Going concern basis
After making enquiries, the directors at the time of approving the financial statements have determined that there is a reasonable expectation that the Group and the parent company have adequate resources to continue operating for the foreseeable future. For this reason, the directors have adopted the going concern basis in preparing the financial statements.
1. Summary of material accounting policies
The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
1.1 Basis of preparation
These consolidated financial statements include the financial statements of Simonds Farsons Cisk p.l.c. (SFC) and its subsidiaries. SFC is a public Company incorporated in Malta with its registered address at The Brewery, Mdina Road, Zone 2, Central Business District, CBD 2010, Birkirkara, Malta.
The Group is engaged in the brewing, production and sale of branded beers and beverages, the importation, wholesale and retail of food and beverages, including wines and spirits, lease of property, and the operation of franchised food retailing establishments. The food business ceased to form part of the Group on 6 October 2025 following the spin-off into a separate listed entity, Quinco Holdings p.l.c.\t
During the year ended 31 January 2026 there were no changes in the name of the reporting entity or other means of identification.
Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019). The consolidated financial statements are presented in Euro which is the Company\u2019s functional currency and the Group\u2019s presentation currency.
The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU, and the requirements of the Maltese Companies Act, 1995. They have been prepared under the historical cost convention, as modified by the fair valuation of certain class of property, plant and equipment and derivative financial instruments which are measured at revalued amount or fair value. Unless otherwise stated, all financial information presented has been rounded to the nearest thousand.
The preparation of financial statements in conformity with IFRSs as adopted by the EU requires the use of certain accounting estimates. It also requires directors to exercise their judgement in the process of applying the Group\u2019s accounting policies (Note 3 - Critical accounting estimates and judgements).
Standards, interpretations and amendments to published standards effective in 2026
In 2026, the Group and Company adopted amendments to existing standards that are mandatory for the Group and Company\u2019s accounting period beginning on 1 February 2025. The adoption of these revisions to the requirements of IFRSs as adopted by the EU, did not result in changes to the Group and Company\u2019s accounting policies impacting the financial performance and position.
Standards, interpretations and amendments to published standards that are not yet effective
Certain new standards, amendments and interpretations to existing standards have been published by the date of authorisation for issue of these financial statements but are mandatory for the Group\u2019s accounting periods beginning after 1 February 2025. The Group has not early adopted these revisions to the requirements of IFRSs as adopted by the EU. The Group will continue to study the impact on the Group\u2019s financial statements prior to the initial application.
1.2 Consolidation
Subsidiaries are all entities over which the Group has control. The Group controls an entity where the Group is exposed to or holds rights to variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date that control ceases.
The Group uses the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired, liabilities, and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets.
The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the Group\u2019s share of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognised directly in profit or loss.
Inter-company transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.
A listing of the subsidiaries is set out in Note 36 to the financial statements.
1.3 Property, plant and equipment
All property, plant and equipment is initially recorded at historical cost. Land and buildings are subsequently shown at fair value based on periodic valuations by external independent valuers, less subsequent depreciation for buildings. Valuations are carried out on a regular basis, but at least every five years, unless the Directors consider it appropriate to have an earlier revaluation, such that the carrying amount of property does not differ materially from that which would be determined using fair values at the end of the reporting period. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset, and the net amount is restated to the revalued amount of the asset. All other property, plant and equipment is stated at historical cost less depreciation and impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Borrowing costs which are incurred for the purpose of acquiring or constructing a qualifying asset are capitalised as part of its cost. Borrowing costs are capitalised while acquisition or construction is actively underway. Capitalisation of borrowing costs is ceased once the asset is substantially complete and is suspended if the development of the asset is suspended.
Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, 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. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged to profit or loss during the financial period in which they are incurred.
Increases in the carrying amount arising on revaluation of land and buildings are credited to other comprehensive income and shown as a revaluation reserve in shareholders\u2019 equity. Decreases that offset previous increases of the same asset are charged in other comprehensive income and debited against the revaluation reserve directly in equity; all other decreases are charged to profit or loss.
Freehold land and assets in the course of construction are not depreciated. Leased properties are depreciated over the period of the lease. Depreciation on other assets is calculated using the straight-line method to allocate their cost or revalued amounts to their residual values over their estimated useful lives, as follows:
\u2022 Buildings\t0.67% \u2013 2.00%
\u2022 Plant, machinery and equipment\t5.00% \u2013 33.33%
The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.
An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount (Note 1.5).
Gains and losses on disposals are determined by comparing the proceeds with carrying amount and are recognised in profit or loss. When revalued assets are sold, the amounts included in the revaluation reserve relating to the assets are transferred to retained earnings.
1.4 Intangible assets
Goodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired subsidiary or business concern at the date of acquisition. Goodwill on acquisitions of subsidiaries/business concerns is included in intangible assets. Goodwill is recognised separately within intangible assets and is tested annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.
Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose, identified according to operating segment. A cash-generating unit to which goodwill has been allocated is tested for impairment annually, and whenever there is an indication that the unit may be impaired by comparing the carrying amount of the unit, including the goodwill, with the recoverable amount of the unit. The recoverable amount is the higher of fair value less costs to sell and value in use.
Franchises and intellectual knowhow are initially shown at historical cost. The useful life of the franchises and intellectual knowhow are periodically assessed and are carried at cost less accumulated amortisation. Amortisation is calculated using the straight-line method to allocate the cost of franchises and intellectual knowhow over their estimated useful lives (5 to 25 years).
1.5 Impairment of non\u2013financial assets
Assets (including goodwill) that have an indefinite useful life are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation or depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period.
1.6 Investments in subsidiaries
In the Company\u2019s separate financial statements, investments in subsidiaries are accounted for by the cost method of accounting, that is, at cost less impairment. Provisions are recorded where, in the opinion of the Directors, there is an impairment in value. Where there has been an impairment in the value of an investment, it is recognised as an expense in the period in which the diminution is identified. The results of subsidiaries are reflected in the Company\u2019s separate financial statements only to the extent of dividends receivable. On disposal of an investment, the difference between the net disposal proceeds and the carrying amount is charged or credited to profit or loss.
1.7 Financial assets
Classification
The Group classifies its financial assets as financial assets measured at amortised cost. The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows. The Group classifies its financial assets at amortised cost only if both the following criteria are met:
\u2022\tthe asset is held within a business model whose objective is to collect the contractual cash flows; and
\u2022\tthe contractual terms give rise to cash flows that are solely payments of principal and interest.
Assessment whether contractual cash flows are solely payments of principal and interest
For the purposes of this assessment, \u2018principal\u2019 is defined as the fair value of the financial asset on initial recognition. \u2018Interest\u2019 is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as a profit margin as is consistent with a basic lending arrangement.
In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition.
Recognition and measurement
Regular way purchases and sales of financial assets are recognised on the trade date, which is the date on which the Group commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership.
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset.
Interest income on debt instruments measured at amortised cost from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition of these instruments is recognised directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses. Impairment losses are presented within operating profit in the consolidated statement of profit or loss.
Impairment
The Group assesses on a forward-looking basis the expected credit losses (ECL) associated with its debt instruments carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. The Group\u2019s financial assets are subject to the expected credit loss model.
Expected credit loss model
The Group measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at twelve month ECLs:
\u2022\tbank balances for which credit risk has not increased significantly since initial recognition.
When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. The Group assumes that the credit risk on a financial asset has increased significantly if it is more than 30 days past due, and it considers a financial asset to be in default when the borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held); or the financial asset is more than 90 days past due.
Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument. Twelve month ECLs are the portion of ECLs that result from default events that are possible within the twelve months after the reporting date (or a shorter period if the expected life of the instrument is less than twelve months). The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk.
ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls. ECLs are discounted at the effective interest rate of the financial asset.
At each reporting date, the Group assesses whether financial assets carried at amortised cost are credit-impaired. A financial asset is \u2018credit-impaired\u2019 when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence that a financial asset is credit-impaired includes observable data such as significant financial difficulty of the borrower or issuer, or a breach of contract such as a default or being more than 90 days past due.
Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets.
Simplified approach model
For trade receivables, the Group applies the simplified approach required by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables.
The expected loss rates are based on the payment profiles of sales over a period of up to 60 months before the reported period end, and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivable. Trade receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, among others, the probability of insolvency or significant financial difficulties of the debtor. Impaired debts are derecognised when they are assessed as uncollectible.
1.8 Inventories
Inventories are stated at the lower of cost and net realisable value. Inventories of raw materials are determined using the first-in first-out method and those of spare parts on a weighted average basis. The cost of raw materials comprises the cost of direct materials and includes transport and handling charges. The cost of finished goods comprises raw materials, other direct costs and related production overheads. Net realisable value is the estimate of the selling price in the ordinary course of business, less the costs of completion and selling expenses. In the case of bottles, cases and kegs, the net realisable value is arrived at after providing for an annual charge calculated to write down the costs over their estimated useful lives.
1.9 Trade and other receivables
Trade receivables comprise amounts due from clients and customers for goods and services delivered and performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets.
Trade receivables are recognised initially at the amount of consideration and subsequently adjusted for any expected credit loss allowances.
1.10 Current and deferred tax
Current tax is the expected tax payable on the taxable income for the year. Deferred tax balances are the amounts of income taxes recoverable or payable in future periods in respect of temporary differences; deferred tax assets also include amounts recoverable in future periods in respect of the carryforward of unused tax losses, unused tax credits, and unused investment tax credits.
Investment tax credits are out of scope of both IAS 12 and IAS 20. The investment tax credits which the Group qualifies for are not themselves taxable, and they can only be recovered through a reduction in Group's income taxes payable; consequently, the Group determined that it provides more meaningful information to recognise and measure investment tax credits as deferred tax assets within scope of IAS 12. The accounting policy described below for deferred tax assets is therefore applied equally to investment tax credits.
The tax expense for the period comprises current and deferred tax. Tax is recognised in the income statements except to the extent that it relates to items recognised directly in other comprehensive income. In this case the tax is also recognised in other comprehensive income.
Current tax is measured using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements is recognised using the liability method. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill; deferred tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled. Deferred tax assets on amounts that are recoverable as a reduction in Group's future income taxes payable, such as the carryforward of unused investment tax credits, are measured at the amount of the available credit.
Under the liability method the Group is required to make a provision for deferred taxes on the revaluation of certain non-current assets and derivative contracts. Such deferred tax is charged or credited directly to the revaluation reserve and hedging reserve. Deferred tax on the difference between the actual depreciation on the property and the equivalent depreciation based on the historical cost of the property is realised through the income statements.
Deferred tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which the unutilised tax credits and investment tax credits, tax losses and unabsorbed capital allowances can be utilised. Deferred tax is provided on temporary differences arising on investments in subsidiaries, except for deferred income tax where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income tax levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.
1.11 Cash and cash equivalents
Cash and cash equivalents are carried in the statements of financial position at face value. In the statements of cash flows, cash and cash equivalents includes cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the statements of financial position.
1.12 Assets held for distribution to shareholders and discontinued operations
A discontinued operation is a component of an entity that either has been disposed of, or that is classified as held for distribution to shareholders, and represents a separate major line of business or a geographical area of operation or is a subsidiary acquired or created exclusively with a view to resell/distribute to shareholders.
The Group classifies assets, liabilities and disposal groups as held for distribution to shareholders if their carrying amounts will be recovered principally through a sale/disposal/distribution transaction rather than through continuing use. Assets, liabilities and disposal groups classified as held for distribution to shareholders are measured at the lower of their carrying amount and fair value.
Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held for distribution to shareholders. Assets and liabilities classified as held for distribution to shareholders are presented separately as current items in the statement of financial position.
Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the statement of profit or loss.
Cash flows from discontinued operations are included in the consolidated statement of cash flows and are disclosed separately.
Additional disclosures are provided in Note 21. All other notes to the financial statements include amounts for continuing operations, unless indicated otherwise.
1.13 Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds. Incremental costs directly attributable to the issue of new shares or for the acquisition of a business, are included in the cost of acquisition as part of the purchase consideration.
Dividend distribution to the Company\u2019s shareholders is recognised as a liability in the Group\u2019s financial statements in the period in which the dividends are approved by the Company\u2019s shareholders.
1.14 Borrowings
Borrowings are recognised initially at the fair value of proceeds received, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in profit or loss over the period of the borrowings using the effective interest method. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least twelve months after the end of the reporting period.
1.15 Provisions
Provisions (including restructuring costs) are recognised when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the amount of the obligation can be made. Restructuring provisions principally comprise termination benefits.
Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as finance cost.
1.16 Employee benefits
a.\tContributions to defined contribution pension plan
The Group contributes towards the State defined contribution pension plan in accordance with local legislation in exchange for services rendered by employees and to which it has no commitment beyond the payment of fixed contributions. Obligations for contributions are recognised as an employee benefit in profit or loss in the periods during which services are rendered by employees.
b.\tTermination benefits
Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits when it is demonstrably committed to either: terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal; or providing termination benefits as a result of an offer made to encourage voluntary redundancy. Benefits falling due after more than twelve months after the end of the reporting period are discounted to present value.
c. Closed staff pension scheme
The Group carries provisions within other payables for amounts payable to pensioners on a monthly basis in accordance with the \"Staff Pension Scheme\" of 1949. The scheme is no longer active for new entrants, no contributions are made into the scheme and any movement in the valuation of the liability is reflected in the income statement.
1.17 Trade and other payables
Trade payables comprise obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.
Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.
1.18 Financial liabilities
The Group recognises a financial liability in its statement of financial position when it becomes a party to the contractual provisions of the instrument. The Group\u2019s financial liabilities, other than derivative contracts, are classified as financial liabilities measured at amortised cost, i.e. not at fair value through profit or loss under IFRS 9. Financial liabilities not at fair value through profit or loss are recognised initially at fair value, being the fair value of consideration received, net of transaction costs that are directly attributable to the acquisition or the issue of the financial liability. These liabilities are subsequently measured at amortised cost. The Group derecognises a financial liability from its statement of financial position when the obligation specified in the contract or arrangement is discharged, is cancelled or expires.
1.19 Offsetting financial instruments
Financial assets and liabilities are offset and the net amount reported in the statements of financial position when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis, or realise the asset and settle the liability simultaneously.
1.20 Revenue recognition
Revenues include all revenues from the ordinary business activities of the Group. Ordinary activities do not only refer to the core business but also to other recurring sales of goods or rendering of services. Revenues are recorded net of Value Added Tax. The Group\u2019s business included the brewing, production and sale of branded beers and beverages, the importation, wholesale and retail of food and beverages, including wines and spirits, the operation of franchised food retailing establishments, as well as independent food and beverage retail outlets, retail of branded merchandise, lease of property, and entry fees to the visitors' centre.
a.\tSale of goods and services
Revenues are recognised in accordance with the provision of goods or services, provided that collectability of the consideration is probable.
IFRS 15 requires that at contract inception the goods or services promised in a contract with a customer are assessed and each promise to transfer to the customer the good or service is identified as a performance obligation. Promises in a contract can be explicit or implicit if the promises create a valid expectation to provide a good or service based on the customary business practices, published policies, or specific statements.
A contract asset must be recognised if the Group\u2019s recorded revenue for fulfilment of a contractual performance obligation before the customer paid consideration or before \u2013 irrespective of when payment is due \u2013 the requirements for billing and thus, the recognition of a receivable exist. The Group classifies a contract asset as accrued income.
A contract liability must be recognised when the customer paid consideration or a receivable from the customer is due before the Group fulfilled a contractual performance obligation and thus, recognised revenue. The Group classifies the contract liabilities as advanced deposits or deferred income.
IFRS 15 provides more detailed guidance on how to account for contract modifications. Changes must be accounted for either as a retrospective change (creating either a catch up or deferral of previously recorded revenues), prospectively with a reallocation of revenues amongst identified performance obligations, or prospectively as separate contracts which will not require any reallocation.
Sale of goods \u2013 wholesale
The Group brews, produces and imports a wide range of branded beers and food and beverages including wines and spirits to the wholesale market.
Sales are recognised when control of the products has transferred, being when the products are delivered to the wholesaler, the wholesaler has full discretion over the channel and price to sell the products, and there is no unfulfilled obligation that could affect the wholesaler\u2019s acceptance of the products. Delivery occurs when the products have been shipped to the specific location, the risks of obsolescence and loss have been transferred to the wholesaler, and either the wholesaler has accepted the products in accordance with the sales contract, the acceptance provisions have lapsed, or the Group has objective evidence that all criteria for acceptance have been satisfied.
The Group\u2019s products are sometimes sold with retrospective volume discounts based on aggregate sales over a twelve month period. Revenue from these sales is recognised based on the price specified in the contract, net of the estimated volume discounts. Accumulated experience is used to estimate and provide for the discounts, using the expected value method, and revenue is only recognised to the extent that it is highly probable that a significant reversal will not occur.
A liability (included in trade and other payables) is recognised for expected volume discounts payable to customers in relation to sales made until the end of the reporting period. No element of financing is deemed present as the sales are made with a credit term of less than one year, which is consistent with market practice.
A receivable is recognised when the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.
Branded beers, beverages and food products are often sold with a right of return. Right to the returned goods are recognised for the products expected to be returned. Accumulated experience is used to estimate such returns at the time of sale at a portfolio level (expected value method). Because the number of products returned has been steady for years, it is highly probable that a significant reversal in the cumulative revenue recognised will not occur. The validity of this assumption and the estimated amount of returns are reassessed at each reporting date.
Sale of goods \u2013 retail
The Group operates a dedicated retail outlet showcasing its wide range of manufactured and imported branded beers and beverages including wines and spirits. It also operates a number of franchised food retailing establishments. Revenue from the sale of goods is recognised when a Group entity sells a product to the customer.
Payment of the transaction price is due immediately when the customer purchases the product and takes delivery in store. It is the Group\u2019s policy to sell its products to the end customer with a right of return. Therefore, a refund liability and a right to the returned goods are recognised for the products expected to be returned. Accumulated experience is used to estimate such returns at the time of sale at a portfolio level (expected value method). Because the number of products returned has been steady for years, it is highly probable that a significant reversal in the cumulative revenue recognised will not occur. The validity of this assumption and the estimated amount of returns are reassessed at each reporting date.
Sale of services
Sales of services are recognised in the accounting period in which the services are rendered, by reference to completion of the specific transaction assessed on the basis of the actual service provided as a proportion of the total services to be provided.
Financing
The Group does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the Group does not adjust any of the transaction prices for the time value of money.
b.\tProperty related income
Rentals and short-term lets receivable on immovable property are recognised in the period when the property is occupied.
c.\tFinance income
Finance income is recognised on a time-proportion basis using the effective interest method. When a receivable is impaired, the Group and the Company reduce the carrying amount to its recoverable amount, being the estimated future cash flows discounted at the original effective interest rate of the instrument, and continue unwinding the discount as finance income.
d.\tDividend income
Dividend income is recognised when the right to receive payment is established.
1.21 Leases
The Group and Company are the lessee
The Group and Company leases warehouses. Rental lease and ground rent contracts are typically made for fixed periods of 15 years to 150 years. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants. Leased assets may or may not be used as security for borrowing purposes.
At inception of a contract, an entity shall assess whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group and the Company.
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of fixed lease payments (including in-substance fixed payments), less any lease incentives receivable.
Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group and the Company, the lessee\u2019s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.
To determine the incremental borrowing rate, the Group and Company:
a.\twhere possible, uses recent third-party financing received by the lessee as a starting point, adjusted to reflect changes in financing conditions since third party financing was received;
b.\tuses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by the Group and Company, where there is no third-party financing; and
c.\tmakes adjustments specific to the lease.
The Group and Company are exposed to potential future increases in lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
Right\u2013of\u2013use assets are measured at cost comprising the following:
a.\tthe amount of the initial measurement of lease liability;
b.\tany lease payments made at or before the commencement date less any lease incentives received; and
c.\tany initial direct costs.
Right-of-use assets are depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis.
Extension and termination options
Extension and termination options are included in a number of property leases across the Group. These are used to maximise operational flexibility in terms of managing the assets used in the Group\u2019s operations. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor.
In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated).
For leases of properties, the following factors are normally the most relevant:
a.\tif there are significant penalties to terminate (or not extend), the Group is typically reasonably certain to extend (or not terminate);
b.\tif any leasehold improvements are expected to have a significant remaining value, the Group is typically reasonably certain to extend (or not terminate);
c.\totherwise, the Group considers other factors including historical lease durations and the costs and business disruption required to replace the leased asset.
The group as lessor
The group entered into lease agreements as a lessor with respect to some of its properties consisting of offices, retail outlets and a child care facility. Leases for which the group is a lessor are classified as operating leases. Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease.
Within 1 year | Within 2 years | Within 3 years | Within 4 years | Within 5 years | Above 5 years | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Operating leases - minimum lease payments | 783 | 634 | 568 | 398 | 336 | 651 |
1.22 Borrowing costs
Borrowing costs which are incurred for the purpose of acquiring or constructing qualifying property, plant and equipment or investment property are capitalised as part of its cost. Borrowing costs are capitalised while acquisition or construction is actively underway, during the period of time that is required to complete and prepare the asset for its intended use. Capitalisation of borrowing costs is ceased once the asset is substantially complete and is suspended if the development of the asset is suspended. All other borrowing costs are expensed. Borrowing costs are recognised for all interest-bearing instruments on an accrual basis using the effective interest method. Interest costs include the effect of amortising any difference between initial net proceeds and redemption value in respect of the Group\u2019s interest-bearing borrowings.
1.23 Earnings per share
The Group presents basic earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated by dividing the consolidated profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding at the end of the period, adjusted for Bonus shares issued during the year.
1.24 Segment reporting
The Group determines and presents operating segments based on the information that internally is provided to the Board of Directors, which is the Group\u2019s chief operating decision maker in accordance with the requirements of IFRS 8 \u2018Operating Segments\u2019.
An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Group\u2019s other components, and for which discrete financial information is available. An operating segment\u2019s operating results are reviewed regularly by the Board of Directors to make decisions about resources to be allocated to the segment and to assess its performance executing the function of the chief operating decision maker.
1.25 Institutional grants
Grants that compensate the Group for expenses incurred are recognised in the income statement on a systematic basis in the same reporting periods in which the expenses are incurred. This compensation is disclosed in the same reporting line as the related expense.
Institutional grants are recognised in the statement of financial position initially as deferred income when there is reasonable assurance that they will be received and that the Group will comply with the conditions attaching to them.
Grants that compensate the Group for the cost of an asset are recognised in the income statement on a systematic basis over the useful life of the asset to match the depreciation charge. Capital grants are recorded as deferred income and released to the income statement over the estimated useful life of the related asset provided that all conditions pertaining to such grants would have been complied with.
1.1 Basis of preparation
These consolidated financial statements include the financial statements of Simonds Farsons Cisk p.l.c. (SFC) and its subsidiaries. SFC is a public Company incorporated in Malta with its registered address at The Brewery, Mdina Road, Zone 2, Central Business District, CBD 2010, Birkirkara, Malta.
The Group is engaged in the brewing, production and sale of branded beers and beverages, the importation, wholesale and retail of food and beverages, including wines and spirits, lease of property, and the operation of franchised food retailing establishments. The food business ceased to form part of the Group on 6 October 2025 following the spin-off into a separate listed entity, Quinco Holdings p.l.c.\t
During the year ended 31 January 2026 there were no changes in the name of the reporting entity or other means of identification.
Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019). The consolidated financial statements are presented in Euro which is the Company\u2019s functional currency and the Group\u2019s presentation currency.
The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU, and the requirements of the Maltese Companies Act, 1995. They have been prepared under the historical cost convention, as modified by the fair valuation of certain class of property, plant and equipment and derivative financial instruments which are measured at revalued amount or fair value. Unless otherwise stated, all financial information presented has been rounded to the nearest thousand.
The preparation of financial statements in conformity with IFRSs as adopted by the EU requires the use of certain accounting estimates. It also requires directors to exercise their judgement in the process of applying the Group\u2019s accounting policies (Note 3 - Critical accounting estimates and judgements).
Standards, interpretations and amendments to published standards effective in 2026
In 2026, the Group and Company adopted amendments to existing standards that are mandatory for the Group and Company\u2019s accounting period beginning on 1 February 2025. The adoption of these revisions to the requirements of IFRSs as adopted by the EU, did not result in changes to the Group and Company\u2019s accounting policies impacting the financial performance and position.
Standards, interpretations and amendments to published standards that are not yet effective
Certain new standards, amendments and interpretations to existing standards have been published by the date of authorisation for issue of these financial statements but are mandatory for the Group\u2019s accounting periods beginning after 1 February 2025. The Group has not early adopted these revisions to the requirements of IFRSs as adopted by the EU. The Group will continue to study the impact on the Group\u2019s financial statements prior to the initial application.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__9-1": { "value": "1. Summary of material accounting policies1.1 Basis of preparation
These consolidated financial statements include the financial statements of Simonds Farsons Cisk p.l.c. (SFC) and its subsidiaries.During the year ended 31 January 2026 there were no changes in the name of the reporting entity or other means of identification.
Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019). ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__10-1": { "value": "1. Summary of material accounting policies1.1 Basis of preparationItems included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019). The consolidated financial statements are presented in Euro which is the Company\u2019s functional currency and the Group\u2019s presentation currency. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__11-1": { "value": "1. Summary of material accounting policies1.1 Basis of preparationThe Group is engaged in the brewing, production and sale of branded beers and beverages, the importation, wholesale and retail of food and beverages, including wines and spirits, lease of property, and the operation of franchised food retailing establishments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__12-1": { "value": "1. Summary of material accounting policies1.1 Basis of preparationDuring the year ended 31 January 2026 there were no changes in the name of the reporting entity or other means of identification.", "dimensions": { "concept": "ifrs-full:ExplanationOfChangeInNameOfReportingEntityOrOtherMeansOfIdentificationFromEndOfPrecedingReportingPeriod", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__13-1": { "value": "1. Summary of material accounting policies1.1 Basis of preparationItems included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019). The consolidated financial statements are presented in Euro which is the Company\u2019s functional currency and the Group\u2019s presentation currency.24. Net exchange differences
The net exchange differences charged and credited to the income statements include:
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Foreign exchange differences | (1) | 12 | (4) | 12 |
Standards, interpretations and amendments to published standards effective in 2026
In 2026, the Group and Company adopted amendments to existing standards that are mandatory for the Group and Company\u2019s accounting period beginning on 1 February 2025. The adoption of these revisions to the requirements of IFRSs as adopted by the EU, did not result in changes to the Group and Company\u2019s accounting policies impacting the financial performance and position.
Standards, interpretations and amendments to published standards that are not yet effective
Certain new standards, amendments and interpretations to existing standards have been published by the date of authorisation for issue of these financial statements but are mandatory for the Group\u2019s accounting periods beginning after 1 February 2025. The Group has not early adopted these revisions to the requirements of IFRSs as adopted by the EU. The Group will continue to study the impact on the Group\u2019s financial statements prior to the initial application.
35. Comparative information
Comparative figures disclosed in the main components of these financial statements have been reclassified to conform with the current year's disclosure format for the purpose of fairer presentation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__16-1": { "value": "1. Summary of material accounting policies1.1 Basis of preparationStandards, interpretations and amendments to published standards effective in 2026
In 2026, the Group and Company adopted amendments to existing standards that are mandatory for the Group and Company\u2019s accounting period beginning on 1 February 2025. The adoption of these revisions to the requirements of IFRSs as adopted by the EU, did not result in changes to the Group and Company\u2019s accounting policies impacting the financial performance and position.
Standards, interpretations and amendments to published standards that are not yet effective
Certain new standards, amendments and interpretations to existing standards have been published by the date of authorisation for issue of these financial statements but are mandatory for the Group\u2019s accounting periods beginning after 1 February 2025. The Group has not early adopted these revisions to the requirements of IFRSs as adopted by the EU. The Group will continue to study the impact on the Group\u2019s financial statements prior to the initial application.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__17-1": { "value": "1. Summary of material accounting policies1.2 Consolidation
Subsidiaries are all entities over which the Group has control. The Group controls an entity where the Group is exposed to or holds rights to variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date that control ceases.
The Group uses the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired, liabilities, and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets.
The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the Group\u2019s share of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognised directly in profit or loss.
Inter-company transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.
A listing of the subsidiaries is set out in Note 36 to the financial statements.
36. Subsidiaries
The subsidiaries are shown below:
Percentage of shares held | ||||
Registered office | Principal activities | 2026 | 2025 | |
EcoPure Limited | The Brewery, Mdina Road, Zone 2, Central Business District, Birkirkara | Sale and distribution of bottled water | 100 | 100 |
Farsons Distribution Services Limited | ||||
The Brewery, Mdina Road, Zone 2, Central Business District, Birkirkara | Non\u2013operating | 100 | 100 | |
Farsons Beverage Imports Company Limited | ||||
The Brewery, Mdina Road, Zone 2, Central Business District, Birkirkara | Importation and wholesale of beverages, wines and spirits | 100 | 100 | |
Portanier Warehouses Limited | ||||
The Brewery, Mdina Road, Zone 2, Central Business District, Birkirkara | Non\u2013operating | 100 | 100 | |
The Brewhouse Company Limited | ||||
The Brewery, Mdina Road, Zone 2, Central Business District, Birkirkara | ||||
Operation of brand visitors' attraction, retail outlets, leasing of commercial and office space | 100 | 100 |
Food Chain Limited and Quintano Foods Limited were sold to the subsidiary Quinco Holdings p.l.c. on 10 September 2025, a 100% subsidiary of the Group which was incorporated on 8 May 2025 and spun-off through a distribution in kind to the shareholders (\u20ac46,800,000) on 6 October 2025 (2025: 100%).
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__18-1": { "value": "1. Summary of material accounting policies1.2 ConsolidationThe Group uses the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired, liabilities, and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets.
The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the Group\u2019s share of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognised directly in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__19-1": { "value": "1. Summary of material accounting policies1.2 Consolidation
Subsidiaries are all entities over which the Group has control. The Group controls an entity where the Group is exposed to or holds rights to variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date that control ceases.
1.6 Investments in subsidiaries
In the Company\u2019s separate financial statements, investments in subsidiaries are accounted for by the cost method of accounting, that is, at cost less impairment. Provisions are recorded where, in the opinion of the Directors, there is an impairment in value. Where there has been an impairment in the value of an investment, it is recognised as an expense in the period in which the diminution is identified. The results of subsidiaries are reflected in the Company\u2019s separate financial statements only to the extent of dividends receivable. On disposal of an investment, the difference between the net disposal proceeds and the carrying amount is charged or credited to profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__20-1": { "value": "1. Summary of material accounting policies1.2 ConsolidationThe Group uses the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired, liabilities, and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets.
