, neither an asset nor a liability is recognised.
2.16 Financial instruments
Financial assets and financial liabilities are recognised in the Group\u2019s Statement of Financial Position when the Group becomes a party to the
contractual provisions of the instrument.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or
issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added
to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly
attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit
or loss.
Trade and other receivables
Trade receivables are amounts due from tenants for rents and service charges and are initially recognised at the amount of the consideration
that is unconditional and subsequently carried at amortised cost as the Group\u2019s business model is to collect the contractual cash flows due
from tenants. The Group applies the simplified approach which requires expected lifetime losses to be recognised from initial recognition
of the receivable.
Cash and cash equivalents
Cash and cash equivalents are defined as cash and short-term deposits, including any bank overdrafts, with an original maturity of three months
or less, measured at amortised cost.
Trade and other payables
Trade payables are recognised and carried at their invoiced value inclusive of any VAT that may be applicable, and subsequently at amortised
cost using the effective interest method.
Borrowings
All loans and borrowings are initially measured at fair value less directly attributable transaction costs. After initial recognition, all interest-bearing
loans and borrowings are subsequently measured at amortised cost, using the effective interest method.
Treasury shares
When shares recognised as equity are repurchased, the amount of the consideration paid, which includes directly attributable costs, is recognised
as a deduction from equity at the weighted average cost of treasury shares up to the date of repurchase. Repurchased shares are classified as
treasury shares and are presented in the treasury share reserve. When treasury shares are sold or reissued subsequently, the amount received
is recognised as an increase in equity and the resulting surplus or deficit on the transaction is presented within retained earnings.
Interest rate swaps
The Group uses interest rate swaps to manage its market risk. The Group does not hold or issue derivatives for trading purposes.
The interest rate swaps are recognised in the Consolidated Statement of Financial Position at fair value, based on counterparty quotes.
The gain or loss on the swaps is recognised in the Consolidated Statement of Comprehensive Income and detailed in note 12.
The interest rate swaps are valued by an independent third-party specialist. The market value calculation is based on the present value of the
counterparty payments, the fixed interest, the present value of the payments to be received, and the floating interest.
2.17 Current and deferred income tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income,
except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In that case, the tax is also recognised
in other comprehensive income or directly in equity, respectively.
(a) Current tax
The current tax charge is based on taxable profit/(loss) for the year. Taxable profit/(loss) differs from net profit/(loss) reported in the Consolidated
Statement of Comprehensive Income because it excludes items of income or expense that are taxable or deductible in other years and it further
excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or
substantively enacted by the accounting date.
(b) Deferred tax
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the
financial statements and the corresponding tax bases used in the computation of taxable profit/(loss). Deferred tax assets are recognised to
the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilised.
Deferred tax is charged or credited in the Consolidated Statement of Comprehensive Income except when it relates to items credited or
charged directly in equity, in which case the deferred tax is also dealt with in equity.
Deferred tax is calculated at the tax rates and laws that are expected to apply to the period when the asset is realised or the liability is settled
based upon tax rates that have been enacted or substantively enacted by the accounting date.
The carrying amount of deferred tax assets is reviewed at each accounting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 2.18 New standards and interpretations The following relevant new standards, amendments to standards and interpretations have been issued, and are effective for the financial year beginning on 1 January 2023, as adopted by the European Union and United Kingdom:
Title
As issued by the IASB, mandatory for accounting periods starting on or after
IFRS 17 Insurance Contracts
Accounting periods beginning on or after 1 January 2023
Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2
Accounting periods beginning on or after 1 January 2023
Definition of Accounting Estimates \u2013 Amendments to IAS 8
Accounting periods beginning on or after 1 January 2023
Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Accounting periods beginning on or after 1 January 2023
Amendments to IAS 12
The new standards and amendments listed above did not have a material impact on either the current or prior financial periods. New and revised IFRS standards in issue but not yet effective and not early adopted The following standards have been issued by the IASB and adopted by the EU:
Title
As issued by the IASB, mandatory for accounting periods starting on or after
Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities Accounting periods beginning on or after 1 January 2024
as Current or Non-current and Non-current Liabilities with Covenants
Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback
Accounting periods beginning on or after 1 January 2024
Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Accounting periods beginning on or after 1 January 2024
Disclosures: Supplier Finance Arrangements (but not yet endorsed in the EU)
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Accounting periods beginning on or after 1 January 2025
Lack of Exchangeability (but not yet endorsed in the EU)
There are no anticipated material impacts to the Group from the above new and revised IFRS Standards.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-248": { "value": "2.1 Basis of preparation The consolidated financial statements have been prepared under UK International Accounting Standards and in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and applicable law. The consolidated financial statements are presented to the nearest \u20ac1,000. The Group has adopted all of the new and revised standards and interpretations issued by the IASB and the International Financial Reporting Interpretations Committee (IFRIC) of the IASB, as they have been adopted by the European Union and United Kingdom, that are relevant to its operations and effective for accounting periods beginning on 1 January 2023. The consolidated financial statements have been prepared on a going concern basis under the historical cost convention as modified by the revaluation of investment property and financial assets and liabilities at fair value through profit or loss. The preparation of the consolidated financial statements requires management to exercise its judgement in the process of applying accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions or estimates are significant to the consolidated financial statements are disclosed in note 4.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-287": { "value": "The consolidated financial statements have been prepared under UK International Accounting Standards and in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and applicable law. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-249": { "value": "2.2 Going concern The Directors have prepared projections for three years from the signing of this report. These projections have been prepared using assumptions which the Directors consider to be appropriate to the current financial position of the Group as regards to current expected revenues and its cost base and the Group\u2019s investments, borrowing and debt repayment plans and show that the Group should be able to operate within the level of its current resources and expects to comply with all covenants for the foreseeable future. The Group\u2019s business activities together with the factors likely to affect its future development and the Group\u2019s objectives, policies and processes for managing its capital and its risks are set out in the Strategic Report and in notes 3 and 30. After making enquiries the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The Group has considered the current economic environment alongside its principal risks in its going concern assessment. Further information can be found in the Viability Statement on page 42. The Group therefore continues to adopt the going concern basis in preparing its consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-250": { "value": "2.3 Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries). The Company controls an entity when the Group is exposed to, or has rights to, variable returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Profit or loss and each component of other comprehensive income are attributable to the owners of the Company and to the non-controlling interests. Total comprehensive income of the subsidiaries is attributable to the owners of the Company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance. Accounting policies of subsidiaries which differ from Group accounting policies are adjusted on consolidation. All intra-group transactions, balances, income and expenses are eliminated on consolidation. Non-controlling interests in subsidiaries are identified separately from the Group\u2019s equity therein. Those interests of non-controlling shareholders that represent ownership interests entitling their holders to a proportionate share of net assets upon liquidation may initially be measured at fair value or at the non-controlling interests\u2019 proportionate share of the fair value of the acquiree\u2019s identifiable net assets. The choice of measurement is made on an acquisition-by-acquisition basis. Other non-controlling interests are initially measured at fair value. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests\u2019 share of subsequent changes in equity. Changes in the Group\u2019s interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The carrying amount of the Group\u2019s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of the Company. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-251": { "value": "
2.4 Revenue recognition
Revenue includes rental income, service charges and other amounts directly recoverable from tenants. Rental income and service charges from
operating leases are recognised as income on a straight-line basis over the lease term. When the Group provides incentives to its tenants, the
cost of incentives are recognised over the lease term, on a straight-line basis, as a reduction of rental income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-252": { "value": "2.5 Foreign currencies (a) Functional and presentation currency The currency of the primary economic environment in which the Group operates (\u2018the functional currency\u2019) is the Euro (\u20ac). The presentational currency of the consolidated financial statements is also the Euro (\u20ac). (b) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. At each reporting date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing at that date. Foreign exchange gains and losses resulting from such transactions are recognised in the Consolidated Statement of Comprehensive Income. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-288": { "value": "
(a) Functional and presentation currency
The currency of the primary economic environment in which the Group operates (\u2018the functional currency\u2019) is the Euro (\u20ac). The presentational
currency of the consolidated financial statements is also the Euro (\u20ac).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-253": { "value": "
2.6 Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The
chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been
identified as the Board of Directors. The Board has identified the operations of the Group as a whole as the only operating segment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-254": { "value": "
2.7 Operating profit/(loss)
Operating profit/(loss) is stated before the Group\u2019s net finance charges and gains/losses on derivative financial instruments and after the
revaluation gains or losses for the year in respect of investment properties and after gains or losses on the disposal of investment properties.
", "dimensions": { "concept": "phoenixspree:DescriptionOfAccountingPolicyForOperatingProfit", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-258": { "value": "
2.8 Administrative and property expenses
All expenses are accounted for on an accruals basis and are charged to the Consolidated Statement of Comprehensive Income in the period
in which they are incurred. Service charge costs are accounted for on an accruals basis and included in property expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-255": { "value": "
2.9 Separately disclosed items
Certain items are disclosed separately in the consolidated financial statements where this provides further understanding of the financial
performance of the Group, due to their significance in terms of nature or amount.
", "dimensions": { "concept": "phoenixspree:DescriptionOfAccountingPolicyForSeparatelyDisclosedItems", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-256": { "value": "
2.10 Property Advisor fees
The element of Property Advisor fees for management services provided are accounted for on an accruals basis and are charged to the
Consolidated Statement of Comprehensive Income. These fees are detailed in note 7 and classified under \u2018Property advisors\u2019 fees and expenses\u2019.
The settlement of the Property Advisor performance fees is detailed in note 25. Due to the nature of the settlement of the performance fee,
any movement in the amount payable at the year end is reflected within the share-based payment reserve in the Consolidated Statement
of Financial Position.
", "dimensions": { "concept": "phoenixspree:DescriptionOfAccountingPolicyForPropertyAdvisorFees", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-257": { "value": "
2.11 Investment property
Property that is held for long-term rental yields or for capital appreciation, or both, which is not occupied by the Group, is classified as
investment property.
Investment property is measured initially at cost, including related transaction costs. After initial recognition, investment property is carried
at fair value, based on market value.
The change in fair values is recognised in the Consolidated Statement of Comprehensive Income for the year.
A valuation exercise is undertaken by the Group\u2019s independent valuer, Jones Lang LaSalle GmbH (JLL), at each reporting date in accordance
with the methodology described in note 16 on a building-by-building basis. Such estimates are inherently subjective and actual values can
only be determined in a sales transaction. The valuations have been prepared by JLL on a consistent basis at each reporting date.
Subsequent expenditure is added to the asset\u2019s carrying amount only when it is probable that future economic benefits associated with the
item will flow to the Group and the cost of the item can be measured reliably. Repairs and maintenance costs are charged to the Consolidated
Statement of Comprehensive Income during the financial period in which they are incurred. Changes in fair values are recorded in the
Consolidated Statement of Comprehensive Income for the year.
Purchases and sales of investment properties are recognised on legal completion.