The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the Group\u2019s share of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognised directly in profit or loss.
1.4 Intangible assets
Goodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired subsidiary or business concern at the date of acquisition. Goodwill on acquisitions of subsidiaries/business concerns is included in intangible assets. Goodwill is recognised separately within intangible assets and is tested annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.
Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose, identified according to operating segment. A cash-generating unit to which goodwill has been allocated is tested for impairment annually, and whenever there is an indication that the unit may be impaired by comparing the carrying amount of the unit, including the goodwill, with the recoverable amount of the unit. The recoverable amount is the higher of fair value less costs to sell and value in use.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__21-1": { "value": "1. Summary of material accounting policies1.3 Property, plant and equipmentFreehold land and assets in the course of construction are not depreciated. Leased properties are depreciated over the period of the lease. Depreciation on other assets is calculated using the straight-line method to allocate their cost or revalued amounts to their residual values over their estimated useful lives, as follows:
\u2022 Buildings\t0.67% \u2013 2.00%
\u2022 Plant, machinery and equipment\t5.00% \u2013 33.33%
The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.
An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount (Note 1.5).
1.21 Leases
The Group and Company are the lessee
The Group and Company leases warehouses. Rental lease and ground rent contracts are typically made for fixed periods of 15 years to 150 years. Right-of-use assets are depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__22-1": { "value": "1. Summary of material accounting policies1.3 Property, plant and equipmentFreehold land and assets in the course of construction are not depreciated. Leased properties are depreciated over the period of the lease. Depreciation on other assets is calculated using the straight-line method to allocate their cost or revalued amounts to their residual values over their estimated useful lives, as follows:
\u2022 Buildings\t0.67% \u2013 2.00%
\u2022 Plant, machinery and equipment\t5.00% \u2013 33.33%
The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.
An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount (Note 1.5).
Gains and losses on disposals are determined by comparing the proceeds with carrying amount and are recognised in profit or loss. When revalued assets are sold, the amounts included in the revaluation reserve relating to the assets are transferred to retained earnings.
1.4 Intangible assets
Goodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired subsidiary or business concern at the date of acquisition. Goodwill on acquisitions of subsidiaries/business concerns is included in intangible assets. Goodwill is recognised separately within intangible assets and is tested annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.
Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose, identified according to operating segment. A cash-generating unit to which goodwill has been allocated is tested for impairment annually, and whenever there is an indication that the unit may be impaired by comparing the carrying amount of the unit, including the goodwill, with the recoverable amount of the unit. The recoverable amount is the higher of fair value less costs to sell and value in use.
Franchises and intellectual knowhow are initially shown at historical cost. The useful life of the franchises and intellectual knowhow are periodically assessed and are carried at cost less accumulated amortisation. Amortisation is calculated using the straight-line method to allocate the cost of franchises and intellectual knowhow over their estimated useful lives (5 to 25 years).
1.5 Impairment of non\u2013financial assets
Assets (including goodwill) that have an indefinite useful life are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation or depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period.
1.7 Financial assetsImpairment
The Group assesses on a forward-looking basis the expected credit losses (ECL) associated with its debt instruments carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. The Group\u2019s financial assets are subject to the expected credit loss model.
Expected credit loss model
The Group measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at twelve month ECLs:
\u2022\tbank balances for which credit risk has not increased significantly since initial recognition.
When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. The Group assumes that the credit risk on a financial asset has increased significantly if it is more than 30 days past due, and it considers a financial asset to be in default when the borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held); or the financial asset is more than 90 days past due.
Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument. Twelve month ECLs are the portion of ECLs that result from default events that are possible within the twelve months after the reporting date (or a shorter period if the expected life of the instrument is less than twelve months). The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk.
ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls. ECLs are discounted at the effective interest rate of the financial asset.
At each reporting date, the Group assesses whether financial assets carried at amortised cost are credit-impaired. A financial asset is \u2018credit-impaired\u2019 when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence that a financial asset is credit-impaired includes observable data such as significant financial difficulty of the borrower or issuer, or a breach of contract such as a default or being more than 90 days past due.
Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets.
Simplified approach model
For trade receivables, the Group applies the simplified approach required by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables.
The expected loss rates are based on the payment profiles of sales over a period of up to 60 months before the reported period end, and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivable. Trade receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, among others, the probability of insolvency or significant financial difficulties of the debtor. Impaired debts are derecognised when they are assessed as uncollectible.
1.10 Current and deferred tax
Current tax is the expected tax payable on the taxable income for the year. Deferred tax balances are the amounts of income taxes recoverable or payable in future periods in respect of temporary differences; deferred tax assets also include amounts recoverable in future periods in respect of the carryforward of unused tax losses, unused tax credits, and unused investment tax credits.
Investment tax credits are out of scope of both IAS 12 and IAS 20. The investment tax credits which the Group qualifies for are not themselves taxable, and they can only be recovered through a reduction in Group's income taxes payable; consequently, the Group determined that it provides more meaningful information to recognise and measure investment tax credits as deferred tax assets within scope of IAS 12. The accounting policy described below for deferred tax assets is therefore applied equally to investment tax credits.
The tax expense for the period comprises current and deferred tax. Tax is recognised in the income statements except to the extent that it relates to items recognised directly in other comprehensive income. In this case the tax is also recognised in other comprehensive income.
Current tax is measured using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements is recognised using the liability method. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill; deferred tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled. Deferred tax assets on amounts that are recoverable as a reduction in Group's future income taxes payable, such as the carryforward of unused investment tax credits, are measured at the amount of the available credit.
Under the liability method the Group is required to make a provision for deferred taxes on the revaluation of certain non-current assets and derivative contracts. Such deferred tax is charged or credited directly to the revaluation reserve and hedging reserve. Deferred tax on the difference between the actual depreciation on the property and the equivalent depreciation based on the historical cost of the property is realised through the income statements.
Deferred tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which the unutilised tax credits and investment tax credits, tax losses and unabsorbed capital allowances can be utilised. Deferred tax is provided on temporary differences arising on investments in subsidiaries, except for deferred income tax where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income tax levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.
1.15 Provisions
Provisions (including restructuring costs) are recognised when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the amount of the obligation can be made. Restructuring provisions principally comprise termination benefits.
Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as finance cost.
1.16 Employee benefits
a.\tContributions to defined contribution pension plan
The Group contributes towards the State defined contribution pension plan in accordance with local legislation in exchange for services rendered by employees and to which it has no commitment beyond the payment of fixed contributions. Obligations for contributions are recognised as an employee benefit in profit or loss in the periods during which services are rendered by employees.
b.\tTermination benefits
Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits when it is demonstrably committed to either: terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal; or providing termination benefits as a result of an offer made to encourage voluntary redundancy. Benefits falling due after more than twelve months after the end of the reporting period are discounted to present value.
c. Closed staff pension scheme
The Group carries provisions within other payables for amounts payable to pensioners on a monthly basis in accordance with the \"Staff Pension Scheme\" of 1949. The scheme is no longer active for new entrants, no contributions are made into the scheme and any movement in the valuation of the liability is reflected in the income statement.
1.21 Leases
The Group and Company are the lessee
Right-of-use assets are depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis.1.22 Borrowing costs
Borrowing costs which are incurred for the purpose of acquiring or constructing qualifying property, plant and equipment or investment property are capitalised as part of its cost. Borrowing costs are capitalised while acquisition or construction is actively underway, during the period of time that is required to complete and prepare the asset for its intended use. Capitalisation of borrowing costs is ceased once the asset is substantially complete and is suspended if the development of the asset is suspended. All other borrowing costs are expensed. Borrowing costs are recognised for all interest-bearing instruments on an accrual basis using the effective interest method. Interest costs include the effect of amortising any difference between initial net proceeds and redemption value in respect of the Group\u2019s interest-bearing borrowings.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__23-1": { "value": "1. Summary of material accounting policies1.4 Intangible assets
Goodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired subsidiary or business concern at the date of acquisition. Goodwill on acquisitions of subsidiaries/business concerns is included in intangible assets. Goodwill is recognised separately within intangible assets and is tested annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.
Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose, identified according to operating segment. A cash-generating unit to which goodwill has been allocated is tested for impairment annually, and whenever there is an indication that the unit may be impaired by comparing the carrying amount of the unit, including the goodwill, with the recoverable amount of the unit. The recoverable amount is the higher of fair value less costs to sell and value in use.
Franchises and intellectual knowhow are initially shown at historical cost. The useful life of the franchises and intellectual knowhow are periodically assessed and are carried at cost less accumulated amortisation. Amortisation is calculated using the straight-line method to allocate the cost of franchises and intellectual knowhow over their estimated useful lives (5 to 25 years).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__24-1": { "value": "1. Summary of material accounting policies1.4 Intangible assets
Goodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired subsidiary or business concern at the date of acquisition. Goodwill on acquisitions of subsidiaries/business concerns is included in intangible assets. Goodwill is recognised separately within intangible assets and is tested annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.
Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose, identified according to operating segment. A cash-generating unit to which goodwill has been allocated is tested for impairment annually, and whenever there is an indication that the unit may be impaired by comparing the carrying amount of the unit, including the goodwill, with the recoverable amount of the unit. The recoverable amount is the higher of fair value less costs to sell and value in use.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__25-1": { "value": "1. Summary of material accounting policies1.4 Intangible assetsFranchises and intellectual knowhow are initially shown at historical cost. The useful life of the franchises and intellectual knowhow are periodically assessed and are carried at cost less accumulated amortisation. Amortisation is calculated using the straight-line method to allocate the cost of franchises and intellectual knowhow over their estimated useful lives (5 to 25 years).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__26-1": { "value": "1. Summary of material accounting policies1.5 Impairment of non\u2013financial assets
Assets (including goodwill) that have an indefinite useful life are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation or depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period.
1.7 Financial assetsImpairment
The Group assesses on a forward-looking basis the expected credit losses (ECL) associated with its debt instruments carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. The Group\u2019s financial assets are subject to the expected credit loss model.
Expected credit loss model
The Group measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at twelve month ECLs:
\u2022\tbank balances for which credit risk has not increased significantly since initial recognition.
When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. The Group assumes that the credit risk on a financial asset has increased significantly if it is more than 30 days past due, and it considers a financial asset to be in default when the borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held); or the financial asset is more than 90 days past due.
Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument. Twelve month ECLs are the portion of ECLs that result from default events that are possible within the twelve months after the reporting date (or a shorter period if the expected life of the instrument is less than twelve months). The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk.
ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls. ECLs are discounted at the effective interest rate of the financial asset.
At each reporting date, the Group assesses whether financial assets carried at amortised cost are credit-impaired. A financial asset is \u2018credit-impaired\u2019 when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence that a financial asset is credit-impaired includes observable data such as significant financial difficulty of the borrower or issuer, or a breach of contract such as a default or being more than 90 days past due.
Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets.
Simplified approach model
For trade receivables, the Group applies the simplified approach required by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables.
The expected loss rates are based on the payment profiles of sales over a period of up to 60 months before the reported period end, and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivable. Trade receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, among others, the probability of insolvency or significant financial difficulties of the debtor. Impaired debts are derecognised when they are assessed as uncollectible.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__27-1": { "value": "1. Summary of material accounting policies1.5 Impairment of non\u2013financial assets
Assets (including goodwill) that have an indefinite useful life are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation or depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__28-1": { "value": "1. Summary of material accounting policies1.7 Financial assets
Classification
The Group classifies its financial assets as financial assets measured at amortised cost. The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows. The Group classifies its financial assets at amortised cost only if both the following criteria are met:
\u2022\tthe asset is held within a business model whose objective is to collect the contractual cash flows; and
\u2022\tthe contractual terms give rise to cash flows that are solely payments of principal and interest.
Assessment whether contractual cash flows are solely payments of principal and interest
For the purposes of this assessment, \u2018principal\u2019 is defined as the fair value of the financial asset on initial recognition. \u2018Interest\u2019 is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as a profit margin as is consistent with a basic lending arrangement.
In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition.
Recognition and measurement
Regular way purchases and sales of financial assets are recognised on the trade date, which is the date on which the Group commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership.
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset.
Interest income on debt instruments measured at amortised cost from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition of these instruments is recognised directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses. Impairment losses are presented within operating profit in the consolidated statement of profit or loss.
Impairment
The Group assesses on a forward-looking basis the expected credit losses (ECL) associated with its debt instruments carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. The Group\u2019s financial assets are subject to the expected credit loss model.
Expected credit loss model
The Group measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at twelve month ECLs:
\u2022\tbank balances for which credit risk has not increased significantly since initial recognition.
When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. The Group assumes that the credit risk on a financial asset has increased significantly if it is more than 30 days past due, and it considers a financial asset to be in default when the borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held); or the financial asset is more than 90 days past due.
Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument. Twelve month ECLs are the portion of ECLs that result from default events that are possible within the twelve months after the reporting date (or a shorter period if the expected life of the instrument is less than twelve months). The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk.
ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls. ECLs are discounted at the effective interest rate of the financial asset.
At each reporting date, the Group assesses whether financial assets carried at amortised cost are credit-impaired. A financial asset is \u2018credit-impaired\u2019 when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence that a financial asset is credit-impaired includes observable data such as significant financial difficulty of the borrower or issuer, or a breach of contract such as a default or being more than 90 days past due.
Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets.
Simplified approach model
For trade receivables, the Group applies the simplified approach required by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables.
The expected loss rates are based on the payment profiles of sales over a period of up to 60 months before the reported period end, and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivable. Trade receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, among others, the probability of insolvency or significant financial difficulties of the debtor. Impaired debts are derecognised when they are assessed as uncollectible.
1.9 Trade and other receivables
Trade receivables comprise amounts due from clients and customers for goods and services delivered and performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets.
Trade receivables are recognised initially at the amount of consideration and subsequently adjusted for any expected credit loss allowances.
1.11 Cash and cash equivalents
Cash and cash equivalents are carried in the statements of financial position at face value. In the statements of cash flows, cash and cash equivalents includes cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the statements of financial position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__29-1": { "value": "1. Summary of material accounting policies1.7 Financial assets
Classification
The Group classifies its financial assets as financial assets measured at amortised cost. The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows. The Group classifies its financial assets at amortised cost only if both the following criteria are met:
\u2022\tthe asset is held within a business model whose objective is to collect the contractual cash flows; and
\u2022\tthe contractual terms give rise to cash flows that are solely payments of principal and interest.
Assessment whether contractual cash flows are solely payments of principal and interest
For the purposes of this assessment, \u2018principal\u2019 is defined as the fair value of the financial asset on initial recognition. \u2018Interest\u2019 is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as a profit margin as is consistent with a basic lending arrangement.
In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition.
Recognition and measurement
Regular way purchases and sales of financial assets are recognised on the trade date, which is the date on which the Group commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership.
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset.
Interest income on debt instruments measured at amortised cost from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition of these instruments is recognised directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses. Impairment losses are presented within operating profit in the consolidated statement of profit or loss.
Impairment
The Group assesses on a forward-looking basis the expected credit losses (ECL) associated with its debt instruments carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. The Group\u2019s financial assets are subject to the expected credit loss model.
Expected credit loss model
The Group measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at twelve month ECLs:
\u2022\tbank balances for which credit risk has not increased significantly since initial recognition.
When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. The Group assumes that the credit risk on a financial asset has increased significantly if it is more than 30 days past due, and it considers a financial asset to be in default when the borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held); or the financial asset is more than 90 days past due.
Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument. Twelve month ECLs are the portion of ECLs that result from default events that are possible within the twelve months after the reporting date (or a shorter period if the expected life of the instrument is less than twelve months). The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk.
ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls. ECLs are discounted at the effective interest rate of the financial asset.
At each reporting date, the Group assesses whether financial assets carried at amortised cost are credit-impaired. A financial asset is \u2018credit-impaired\u2019 when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence that a financial asset is credit-impaired includes observable data such as significant financial difficulty of the borrower or issuer, or a breach of contract such as a default or being more than 90 days past due.
Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets.
Simplified approach model
For trade receivables, the Group applies the simplified approach required by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables.
The expected loss rates are based on the payment profiles of sales over a period of up to 60 months before the reported period end, and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivable. Trade receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, among others, the probability of insolvency or significant financial difficulties of the debtor. Impaired debts are derecognised when they are assessed as uncollectible.
1.9 Trade and other receivables
Trade receivables comprise amounts due from clients and customers for goods and services delivered and performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets.
Trade receivables are recognised initially at the amount of consideration and subsequently adjusted for any expected credit loss allowances.
1.11 Cash and cash equivalents
Cash and cash equivalents are carried in the statements of financial position at face value. In the statements of cash flows, cash and cash equivalents includes cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the statements of financial position.
1.14 Borrowings
Borrowings are recognised initially at the fair value of proceeds received, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in profit or loss over the period of the borrowings using the effective interest method. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least twelve months after the end of the reporting period.
1.17 Trade and other payables
Trade payables comprise obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.
Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.
1.18 Financial liabilities
The Group recognises a financial liability in its statement of financial position when it becomes a party to the contractual provisions of the instrument. The Group\u2019s financial liabilities, other than derivative contracts, are classified as financial liabilities measured at amortised cost, i.e. not at fair value through profit or loss under IFRS 9. Financial liabilities not at fair value through profit or loss are recognised initially at fair value, being the fair value of consideration received, net of transaction costs that are directly attributable to the acquisition or the issue of the financial liability. These liabilities are subsequently measured at amortised cost. The Group derecognises a financial liability from its statement of financial position when the obligation specified in the contract or arrangement is discharged, is cancelled or expires.
1.19 Offsetting financial instruments
Financial assets and liabilities are offset and the net amount reported in the statements of financial position when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis, or realise the asset and settle the liability simultaneously.
1.21 LeasesLeases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group and the Company.
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of fixed lease payments (including in-substance fixed payments), less any lease incentives receivable.
Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group and the Company, the lessee\u2019s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.
To determine the incremental borrowing rate, the Group and Company:
a.\twhere possible, uses recent third-party financing received by the lessee as a starting point, adjusted to reflect changes in financing conditions since third party financing was received;
b.\tuses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by the Group and Company, where there is no third-party financing; and
c.\tmakes adjustments specific to the lease.
The Group and Company are exposed to potential future increases in lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__30-1": { "value": "1. Summary of material accounting policies1.7 Financial assetsRecognition and measurementFinancial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership.1.18 Financial liabilitiesThe Group derecognises a financial liability from its statement of financial position when the obligation specified in the contract or arrangement is discharged, is cancelled or expires.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__31-1": { "value": "1. Summary of material accounting policies1.7 Financial assetsRecognition and measurementInterest income on debt instruments measured at amortised cost from these financial assets is included in finance income using the effective interest rate method.1.22 Borrowing costs
Borrowing costs which are incurred for the purpose of acquiring or constructing qualifying property, plant and equipment or investment property are capitalised as part of its cost. Borrowing costs are capitalised while acquisition or construction is actively underway, during the period of time that is required to complete and prepare the asset for its intended use. Capitalisation of borrowing costs is ceased once the asset is substantially complete and is suspended if the development of the asset is suspended. All other borrowing costs are expensed. Borrowing costs are recognised for all interest-bearing instruments on an accrual basis using the effective interest method. Interest costs include the effect of amortising any difference between initial net proceeds and redemption value in respect of the Group\u2019s interest-bearing borrowings.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__32-1": { "value": "1. Summary of material accounting policies1.7 Financial assetsRecognition and measurementInterest income on debt instruments measured at amortised cost from these financial assets is included in finance income using the effective interest rate method. 1.15 ProvisionsProvisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as finance cost.1.21 Leases
The Group and Company are the lessee
Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.1.22 Borrowing costs
Borrowing costs which are incurred for the purpose of acquiring or constructing qualifying property, plant and equipment or investment property are capitalised as part of its cost. Borrowing costs are capitalised while acquisition or construction is actively underway, during the period of time that is required to complete and prepare the asset for its intended use. Capitalisation of borrowing costs is ceased once the asset is substantially complete and is suspended if the development of the asset is suspended. All other borrowing costs are expensed. Borrowing costs are recognised for all interest-bearing instruments on an accrual basis using the effective interest method. Interest costs include the effect of amortising any difference between initial net proceeds and redemption value in respect of the Group\u2019s interest-bearing borrowings.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__33-1": { "value": "1. Summary of material accounting policies1.8 Inventories
Inventories are stated at the lower of cost and net realisable value. Inventories of raw materials are determined using the first-in first-out method and those of spare parts on a weighted average basis. The cost of raw materials comprises the cost of direct materials and includes transport and handling charges. The cost of finished goods comprises raw materials, other direct costs and related production overheads. Net realisable value is the estimate of the selling price in the ordinary course of business, less the costs of completion and selling expenses. In the case of bottles, cases and kegs, the net realisable value is arrived at after providing for an annual charge calculated to write down the costs over their estimated useful lives.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__34-1": { "value": "1. Summary of material accounting policies1.9 Trade and other receivables
Trade receivables comprise amounts due from clients and customers for goods and services delivered and performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets.
Trade receivables are recognised initially at the amount of consideration and subsequently adjusted for any expected credit loss allowances.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__35-1": { "value": "1. Summary of material accounting policies1.10 Current and deferred tax
Current tax is the expected tax payable on the taxable income for the year. Deferred tax balances are the amounts of income taxes recoverable or payable in future periods in respect of temporary differences; deferred tax assets also include amounts recoverable in future periods in respect of the carryforward of unused tax losses, unused tax credits, and unused investment tax credits.
Investment tax credits are out of scope of both IAS 12 and IAS 20. The investment tax credits which the Group qualifies for are not themselves taxable, and they can only be recovered through a reduction in Group's income taxes payable; consequently, the Group determined that it provides more meaningful information to recognise and measure investment tax credits as deferred tax assets within scope of IAS 12. The accounting policy described below for deferred tax assets is therefore applied equally to investment tax credits.
The tax expense for the period comprises current and deferred tax. Tax is recognised in the income statements except to the extent that it relates to items recognised directly in other comprehensive income. In this case the tax is also recognised in other comprehensive income.
Current tax is measured using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements is recognised using the liability method. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill; deferred tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled. Deferred tax assets on amounts that are recoverable as a reduction in Group's future income taxes payable, such as the carryforward of unused investment tax credits, are measured at the amount of the available credit.
Under the liability method the Group is required to make a provision for deferred taxes on the revaluation of certain non-current assets and derivative contracts. Such deferred tax is charged or credited directly to the revaluation reserve and hedging reserve. Deferred tax on the difference between the actual depreciation on the property and the equivalent depreciation based on the historical cost of the property is realised through the income statements.
Deferred tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which the unutilised tax credits and investment tax credits, tax losses and unabsorbed capital allowances can be utilised. Deferred tax is provided on temporary differences arising on investments in subsidiaries, except for deferred income tax where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income tax levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__36-1": { "value": "1. Summary of material accounting policies1.10 Current and deferred tax
Current tax is the expected tax payable on the taxable income for the year. Deferred tax balances are the amounts of income taxes recoverable or payable in future periods in respect of temporary differences; deferred tax assets also include amounts recoverable in future periods in respect of the carryforward of unused tax losses, unused tax credits, and unused investment tax credits.
Investment tax credits are out of scope of both IAS 12 and IAS 20. The investment tax credits which the Group qualifies for are not themselves taxable, and they can only be recovered through a reduction in Group's income taxes payable; consequently, the Group determined that it provides more meaningful information to recognise and measure investment tax credits as deferred tax assets within scope of IAS 12. The accounting policy described below for deferred tax assets is therefore applied equally to investment tax credits.
The tax expense for the period comprises current and deferred tax. Tax is recognised in the income statements except to the extent that it relates to items recognised directly in other comprehensive income. In this case the tax is also recognised in other comprehensive income.
Current tax is measured using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements is recognised using the liability method. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill; deferred tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled. Deferred tax assets on amounts that are recoverable as a reduction in Group's future income taxes payable, such as the carryforward of unused investment tax credits, are measured at the amount of the available credit.
Under the liability method the Group is required to make a provision for deferred taxes on the revaluation of certain non-current assets and derivative contracts. Such deferred tax is charged or credited directly to the revaluation reserve and hedging reserve. Deferred tax on the difference between the actual depreciation on the property and the equivalent depreciation based on the historical cost of the property is realised through the income statements.
Deferred tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which the unutilised tax credits and investment tax credits, tax losses and unabsorbed capital allowances can be utilised. Deferred tax is provided on temporary differences arising on investments in subsidiaries, except for deferred income tax where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income tax levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__37-1": { "value": "1. Summary of material accounting policies1.11 Cash and cash equivalents
Cash and cash equivalents are carried in the statements of financial position at face value. In the statements of cash flows, cash and cash equivalents includes cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the statements of financial position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__38-1": { "value": "1. Summary of material accounting policies1.11 Cash and cash equivalents
Cash and cash equivalents are carried in the statements of financial position at face value. In the statements of cash flows, cash and cash equivalents includes cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the statements of financial position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__39-1": { "value": "1. Summary of material accounting policies1.12 Assets held for distribution to shareholders and discontinued operations
A discontinued operation is a component of an entity that either has been disposed of, or that is classified as held for distribution to shareholders, and represents a separate major line of business or a geographical area of operation or is a subsidiary acquired or created exclusively with a view to resell/distribute to shareholders.
The Group classifies assets, liabilities and disposal groups as held for distribution to shareholders if their carrying amounts will be recovered principally through a sale/disposal/distribution transaction rather than through continuing use. Assets, liabilities and disposal groups classified as held for distribution to shareholders are measured at the lower of their carrying amount and fair value.
Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held for distribution to shareholders. Assets and liabilities classified as held for distribution to shareholders are presented separately as current items in the statement of financial position.
Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the statement of profit or loss.
Cash flows from discontinued operations are included in the consolidated statement of cash flows and are disclosed separately.
Additional disclosures are provided in Note 21. All other notes to the financial statements include amounts for continuing operations, unless indicated otherwise.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__40-1": { "value": "1. Summary of material accounting policies1.12 Assets held for distribution to shareholders and discontinued operations
A discontinued operation is a component of an entity that either has been disposed of, or that is classified as held for distribution to shareholders, and represents a separate major line of business or a geographical area of operation or is a subsidiary acquired or created exclusively with a view to resell/distribute to shareholders.
The Group classifies assets, liabilities and disposal groups as held for distribution to shareholders if their carrying amounts will be recovered principally through a sale/disposal/distribution transaction rather than through continuing use. Assets, liabilities and disposal groups classified as held for distribution to shareholders are measured at the lower of their carrying amount and fair value.
Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held for distribution to shareholders. Assets and liabilities classified as held for distribution to shareholders are presented separately as current items in the statement of financial position.
Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the statement of profit or loss.
Cash flows from discontinued operations are included in the consolidated statement of cash flows and are disclosed separately.
Additional disclosures are provided in Note 21. All other notes to the financial statements include amounts for continuing operations, unless indicated otherwise.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__41-1": { "value": "1. Summary of material accounting policies1.12 Assets held for distribution to shareholders and discontinued operations
A discontinued operation is a component of an entity that either has been disposed of, or that is classified as held for distribution to shareholders, and represents a separate major line of business or a geographical area of operation or is a subsidiary acquired or created exclusively with a view to resell/distribute to shareholders.
The Group classifies assets, liabilities and disposal groups as held for distribution to shareholders if their carrying amounts will be recovered principally through a sale/disposal/distribution transaction rather than through continuing use. Assets, liabilities and disposal groups classified as held for distribution to shareholders are measured at the lower of their carrying amount and fair value.
Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held for distribution to shareholders. Assets and liabilities classified as held for distribution to shareholders are presented separately as current items in the statement of financial position.
Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the statement of profit or loss.
Cash flows from discontinued operations are included in the consolidated statement of cash flows and are disclosed separately.
Additional disclosures are provided in Note 21. All other notes to the financial statements include amounts for continuing operations, unless indicated otherwise.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__42-1": { "value": "1. Summary of material accounting policies1.13 Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds. Incremental costs directly attributable to the issue of new shares or for the acquisition of a business, are included in the cost of acquisition as part of the purchase consideration.
Dividend distribution to the Company\u2019s shareholders is recognised as a liability in the Group\u2019s financial statements in the period in which the dividends are approved by the Company\u2019s shareholders.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__43-1": { "value": "1. Summary of material accounting policies1.14 Borrowings
Borrowings are recognised initially at the fair value of proceeds received, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in profit or loss over the period of the borrowings using the effective interest method. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least twelve months after the end of the reporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__44-1": { "value": "1. Summary of material accounting policies1.14 Borrowings
Borrowings are recognised initially at the fair value of proceeds received, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in profit or loss over the period of the borrowings using the effective interest method. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least twelve months after the end of the reporting period.
1.17 Trade and other payables
Trade payables comprise obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.
Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.
1.18 Financial liabilities
The Group recognises a financial liability in its statement of financial position when it becomes a party to the contractual provisions of the instrument. The Group\u2019s financial liabilities, other than derivative contracts, are classified as financial liabilities measured at amortised cost, i.e. not at fair value through profit or loss under IFRS 9. Financial liabilities not at fair value through profit or loss are recognised initially at fair value, being the fair value of consideration received, net of transaction costs that are directly attributable to the acquisition or the issue of the financial liability. These liabilities are subsequently measured at amortised cost. The Group derecognises a financial liability from its statement of financial position when the obligation specified in the contract or arrangement is discharged, is cancelled or expires.
1.21 LeasesThe Group and Company are the lesseeLeases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group and the Company.
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of fixed lease payments (including in-substance fixed payments), less any lease incentives receivable.
Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group and the Company, the lessee\u2019s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.
To determine the incremental borrowing rate, the Group and Company:
a.\twhere possible, uses recent third-party financing received by the lessee as a starting point, adjusted to reflect changes in financing conditions since third party financing was received;
b.\tuses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by the Group and Company, where there is no third-party financing; and
c.\tmakes adjustments specific to the lease.
The Group and Company are exposed to potential future increases in lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__45-1": { "value": "1. Summary of material accounting policies1.15 Provisions
Provisions (including restructuring costs) are recognised when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the amount of the obligation can be made. Restructuring provisions principally comprise termination benefits.
Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as finance cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__46-1": { "value": "1. Summary of material accounting policies1.15 ProvisionsProvisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as finance cost.1.21 LeasesLease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.1.22 Borrowing costs
Borrowing costs which are incurred for the purpose of acquiring or constructing qualifying property, plant and equipment or investment property are capitalised as part of its cost. Borrowing costs are capitalised while acquisition or construction is actively underway, during the period of time that is required to complete and prepare the asset for its intended use. Capitalisation of borrowing costs is ceased once the asset is substantially complete and is suspended if the development of the asset is suspended. All other borrowing costs are expensed. Borrowing costs are recognised for all interest-bearing instruments on an accrual basis using the effective interest method. Interest costs include the effect of amortising any difference between initial net proceeds and redemption value in respect of the Group\u2019s interest-bearing borrowings.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__47-1": { "value": "1. Summary of material accounting policies1.16 Employee benefits
a.\tContributions to defined contribution pension plan
The Group contributes towards the State defined contribution pension plan in accordance with local legislation in exchange for services rendered by employees and to which it has no commitment beyond the payment of fixed contributions. Obligations for contributions are recognised as an employee benefit in profit or loss in the periods during which services are rendered by employees.
b.\tTermination benefits
Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits when it is demonstrably committed to either: terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal; or providing termination benefits as a result of an offer made to encourage voluntary redundancy. Benefits falling due after more than twelve months after the end of the reporting period are discounted to present value.
c. Closed staff pension scheme
The Group carries provisions within other payables for amounts payable to pensioners on a monthly basis in accordance with the \"Staff Pension Scheme\" of 1949. The scheme is no longer active for new entrants, no contributions are made into the scheme and any movement in the valuation of the liability is reflected in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__48-1": { "value": "1. Summary of material accounting policies1.16 Employee benefits
a.\tContributions to defined contribution pension plan
The Group contributes towards the State defined contribution pension plan in accordance with local legislation in exchange for services rendered by employees and to which it has no commitment beyond the payment of fixed contributions. Obligations for contributions are recognised as an employee benefit in profit or loss in the periods during which services are rendered by employees.
b.\tTermination benefits
Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits when it is demonstrably committed to either: terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal; or providing termination benefits as a result of an offer made to encourage voluntary redundancy. Benefits falling due after more than twelve months after the end of the reporting period are discounted to present value.
c. Closed staff pension scheme
The Group carries provisions within other payables for amounts payable to pensioners on a monthly basis in accordance with the \"Staff Pension Scheme\" of 1949. The scheme is no longer active for new entrants, no contributions are made into the scheme and any movement in the valuation of the liability is reflected in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__49-1": { "value": "1. Summary of material accounting policies1.17 Trade and other payables
Trade payables comprise obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.
Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__50-1": { "value": "1. Summary of material accounting policies1.19 Offsetting financial instruments
Financial assets and liabilities are offset and the net amount reported in the statements of financial position when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis, or realise the asset and settle the liability simultaneously.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__51-1": { "value": "1. Summary of material accounting policies1.20 Revenue recognition
Revenues include all revenues from the ordinary business activities of the Group. Ordinary activities do not only refer to the core business but also to other recurring sales of goods or rendering of services. Revenues are recorded net of Value Added Tax. The Group\u2019s business included the brewing, production and sale of branded beers and beverages, the importation, wholesale and retail of food and beverages, including wines and spirits, the operation of franchised food retailing establishments, as well as independent food and beverage retail outlets, retail of branded merchandise, lease of property, and entry fees to the visitors' centre.
a.\tSale of goods and services
Revenues are recognised in accordance with the provision of goods or services, provided that collectability of the consideration is probable.
IFRS 15 requires that at contract inception the goods or services promised in a contract with a customer are assessed and each promise to transfer to the customer the good or service is identified as a performance obligation. Promises in a contract can be explicit or implicit if the promises create a valid expectation to provide a good or service based on the customary business practices, published policies, or specific statements.
A contract asset must be recognised if the Group\u2019s recorded revenue for fulfilment of a contractual performance obligation before the customer paid consideration or before \u2013 irrespective of when payment is due \u2013 the requirements for billing and thus, the recognition of a receivable exist. The Group classifies a contract asset as accrued income.
A contract liability must be recognised when the customer paid consideration or a receivable from the customer is due before the Group fulfilled a contractual performance obligation and thus, recognised revenue. The Group classifies the contract liabilities as advanced deposits or deferred income.
IFRS 15 provides more detailed guidance on how to account for contract modifications. Changes must be accounted for either as a retrospective change (creating either a catch up or deferral of previously recorded revenues), prospectively with a reallocation of revenues amongst identified performance obligations, or prospectively as separate contracts which will not require any reallocation.
Sale of goods \u2013 wholesale
The Group brews, produces and imports a wide range of branded beers and food and beverages including wines and spirits to the wholesale market.
Sales are recognised when control of the products has transferred, being when the products are delivered to the wholesaler, the wholesaler has full discretion over the channel and price to sell the products, and there is no unfulfilled obligation that could affect the wholesaler\u2019s acceptance of the products. Delivery occurs when the products have been shipped to the specific location, the risks of obsolescence and loss have been transferred to the wholesaler, and either the wholesaler has accepted the products in accordance with the sales contract, the acceptance provisions have lapsed, or the Group has objective evidence that all criteria for acceptance have been satisfied.
The Group\u2019s products are sometimes sold with retrospective volume discounts based on aggregate sales over a twelve month period. Revenue from these sales is recognised based on the price specified in the contract, net of the estimated volume discounts. Accumulated experience is used to estimate and provide for the discounts, using the expected value method, and revenue is only recognised to the extent that it is highly probable that a significant reversal will not occur.
A liability (included in trade and other payables) is recognised for expected volume discounts payable to customers in relation to sales made until the end of the reporting period. No element of financing is deemed present as the sales are made with a credit term of less than one year, which is consistent with market practice.
A receivable is recognised when the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.
Branded beers, beverages and food products are often sold with a right of return. Right to the returned goods are recognised for the products expected to be returned. Accumulated experience is used to estimate such returns at the time of sale at a portfolio level (expected value method). Because the number of products returned has been steady for years, it is highly probable that a significant reversal in the cumulative revenue recognised will not occur. The validity of this assumption and the estimated amount of returns are reassessed at each reporting date.
Sale of goods \u2013 retail
The Group operates a dedicated retail outlet showcasing its wide range of manufactured and imported branded beers and beverages including wines and spirits. It also operates a number of franchised food retailing establishments. Revenue from the sale of goods is recognised when a Group entity sells a product to the customer.
Payment of the transaction price is due immediately when the customer purchases the product and takes delivery in store. It is the Group\u2019s policy to sell its products to the end customer with a right of return. Therefore, a refund liability and a right to the returned goods are recognised for the products expected to be returned. Accumulated experience is used to estimate such returns at the time of sale at a portfolio level (expected value method). Because the number of products returned has been steady for years, it is highly probable that a significant reversal in the cumulative revenue recognised will not occur. The validity of this assumption and the estimated amount of returns are reassessed at each reporting date.
Sale of services
Sales of services are recognised in the accounting period in which the services are rendered, by reference to completion of the specific transaction assessed on the basis of the actual service provided as a proportion of the total services to be provided.
Financing
The Group does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the Group does not adjust any of the transaction prices for the time value of money.
b.\tProperty related income
Rentals and short-term lets receivable on immovable property are recognised in the period when the property is occupied.
c.\tFinance income
Finance income is recognised on a time-proportion basis using the effective interest method. When a receivable is impaired, the Group and the Company reduce the carrying amount to its recoverable amount, being the estimated future cash flows discounted at the original effective interest rate of the instrument, and continue unwinding the discount as finance income.
d.\tDividend income
Dividend income is recognised when the right to receive payment is established.
d.\tDividend income
Dividend income is recognised when the right to receive payment is established.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__53-1": { "value": "1. Summary of material accounting policies1.21 Leases
The Group and Company are the lessee
The Group and Company leases warehouses. Rental lease and ground rent contracts are typically made for fixed periods of 15 years to 150 years. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants. Leased assets may or may not be used as security for borrowing purposes.
At inception of a contract, an entity shall assess whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group and the Company.
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of fixed lease payments (including in-substance fixed payments), less any lease incentives receivable.
Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group and the Company, the lessee\u2019s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.
To determine the incremental borrowing rate, the Group and Company:
a.\twhere possible, uses recent third-party financing received by the lessee as a starting point, adjusted to reflect changes in financing conditions since third party financing was received;
b.\tuses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by the Group and Company, where there is no third-party financing; and
c.\tmakes adjustments specific to the lease.
The Group and Company are exposed to potential future increases in lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
Right\u2013of\u2013use assets are measured at cost comprising the following:
a.\tthe amount of the initial measurement of lease liability;
b.\tany lease payments made at or before the commencement date less any lease incentives received; and
c.\tany initial direct costs.
Right-of-use assets are depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis.
Extension and termination options
Extension and termination options are included in a number of property leases across the Group. These are used to maximise operational flexibility in terms of managing the assets used in the Group\u2019s operations. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor.
In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated).
For leases of properties, the following factors are normally the most relevant:
a.\tif there are significant penalties to terminate (or not extend), the Group is typically reasonably certain to extend (or not terminate);
b.\tif any leasehold improvements are expected to have a significant remaining value, the Group is typically reasonably certain to extend (or not terminate);
c.\totherwise, the Group considers other factors including historical lease durations and the costs and business disruption required to replace the leased asset.
The group as lessor
The group entered into lease agreements as a lessor with respect to some of its properties consisting of offices, retail outlets and a child care facility. Leases for which the group is a lessor are classified as operating leases. Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease.
Within 1 year | Within 2 years | Within 3 years | Within 4 years | Within 5 years | Above 5 years | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Operating leases - minimum lease payments | 783 | 634 | 568 | 398 | 336 | 651 |
1.21 Leases
The Group and Company are the lessee
The Group and Company leases warehouses. Rental lease and ground rent contracts are typically made for fixed periods of 15 years to 150 years. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants. Leased assets may or may not be used as security for borrowing purposes.
At inception of a contract, an entity shall assess whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group and the Company.
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of fixed lease payments (including in-substance fixed payments), less any lease incentives receivable.
Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group and the Company, the lessee\u2019s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.
To determine the incremental borrowing rate, the Group and Company:
a.\twhere possible, uses recent third-party financing received by the lessee as a starting point, adjusted to reflect changes in financing conditions since third party financing was received;
b.\tuses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by the Group and Company, where there is no third-party financing; and
c.\tmakes adjustments specific to the lease.
The Group and Company are exposed to potential future increases in lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
Right\u2013of\u2013use assets are measured at cost comprising the following:
a.\tthe amount of the initial measurement of lease liability;
b.\tany lease payments made at or before the commencement date less any lease incentives received; and
c.\tany initial direct costs.
Right-of-use assets are depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis.
Extension and termination options
Extension and termination options are included in a number of property leases across the Group. These are used to maximise operational flexibility in terms of managing the assets used in the Group\u2019s operations. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor.
In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated).
For leases of properties, the following factors are normally the most relevant:
a.\tif there are significant penalties to terminate (or not extend), the Group is typically reasonably certain to extend (or not terminate);
b.\tif any leasehold improvements are expected to have a significant remaining value, the Group is typically reasonably certain to extend (or not terminate);
c.\totherwise, the Group considers other factors including historical lease durations and the costs and business disruption required to replace the leased asset.
The group as lessor
The group entered into lease agreements as a lessor with respect to some of its properties consisting of offices, retail outlets and a child care facility. Leases for which the group is a lessor are classified as operating leases. Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease.
Within 1 year | Within 2 years | Within 3 years | Within 4 years | Within 5 years | Above 5 years | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Operating leases - minimum lease payments | 783 | 634 | 568 | 398 | 336 | 651 |
3. Critical accounting estimates and judgements
Estimates and judgements are continually evaluated and based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances.
In the opinion of the Company Directors, the accounting estimates and judgements made in the course of preparing these financial statements, except as disclosed in Notes 5 and 19 and accounting policies 1.10 and 1.21 are not difficult, subjective or complex to a degree which would warrant their description as critical in terms of the requirements of IAS 1.
5. Property, plant and equipment
Land & buildings | Assets in course of construction | Plant, machinery& equipment | Total | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
GROUP | ||||
At 1 February 2024 | ||||
Cost or valuation | 111,347 | 1,097 | 157,336 | 269,780 |
Accumulated depreciation and impairment | (18,135) | \u2013 | (124,303) | (142,438) |
Net book value | 93,212 | 1,097 | 33,033 | 127,342 |
Year ended 31 January 2025 | ||||
Opening net book value | 93,212 | 1,097 | 33,033 | 127,342 |
Additions and commissioned assets | 96 | 4,540 | 6,985 | 11,621 |
Disposals | (329) | \u2013 | (804) | (1,133) |
Revaluation | 4,530 | \u2013 | \u2013 | 4,530 |
Depreciation | (2,101) | \u2013 | (6,102) | (8,203) |
Impairment | (20) | \u2013 | (145) | (165) |
Depreciation released on disposals | 329 | \u2013 | 804 | 1,133 |
Cost of assets held for distribution to shareholders | (12,140) | (4,814) | (11,398) | (28,352) |
Depreciation on assets held for distribution to shareholders | 2,187 | \u2013 | 7,014 | 9,201 |
Closing net book value | 85,764 | 823 | 29,387 | 115,974 |
At 31 January 2025 | ||||
Cost or valuation | 103,504 | 823 | 152,119 | 256,446 |
Accumulated depreciation and impairment | (17,740) | \u2013 | (122,732) | (140,472) |
Net book amount | 85,764 | 823 | 29,387 | 115,974 |
Year ended 31 January 2026 | ||||
Opening net book value | 85,764 | 823 | 29,387 | 115,974 |
Additions and commissioned assets | \u2013 | 2,653 | 4,314 | 6,967 |
Depreciation | (1,897) | \u2013 | (5,222) | (7,119) |
Closing net book value | 83,867 | 3,476 | 28,479 | 115,822 |
At 31 January 2026 | ||||
Cost or valuation | 103,504 | 3,476 | 156,433 | 263,413 |
Accumulated depreciation and impairment | (19,637) | - | (127,954) | (147,591) |
Net book amount | 83,867 | 3,476 | 28,479 | 115,822 |
Land & buildings | Assets in course of construction | Plant, machinery& equipment | Total | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
COMPANY | ||||
At 1 February 2024 | ||||
Cost or valuation | 103,024 | 179 | 144,345 | 247,548 |
Accumulated depreciation and impairment | (15,634) | \u2013 | (114,618) | (130,252) |
Net book value | 87,390 | 179 | 29,727 | 117,296 |
Year ended 31 January 2025 | ||||
Opening net book value | 87,390 | 179 | 29,727 | 117,296 |
Additions and commissioned assets | 32 | 577 | 4,082 | 4,691 |
Disposals | \u2013 | \u2013 | (148) | (148) |
Depreciation | (1,851) | \u2013 | (4,906) | (6,757) |
Depreciation released on disposals | \u2013 | \u2013 | 147 | 147 |
Closing net book value | 85,571 | 756 | 28,902 | 115,229 |
At 31 January 2025 | ||||
Cost or valuation | 103,056 | 756 | 148,279 | 252,091 |
Accumulated depreciation and impairment | (17,485) | \u2013 | (119,377) | (136,862) |
Net book value | 85,571 | 756 | 28,902 | 115,229 |
Year ended 31 January 2026 | ||||
Opening net book value | 85,571 | 756 | 28,902 | 115,229 |
Additions and commissioned assets | \u2013 | 2,653 | 2,218 | 4,871 |
Depreciation | (1,849) | \u2013 | (4,882) | (6,731) |
Closing net book value | 83,722 | 3,409 | 26,238 | 113,369 |
At 31 January 2026 | ||||
Cost or valuation | 103,056 | 3,409 | 150,497 | 256,962 |
Accumulated depreciation and impairment | (19,334) | \u2013 | (124,259) | (143,593) |
Net book value | 83,722 | 3,409 | 26,238 | 113,369 |
Assets in course of construction during year ended 31 January 2026 and 2025 mainly relate to investments in the manufacturing processes.
Fair value of property
The Group is required to analyse non-financial assets carried at fair value by level of the fair value hierarchy within which the recurring fair value measurements are categorised in their entirety (level 1, 2 or 3), as defined by International Financial Reporting Standards.
As at 31 January 2026, the Group\u2019s land and buildings within property, plant and equipment, comprise properties including the Company\u2019s brewery and related operational and warehousing facilities, commercial property and property earmarked to compliment the Group\u2019s operational activity.
The property valuations as at 31 January 2026 are based on the Directors' value assessment performed using a variety of methods, including the adjusted sales comparison approach and the discounted projected cash flows approach. Each property was valued by taking into consideration the external valuations prepared by independent chartered architectural firm in May 2025 and using the method considered by the external valuers to be the most appropriate valuation method for that type of property. The Directors are of the opinion that the carrying amount of property, plant and equipment as at 31 January 2026, does not differ materially from that which would be determined using fair values that take account of the above considerations.
All the recurring property fair value measurements at 31 January 2026 use significant unobservable inputs and are accordingly categorised within level 3 of the fair valuation hierarchy. The Group\u2019s policy is to recognise transfers into and out of fair value hierarchy levels as of the beginning of the reporting period. There were no transfers between different levels of the fair value hierarchy during the year ended 31 January 2026.
A reconciliation from the opening balance to the closing balance of land and buildings for recurring fair value measurements categorised within level 3 of the value hierarchy, is reflected in the table above. The only movements for continuing operations in land and buildings classified as property, plant and equipment reflect additions, disposals and depreciation charge for the year.
Valuation processes
The valuations of the properties are performed regularly on the basis of valuation reports prepared by independent and qualified valuers. These reports are based on both:
\u2022\tinformation provided by the Group which is derived from the Group\u2019s financial systems and is subject to the Group\u2019s overall control environment; and
\u2022\tassumptions and valuation models used by the valuers \u2013 the assumptions are typically market related. These are based on professional judgement and market observation.
The information provided to the valuers, together with the assumptions and the valuation models used by the valuers, are reviewed by the Chief Financial Officer (CFO). This includes a review of fair value movements over the period (if any). When the CFO considers that the valuation report is appropriate, the valuation report is recommended to the Board of Directors. The Board of Directors considers the valuation report as part of its overall responsibilities.
Valuation techniques
In view of the limited number of sales of similar properties in the local market, the valuations have been performed using unobservable inputs. The significant input to the sales comparison approach is generally a sales price per square metre related to transactions in comparable properties located in proximity to the Group\u2019s property, with significant adjustments for differences in the size, age, exact location and condition of the property.
The value of properties used as business, manufacturing and operational premises by the Group including factories and warehouses, currently classified under property, plant and equipment is based on a discounted cash flow. The valuers applied a discount rate to an assessed maintainable level of free cash flows based on the forecasted earnings over a five year period. Beyond the five year period, the valuer applied an annual appreciation rate to the land residual value discounted to present value. Following this assessment, no changes to the current value attributable to this Group of properties was deemed necessary.
Information about fair value measurements using significant unobservable inputs (level 3)
Description by class | Fair value | Valuation technique | Significant unobservable input | Range of unobservable inputs |
\u20ac\u2019000 | \u20ac | |||
As at 31 January 2026 | ||||
Current use asmanufacturingor related premises | 71,851 | Discounted cash flow approach | Discount rate | 11.04% |
Developable land for mixed use/commercial use | 11,870 | Sales comparison approach | Sales price per square metre | 1500 - 2500 |
As at 31 January 2025 | ||||
Current use asmanufacturingor related premises | 73,894 | Discounted cash flow approach | Discount rate | 11.04% |
Developable land for mixed use/commercial use | 11,870 | Sales comparison approach | Sales price per cubic metre | 1500 - 2500 |
In the case of the sales comparison approach, the higher the sales price per square metre, the higher the resultant fair valuation. Conversely, the lower the required development cost per square metre, the higher the resultant fair valuation.
In respect of the discounted cashflow approach, the higher the annualised net cash inflows, and growth rate, the higher the fair value. Conversely, the lower the discount rate, the estimated development costs, and capitalisation rate used in calculating the annualised net cash inflows, the higher the fair value.
The highest and best use of properties which are developable land for mixed use/commercial use differs from their current use. These assets mainly comprise properties which are currently partly used by the Group or which are currently vacant, and which would require development or refurbishment in order to access the maximum potential cash flows that may be generated from the properties\u2019 highest and best use.
As at 31 January 2026, the carrying amount of land and buildings for continuing operations would have been \u20ac45,934,000 (2025: \u20ac47,007,000) had these assets been included in the financial statements at historical cost less depreciation.
The charge for depreciation and impairment charges as disclosed in Note 22 are included in the income statements as follows:
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Cost of sales | 3,865 | 4,278 | 3,249 | 3,249 |
Selling and distribution costs | 1,567 | 1,521 | 1,373 | 1,306 |
Administration expenses | 2,311 | 2,569 | 2,109 | 2,202 |
7,743 | 8,368 | 6,731 | 6,757 | |
Continuing operations | 7,119 | 7,123 | ||
Discontinued operations | 624 | 1,245 | ||
7,743 | 8,368 |
1.21 Leases
The Group and Company are the lessee
The Group and Company leases warehouses. Rental lease and ground rent contracts are typically made for fixed periods of 15 years to 150 years. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants. Leased assets may or may not be used as security for borrowing purposes.
At inception of a contract, an entity shall assess whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group and the Company.
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of fixed lease payments (including in-substance fixed payments), less any lease incentives receivable.
Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group and the Company, the lessee\u2019s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.
To determine the incremental borrowing rate, the Group and Company:
a.\twhere possible, uses recent third-party financing received by the lessee as a starting point, adjusted to reflect changes in financing conditions since third party financing was received;
b.\tuses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by the Group and Company, where there is no third-party financing; and
c.\tmakes adjustments specific to the lease.
The Group and Company are exposed to potential future increases in lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
Right\u2013of\u2013use assets are measured at cost comprising the following:
a.\tthe amount of the initial measurement of lease liability;
b.\tany lease payments made at or before the commencement date less any lease incentives received; and
c.\tany initial direct costs.
Right-of-use assets are depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis.
Extension and termination options
Extension and termination options are included in a number of property leases across the Group. These are used to maximise operational flexibility in terms of managing the assets used in the Group\u2019s operations. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor.
In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated).
For leases of properties, the following factors are normally the most relevant:
a.\tif there are significant penalties to terminate (or not extend), the Group is typically reasonably certain to extend (or not terminate);
b.\tif any leasehold improvements are expected to have a significant remaining value, the Group is typically reasonably certain to extend (or not terminate);
c.\totherwise, the Group considers other factors including historical lease durations and the costs and business disruption required to replace the leased asset.
The group as lessor
The group entered into lease agreements as a lessor with respect to some of its properties consisting of offices, retail outlets and a child care facility. Leases for which the group is a lessor are classified as operating leases. Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease.
Within 1 year | Within 2 years | Within 3 years | Within 4 years | Within 5 years | Above 5 years | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Operating leases - minimum lease payments | 783 | 634 | 568 | 398 | 336 | 651 |
3. Critical accounting estimates and judgements
Estimates and judgements are continually evaluated and based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances.
In the opinion of the Company Directors, the accounting estimates and judgements made in the course of preparing these financial statements, except as disclosed in Notes 5 and 19 and accounting policies 1.10 and 1.21 are not difficult, subjective or complex to a degree which would warrant their description as critical in terms of the requirements of IAS 1.
5. Property, plant and equipment
Land & buildings | Assets in course of construction | Plant, machinery& equipment | Total | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
GROUP | ||||
At 1 February 2024 | ||||
Cost or valuation | 111,347 | 1,097 | 157,336 | 269,780 |
Accumulated depreciation and impairment | (18,135) | \u2013 | (124,303) | (142,438) |
Net book value | 93,212 | 1,097 | 33,033 | 127,342 |
Year ended 31 January 2025 | ||||
Opening net book value | 93,212 | 1,097 | 33,033 | 127,342 |
Additions and commissioned assets | 96 | 4,540 | 6,985 | 11,621 |
Disposals | (329) | \u2013 | (804) | (1,133) |
Revaluation | 4,530 | \u2013 | \u2013 | 4,530 |
Depreciation | (2,101) | \u2013 | (6,102) | (8,203) |
Impairment | (20) | \u2013 | (145) | (165) |
Depreciation released on disposals | 329 | \u2013 | 804 | 1,133 |
Cost of assets held for distribution to shareholders | (12,140) | (4,814) | (11,398) | (28,352) |
Depreciation on assets held for distribution to shareholders | 2,187 | \u2013 | 7,014 | 9,201 |
Closing net book value | 85,764 | 823 | 29,387 | 115,974 |
At 31 January 2025 | ||||
Cost or valuation | 103,504 | 823 | 152,119 | 256,446 |
Accumulated depreciation and impairment | (17,740) | \u2013 | (122,732) | (140,472) |
Net book amount | 85,764 | 823 | 29,387 | 115,974 |
Year ended 31 January 2026 | ||||
Opening net book value | 85,764 | 823 | 29,387 | 115,974 |
Additions and commissioned assets | \u2013 | 2,653 | 4,314 | 6,967 |
Depreciation | (1,897) | \u2013 | (5,222) | (7,119) |
Closing net book value | 83,867 | 3,476 | 28,479 | 115,822 |
At 31 January 2026 | ||||
Cost or valuation | 103,504 | 3,476 | 156,433 | 263,413 |
Accumulated depreciation and impairment | (19,637) | - | (127,954) | (147,591) |
Net book amount | 83,867 | 3,476 | 28,479 | 115,822 |
Land & buildings | Assets in course of construction | Plant, machinery& equipment | Total | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
COMPANY | ||||
At 1 February 2024 | ||||
Cost or valuation | 103,024 | 179 | 144,345 | 247,548 |
Accumulated depreciation and impairment | (15,634) | \u2013 | (114,618) | (130,252) |
Net book value | 87,390 | 179 | 29,727 | 117,296 |
Year ended 31 January 2025 | ||||
Opening net book value | 87,390 | 179 | 29,727 | 117,296 |
Additions and commissioned assets | 32 | 577 | 4,082 | 4,691 |
Disposals | \u2013 | \u2013 | (148) | (148) |
Depreciation | (1,851) | \u2013 | (4,906) | (6,757) |
Depreciation released on disposals | \u2013 | \u2013 | 147 | 147 |
Closing net book value | 85,571 | 756 | 28,902 | 115,229 |
At 31 January 2025 | ||||
Cost or valuation | 103,056 | 756 | 148,279 | 252,091 |
Accumulated depreciation and impairment | (17,485) | \u2013 | (119,377) | (136,862) |
Net book value | 85,571 | 756 | 28,902 | 115,229 |
Year ended 31 January 2026 | ||||
Opening net book value | 85,571 | 756 | 28,902 | 115,229 |
Additions and commissioned assets | \u2013 | 2,653 | 2,218 | 4,871 |
Depreciation | (1,849) | \u2013 | (4,882) | (6,731) |
Closing net book value | 83,722 | 3,409 | 26,238 | 113,369 |
At 31 January 2026 | ||||
Cost or valuation | 103,056 | 3,409 | 150,497 | 256,962 |
Accumulated depreciation and impairment | (19,334) | \u2013 | (124,259) | (143,593) |
Net book value | 83,722 | 3,409 | 26,238 | 113,369 |
Assets in course of construction during year ended 31 January 2026 and 2025 mainly relate to investments in the manufacturing processes.
Fair value of property
The Group is required to analyse non-financial assets carried at fair value by level of the fair value hierarchy within which the recurring fair value measurements are categorised in their entirety (level 1, 2 or 3), as defined by International Financial Reporting Standards.
As at 31 January 2026, the Group\u2019s land and buildings within property, plant and equipment, comprise properties including the Company\u2019s brewery and related operational and warehousing facilities, commercial property and property earmarked to compliment the Group\u2019s operational activity.
The property valuations as at 31 January 2026 are based on the Directors' value assessment performed using a variety of methods, including the adjusted sales comparison approach and the discounted projected cash flows approach. Each property was valued by taking into consideration the external valuations prepared by independent chartered architectural firm in May 2025 and using the method considered by the external valuers to be the most appropriate valuation method for that type of property. The Directors are of the opinion that the carrying amount of property, plant and equipment as at 31 January 2026, does not differ materially from that which would be determined using fair values that take account of the above considerations.
All the recurring property fair value measurements at 31 January 2026 use significant unobservable inputs and are accordingly categorised within level 3 of the fair valuation hierarchy. The Group\u2019s policy is to recognise transfers into and out of fair value hierarchy levels as of the beginning of the reporting period. There were no transfers between different levels of the fair value hierarchy during the year ended 31 January 2026.
A reconciliation from the opening balance to the closing balance of land and buildings for recurring fair value measurements categorised within level 3 of the value hierarchy, is reflected in the table above. The only movements for continuing operations in land and buildings classified as property, plant and equipment reflect additions, disposals and depreciation charge for the year.
Valuation processes
The valuations of the properties are performed regularly on the basis of valuation reports prepared by independent and qualified valuers. These reports are based on both:
\u2022\tinformation provided by the Group which is derived from the Group\u2019s financial systems and is subject to the Group\u2019s overall control environment; and
\u2022\tassumptions and valuation models used by the valuers \u2013 the assumptions are typically market related. These are based on professional judgement and market observation.
The information provided to the valuers, together with the assumptions and the valuation models used by the valuers, are reviewed by the Chief Financial Officer (CFO). This includes a review of fair value movements over the period (if any). When the CFO considers that the valuation report is appropriate, the valuation report is recommended to the Board of Directors. The Board of Directors considers the valuation report as part of its overall responsibilities.
Valuation techniques
In view of the limited number of sales of similar properties in the local market, the valuations have been performed using unobservable inputs. The significant input to the sales comparison approach is generally a sales price per square metre related to transactions in comparable properties located in proximity to the Group\u2019s property, with significant adjustments for differences in the size, age, exact location and condition of the property.
The value of properties used as business, manufacturing and operational premises by the Group including factories and warehouses, currently classified under property, plant and equipment is based on a discounted cash flow. The valuers applied a discount rate to an assessed maintainable level of free cash flows based on the forecasted earnings over a five year period. Beyond the five year period, the valuer applied an annual appreciation rate to the land residual value discounted to present value. Following this assessment, no changes to the current value attributable to this Group of properties was deemed necessary.
Information about fair value measurements using significant unobservable inputs (level 3)
Description by class | Fair value | Valuation technique | Significant unobservable input | Range of unobservable inputs |
\u20ac\u2019000 | \u20ac | |||
As at 31 January 2026 | ||||
Current use asmanufacturingor related premises | 71,851 | Discounted cash flow approach | Discount rate | 11.04% |
Developable land for mixed use/commercial use | 11,870 | Sales comparison approach | Sales price per square metre | 1500 - 2500 |
As at 31 January 2025 | ||||
Current use asmanufacturingor related premises | 73,894 | Discounted cash flow approach | Discount rate | 11.04% |
Developable land for mixed use/commercial use | 11,870 | Sales comparison approach | Sales price per cubic metre | 1500 - 2500 |
In the case of the sales comparison approach, the higher the sales price per square metre, the higher the resultant fair valuation. Conversely, the lower the required development cost per square metre, the higher the resultant fair valuation.