An investment property is derecognised upon disposal or when the investment property is permanently withdrawn from use and no future economic benefits are expected from the disposal. Any gain or loss arising on derecognition of the property (calculated as the difference between the net disposal proceeds and the carrying amount of the asset, where the carrying amount is the higher of cost or fair value) is included in the Consolidated Statement of Comprehensive Income in the period in which the property is derecognised. 2.12 Current assets held for sale \u2013 investment property Current assets (and disposal groups) classified as held for sale are measured at the most recent valuation. Current assets (and disposal groups) are classified as held for sale if their carrying amount will be recovered through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its present condition. Management must be committed to the sale which should be expected to qualify for recognition as a completed sale within one year from the date of classification. The Group recognises an asset in this category once the Board has committed to the sale of an asset and marketing has commenced. When the Group is committed to a sale plan involving loss of control of a subsidiary, all of the assets and liabilities of that subsidiary are classified as held for sale when the criteria described above are met, regardless of whether the Group will retain a non-controlling interest in its former subsidiary after the sale. If an asset held for sale is unsold within one year of being classified as such, it will continue to be classified as held for sale if: a) at the date the Company commits itself to a plan to sell a non-current asset (or disposal group) it reasonably expects that others (not a buyer) will impose conditions on the transfer of the asset that will extend the period required to complete the sale, and actions necessary to respond to those conditions cannot be initiated until after a firm purchase commitment is obtained, and a firm purchase commitment is highly probable within one year; b) the Company obtains a firm purchase commitment and, as a result, a buyer or others unexpectedly impose conditions on the transfer of a non-current asset (or disposal group) previously classified as held for sale that will extend the period required to complete the sale, and timely actions necessary to respond to the conditions have been taken, and a favourable resolution of the delaying factors is expected; c) during the initial one-year period, circumstances arise that were previously considered unlikely and, as a result, a non-current asset previously classified as held for sale is not sold by the end of that period, and during the initial one-year period the Company took action necessary to respond to the change in circumstances, and the non-current asset is being actively marketed at a price that is reasonable, given the change in circumstances, and the criteria above are met; otherwise it will be transferred back to investment property. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-320": { "value": "2.12 Current assets held for sale \u2013 investment property Current assets (and disposal groups) classified as held for sale are measured at the most recent valuation. Current assets (and disposal groups) are classified as held for sale if their carrying amount will be recovered through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its present condition. Management must be committed to the sale which should be expected to qualify for recognition as a completed sale within one year from the date of classification. The Group recognises an asset in this category once the Board has committed to the sale of an asset and marketing has commenced. When the Group is committed to a sale plan involving loss of control of a subsidiary, all of the assets and liabilities of that subsidiary are classified as held for sale when the criteria described above are met, regardless of whether the Group will retain a non-controlling interest in its former subsidiary after the sale. If an asset held for sale is unsold within one year of being classified as such, it will continue to be classified as held for sale if: a) at the date the Company commits itself to a plan to sell a non-current asset (or disposal group) it reasonably expects that others (not a buyer) will impose conditions on the transfer of the asset that will extend the period required to complete the sale, and actions necessary to respond to those conditions cannot be initiated until after a firm purchase commitment is obtained, and a firm purchase commitment is highly probable within one year; b) the Company obtains a firm purchase commitment and, as a result, a buyer or others unexpectedly impose conditions on the transfer of a non-current asset (or disposal group) previously classified as held for sale that will extend the period required to complete the sale, and timely actions necessary to respond to the conditions have been taken, and a favourable resolution of the delaying factors is expected; c) during the initial one-year period, circumstances arise that were previously considered unlikely and, as a result, a non-current asset previously classified as held for sale is not sold by the end of that period, and during the initial one-year period the Company took action necessary to respond to the change in circumstances, and the non-current asset is being actively marketed at a price that is reasonable, given the change in circumstances, and the criteria above are met; otherwise it will be transferred back to investment property. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-289": { "value": "2.12 Current assets held for sale \u2013 investment property Current assets (and disposal groups) classified as held for sale are measured at the most recent valuation. Current assets (and disposal groups) are classified as held for sale if their carrying amount will be recovered through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its present condition. Management must be committed to the sale which should be expected to qualify for recognition as a completed sale within one year from the date of classification. The Group recognises an asset in this category once the Board has committed to the sale of an asset and marketing has commenced. When the Group is committed to a sale plan involving loss of control of a subsidiary, all of the assets and liabilities of that subsidiary are classified as held for sale when the criteria described above are met, regardless of whether the Group will retain a non-controlling interest in its former subsidiary after the sale. If an asset held for sale is unsold within one year of being classified as such, it will continue to be classified as held for sale if: a) at the date the Company commits itself to a plan to sell a non-current asset (or disposal group) it reasonably expects that others (not a buyer) will impose conditions on the transfer of the asset that will extend the period required to complete the sale, and actions necessary to respond to those conditions cannot be initiated until after a firm purchase commitment is obtained, and a firm purchase commitment is highly probable within one year; b) the Company obtains a firm purchase commitment and, as a result, a buyer or others unexpectedly impose conditions on the transfer of a non-current asset (or disposal group) previously classified as held for sale that will extend the period required to complete the sale, and timely actions necessary to respond to the conditions have been taken, and a favourable resolution of the delaying factors is expected; c) during the initial one-year period, circumstances arise that were previously considered unlikely and, as a result, a non-current asset previously classified as held for sale is not sold by the end of that period, and during the initial one-year period the Company took action necessary to respond to the change in circumstances, and the non-current asset is being actively marketed at a price that is reasonable, given the change in circumstances, and the criteria above are met; otherwise it will be transferred back to investment property. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-259": { "value": "2.13 Property, plant and equipment Property, plant and equipment is stated at cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Depreciation is charged so as to write off the costs of assets to their residual values over their estimated useful lives, on the following basis: Equipment \u2013 4.5% to 25% per annum, straight line. The gain or loss arising on the disposal of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the Consolidated Statement of Comprehensive Income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-260": { "value": "2.14 Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. All other borrowing costs are recognised in the Consolidated Statement of Comprehensive Income in the period in which they are incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-261": { "value": "2.15 Tenants deposits Tenants deposits are held off the Consolidated Statement of Financial Position in a separate bank account in accordance with German legal requirements, and the funds are not accessible to the Group. Accordingly, neither an asset nor a liability is recognised.", "dimensions": { "concept": "phoenixspree:DescriptionOfAccountingPolicyForTenantsDeposits", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-262": { "value": "2.16 Financial instruments Financial assets and financial liabilities are recognised in the Group\u2019s Statement of Financial Position when the Group becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss. Trade and other receivables Trade receivables are amounts due from tenants for rents and service charges and are initially recognised at the amount of the consideration that is unconditional and subsequently carried at amortised cost as the Group\u2019s business model is to collect the contractual cash flows due from tenants. The Group applies the simplified approach which requires expected lifetime losses to be recognised from initial recognition of the receivable. Cash and cash equivalents Cash and cash equivalents are defined as cash and short-term deposits, including any bank overdrafts, with an original maturity of three months or less, measured at amortised cost. Trade and other payables Trade payables are recognised and carried at their invoiced value inclusive of any VAT that may be applicable, and subsequently at amortised cost using the effective interest method. Borrowings All loans and borrowings are initially measured at fair value less directly attributable transaction costs. After initial recognition, all interest-bearing loans and borrowings are subsequently measured at amortised cost, using the effective interest method. Treasury shares When shares recognised as equity are repurchased, the amount of the consideration paid, which includes directly attributable costs, is recognised as a deduction from equity at the weighted average cost of treasury shares up to the date of repurchase. Repurchased shares are classified as treasury shares and are presented in the treasury share reserve. When treasury shares are sold or reissued subsequently, the amount received is recognised as an increase in equity and the resulting surplus or deficit on the transaction is presented within retained earnings. Interest rate swaps The Group uses interest rate swaps to manage its market risk. The Group does not hold or issue derivatives for trading purposes. The interest rate swaps are recognised in the Consolidated Statement of Financial Position at fair value, based on counterparty quotes. The gain or loss on the swaps is recognised in the Consolidated Statement of Comprehensive Income and detailed in note 12. The interest rate swaps are valued by an independent third-party specialist. The market value calculation is based on the present value of the counterparty payments, the fixed interest, the present value of the payments to be received, and the floating interest. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-290": { "value": "Trade and other receivables Trade receivables are amounts due from tenants for rents and service charges and are initially recognised at the amount of the consideration that is unconditional and subsequently carried at amortised cost as the Group\u2019s business model is to collect the contractual cash flows due from tenants. The Group applies the simplified approach which requires expected lifetime losses to be recognised from initial recognition of the receivable. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-291": { "value": "Cash and cash equivalents Cash and cash equivalents are defined as cash and short-term deposits, including any bank overdrafts, with an original maturity of three months or less, measured at amortised cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-292": { "value": "Trade and other payables Trade payables are recognised and carried at their invoiced value inclusive of any VAT that may be applicable, and subsequently at amortised cost using the effective interest method", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-321": { "value": "Borrowings All loans and borrowings are initially measured at fair value less directly attributable transaction costs. After initial recognition, all interest-bearing loans and borrowings are subsequently measured at amortised cost, using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-293": { "value": "Borrowings All loans and borrowings are initially measured at fair value less directly attributable transaction costs. After initial recognition, all interest-bearing loans and borrowings are subsequently measured at amortised cost, using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-294": { "value": "Treasury shares When shares recognised as equity are repurchased, the amount of the consideration paid, which includes directly attributable costs, is recognised as a deduction from equity at the weighted average cost of treasury shares up to the date of repurchase. Repurchased shares are classified as treasury shares and are presented in the treasury share reserve. When treasury shares are sold or reissued subsequently, the amount received is recognised as an increase in equity and the resulting surplus or deficit on the transaction is presented within retained earnings. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-322": { "value": "Interest rate swaps The Group uses interest rate swaps to manage its market risk. The Group does not hold or issue derivatives for trading purposes. The interest rate swaps are recognised in the Consolidated Statement of Financial Position at fair value, based on counterparty quotes. The gain or loss on the swaps is recognised in the Consolidated Statement of Comprehensive Income and detailed in note 12. The interest rate swaps are valued by an independent third-party specialist. The market value calculation is based on the present value of the counterparty payments, the fixed interest, the present value of the payments to be received, and the floating interest. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-295": { "value": "Interest rate swaps The Group uses interest rate swaps to manage its market risk. The Group does not hold or issue derivatives for trading purposes. The interest rate swaps are recognised in the Consolidated Statement of Financial Position at fair value, based on counterparty quotes. The gain or loss on the swaps is recognised in the Consolidated Statement of Comprehensive Income and detailed in note 12. The interest rate swaps are valued by an independent third-party specialist. The market value calculation is based on the present value of the counterparty payments, the fixed interest, the present value of the payments to be received, and the floating interest. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-263": { "value": "2.17 Current and deferred income tax The tax expense for the period comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In that case, the tax is also recognised in other comprehensive income or directly in equity, respectively. (a) Current tax The current tax charge is based on taxable profit/(loss) for the year. Taxable profit/(loss) differs from net profit/(loss) reported in the Consolidated Statement of Comprehensive Income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the accounting date. (b) Deferred tax Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit/(loss). Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilised. Deferred tax is charged or credited in the Consolidated Statement of Comprehensive Income except when it relates to items credited or charged directly in equity, in which case the deferred tax is also dealt with in equity. Deferred tax is calculated at the tax rates and laws that are expected to apply to the period when the asset is realised or the liability is settled based upon tax rates that have been enacted or substantively enacted by the accounting date.
The carrying amount of deferred tax assets is reviewed at each accounting date and reduced to the extent that it is no longer probable that
sufficient taxable profits will be available to allow all or part of the asset to be recovered.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-296": { "value": "(b) Deferred tax Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit/(loss). Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilised. Deferred tax is charged or credited in the Consolidated Statement of Comprehensive Income except when it relates to items credited or charged directly in equity, in which case the deferred tax is also dealt with in equity. Deferred tax is calculated at the tax rates and laws that are expected to apply to the period when the asset is realised or the liability is settled based upon tax rates that have been enacted or substantively enacted by the accounting date. The carrying amount of deferred tax assets is reviewed at each accounting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-264": { "value": "
2.18 New standards and interpretations
The following relevant new standards, amendments to standards and interpretations have been issued, and are effective for the financial year
beginning on 1 January 2023, as adopted by the European Union and United Kingdom:
Title
As issued by the IASB, mandatory for accounting periods starting on or after
IFRS 17 Insurance Contracts
Accounting periods beginning on or after 1 January 2023
Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2
Accounting periods beginning on or after 1 January 2023
Definition of Accounting Estimates \u2013 Amendments to IAS 8
Accounting periods beginning on or after 1 January 2023
Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Accounting periods beginning on or after 1 January 2023
Amendments to IAS 12
The new standards and amendments listed above did not have a material impact on either the current or prior financial periods.
New and revised IFRS standards in issue but not yet effective and not early adopted
The following standards have been issued by the IASB and adopted by the EU:
Title
As issued by the IASB, mandatory for accounting periods starting on or after
Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities Accounting periods beginning on or after 1 January 2024
as Current or Non-current and Non-current Liabilities with Covenants
Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback
Accounting periods beginning on or after 1 January 2024
Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Accounting periods beginning on or after 1 January 2024
Disclosures: Supplier Finance Arrangements (but not yet endorsed in the EU)
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Accounting periods beginning on or after 1 January 2025
Lack of Exchangeability (but not yet endorsed in the EU)
There are no anticipated material impacts to the Group from the above new and revised IFRS Standards.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-298": { "value": "2.18 New standards and interpretations The following relevant new standards, amendments to standards and interpretations have been issued, and are effective for the financial year beginning on 1 January 2023, as adopted by the European Union and United Kingdom:
Title
As issued by the IASB, mandatory for accounting periods starting on or after
IFRS 17 Insurance Contracts
Accounting periods beginning on or after 1 January 2023
Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2
Accounting periods beginning on or after 1 January 2023
Definition of Accounting Estimates \u2013 Amendments to IAS 8
Accounting periods beginning on or after 1 January 2023
Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Accounting periods beginning on or after 1 January 2023
Amendments to IAS 12
The new standards and amendments listed above did not have a material impact on either the current or prior financial periods. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-297": { "value": "New and revised IFRS standards in issue but not yet effective and not early adopted The following standards have been issued by the IASB and adopted by the EU:
Title
As issued by the IASB, mandatory for accounting periods starting on or after
Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities Accounting periods beginning on or after 1 January 2024
as Current or Non-current and Non-current Liabilities with Covenants
Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback
Accounting periods beginning on or after 1 January 2024
Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Accounting periods beginning on or after 1 January 2024
Disclosures: Supplier Finance Arrangements (but not yet endorsed in the EU)
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Accounting periods beginning on or after 1 January 2025
Lack of Exchangeability (but not yet endorsed in the EU)
There are no anticipated material impacts to the Group from the above new and revised IFRS Standards.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-299": { "value": "
3. Financial risk management
3.1 Financial risk factors
The Group\u2019s activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk. The Group\u2019s overall risk management programme
focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance.
Risk management is carried out by the Risk Committee under policies approved by the Board of Directors. The Board provides principles for
overall risk management, as well as policies covering specific areas, such as interest rate risk, credit risk and investment of excess liquidity.
3.2 Market risk
Market risk is the risk of loss that may arise from changes in market factors such as foreign exchange rates, interest rates and general property
market risk. The risks posed by potential changes to rental legislation in Berlin, as well as general market uncertainty due to the continued
conflict in Ukraine have been identified as material market risk and as such have been disclosed below.
(a) Foreign exchange risk
The Group operates in Germany and is exposed to foreign exchange risk arising from currency exposures, primarily with respect to Sterling
against the Euro arising from the costs which are incurred in Sterling. Foreign exchange risk arises from future commercial transactions, and
recognised monetary assets and liabilities denominated in currencies other than the Euro.
The Group\u2019s policy is not to enter into any currency hedging transactions, as the majority of transactions are in Euros, which is the primary
currency of the environment in which the Group operates. Therefore any currency fluctuations are minimal.
(b) Interest rate risk
The Group has exposure to interest rate risk. It has external borrowings at a number of different variable interest rates. The Group is also exposed
to interest rate risk on some of its financial assets, being its cash at bank balances. Details of actual interest rates paid or accrued during each
period can be found in note 22.
The Group\u2019s policy is to manage its interest rate risk by entering into a suitable hedging arrangement, either caps or swaps, in order to limit
exposure to borrowings at variable rates.
(c) General property market risk
Through its investment in property, the Group is subject to other risks which can affect the value of property. The Group seeks to minimise
the impact of these risks by review of economic trends and property markets in order to anticipate major changes affecting property values.
(d) Market risk \u2013 Rent legislation
Through its policy of investing in Berlin, the Group is subject to the risk of changing rental legislation which could affect both the rental income,
and the value of property. The Group seeks to mitigate any effect of the changing legislations using strategies set out in the Principal Risks and
Uncertainties section on pages 34-37.
(e) Market risk \u2013 Geopolitical
Although the Company has no direct exposure to either Russia, Ukraine or the Middle East, it is expected that the continuing conflict in Ukraine
and rising tensions within the Middle East will continue to cause an impact on the global economy. These include the possible effects of higher
energy prices, the possible knock-on impact of inflation, recession and increasing cyber-attacks. Additionally, these circumstances have created
a degree of uncertainty across global equity markets. The conflict in Ukraine, and the introduction of sanctions against Russia and Belarus, as
well as possible secondary derivative impacts are being closely monitored by the Board and the Property Advisor.
3.3 Credit risk
The risk of financial loss due to a counterparty\u2019s failure to honour their obligations arises principally in connection with property leases and the
investment of surplus cash.
The Group has policies in place to ensure that rental contracts are made with customers with an appropriate credit history. Tenant rent payments
are monitored regularly and appropriate action taken to recover monies owed, or if necessary, to terminate the lease.
Cash transactions are limited to financial institutions with a high credit rating.
3.4 Liquidity risk
The Group\u2019s objective is to maintain a balance between continuity of funding and flexibility through the use of bank loans secured on the
Group\u2019s properties. The terms of the borrowings entitle the lender to require early repayment should the Group be in default with significant
payments for more than one month.
3.5 Capital management
The prime objective of the Group\u2019s capital management is to ensure that it maintains the financial flexibility needed to allow for value-creating
investments as well as healthy balance sheet ratios.
The capital structure of the Group consists of net debt (nominal borrowings after deducting cash and cash equivalents) and equity of the Group
(comprising stated capital (excluding treasury shares), reserves and retained earnings).
In order to manage the capital structure, the Group can adjust the amount of dividend paid to shareholders, issue or repurchase shares or sell
assets to reduce debt.
When reviewing the capital structure the Group considers the cost of capital and the risks associated with each class of capital. The Group
reviews the gearing ratio which is determined as the proportion of net debt to equity. In comparison with comparable companies operating
within the property sector the Board considers the gearing ratios to be reasonable.