In respect of the discounted cashflow approach, the higher the annualised net cash inflows, and growth rate, the higher the fair value. Conversely, the lower the discount rate, the estimated development costs, and capitalisation rate used in calculating the annualised net cash inflows, the higher the fair value.
The highest and best use of properties which are developable land for mixed use/commercial use differs from their current use. These assets mainly comprise properties which are currently partly used by the Group or which are currently vacant, and which would require development or refurbishment in order to access the maximum potential cash flows that may be generated from the properties\u2019 highest and best use.
As at 31 January 2026, the carrying amount of land and buildings for continuing operations would have been \u20ac45,934,000 (2025: \u20ac47,007,000) had these assets been included in the financial statements at historical cost less depreciation.
The charge for depreciation and impairment charges as disclosed in Note 22 are included in the income statements as follows:
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Cost of sales | 3,865 | 4,278 | 3,249 | 3,249 |
Selling and distribution costs | 1,567 | 1,521 | 1,373 | 1,306 |
Administration expenses | 2,311 | 2,569 | 2,109 | 2,202 |
7,743 | 8,368 | 6,731 | 6,757 | |
Continuing operations | 7,119 | 7,123 | ||
Discontinued operations | 624 | 1,245 | ||
7,743 | 8,368 |
1.21 Leases
The Group and Company are the lessee
The Group and Company leases warehouses. Rental lease and ground rent contracts are typically made for fixed periods of 15 years to 150 years. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants. Leased assets may or may not be used as security for borrowing purposes.
At inception of a contract, an entity shall assess whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group and the Company.
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of fixed lease payments (including in-substance fixed payments), less any lease incentives receivable.
Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group and the Company, the lessee\u2019s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.
To determine the incremental borrowing rate, the Group and Company:
a.\twhere possible, uses recent third-party financing received by the lessee as a starting point, adjusted to reflect changes in financing conditions since third party financing was received;
b.\tuses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by the Group and Company, where there is no third-party financing; and
c.\tmakes adjustments specific to the lease.
The Group and Company are exposed to potential future increases in lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
Right\u2013of\u2013use assets are measured at cost comprising the following:
a.\tthe amount of the initial measurement of lease liability;
b.\tany lease payments made at or before the commencement date less any lease incentives received; and
c.\tany initial direct costs.
Right-of-use assets are depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis.
Extension and termination options
Extension and termination options are included in a number of property leases across the Group. These are used to maximise operational flexibility in terms of managing the assets used in the Group\u2019s operations. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor.
In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated).
For leases of properties, the following factors are normally the most relevant:
a.\tif there are significant penalties to terminate (or not extend), the Group is typically reasonably certain to extend (or not terminate);
b.\tif any leasehold improvements are expected to have a significant remaining value, the Group is typically reasonably certain to extend (or not terminate);
c.\totherwise, the Group considers other factors including historical lease durations and the costs and business disruption required to replace the leased asset.
The group as lessor
The group entered into lease agreements as a lessor with respect to some of its properties consisting of offices, retail outlets and a child care facility. Leases for which the group is a lessor are classified as operating leases. Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease.
Within 1 year | Within 2 years | Within 3 years | Within 4 years | Within 5 years | Above 5 years | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Operating leases - minimum lease payments | 783 | 634 | 568 | 398 | 336 | 651 |
3. Critical accounting estimates and judgements
Estimates and judgements are continually evaluated and based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances.
In the opinion of the Company Directors, the accounting estimates and judgements made in the course of preparing these financial statements, except as disclosed in Notes 5 and 19 and accounting policies 1.10 and 1.21 are not difficult, subjective or complex to a degree which would warrant their description as critical in terms of the requirements of IAS 1.
5. Property, plant and equipment
Land & buildings | Assets in course of construction | Plant, machinery& equipment | Total | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
GROUP | ||||
At 1 February 2024 | ||||
Cost or valuation | 111,347 | 1,097 | 157,336 | 269,780 |
Accumulated depreciation and impairment | (18,135) | \u2013 | (124,303) | (142,438) |
Net book value | 93,212 | 1,097 | 33,033 | 127,342 |
Year ended 31 January 2025 | ||||
Opening net book value | 93,212 | 1,097 | 33,033 | 127,342 |
Additions and commissioned assets | 96 | 4,540 | 6,985 | 11,621 |
Disposals | (329) | \u2013 | (804) | (1,133) |
Revaluation | 4,530 | \u2013 | \u2013 | 4,530 |
Depreciation | (2,101) | \u2013 | (6,102) | (8,203) |
Impairment | (20) | \u2013 | (145) | (165) |
Depreciation released on disposals | 329 | \u2013 | 804 | 1,133 |
Cost of assets held for distribution to shareholders | (12,140) | (4,814) | (11,398) | (28,352) |
Depreciation on assets held for distribution to shareholders | 2,187 | \u2013 | 7,014 | 9,201 |
Closing net book value | 85,764 | 823 | 29,387 | 115,974 |
At 31 January 2025 | ||||
Cost or valuation | 103,504 | 823 | 152,119 | 256,446 |
Accumulated depreciation and impairment | (17,740) | \u2013 | (122,732) | (140,472) |
Net book amount | 85,764 | 823 | 29,387 | 115,974 |
Year ended 31 January 2026 | ||||
Opening net book value | 85,764 | 823 | 29,387 | 115,974 |
Additions and commissioned assets | \u2013 | 2,653 | 4,314 | 6,967 |
Depreciation | (1,897) | \u2013 | (5,222) | (7,119) |
Closing net book value | 83,867 | 3,476 | 28,479 | 115,822 |
At 31 January 2026 | ||||
Cost or valuation | 103,504 | 3,476 | 156,433 | 263,413 |
Accumulated depreciation and impairment | (19,637) | - | (127,954) | (147,591) |
Net book amount | 83,867 | 3,476 | 28,479 | 115,822 |
Land & buildings | Assets in course of construction | Plant, machinery& equipment | Total | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
COMPANY | ||||
At 1 February 2024 | ||||
Cost or valuation | 103,024 | 179 | 144,345 | 247,548 |
Accumulated depreciation and impairment | (15,634) | \u2013 | (114,618) | (130,252) |
Net book value | 87,390 | 179 | 29,727 | 117,296 |
Year ended 31 January 2025 | ||||
Opening net book value | 87,390 | 179 | 29,727 | 117,296 |
Additions and commissioned assets | 32 | 577 | 4,082 | 4,691 |
Disposals | \u2013 | \u2013 | (148) | (148) |
Depreciation | (1,851) | \u2013 | (4,906) | (6,757) |
Depreciation released on disposals | \u2013 | \u2013 | 147 | 147 |
Closing net book value | 85,571 | 756 | 28,902 | 115,229 |
At 31 January 2025 | ||||
Cost or valuation | 103,056 | 756 | 148,279 | 252,091 |
Accumulated depreciation and impairment | (17,485) | \u2013 | (119,377) | (136,862) |
Net book value | 85,571 | 756 | 28,902 | 115,229 |
Year ended 31 January 2026 | ||||
Opening net book value | 85,571 | 756 | 28,902 | 115,229 |
Additions and commissioned assets | \u2013 | 2,653 | 2,218 | 4,871 |
Depreciation | (1,849) | \u2013 | (4,882) | (6,731) |
Closing net book value | 83,722 | 3,409 | 26,238 | 113,369 |
At 31 January 2026 | ||||
Cost or valuation | 103,056 | 3,409 | 150,497 | 256,962 |
Accumulated depreciation and impairment | (19,334) | \u2013 | (124,259) | (143,593) |
Net book value | 83,722 | 3,409 | 26,238 | 113,369 |
Assets in course of construction during year ended 31 January 2026 and 2025 mainly relate to investments in the manufacturing processes.
Fair value of property
The Group is required to analyse non-financial assets carried at fair value by level of the fair value hierarchy within which the recurring fair value measurements are categorised in their entirety (level 1, 2 or 3), as defined by International Financial Reporting Standards.
As at 31 January 2026, the Group\u2019s land and buildings within property, plant and equipment, comprise properties including the Company\u2019s brewery and related operational and warehousing facilities, commercial property and property earmarked to compliment the Group\u2019s operational activity.
The property valuations as at 31 January 2026 are based on the Directors' value assessment performed using a variety of methods, including the adjusted sales comparison approach and the discounted projected cash flows approach. Each property was valued by taking into consideration the external valuations prepared by independent chartered architectural firm in May 2025 and using the method considered by the external valuers to be the most appropriate valuation method for that type of property. The Directors are of the opinion that the carrying amount of property, plant and equipment as at 31 January 2026, does not differ materially from that which would be determined using fair values that take account of the above considerations.
All the recurring property fair value measurements at 31 January 2026 use significant unobservable inputs and are accordingly categorised within level 3 of the fair valuation hierarchy. The Group\u2019s policy is to recognise transfers into and out of fair value hierarchy levels as of the beginning of the reporting period. There were no transfers between different levels of the fair value hierarchy during the year ended 31 January 2026.
A reconciliation from the opening balance to the closing balance of land and buildings for recurring fair value measurements categorised within level 3 of the value hierarchy, is reflected in the table above. The only movements for continuing operations in land and buildings classified as property, plant and equipment reflect additions, disposals and depreciation charge for the year.
Valuation processes
The valuations of the properties are performed regularly on the basis of valuation reports prepared by independent and qualified valuers. These reports are based on both:
\u2022\tinformation provided by the Group which is derived from the Group\u2019s financial systems and is subject to the Group\u2019s overall control environment; and
\u2022\tassumptions and valuation models used by the valuers \u2013 the assumptions are typically market related. These are based on professional judgement and market observation.
The information provided to the valuers, together with the assumptions and the valuation models used by the valuers, are reviewed by the Chief Financial Officer (CFO). This includes a review of fair value movements over the period (if any). When the CFO considers that the valuation report is appropriate, the valuation report is recommended to the Board of Directors. The Board of Directors considers the valuation report as part of its overall responsibilities.
Valuation techniques
In view of the limited number of sales of similar properties in the local market, the valuations have been performed using unobservable inputs. The significant input to the sales comparison approach is generally a sales price per square metre related to transactions in comparable properties located in proximity to the Group\u2019s property, with significant adjustments for differences in the size, age, exact location and condition of the property.
The value of properties used as business, manufacturing and operational premises by the Group including factories and warehouses, currently classified under property, plant and equipment is based on a discounted cash flow. The valuers applied a discount rate to an assessed maintainable level of free cash flows based on the forecasted earnings over a five year period. Beyond the five year period, the valuer applied an annual appreciation rate to the land residual value discounted to present value. Following this assessment, no changes to the current value attributable to this Group of properties was deemed necessary.
Information about fair value measurements using significant unobservable inputs (level 3)
Description by class | Fair value | Valuation technique | Significant unobservable input | Range of unobservable inputs |
\u20ac\u2019000 | \u20ac | |||
As at 31 January 2026 | ||||
Current use asmanufacturingor related premises | 71,851 | Discounted cash flow approach | Discount rate | 11.04% |
Developable land for mixed use/commercial use | 11,870 | Sales comparison approach | Sales price per square metre | 1500 - 2500 |
As at 31 January 2025 | ||||
Current use asmanufacturingor related premises | 73,894 | Discounted cash flow approach | Discount rate | 11.04% |
Developable land for mixed use/commercial use | 11,870 | Sales comparison approach | Sales price per cubic metre | 1500 - 2500 |
In the case of the sales comparison approach, the higher the sales price per square metre, the higher the resultant fair valuation. Conversely, the lower the required development cost per square metre, the higher the resultant fair valuation.
In respect of the discounted cashflow approach, the higher the annualised net cash inflows, and growth rate, the higher the fair value. Conversely, the lower the discount rate, the estimated development costs, and capitalisation rate used in calculating the annualised net cash inflows, the higher the fair value.
The highest and best use of properties which are developable land for mixed use/commercial use differs from their current use. These assets mainly comprise properties which are currently partly used by the Group or which are currently vacant, and which would require development or refurbishment in order to access the maximum potential cash flows that may be generated from the properties\u2019 highest and best use.
As at 31 January 2026, the carrying amount of land and buildings for continuing operations would have been \u20ac45,934,000 (2025: \u20ac47,007,000) had these assets been included in the financial statements at historical cost less depreciation.
The charge for depreciation and impairment charges as disclosed in Note 22 are included in the income statements as follows:
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Cost of sales | 3,865 | 4,278 | 3,249 | 3,249 |
Selling and distribution costs | 1,567 | 1,521 | 1,373 | 1,306 |
Administration expenses | 2,311 | 2,569 | 2,109 | 2,202 |
7,743 | 8,368 | 6,731 | 6,757 | |
Continuing operations | 7,119 | 7,123 | ||
Discontinued operations | 624 | 1,245 | ||
7,743 | 8,368 |
1.23 Earnings per share
The Group presents basic earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated by dividing the consolidated profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding at the end of the period, adjusted for Bonus shares issued during the year.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__58-1": { "value": "1. Summary of material accounting policies1.24 Segment reporting
The Group determines and presents operating segments based on the information that internally is provided to the Board of Directors, which is the Group\u2019s chief operating decision maker in accordance with the requirements of IFRS 8 \u2018Operating Segments\u2019.
An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Group\u2019s other components, and for which discrete financial information is available. An operating segment\u2019s operating results are reviewed regularly by the Board of Directors to make decisions about resources to be allocated to the segment and to assess its performance executing the function of the chief operating decision maker.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__59-1": { "value": "1. Summary of material accounting policies1.25 Institutional grants
Grants that compensate the Group for expenses incurred are recognised in the income statement on a systematic basis in the same reporting periods in which the expenses are incurred. This compensation is disclosed in the same reporting line as the related expense.
Institutional grants are recognised in the statement of financial position initially as deferred income when there is reasonable assurance that they will be received and that the Group will comply with the conditions attaching to them.
Grants that compensate the Group for the cost of an asset are recognised in the income statement on a systematic basis over the useful life of the asset to match the depreciation charge. Capital grants are recorded as deferred income and released to the income statement over the estimated useful life of the related asset provided that all conditions pertaining to such grants would have been complied with.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__60-1": { "value": "1. Summary of material accounting policies1.22 Borrowing costs
Borrowing costs which are incurred for the purpose of acquiring or constructing qualifying property, plant and equipment or investment property are capitalised as part of its cost. Borrowing costs are capitalised while acquisition or construction is actively underway, during the period of time that is required to complete and prepare the asset for its intended use. Capitalisation of borrowing costs is ceased once the asset is substantially complete and is suspended if the development of the asset is suspended. All other borrowing costs are expensed. Borrowing costs are recognised for all interest-bearing instruments on an accrual basis using the effective interest method. Interest costs include the effect of amortising any difference between initial net proceeds and redemption value in respect of the Group\u2019s interest-bearing borrowings.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__61-1": { "value": "1. Summary of material accounting policies1.7 Financial assetsImpairment
The Group assesses on a forward-looking basis the expected credit losses (ECL) associated with its debt instruments carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. The Group\u2019s financial assets are subject to the expected credit loss model.
Expected credit loss model
The Group measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at twelve month ECLs:
\u2022\tbank balances for which credit risk has not increased significantly since initial recognition.
When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. The Group assumes that the credit risk on a financial asset has increased significantly if it is more than 30 days past due, and it considers a financial asset to be in default when the borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held); or the financial asset is more than 90 days past due.
Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument. Twelve month ECLs are the portion of ECLs that result from default events that are possible within the twelve months after the reporting date (or a shorter period if the expected life of the instrument is less than twelve months). The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk.
ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls. ECLs are discounted at the effective interest rate of the financial asset.
At each reporting date, the Group assesses whether financial assets carried at amortised cost are credit-impaired. A financial asset is \u2018credit-impaired\u2019 when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence that a financial asset is credit-impaired includes observable data such as significant financial difficulty of the borrower or issuer, or a breach of contract such as a default or being more than 90 days past due.
Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets.
Simplified approach model
For trade receivables, the Group applies the simplified approach required by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables.
The expected loss rates are based on the payment profiles of sales over a period of up to 60 months before the reported period end, and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivable. Trade receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, among others, the probability of insolvency or significant financial difficulties of the debtor. Impaired debts are derecognised when they are assessed as uncollectible.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__62-1": { "value": "1. Summary of material accounting policies1.3 Property, plant and equipment
All property, plant and equipment is initially recorded at historical cost. Land and buildings are subsequently shown at fair value based on periodic valuations by external independent valuers, less subsequent depreciation for buildings. Valuations are carried out on a regular basis, but at least every five years, unless the Directors consider it appropriate to have an earlier revaluation, such that the carrying amount of property does not differ materially from that which would be determined using fair values at the end of the reporting period. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset, and the net amount is restated to the revalued amount of the asset. All other property, plant and equipment is stated at historical cost less depreciation and impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Borrowing costs which are incurred for the purpose of acquiring or constructing a qualifying asset are capitalised as part of its cost. Borrowing costs are capitalised while acquisition or construction is actively underway. Capitalisation of borrowing costs is ceased once the asset is substantially complete and is suspended if the development of the asset is suspended.
Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, 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. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged to profit or loss during the financial period in which they are incurred.
Increases in the carrying amount arising on revaluation of land and buildings are credited to other comprehensive income and shown as a revaluation reserve in shareholders\u2019 equity. Decreases that offset previous increases of the same asset are charged in other comprehensive income and debited against the revaluation reserve directly in equity; all other decreases are charged to profit or loss.
Freehold land and assets in the course of construction are not depreciated. Leased properties are depreciated over the period of the lease. Depreciation on other assets is calculated using the straight-line method to allocate their cost or revalued amounts to their residual values over their estimated useful lives, as follows:
\u2022 Buildings\t0.67% \u2013 2.00%
\u2022 Plant, machinery and equipment\t5.00% \u2013 33.33%
The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.
An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount (Note 1.5).
Gains and losses on disposals are determined by comparing the proceeds with carrying amount and are recognised in profit or loss. When revalued assets are sold, the amounts included in the revaluation reserve relating to the assets are transferred to retained earnings.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__66": { "value": "The Brewery, Mdina Road, Zone 2, Central Business District, CBD 2010, Birkirkara, Malta. ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__102-1": { "value": "1.6 Investments in subsidiaries
In the Company\u2019s separate financial statements, investments in subsidiaries are accounted for by the cost method of accounting, that is, at cost less impairment. Provisions are recorded where, in the opinion of the Directors, there is an impairment in value. Where there has been an impairment in the value of an investment, it is recognised as an expense in the period in which the diminution is identified. The results of subsidiaries are reflected in the Company\u2019s separate financial statements only to the extent of dividends receivable. On disposal of an investment, the difference between the net disposal proceeds and the carrying amount is charged or credited to profit or loss.
8. Investments in subsidiaries
Company | ||
2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | |
Year ended 31 January | ||
Opening net book amount | 1,690 | 11,416 |
Assets held for distribution to shareholders | \u2013 | (9,806) |
Reversal of diminution of investment value | - | 80 |
Closing net book amount | 1,690 | 1,690 |
At 31 January | ||
Cost | 2,196 | 2,196 |
Impairment provision for investments | (506) | (506) |
Net book amount | 1,690 | 1,690 |
The principal subsidiaries at 31 January 2026 all of which are unlisted, are disclosed in Note 36 to these financial statements.
36. Subsidiaries
The subsidiaries are shown below:
Percentage of shares held | ||||
Registered office | Principal activities | 2026 | 2025 | |
EcoPure Limited | The Brewery, Mdina Road, Zone 2, Central Business District, Birkirkara | Sale and distribution of bottled water | 100 | 100 |
Farsons Distribution Services Limited | ||||
The Brewery, Mdina Road, Zone 2, Central Business District, Birkirkara | Non\u2013operating | 100 | 100 | |
Farsons Beverage Imports Company Limited | ||||
The Brewery, Mdina Road, Zone 2, Central Business District, Birkirkara | Importation and wholesale of beverages, wines and spirits | 100 | 100 | |
Portanier Warehouses Limited | ||||
The Brewery, Mdina Road, Zone 2, Central Business District, Birkirkara | Non\u2013operating | 100 | 100 | |
The Brewhouse Company Limited | ||||
The Brewery, Mdina Road, Zone 2, Central Business District, Birkirkara | ||||
Operation of brand visitors' attraction, retail outlets, leasing of commercial and office space | 100 | 100 |
Food Chain Limited and Quintano Foods Limited were sold to the subsidiary Quinco Holdings p.l.c. on 10 September 2025, a 100% subsidiary of the Group which was incorporated on 8 May 2025 and spun-off through a distribution in kind to the shareholders (\u20ac46,800,000) on 6 October 2025 (2025: 100%).
", "dimensions": { "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__184-1": { "value": "2. Financial risk management2.1 Financial risk factors
The Group\u2019s activities potentially expose it to a variety of financial risks: market risk (including currency risk, fair value interest rate risk and cash flow interest rate risk), credit risk and liquidity risk. The Group\u2019s overall risk management focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance. From time to time, the Group enters into foreign exchange contracts and interest rate swap agreements to hedge certain risk exposures during the current and preceding financial years. Risk management is carried out by a central treasury department (Group treasury) under policies approved by the Board of Directors.
a.\tMarket risk
i.\tForeign exchange risk
Foreign exchange risk arises from future commercial transactions and recognised assets and liabilities which are denominated in a currency that is not the respective Group entity\u2019s functional currency. The Group is exposed to foreign exchange risk arising primarily from the Group\u2019s purchases, a part of which are denominated in the US dollar and the GB pound.
Management does not consider foreign exchange risk attributable to recognised liabilities arising from purchase transactions to be significant since balances are settled within very short periods in accordance with the negotiated credit terms. Periodically, the Group enters into forward contracts on specific transactions to manage its exposure to fluctuations in foreign currency exchange rates. The Group\u2019s and Company\u2019s loans and receivables, cash and cash equivalents and borrowings are denominated in Euro.
Accordingly, a sensitivity analysis for foreign exchange risk disclosing how profit or loss and equity would have been affected by changes in foreign exchange rates that were reasonably possible at the end of reporting year is not deemed necessary.
ii. Cash flow and fair value interest rate risk
The Group\u2019s income and operating cash flows are substantially independent of changes in market interest rates. The Group\u2019s interest rate risk which arises from borrowings; borrowings issued at variable rates, comprising bank borrowings (Note 17), expose the Group to cash flow interest rate risk. The Group\u2019s borrowings are subject to an interest rate that varies according to revisions made to the Bank\u2019s Base Rate. Management monitors the level of floating rate borrowings as a measure of cash flow risk taken on. Interest rates on these financial instruments are linked with the Central Intervention Rate issued by the European Central Bank. Borrowings issued at fixed rates, consist primarily of unsecured bonds which are carried at amortised cost (Note 17), and therefore do not expose the Group to cash flow and fair value interest rate risk.
Based on the above, management considers the potential impact on profit or loss of a defined interest rate shift that is reasonably possible at the end of the reporting period to be immaterial.
b.\tCredit risk
Credit risk principally arises from cash and cash equivalents comprising deposits with financial institutions, and other receivables, as well as credit exposures to wholesale and retail customers, including outstanding receivables and committed transactions. The Group\u2019s and the Company\u2019s principal exposures to credit risk as at the end of the reporting period are analysed as follows:
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Financial assets measured at amortised cost | ||||
Trade and other receivables (Note 10) | 36,476 | 32,432 | 34,827 | 30,393 |
Cash at bank and in hand (Note 11) | 2,841 | 4,940 | 1,059 | 2,320 |
39,317 | 37,372 | 35,886 | 32,713 |
The maximum exposure to credit risk at the end of the reporting period in respect of the financial assets mentioned above is equivalent to their carrying amount as disclosed in the respective notes to the financial statements. The figures disclosed in the table above in respect of trade and other receivables exclude prepayments and indirect taxation.
Security
For trade and other receivables amounting to \u20ac1,600,000 (2025: \u20ac2,148,000), the Group obtained security in the form of guarantees and deeds of undertaking or letters of credit which can be called on if the counterparty is in default under the terms of the agreement.
Trade and other receivables
The Group assesses the credit quality of its trade customers, the majority of which are unrated, taking into account financial position, past experience and other factors. The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each customer. It has policies in place to ensure that sales of goods and services are transacted with customers with an appropriate credit history. Standard credit terms are in place for individual clients, however, wherever possible, new corporate customers are analysed individually for creditworthiness before the Group\u2019s standard payment and product delivery terms and conditions are offered. The creditworthiness analysis for new customers includes a review through external creditworthiness databases when available. The Group monitors the performance of its trade and other receivables on a regular basis to identify incurred collection losses, which are inherent in the Group\u2019s debtors, taking into account historical experience in collection of accounts receivable.
No individual customer or group of dependent clients is considered by management as a significant concentration of credit risk with respect to trade receivables or contractual debts, these material exposures are monitored and reported more frequently and rigorously. These customers trade frequently with the respective Group entities and are deemed by management to have good credit standing, usually taking cognisance of the performance history without defaults.
The Group manages credit limits and exposures actively in a practicable manner such that past due amounts receivable from clients are within controlled parameters. The Group\u2019s trade and other receivables, which are not credit impaired financial assets, are principally debts in respect of transactions with customers for whom there is no recent history of default. Management does not expect any significant losses from non-performance by these customers.
Impairment of trade receivables
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets.
To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due. Contract assets have substantially the same risk characteristics as the trade receivables for the same types of contracts.
The expected loss rates are based on the payment profiles of sales over a period of time before the reporting date and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. The Group adjusts the historical loss rates based on expected changes in these factors.
On that basis, the loss allowance for the Group as at 31 January 2026 was determined by applying:
\u2022\tAn expected loss rate ranging from 0.45% to 1.10% (2025: ranging from 0.37% to 1.53%) on all credit sales generated in the preceding twenty-four months prior to 31 January 2026 resulting in a loss allowance of \u20ac1,762,000 (2025: \u20ac1,922,000) for the Group and \u20ac1,182,000 (2025: \u20ac1,271,000) for the Company.
\u2022\tAn expected loss rate of 100% on all outstanding dues generated before the preceding twenty-four months prior to 31 January 2026 (i.e. all trade receivables exceeding two years) resulting in a loss allowance of \u20ac1,850,000 (2025: \u20ac1,480,000) for the Group and \u20ac1,156,000 (2025: \u20ac904,000) for the Company.
Impairment of related party and other receivables
The Group applies the general model to measuring expected credit losses for all trade loan dues.
To measure the expected credit losses, trade loans have been grouped based on shared credit risk characteristics and the days past due. The Group assesses the credit quality of these loans taking into account financial position, repayment patterns, past experience and other factors including history of default from the credit terms issued. Trade loans are categorised into stages for IFRS 9 purposes based on the factors highlighted above.
On that basis, the loss allowance for the Group and the Company as at 31 January 2026 was determined by applying:
\u2022\tAn expected loss rate averaging at 1.20% (2025: 2.41%) on all trade loans granted within contract terms classified under stages 1 and 2 resulting in a loss allowance of \u20ac101,000 (2025: \u20ac218,000).
\u2022\tAn expected loss rate of 100% on all outstanding dues on trade loans that exceeded the credit terms granted by the Group and Company and hence classified under stage 3 resulting in a loss allowance of \u20ac515,000 (2025: \u20ac572,000).
\u2022\tAn expected loss rate of 100% on all outstanding dues on related party balances with a negative net equity.
Credit loss allowances include specific provisions against credit impaired individual exposures with the amount of the provisions being equivalent to the balances attributable to credit impaired receivables. The closing loss allowances for trade and other receivables for both continued and discontinued as at 31 January 2026 reconcile to the opening loss allowances as follows:
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Expected loss model | Expected lossmodel | Expected loss model | Expected lossmodel | |
Trade receivables | ||||
Balance at 1 February | 3,398 | 3,238 | 2,174 | 1,987 |
Movement in loss allowance recognisedin continued profit or loss during the year (Note 10) | 243 | 312 | 188 | 189 |
Movement in loss allowance recognisedin discontinued profit or loss during the year (Note 21) | - | 35 | \u2013 | \u2013 |
Provision on assets held for distribution to shareholders (Note 10) | \u2013 | (178) | \u2013 | \u2013 |
Receivables written-off | (15) | (9) | (7) | (2) |
Balance at 31 January | 3,626 | 3,398 | 2,355 | 2,174 |
Related party and other receivables | ||||
Balance at 1 February | 3,439 | 3,384 | 2,841 | 2,871 |
Movement in loss allowance recognisedin continued profit or loss during the year (Note 10) | (1,368) | 55 | (1,100) | (30) |
Balance at 31 January | 2,071 | 3,439 | 1,741 | 2,841 |
Total loss allowance as at year end | 5,697 | 6,837 | 4,096 | 5,015 |
The Group established an allowance for impairment that represented its estimate of expected credit losses in respect of trade and other receivables. The individually credit impaired trade receivables mainly relate to a number of independent customers which are in unexpectedly difficult economic situations and which are accordingly not meeting repayment obligations. Hence, provisions for impairment in respect of credit impaired balances with corporate trade customers relate to entities which are in adverse trading and operational circumstances.
Trade and other receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to honour a repayment plan with the Group, and a failure to make contractual payments for a period of greater than thirty six months past due.
Impairment losses on trade receivables and contract assets are presented as net impairment losses within operating profit. Subsequent recoveries of amounts written off are credited against the same line item.
As at 31 January 2026, outstanding Group trade receivables of less than two years amounting to \u20ac29,909,000 (2025: \u20ac27,740,000) have an allocated loss allowance of \u20ac1,762,000 (2025: \u20ac1,922,000). Outstanding Group trade receivables of more than two years amounting to \u20ac1,811,000 (2025: \u20ac1,480,000) were fully provided.
As at 31 January 2026, outstanding Company trade receivables of less than two years amounting to \u20ac19,641,000 (2025: \u20ac18,171,000) have an allocated loss allowance of \u20ac1,182,000 (2025: \u20ac1,271,000). Outstanding Company trade receivables of more than two years amounting to \u20ac1,156,000 (2025: \u20ac904,000) were fully provided.
As at 31 January 2026, outstanding trade loan receivables not overdue amounting to \u20ac1,845,000 (2025: \u20ac2,838,000) have an allocated loss allowance of \u20ac101,000 (2025: \u20ac218,000). Outstanding trade loan receivables overdue amounting to \u20ac515,000 (2025: \u20ac572,000) were fully provided.
Cash and cash equivalents
The Group and the Company principally banks with local and European financial institutions with high-quality standing or rating. While cash and cash equivalents are also subject to the impairment requirements of IFRS 9, the identified impairment loss is insignificant.