The gearing ratios for the reporting periods are as follows:
As at As at
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Borrowings
(321,243)
(312,084)
Cash and cash equivalents
10,998
12,485
Net debt
(310,245)
(299,599)
Equity
317,634
416,391
Net debt to equity ratio
98%
72%
Financial risk management The Group is exposed through its operations to the following financial risks: \u2022 Interest rate risk \u2022 Foreign exchange risk \u2022 Credit risk \u2022 Liquidity risk The Group\u2019s policies for financial risk management are outlined below. Interest rate risk The Group\u2019s interest rate risk arises from certain of its borrowings. Borrowings issued at variable rates expose the Group to cash flow interest rate risk. Borrowings issued at fixed rates expose the Group to fair value interest rate risk. The Group is also exposed to interest rate risk on cash and cash equivalents. Under interest rate swap contracts, the Group agrees to exchange the difference between fixed and floating rate interest amounts calculated on agreed notional principal amounts. Such contracts enable the Group to mitigate the risk of changing interest rates on the cash flow exposures on the issued variable rate debt held. Sensitivity analysis has not been performed as all variable rate borrowings have been swapped to fixed interest rates, and potential movements on cash at bank balances are immaterial. The Group gives careful consideration to interest rates when considering its borrowing requirements and where to hold its excess cash. The Directors believe that the interest rate risk is at an acceptable level. Foreign exchange risk The Group is exposed to foreign exchange risk on sales, purchases, and translation of assets and liabilities that are in a currency other than the functional currency (Euro). The Group does not enter into any currency hedging transactions and the Directors believe that the foreign exchange rate risk is at an acceptable level. The carrying amount of the Group\u2019s foreign currency (non-Euro) denominated monetary assets and liabilities are shown below, all the amounts are for Sterling balances only:
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Financial assets
Cash and cash equivalents
215
75
Financial liabilities
Trade and other payables
(377)
(494)
Net position
(162)
(419)
At each reporting date, if the Euro had strengthened or weakened by 10% against GBP with all other variables held constant, post-tax profit/loss for the year would have increased/(decreased) by:
Weakened by 10% Strengthened by 10%
increase/(decrease) increase/(decrease)
in post-tax profit/loss in post-tax profit/loss
and impact on equity and impact on equity
\u20ac\u2019000 \u20ac\u2019000
31 December 2023
(16)
16
31 December 2022
(42)
42
Credit risk management Credit risk refers to the risk that the counterparty will default on its contractual obligations resulting in financial loss to the Group. Credit risk arises principally from the Group\u2019s trade and other receivables and its cash balances. The Group gives careful consideration to which organisations it uses for its banking services in order to minimise credit risk. The Group has an established credit policy under which each new tenant is analysed for creditworthiness and each tenant is required to pay a two-month deposit. At each reporting date the Group had no tenants with outstanding balances over 10% of the total trade receivables balance. The Group holds cash at the following banks: Barclays Private Clients International Jersey Ltd, Deutsche Bank AG, Berliner Sparkasse, UniCredit Bank AG and Hausbank. The split of cash held at each of the banks respectively at 31 December 2023 was 22% / 59% / 6% / 4% / 9% (31 December 2022: Barclays Private Clients International Jersey Ltd, Deutsche Bank AG, Berliner Sparkasse, UniCredit Bank AG and Hausbank the split was 36% / 50% / 7% / 2% / 5%). Barclays and Berliner Sparkasse have a credit rating of A+, Deutsche Bank has a credit rating of A, UniCredit Bank AG has a credit rating of A-2 and Hausbank has a credit rating of AA-. The Group holds no collateral as security against any financial asset. The carrying amount of financial assets recorded in the financial statements, net of any allowances for losses, represents the Group\u2019s maximum exposure to credit risk. Details of receivables from tenants in arrears at each reporting date can be found in note 20 as can details of the receivables that were impaired during each period. An allowance for impairment is made using an expected credit loss model based on previous experience. Management considers the above measures to be sufficient to control the credit risk exposure. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies. The carrying amount of financial assets recorded in the financial statements, which is net of impairment losses, represents the Group\u2019s maximum exposure to credit risk as no collateral or other credit enhancements are held. Liquidity risk management Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group\u2019s approach to managing liquidity risk is to ensure that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or damage to the Group\u2019s reputation. The Directors manage liquidity risk by regularly reviewing cash requirements by reference to short-term cash flow forecasts and medium-term working capital projections prepared by management. The Group maintains good relationships with its banks, which have high credit ratings. The following table details the Group\u2019s remaining contractual maturity for its non-derivative financial liabilities with agreed maturity periods. The table has been drawn up based on the undiscounted cash flows of the financial liabilities based on the earliest date on which the Group can be required to pay. The tables include both current interest payable and principal cash flows. Maturity analysis for financial liabilities
Less than Between Between More than
1 year 1 \u2013 2 years 2 \u2013 5 years 5 years Total
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
At 31 December 2023
Borrowings payable: current
2,446
\u2013
\u2013
\u2013
2,446
Borrowings payable: non-current
\u2013
\u2013
321,527
\u2013
321,527
Trade and other payables
11,990
\u2013
\u2013
\u2013
11,990
14,436
\u2013
321,527
\u2013
335,963
Less than Between Between More than
1 year 1 \u2013 2 years 2 \u2013 5 years 5 years Total
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
At 31 December 2022
Borrowings payable: current
1,832
\u2013
\u2013
\u2013
1,832
Borrowings payable: non-current
\u2013
\u2013
313,994
\u2013
313,994
Trade and other payables
15,130
\u2013
\u2013
\u2013
15,130
16,962
\u2013
313,994
\u2013
330,956
Loans are due to mature in September 2026 for the NATIXIS loan facility and between 31 December 2026 and October 2027 for the Berliner Sparkasse loan facilities ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-323": { "value": "3.2 Market risk Market risk is the risk of loss that may arise from changes in market factors such as foreign exchange rates, interest rates and general property market risk. The risks posed by potential changes to rental legislation in Berlin, as well as general market uncertainty due to the continued conflict in Ukraine have been identified as material market risk and as such have been disclosed below. (a) Foreign exchange risk The Group operates in Germany and is exposed to foreign exchange risk arising from currency exposures, primarily with respect to Sterling against the Euro arising from the costs which are incurred in Sterling. Foreign exchange risk arises from future commercial transactions, and recognised monetary assets and liabilities denominated in currencies other than the Euro. The Group\u2019s policy is not to enter into any currency hedging transactions, as the majority of transactions are in Euros, which is the primary currency of the environment in which the Group operates. Therefore any currency fluctuations are minimal. (b) Interest rate risk The Group has exposure to interest rate risk. It has external borrowings at a number of different variable interest rates. The Group is also exposed to interest rate risk on some of its financial assets, being its cash at bank balances. Details of actual interest rates paid or accrued during each period can be found in note 22. The Group\u2019s policy is to manage its interest rate risk by entering into a suitable hedging arrangement, either caps or swaps, in order to limit exposure to borrowings at variable rates. (c) General property market risk Through its investment in property, the Group is subject to other risks which can affect the value of property. The Group seeks to minimise the impact of these risks by review of economic trends and property markets in order to anticipate major changes affecting property values. (d) Market risk \u2013 Rent legislation Through its policy of investing in Berlin, the Group is subject to the risk of changing rental legislation which could affect both the rental income, and the value of property. The Group seeks to mitigate any effect of the changing legislations using strategies set out in the Principal Risks and Uncertainties section on pages 34-37. (e) Market risk \u2013 Geopolitical Although the Company has no direct exposure to either Russia, Ukraine or the Middle East, it is expected that the continuing conflict in Ukraine and rising tensions within the Middle East will continue to cause an impact on the global economy. These include the possible effects of higher energy prices, the possible knock-on impact of inflation, recession and increasing cyber-attacks. Additionally, these circumstances have created a degree of uncertainty across global equity markets. The conflict in Ukraine, and the introduction of sanctions against Russia and Belarus, as well as possible secondary derivative impacts are being closely monitored by the Board and the Property Advisor. Interest rate risk The Group\u2019s interest rate risk arises from certain of its borrowings. Borrowings issued at variable rates expose the Group to cash flow interest rate risk. Borrowings issued at fixed rates expose the Group to fair value interest rate risk. The Group is also exposed to interest rate risk on cash and cash equivalents. Under interest rate swap contracts, the Group agrees to exchange the difference between fixed and floating rate interest amounts calculated on agreed notional principal amounts. Such contracts enable the Group to mitigate the risk of changing interest rates on the cash flow exposures on the issued variable rate debt held. Sensitivity analysis has not been performed as all variable rate borrowings have been swapped to fixed interest rates, and potential movements on cash at bank balances are immaterial. The Group gives careful consideration to interest rates when considering its borrowing requirements and where to hold its excess cash. The Directors believe that the interest rate risk is at an acceptable level. Foreign exchange risk The Group is exposed to foreign exchange risk on sales, purchases, and translation of assets and liabilities that are in a currency other than the functional currency (Euro). The Group does not enter into any currency hedging transactions and the Directors believe that the foreign exchange rate risk is at an acceptable level. The carrying amount of the Group\u2019s foreign currency (non-Euro) denominated monetary assets and liabilities are shown below, all the amounts are for Sterling balances only:
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Financial assets
Cash and cash equivalents
215
75
Financial liabilities
Trade and other payables
(377)
(494)
Net position
(162)
(419)
At each reporting date, if the Euro had strengthened or weakened by 10% against GBP with all other variables held constant, post-tax profit/loss for the year would have increased/(decreased) by:
Weakened by 10% Strengthened by 10%
increase/(decrease) increase/(decrease)
in post-tax profit/loss in post-tax profit/loss
and impact on equity and impact on equity
\u20ac\u2019000 \u20ac\u2019000
31 December 2023
(16)
16
31 December 2022
(42)
42
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-324": { "value": "3.3 Credit risk The risk of financial loss due to a counterparty\u2019s failure to honour their obligations arises principally in connection with property leases and the investment of surplus cash. The Group has policies in place to ensure that rental contracts are made with customers with an appropriate credit history. Tenant rent payments are monitored regularly and appropriate action taken to recover monies owed, or if necessary, to terminate the lease. Cash transactions are limited to financial institutions with a high credit rating. Credit risk management Credit risk refers to the risk that the counterparty will default on its contractual obligations resulting in financial loss to the Group. Credit risk arises principally from the Group\u2019s trade and other receivables and its cash balances. The Group gives careful consideration to which organisations it uses for its banking services in order to minimise credit risk. The Group has an established credit policy under which each new tenant is analysed for creditworthiness and each tenant is required to pay a two-month deposit. At each reporting date the Group had no tenants with outstanding balances over 10% of the total trade receivables balance. The Group holds cash at the following banks: Barclays Private Clients International Jersey Ltd, Deutsche Bank AG, Berliner Sparkasse, UniCredit Bank AG and Hausbank. The split of cash held at each of the banks respectively at 31 December 2023 was 22% / 59% / 6% / 4% / 9% (31 December 2022: Barclays Private Clients International Jersey Ltd, Deutsche Bank AG, Berliner Sparkasse, UniCredit Bank AG and Hausbank the split was 36% / 50% / 7% / 2% / 5%). Barclays and Berliner Sparkasse have a credit rating of A+, Deutsche Bank has a credit rating of A, UniCredit Bank AG has a credit rating of A-2 and Hausbank has a credit rating of AA-. The Group holds no collateral as security against any financial asset. The carrying amount of financial assets recorded in the financial statements, net of any allowances for losses, represents the Group\u2019s maximum exposure to credit risk. Details of receivables from tenants in arrears at each reporting date can be found in note 20 as can details of the receivables that were impaired during each period. An allowance for impairment is made using an expected credit loss model based on previous experience. Management considers the above measures to be sufficient to control the credit risk exposure. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies. The carrying amount of financial assets recorded in the financial statements, which is net of impairment losses, represents the Group\u2019s maximum exposure to credit risk as no collateral or other credit enhancements are held. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-325": { "value": "3.4 Liquidity risk The Group\u2019s objective is to maintain a balance between continuity of funding and flexibility through the use of bank loans secured on the Group\u2019s properties. The terms of the borrowings entitle the lender to require early repayment should the Group be in default with significant payments for more than one month. Liquidity risk management Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group\u2019s approach to managing liquidity risk is to ensure that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or damage to the Group\u2019s reputation. The Directors manage liquidity risk by regularly reviewing cash requirements by reference to short-term cash flow forecasts and medium-term working capital projections prepared by management. The Group maintains good relationships with its banks, which have high credit ratings.
The following table details the Group\u2019s remaining contractual maturity for its non-derivative financial liabilities with agreed maturity periods.
The table has been drawn up based on the undiscounted cash flows of the financial liabilities based on the earliest date on which the Group
can be required to pay. The tables include both current interest payable and principal cash flows.
Maturity analysis for financial liabilities
Less than Between Between More than
1 year 1 \u2013 2 years 2 \u2013 5 years 5 years Total
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
At 31 December 2023
Borrowings payable: current
2,446
\u2013
\u2013
\u2013
2,446
Borrowings payable: non-current
\u2013
\u2013
321,527
\u2013
321,527
Trade and other payables
11,990
\u2013
\u2013
\u2013
11,990
14,436
\u2013
321,527
\u2013
335,963
Less than Between Between More than
1 year 1 \u2013 2 years 2 \u2013 5 years 5 years Total
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
At 31 December 2022
Borrowings payable: current
1,832
\u2013
\u2013
\u2013
1,832
Borrowings payable: non-current
\u2013
\u2013
313,994
\u2013
313,994
Trade and other payables
15,130
\u2013
\u2013
\u2013
15,130
16,962
\u2013
313,994
\u2013
330,956
Loans are due to mature in September 2026 for the NATIXIS loan facility and between 31 December 2026 and October 2027 for the Berliner
Sparkasse loan facilities .
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-326": { "value": "3.5 Capital management The prime objective of the Group\u2019s capital management is to ensure that it maintains the financial flexibility needed to allow for value-creating investments as well as healthy balance sheet ratios. The capital structure of the Group consists of net debt (nominal borrowings after deducting cash and cash equivalents) and equity of the Group (comprising stated capital (excluding treasury shares), reserves and retained earnings). In order to manage the capital structure, the Group can adjust the amount of dividend paid to shareholders, issue or repurchase shares or sell assets to reduce debt. When reviewing the capital structure the Group considers the cost of capital and the risks associated with each class of capital. The Group reviews the gearing ratio which is determined as the proportion of net debt to equity. In comparison with comparable companies operating within the property sector the Board considers the gearing ratios to be reasonable. The gearing ratios for the reporting periods are as follows:
As at As at
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Borrowings
(321,243)
(312,084)
Cash and cash equivalents
10,998
12,485
Net debt
(310,245)
(299,599)
Equity
317,634
416,391
Net debt to equity ratio
98%
72%
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-300": { "value": "
4. Critical accounting estimates and judgements
The preparation of consolidated financial statements in conformity with IFRS requires the Group to make certain critical accounting estimates and
judgements. In the process of applying the Group\u2019s accounting policies, management has decided the following estimates and assumptions have
a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the financial year:
i) Estimate of fair value of investment properties (\u20ac675,567,000)
The valuation of the Group\u2019s property portfolio is inherently subjective due to, among other factors, the individual nature of each property,
its location and condition, and expected future rentals. The valuation as at 31 December 2023 is based on the rules, regulations and market
as at that date. The fair value estimates of investments properties are detailed in note 16.
The best evidence of fair value is current prices in an active market of investment properties with similar leases and other contracts. In the
absence of such information, the Group determines the amount within a range of reasonable fair value estimates. In making its estimate, the
Group considers information from a variety of sources, including:
a) Discounted cash flow projections based on reliable estimates of future cash flows, derived from the terms of any existing lease and
other contracts, and (where possible) from external evidence such as current market rents for similar properties in the same location and
condition, and using discount rates that reflect current market assessments of the uncertainty in the amount and timing of the cash flows.
b) Current prices in an active market for properties of different nature, condition or location (or subject to different lease or other contracts),
adjusted to reflect those differences.
c) Recent prices of similar properties in less active markets, with adjustments to reflect any changes in economic conditions since the date
of the transactions that occurred at those prices.
The Directors remain ultimately responsible for ensuring that the valuers are adequately qualified, competent and base their results on reasonable
and realistic assumptions. The Directors have appointed JLL as the real estate valuation experts who determine the fair value of investment
properties using recognised valuation techniques and the principles of IFRS 13. Further information on the valuation process can be found
in note 16.
ii) Judgement in relation to the recognition of assets held for sale
Management has made an assumption in respect of the likelihood of investment properties \u2013 held for sale, being sold within 12 months, in
accordance with the requirement of IFRS 5. Management considers that based on historical and current experience that the properties can
be reasonably expected to sell within 12 months.
", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-265": { "value": "4. Critical accounting estimates and judgements The preparation of consolidated financial statements in conformity with IFRS requires the Group to make certain critical accounting estimates and judgements. In the process of applying the Group\u2019s accounting policies, management has decided the following estimates and assumptions have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the financial year: i) Estimate of fair value of investment properties (\u20ac675,567,000) The valuation of the Group\u2019s property portfolio is inherently subjective due to, among other factors, the individual nature of each property, its location and condition, and expected future rentals. The valuation as at 31 December 2023 is based on the rules, regulations and market as at that date. The fair value estimates of investments properties are detailed in note 16. The best evidence of fair value is current prices in an active market of investment properties with similar leases and other contracts. In the absence of such information, the Group determines the amount within a range of reasonable fair value estimates. In making its estimate, the Group considers information from a variety of sources, including: a) Discounted cash flow projections based on reliable estimates of future cash flows, derived from the terms of any existing lease and other contracts, and (where possible) from external evidence such as current market rents for similar properties in the same location and condition, and using discount rates that reflect current market assessments of the uncertainty in the amount and timing of the cash flows. b) Current prices in an active market for properties of different nature, condition or location (or subject to different lease or other contracts), adjusted to reflect those differences. c) Recent prices of similar properties in less active markets, with adjustments to reflect any changes in economic conditions since the date of the transactions that occurred at those prices. The Directors remain ultimately responsible for ensuring that the valuers are adequately qualified, competent and base their results on reasonable and realistic assumptions. The Directors have appointed JLL as the real estate valuation experts who determine the fair value of investment properties using recognised valuation techniques and the principles of IFRS 13. Further information on the valuation process can be found in note 16. ii) Judgement in relation to the recognition of assets held for sale Management has made an assumption in respect of the likelihood of investment properties \u2013 held for sale, being sold within 12 months, in accordance with the requirement of IFRS 5. Management considers that based on historical and current experience that the properties can be reasonably expected to sell within 12 months.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-266": { "value": "
5. Segmental information
The Group\u2019s principal reportable segments under IFRS 8 were as follows:
\u2022 Residential; and
\u2022 Commercial.
The Group is required to report financial and descriptive information about its reportable segments. Reportable segments are operating
segments or aggregations of operating segments that meet the following specified criteria:
\u2022 its reported revenue, from both external customers and intersegment sales or transfers, is 10% or more of the combined revenue,
internal and external, of all operating segments; or
\u2022 the absolute measure of its reported profit or loss is 10% or more of the greater, in absolute amount, of i) the combined reported profit
of all operating segments that did not report a loss and ii) the combined reported loss of all operating segments that reported a loss; or
\u2022 its assets are 10% or more of the combined assets of all operating segments.
Management have applied the above criteria to the commercial segment and the commercial segment is not more than 10% of any of the
above criteria. The Group does not own any wholly commercial buildings nor does management report directly on the commercial results.
The Board considers that the non-residential element of the portfolio is incidental to the Group\u2019s activities. Therefore, the Group has not
included any further segmental analysis within these consolidated audited financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-267": { "value": "
6. Revenue
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Rental income
21,356
20,289
Service charge income
6,098
5,645
27,454
25,934
The total future annual minimum rentals receivable under non-cancellable operating leases are as follows:
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Within 1 year
1,725
1,201
1 \u2013 2 years
1,179
1,201
2 \u2013 3 years
880
917
3 \u2013 4 years
565
648
4 \u2013 5 years
331
543
Later than 5 years
529
417
5,209
4,927
Revenue comprises rental income earned from residential and commercial property in Germany. There are no individual tenants that account
for greater than 10% of revenue during any of the reporting periods.
The leasing arrangements for residential property are with individual tenants, with three months notice from tenants to cancel the lease in
most cases.
The commercial leases are non-cancellable, with an average lease period of three years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-268": { "value": "
7. Property expenses
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Property management expenses
1,431
1,233
Repairs and maintenance
1,757
1,525
Impairment charge \u2013 trade receivables
952
868
Service charges paid on behalf of tenants
7,370
6,631
Property advisors\u2019 fees and expenses
5,805
6,862
17,315
17,119
8. Administrative expenses
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Secretarial and administration fees
680
651
Legal and professional fees
2,872
2,261
Directors\u2019 fees
268
275
Bank charges
17
74
Loss on foreign exchange
9
5
Depreciation
55
8
Other income
(135)
(10)
3,766
3,264
Further details of the Directors\u2019 fees are set out in the Directors\u2019 Remuneration Report on page 58.
9. Auditor\u2019s remuneration An analysis of the fees charged by the auditor and its associates is as follows:
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Fees payable to the Group\u2019s auditor and its associates for the audit of the consolidated financial statements
248
231
Fees payable to the Group\u2019s auditor and its associates for other services \u2013 Agreed upon procedures \u2013 half-year report
35
33
283
264
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-327": { "value": "8. Administrative expenses
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Secretarial and administration fees
680
651
Legal and professional fees
2,872
2,261
Directors\u2019 fees
268
275
Bank charges
17
74
Loss on foreign exchange
9
5
Depreciation
55
8
Other income
(135)
(10)
3,766
3,264
Further details of the Directors\u2019 fees are set out in the Directors\u2019 Remuneration Report on page 58. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-301": { "value": "8. Administrative expenses
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Secretarial and administration fees
680
651
Legal and professional fees
2,872
2,261
Directors\u2019 fees
268
275
Bank charges
17
74
Loss on foreign exchange
9
5
Depreciation
55
8
Other income
(135)
(10)
3,766
3,264
Further details of the Directors\u2019 fees are set out in the Directors\u2019 Remuneration Report on page 58. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-302": { "value": "
9. Auditor\u2019s remuneration
An analysis of the fees charged by the auditor and its associates is as follows:
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Fees payable to the Group\u2019s auditor and its associates for the audit of the consolidated financial statements
248
231
Fees payable to the Group\u2019s auditor and its associates for other services \u2013 Agreed upon procedures \u2013 half-year report
35
33
283
264
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-269": { "value": "
10. Loss on disposal of investment property (including investment property held for sale)
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Disposal proceeds
13,027
13,754
Book value of disposals
(12,767)
(12,982)
Disposal costs
(441)
(957)
Loss on disposal of investment property excluding disposal of Erkner development
(181)
(185)
Real estate transfer tax recoverable from Erkner development
1,202
\u2013
Book value of Erkner development on disposal
(5,303)
\u2013
(4,282)
(185)
11. Investment property fair value loss
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Investment property fair value loss
(97,298)
(42,241)
Further information on investment properties is shown in note 16.
16. Investment properties
31 December 31 December
2023 2022
Fair value \u20ac\u2019000 \u20ac\u2019000
At 1 January
775,904
801,461
Capital expenditure
9,400
16,437
Property additions
5,631
13,229
Disposals
(18,070)
(12,982)
Fair value loss
(97,298)
(42,241)
Investment properties at fair value
675,567
775,904
Assets classified as \u2018Held for Sale\u2019 (Note 17)
(60,594)
(14,527)
At 31 December
614,973
761,377
The property portfolio was valued at 31 December 2023 by JLL, in accordance with the methodology described below. The valuations were
performed in accordance with the current Appraisal and Valuation Standards, 8th edition (the \u2018Red Book\u2019) published by the Royal Institution
of Chartered Surveyors (RICS).
The valuation is performed on a building-by-building basis from source information on the properties including current rent levels, void rates,
capital expenditure, maintenance costs and non-recoverable costs provided to JLL by the Property Advisor QSix Residential Limited. JLL use
their own assumptions with respect to rental growth (taking account of the complexity of German rent laws, capital investment levels and churn),
and adjustments to non-recoverable costs. JLL also uses data from comparable market transactions where these are available alongside their
own assumptions.
The valuation by JLL uses the discounted cash flow (DCF) methodology. Such valuation estimates using this methodology, however, are
inherently subjective and values that would have been achieved in an actual sales transaction involving the individual property at the reporting
date are likely to differ from the estimated valuation.
All properties are valued as Level 3 measurements under the fair value hierarchy (see note 30) as the inputs to the DCF methodology which
have a significant effect on the recorded fair value are not observable. Additionally, JLL perform reference checks back to comparable market
transactions to confirm the valuation model.
The unrealised fair value loss in respect of investment property is disclosed in the Consolidated Statement of Comprehensive Income as
\u2018Investment property revaluation loss\u2019.
Valuations are undertaken using the DCF valuation technique as described below and with the inputs set out below.
Discounted cash flow methodology
The fair value of investment properties is determined using the DCF methodology.
Under the DCF method, a property\u2019s fair value is estimated using explicit assumptions regarding the benefits and liabilities of ownership over
the asset\u2019s life including an exit or terminal value. The DCF valuation by JLL used ten-year projections of a series of cash flows of each property
interest. The cash flows used in the valuation reflect the known conditions existing at the reporting date.
To this projected cash flow series, an appropriate, market derived discount rate is applied to establish the present value of the cash flows
associated with each property. The discount rate of the individual properties is adjusted to provide an individual property value that is consistent
with comparable market transactions. For properties without a comparable market transaction JLL use the data from market transactions to
adjust the discount rate to reflect differences in the location of the property, its condition, its tenants and rent.
The duration of the cash flow and the specific timing of inflows and outflows are determined by events such as rent reviews, lease renewal
and related lease up periods, re-letting, redevelopment or refurbishment.
Periodic cash flow includes cash flows relating to gross income less vacancy, non-recoverable expenses, collection losses, lease incentives,
maintenance costs, agent and commission costs and other operating and management expenses. The series of periodic net operating cash
flows, along with an estimate of the terminal value anticipated at the end of the ten-year projection period, is then discounted.
Where an individual property has the legal and practical ability to be converted into individual apartments (condominiums) for sale as a
condominium, dependent upon the stage of the legal permissions, the additional value created by the conversion is reflected via a lower
discount rate applied.
The principal inputs to the valuation are as follows:
Year ended Year ended
31 December 31 December
2023
Range
2022
Range
Residential properties
Market rent
Rental value (\u20ac per sq. p.m.)
9.8 \u2013
16.3
9.75
\u2013 15.50
Stabilised residency vacancy (% per year)
0 \u2013 5
1 \u2013 10
Tenancy vacancy fluctuation (% per year)
0 \u2013 9
4 \u2013 10
Commercial properties
Market rent
Rental value (\u20ac per sq. p.m.)
4.58
\u2013 36.83
4.6
\u2013 35.4
Stabilised commercial vacancy (% per year)
2 \u2013 100
0.5
\u2013 89.3
Estimated Rental Value (ERV)
ERV per year per property (\u20ac\u2019000)
39 \u2013
2,605
54
\u2013 2,553
ERV (\u20ac per sq. p.m.)
9.67
\u2013 16.95
9.75
\u2013 15.50
Financial rates \u2013 blended average
Discount rate (%)
4.5
4.1
Portfolio gross yield (%)
3.3
2.8
Having reviewed the JLL report, the Directors are of the opinion that this represents a fair and reasonable valuation of the properties and have
consequently adopted this valuation in the preparation of the consolidated financial statements.
The valuations have been prepared by JLL on a consistent basis at each reporting date and the methodology is consistent and in accordance
with IFRS which requires that the \u2018highest and best use\u2019 value is taken into account where that use is physically possible, legally permissible and
financially feasible for the property concerned, and irrespective of the current or intended use.
Sensitivity
Changes in the key assumptions and inputs to the valuation models used would impact the valuations as follows:
Vacancy: A change in vacancy by 1% would not materially affect the investment property fair value assessment.
Discount rate: An increase of 0.25% in the discount rate would reduce the investment property fair value by \u20ac47.7 million, and a decrease in the
discount rate of 0.25% would increase the investment property fair value by \u20ac48.4 million.
There are, however, inter-relationships between unobservable inputs as they are determined by market conditions. The existence of an increase
of more than one unobservable input could amplify the impact on the valuation. Conversely, changes on unobservable inputs moving in
opposite directions could cancel each other out, or lessen the overall effect.
The Group values all investment properties in one of three ways:
Rental Scenario
Where properties are intended to be held by the Group for the foreseeable future, they are reported under the \u2018Rental Scenario\u2019, and valued
using the DCF methodology disclosed above. In general the market participants are willing to pay higher prices for properties where physical
and legal requirements are fulfilled and it is financially feasible to sell units individually. In these cases the market values are still calculated on
a rental basis but are adjusted to implement the described potential increase in value. JLL calculates the market value of these assets in what
is referred to as a \u2018Privatisation potential\u2019, which includes a deduction to the rental scenario discount rate for each completed step met when
transitioning from the Rental Scenario to the Condominium Scenario.
Condominium Scenario
Where properties have the potential or the benefit of all relevant permissions required to sell apartments individually (condominiums), and have
been approved for sale by the Board, then we refer to this as a \u2018Condominium Scenario\u2019. Properties expected to be sold in the coming year from
these assets are considered held for sale under IFRS 5 and can be seen in note 17. The market value of the Privatisation potential of these assets
is reported under the Condominium Scenario.
Disposal Scenario
Where properties have been notarised for sale prior to the reporting date, but have not completed; they are held at their notarised disposal
value. These assets are considered held for sale under IFRS 5 and can be seen in note 17.
The table below sets out the assets valued using these three scenarios:
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Rental Scenario
614,973
738,554
Condominium Scenario
57,610
28,470
Disposal Scenario
2,984
8,880
Total
675,567
775,904
The movement in the fair value of investment properties is included in the Consolidated Statement of Comprehensive Income as \u2018investment
property revaluation loss\u2019 and comprises:
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Investment properties
(96,198)
(41,647)
Investment properties held for sale (see note 17)
(1,100)
(594)
(97,298)
(42,241)
17. Investment properties \u2013 held for sale
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Fair value \u2013 held for sale investment properties
At 1 January
14,527
41,631
Transferred from/(to) investment properties
59,453
(14,566)
Capital expenditure
481
1,038
Properties sold
(12,767)
(12,982)
Valuation loss on properties held for sale
(1,100)
(594)
At 31 December
60,594
14,527
Investment properties are reclassified as current assets and described as \u2018held for sale\u2019 in three different situations: Properties notarised for sale
at the reporting date; Properties where at the reporting date the Group has obtained and implemented all relevant permissions required to sell
individual apartment units, and efforts are being made to dispose of the assets (condominium); and Properties which are being marketed for
sale but have currently not been notarised.