Amounts due from subsidiaries
The Company\u2019s receivables include receivables from subsidiaries. The Company monitors intra-group credit exposures at individual entity level on a regular basis and ensures timely performance of these assets in the context of overall Group liquidity management. The Company assesses the credit quality of these related parties taking into account financial position, performance and other factors.
Derivative financial instruments
Credit risk arising from derivative financial instruments lies in the insolvency of the contracting party and as a consequence, in the amount of the sum, on balance, of positive market values vis-\u00e0-vis the respective derivative counterparties. Derivative transactions are concluded with first rate local banking institutions.
c.\tLiquidity risk
The Group is exposed to liquidity risk in relation to meeting future obligations associated with its financial liabilities, which comprise principally borrowings and trade and other payables (Notes 17 and 20). Prudent liquidity risk management includes maintaining sufficient cash and committed credit lines to ensure the availability of an adequate amount of funding to meet the Group\u2019s obligations.
Management monitors liquidity risk by means of cash flow forecasts on the basis of expected cash flows over a twelve month period and ensures that adequate financing facilities are in place for the coming year. The carrying amounts of the Group\u2019s assets and liabilities are analysed into relevant maturity groupings based on the remaining period at the end of the reporting period to the contractual maturity date in the respective notes to the financial statements.
The table below analyses the Group\u2019s non-derivative financial liabilities into relevant maturity groupings based on the remaining period at the end of the reporting period to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within twelve months with respect to Trade and Other Payables, equal their carrying amounts, as the impact of discounting is not significant.
Carrying amount | Contractual cash flows | Withinone year | One tofive years | Overfive years | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
GROUP | |||||
31 January 2026 | |||||
Borrowings | 19,946 | 21,400 | 700 | 20,700 | - |
Lease liabilities | 2,127 | 3,616 | 169 | 756 | 2,691 |
Trade and other payables | 21,309 | 21,309 | 21,309 | - | - |
43,382 | 46,325 | 22,178 | 21,456 | 2,691 | |
31 January 2025 | |||||
Borrowings | 21,077 | 23,285 | 1,885 | 21,400 | \u2013 |
Lease liabilities | 2,208 | 3,785 | 163 | 912 | 2,710 |
Trade and other payables | 19,068 | 19,068 | 19,068 | \u2013 | \u2013 |
42,353 | 46,138 | 21,116 | 22,312 | 2,710 |
Carrying amount | Contractual cash flows | Withinone year | One tofive years | Overfive years | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
COMPANY | |||||
31 January 2026 | |||||
Borrowings | 19,946 | 21,400 | 700 | 20,700 | - |
Lease liabilities | 1,980 | 3,031 | 164 | 727 | 2,140 |
Trade and other payables | 18,249 | 18,249 | 18,249 | - | - |
40,175 | 42,680 | 19,113 | 21,427 | 2,140 | |
31 January 2025 | |||||
Borrowings | 21,077 | 23,285 | 1,885 | 21,400 | \u2013 |
Lease liabilities | 2,062 | 3,189 | 158 | 884 | 2,147 |
Trade and other payables | 15,876 | 15,876 | 15,876 | \u2013 | \u2013 |
39,015 | 42,350 | 17,919 | 22,284 | 2,147 |
2.1 Financial risk factors
The Group\u2019s activities potentially expose it to a variety of financial risks: market risk (including currency risk, fair value interest rate risk and cash flow interest rate risk), credit risk and liquidity risk. The Group\u2019s overall risk management focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance. From time to time, the Group enters into foreign exchange contracts and interest rate swap agreements to hedge certain risk exposures during the current and preceding financial years. Risk management is carried out by a central treasury department (Group treasury) under policies approved by the Board of Directors.
a.\tMarket risk
i.\tForeign exchange risk
Foreign exchange risk arises from future commercial transactions and recognised assets and liabilities which are denominated in a currency that is not the respective Group entity\u2019s functional currency. The Group is exposed to foreign exchange risk arising primarily from the Group\u2019s purchases, a part of which are denominated in the US dollar and the GB pound.
Management does not consider foreign exchange risk attributable to recognised liabilities arising from purchase transactions to be significant since balances are settled within very short periods in accordance with the negotiated credit terms. Periodically, the Group enters into forward contracts on specific transactions to manage its exposure to fluctuations in foreign currency exchange rates. The Group\u2019s and Company\u2019s loans and receivables, cash and cash equivalents and borrowings are denominated in Euro.
Accordingly, a sensitivity analysis for foreign exchange risk disclosing how profit or loss and equity would have been affected by changes in foreign exchange rates that were reasonably possible at the end of reporting year is not deemed necessary.
ii. Cash flow and fair value interest rate risk
The Group\u2019s income and operating cash flows are substantially independent of changes in market interest rates. The Group\u2019s interest rate risk which arises from borrowings; borrowings issued at variable rates, comprising bank borrowings (Note 17), expose the Group to cash flow interest rate risk. The Group\u2019s borrowings are subject to an interest rate that varies according to revisions made to the Bank\u2019s Base Rate. Management monitors the level of floating rate borrowings as a measure of cash flow risk taken on. Interest rates on these financial instruments are linked with the Central Intervention Rate issued by the European Central Bank. Borrowings issued at fixed rates, consist primarily of unsecured bonds which are carried at amortised cost (Note 17), and therefore do not expose the Group to cash flow and fair value interest rate risk.
Based on the above, management considers the potential impact on profit or loss of a defined interest rate shift that is reasonably possible at the end of the reporting period to be immaterial.
b.\tCredit risk
Credit risk principally arises from cash and cash equivalents comprising deposits with financial institutions, and other receivables, as well as credit exposures to wholesale and retail customers, including outstanding receivables and committed transactions. The Group\u2019s and the Company\u2019s principal exposures to credit risk as at the end of the reporting period are analysed as follows:
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Financial assets measured at amortised cost | ||||
Trade and other receivables (Note 10) | 36,476 | 32,432 | 34,827 | 30,393 |
Cash at bank and in hand (Note 11) | 2,841 | 4,940 | 1,059 | 2,320 |
39,317 | 37,372 | 35,886 | 32,713 |
The maximum exposure to credit risk at the end of the reporting period in respect of the financial assets mentioned above is equivalent to their carrying amount as disclosed in the respective notes to the financial statements. The figures disclosed in the table above in respect of trade and other receivables exclude prepayments and indirect taxation.
Security
For trade and other receivables amounting to \u20ac1,600,000 (2025: \u20ac2,148,000), the Group obtained security in the form of guarantees and deeds of undertaking or letters of credit which can be called on if the counterparty is in default under the terms of the agreement.
Trade and other receivables
The Group assesses the credit quality of its trade customers, the majority of which are unrated, taking into account financial position, past experience and other factors. The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each customer. It has policies in place to ensure that sales of goods and services are transacted with customers with an appropriate credit history. Standard credit terms are in place for individual clients, however, wherever possible, new corporate customers are analysed individually for creditworthiness before the Group\u2019s standard payment and product delivery terms and conditions are offered. The creditworthiness analysis for new customers includes a review through external creditworthiness databases when available. The Group monitors the performance of its trade and other receivables on a regular basis to identify incurred collection losses, which are inherent in the Group\u2019s debtors, taking into account historical experience in collection of accounts receivable.
No individual customer or group of dependent clients is considered by management as a significant concentration of credit risk with respect to trade receivables or contractual debts, these material exposures are monitored and reported more frequently and rigorously. These customers trade frequently with the respective Group entities and are deemed by management to have good credit standing, usually taking cognisance of the performance history without defaults.
The Group manages credit limits and exposures actively in a practicable manner such that past due amounts receivable from clients are within controlled parameters. The Group\u2019s trade and other receivables, which are not credit impaired financial assets, are principally debts in respect of transactions with customers for whom there is no recent history of default. Management does not expect any significant losses from non-performance by these customers.
Impairment of trade receivables
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets.
To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due. Contract assets have substantially the same risk characteristics as the trade receivables for the same types of contracts.
The expected loss rates are based on the payment profiles of sales over a period of time before the reporting date and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. The Group adjusts the historical loss rates based on expected changes in these factors.
On that basis, the loss allowance for the Group as at 31 January 2026 was determined by applying:
\u2022\tAn expected loss rate ranging from 0.45% to 1.10% (2025: ranging from 0.37% to 1.53%) on all credit sales generated in the preceding twenty-four months prior to 31 January 2026 resulting in a loss allowance of \u20ac1,762,000 (2025: \u20ac1,922,000) for the Group and \u20ac1,182,000 (2025: \u20ac1,271,000) for the Company.
\u2022\tAn expected loss rate of 100% on all outstanding dues generated before the preceding twenty-four months prior to 31 January 2026 (i.e. all trade receivables exceeding two years) resulting in a loss allowance of \u20ac1,850,000 (2025: \u20ac1,480,000) for the Group and \u20ac1,156,000 (2025: \u20ac904,000) for the Company.
Impairment of related party and other receivables
The Group applies the general model to measuring expected credit losses for all trade loan dues.
To measure the expected credit losses, trade loans have been grouped based on shared credit risk characteristics and the days past due. The Group assesses the credit quality of these loans taking into account financial position, repayment patterns, past experience and other factors including history of default from the credit terms issued. Trade loans are categorised into stages for IFRS 9 purposes based on the factors highlighted above.
On that basis, the loss allowance for the Group and the Company as at 31 January 2026 was determined by applying:
\u2022\tAn expected loss rate averaging at 1.20% (2025: 2.41%) on all trade loans granted within contract terms classified under stages 1 and 2 resulting in a loss allowance of \u20ac101,000 (2025: \u20ac218,000).
\u2022\tAn expected loss rate of 100% on all outstanding dues on trade loans that exceeded the credit terms granted by the Group and Company and hence classified under stage 3 resulting in a loss allowance of \u20ac515,000 (2025: \u20ac572,000).
\u2022\tAn expected loss rate of 100% on all outstanding dues on related party balances with a negative net equity.
Credit loss allowances include specific provisions against credit impaired individual exposures with the amount of the provisions being equivalent to the balances attributable to credit impaired receivables. The closing loss allowances for trade and other receivables for both continued and discontinued as at 31 January 2026 reconcile to the opening loss allowances as follows:
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Expected loss model | Expected lossmodel | Expected loss model | Expected lossmodel | |
Trade receivables | ||||
Balance at 1 February | 3,398 | 3,238 | 2,174 | 1,987 |
Movement in loss allowance recognisedin continued profit or loss during the year (Note 10) | 243 | 312 | 188 | 189 |
Movement in loss allowance recognisedin discontinued profit or loss during the year (Note 21) | - | 35 | \u2013 | \u2013 |
Provision on assets held for distribution to shareholders (Note 10) | \u2013 | (178) | \u2013 | \u2013 |
Receivables written-off | (15) | (9) | (7) | (2) |
Balance at 31 January | 3,626 | 3,398 | 2,355 | 2,174 |
Related party and other receivables | ||||
Balance at 1 February | 3,439 | 3,384 | 2,841 | 2,871 |
Movement in loss allowance recognisedin continued profit or loss during the year (Note 10) | (1,368) | 55 | (1,100) | (30) |
Balance at 31 January | 2,071 | 3,439 | 1,741 | 2,841 |
Total loss allowance as at year end | 5,697 | 6,837 | 4,096 | 5,015 |
The Group established an allowance for impairment that represented its estimate of expected credit losses in respect of trade and other receivables. The individually credit impaired trade receivables mainly relate to a number of independent customers which are in unexpectedly difficult economic situations and which are accordingly not meeting repayment obligations. Hence, provisions for impairment in respect of credit impaired balances with corporate trade customers relate to entities which are in adverse trading and operational circumstances.
Trade and other receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to honour a repayment plan with the Group, and a failure to make contractual payments for a period of greater than thirty six months past due.
Impairment losses on trade receivables and contract assets are presented as net impairment losses within operating profit. Subsequent recoveries of amounts written off are credited against the same line item.
As at 31 January 2026, outstanding Group trade receivables of less than two years amounting to \u20ac29,909,000 (2025: \u20ac27,740,000) have an allocated loss allowance of \u20ac1,762,000 (2025: \u20ac1,922,000). Outstanding Group trade receivables of more than two years amounting to \u20ac1,811,000 (2025: \u20ac1,480,000) were fully provided.
As at 31 January 2026, outstanding Company trade receivables of less than two years amounting to \u20ac19,641,000 (2025: \u20ac18,171,000) have an allocated loss allowance of \u20ac1,182,000 (2025: \u20ac1,271,000). Outstanding Company trade receivables of more than two years amounting to \u20ac1,156,000 (2025: \u20ac904,000) were fully provided.
As at 31 January 2026, outstanding trade loan receivables not overdue amounting to \u20ac1,845,000 (2025: \u20ac2,838,000) have an allocated loss allowance of \u20ac101,000 (2025: \u20ac218,000). Outstanding trade loan receivables overdue amounting to \u20ac515,000 (2025: \u20ac572,000) were fully provided.
Cash and cash equivalents
The Group and the Company principally banks with local and European financial institutions with high-quality standing or rating. While cash and cash equivalents are also subject to the impairment requirements of IFRS 9, the identified impairment loss is insignificant.
Amounts due from subsidiaries
The Company\u2019s receivables include receivables from subsidiaries. The Company monitors intra-group credit exposures at individual entity level on a regular basis and ensures timely performance of these assets in the context of overall Group liquidity management. The Company assesses the credit quality of these related parties taking into account financial position, performance and other factors.
Derivative financial instruments
Credit risk arising from derivative financial instruments lies in the insolvency of the contracting party and as a consequence, in the amount of the sum, on balance, of positive market values vis-\u00e0-vis the respective derivative counterparties. Derivative transactions are concluded with first rate local banking institutions.
c.\tLiquidity risk
The Group is exposed to liquidity risk in relation to meeting future obligations associated with its financial liabilities, which comprise principally borrowings and trade and other payables (Notes 17 and 20). Prudent liquidity risk management includes maintaining sufficient cash and committed credit lines to ensure the availability of an adequate amount of funding to meet the Group\u2019s obligations.
Management monitors liquidity risk by means of cash flow forecasts on the basis of expected cash flows over a twelve month period and ensures that adequate financing facilities are in place for the coming year. The carrying amounts of the Group\u2019s assets and liabilities are analysed into relevant maturity groupings based on the remaining period at the end of the reporting period to the contractual maturity date in the respective notes to the financial statements.
The table below analyses the Group\u2019s non-derivative financial liabilities into relevant maturity groupings based on the remaining period at the end of the reporting period to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within twelve months with respect to Trade and Other Payables, equal their carrying amounts, as the impact of discounting is not significant.
Carrying amount | Contractual cash flows | Withinone year | One tofive years | Overfive years | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
GROUP | |||||
31 January 2026 | |||||
Borrowings | 19,946 | 21,400 | 700 | 20,700 | - |
Lease liabilities | 2,127 | 3,616 | 169 | 756 | 2,691 |
Trade and other payables | 21,309 | 21,309 | 21,309 | - | - |
43,382 | 46,325 | 22,178 | 21,456 | 2,691 | |
31 January 2025 | |||||
Borrowings | 21,077 | 23,285 | 1,885 | 21,400 | \u2013 |
Lease liabilities | 2,208 | 3,785 | 163 | 912 | 2,710 |
Trade and other payables | 19,068 | 19,068 | 19,068 | \u2013 | \u2013 |
42,353 | 46,138 | 21,116 | 22,312 | 2,710 |
Carrying amount | Contractual cash flows | Withinone year | One tofive years | Overfive years | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
COMPANY | |||||
31 January 2026 | |||||
Borrowings | 19,946 | 21,400 | 700 | 20,700 | - |
Lease liabilities | 1,980 | 3,031 | 164 | 727 | 2,140 |
Trade and other payables | 18,249 | 18,249 | 18,249 | - | - |
40,175 | 42,680 | 19,113 | 21,427 | 2,140 | |
31 January 2025 | |||||
Borrowings | 21,077 | 23,285 | 1,885 | 21,400 | \u2013 |
Lease liabilities | 2,062 | 3,189 | 158 | 884 | 2,147 |
Trade and other payables | 15,876 | 15,876 | 15,876 | \u2013 | \u2013 |
39,015 | 42,350 | 17,919 | 22,284 | 2,147 |
2.3 Fair values
Fair values of instruments not carried at fair value
At 31 January 2026 and 2025 the carrying amounts of cash at bank, trade and other receivables, trade and other payables and current borrowings reflected in the financial statements are reasonable estimates of fair value in view of the nature of these instruments or the relatively short period of time between the origination of the instruments and their expected realisation. The fair value of amounts owed by subsidiaries which are current or repayable on demand is equivalent to their carrying amount.
The fair value of the bonds is based on the market price at the reporting date (Note 17). These are classified as level 1 and the fair value at 31 January 2026 amounted to \u20ac19,800,000 (2025: \u20ac20,380,000). The fair value of the Group\u2019s non-current floating interest rate bank borrowings at the end of the reporting period is not significantly different from the carrying amounts.
10. Trade and other receivables
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Non\u2013current | ||||
Other receivables | 2,043 | 1,017 | 1,711 | 953 |
Current | ||||
Trade receivables | 28,946 | 26,349 | 19,137 | 16,687 |
Amounts due from subsidiaries | \u2013 | \u2013 | 9,490 | 9,165 |
Amounts due from related parties | 1,852 | 23 | 1,997 | 23 |
Indirect taxation | 1 | \u2013 | - | \u2013 |
Other receivables and advanced deposits | 3,635 | 5,043 | 2,492 | 3,565 |
Prepayments | 1,374 | 2,446 | 1,877 | 2,314 |
35,808 | 33,861 | 34,993 | 31,754 | |
Total trade and other receivables | 37,851 | 34,878 | 36,704 | 32,707 |
Trade and other receivables are stated net of impairment provision as follows:
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Impairment provision | ||||
Trade and other receivables | 5,697 | 6,837 | 4,096 | 5,015 |
Amounts due from subsidiaries | \u2013 | \u2013 | 2,957 | 2,793 |
5,697 | 6,837 | 7,053 | 7,808 | |
Continuing operations | 5,697 | 6,837 | ||
Discontinued operations | \u2013 | 178 | ||
5,697 | 7,015 |
The Group's and the Company's bad debts written off against provision as at 31 January 2026 amounted to \u20ac15,000 (2025: \u20ac9,000) for the Group, and \u20ac7,000 (2025: \u20ac2,000) for the Company respectively.
Included in other receivables are advanced deposits on non-current assets not yet commissioned as at year end amounting to \u20ac437,000 (2025: \u20ac52,000).
Amounts due to the Company by subsidiaries are unsecured and repayable on demand. Included in these balances at year-end there are no amounts (2025: \u20ac1,768,000) which are subject to an interest rate of 3.5% (2025: 3.5%). Other balances within amounts due from subsidiaries are interest free.
The Group\u2019s and Company\u2019s exposure to credit and currency risks and impairment losses relating to trade and other receivables are disclosed in Note 2. The other classes within receivables do not contain impaired assets.
11. Cash and cash equivalents
For the purposes of the statements of cash flows, the cash and cash equivalents at the end of the reporting period comprise the following:
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Cash at bank and in hand | 2,841 | 4,940 | 1,059 | 2,320 |
For the purpose of the statement of cash flows, cash and cash equivalents comprise the following at 31 January:
Group | ||
2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | |
Cash at bank and on hand | 2,841 | 4,940 |
Cash at bank attributable to discontinued operations (Note 21) | \u2013 | 1,536 |
2,841 | 6,476 | |
Bank overdrafts attributable to discontinued operations (Note 21) | \u2013 | (221) |
2,841 | 6,255 |
16. Hedging reserve
The changes in fair values of hedging instruments qualifying as cash flow hedges are recorded in a separate category of equity in the hedging reserve as shown below:
Group and Company | |
Interest rate swap | |
\u20ac\u2019000 | |
At 31 January 2024 | |
Gross amounts of losses | (17) |
Deferred taxes (Note 19) | 6 |
(11) | |
Movement for the year ended 31 January 2025 | |
Gains from changes in fair value | 11 |
Deferred taxes (Note 19) | (4) |
7 | |
Transferred to statement of comprehensive income (Note 26) | 6 |
Deferred taxes (Note 19) | (2) |
4 | |
At 31 January 2025 | |
Gross amounts of losses | \u2013 |
Deferred taxes (Note 19) | \u2013 |
\u2013 |
As at the reporting period date, these contracts are designated as hedging anticipated variable interest payments which will also accrue over the term of the derivative contract. No movements were recorded for the year ended 31 January 2026.
17. Borrowings
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Non\u2013current | ||||
Bonds | 19,946 | 19,914 | 19,946 | 19,914 |
Current | ||||
Bank loans | \u2013 | 1,163 | \u2013 | 1,163 |
Total borrowings | 19,946 | 21,077 | 19,946 | 21,077 |
The bonds are disclosed at the value of the proceeds less the net book amount of the issue costs as follows:
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Face value of bonds | ||||
3.5% Bonds 2017 \u2013 2027 | 20,000 | 20,000 | 20,000 | 20,000 |
20,000 | 20,000 | 20,000 | 20,000 | |
Issue costs | 305 | 305 | 305 | 305 |
Accumulated amortisation | (251) | (219) | (251) | (219) |
Net book amount | 54 | 86 | 54 | 86 |
Amortised cost | 19,946 | 19,914 | 19,946 | 19,914 |
By virtue of an offering memorandum dated 31 July 2017, the Company issued \u20ac20,000,000 Bonds (2017 - 2027), having a nominal value of \u20ac100 each, bearing interest at the rate of 3.5% per annum.
These bonds are unsecured pursuant and subject to the terms and conditions in the prospectus dated 31 July 2017. The quoted market price as at 31 January 2026 for the 3.5% Bonds 2017 - 2027 was \u20ac99.00 (2025: \u20ac101.90).
The Group's and the Company's banking facilities as at 31 January 2026 amounted to \u20ac15,662,500 (2025: \u20ac17,212,500) for the Group, and \u20ac9,162,500 (2025: \u20ac10,712,500) for the Company.
Interest rate exposure:
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
At floating rates | \u2013 | 1,163 | \u2013 | 1,163 |
At fixed rates | 19,946 | 19,914 | 19,946 | 19,914 |
Total borrowings | 19,946 | 21,077 | 19,946 | 21,077 |
The weighted average effective interest rates at the end of the reporting period were as follows:
Group and Company | ||
2026 | 2025 | |
% | % | |
Bank loans | 2.0 | 2.0 |
Bonds | 3.5 | 3.5 |
This note provides information about the contractual terms of the Group\u2019s and the Company\u2019s loans and borrowings. For more information about the Group\u2019s and the Company\u2019s exposure to interest rate and liquidity risk, refer to Note 2.
18. Lease liabilities
Group | ||
2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | |
Non\u2013current | ||
Land & buildings | 2,007 | 2,116 |
Current | ||
Land & buildings | 120 | 92 |
Total lease liabilities | 2,127 | 2,208 |
Company | ||
2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | |
Non\u2013current | ||
Land & buildings | 1,888 | 1,970 |
Current | ||
Land & buildings | 92 | 92 |
Total lease liabilities | 1,980 | 2,062 |
Group | ||
2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | |
Land & buildings | ||
At beginning of the year | 2,208 | 5,319 |
Additions | \u2013 | 4,133 |
Interest expense | 78 | 248 |
Payments | (159) | (1,644) |
Liabilities associated with assets held for distribution to shareholders | \u2013 | (11,637) |
Interest payments from discontinued operations | \u2013 | 5,789 |
At end of year | 2,127 | 2,208 |
Company | ||
2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | |
Land & buildings | ||
At beginning of the year | 2,062 | 186 |
Additions | \u2013 | 1,876 |
Interest expense | 73 | 7 |
Payments | (155) | (7) |
At end of year | 1,980 | 2,062 |
Included in the lease liabilities for land & buildings of the Group are amounts of \u20ac1,776,000 (2025: \u20ac2,662,000) which are attributable arrangements with a related party.
The contractual undiscounted cash flows attributable to lease liabilities as at 31 January are analysed in Note 2.1(c).
The incremental borrowing rates at the end of the reporting period were as follows:
Group and Company | ||
2026 | 2025 | |
% | % | |
Land & buildings | 4.0 | 4.0 |
The Group had total cash outflows for leases of \u20ac161,000 in 2026 (2025: \u20ac7,000).
20. Trade and other payables
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Non\u2013current | ||||
Capital and other payables | 2,354 | 2,586 | 2,354 | 2,586 |
Current | ||||
Trade payables | 7,086 | 5,950 | 4,521 | 3,876 |
Capital and other payables | 3,871 | 3,581 | 3,728 | 3,629 |
Amounts due to subsidiaries | \u2013 | \u2013 | 3,182 | 1,688 |
Indirect taxes and social security | 2,834 | 2,829 | 2,664 | 2,746 |
Accruals and deferred income | 11,089 | 9,955 | 7,556 | 7,101 |
24,880 | 22,315 | 21,651 | 19,040 | |
Total trade and other payables | 27,234 | 24,901 | 24,005 | 21,626 |
The Group's and Company's exposure to currency and liquidity risk related to trade and other payables is disclosed in Note 2.
Amounts due by the Company to subsidiaries are unsecured and repayable on demand. Included in these balances at year-end there are no amounts (2025: \u20ac850,000) which are subject to an interest rate of 3.5% (2025: 3.5%). Other balances within amounts due from subsidiaries are interest free.
As at 31 January 2026, capital and other payables include institutional grants amounting to \u20ac1,729,000 (2025: \u20ac\u20ac1,979,000) relating to funds advanced directly by the Government of Malta and its agencies to the Group, co-financing its capital expenditure on certain items of property, plant and equipment. The non-current portion of deferred institutional grants amounted to \u20ac1,479,000 (2025: \u20ac1,729,000). Such funds are treated as deferred income and are credited to profit or loss on a systematic basis over the useful lives of the assets.
As at 31 January 2026, capital and other payables include net provisions of \u20ac1,100,000 (2025: \u20ac1,000,000) for annuities payable to pensioners and/or widowers under the closed pension fund scheme.
25. Finance income
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Interest on amounts owed by subsidiaries | \u2013 | \u2013 | 53 | 38 |
Other operating income | 70 | 49 | 17 | 11 |
70 | 49 | 70 | 49 |
26. Finance costs
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Interest on bank loans and overdrafts | 121 | 199 | 64 | 133 |
Lease interest | 78 | 7 | 73 | 7 |
Interest on bonds | 700 | 700 | 700 | 700 |
Fair value loss on derivative financial instruments | \u2013 | 6 | \u2013 | 6 |
899 | 912 | 837 | 846 |
32. Contingent liabilities
At 31 January 2026, the Group and the Company had contingent liabilities amounting to \u20ac723,000 (2025: \u20ac723,000) and \u20ac27,000 (2025: \u20ac27,000) respectively, with regards to guarantees mainly in favour of the Comptroller of Customs issued by the bank on behalf of the Group and Company in the ordinary course of business and capital expenditure.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__186-1": { "value": "2. Financial risk management2.1 Financial risk factors
The Group\u2019s activities potentially expose it to a variety of financial risks: market risk (including currency risk, fair value interest rate risk and cash flow interest rate risk), credit risk and liquidity risk. The Group\u2019s overall risk management focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance. From time to time, the Group enters into foreign exchange contracts and interest rate swap agreements to hedge certain risk exposures during the current and preceding financial years. Risk management is carried out by a central treasury department (Group treasury) under policies approved by the Board of Directors.
a.\tMarket risk
i.\tForeign exchange risk
Foreign exchange risk arises from future commercial transactions and recognised assets and liabilities which are denominated in a currency that is not the respective Group entity\u2019s functional currency. The Group is exposed to foreign exchange risk arising primarily from the Group\u2019s purchases, a part of which are denominated in the US dollar and the GB pound.
Management does not consider foreign exchange risk attributable to recognised liabilities arising from purchase transactions to be significant since balances are settled within very short periods in accordance with the negotiated credit terms. Periodically, the Group enters into forward contracts on specific transactions to manage its exposure to fluctuations in foreign currency exchange rates. The Group\u2019s and Company\u2019s loans and receivables, cash and cash equivalents and borrowings are denominated in Euro.
Accordingly, a sensitivity analysis for foreign exchange risk disclosing how profit or loss and equity would have been affected by changes in foreign exchange rates that were reasonably possible at the end of reporting year is not deemed necessary.
ii. Cash flow and fair value interest rate risk
The Group\u2019s income and operating cash flows are substantially independent of changes in market interest rates. The Group\u2019s interest rate risk which arises from borrowings; borrowings issued at variable rates, comprising bank borrowings (Note 17), expose the Group to cash flow interest rate risk. The Group\u2019s borrowings are subject to an interest rate that varies according to revisions made to the Bank\u2019s Base Rate. Management monitors the level of floating rate borrowings as a measure of cash flow risk taken on. Interest rates on these financial instruments are linked with the Central Intervention Rate issued by the European Central Bank. Borrowings issued at fixed rates, consist primarily of unsecured bonds which are carried at amortised cost (Note 17), and therefore do not expose the Group to cash flow and fair value interest rate risk.
Based on the above, management considers the potential impact on profit or loss of a defined interest rate shift that is reasonably possible at the end of the reporting period to be immaterial.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__187-1": { "value": "2. Financial risk management 2.1 Financial risk factorsb.\tCredit risk
Credit risk principally arises from cash and cash equivalents comprising deposits with financial institutions, and other receivables, as well as credit exposures to wholesale and retail customers, including outstanding receivables and committed transactions. The Group\u2019s and the Company\u2019s principal exposures to credit risk as at the end of the reporting period are analysed as follows:
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Financial assets measured at amortised cost | ||||
Trade and other receivables (Note 10) | 36,476 | 32,432 | 34,827 | 30,393 |
Cash at bank and in hand (Note 11) | 2,841 | 4,940 | 1,059 | 2,320 |
39,317 | 37,372 | 35,886 | 32,713 |
The maximum exposure to credit risk at the end of the reporting period in respect of the financial assets mentioned above is equivalent to their carrying amount as disclosed in the respective notes to the financial statements. The figures disclosed in the table above in respect of trade and other receivables exclude prepayments and indirect taxation.
Security
For trade and other receivables amounting to \u20ac1,600,000 (2025: \u20ac2,148,000), the Group obtained security in the form of guarantees and deeds of undertaking or letters of credit which can be called on if the counterparty is in default under the terms of the agreement.
Trade and other receivables
The Group assesses the credit quality of its trade customers, the majority of which are unrated, taking into account financial position, past experience and other factors. The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each customer. It has policies in place to ensure that sales of goods and services are transacted with customers with an appropriate credit history. Standard credit terms are in place for individual clients, however, wherever possible, new corporate customers are analysed individually for creditworthiness before the Group\u2019s standard payment and product delivery terms and conditions are offered. The creditworthiness analysis for new customers includes a review through external creditworthiness databases when available. The Group monitors the performance of its trade and other receivables on a regular basis to identify incurred collection losses, which are inherent in the Group\u2019s debtors, taking into account historical experience in collection of accounts receivable.