Properties which no longer satisfy the criteria for recognition as held for sale are transferred back to investment properties at fair value.
Properties notarised for sale by the reporting date are valued at their disposal price (disposal scenario), and other properties are valued using the
rental and condominium scenarios (see note 16) as appropriate.
Investment properties held for sale are all expected to be sold within 12 months of the reporting date based on management knowledge of
current and historic market conditions. While whole properties have been valued under a condominium scenario in note 16, only units expected
to be sold have been transferred to assets held for sale.
The investment properties held for sale have debt of \u20ac28.9 million (2022: \u20ac6.9 million) that is repayable upon sale of those investment properties.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-328": { "value": "10. Loss on disposal of investment property (including investment property held for sale)
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Disposal proceeds
13,027
13,754
Book value of disposals
(12,767)
(12,982)
Disposal costs
(441)
(957)
Loss on disposal of investment property excluding disposal of Erkner development
(181)
(185)
Real estate transfer tax recoverable from Erkner development
1,202
\u2013
Book value of Erkner development on disposal
(5,303)
\u2013
(4,282)
(185)
17. Investment properties \u2013 held for sale
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Fair value \u2013 held for sale investment properties
At 1 January
14,527
41,631
Transferred from/(to) investment properties
59,453
(14,566)
Capital expenditure
481
1,038
Properties sold
(12,767)
(12,982)
Valuation loss on properties held for sale
(1,100)
(594)
At 31 December
60,594
14,527
Investment properties are reclassified as current assets and described as \u2018held for sale\u2019 in three different situations: Properties notarised for sale at the reporting date; Properties where at the reporting date the Group has obtained and implemented all relevant permissions required to sell individual apartment units, and efforts are being made to dispose of the assets (condominium); and Properties which are being marketed for sale but have currently not been notarised. Properties which no longer satisfy the criteria for recognition as held for sale are transferred back to investment properties at fair value. Properties notarised for sale by the reporting date are valued at their disposal price (disposal scenario), and other properties are valued using the rental and condominium scenarios (see note 16) as appropriate. Investment properties held for sale are all expected to be sold within 12 months of the reporting date based on management knowledge of current and historic market conditions. While whole properties have been valued under a condominium scenario in note 16, only units expected to be sold have been transferred to assets held for sale. The investment properties held for sale have debt of \u20ac28.9 million (2022: \u20ac6.9 million) that is repayable upon sale of those investment properties.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-303": { "value": "10. Loss on disposal of investment property (including investment property held for sale)
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Disposal proceeds
13,027
13,754
Book value of disposals
(12,767)
(12,982)
Disposal costs
(441)
(957)
Loss on disposal of investment property excluding disposal of Erkner development
(181)
(185)
Real estate transfer tax recoverable from Erkner development
1,202
\u2013
Book value of Erkner development on disposal
(5,303)
\u2013
(4,282)
(185)
17. Investment properties \u2013 held for sale
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Fair value \u2013 held for sale investment properties
At 1 January
14,527
41,631
Transferred from/(to) investment properties
59,453
(14,566)
Capital expenditure
481
1,038
Properties sold
(12,767)
(12,982)
Valuation loss on properties held for sale
(1,100)
(594)
At 31 December
60,594
14,527
Investment properties are reclassified as current assets and described as \u2018held for sale\u2019 in three different situations: Properties notarised for sale at the reporting date; Properties where at the reporting date the Group has obtained and implemented all relevant permissions required to sell individual apartment units, and efforts are being made to dispose of the assets (condominium); and Properties which are being marketed for sale but have currently not been notarised. Properties which no longer satisfy the criteria for recognition as held for sale are transferred back to investment properties at fair value. Properties notarised for sale by the reporting date are valued at their disposal price (disposal scenario), and other properties are valued using the rental and condominium scenarios (see note 16) as appropriate. Investment properties held for sale are all expected to be sold within 12 months of the reporting date based on management knowledge of current and historic market conditions. While whole properties have been valued under a condominium scenario in note 16, only units expected to be sold have been transferred to assets held for sale. The investment properties held for sale have debt of \u20ac28.9 million (2022: \u20ac6.9 million) that is repayable upon sale of those investment properties.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-270": { "value": "
12. Net finance charge
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Interest income
(413)
(376)
Finance expense on bank borrowings
9,766
8,313
Net finance charge before gain/loss on interest rate swap
9,353
7,937
Loss/(gain) on interest rate swaps
7,240
(26,920)
16,593
(18,983)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-338": { "value": "12. Net finance charge
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Interest income
(413)
(376)
Finance expense on bank borrowings
9,766
8,313
Net finance charge before gain/loss on interest rate swap
9,353
7,937
Loss/(gain) on interest rate swaps
7,240
(26,920)
16,593
(18,983)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-336": { "value": "12. Net finance charge
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Interest income
(413)
(376)
Finance expense on bank borrowings
9,766
8,313
Net finance charge before gain/loss on interest rate swap
9,353
7,937
Loss/(gain) on interest rate swaps
7,240
(26,920)
16,593
(18,983)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-334": { "value": "12. Net finance charge
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Interest income
(413)
(376)
Finance expense on bank borrowings
9,766
8,313
Net finance charge before gain/loss on interest rate swap
9,353
7,937
Loss/(gain) on interest rate swaps
7,240
(26,920)
16,593
(18,983)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-329": { "value": "12. Net finance charge
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Interest income
(413)
(376)
Finance expense on bank borrowings
9,766
8,313
Net finance charge before gain/loss on interest rate swap
9,353
7,937
Loss/(gain) on interest rate swaps
7,240
(26,920)
16,593
(18,983)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-304": { "value": "12. Net finance charge
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Interest income
(413)
(376)
Finance expense on bank borrowings
9,766
8,313
Net finance charge before gain/loss on interest rate swap
9,353
7,937
Loss/(gain) on interest rate swaps
7,240
(26,920)
16,593
(18,983)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-271": { "value": "
13. Income tax credit
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
The tax credit for the period is as follows:
Current tax charge
564
817
Deferred tax credit \u2013 origination and reversal of temporary differences
(13,609)
(2,556)
(13,045)
(1,739)
The tax credit for the year can be reconciled to the theoretical tax credit on the loss in the Consolidated Statement of Comprehensive Income
as follows:
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Loss before tax
(111,800)
(17, 5 49)
Tax at German income tax rate of 15.8% (2022: 15.8%)
(17,66
4)
(2,773)
Losses not subject to tax: Loss on property disposal
677
29
Losses carried forward not recognised
3,943
1,005
Total tax credit for the year
(13,044)
(1,739)
Reconciliation of current tax liabilities
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Balance at beginning of year
808
512
Tax paid during the year
(516)
(521)
Current tax charge
564
817
Balance at end of year
856
808
Reconciliation of deferred tax
Capital gains on Interest rate
properties swaps Total
(Liabilities) (Liabilities) (Net liabilities)
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Balance at 1 January 2022
(75,198)
1,722
(73,476)
Credited/(charged) to the Statement of Comprehensive Income
6,816
(4,260)
2,556
Deferred tax liability at 31 December 2022
(68,382)
(2,538)
(70,920)
Credited to the Statement of Comprehensive Income
12,463
1,146
13,609
Deferred tax liability at 31 December 2023
(55,919)
(1,392)
(57,311)
Jersey income tax
The Group is liable to Jersey income tax at 0%.
German tax
As a result of the Group\u2019s operations in Germany, the Group is subject to German Corporate Income Tax (CIT) \u2013 the effective rate for
Phoenix Spree Deutschland Limited for 2023 was 15.8% (2022: 15.8%).
Factors affecting future tax charges
The Group has accumulated tax losses of approximately \u20ac50 million (2022: \u20ac42 million) in Germany, which will be available to set against
suitable future profits should they arise, subject to the criteria for relief. Accumulated tax losses are carried forward without time limit for
German Corporate Tax. These losses are offset against the deferred taxable gain to give the deferred tax liability set out above.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-337": { "value": "13. Income tax credit
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
The tax credit for the period is as follows:
Current tax charge
564
817
Deferred tax credit \u2013 origination and reversal of temporary differences
(13,609)
(2,556)
(13,045)
(1,739)
The tax credit for the year can be reconciled to the theoretical tax credit on the loss in the Consolidated Statement of Comprehensive Income as follows:
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Loss before tax
(111,800)
(17, 5 49)
Tax at German income tax rate of 15.8% (2022: 15.8%)
(17,66
4)
(2,773)
Losses not subject to tax: Loss on property disposal
677
29
Losses carried forward not recognised
3,943
1,005
Total tax credit for the year
(13,044)
(1,739)
Reconciliation of current tax liabilities
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Balance at beginning of year
808
512
Tax paid during the year
(516)
(521)
Current tax charge
564
817
Balance at end of year
856
808
Reconciliation of deferred tax
Capital gains on Interest rate
properties swaps Total
(Liabilities) (Liabilities) (Net liabilities)
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Balance at 1 January 2022
(75,198)
1,722
(73,476)
Credited/(charged) to the Statement of Comprehensive Income
6,816
(4,260)
2,556
Deferred tax liability at 31 December 2022
(68,382)
(2,538)
(70,920)
Credited to the Statement of Comprehensive Income
12,463
1,146
13,609
Deferred tax liability at 31 December 2023
(55,919)
(1,392)
(57,311)
Jersey income tax The Group is liable to Jersey income tax at 0%. German tax As a result of the Group\u2019s operations in Germany, the Group is subject to German Corporate Income Tax (CIT) \u2013 the effective rate for Phoenix Spree Deutschland Limited for 2023 was 15.8% (2022: 15.8%). Factors affecting future tax charges The Group has accumulated tax losses of approximately \u20ac50 million (2022: \u20ac42 million) in Germany, which will be available to set against suitable future profits should they arise, subject to the criteria for relief. Accumulated tax losses are carried forward without time limit for German Corporate Tax. These losses are offset against the deferred taxable gain to give the deferred tax liability set out above. 23. Trade and other payables
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Trade payables
4,033
4,525
Accrued liabilities
1,601
1,485
Service charges payable
6,255
5,394
Advanced payment received on account
101
3,700
Deferred income
\u2013
26
11,990
15,130
Advanced payment received on account relates to disposal proceeds received prior to the Statement of Financial Position date for units that proceeded to change ownership in the first quarter of the following financial year.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-335": { "value": "13. Income tax credit
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
The tax credit for the period is as follows:
Current tax charge
564
817
Deferred tax credit \u2013 origination and reversal of temporary differences
(13,609)
(2,556)
(13,045)
(1,739)
The tax credit for the year can be reconciled to the theoretical tax credit on the loss in the Consolidated Statement of Comprehensive Income as follows:
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Loss before tax
(111,800)
(17, 5 49)
Tax at German income tax rate of 15.8% (2022: 15.8%)
(17,66
4)
(2,773)
Losses not subject to tax: Loss on property disposal
677
29
Losses carried forward not recognised
3,943
1,005
Total tax credit for the year
(13,044)
(1,739)
Reconciliation of current tax liabilities
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Balance at beginning of year
808
512
Tax paid during the year
(516)
(521)
Current tax charge
564
817
Balance at end of year
856
808
Reconciliation of deferred tax
Capital gains on Interest rate
properties swaps Total
(Liabilities) (Liabilities) (Net liabilities)
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Balance at 1 January 2022
(75,198)
1,722
(73,476)
Credited/(charged) to the Statement of Comprehensive Income
6,816
(4,260)
2,556
Deferred tax liability at 31 December 2022
(68,382)
(2,538)
(70,920)
Credited to the Statement of Comprehensive Income
12,463
1,146
13,609
Deferred tax liability at 31 December 2023
(55,919)
(1,392)
(57,311)
Jersey income tax The Group is liable to Jersey income tax at 0%. German tax As a result of the Group\u2019s operations in Germany, the Group is subject to German Corporate Income Tax (CIT) \u2013 the effective rate for Phoenix Spree Deutschland Limited for 2023 was 15.8% (2022: 15.8%). Factors affecting future tax charges The Group has accumulated tax losses of approximately \u20ac50 million (2022: \u20ac42 million) in Germany, which will be available to set against suitable future profits should they arise, subject to the criteria for relief. Accumulated tax losses are carried forward without time limit for German Corporate Tax. These losses are offset against the deferred taxable gain to give the deferred tax liability set out above. 19. Other financial assets at amortised cost
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Non-current
At 1 January
828
926
Repayments
(24)
(122)
Accrued interest
24
24
At 31 December
828
828
The Company entered into a loan agreement with the minority interest of Accentro Real Estate AG in relation to the acquisition of the assets as share deals. This loan bears interest at 3% per annum. These assets are considered to have low credit risk and any loss allowance would be immaterial. 20. Trade and other receivables
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Current
Trade receivables
759
932
Less: impairment provision
(297)
(373)
Net receivables
462
559
Prepayments and accrued income
235
68
Service charges receivable
6,797
6,192
Other receivables
5,340
3,249
12,834
10,068
Other receivables include \u20ac1.2 million in respect of real estate transfer tax recoverable in relation to the disposal of the Erkner development. Other receivables include \u20ac2.7 million due in respect of investment properties sold.
Ageing analysis of trade receivables
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Up to 12 months
463
540
Between 1 year and 2 years
(1)
19
462
559
Impairment of trade and service charge receivables
The Group calculates lifetime expected credit losses for trade and service charge receivables using a portfolio approach. Receivables are
grouped based on the credit terms offered and the type of lease. The probability of default is determined at the year-end based on the aging
of the receivables, and historical data about default rates. That data is adjusted if the Group determines that historical data is not reflective of
expected future conditions due to changes in the nature of its tenants and how they are affected by external factors such as economic and
market conditions.
On this basis, the loss allowance as at 31 December 2023, and on 31 December 2022 was determined as set out below.
The Group applies the following loss rates to trade receivables.
As noted below, a loss allowance of 50% (2022: 50%) has been recognised for trade receivables that are more than 60 days past due except for
any receivables relating to the Mietendeckel which are expected to be recovered in full. Any receivables where the tenant is no longer resident
in the property are provided for in full.
Aging over Non-current Total
Trade receivables
0 \u2013 60 days
60 days tenant 2023
Expected loss rate (%)
0%
50%
100%
Gross carrying amount (\u20ac\u2019000)
286
352
121
759
Loss allowance provision (\u20ac\u2019000)
\u2013
(176)
(121)
(297)
Aging over Non-current Total
Trade receivables
0 \u2013 60 days
60 days tenant 2022
Expected loss rate (%)
0%
50%
100%
Gross carrying amount (\u20ac\u2019000)
328
462
142
932
Loss allowance provision (\u20ac\u2019000)
\u2013
(231)
(142)
(373)
Movements in the impairment provision against trade receivables are as follows:
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Balance at the beginning of the year
373
315
Impairment losses recognised
952
868
Amounts written off as uncollectable
(1,028)
(810)
Balance at the end of the year
297
373
All impairment losses relate to the receivables arising from tenants.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-330": { "value": "13. Income tax credit
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
The tax credit for the period is as follows:
Current tax charge
564
817
Deferred tax credit \u2013 origination and reversal of temporary differences
(13,609)
(2,556)
(13,045)
(1,739)
The tax credit for the year can be reconciled to the theoretical tax credit on the loss in the Consolidated Statement of Comprehensive Income as follows:
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Loss before tax
(111,800)
(17, 5 49)
Tax at German income tax rate of 15.8% (2022: 15.8%)
(17,66
4)
(2,773)
Losses not subject to tax: Loss on property disposal
677
29
Losses carried forward not recognised
3,943
1,005
Total tax credit for the year
(13,044)
(1,739)
Reconciliation of current tax liabilities
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Balance at beginning of year
808
512
Tax paid during the year
(516)
(521)
Current tax charge
564
817
Balance at end of year
856
808
Reconciliation of deferred tax
Capital gains on Interest rate
properties swaps Total
(Liabilities) (Liabilities) (Net liabilities)
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Balance at 1 January 2022
(75,198)
1,722
(73,476)
Credited/(charged) to the Statement of Comprehensive Income
6,816
(4,260)
2,556
Deferred tax liability at 31 December 2022
(68,382)
(2,538)
(70,920)
Credited to the Statement of Comprehensive Income
12,463
1,146
13,609
Deferred tax liability at 31 December 2023
(55,919)
(1,392)
(57,311)
Jersey income tax The Group is liable to Jersey income tax at 0%. German tax As a result of the Group\u2019s operations in Germany, the Group is subject to German Corporate Income Tax (CIT) \u2013 the effective rate for Phoenix Spree Deutschland Limited for 2023 was 15.8% (2022: 15.8%). Factors affecting future tax charges The Group has accumulated tax losses of approximately \u20ac50 million (2022: \u20ac42 million) in Germany, which will be available to set against suitable future profits should they arise, subject to the criteria for relief. Accumulated tax losses are carried forward without time limit for German Corporate Tax. These losses are offset against the deferred taxable gain to give the deferred tax liability set out above. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-305": { "value": "13. Income tax credit
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
The tax credit for the period is as follows:
Current tax charge
564
817
Deferred tax credit \u2013 origination and reversal of temporary differences
(13,609)
(2,556)
(13,045)
(1,739)
The tax credit for the year can be reconciled to the theoretical tax credit on the loss in the Consolidated Statement of Comprehensive Income as follows:
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Loss before tax
(111,800)
(17, 5 49)
Tax at German income tax rate of 15.8% (2022: 15.8%)
(17,66
4)
(2,773)
Losses not subject to tax: Loss on property disposal
677
29
Losses carried forward not recognised
3,943
1,005
Total tax credit for the year
(13,044)
(1,739)
Reconciliation of current tax liabilities
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Balance at beginning of year
808
512
Tax paid during the year
(516)
(521)
Current tax charge
564
817
Balance at end of year
856
808
Reconciliation of deferred tax
Capital gains on Interest rate
properties swaps Total
(Liabilities) (Liabilities) (Net liabilities)
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Balance at 1 January 2022
(75,198)
1,722
(73,476)
Credited/(charged) to the Statement of Comprehensive Income
6,816
(4,260)
2,556
Deferred tax liability at 31 December 2022
(68,382)
(2,538)
(70,920)
Credited to the Statement of Comprehensive Income
12,463
1,146
13,609
Deferred tax liability at 31 December 2023
(55,919)
(1,392)
(57,311)
Jersey income tax The Group is liable to Jersey income tax at 0%. German tax As a result of the Group\u2019s operations in Germany, the Group is subject to German Corporate Income Tax (CIT) \u2013 the effective rate for Phoenix Spree Deutschland Limited for 2023 was 15.8% (2022: 15.8%). Factors affecting future tax charges The Group has accumulated tax losses of approximately \u20ac50 million (2022: \u20ac42 million) in Germany, which will be available to set against suitable future profits should they arise, subject to the criteria for relief. Accumulated tax losses are carried forward without time limit for German Corporate Tax. These losses are offset against the deferred taxable gain to give the deferred tax liability set out above. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-272": { "value": "
14. Dividends
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Amounts recognised as distributions to equity holders in the period:
No interim dividend was paid for the year ended 31 December 2023 (2022: 2.3 5 Euro cents (2.09 Sterling pence) per share)
\u2013
2,158
No final dividend was paid for the year ended 31 December 2022 (2022: 5. 15 Euro cents (4.36 Sterling pence) per share for the
year ended 31 December 2021)
\u2013
4,752
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-307": { "value": "0.0235", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-306": { "value": "0.0515", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-273": { "value": "
15. Subsidiaries
The Group consists of a Parent Company, Phoenix Spree Deutschland Limited, incorporated in Jersey, Channel Islands and a number
of subsidiaries held directly by Phoenix Spree Deutschland Limited, which are incorporated in and operated out of Jersey and Germany.
Further details are given below:
Country of incorporation
% holding
Nature of business
Phoenix Spree Deutschland I Limited
Jersey
100
Investment property
Phoenix Spree Deutschland VII Limited
Jersey
100
Investment property
Phoenix Spree Deutschland X Limited
Jersey
100
Finance vehicle
Phoenix Spree Deutschland XI Limited
Jersey
100
Investment property
Phoenix Spree Deutschland XII Limited
Jersey
100
Investment property
Phoenix Property Holding GmbH & Co.KG
Germany
100
Holding Company
Phoenix Spree Mueller GmbH
Germany
94.9
Investment property
Phoenix Spree Gottlieb GmbH
Germany
94.9
Investment property
PSPF Holdings GmbH
Germany
100
Holding Company
J\u00fchnsdorfer Weg Immobilien GmbH
Germany
94.9
Investment property
Phoenix Spree Property Fund Ltd & Co. KG (PSPF)
Germany
100
Investment property
PSPF General Partner (Jersey) Limited
Jersey
100
Management of PSPF
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-331": { "value": "15. Subsidiaries The Group consists of a Parent Company, Phoenix Spree Deutschland Limited, incorporated in Jersey, Channel Islands and a number of subsidiaries held directly by Phoenix Spree Deutschland Limited, which are incorporated in and operated out of Jersey and Germany. Further details are given below:
Country of incorporation
% holding
Nature of business
Phoenix Spree Deutschland I Limited
Jersey
100
Investment property
Phoenix Spree Deutschland VII Limited
Jersey
100
Investment property
Phoenix Spree Deutschland X Limited
Jersey
100
Finance vehicle
Phoenix Spree Deutschland XI Limited
Jersey
100
Investment property
Phoenix Spree Deutschland XII Limited
Jersey
100
Investment property
Phoenix Property Holding GmbH & Co.KG
Germany
100
Holding Company
Phoenix Spree Mueller GmbH
Germany
94.9
Investment property
Phoenix Spree Gottlieb GmbH
Germany
94.9
Investment property
PSPF Holdings GmbH
Germany
100
Holding Company
J\u00fchnsdorfer Weg Immobilien GmbH
Germany
94.9
Investment property
Phoenix Spree Property Fund Ltd & Co. KG (PSPF)
Germany
100
Investment property
PSPF General Partner (Jersey) Limited
Jersey
100
Management of PSPF
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-308": { "value": "15. Subsidiaries The Group consists of a Parent Company, Phoenix Spree Deutschland Limited, incorporated in Jersey, Channel Islands and a number of subsidiaries held directly by Phoenix Spree Deutschland Limited, which are incorporated in and operated out of Jersey and Germany. Further details are given below:
Country of incorporation
% holding
Nature of business
Phoenix Spree Deutschland I Limited
Jersey
100
Investment property
Phoenix Spree Deutschland VII Limited
Jersey
100
Investment property
Phoenix Spree Deutschland X Limited
Jersey
100
Finance vehicle
Phoenix Spree Deutschland XI Limited
Jersey
100
Investment property
Phoenix Spree Deutschland XII Limited
Jersey
100
Investment property
Phoenix Property Holding GmbH & Co.KG
Germany
100
Holding Company
Phoenix Spree Mueller GmbH
Germany
94.9
Investment property
Phoenix Spree Gottlieb GmbH
Germany
94.9
Investment property
PSPF Holdings GmbH
Germany
100
Holding Company
J\u00fchnsdorfer Weg Immobilien GmbH
Germany
94.9
Investment property
Phoenix Spree Property Fund Ltd & Co. KG (PSPF)
Germany
100
Investment property
PSPF General Partner (Jersey) Limited
Jersey
100
Management of PSPF
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-274": { "value": "
18. Property, plant and equipment
Equipment
\u20ac\u2019000
Cost or valuation
As at 1 January 2022
109
As at 31 December 2022
109
Additions
54
As at 31 December 2023
163
Accumulated depreciation and impairment
As at 1 January 2022
89
Charge for the year
8
As at 31 December 2022
97
Charge for the year
55
As at 31 December 2023
152
Carrying amount
As at 31 December 2022
12
As at 31 December 2023
11
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-275": { "value": "
20. Trade and other receivables
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Current
Trade receivables
759
932
Less: impairment provision
(297)
(373)
Net receivables
462
559
Prepayments and accrued income
235
68
Service charges receivable
6,797
6,192
Other receivables
5,340
3,249
12,834
10,068
Other receivables include \u20ac1.2 million in respect of real estate transfer tax recoverable in relation to the disposal of the Erkner development.
Other receivables include \u20ac2.7 million due in respect of investment properties sold.
Ageing analysis of trade receivables
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Up to 12 months
463
540
Between 1 year and 2 years
(1)
19
462
559
Impairment of trade and service charge receivables The Group calculates lifetime expected credit losses for trade and service charge receivables using a portfolio approach. Receivables are grouped based on the credit terms offered and the type of lease. The probability of default is determined at the year-end based on the aging of the receivables, and historical data about default rates. That data is adjusted if the Group determines that historical data is not reflective of expected future conditions due to changes in the nature of its tenants and how they are affected by external factors such as economic and market conditions. On this basis, the loss allowance as at 31 December 2023, and on 31 December 2022 was determined as set out below. The Group applies the following loss rates to trade receivables. As noted below, a loss allowance of 50% (2022: 50%) has been recognised for trade receivables that are more than 60 days past due except for any receivables relating to the Mietendeckel which are expected to be recovered in full. Any receivables where the tenant is no longer resident in the property are provided for in full.
Aging over Non-current Total
Trade receivables
0 \u2013 60 days
60 days tenant 2023
Expected loss rate (%)
0%
50%
100%
Gross carrying amount (\u20ac\u2019000)
286
352
121
759
Loss allowance provision (\u20ac\u2019000)
\u2013
(176)
(121)
(297)
Aging over Non-current Total
Trade receivables
0 \u2013 60 days
60 days tenant 2022
Expected loss rate (%)
0%
50%
100%
Gross carrying amount (\u20ac\u2019000)
328
462
142
932
Loss allowance provision (\u20ac\u2019000)
\u2013
(231)
(142)
(373)
Movements in the impairment provision against trade receivables are as follows:
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Balance at the beginning of the year
373
315
Impairment losses recognised
952
868
Amounts written off as uncollectable
(1,028)
(810)
Balance at the end of the year
297
373
All impairment losses relate to the receivables arising from tenants.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-309": { "value": "20. Trade and other receivables
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Current
Trade receivables
759
932
Less: impairment provision
(297)
(373)
Net receivables
462
559
Prepayments and accrued income
235
68
Service charges receivable
6,797
6,192
Other receivables
5,340
3,249
12,834
10,068
Other receivables include \u20ac1.2 million in respect of real estate transfer tax recoverable in relation to the disposal of the Erkner development. Other receivables include \u20ac2.7 million due in respect of investment properties sold. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-310": { "value": "Impairment of trade and service charge receivables The Group calculates lifetime expected credit losses for trade and service charge receivables using a portfolio approach. Receivables are grouped based on the credit terms offered and the type of lease. The probability of default is determined at the year-end based on the aging of the receivables, and historical data about default rates. That data is adjusted if the Group determines that historical data is not reflective of expected future conditions due to changes in the nature of its tenants and how they are affected by external factors such as economic and market conditions. On this basis, the loss allowance as at 31 December 2023, and on 31 December 2022 was determined as set out below. The Group applies the following loss rates to trade receivables. As noted below, a loss allowance of 50% (2022: 50%) has been recognised for trade receivables that are more than 60 days past due except for any receivables relating to the Mietendeckel which are expected to be recovered in full. Any receivables where the tenant is no longer resident in the property are provided for in full.
Aging over Non-current Total
Trade receivables
0 \u2013 60 days
60 days tenant 2023
Expected loss rate (%)
0%
50%
100%
Gross carrying amount (\u20ac\u2019000)
286
352
121
759
Loss allowance provision (\u20ac\u2019000)
\u2013
(176)
(121)
(297)
Aging over Non-current Total
Trade receivables
0 \u2013 60 days
60 days tenant 2022
Expected loss rate (%)
0%
50%
100%
Gross carrying amount (\u20ac\u2019000)
328
462
142
932
Loss allowance provision (\u20ac\u2019000)
\u2013
(231)
(142)
(373)
Movements in the impairment provision against trade receivables are as follows:
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Balance at the beginning of the year
373
315
Impairment losses recognised
952
868
Amounts written off as uncollectable
(1,028)
(810)
Balance at the end of the year
297
373
All impairment losses relate to the receivables arising from tenants.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-276": { "value": "
21. Cash and cash equivalents
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Cash at banks
9,287
11,156
Cash at agents
1,711
1,329
Cash and cash equivalents
10,998
12,485
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-311": { "value": "21. Cash and cash equivalents
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Cash at banks
9,287
11,156
Cash at agents
1,711
1,329
Cash and cash equivalents
10,998
12,485
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-277": { "value": "
22. Borrowings
31 December 2023
31 December 2022
Nominal value Book value Nominal value Book value
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Current liabilities
Bank loans and accrued interest \u2013 NATIXIS Pfandbriefbank AG
1,419
405
1,031
19
Bank loans \u2013 Berliner Sparkasse
1,027
1,027
801
801
2,446
1,432
1,832
820
Non-current liabilities
Bank loans \u2013 NATIXIS Pfandbriefbank AG
262,218
260,502
253,602
250,872
Bank loans \u2013 Berliner Sparkasse
59,309
59,309
60,392
60,392
321,527
319,811
313,994
311,264
323,973
321,243
315,826
312,084
The fair value of borrowings approximated their book value at the date of the Consolidated Statement of Financial Position.
The difference between book values and nominal values in the table above relates to unamortised transaction cost.
The Group has complied with the financial covenants of its borrowing facilities during the 2023 and 2022 reporting periods.
Financial covenants relating to the NATIXIS Pfandbriefbank AG loans include a projected interest cover of at least 150%, minimum debt yield
of 4.3% and a maximum loan to value of 67.5%.
There are no financial covenants relating to the Berliner Sparkasse loans.
The NATIXIS Pfandbriefbank AG loans mature on 11 September 2026 and the Berliner Sparkasse loans mature between 31 December 2026
and 31 October 2027.