No individual customer or group of dependent clients is considered by management as a significant concentration of credit risk with respect to trade receivables or contractual debts, these material exposures are monitored and reported more frequently and rigorously. These customers trade frequently with the respective Group entities and are deemed by management to have good credit standing, usually taking cognisance of the performance history without defaults.
The Group manages credit limits and exposures actively in a practicable manner such that past due amounts receivable from clients are within controlled parameters. The Group\u2019s trade and other receivables, which are not credit impaired financial assets, are principally debts in respect of transactions with customers for whom there is no recent history of default. Management does not expect any significant losses from non-performance by these customers.
Impairment of trade receivables
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets.
To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due. Contract assets have substantially the same risk characteristics as the trade receivables for the same types of contracts.
The expected loss rates are based on the payment profiles of sales over a period of time before the reporting date and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. The Group adjusts the historical loss rates based on expected changes in these factors.
On that basis, the loss allowance for the Group as at 31 January 2026 was determined by applying:
\u2022\tAn expected loss rate ranging from 0.45% to 1.10% (2025: ranging from 0.37% to 1.53%) on all credit sales generated in the preceding twenty-four months prior to 31 January 2026 resulting in a loss allowance of \u20ac1,762,000 (2025: \u20ac1,922,000) for the Group and \u20ac1,182,000 (2025: \u20ac1,271,000) for the Company.
\u2022\tAn expected loss rate of 100% on all outstanding dues generated before the preceding twenty-four months prior to 31 January 2026 (i.e. all trade receivables exceeding two years) resulting in a loss allowance of \u20ac1,850,000 (2025: \u20ac1,480,000) for the Group and \u20ac1,156,000 (2025: \u20ac904,000) for the Company.
Impairment of related party and other receivables
The Group applies the general model to measuring expected credit losses for all trade loan dues.
To measure the expected credit losses, trade loans have been grouped based on shared credit risk characteristics and the days past due. The Group assesses the credit quality of these loans taking into account financial position, repayment patterns, past experience and other factors including history of default from the credit terms issued. Trade loans are categorised into stages for IFRS 9 purposes based on the factors highlighted above.
On that basis, the loss allowance for the Group and the Company as at 31 January 2026 was determined by applying:
\u2022\tAn expected loss rate averaging at 1.20% (2025: 2.41%) on all trade loans granted within contract terms classified under stages 1 and 2 resulting in a loss allowance of \u20ac101,000 (2025: \u20ac218,000).
\u2022\tAn expected loss rate of 100% on all outstanding dues on trade loans that exceeded the credit terms granted by the Group and Company and hence classified under stage 3 resulting in a loss allowance of \u20ac515,000 (2025: \u20ac572,000).
\u2022\tAn expected loss rate of 100% on all outstanding dues on related party balances with a negative net equity.
Credit loss allowances include specific provisions against credit impaired individual exposures with the amount of the provisions being equivalent to the balances attributable to credit impaired receivables. The closing loss allowances for trade and other receivables for both continued and discontinued as at 31 January 2026 reconcile to the opening loss allowances as follows:
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Expected loss model | Expected lossmodel | Expected loss model | Expected lossmodel | |
Trade receivables | ||||
Balance at 1 February | 3,398 | 3,238 | 2,174 | 1,987 |
Movement in loss allowance recognisedin continued profit or loss during the year (Note 10) | 243 | 312 | 188 | 189 |
Movement in loss allowance recognisedin discontinued profit or loss during the year (Note 21) | - | 35 | \u2013 | \u2013 |
Provision on assets held for distribution to shareholders (Note 10) | \u2013 | (178) | \u2013 | \u2013 |
Receivables written-off | (15) | (9) | (7) | (2) |
Balance at 31 January | 3,626 | 3,398 | 2,355 | 2,174 |
Related party and other receivables | ||||
Balance at 1 February | 3,439 | 3,384 | 2,841 | 2,871 |
Movement in loss allowance recognisedin continued profit or loss during the year (Note 10) | (1,368) | 55 | (1,100) | (30) |
Balance at 31 January | 2,071 | 3,439 | 1,741 | 2,841 |
Total loss allowance as at year end | 5,697 | 6,837 | 4,096 | 5,015 |
The Group established an allowance for impairment that represented its estimate of expected credit losses in respect of trade and other receivables. The individually credit impaired trade receivables mainly relate to a number of independent customers which are in unexpectedly difficult economic situations and which are accordingly not meeting repayment obligations. Hence, provisions for impairment in respect of credit impaired balances with corporate trade customers relate to entities which are in adverse trading and operational circumstances.
Trade and other receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to honour a repayment plan with the Group, and a failure to make contractual payments for a period of greater than thirty six months past due.
Impairment losses on trade receivables and contract assets are presented as net impairment losses within operating profit. Subsequent recoveries of amounts written off are credited against the same line item.
As at 31 January 2026, outstanding Group trade receivables of less than two years amounting to \u20ac29,909,000 (2025: \u20ac27,740,000) have an allocated loss allowance of \u20ac1,762,000 (2025: \u20ac1,922,000). Outstanding Group trade receivables of more than two years amounting to \u20ac1,811,000 (2025: \u20ac1,480,000) were fully provided.
As at 31 January 2026, outstanding Company trade receivables of less than two years amounting to \u20ac19,641,000 (2025: \u20ac18,171,000) have an allocated loss allowance of \u20ac1,182,000 (2025: \u20ac1,271,000). Outstanding Company trade receivables of more than two years amounting to \u20ac1,156,000 (2025: \u20ac904,000) were fully provided.
As at 31 January 2026, outstanding trade loan receivables not overdue amounting to \u20ac1,845,000 (2025: \u20ac2,838,000) have an allocated loss allowance of \u20ac101,000 (2025: \u20ac218,000). Outstanding trade loan receivables overdue amounting to \u20ac515,000 (2025: \u20ac572,000) were fully provided.
Cash and cash equivalents
The Group and the Company principally banks with local and European financial institutions with high-quality standing or rating. While cash and cash equivalents are also subject to the impairment requirements of IFRS 9, the identified impairment loss is insignificant.
Amounts due from subsidiaries
The Company\u2019s receivables include receivables from subsidiaries. The Company monitors intra-group credit exposures at individual entity level on a regular basis and ensures timely performance of these assets in the context of overall Group liquidity management. The Company assesses the credit quality of these related parties taking into account financial position, performance and other factors.
Derivative financial instruments
Credit risk arising from derivative financial instruments lies in the insolvency of the contracting party and as a consequence, in the amount of the sum, on balance, of positive market values vis-\u00e0-vis the respective derivative counterparties. Derivative transactions are concluded with first rate local banking institutions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__188-1": { "value": "2. Financial risk management 2.1 Financial risk factorsb.\tCredit riskImpairment of trade receivables
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets.
To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due. Contract assets have substantially the same risk characteristics as the trade receivables for the same types of contracts.
The expected loss rates are based on the payment profiles of sales over a period of time before the reporting date and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. The Group adjusts the historical loss rates based on expected changes in these factors.
On that basis, the loss allowance for the Group as at 31 January 2026 was determined by applying:
\u2022\tAn expected loss rate ranging from 0.45% to 1.10% (2025: ranging from 0.37% to 1.53%) on all credit sales generated in the preceding twenty-four months prior to 31 January 2026 resulting in a loss allowance of \u20ac1,762,000 (2025: \u20ac1,922,000) for the Group and \u20ac1,182,000 (2025: \u20ac1,271,000) for the Company.
\u2022\tAn expected loss rate of 100% on all outstanding dues generated before the preceding twenty-four months prior to 31 January 2026 (i.e. all trade receivables exceeding two years) resulting in a loss allowance of \u20ac1,850,000 (2025: \u20ac1,480,000) for the Group and \u20ac1,156,000 (2025: \u20ac904,000) for the Company.
Impairment of related party and other receivables
The Group applies the general model to measuring expected credit losses for all trade loan dues.
To measure the expected credit losses, trade loans have been grouped based on shared credit risk characteristics and the days past due. The Group assesses the credit quality of these loans taking into account financial position, repayment patterns, past experience and other factors including history of default from the credit terms issued. Trade loans are categorised into stages for IFRS 9 purposes based on the factors highlighted above.
On that basis, the loss allowance for the Group and the Company as at 31 January 2026 was determined by applying:
\u2022\tAn expected loss rate averaging at 1.20% (2025: 2.41%) on all trade loans granted within contract terms classified under stages 1 and 2 resulting in a loss allowance of \u20ac101,000 (2025: \u20ac218,000).
\u2022\tAn expected loss rate of 100% on all outstanding dues on trade loans that exceeded the credit terms granted by the Group and Company and hence classified under stage 3 resulting in a loss allowance of \u20ac515,000 (2025: \u20ac572,000).
\u2022\tAn expected loss rate of 100% on all outstanding dues on related party balances with a negative net equity.
Credit loss allowances include specific provisions against credit impaired individual exposures with the amount of the provisions being equivalent to the balances attributable to credit impaired receivables. The closing loss allowances for trade and other receivables for both continued and discontinued as at 31 January 2026 reconcile to the opening loss allowances as follows:
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Expected loss model | Expected lossmodel | Expected loss model | Expected lossmodel | |
Trade receivables | ||||
Balance at 1 February | 3,398 | 3,238 | 2,174 | 1,987 |
Movement in loss allowance recognisedin continued profit or loss during the year (Note 10) | 243 | 312 | 188 | 189 |
Movement in loss allowance recognisedin discontinued profit or loss during the year (Note 21) | - | 35 | \u2013 | \u2013 |
Provision on assets held for distribution to shareholders (Note 10) | \u2013 | (178) | \u2013 | \u2013 |
Receivables written-off | (15) | (9) | (7) | (2) |
Balance at 31 January | 3,626 | 3,398 | 2,355 | 2,174 |
Related party and other receivables | ||||
Balance at 1 February | 3,439 | 3,384 | 2,841 | 2,871 |
Movement in loss allowance recognisedin continued profit or loss during the year (Note 10) | (1,368) | 55 | (1,100) | (30) |
Balance at 31 January | 2,071 | 3,439 | 1,741 | 2,841 |
Total loss allowance as at year end | 5,697 | 6,837 | 4,096 | 5,015 |
The Group established an allowance for impairment that represented its estimate of expected credit losses in respect of trade and other receivables. The individually credit impaired trade receivables mainly relate to a number of independent customers which are in unexpectedly difficult economic situations and which are accordingly not meeting repayment obligations. Hence, provisions for impairment in respect of credit impaired balances with corporate trade customers relate to entities which are in adverse trading and operational circumstances.
Trade and other receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to honour a repayment plan with the Group, and a failure to make contractual payments for a period of greater than thirty six months past due.
Impairment losses on trade receivables and contract assets are presented as net impairment losses within operating profit. Subsequent recoveries of amounts written off are credited against the same line item.
As at 31 January 2026, outstanding Group trade receivables of less than two years amounting to \u20ac29,909,000 (2025: \u20ac27,740,000) have an allocated loss allowance of \u20ac1,762,000 (2025: \u20ac1,922,000). Outstanding Group trade receivables of more than two years amounting to \u20ac1,811,000 (2025: \u20ac1,480,000) were fully provided.
As at 31 January 2026, outstanding trade loan receivables not overdue amounting to \u20ac1,845,000 (2025: \u20ac2,838,000) have an allocated loss allowance of \u20ac101,000 (2025: \u20ac218,000). Outstanding trade loan receivables overdue amounting to \u20ac515,000 (2025: \u20ac572,000) were fully provided.
Cash and cash equivalents
The Group and the Company principally banks with local and European financial institutions with high-quality standing or rating. While cash and cash equivalents are also subject to the impairment requirements of IFRS 9, the identified impairment loss is insignificant.
10. Trade and other receivables
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Non\u2013current | ||||
Other receivables | 2,043 | 1,017 | 1,711 | 953 |
Current | ||||
Trade receivables | 28,946 | 26,349 | 19,137 | 16,687 |
Amounts due from subsidiaries | \u2013 | \u2013 | 9,490 | 9,165 |
Amounts due from related parties | 1,852 | 23 | 1,997 | 23 |
Indirect taxation | 1 | \u2013 | - | \u2013 |
Other receivables and advanced deposits | 3,635 | 5,043 | 2,492 | 3,565 |
Prepayments | 1,374 | 2,446 | 1,877 | 2,314 |
35,808 | 33,861 | 34,993 | 31,754 | |
Total trade and other receivables | 37,851 | 34,878 | 36,704 | 32,707 |
Trade and other receivables are stated net of impairment provision as follows:
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Impairment provision | ||||
Trade and other receivables | 5,697 | 6,837 | 4,096 | 5,015 |
Amounts due from subsidiaries | \u2013 | \u2013 | 2,957 | 2,793 |
5,697 | 6,837 | 7,053 | 7,808 | |
Continuing operations | 5,697 | 6,837 | ||
Discontinued operations | \u2013 | 178 | ||
5,697 | 7,015 |
The Group's and the Company's bad debts written off against provision as at 31 January 2026 amounted to \u20ac15,000 (2025: \u20ac9,000) for the Group, and \u20ac7,000 (2025: \u20ac2,000) for the Company respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__189-1": { "value": "2. Financial risk management 2.1 Financial risk factorsc.\tLiquidity risk
The Group is exposed to liquidity risk in relation to meeting future obligations associated with its financial liabilities, which comprise principally borrowings and trade and other payables (Notes 17 and 20). Prudent liquidity risk management includes maintaining sufficient cash and committed credit lines to ensure the availability of an adequate amount of funding to meet the Group\u2019s obligations.
Management monitors liquidity risk by means of cash flow forecasts on the basis of expected cash flows over a twelve month period and ensures that adequate financing facilities are in place for the coming year. The carrying amounts of the Group\u2019s assets and liabilities are analysed into relevant maturity groupings based on the remaining period at the end of the reporting period to the contractual maturity date in the respective notes to the financial statements.
The table below analyses the Group\u2019s non-derivative financial liabilities into relevant maturity groupings based on the remaining period at the end of the reporting period to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within twelve months with respect to Trade and Other Payables, equal their carrying amounts, as the impact of discounting is not significant.
Carrying amount | Contractual cash flows | Withinone year | One tofive years | Overfive years | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
GROUP | |||||
31 January 2026 | |||||
Borrowings | 19,946 | 21,400 | 700 | 20,700 | - |
Lease liabilities | 2,127 | 3,616 | 169 | 756 | 2,691 |
Trade and other payables | 21,309 | 21,309 | 21,309 | - | - |
43,382 | 46,325 | 22,178 | 21,456 | 2,691 | |
31 January 2025 | |||||
Borrowings | 21,077 | 23,285 | 1,885 | 21,400 | \u2013 |
Lease liabilities | 2,208 | 3,785 | 163 | 912 | 2,710 |
Trade and other payables | 19,068 | 19,068 | 19,068 | \u2013 | \u2013 |
42,353 | 46,138 | 21,116 | 22,312 | 2,710 |
Carrying amount | Contractual cash flows | Withinone year | One tofive years | Overfive years | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
COMPANY | |||||
31 January 2026 | |||||
Borrowings | 19,946 | 21,400 | 700 | 20,700 | - |
Lease liabilities | 1,980 | 3,031 | 164 | 727 | 2,140 |
Trade and other payables | 18,249 | 18,249 | 18,249 | - | - |
40,175 | 42,680 | 19,113 | 21,427 | 2,140 | |
31 January 2025 | |||||
Borrowings | 21,077 | 23,285 | 1,885 | 21,400 | \u2013 |
Lease liabilities | 2,062 | 3,189 | 158 | 884 | 2,147 |
Trade and other payables | 15,876 | 15,876 | 15,876 | \u2013 | \u2013 |
39,015 | 42,350 | 17,919 | 22,284 | 2,147 |
Carrying amount | Contractual cash flows | Withinone year | One tofive years | Overfive years | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
GROUP | |||||
31 January 2026 | |||||
Borrowings | 19,946 | 21,400 | 700 | 20,700 | - |
Lease liabilities | 2,127 | 3,616 | 169 | 756 | 2,691 |
Trade and other payables | 21,309 | 21,309 | 21,309 | - | - |
43,382 | 46,325 | 22,178 | 21,456 | 2,691 | |
31 January 2025 | |||||
Borrowings | 21,077 | 23,285 | 1,885 | 21,400 | \u2013 |
Lease liabilities | 2,208 | 3,785 | 163 | 912 | 2,710 |
Trade and other payables | 19,068 | 19,068 | 19,068 | \u2013 | \u2013 |
42,353 | 46,138 | 21,116 | 22,312 | 2,710 |
Carrying amount | Contractual cash flows | Withinone year | One tofive years | Overfive years | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
COMPANY | |||||
31 January 2026 | |||||
Borrowings | 19,946 | 21,400 | 700 | 20,700 | - |
Lease liabilities | 1,980 | 3,031 | 164 | 727 | 2,140 |
Trade and other payables | 18,249 | 18,249 | 18,249 | - | - |
40,175 | 42,680 | 19,113 | 21,427 | 2,140 | |
31 January 2025 | |||||
Borrowings | 21,077 | 23,285 | 1,885 | 21,400 | \u2013 |
Lease liabilities | 2,062 | 3,189 | 158 | 884 | 2,147 |
Trade and other payables | 15,876 | 15,876 | 15,876 | \u2013 | \u2013 |
39,015 | 42,350 | 17,919 | 22,284 | 2,147 |
31. Commitments
Capital commitments
Commitments for capital expenditure with respect to property, plant and equipment not provided for in these financial statements are as follows:
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Authorised but not contracted | 17,299 | 22,827 | 15,931 | 21,467 |
Contracted but not provided for | 5,640 | 3,103 | 5,640 | 3,103 |
22,939 | 25,930 | 21,571 | 24,570 |
Carrying amount | Contractual cash flows | Withinone year | One tofive years | Overfive years | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
GROUP | |||||
31 January 2026 | |||||
Borrowings | 19,946 | 21,400 | 700 | 20,700 | - |
Lease liabilities | 2,127 | 3,616 | 169 | 756 | 2,691 |
Trade and other payables | 21,309 | 21,309 | 21,309 | - | - |
43,382 | 46,325 | 22,178 | 21,456 | 2,691 | |
31 January 2025 | |||||
Borrowings | 21,077 | 23,285 | 1,885 | 21,400 | \u2013 |
Lease liabilities | 2,208 | 3,785 | 163 | 912 | 2,710 |
Trade and other payables | 19,068 | 19,068 | 19,068 | \u2013 | \u2013 |
42,353 | 46,138 | 21,116 | 22,312 | 2,710 |
Carrying amount | Contractual cash flows | Withinone year | One tofive years | Overfive years | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
COMPANY | |||||
31 January 2026 | |||||
Borrowings | 19,946 | 21,400 | 700 | 20,700 | - |
Lease liabilities | 1,980 | 3,031 | 164 | 727 | 2,140 |
Trade and other payables | 18,249 | 18,249 | 18,249 | - | - |
40,175 | 42,680 | 19,113 | 21,427 | 2,140 | |
31 January 2025 | |||||
Borrowings | 21,077 | 23,285 | 1,885 | 21,400 | \u2013 |
Lease liabilities | 2,062 | 3,189 | 158 | 884 | 2,147 |
Trade and other payables | 15,876 | 15,876 | 15,876 | \u2013 | \u2013 |
39,015 | 42,350 | 17,919 | 22,284 | 2,147 |
31. Commitments
Capital commitments
Commitments for capital expenditure with respect to property, plant and equipment not provided for in these financial statements are as follows:
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Authorised but not contracted | 17,299 | 22,827 | 15,931 | 21,467 |
Contracted but not provided for | 5,640 | 3,103 | 5,640 | 3,103 |
22,939 | 25,930 | 21,571 | 24,570 |
32. Contingent liabilities
At 31 January 2026, the Group and the Company had contingent liabilities amounting to \u20ac723,000 (2025: \u20ac723,000) and \u20ac27,000 (2025: \u20ac27,000) respectively, with regards to guarantees mainly in favour of the Comptroller of Customs issued by the bank on behalf of the Group and Company in the ordinary course of business and capital expenditure.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__192-1": { "value": "2. Financial risk management2.2 Capital risk management
The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.
The Group monitors capital on the basis of the gearing ratio. This ratio is calculated as total net borrowings (including lease liabilities) divided by total capital. The Group and Company consider total capital to be equity and total net borrowings.
Total borrowings include unsecured bonds issued by the Company. The gearing ratios at 31 January 2026 and 2025 were as follows:
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Total borrowings (Notes 17 and 18) | 22,073 | 23,285 | 21,926 | 23,139 |
Less cash at bank and in hand (Note 11) | (2,841) | (4,940) | (1,059) | (2,320) |
19,232 | 18,345 | 20,867 | 20,819 | |
Total equity | 150,127 | 165,196 | 135,156 | 146,015 |
Total equity and net borrowings | 169,359 | 183,541 | 156,023 | 166,834 |
Gearing | 11.36% | 9.99% | 13.37% | 12.48% |
2.3 Fair values
Fair values of instruments not carried at fair value
At 31 January 2026 and 2025 the carrying amounts of cash at bank, trade and other receivables, trade and other payables and current borrowings reflected in the financial statements are reasonable estimates of fair value in view of the nature of these instruments or the relatively short period of time between the origination of the instruments and their expected realisation. The fair value of amounts owed by subsidiaries which are current or repayable on demand is equivalent to their carrying amount.
The fair value of the bonds is based on the market price at the reporting date (Note 17). These are classified as level 1 and the fair value at 31 January 2026 amounted to \u20ac19,800,000 (2025: \u20ac20,380,000). The fair value of the Group\u2019s non-current floating interest rate bank borrowings at the end of the reporting period is not significantly different from the carrying amounts.
17. BorrowingsThe bonds are disclosed at the value of the proceeds less the net book amount of the issue costs as follows:
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Face value of bonds | ||||
3.5% Bonds 2017 \u2013 2027 | 20,000 | 20,000 | 20,000 | 20,000 |
20,000 | 20,000 | 20,000 | 20,000 | |
Issue costs | 305 | 305 | 305 | 305 |
Accumulated amortisation | (251) | (219) | (251) | (219) |
Net book amount | 54 | 86 | 54 | 86 |
Amortised cost | 19,946 | 19,914 | 19,946 | 19,914 |
5. Property, plant and equipment
Land & buildings | Assets in course of construction | Plant, machinery& equipment | Total | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
GROUP | ||||
At 1 February 2024 | ||||
Cost or valuation | 111,347 | 1,097 | 157,336 | 269,780 |
Accumulated depreciation and impairment | (18,135) | \u2013 | (124,303) | (142,438) |
Net book value | 93,212 | 1,097 | 33,033 | 127,342 |
Year ended 31 January 2025 | ||||
Opening net book value | 93,212 | 1,097 | 33,033 | 127,342 |
Additions and commissioned assets | 96 | 4,540 | 6,985 | 11,621 |
Disposals | (329) | \u2013 | (804) | (1,133) |
Revaluation | 4,530 | \u2013 | \u2013 | 4,530 |
Depreciation | (2,101) | \u2013 | (6,102) | (8,203) |
Impairment | (20) | \u2013 | (145) | (165) |
Depreciation released on disposals | 329 | \u2013 | 804 | 1,133 |
Cost of assets held for distribution to shareholders | (12,140) | (4,814) | (11,398) | (28,352) |
Depreciation on assets held for distribution to shareholders | 2,187 | \u2013 | 7,014 | 9,201 |
Closing net book value | 85,764 | 823 | 29,387 | 115,974 |
At 31 January 2025 | ||||
Cost or valuation | 103,504 | 823 | 152,119 | 256,446 |
Accumulated depreciation and impairment | (17,740) | \u2013 | (122,732) | (140,472) |
Net book amount | 85,764 | 823 | 29,387 | 115,974 |
Year ended 31 January 2026 | ||||
Opening net book value | 85,764 | 823 | 29,387 | 115,974 |
Additions and commissioned assets | \u2013 | 2,653 | 4,314 | 6,967 |
Depreciation | (1,897) | \u2013 | (5,222) | (7,119) |
Closing net book value | 83,867 | 3,476 | 28,479 | 115,822 |
At 31 January 2026 | ||||
Cost or valuation | 103,504 | 3,476 | 156,433 | 263,413 |
Accumulated depreciation and impairment | (19,637) | - | (127,954) | (147,591) |
Net book amount | 83,867 | 3,476 | 28,479 | 115,822 |
Land & buildings | Assets in course of construction | Plant, machinery& equipment | Total | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
COMPANY | ||||
At 1 February 2024 | ||||
Cost or valuation | 103,024 | 179 | 144,345 | 247,548 |
Accumulated depreciation and impairment | (15,634) | \u2013 | (114,618) | (130,252) |
Net book value | 87,390 | 179 | 29,727 | 117,296 |
Year ended 31 January 2025 | ||||
Opening net book value | 87,390 | 179 | 29,727 | 117,296 |
Additions and commissioned assets | 32 | 577 | 4,082 | 4,691 |
Disposals | \u2013 | \u2013 | (148) | (148) |
Depreciation | (1,851) | \u2013 | (4,906) | (6,757) |
Depreciation released on disposals | \u2013 | \u2013 | 147 | 147 |
Closing net book value | 85,571 | 756 | 28,902 | 115,229 |
At 31 January 2025 | ||||
Cost or valuation | 103,056 | 756 | 148,279 | 252,091 |
Accumulated depreciation and impairment | (17,485) | \u2013 | (119,377) | (136,862) |
Net book value | 85,571 | 756 | 28,902 | 115,229 |
Year ended 31 January 2026 | ||||
Opening net book value | 85,571 | 756 | 28,902 | 115,229 |
Additions and commissioned assets | \u2013 | 2,653 | 2,218 | 4,871 |
Depreciation | (1,849) | \u2013 | (4,882) | (6,731) |
Closing net book value | 83,722 | 3,409 | 26,238 | 113,369 |
At 31 January 2026 | ||||
Cost or valuation | 103,056 | 3,409 | 150,497 | 256,962 |
Accumulated depreciation and impairment | (19,334) | \u2013 | (124,259) | (143,593) |
Net book value | 83,722 | 3,409 | 26,238 | 113,369 |
Fair value of property
The Group is required to analyse non-financial assets carried at fair value by level of the fair value hierarchy within which the recurring fair value measurements are categorised in their entirety (level 1, 2 or 3), as defined by International Financial Reporting Standards.
As at 31 January 2026, the Group\u2019s land and buildings within property, plant and equipment, comprise properties including the Company\u2019s brewery and related operational and warehousing facilities, commercial property and property earmarked to compliment the Group\u2019s operational activity.
The property valuations as at 31 January 2026 are based on the Directors' value assessment performed using a variety of methods, including the adjusted sales comparison approach and the discounted projected cash flows approach. Each property was valued by taking into consideration the external valuations prepared by independent chartered architectural firm in May 2025 and using the method considered by the external valuers to be the most appropriate valuation method for that type of property. The Directors are of the opinion that the carrying amount of property, plant and equipment as at 31 January 2026, does not differ materially from that which would be determined using fair values that take account of the above considerations.
All the recurring property fair value measurements at 31 January 2026 use significant unobservable inputs and are accordingly categorised within level 3 of the fair valuation hierarchy. The Group\u2019s policy is to recognise transfers into and out of fair value hierarchy levels as of the beginning of the reporting period. There were no transfers between different levels of the fair value hierarchy during the year ended 31 January 2026.
A reconciliation from the opening balance to the closing balance of land and buildings for recurring fair value measurements categorised within level 3 of the value hierarchy, is reflected in the table above. The only movements for continuing operations in land and buildings classified as property, plant and equipment reflect additions, disposals and depreciation charge for the year.
Valuation processes
The valuations of the properties are performed regularly on the basis of valuation reports prepared by independent and qualified valuers. These reports are based on both:
\u2022\tinformation provided by the Group which is derived from the Group\u2019s financial systems and is subject to the Group\u2019s overall control environment; and
\u2022\tassumptions and valuation models used by the valuers \u2013 the assumptions are typically market related. These are based on professional judgement and market observation.
The information provided to the valuers, together with the assumptions and the valuation models used by the valuers, are reviewed by the Chief Financial Officer (CFO). This includes a review of fair value movements over the period (if any). When the CFO considers that the valuation report is appropriate, the valuation report is recommended to the Board of Directors. The Board of Directors considers the valuation report as part of its overall responsibilities.
Valuation techniques
In view of the limited number of sales of similar properties in the local market, the valuations have been performed using unobservable inputs. The significant input to the sales comparison approach is generally a sales price per square metre related to transactions in comparable properties located in proximity to the Group\u2019s property, with significant adjustments for differences in the size, age, exact location and condition of the property.
The value of properties used as business, manufacturing and operational premises by the Group including factories and warehouses, currently classified under property, plant and equipment is based on a discounted cash flow. The valuers applied a discount rate to an assessed maintainable level of free cash flows based on the forecasted earnings over a five year period. Beyond the five year period, the valuer applied an annual appreciation rate to the land residual value discounted to present value. Following this assessment, no changes to the current value attributable to this Group of properties was deemed necessary.
Information about fair value measurements using significant unobservable inputs (level 3)
Description by class | Fair value | Valuation technique | Significant unobservable input | Range of unobservable inputs |
\u20ac\u2019000 | \u20ac | |||
As at 31 January 2026 | ||||
Current use asmanufacturingor related premises | 71,851 | Discounted cash flow approach | Discount rate | 11.04% |
Developable land for mixed use/commercial use | 11,870 | Sales comparison approach | Sales price per square metre | 1500 - 2500 |
As at 31 January 2025 | ||||
Current use asmanufacturingor related premises | 73,894 | Discounted cash flow approach | Discount rate | 11.04% |
Developable land for mixed use/commercial use | 11,870 | Sales comparison approach | Sales price per cubic metre | 1500 - 2500 |
In the case of the sales comparison approach, the higher the sales price per square metre, the higher the resultant fair valuation. Conversely, the lower the required development cost per square metre, the higher the resultant fair valuation.
In respect of the discounted cashflow approach, the higher the annualised net cash inflows, and growth rate, the higher the fair value. Conversely, the lower the discount rate, the estimated development costs, and capitalisation rate used in calculating the annualised net cash inflows, the higher the fair value.
The highest and best use of properties which are developable land for mixed use/commercial use differs from their current use. These assets mainly comprise properties which are currently partly used by the Group or which are currently vacant, and which would require development or refurbishment in order to access the maximum potential cash flows that may be generated from the properties\u2019 highest and best use.
17. BorrowingsGroup | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Face value of bonds | ||||
3.5% Bonds 2017 \u2013 2027 | 20,000 | 20,000 | 20,000 | 20,000 |
20,000 | 20,000 | 20,000 | 20,000 | |
Issue costs | 305 | 305 | 305 | 305 |
Accumulated amortisation | (251) | (219) | (251) | (219) |
Net book amount | 54 | 86 | 54 | 86 |
Amortised cost | 19,946 | 19,914 | 19,946 | 19,914 |
4. Segment information
The Board of Directors considers the Group's business mainly from the beverage and food sectors as geographically operations are carried out, predominantly, on the local market.
The Group has classified the food segment as discontinued operations and Note 21 provides this segment's detailed financials. Financials for continuing operations relate solely to the beverage segment.
The Group does not have any particular major customer, as it largely derives revenue from a significant number of consumers availing of its products and services. Accordingly, the Group has not identified any relevant disclosures in respect of reliance on major customers.
The continuing operations revenue for the year ended 31 January 2026 includes revenue generated from sales to the discontinued operations of \u20ac632,000 (2025: \u20ac875,000) whilst the same amounts are included within the cost of sales (expenses) under the discontinued operations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__222-1": { "value": "4. Segment information
The Board of Directors considers the Group's business mainly from the beverage and food sectors as geographically operations are carried out, predominantly, on the local market.
The Group has classified the food segment as discontinued operations and Note 21 provides this segment's detailed financials. Financials for continuing operations relate solely to the beverage segment.
The Group does not have any particular major customer, as it largely derives revenue from a significant number of consumers availing of its products and services. Accordingly, the Group has not identified any relevant disclosures in respect of reliance on major customers.
The continuing operations revenue for the year ended 31 January 2026 includes revenue generated from sales to the discontinued operations of \u20ac632,000 (2025: \u20ac875,000) whilst the same amounts are included within the cost of sales (expenses) under the discontinued operations.
10. Trade and other receivables
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Non\u2013current | ||||
Other receivables | 2,043 | 1,017 | 1,711 | 953 |
Current | ||||
Trade receivables | 28,946 | 26,349 | 19,137 | 16,687 |
Amounts due from subsidiaries | \u2013 | \u2013 | 9,490 | 9,165 |
Amounts due from related parties | 1,852 | 23 | 1,997 | 23 |
Indirect taxation | 1 | \u2013 | - | \u2013 |
Other receivables and advanced deposits | 3,635 | 5,043 | 2,492 | 3,565 |
Prepayments | 1,374 | 2,446 | 1,877 | 2,314 |
35,808 | 33,861 | 34,993 | 31,754 | |
Total trade and other receivables | 37,851 | 34,878 | 36,704 | 32,707 |
4. Segment information
The Board of Directors considers the Group's business mainly from the beverage and food sectors as geographically operations are carried out, predominantly, on the local market.
The Group has classified the food segment as discontinued operations and Note 21 provides this segment's detailed financials. Financials for continuing operations relate solely to the beverage segment.
The Group does not have any particular major customer, as it largely derives revenue from a significant number of consumers availing of its products and services. Accordingly, the Group has not identified any relevant disclosures in respect of reliance on major customers.
The continuing operations revenue for the year ended 31 January 2026 includes revenue generated from sales to the discontinued operations of \u20ac632,000 (2025: \u20ac875,000) whilst the same amounts are included within the cost of sales (expenses) under the discontinued operations.
33. Related party transactionsGroup | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Income from goods and services | ||||
\u2013 Sales of goods to subsidiaries | \u2013 | \u2013 | 2,272 | 2,987 |
\u2013 Sales of goods to related parties | 618 | 396 | 937 | 262 |
\u2013 Recharge of costs to subsidiaries | \u2013 | \u2013 | 2,456 | 2,530 |
\u2013 Recharge of costs to related parties | 19 | \u2013 | 70 | \u2013 |
\u2013 Recharge of payroll costs to subsidiaries | \u2013 | \u2013 | 1,310 | 2,457 |
\u2013 Recharge of payroll costs to a related party | 19 | 1 | 935 | 1 |
\u2013 Finance income on loans to subsidiaries | \u2013 | \u2013 | 53 | 32 |
656 | 397 | 8,033 | 8,269 | |
Expenditure for goods and services | ||||
\u2013 Purchases of goods from subsidiaries | \u2013 | \u2013 | 2,651 | 2,671 |
\u2013 Purchases of goods and services from related parties | 1,249 | 1,307 | 1,380 | 1,261 |
\u2013 Rental expenses from related parties | 249 | 620 | \u2013 | \u2013 |
\u2013 Finance costs on loans from subsidiaries | \u2013 | \u2013 | \u2013 | 30 |
1,498 | 1,927 | 4,031 | 3,962 |
5. Property, plant and equipment
Land & buildings | Assets in course of construction | Plant, machinery& equipment | Total | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
GROUP | ||||
At 1 February 2024 | ||||
Cost or valuation | 111,347 | 1,097 | 157,336 | 269,780 |
Accumulated depreciation and impairment | (18,135) | \u2013 | (124,303) | (142,438) |
Net book value | 93,212 | 1,097 | 33,033 | 127,342 |
Year ended 31 January 2025 | ||||
Opening net book value | 93,212 | 1,097 | 33,033 | 127,342 |
Additions and commissioned assets | 96 | 4,540 | 6,985 | 11,621 |
Disposals | (329) | \u2013 | (804) | (1,133) |
Revaluation | 4,530 | \u2013 | \u2013 | 4,530 |
Depreciation | (2,101) | \u2013 | (6,102) | (8,203) |
Impairment | (20) | \u2013 | (145) | (165) |
Depreciation released on disposals | 329 | \u2013 | 804 | 1,133 |
Cost of assets held for distribution to shareholders | (12,140) | (4,814) | (11,398) | (28,352) |
Depreciation on assets held for distribution to shareholders | 2,187 | \u2013 | 7,014 | 9,201 |
Closing net book value | 85,764 | 823 | 29,387 | 115,974 |
At 31 January 2025 | ||||
Cost or valuation | 103,504 | 823 | 152,119 | 256,446 |
Accumulated depreciation and impairment | (17,740) | \u2013 | (122,732) | (140,472) |
Net book amount | 85,764 | 823 | 29,387 | 115,974 |
Year ended 31 January 2026 | ||||
Opening net book value | 85,764 | 823 | 29,387 | 115,974 |
Additions and commissioned assets | \u2013 | 2,653 | 4,314 | 6,967 |
Depreciation | (1,897) | \u2013 | (5,222) | (7,119) |
Closing net book value | 83,867 | 3,476 | 28,479 | 115,822 |
At 31 January 2026 | ||||
Cost or valuation | 103,504 | 3,476 | 156,433 | 263,413 |
Accumulated depreciation and impairment | (19,637) | - | (127,954) | (147,591) |
Net book amount | 83,867 | 3,476 | 28,479 | 115,822 |
Land & buildings | Assets in course of construction | Plant, machinery& equipment | Total | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
COMPANY | ||||
At 1 February 2024 | ||||
Cost or valuation | 103,024 | 179 | 144,345 | 247,548 |
Accumulated depreciation and impairment | (15,634) | \u2013 | (114,618) | (130,252) |
Net book value | 87,390 | 179 | 29,727 | 117,296 |
Year ended 31 January 2025 | ||||
Opening net book value | 87,390 | 179 | 29,727 | 117,296 |
Additions and commissioned assets | 32 | 577 | 4,082 | 4,691 |
Disposals | \u2013 | \u2013 | (148) | (148) |
Depreciation | (1,851) | \u2013 | (4,906) | (6,757) |
Depreciation released on disposals | \u2013 | \u2013 | 147 | 147 |
Closing net book value | 85,571 | 756 | 28,902 | 115,229 |
At 31 January 2025 | ||||
Cost or valuation | 103,056 | 756 | 148,279 | 252,091 |
Accumulated depreciation and impairment | (17,485) | \u2013 | (119,377) | (136,862) |
Net book value | 85,571 | 756 | 28,902 | 115,229 |
Year ended 31 January 2026 | ||||
Opening net book value | 85,571 | 756 | 28,902 | 115,229 |
Additions and commissioned assets | \u2013 | 2,653 | 2,218 | 4,871 |
Depreciation | (1,849) | \u2013 | (4,882) | (6,731) |
Closing net book value | 83,722 | 3,409 | 26,238 | 113,369 |
At 31 January 2026 | ||||
Cost or valuation | 103,056 | 3,409 | 150,497 | 256,962 |
Accumulated depreciation and impairment | (19,334) | \u2013 | (124,259) | (143,593) |
Net book value | 83,722 | 3,409 | 26,238 | 113,369 |
Assets in course of construction during year ended 31 January 2026 and 2025 mainly relate to investments in the manufacturing processes.
As at 31 January 2026, the carrying amount of land and buildings for continuing operations would have been \u20ac45,934,000 (2025: \u20ac47,007,000) had these assets been included in the financial statements at historical cost less depreciation.
The charge for depreciation and impairment charges as disclosed in Note 22 are included in the income statements as follows:
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Cost of sales | 3,865 | 4,278 | 3,249 | 3,249 |
Selling and distribution costs | 1,567 | 1,521 | 1,373 | 1,306 |
Administration expenses | 2,311 | 2,569 | 2,109 | 2,202 |
7,743 | 8,368 | 6,731 | 6,757 | |
Continuing operations | 7,119 | 7,123 | ||
Discontinued operations | 624 | 1,245 | ||
7,743 | 8,368 |
5. Property, plant and equipment
Land & buildings | Assets in course of construction | Plant, machinery& equipment | Total | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
GROUP | ||||
At 1 February 2024 | ||||
Cost or valuation | 111,347 | 1,097 | 157,336 | 269,780 |
Accumulated depreciation and impairment | (18,135) | \u2013 | (124,303) | (142,438) |
Net book value | 93,212 | 1,097 | 33,033 | 127,342 |
Year ended 31 January 2025 | ||||
Opening net book value | 93,212 | 1,097 | 33,033 | 127,342 |
Additions and commissioned assets | 96 | 4,540 | 6,985 | 11,621 |
Disposals | (329) | \u2013 | (804) | (1,133) |
Revaluation | 4,530 | \u2013 | \u2013 | 4,530 |
Depreciation | (2,101) | \u2013 | (6,102) | (8,203) |
Impairment | (20) | \u2013 | (145) | (165) |
Depreciation released on disposals | 329 | \u2013 | 804 | 1,133 |
Cost of assets held for distribution to shareholders | (12,140) | (4,814) | (11,398) | (28,352) |
Depreciation on assets held for distribution to shareholders | 2,187 | \u2013 | 7,014 | 9,201 |
Closing net book value | 85,764 | 823 | 29,387 | 115,974 |
At 31 January 2025 | ||||
Cost or valuation | 103,504 | 823 | 152,119 | 256,446 |
Accumulated depreciation and impairment | (17,740) | \u2013 | (122,732) | (140,472) |
Net book amount | 85,764 | 823 | 29,387 | 115,974 |
Year ended 31 January 2026 | ||||
Opening net book value | 85,764 | 823 | 29,387 | 115,974 |
Additions and commissioned assets | \u2013 | 2,653 | 4,314 | 6,967 |
Depreciation | (1,897) | \u2013 | (5,222) | (7,119) |
Closing net book value | 83,867 | 3,476 | 28,479 | 115,822 |
At 31 January 2026 | ||||
Cost or valuation | 103,504 | 3,476 | 156,433 | 263,413 |
Accumulated depreciation and impairment | (19,637) | - | (127,954) | (147,591) |
Net book amount | 83,867 | 3,476 | 28,479 | 115,822 |
Land & buildings | Assets in course of construction | Plant, machinery& equipment | Total | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
COMPANY | ||||
At 1 February 2024 | ||||
Cost or valuation | 103,024 | 179 | 144,345 | 247,548 |
Accumulated depreciation and impairment | (15,634) | \u2013 | (114,618) | (130,252) |
Net book value | 87,390 | 179 | 29,727 | 117,296 |
Year ended 31 January 2025 | ||||
Opening net book value | 87,390 | 179 | 29,727 | 117,296 |
Additions and commissioned assets | 32 | 577 | 4,082 | 4,691 |
Disposals | \u2013 | \u2013 | (148) | (148) |
Depreciation | (1,851) | \u2013 | (4,906) | (6,757) |
Depreciation released on disposals | \u2013 | \u2013 | 147 | 147 |
Closing net book value | 85,571 | 756 | 28,902 | 115,229 |
At 31 January 2025 | ||||
Cost or valuation | 103,056 | 756 | 148,279 | 252,091 |
Accumulated depreciation and impairment | (17,485) | \u2013 | (119,377) | (136,862) |
Net book value | 85,571 | 756 | 28,902 | 115,229 |
Year ended 31 January 2026 | ||||
Opening net book value | 85,571 | 756 | 28,902 | 115,229 |
Additions and commissioned assets | \u2013 | 2,653 | 2,218 | 4,871 |
Depreciation | (1,849) | \u2013 | (4,882) | (6,731) |
Closing net book value | 83,722 | 3,409 | 26,238 | 113,369 |
At 31 January 2026 | ||||
Cost or valuation | 103,056 | 3,409 | 150,497 | 256,962 |
Accumulated depreciation and impairment | (19,334) | \u2013 | (124,259) | (143,593) |
Net book value | 83,722 | 3,409 | 26,238 | 113,369 |
The charge for depreciation and impairment charges as disclosed in Note 22 are included in the income statements as follows:
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Cost of sales | 3,865 | 4,278 | 3,249 | 3,249 |
Selling and distribution costs | 1,567 | 1,521 | 1,373 | 1,306 |
Administration expenses | 2,311 | 2,569 | 2,109 | 2,202 |
7,743 | 8,368 | 6,731 | 6,757 | |
Continuing operations | 7,119 | 7,123 | ||
Discontinued operations | 624 | 1,245 | ||
7,743 | 8,368 |
7. Intangible assets
Group and Company | |||
Goodwill | Franchises & intellectual knowhow | Total | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
At 1 February 2024 | |||
Cost | 1,058 | 7,015 | 8,073 |
Accumulated amortisation and impairment | (775) | (5,145) | (5,920) |
Net book amount | 283 | 1,870 | 2,153 |
Year ended 31 January 2025 | |||
Opening net book amount | 283 | 1,870 | 2,153 |
Additions | \u2013 | 60 | 60 |
Amortisation | \u2013 | (109) | (109) |
Cost of assets held for distribution to shareholders | (1,058) | (5,334) | (6,392) |
Accumulated amortisation of assets held for distribution to shareholders | 775 | 5,033 | 5,808 |
Closing net book amount | \u2013 | 1,520 | 1,520 |
At 1 February 2025 | |||
Cost | \u2013 | 1,741 | 1,741 |
Accumulated amortisation and impairment | \u2013 | (221) | (221) |
Net book amount | \u2013 | 1,520 | 1,520 |
Year ended 31 January 2026 | |||
Opening net book amount | \u2013 | 1,520 | 1,520 |
Amortisation | \u2013 | (69) | (69) |
Closing net book amount | \u2013 | 1,451 | 1,451 |
At 31 January 2026 | |||
Cost | \u2013 | 1,741 | 1,741 |
Accumulated amortisation and impairment | \u2013 | (290) | (290) |
Net book amount | \u2013 | 1,451 | 1,451 |
5. Property, plant and equipment
Land & buildings | Assets in course of construction | Plant, machinery& equipment | Total | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
GROUP | ||||
At 1 February 2024 | ||||
Cost or valuation | 111,347 | 1,097 | 157,336 | 269,780 |
Accumulated depreciation and impairment | (18,135) | \u2013 | (124,303) | (142,438) |
Net book value | 93,212 | 1,097 | 33,033 | 127,342 |
Year ended 31 January 2025 | ||||
Opening net book value | 93,212 | 1,097 | 33,033 | 127,342 |
Additions and commissioned assets | 96 | 4,540 | 6,985 | 11,621 |
Disposals | (329) | \u2013 | (804) | (1,133) |
Revaluation | 4,530 | \u2013 | \u2013 | 4,530 |
Depreciation | (2,101) | \u2013 | (6,102) | (8,203) |
Impairment | (20) | \u2013 | (145) | (165) |
Depreciation released on disposals | 329 | \u2013 | 804 | 1,133 |
Cost of assets held for distribution to shareholders | (12,140) | (4,814) | (11,398) | (28,352) |
Depreciation on assets held for distribution to shareholders | 2,187 | \u2013 | 7,014 | 9,201 |
Closing net book value | 85,764 | 823 | 29,387 | 115,974 |
At 31 January 2025 | ||||
Cost or valuation | 103,504 | 823 | 152,119 | 256,446 |
Accumulated depreciation and impairment | (17,740) | \u2013 | (122,732) | (140,472) |
Net book amount | 85,764 | 823 | 29,387 | 115,974 |
Year ended 31 January 2026 | ||||
Opening net book value | 85,764 | 823 | 29,387 | 115,974 |
Additions and commissioned assets | \u2013 | 2,653 | 4,314 | 6,967 |
Depreciation | (1,897) | \u2013 | (5,222) | (7,119) |
Closing net book value | 83,867 | 3,476 | 28,479 | 115,822 |
At 31 January 2026 | ||||
Cost or valuation | 103,504 | 3,476 | 156,433 | 263,413 |
Accumulated depreciation and impairment | (19,637) | - | (127,954) | (147,591) |
Net book amount | 83,867 | 3,476 | 28,479 | 115,822 |
Land & buildings | Assets in course of construction | Plant, machinery& equipment | Total | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
COMPANY | ||||
At 1 February 2024 | ||||
Cost or valuation | 103,024 | 179 | 144,345 | 247,548 |
Accumulated depreciation and impairment | (15,634) | \u2013 | (114,618) | (130,252) |
Net book value | 87,390 | 179 | 29,727 | 117,296 |
Year ended 31 January 2025 | ||||
Opening net book value | 87,390 | 179 | 29,727 | 117,296 |
Additions and commissioned assets | 32 | 577 | 4,082 | 4,691 |
Disposals | \u2013 | \u2013 | (148) | (148) |
Depreciation | (1,851) | \u2013 | (4,906) | (6,757) |
Depreciation released on disposals | \u2013 | \u2013 | 147 | 147 |
Closing net book value | 85,571 | 756 | 28,902 | 115,229 |
At 31 January 2025 | ||||
Cost or valuation | 103,056 | 756 | 148,279 | 252,091 |
Accumulated depreciation and impairment | (17,485) | \u2013 | (119,377) | (136,862) |
Net book value | 85,571 | 756 | 28,902 | 115,229 |
Year ended 31 January 2026 | ||||
Opening net book value | 85,571 | 756 | 28,902 | 115,229 |
Additions and commissioned assets | \u2013 | 2,653 | 2,218 | 4,871 |
Depreciation | (1,849) | \u2013 | (4,882) | (6,731) |
Closing net book value | 83,722 | 3,409 | 26,238 | 113,369 |
At 31 January 2026 | ||||
Cost or valuation | 103,056 | 3,409 | 150,497 | 256,962 |
Accumulated depreciation and impairment | (19,334) | \u2013 | (124,259) | (143,593) |
Net book value | 83,722 | 3,409 | 26,238 | 113,369 |
Group | ||
2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | |
Land & Buildings | ||
Opening net book value | 2,195 | 5,313 |
Additions | \u2013 | 4,146 |
Impact of derecognition of lease asset upon termination of lease | \u2013 | \u2013 |
Depreciation charge | (152) | (1,570) |
Cost of assets held for distribution to shareholders | \u2013 | (11,883) |
Depreciation on assets held for distribution to shareholders | \u2013 | 6,189 |
Closing net book value | 2,043 | 2,195 |
Group | ||
2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | |
Depreciation charge | ||
Continuing operations | 152 | 3 |
Discontinued operations | 983 | 1,567 |
1,135 | 1,570 | |
Company | ||
2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | |
Land & Buildings | ||
Opening net book value | 2,056 | 182 |
Additions | \u2013 | 1,876 |
Depreciation charge | (150) | (2) |
Closing net book value | 1,906 | 2,056 |
7. Intangible assets
Group and Company | |||
Goodwill | Franchises & intellectual knowhow | Total | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
At 1 February 2024 | |||
Cost | 1,058 | 7,015 | 8,073 |
Accumulated amortisation and impairment | (775) | (5,145) | (5,920) |
Net book amount | 283 | 1,870 | 2,153 |
Year ended 31 January 2025 | |||
Opening net book amount | 283 | 1,870 | 2,153 |
Additions | \u2013 | 60 | 60 |
Amortisation | \u2013 | (109) | (109) |
Cost of assets held for distribution to shareholders | (1,058) | (5,334) | (6,392) |
Accumulated amortisation of assets held for distribution to shareholders | 775 | 5,033 | 5,808 |
Closing net book amount | \u2013 | 1,520 | 1,520 |
At 1 February 2025 | |||
Cost | \u2013 | 1,741 | 1,741 |
Accumulated amortisation and impairment | \u2013 | (221) | (221) |
Net book amount | \u2013 | 1,520 | 1,520 |
Year ended 31 January 2026 | |||
Opening net book amount | \u2013 | 1,520 | 1,520 |
Amortisation | \u2013 | (69) | (69) |
Closing net book amount | \u2013 | 1,451 | 1,451 |
At 31 January 2026 | |||
Cost | \u2013 | 1,741 | 1,741 |
Accumulated amortisation and impairment | \u2013 | (290) | (290) |
Net book amount | \u2013 | 1,451 | 1,451 |
5. Property, plant and equipment
Land & buildings | Assets in course of construction | Plant, machinery& equipment | Total | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
GROUP | ||||
At 1 February 2024 | ||||
Cost or valuation | 111,347 | 1,097 | 157,336 | 269,780 |
Accumulated depreciation and impairment | (18,135) | \u2013 | (124,303) | (142,438) |
Net book value | 93,212 | 1,097 | 33,033 | 127,342 |
Year ended 31 January 2025 | ||||
Opening net book value | 93,212 | 1,097 | 33,033 | 127,342 |
Additions and commissioned assets | 96 | 4,540 | 6,985 | 11,621 |
Disposals | (329) | \u2013 | (804) | (1,133) |
Revaluation | 4,530 | \u2013 | \u2013 | 4,530 |
Depreciation | (2,101) | \u2013 | (6,102) | (8,203) |
Impairment | (20) | \u2013 | (145) | (165) |
Depreciation released on disposals | 329 | \u2013 | 804 | 1,133 |
Cost of assets held for distribution to shareholders | (12,140) | (4,814) | (11,398) | (28,352) |
Depreciation on assets held for distribution to shareholders | 2,187 | \u2013 | 7,014 | 9,201 |
Closing net book value | 85,764 | 823 | 29,387 | 115,974 |
At 31 January 2025 | ||||
Cost or valuation | 103,504 | 823 | 152,119 | 256,446 |
Accumulated depreciation and impairment | (17,740) | \u2013 | (122,732) | (140,472) |
Net book amount | 85,764 | 823 | 29,387 | 115,974 |
Year ended 31 January 2026 | ||||
Opening net book value | 85,764 | 823 | 29,387 | 115,974 |
Additions and commissioned assets | \u2013 | 2,653 | 4,314 | 6,967 |
Depreciation | (1,897) | \u2013 | (5,222) | (7,119) |
Closing net book value | 83,867 | 3,476 | 28,479 | 115,822 |
At 31 January 2026 | ||||
Cost or valuation | 103,504 | 3,476 | 156,433 | 263,413 |
Accumulated depreciation and impairment | (19,637) | - | (127,954) | (147,591) |
Net book amount | 83,867 | 3,476 | 28,479 | 115,822 |
Land & buildings | Assets in course of construction | Plant, machinery& equipment | Total | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
COMPANY | ||||
At 1 February 2024 | ||||
Cost or valuation | 103,024 | 179 | 144,345 | 247,548 |
Accumulated depreciation and impairment | (15,634) | \u2013 | (114,618) | (130,252) |
Net book value | 87,390 | 179 | 29,727 | 117,296 |
Year ended 31 January 2025 | ||||
Opening net book value | 87,390 | 179 | 29,727 | 117,296 |
Additions and commissioned assets | 32 | 577 | 4,082 | 4,691 |
Disposals | \u2013 | \u2013 | (148) | (148) |
Depreciation | (1,851) | \u2013 | (4,906) | (6,757) |
Depreciation released on disposals | \u2013 | \u2013 | 147 | 147 |
Closing net book value | 85,571 | 756 | 28,902 | 115,229 |
At 31 January 2025 | ||||
Cost or valuation | 103,056 | 756 | 148,279 | 252,091 |
Accumulated depreciation and impairment | (17,485) | \u2013 | (119,377) | (136,862) |
Net book value | 85,571 | 756 | 28,902 | 115,229 |
Year ended 31 January 2026 | ||||
Opening net book value | 85,571 | 756 | 28,902 | 115,229 |
Additions and commissioned assets | \u2013 | 2,653 | 2,218 | 4,871 |
Depreciation | (1,849) | \u2013 | (4,882) | (6,731) |
Closing net book value | 83,722 | 3,409 | 26,238 | 113,369 |
At 31 January 2026 | ||||
Cost or valuation | 103,056 | 3,409 | 150,497 | 256,962 |
Accumulated depreciation and impairment | (19,334) | \u2013 | (124,259) | (143,593) |
Net book value | 83,722 | 3,409 | 26,238 | 113,369 |
17. Borrowings
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Non\u2013current | ||||
Bonds | 19,946 | 19,914 | 19,946 | 19,914 |
Current | ||||
Bank loans | \u2013 | 1,163 | \u2013 | 1,163 |
Total borrowings | 19,946 | 21,077 | 19,946 | 21,077 |
5. Property, plant and equipment
Land & buildings | Assets in course of construction | Plant, machinery& equipment | Total | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
GROUP | ||||
At 1 February 2024 | ||||
Cost or valuation | 111,347 | 1,097 | 157,336 | 269,780 |
Accumulated depreciation and impairment | (18,135) | \u2013 | (124,303) | (142,438) |
Net book value | 93,212 | 1,097 | 33,033 | 127,342 |
Year ended 31 January 2025 | ||||
Opening net book value | 93,212 | 1,097 | 33,033 | 127,342 |
Additions and commissioned assets | 96 | 4,540 | 6,985 | 11,621 |
Disposals | (329) | \u2013 | (804) | (1,133) |
Revaluation | 4,530 | \u2013 | \u2013 | 4,530 |
Depreciation | (2,101) | \u2013 | (6,102) | (8,203) |
Impairment | (20) | \u2013 | (145) | (165) |
Depreciation released on disposals | 329 | \u2013 | 804 | 1,133 |
Cost of assets held for distribution to shareholders | (12,140) | (4,814) | (11,398) | (28,352) |
Depreciation on assets held for distribution to shareholders | 2,187 | \u2013 | 7,014 | 9,201 |
Closing net book value | 85,764 | 823 | 29,387 | 115,974 |
At 31 January 2025 | ||||
Cost or valuation | 103,504 | 823 | 152,119 | 256,446 |
Accumulated depreciation and impairment | (17,740) | \u2013 | (122,732) | (140,472) |
Net book amount | 85,764 | 823 | 29,387 | 115,974 |
Year ended 31 January 2026 | ||||
Opening net book value | 85,764 | 823 | 29,387 | 115,974 |
Additions and commissioned assets | \u2013 | 2,653 | 4,314 | 6,967 |
Depreciation | (1,897) | \u2013 | (5,222) | (7,119) |
Closing net book value | 83,867 | 3,476 | 28,479 | 115,822 |
At 31 January 2026 | ||||
Cost or valuation | 103,504 | 3,476 | 156,433 | 263,413 |
Accumulated depreciation and impairment | (19,637) | - | (127,954) | (147,591) |
Net book amount | 83,867 | 3,476 | 28,479 | 115,822 |
Land & buildings | Assets in course of construction | Plant, machinery& equipment | Total | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
COMPANY | ||||
At 1 February 2024 | ||||
Cost or valuation | 103,024 | 179 | 144,345 | 247,548 |
Accumulated depreciation and impairment | (15,634) | \u2013 | (114,618) | (130,252) |
Net book value | 87,390 | 179 | 29,727 | 117,296 |
Year ended 31 January 2025 | ||||
Opening net book value | 87,390 | 179 | 29,727 | 117,296 |
Additions and commissioned assets | 32 | 577 | 4,082 | 4,691 |
Disposals | \u2013 | \u2013 | (148) | (148) |
Depreciation | (1,851) | \u2013 | (4,906) | (6,757) |
Depreciation released on disposals | \u2013 | \u2013 | 147 | 147 |
Closing net book value | 85,571 | 756 | 28,902 | 115,229 |
At 31 January 2025 | ||||
Cost or valuation | 103,056 | 756 | 148,279 | 252,091 |
Accumulated depreciation and impairment | (17,485) | \u2013 | (119,377) | (136,862) |
Net book value | 85,571 | 756 | 28,902 | 115,229 |
Year ended 31 January 2026 | ||||
Opening net book value | 85,571 | 756 | 28,902 | 115,229 |
Additions and commissioned assets | \u2013 | 2,653 | 2,218 | 4,871 |
Depreciation | (1,849) | \u2013 | (4,882) | (6,731) |
Closing net book value | 83,722 | 3,409 | 26,238 | 113,369 |
At 31 January 2026 | ||||
Cost or valuation | 103,056 | 3,409 | 150,497 | 256,962 |
Accumulated depreciation and impairment | (19,334) | \u2013 | (124,259) | (143,593) |
Net book value | 83,722 | 3,409 | 26,238 | 113,369 |
7. Intangible assets
Group and Company | |||
Goodwill | Franchises & intellectual knowhow | Total | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
At 1 February 2024 | |||
Cost | 1,058 | 7,015 | 8,073 |
Accumulated amortisation and impairment | (775) | (5,145) | (5,920) |
Net book amount | 283 | 1,870 | 2,153 |
Year ended 31 January 2025 | |||
Opening net book amount | 283 | 1,870 | 2,153 |
Additions | \u2013 | 60 | 60 |
Amortisation | \u2013 | (109) | (109) |
Cost of assets held for distribution to shareholders | (1,058) | (5,334) | (6,392) |
Accumulated amortisation of assets held for distribution to shareholders | 775 | 5,033 | 5,808 |
Closing net book amount | \u2013 | 1,520 | 1,520 |
At 1 February 2025 | |||
Cost | \u2013 | 1,741 | 1,741 |
Accumulated amortisation and impairment | \u2013 | (221) | (221) |
Net book amount | \u2013 | 1,520 | 1,520 |
Year ended 31 January 2026 | |||
Opening net book amount | \u2013 | 1,520 | 1,520 |
Amortisation | \u2013 | (69) | (69) |
Closing net book amount | \u2013 | 1,451 | 1,451 |
At 31 January 2026 | |||
Cost | \u2013 | 1,741 | 1,741 |
Accumulated amortisation and impairment | \u2013 | (290) | (290) |
Net book amount | \u2013 | 1,451 | 1,451 |
The amount of inventory write-downs recognised in the income statements categories is as follows:
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Cost of sales | 827 | 808 | 507 | 503 |
Selling, distribution and administrative expenses | 85 | 92 | 85 | 92 |
912 | 900 | 592 | 595 |
22. Expenses by nature
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Depreciation and impairment of property, plant and equipment (Note 5) | 7,119 | 7,123 | 6,731 | 6,757 |
Depreciation of right\u2013of\u2013use assets (Note 6) | 152 | 3 | 150 | 2 |
Loss on disposal of property, plant and equipment | \u2013 | \u2013 | \u2013 | (1) |
Employee benefit expense (Note 23) | 20,926 | 19,958 | 15,307 | 14,312 |
Termination benefits (Note 23) | \u2013 | 11 | \u2013 | 11 |
Directors' emoluments (Note 28) | 927 | 833 | 927 | 833 |
Raw materials, imported goods and consumables | 46,843 | 39,871 | 27,382 | 26,659 |
Movement in inventory levels of finished goods and work in progress (Note 9) | (1,170) | (688) | 600 | (614) |
Amortisation and impairment of intangible assets (Note 7) | 69 | 70 | 69 | 70 |
Other expenses | 15,999 | 18,648 | 7,018 | 8,470 |
Total cost of sales, selling and distribution costs and administrative expenses | 90,865 | 85,829 | 58,184 | 56,499 |
Operating profit is stated after crediting deferred institutional grants amounting to \u20ac250,000 (2025: \u20ac250,000).
Auditor\u2019s fees
Fees charged by the auditor for services rendered during the financial periods ended 31 January 2026 and 2025 relate to the following:
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Annual statutory audit | 132 | 128 | 79 | 77 |
During the current year fees amounting to \u20ac74,000 (2025: \u20ac82,000) and \u20ac74,000 (2025: \u20ac82,000) for the Group and Company respectively have been charged by connected undertakings of the Company's auditor to the Group and Company for other non-assurance services.
23. Employee benefit expense
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Wages and salaries | 19,729 | 18,810 | 16,541 | 15,795 |
Social security costs | 1,197 | 1,148 | 1,011 | 974 |
20,926 | 19,958 | 17,552 | 16,769 | |
Recharged to subsidiaries and related parties | \u2013 | \u2013 | (2,245) | (2,457) |
20,926 | 19,958 | 15,307 | 14,312 | |
Termination benefits | \u2013 | 11 | \u2013 | 11 |
20,926 | 19,969 | 15,307 | 14,323 |
The average number of full time equivalents employed during the year by the Group and Company were:
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Continuing Operations | ||||
Management | 98 | 100 | 82 | 85 |
Non-Management | 461 | 453 | 373 | 367 |
559 | 553 | 455 | 452 |
26. Finance costs
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Interest on bank loans and overdrafts | 121 | 199 | 64 | 133 |
Lease interest | 78 | 7 | 73 | 7 |
Interest on bonds | 700 | 700 | 700 | 700 |
Fair value loss on derivative financial instruments | \u2013 | 6 | \u2013 | 6 |
899 | 912 | 837 | 846 |
27. Tax expense/(income)
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Current tax expense | 348 | 558 | 10 | 11 |
Deferred tax income (Note 19) | 593 | (2,768) | 503 | (2,708) |
Tax expense/(income) | 941 | (2,210) | 513 | (2,697) |
The tax on the Group\u2019s and Company\u2019s profit before tax differs from the theoretical amount that would arise using the basic tax rate as follows:
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Profit before tax from continuing operations | 15,949 | 14,743 | 14,686 | 12,605 |
Profit before tax from discontinued operations (Note 21) | 3,026 | 2,825 | \u2013 | \u2013 |
Profit before tax | 18,975 | 17,568 | 14,686 | 12,605 |
Tax on profit at 35% | 6,641 | 6,149 | 5,140 | 4,412 |
Tax effect of: | ||||
Movement in deferred tax assets/conversion tax credits | (4,652) | (7,390) | (4,560) | (7,390) |
Under/(over) provision in deferred tax related to prior years | \u2013 | 96 | \u2013 | (24) |
Non-taxable income or disallowable expenses | 90 | 169 | (99) | 305 |
Income taxed at source at a reduced rate | (295) | (145) | \u2013 | \u2013 |
Other | 26 | 71 | 32 | \u2013 |
Tax expense/(income) | 1,810 | (1,050) | 513 | (2,697) |
Tax expense/(income) as reported in the statement of profit and loss | 941 | (2,210) | 513 | (2,697) |
Tax expense attributable to discontinued operations (Note 21) | 869 | 1,160 | \u2013 | \u2013 |
1,810 | (1,050) | 513 | (2,697) |
28. Directors\u2019 emoluments
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Fees | 237 | 234 | 237 | 234 |
Salaries | 224 | 177 | 224 | 177 |
Other emoluments | 466 | 422 | 466 | 422 |
Total Directors' remuneration | 927 | 833 | 927 | 833 |
A number of Directors availed themselves of an allowance for the use of Company cars during the year. The estimated value of this benefit has been included within the Directors\u2019 emoluments, which also includes other allowances.
33. Related party transactionsGroup | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Income from goods and services | ||||
\u2013 Sales of goods to subsidiaries | \u2013 | \u2013 | 2,272 | 2,987 |
\u2013 Sales of goods to related parties | 618 | 396 | 937 | 262 |
\u2013 Recharge of costs to subsidiaries | \u2013 | \u2013 | 2,456 | 2,530 |
\u2013 Recharge of costs to related parties | 19 | \u2013 | 70 | \u2013 |
\u2013 Recharge of payroll costs to subsidiaries | \u2013 | \u2013 | 1,310 | 2,457 |
\u2013 Recharge of payroll costs to a related party | 19 | 1 | 935 | 1 |
\u2013 Finance income on loans to subsidiaries | \u2013 | \u2013 | 53 | 32 |
656 | 397 | 8,033 | 8,269 | |
Expenditure for goods and services | ||||
\u2013 Purchases of goods from subsidiaries | \u2013 | \u2013 | 2,651 | 2,671 |
\u2013 Purchases of goods and services from related parties | 1,249 | 1,307 | 1,380 | 1,261 |
\u2013 Rental expenses from related parties | 249 | 620 | \u2013 | \u2013 |
\u2013 Finance costs on loans from subsidiaries | \u2013 | \u2013 | \u2013 | 30 |
1,498 | 1,927 | 4,031 | 3,962 |
5. Property, plant and equipment
Land & buildings | Assets in course of construction | Plant, machinery& equipment | Total | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
GROUP | ||||
At 1 February 2024 | ||||
Cost or valuation | 111,347 | 1,097 | 157,336 | 269,780 |
Accumulated depreciation and impairment | (18,135) | \u2013 | (124,303) | (142,438) |
Net book value | 93,212 | 1,097 | 33,033 | 127,342 |
Year ended 31 January 2025 | ||||
Opening net book value | 93,212 | 1,097 | 33,033 | 127,342 |
Additions and commissioned assets | 96 | 4,540 | 6,985 | 11,621 |
Disposals | (329) | \u2013 | (804) | (1,133) |
Revaluation | 4,530 | \u2013 | \u2013 | 4,530 |
Depreciation | (2,101) | \u2013 | (6,102) | (8,203) |
Impairment | (20) | \u2013 | (145) | (165) |
Depreciation released on disposals | 329 | \u2013 | 804 | 1,133 |
Cost of assets held for distribution to shareholders | (12,140) | (4,814) | (11,398) | (28,352) |
Depreciation on assets held for distribution to shareholders | 2,187 | \u2013 | 7,014 | 9,201 |
Closing net book value | 85,764 | 823 | 29,387 | 115,974 |
At 31 January 2025 | ||||
Cost or valuation | 103,504 | 823 | 152,119 | 256,446 |
Accumulated depreciation and impairment | (17,740) | \u2013 | (122,732) | (140,472) |
Net book amount | 85,764 | 823 | 29,387 | 115,974 |
Year ended 31 January 2026 | ||||
Opening net book value | 85,764 | 823 | 29,387 | 115,974 |
Additions and commissioned assets | \u2013 | 2,653 | 4,314 | 6,967 |
Depreciation | (1,897) | \u2013 | (5,222) | (7,119) |
Closing net book value | 83,867 | 3,476 | 28,479 | 115,822 |
At 31 January 2026 | ||||
Cost or valuation | 103,504 | 3,476 | 156,433 | 263,413 |
Accumulated depreciation and impairment | (19,637) | - | (127,954) | (147,591) |
Net book amount | 83,867 | 3,476 | 28,479 | 115,822 |
Land & buildings | Assets in course of construction | Plant, machinery& equipment | Total | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
COMPANY | ||||
At 1 February 2024 | ||||
Cost or valuation | 103,024 | 179 | 144,345 | 247,548 |
Accumulated depreciation and impairment | (15,634) | \u2013 | (114,618) | (130,252) |
Net book value | 87,390 | 179 | 29,727 | 117,296 |
Year ended 31 January 2025 | ||||
Opening net book value | 87,390 | 179 | 29,727 | 117,296 |
Additions and commissioned assets | 32 | 577 | 4,082 | 4,691 |
Disposals | \u2013 | \u2013 | (148) | (148) |
Depreciation | (1,851) | \u2013 | (4,906) | (6,757) |
Depreciation released on disposals | \u2013 | \u2013 | 147 | 147 |
Closing net book value | 85,571 | 756 | 28,902 | 115,229 |
At 31 January 2025 | ||||
Cost or valuation | 103,056 | 756 | 148,279 | 252,091 |
Accumulated depreciation and impairment | (17,485) | \u2013 | (119,377) | (136,862) |
Net book value | 85,571 | 756 | 28,902 | 115,229 |
Year ended 31 January 2026 | ||||
Opening net book value | 85,571 | 756 | 28,902 | 115,229 |
Additions and commissioned assets | \u2013 | 2,653 | 2,218 | 4,871 |
Depreciation | (1,849) | \u2013 | (4,882) | (6,731) |
Closing net book value | 83,722 | 3,409 | 26,238 | 113,369 |
At 31 January 2026 | ||||
Cost or valuation | 103,056 | 3,409 | 150,497 | 256,962 |
Accumulated depreciation and impairment | (19,334) | \u2013 | (124,259) | (143,593) |
Net book value | 83,722 | 3,409 | 26,238 | 113,369 |
7. Intangible assets
Group and Company | |||
Goodwill | Franchises & intellectual knowhow | Total | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
At 1 February 2024 | |||
Cost | 1,058 | 7,015 | 8,073 |
Accumulated amortisation and impairment | (775) | (5,145) | (5,920) |
Net book amount | 283 | 1,870 | 2,153 |
Year ended 31 January 2025 | |||
Opening net book amount | 283 | 1,870 | 2,153 |
Additions | \u2013 | 60 | 60 |
Amortisation | \u2013 | (109) | (109) |
Cost of assets held for distribution to shareholders | (1,058) | (5,334) | (6,392) |
Accumulated amortisation of assets held for distribution to shareholders | 775 | 5,033 | 5,808 |
Closing net book amount | \u2013 | 1,520 | 1,520 |
At 1 February 2025 | |||
Cost | \u2013 | 1,741 | 1,741 |
Accumulated amortisation and impairment | \u2013 | (221) | (221) |
Net book amount | \u2013 | 1,520 | 1,520 |
Year ended 31 January 2026 | |||
Opening net book amount | \u2013 | 1,520 | 1,520 |
Amortisation | \u2013 | (69) | (69) |
Closing net book amount | \u2013 | 1,451 | 1,451 |
At 31 January 2026 | |||
Cost | \u2013 | 1,741 | 1,741 |
Accumulated amortisation and impairment | \u2013 | (290) | (290) |
Net book amount | \u2013 | 1,451 | 1,451 |
22. Expenses by nature
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Depreciation and impairment of property, plant and equipment (Note 5) | 7,119 | 7,123 | 6,731 | 6,757 |
Depreciation of right\u2013of\u2013use assets (Note 6) | 152 | 3 | 150 | 2 |
Loss on disposal of property, plant and equipment | \u2013 | \u2013 | \u2013 | (1) |
Employee benefit expense (Note 23) | 20,926 | 19,958 | 15,307 | 14,312 |
Termination benefits (Note 23) | \u2013 | 11 | \u2013 | 11 |
Directors' emoluments (Note 28) | 927 | 833 | 927 | 833 |
Raw materials, imported goods and consumables | 46,843 | 39,871 | 27,382 | 26,659 |
Movement in inventory levels of finished goods and work in progress (Note 9) | (1,170) | (688) | 600 | (614) |
Amortisation and impairment of intangible assets (Note 7) | 69 | 70 | 69 | 70 |
Other expenses | 15,999 | 18,648 | 7,018 | 8,470 |
Total cost of sales, selling and distribution costs and administrative expenses | 90,865 | 85,829 | 58,184 | 56,499 |
Operating profit is stated after crediting deferred institutional grants amounting to \u20ac250,000 (2025: \u20ac250,000).
Auditor\u2019s fees
Fees charged by the auditor for services rendered during the financial periods ended 31 January 2026 and 2025 relate to the following:
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Annual statutory audit | 132 | 128 | 79 | 77 |
During the current year fees amounting to \u20ac74,000 (2025: \u20ac82,000) and \u20ac74,000 (2025: \u20ac82,000) for the Group and Company respectively have been charged by connected undertakings of the Company's auditor to the Group and Company for other non-assurance services.
23. Employee benefit expense
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Wages and salaries | 19,729 | 18,810 | 16,541 | 15,795 |
Social security costs | 1,197 | 1,148 | 1,011 | 974 |
20,926 | 19,958 | 17,552 | 16,769 | |
Recharged to subsidiaries and related parties | \u2013 | \u2013 | (2,245) | (2,457) |
20,926 | 19,958 | 15,307 | 14,312 | |
Termination benefits | \u2013 | 11 | \u2013 | 11 |
20,926 | 19,969 | 15,307 | 14,323 |
The average number of full time equivalents employed during the year by the Group and Company were:
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Continuing Operations | ||||
Management | 98 | 100 | 82 | 85 |
Non-Management | 461 | 453 | 373 | 367 |
559 | 553 | 455 | 452 |
6. Right\u2013of\u2013use assets
The statement of financial position reflects the following assets relating to leases:
Group | ||
2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | |
Land & Buildings | ||
Opening net book value | 2,195 | 5,313 |
Additions | \u2013 | 4,146 |
Impact of derecognition of lease asset upon termination of lease | \u2013 | \u2013 |
Depreciation charge | (152) | (1,570) |
Cost of assets held for distribution to shareholders | \u2013 | (11,883) |
Depreciation on assets held for distribution to shareholders | \u2013 | 6,189 |
Closing net book value | 2,043 | 2,195 |
Group | ||
2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | |
Depreciation charge | ||
Continuing operations | 152 | 3 |
Discontinued operations | 983 | 1,567 |
1,135 | 1,570 | |
Company | ||
2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | |
Land & Buildings | ||
Opening net book value | 2,056 | 182 |
Additions | \u2013 | 1,876 |
Depreciation charge | (150) | (2) |
Closing net book value | 1,906 | 2,056 |
18. Lease liabilities
Group | ||
2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | |
Non\u2013current | ||
Land & buildings | 2,007 | 2,116 |
Current | ||
Land & buildings | 120 | 92 |
Total lease liabilities | 2,127 | 2,208 |
Company | ||
2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | |
Non\u2013current | ||
Land & buildings | 1,888 | 1,970 |
Current | ||
Land & buildings | 92 | 92 |
Total lease liabilities | 1,980 | 2,062 |
Group | ||
2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | |
Land & buildings | ||
At beginning of the year | 2,208 | 5,319 |
Additions | \u2013 | 4,133 |
Interest expense | 78 | 248 |
Payments | (159) | (1,644) |
Liabilities associated with assets held for distribution to shareholders | \u2013 | (11,637) |
Interest payments from discontinued operations | \u2013 | 5,789 |
At end of year | 2,127 | 2,208 |
Company | ||
2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | |
Land & buildings | ||
At beginning of the year | 2,062 | 186 |
Additions | \u2013 | 1,876 |
Interest expense | 73 | 7 |
Payments | (155) | (7) |
At end of year | 1,980 | 2,062 |
Included in the lease liabilities for land & buildings of the Group are amounts of \u20ac1,776,000 (2025: \u20ac2,662,000) which are attributable arrangements with a related party.
The contractual undiscounted cash flows attributable to lease liabilities as at 31 January are analysed in Note 2.1(c).
The incremental borrowing rates at the end of the reporting period were as follows:
Group and Company | ||
2026 | 2025 | |
% | % | |
Land & buildings | 4.0 | 4.0 |
The Group had total cash outflows for leases of \u20ac161,000 in 2026 (2025: \u20ac7,000).
7. Intangible assets
Group and Company | |||
Goodwill | Franchises & intellectual knowhow | Total | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
At 1 February 2024 | |||
Cost | 1,058 | 7,015 | 8,073 |
Accumulated amortisation and impairment | (775) | (5,145) | (5,920) |
Net book amount | 283 | 1,870 | 2,153 |
Year ended 31 January 2025 | |||
Opening net book amount | 283 | 1,870 | 2,153 |
Additions | \u2013 | 60 | 60 |
Amortisation | \u2013 | (109) | (109) |
Cost of assets held for distribution to shareholders | (1,058) | (5,334) | (6,392) |
Accumulated amortisation of assets held for distribution to shareholders | 775 | 5,033 | 5,808 |
Closing net book amount | \u2013 | 1,520 | 1,520 |
At 1 February 2025 | |||
Cost | \u2013 | 1,741 | 1,741 |
Accumulated amortisation and impairment | \u2013 | (221) | (221) |
Net book amount | \u2013 | 1,520 | 1,520 |
Year ended 31 January 2026 | |||
Opening net book amount | \u2013 | 1,520 | 1,520 |
Amortisation | \u2013 | (69) | (69) |
Closing net book amount | \u2013 | 1,451 | 1,451 |
At 31 January 2026 | |||
Cost | \u2013 | 1,741 | 1,741 |
Accumulated amortisation and impairment | \u2013 | (290) | (290) |
Net book amount | \u2013 | 1,451 | 1,451 |
Closing net book value of the Company's Franchises and intellectual knowhow as at 31 January 2026 amounted to \u20ac1,451,000 (2025: \u20ac1,520,000) represented by cost of \u20ac1,741,000 (2025: \u20ac1,741,000) less accumulated amortisation of \u20ac290,000 (2025: \u20ac221,000).
Amortisation is included in cost of sales within the income statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__244": { "value": "7. Intangible assets
Group and Company | |||
Goodwill | Franchises & intellectual knowhow | Total | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
At 1 February 2024 | |||
Cost | 1,058 | 7,015 | 8,073 |
Accumulated amortisation and impairment | (775) | (5,145) | (5,920) |
Net book amount | 283 | 1,870 | 2,153 |
Year ended 31 January 2025 | |||
Opening net book amount | 283 | 1,870 | 2,153 |
Additions | \u2013 | 60 | 60 |
Amortisation | \u2013 | (109) | (109) |
Cost of assets held for distribution to shareholders | (1,058) | (5,334) | (6,392) |
Accumulated amortisation of assets held for distribution to shareholders | 775 | 5,033 | 5,808 |
Closing net book amount | \u2013 | 1,520 | 1,520 |
At 1 February 2025 | |||
Cost | \u2013 | 1,741 | 1,741 |
Accumulated amortisation and impairment | \u2013 | (221) | (221) |
Net book amount | \u2013 | 1,520 | 1,520 |
Year ended 31 January 2026 | |||
Opening net book amount | \u2013 | 1,520 | 1,520 |
Amortisation | \u2013 | (69) | (69) |
Closing net book amount | \u2013 | 1,451 | 1,451 |
At 31 January 2026 | |||
Cost | \u2013 | 1,741 | 1,741 |
Accumulated amortisation and impairment | \u2013 | (290) | (290) |
Net book amount | \u2013 | 1,451 | 1,451 |
Closing net book value of the Company's Franchises and intellectual knowhow as at 31 January 2026 amounted to \u20ac1,451,000 (2025: \u20ac1,520,000) represented by cost of \u20ac1,741,000 (2025: \u20ac1,741,000) less accumulated amortisation of \u20ac290,000 (2025: \u20ac221,000).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__245-1": { "value": "7. Intangible assets
Group and Company | |||
Goodwill | Franchises & intellectual knowhow | Total | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
At 1 February 2024 | |||
Cost | 1,058 | 7,015 | 8,073 |
Accumulated amortisation and impairment | (775) | (5,145) | (5,920) |
Net book amount | 283 | 1,870 | 2,153 |
Year ended 31 January 2025 | |||
Opening net book amount | 283 | 1,870 | 2,153 |
Additions | \u2013 | 60 | 60 |
Amortisation | \u2013 | (109) | (109) |
Cost of assets held for distribution to shareholders | (1,058) | (5,334) | (6,392) |
Accumulated amortisation of assets held for distribution to shareholders | 775 | 5,033 | 5,808 |
Closing net book amount | \u2013 | 1,520 | 1,520 |
At 1 February 2025 | |||
Cost | \u2013 | 1,741 | 1,741 |
Accumulated amortisation and impairment | \u2013 | (221) | (221) |
Net book amount | \u2013 | 1,520 | 1,520 |
Year ended 31 January 2026 | |||
Opening net book amount | \u2013 | 1,520 | 1,520 |
Amortisation | \u2013 | (69) | (69) |
Closing net book amount | \u2013 | 1,451 | 1,451 |
At 31 January 2026 | |||
Cost | \u2013 | 1,741 | 1,741 |
Accumulated amortisation and impairment | \u2013 | (290) | (290) |
Net book amount | \u2013 | 1,451 | 1,451 |
8. Investments in subsidiaries
Company | ||
2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | |
Year ended 31 January | ||
Opening net book amount | 1,690 | 11,416 |
Assets held for distribution to shareholders | \u2013 | (9,806) |
Reversal of diminution of investment value | - | 80 |
Closing net book amount | 1,690 | 1,690 |
At 31 January | ||
Cost | 2,196 | 2,196 |
Impairment provision for investments | (506) | (506) |
Net book amount | 1,690 | 1,690 |
The principal subsidiaries at 31 January 2026 all of which are unlisted, are disclosed in Note 36 to these financial statements.
36. Subsidiaries
The subsidiaries are shown below:
Percentage of shares held | ||||
Registered office | Principal activities | 2026 | 2025 | |
EcoPure Limited | The Brewery, Mdina Road, Zone 2, Central Business District, Birkirkara | Sale and distribution of bottled water | 100 | 100 |
Farsons Distribution Services Limited | ||||
The Brewery, Mdina Road, Zone 2, Central Business District, Birkirkara | Non\u2013operating | 100 | 100 | |
Farsons Beverage Imports Company Limited | ||||
The Brewery, Mdina Road, Zone 2, Central Business District, Birkirkara | Importation and wholesale of beverages, wines and spirits | 100 | 100 | |
Portanier Warehouses Limited | ||||
The Brewery, Mdina Road, Zone 2, Central Business District, Birkirkara | Non\u2013operating | 100 | 100 | |
The Brewhouse Company Limited | ||||
The Brewery, Mdina Road, Zone 2, Central Business District, Birkirkara | ||||
Operation of brand visitors' attraction, retail outlets, leasing of commercial and office space | 100 | 100 |
Food Chain Limited and Quintano Foods Limited were sold to the subsidiary Quinco Holdings p.l.c. on 10 September 2025, a 100% subsidiary of the Group which was incorporated on 8 May 2025 and spun-off through a distribution in kind to the shareholders (\u20ac46,800,000) on 6 October 2025 (2025: 100%).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__253-1": { "value": "8. Investments in subsidiaries
Company | ||
2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | |
Year ended 31 January | ||
Opening net book amount | 1,690 | 11,416 |
Assets held for distribution to shareholders | \u2013 | (9,806) |
Reversal of diminution of investment value | - | 80 |
Closing net book amount | 1,690 | 1,690 |
At 31 January | ||
Cost | 2,196 | 2,196 |
Impairment provision for investments | (506) | (506) |
Net book amount | 1,690 | 1,690 |
The principal subsidiaries at 31 January 2026 all of which are unlisted, are disclosed in Note 36 to these financial statements.
36. Subsidiaries
The subsidiaries are shown below:
Percentage of shares held | ||||
Registered office | Principal activities | 2026 | 2025 | |
EcoPure Limited | The Brewery, Mdina Road, Zone 2, Central Business District, Birkirkara | Sale and distribution of bottled water | 100 | 100 |
Farsons Distribution Services Limited | ||||
The Brewery, Mdina Road, Zone 2, Central Business District, Birkirkara | Non\u2013operating | 100 | 100 | |
Farsons Beverage Imports Company Limited | ||||
The Brewery, Mdina Road, Zone 2, Central Business District, Birkirkara | Importation and wholesale of beverages, wines and spirits | 100 | 100 | |
Portanier Warehouses Limited | ||||
The Brewery, Mdina Road, Zone 2, Central Business District, Birkirkara | Non\u2013operating | 100 | 100 | |
The Brewhouse Company Limited | ||||
The Brewery, Mdina Road, Zone 2, Central Business District, Birkirkara | ||||
Operation of brand visitors' attraction, retail outlets, leasing of commercial and office space | 100 | 100 |
Food Chain Limited and Quintano Foods Limited were sold to the subsidiary Quinco Holdings p.l.c. on 10 September 2025, a 100% subsidiary of the Group which was incorporated on 8 May 2025 and spun-off through a distribution in kind to the shareholders (\u20ac46,800,000) on 6 October 2025 (2025: 100%).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__255": { "value": "9. Inventories
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Raw materials and consumables | 5,067 | 4,668 | 4,943 | 4,557 |
Finished goods and goods for resale | 16,464 | 15,294 | 3,115 | 3,715 |
Containers and other stocks | 4,523 | 4,415 | 4,120 | 3,957 |
26,054 | 24,377 | 12,178 | 12,229 |
The amount of inventory write-downs recognised in the income statements categories is as follows:
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Cost of sales | 827 | 808 | 507 | 503 |
Selling, distribution and administrative expenses | 85 | 92 | 85 | 92 |
912 | 900 | 592 | 595 |
10. Trade and other receivables
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Non\u2013current | ||||
Other receivables | 2,043 | 1,017 | 1,711 | 953 |
Current | ||||
Trade receivables | 28,946 | 26,349 | 19,137 | 16,687 |
Amounts due from subsidiaries | \u2013 | \u2013 | 9,490 | 9,165 |
Amounts due from related parties | 1,852 | 23 | 1,997 | 23 |
Indirect taxation | 1 | \u2013 | - | \u2013 |
Other receivables and advanced deposits | 3,635 | 5,043 | 2,492 | 3,565 |
Prepayments | 1,374 | 2,446 | 1,877 | 2,314 |
35,808 | 33,861 | 34,993 | 31,754 | |
Total trade and other receivables | 37,851 | 34,878 | 36,704 | 32,707 |
Trade and other receivables are stated net of impairment provision as follows:
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Impairment provision | ||||
Trade and other receivables | 5,697 | 6,837 | 4,096 | 5,015 |
Amounts due from subsidiaries | \u2013 | \u2013 | 2,957 | 2,793 |
5,697 | 6,837 | 7,053 | 7,808 | |
Continuing operations | 5,697 | 6,837 | ||
Discontinued operations | \u2013 | 178 | ||
5,697 | 7,015 |
The Group's and the Company's bad debts written off against provision as at 31 January 2026 amounted to \u20ac15,000 (2025: \u20ac9,000) for the Group, and \u20ac7,000 (2025: \u20ac2,000) for the Company respectively.
Included in other receivables are advanced deposits on non-current assets not yet commissioned as at year end amounting to \u20ac437,000 (2025: \u20ac52,000).
Amounts due to the Company by subsidiaries are unsecured and repayable on demand. Included in these balances at year-end there are no amounts (2025: \u20ac1,768,000) which are subject to an interest rate of 3.5% (2025: 3.5%). Other balances within amounts due from subsidiaries are interest free.
The Group\u2019s and Company\u2019s exposure to credit and currency risks and impairment losses relating to trade and other receivables are disclosed in Note 2. The other classes within receivables do not contain impaired assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__261-1": { "value": "10. Trade and other receivables
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Non\u2013current | ||||
Other receivables | 2,043 | 1,017 | 1,711 | 953 |
Current | ||||
Trade receivables | 28,946 | 26,349 | 19,137 | 16,687 |
Amounts due from subsidiaries | \u2013 | \u2013 | 9,490 | 9,165 |
Amounts due from related parties | 1,852 | 23 | 1,997 | 23 |
Indirect taxation | 1 | \u2013 | - | \u2013 |
Other receivables and advanced deposits | 3,635 | 5,043 | 2,492 | 3,565 |
Prepayments | 1,374 | 2,446 | 1,877 | 2,314 |
35,808 | 33,861 | 34,993 | 31,754 | |
Total trade and other receivables | 37,851 | 34,878 | 36,704 | 32,707 |
20. Trade and other payables
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Non\u2013current | ||||
Capital and other payables | 2,354 | 2,586 | 2,354 | 2,586 |
Current | ||||
Trade payables | 7,086 | 5,950 | 4,521 | 3,876 |
Capital and other payables | 3,871 | 3,581 | 3,728 | 3,629 |
Amounts due to subsidiaries | \u2013 | \u2013 | 3,182 | 1,688 |
Indirect taxes and social security | 2,834 | 2,829 | 2,664 | 2,746 |
Accruals and deferred income | 11,089 | 9,955 | 7,556 | 7,101 |
24,880 | 22,315 | 21,651 | 19,040 | |
Total trade and other payables | 27,234 | 24,901 | 24,005 | 21,626 |
10. Trade and other receivables
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Non\u2013current | ||||
Other receivables | 2,043 | 1,017 | 1,711 | 953 |
Current | ||||
Trade receivables | 28,946 | 26,349 | 19,137 | 16,687 |
Amounts due from subsidiaries | \u2013 | \u2013 | 9,490 | 9,165 |
Amounts due from related parties | 1,852 | 23 | 1,997 | 23 |
Indirect taxation | 1 | \u2013 | - | \u2013 |
Other receivables and advanced deposits | 3,635 | 5,043 | 2,492 | 3,565 |
Prepayments | 1,374 | 2,446 | 1,877 | 2,314 |
35,808 | 33,861 | 34,993 | 31,754 | |
Total trade