All borrowings are secured against the investment properties of the Group. The Group had no undrawn debt facilities as at 31 December 2023
(2022: \u20ac39.0 million).
Interest rate risk concentration
Hedged against
Fixed interest Fixed interest Floating interest floating rate
Interest rate basis % %
%
Total loans
loans
1\u20132% 2\u20133% Euribor
Interest rate range \u20ac\u2019000 \u20ac\u2019000
\u20ac\u2019000
\u20ac\u2019000
\u20ac\u2019000
NATIXIS Pfandbriefbank AG
\u2013
\u2013
262,218
262,218
219,000
Berliner Sparkasse
39,832
3,800
16,704
60,336
11,684
Total
39,832
3,800
278,922
322,554
230,684
24. Derivative financial instruments
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Interest rate swaps \u2013 carried at fair value through profit or loss
Balance at 1 January
16,036
(10,884)
Fair value movement through profit or loss
(7, 240)
26,920
Balance at 31 December
8,796
16,036
The notional principal amounts of the outstanding interest rate swap contracts at 31 December 2023 were \u20ac231,049,375 (2022: \u20ac214,878,750).
At 31 December 2023 the fixed interest rates vary from 0.775% to 3.21% with the floating interest based on 3 month Euribor (2022: 0.775% to
1.287%) and mature between September 2026 and February 2027.
The interest rate swaps are valued by an independent third-party specialist. The market value calculation is based on the present value of the
counterparty payments, the fixed interest, and the present value of the payments to be received, and the floating interest.
The amounts disclosed in the tables below are the contractual undiscounted cash flows. Undiscounted cash flows in respect of balances
due within 12 months generally equal their carrying amounts in the Consolidated Statement of Financial Position, as the impact of discounting
is not significant.
Maturity analysis of interest rate swaps
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Less than 1 year
5,416
4,686
Between 1 and 2 years
2,190
5,055
Between 2 and 5 years
1,441
7,261
More than 5 years
\u2013
\u2013
9,047
17,002
Maturity analysis of interest rate swaps as of 31 December 2023
Pay fixed Receive floating Net
Year \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
2024
(2,775)
8,191
5,416
2025
(2,765)
4,955
2,190
2026
(2,397)
3,816
1,419
2027
(13)
36
23
Total
(7,950)
16,998
9,046
30. Financial instruments
The Group is exposed to the risks that arise from its use of financial instruments. This note describes the objectives, policies and processes
of the Group for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is
presented throughout the consolidated financial statements.
Principal financial instruments
The principal financial instruments used by the Group, from which financial instrument risk arises, are as follows:
\u2022 Cash and cash equivalents
\u2022 Trade and other receivables
\u2022 Other financial assets
\u2022 Trade and other payables
\u2022 Borrowings
\u2022 Derivative financial instruments
The Group held the following financial assets at each reporting date:
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Amortised cost
Trade and other receivables \u2013 current
12,599
10,000
Cash and cash equivalents
10,998
12,485
Other financial assets at amortised cost
828
828
24,425
23,313
Fair value through profit or loss
Derivative financial asset \u2013 interest rate swaps
8,796
16,036
8,796
16,036
33,221
39,349
The Group held the following financial liabilities at each reporting date:
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
At amortised cost
Borrowings payable: current
1,432
820
Borrowings payable: non-current
319,811
311,264
Trade and other payables
11,990
15,130
333,233
327,214
Fair value of financial instruments
The fair values of the financial assets and liabilities are not materially different to their carrying values due to the short-term nature of the current
assets and liabilities. Due to the commercial variable rates applied to the long-term liabilities, and the relatively short-term nature, the fair value of
these positions are not considered to be materially different from their carrying value. Fixed rate long-term liabilities account for approximately
13% of total borrowing, and while the fair value of these positions would likely differ more than the fair value of borrowing at commercial variable
rates, given the relatively short-term nature of the lending maturing within the next four years and the projected gradual decrease in Euribor rates
over the same period, bringing the rates back down to similar rates to the current fixed lending rates, it is also considered that the fair value of
these position would not be materially different from their carrying value.
The interest rate swap was valued by the respective counterparty banks by comparison with the market price for the relevant date.
The interest rate swaps are expected to mature between September 2026 and February 2027.
The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:
Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities;
Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or
indirectly; and
Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data.
During each of the reporting periods, there were no transfers between valuation levels.
Group fair values
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Financial assets/(liabilities)
Interest rate swaps \u2013 Level 2 \u2013 current
\u2013
\u2013
Interest rate swaps \u2013 Level 2 \u2013 non-current
8,796
16,036
8,796
16,036
Financial risk management
The Group is exposed through its operations to the following financial risks:
\u2022 Interest rate risk
\u2022 Foreign exchange risk
\u2022 Credit risk
\u2022 Liquidity risk
The Group\u2019s policies for financial risk management are outlined below.
Interest rate risk
The Group\u2019s interest rate risk arises from certain of its borrowings. Borrowings issued at variable rates expose the Group to cash flow interest
rate risk. Borrowings issued at fixed rates expose the Group to fair value interest rate risk. The Group is also exposed to interest rate risk on cash
and cash equivalents.
Under interest rate swap contracts, the Group agrees to exchange the difference between fixed and floating rate interest amounts calculated on
agreed notional principal amounts. Such contracts enable the Group to mitigate the risk of changing interest rates on the cash flow exposures
on the issued variable rate debt held.
Sensitivity analysis has not been performed as all variable rate borrowings have been swapped to fixed interest rates, and potential movements
on cash at bank balances are immaterial.
The Group gives careful consideration to interest rates when considering its borrowing requirements and where to hold its excess cash.
The Directors believe that the interest rate risk is at an acceptable level.
Foreign exchange risk
The Group is exposed to foreign exchange risk on sales, purchases, and translation of assets and liabilities that are in a currency other than
the functional currency (Euro).
The Group does not enter into any currency hedging transactions and the Directors believe that the foreign exchange rate risk is at an
acceptable level.
The carrying amount of the Group\u2019s foreign currency (non-Euro) denominated monetary assets and liabilities are shown below, all the amounts
are for Sterling balances only:
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Financial assets
Cash and cash equivalents
215
75
Financial liabilities
Trade and other payables
(377)
(494)
Net position
(162)
(419)
At each reporting date, if the Euro had strengthened or weakened by 10% against GBP with all other variables held constant, post-tax profit/loss
for the year would have increased/(decreased) by:
Weakened by 10% Strengthened by 10%
increase/(decrease) increase/(decrease)
in post-tax profit/loss in post-tax profit/loss
and impact on equity and impact on equity
\u20ac\u2019000 \u20ac\u2019000
31 December 2023
(16)
16
31 December 2022
(42)
42
Credit risk management
Credit risk refers to the risk that the counterparty will default on its contractual obligations resulting in financial loss to the Group. Credit risk arises
principally from the Group\u2019s trade and other receivables and its cash balances. The Group gives careful consideration to which organisations it
uses for its banking services in order to minimise credit risk. The Group has an established credit policy under which each new tenant is analysed
for creditworthiness and each tenant is required to pay a two-month deposit.
At each reporting date the Group had no tenants with outstanding balances over 10% of the total trade receivables balance.
The Group holds cash at the following banks: Barclays Private Clients International Jersey Ltd, Deutsche Bank AG, Berliner Sparkasse,
UniCredit Bank AG and Hausbank. The split of cash held at each of the banks respectively at 31 December 2023 was 22% / 59% / 6% / 4% / 9%
(31 December 2022: Barclays Private Clients International Jersey Ltd, Deutsche Bank AG, Berliner Sparkasse, UniCredit Bank AG and Hausbank
the split was 36% / 50% / 7% / 2% / 5%). Barclays and Berliner Sparkasse have a credit rating of A+, Deutsche Bank has a credit rating of A,
UniCredit Bank AG has a credit rating of A-2 and Hausbank has a credit rating of AA-.
The Group holds no collateral as security against any financial asset. The carrying amount of financial assets recorded in the financial statements,
net of any allowances for losses, represents the Group\u2019s maximum exposure to credit risk.
Details of receivables from tenants in arrears at each reporting date can be found in note 20 as can details of the receivables that were impaired
during each period.
An allowance for impairment is made using an expected credit loss model based on previous experience. Management considers the above
measures to be sufficient to control the credit risk exposure.
The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned
by international credit-rating agencies.
The carrying amount of financial assets recorded in the financial statements, which is net of impairment losses, represents the Group\u2019s maximum
exposure to credit risk as no collateral or other credit enhancements are held.
Liquidity risk management
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group\u2019s approach to managing liquidity
risk is to ensure that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without
incurring unacceptable losses or damage to the Group\u2019s reputation.
The Directors manage liquidity risk by regularly reviewing cash requirements by reference to short-term cash flow forecasts and medium-term
working capital projections prepared by management.
The Group maintains good relationships with its banks, which have high credit ratings.
The following table details the Group\u2019s remaining contractual maturity for its non-derivative financial liabilities with agreed maturity periods. The table has been drawn up based on the undiscounted cash flows of the financial liabilities based on the earliest date on which the Group can be required to pay. The tables include both current interest payable and principal cash flows. Maturity analysis for financial liabilities
Less than Between Between More than
1 year 1 \u2013 2 years 2 \u2013 5 years 5 years Total
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
At 31 December 2023
Borrowings payable: current
2,446
\u2013
\u2013
\u2013
2,446
Borrowings payable: non-current
\u2013
\u2013
321,527
\u2013
321,527
Trade and other payables
11,990
\u2013
\u2013
\u2013
11,990
14,436
\u2013
321,527
\u2013
335,963
Less than Between Between More than
1 year 1 \u2013 2 years 2 \u2013 5 years 5 years Total
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
At 31 December 2022
Borrowings payable: current
1,832
\u2013
\u2013
\u2013
1,832
Borrowings payable: non-current
\u2013
\u2013
313,994
\u2013
313,994
Trade and other payables
15,130
\u2013
\u2013
\u2013
15,130
16,962
\u2013
313,994
\u2013
330,956
Loans are due to mature in September 2026 for the NATIXIS loan facility and between 31 December 2026 and October 2027 for the Berliner Sparkasse loan facilities .", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-312": { "value": "22. Borrowings
31 December 2023
31 December 2022
Nominal value Book value Nominal value Book value
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Current liabilities
Bank loans and accrued interest \u2013 NATIXIS Pfandbriefbank AG
1,419
405
1,031
19
Bank loans \u2013 Berliner Sparkasse
1,027
1,027
801
801
2,446
1,432
1,832
820
Non-current liabilities
Bank loans \u2013 NATIXIS Pfandbriefbank AG
262,218
260,502
253,602
250,872
Bank loans \u2013 Berliner Sparkasse
59,309
59,309
60,392
60,392
321,527
319,811
313,994
311,264
323,973
321,243
315,826
312,084
The fair value of borrowings approximated their book value at the date of the Consolidated Statement of Financial Position. The difference between book values and nominal values in the table above relates to unamortised transaction cost. The Group has complied with the financial covenants of its borrowing facilities during the 2023 and 2022 reporting periods. Financial covenants relating to the NATIXIS Pfandbriefbank AG loans include a projected interest cover of at least 150%, minimum debt yield of 4.3% and a maximum loan to value of 67.5%. There are no financial covenants relating to the Berliner Sparkasse loans. The NATIXIS Pfandbriefbank AG loans mature on 11 September 2026 and the Berliner Sparkasse loans mature between 31 December 2026 and 31 October 2027. All borrowings are secured against the investment properties of the Group. The Group had no undrawn debt facilities as at 31 December 2023 (2022: \u20ac39.0 million). Interest rate risk concentration
Hedged against
Fixed interest Fixed interest Floating interest floating rate
Interest rate basis % %
%
Total loans
loans
1\u20132% 2\u20133% Euribor
Interest rate range \u20ac\u2019000 \u20ac\u2019000
\u20ac\u2019000
\u20ac\u2019000
\u20ac\u2019000
NATIXIS Pfandbriefbank AG
\u2013
\u2013
262,218
262,218
219,000
Berliner Sparkasse
39,832
3,800
16,704
60,336
11,684
Total
39,832
3,800
278,922
322,554
230,684
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-278": { "value": "
23. Trade and other payables
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Trade payables
4,033
4,525
Accrued liabilities
1,601
1,485
Service charges payable
6,255
5,394
Advanced payment received on account
101
3,700
Deferred income
\u2013
26
11,990
15,130
Advanced payment received on account relates to disposal proceeds received prior to the Statement of Financial Position date for units that
proceeded to change ownership in the first quarter of the following financial year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-332": { "value": "23. Trade and other payables
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Trade payables
4,033
4,525
Accrued liabilities
1,601
1,485
Service charges payable
6,255
5,394
Advanced payment received on account
101
3,700
Deferred income
\u2013
26
11,990
15,130
Advanced payment received on account relates to disposal proceeds received prior to the Statement of Financial Position date for units that proceeded to change ownership in the first quarter of the following financial year.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-313": { "value": "23. Trade and other payables
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Trade payables
4,033
4,525
Accrued liabilities
1,601
1,485
Service charges payable
6,255
5,394
Advanced payment received on account
101
3,700
Deferred income
\u2013
26
11,990
15,130
Advanced payment received on account relates to disposal proceeds received prior to the Statement of Financial Position date for units that proceeded to change ownership in the first quarter of the following financial year.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-314": { "value": "24. Derivative financial instruments
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Interest rate swaps \u2013 carried at fair value through profit or loss
Balance at 1 January
16,036
(10,884)
Fair value movement through profit or loss
(7, 240)
26,920
Balance at 31 December
8,796
16,036
The notional principal amounts of the outstanding interest rate swap contracts at 31 December 2023 were \u20ac231,049,375 (2022: \u20ac214,878,750). At 31 December 2023 the fixed interest rates vary from 0.775% to 3.21% with the floating interest based on 3 month Euribor (2022: 0.775% to 1.287%) and mature between September 2026 and February 2027. The interest rate swaps are valued by an independent third-party specialist. The market value calculation is based on the present value of the counterparty payments, the fixed interest, and the present value of the payments to be received, and the floating interest. The amounts disclosed in the tables below are the contractual undiscounted cash flows. Undiscounted cash flows in respect of balances due within 12 months generally equal their carrying amounts in the Consolidated Statement of Financial Position, as the impact of discounting is not significant. Maturity analysis of interest rate swaps
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Less than 1 year
5,416
4,686
Between 1 and 2 years
2,190
5,055
Between 2 and 5 years
1,441
7,261
More than 5 years
\u2013
\u2013
9,047
17,002
Maturity analysis of interest rate swaps as of 31 December 2023
Pay fixed Receive floating Net
Year \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
2024
(2,775)
8,191
5,416
2025
(2,765)
4,955
2,190
2026
(2,397)
3,816
1,419
2027
(13)
36
23
Total
(7,950)
16,998
9,046
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-280": { "value": "
25. Share-based payment reserve
Performance fee
\u20ac\u2019000
Balance at 1 January 2022
343
Fee charge for the year
(343)
Balance at 31 December 2022
\u2013
Fee charge for the year
\u2013
Balance at 31 December 2023
\u2013
The share-based payment reserve was established in relation to the issue of shares for the payment of the performance fee to the Property Advisor.
Property Advisor performance fee
The Property Advisor is entitled to an asset and estate management performance fee, measured over consecutive three-year periods, equal
to 15% of the excess by which the annual EPRA NTA total return of the Group exceeds 8% per annum, compounding (the \u2018Performance Fee\u2019).
The Performance Fee is subject to a high watermark, being the higher of:
i) EPRA NTA per share at 1 January 2021; and
ii) the EPRA NTA per share at the end of a Performance Period in relation to which a performance fee was earned in accordance with the
provisions contained with the Property Advisory and Investor Relations Agreement.
Should a fee be due, the fee will be settled shortly after the release of the 2023 Annual Report in shares of the Company and, being determined
by reference to an equity based formula, meets the definition of a share-based payment arrangement. There is no fee due to be settled for the
current period.
The right to the payment of a Performance Fee was waived by the Property Advisor in July 2023 as part of an amended fee arrangement (note 32).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-279": { "value": "
26. Stated capital
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Issued and fully paid:
At 1 January
196,578
196,578
At 31 December
196,578
196,578
The number of shares in issue at 31 December 2023 was 100,751,410 (31 December 2022: 100,751,410).
Treasury shares
The reserve for the Company\u2019s treasury shares comprises the cost of the Company\u2019s shares held by the Group. At 31 December 2023,
the Group held 8,924,047 of the Company\u2019s shares (2022: 8,924,047). During the year no further shares were purchased in the market.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-315": { "value": "26. Stated capital
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Issued and fully paid:
At 1 January
196,578
196,578
At 31 December
196,578
196,578
The number of shares in issue at 31 December 2023 was 100,751,410 (31 December 2022: 100,751,410). ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-316": { "value": "Treasury shares The reserve for the Company\u2019s treasury shares comprises the cost of the Company\u2019s shares held by the Group. At 31 December 2023, the Group held 8,924,047 of the Company\u2019s shares (2022: 8,924,047). During the year no further shares were purchased in the market.", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-281": { "value": "
27. Non-controlling interests
Non-controlling 31 December 31 December
interest 2023 2022
% \u20ac\u2019000 \u20ac\u2019000
Phoenix Spree Mueller GmbH
5.1%
1,359
1,571
Phoenix Spree Gottlieb GmbH
5.1%
1,143
1,307
J\u00fchnsdorfer Weg Immobilien GmbH
5.1%
65
334
2,567
3,212
The following is summarised financial information for the subsidiaries which have material non-controlling interest (NCI), prepared in accordance
with IFRS. The information is before inter-company eliminations with other companies in the Group.
Phoenix Spree Phoenix Spree J\u00fchnsdorfer
Mueller Gottlieb Weg Immobilien 31 December
GmbH GmbH GmbH 2023
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
Revenue
1,272
1,218
2,194
4,684
Loss
(4,137)
(3,191)
(5,286)
(12,614)
Loss attributable to NCI
(211)
(162)
(270)
(643)
Non-current assets
30,400
28,300
48,500
107, 200
Current assets
4,921
7,604
11,031
23,556
Non-current liabilities
(8,098)
(12,943)
(47,415)
(68,456)
Current liabilities
(565)
(533)
(10,845)
(11,943)
Net assets
26,658
22,428
1,271
50,357
Net assets attributable to NCI
1,359
1,143
65
2,567
Cash flows from operating activities
117
141
387
645
Cash flows from investing activities
(2)
(4)
(2,073)
(2,079)
Cash flows from financing activities
(68)
(332)
2,351
1,951
Net increase in cash and cash equivalents
47
(195)
665
517
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-282": { "value": "
28. Earnings per share and EPRA earnings per share
31 December 31 December
2023 2022
Earnings per share
Earnings for the purposes of basic earnings per share being net profit attributable to owners of the parent (\u20ac\u2019000)
(98,112)
(15,435)
Weighted average number of ordinary shares for the purposes of basic earnings per share (Number)
91,827,363
92,139,098
Effect of dilutive potential ordinary shares (Number)
\u2013
\u2013
Weighted average number of ordinary shares for the purposes of diluted earnings per share (Number)
91,827,363
92,139,098
Earnings per share (\u20ac)
(1.07)
(0.17)
Diluted earnings per share (\u20ac)
(1.07)
(0.17)
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
EPRA earnings per share
Earnings for the purposes of basic earnings per share being net profit attributable to owners of the parent
(98,112)
(15,435)
Changes in value of investment properties
97,298
42,241
Loss on disposal on investment properties
4,282
185
Changes in fair value of financial instruments
7,240
(27, 26 3)
Deferred tax adjustments
(13,609)
(2,556)
Change in non-controlling interest
(391)
(13)
EPRA earnings
(3,292)
(2,841)
Weighted average number of ordinary shares for the purposes of basic earnings per share (Number)
91,827,363
92,139,098
EPRA earnings per share (\u20ac)
(0.04)
(0.03)
Diluted EPRA earnings per share (\u20ac)
(0.04)
(0.03)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-283": { "value": "
29. Net asset value per share and EPRA net asset value
31 December 31 December
2023 2022
Net assets (\u20ac\u2019000)
315,067
413,179
Number of participating ordinary shares
91,827,363
91,827, 363
Net asset value per share (\u20ac)
3.43
4.50
EPRA NRV (Net Reinstatement Value) \u2013 this includes transfer duties of the property assets.
EPRA NTA (Net Tangible Assets) \u2013 the Company buys and sells assets leading to taking account of certain liabilities.
EPRA NDV (Net Disposal Value) \u2013 the value for the shareholder in the event of a liquidation.
The net asset value calculation is based on the Group\u2019s shareholders\u2019 equity which includes the fair value of investment properties, properties
held for sale as well as financial instruments.
The number of diluted shares does not include treasury shares.
EPRA NRV EPR A NTA EPRA NDV
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
At 31 December 2023
IFRS equity attributable to shareholders
315,067
315,067
315,067
Diluted NAV
315,067
315,067
315,067
Diluted NAV at fair value
315,067
315,067
315,067
Exclude:
Deferred tax in relation to revaluation gains/losses of investment property and derivatives
57, 31 1
57, 31 1
\u2013
Fair value of financial instruments
(8,796)
(8,796)
\u2013
Include:
Fair value of fixed interest rate debt
3,712
Real estate transfer tax
60,345
\u2013
NAV
423,927
363,582
318,779
Fully diluted number of shares
91,827, 363
91,827, 363
91 ,827, 363
NAV per share (\u20ac)
4.62
3.96
3.47
EPRA NRV EPR A NTA EPRA NDV
\u20ac\u2019000 \u20ac\u2019000 \u20ac\u2019000
At 31 December 2022
IFRS Equity attributable to shareholders
413,179
413,179
413,179
Diluted NAV
413,179
413,179
413,179
Diluted NAV at fair value
413,179
413,179
413,179
Exclude:
Deferred tax in relation to revaluation gains/losses of investment property and derivatives
70,920
70,920
\u2013
Fair value of financial instruments
(16,036)
(16,036)
\u2013
Include:
Fair value of fixed interest rate debt
\u2013
\u2013
2,829
Real estate transfer tax
63,176
\u2013
\u2013
NAV
531,239
468,063
416,008
Fully diluted number of shares
91,827, 363
91,827, 363
91 ,827, 363
NAV per share (\u20ac)
5.79
5.10
4.53
", "dimensions": { "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-333": { "value": "Fair value of financial instruments The fair values of the financial assets and liabilities are not materially different to their carrying values due to the short-term nature of the current assets and liabilities. Due to the commercial variable rates applied to the long-term liabilities, and the relatively short-term nature, the fair value of these positions are not considered to be materially different from their carrying value. Fixed rate long-term liabilities account for approximately 13% of total borrowing, and while the fair value of these positions would likely differ more than the fair value of borrowing at commercial variable rates, given the relatively short-term nature of the lending maturing within the next four years and the projected gradual decrease in Euribor rates over the same period, bringing the rates back down to similar rates to the current fixed lending rates, it is also considered that the fair value of these position would not be materially different from their carrying value. The interest rate swap was valued by the respective counterparty banks by comparison with the market price for the relevant date. The interest rate swaps are expected to mature between September 2026 and February 2027. The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities; Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly; and Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data. During each of the reporting periods, there were no transfers between valuation levels. Group fair values
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Financial assets/(liabilities)
Interest rate swaps \u2013 Level 2 \u2013 current
\u2013
\u2013
Interest rate swaps \u2013 Level 2 \u2013 non-current
8,796
16,036
8,796
16,036
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-317": { "value": "Fair value of financial instruments The fair values of the financial assets and liabilities are not materially different to their carrying values due to the short-term nature of the current assets and liabilities. Due to the commercial variable rates applied to the long-term liabilities, and the relatively short-term nature, the fair value of these positions are not considered to be materially different from their carrying value. Fixed rate long-term liabilities account for approximately 13% of total borrowing, and while the fair value of these positions would likely differ more than the fair value of borrowing at commercial variable rates, given the relatively short-term nature of the lending maturing within the next four years and the projected gradual decrease in Euribor rates over the same period, bringing the rates back down to similar rates to the current fixed lending rates, it is also considered that the fair value of these position would not be materially different from their carrying value. The interest rate swap was valued by the respective counterparty banks by comparison with the market price for the relevant date. The interest rate swaps are expected to mature between September 2026 and February 2027. The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities; Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly; and Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data. During each of the reporting periods, there were no transfers between valuation levels. Group fair values
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Financial assets/(liabilities)
Interest rate swaps \u2013 Level 2 \u2013 current
\u2013
\u2013
Interest rate swaps \u2013 Level 2 \u2013 non-current
8,796
16,036
8,796
16,036
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-284": { "value": "
31. Capital commitments
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Contracted capital commitments at the end of the year
\u2013
26,750
Capital commitments include contracted obligations in respect of the acquisition, enhancement, construction, development and repair of the
Group\u2019s properties.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-318": { "value": "31. Capital commitments
31 December 31 December
2023 2022
\u20ac\u2019000 \u20ac\u2019000
Contracted capital commitments at the end of the year
\u2013
26,750
Capital commitments include contracted obligations in respect of the acquisition, enhancement, construction, development and repair of the Group\u2019s properties.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-285": { "value": "
32. Related party transactions
Related party transactions not disclosed elsewhere are as follows:
Property Advisor fees
In November 2018 the Company signed a new contract with the Property Advisor, which superseded the previous property advisor agreement.
Under the Property Advisory Agreement for providing property advisory services, the Property Advisor will be entitled to a portfolio and asset
management fee as follows:
i) 1.2% of the EPRA NTA of the Group where EPRA NTA of the Group is equal to or less than \u20ac500 million; and
ii) 1% of the EPRA NTA of the Group greater than \u20ac500 million.
The Property Advisor is entitled to receive a finance fee equal to:
i) 0.1% of the value of any borrowing arrangement which the Property Advisor has negotiated and/or supervised; and
ii) a fixed fee of \u00a31,000 in respect of any borrowing arrangement which the Property Advisor has renegotiated or varied.
The management fee will be reduced by the aggregate amount of any transaction fees and finance fees payable to the Property Advisor in
respect of that calendar year.
The Property Advisor is entitled to a capex monitoring fee equal to 7% of any capital expenditure incurred by any subsidiary which the Property
Advisor is responsible for managing.
The Property Advisor is entitled to receive a transaction fee fixed at \u00a31,000 in respect of any acquisition or disposal of property by any subsidiary.
The Property Advisor shall be entitled to a fee for Investor Relations Services at the annual rate of \u00a375,000 payable quarterly in arrears.
Effective from 1 July 2023 for a period of 12 months, the Property Advisor fee was amended as follows:
i) for a period of 12 months from 1 July 2023, the amount payable to the Property Advisor in respect of the portfolio and asset management
fee, the capex monitoring fee, the finance fees, the transaction fees, the letting fees and the investor relations fees, in each case, inclusive
of VAT shall be subject to a cap of \u20ac5.0 million; and
ii) the Property Advisor shall be entitled to a disposal fee equal to 1%. of the gross value of assets sold over the 12-month period commencing
on 1 July 2023.
QSix Residential Limited is the Group\u2019s appointed Property Advisor. Partners of QSix Residential Limited formerly sat on the Board of PSD and
retain a shareholding in the Group. During the year ended 31 December 2023, an amount of \u20ac5,805,068 (\u20ac5,720,759 management fees and
\u20ac84,309 other expenses and fees) (2022: \u20ac6,861,680 (\u20ac6,773,608 management fees and \u20ac88,072 other expenses and fees)) was payable to
QSix Residential Limited. At 31 December 2023 \u20ac1,259,889 (2022: \u20ac1,584,505) was outstanding. Fees payable to the Property Advisor in relation
to overseeing capital expenditure during the year of \u20ac489,829 (2022: \u20ac492,859) have been capitalised.
The Property Advisor is also entitled to an asset and estate management performance fee. The charge for the period in respect of the
performance fee was \u20acNil (2022: \u20acNil). Please refer to note 25 for more details.
Apex Financial Services (Alternative Funds) Limited, the Company\u2019s Administrator provided administration and company secretarial services.
During the period, fees of \u20ac680,000 were charged (2022: \u20ac651,000) with \u20acNil (2022: \u20acNil) outstanding.
Fees payable to Directors during the year amounted to \u20ac268,000 (2022: \u20ac275,000).
Dividends paid to Directors in their capacity as a shareholder amounted to \u20acNil (2022: \u20ac937).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-319": { "value": "32. Related party transactions Related party transactions not disclosed elsewhere are as follows: Property Advisor fees In November 2018 the Company signed a new contract with the Property Advisor, which superseded the previous property advisor agreement. Under the Property Advisory Agreement for providing property advisory services, the Property Advisor will be entitled to a portfolio and asset management fee as follows: i) 1.2% of the EPRA NTA of the Group where EPRA NTA of the Group is equal to or less than \u20ac500 million; and ii) 1% of the EPRA NTA of the Group greater than \u20ac500 million. The Property Advisor is entitled to receive a finance fee equal to: i) 0.1% of the value of any borrowing arrangement which the Property Advisor has negotiated and/or supervised; and ii) a fixed fee of \u00a31,000 in respect of any borrowing arrangement which the Property Advisor has renegotiated or varied. The management fee will be reduced by the aggregate amount of any transaction fees and finance fees payable to the Property Advisor in respect of that calendar year. The Property Advisor is entitled to a capex monitoring fee equal to 7% of any capital expenditure incurred by any subsidiary which the Property Advisor is responsible for managing. The Property Advisor is entitled to receive a transaction fee fixed at \u00a31,000 in respect of any acquisition or disposal of property by any subsidiary. The Property Advisor shall be entitled to a fee for Investor Relations Services at the annual rate of \u00a375,000 payable quarterly in arrears. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-286": { "value": "
33. Events after the reporting date
Since the reporting date, the Company has exchanged contracts on nine residential condominium units for a total value of \u20ac3.4 million.
In March 2024, the Company exchanged contracts to sell two multi-family assets, comprising 41 residential and three commercial units,
for a total value of \u20ac7.4 million.
In January 2024, the sale of one asset completed for which contracts had been exchanged in 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800OR6IIJPG98AG39", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }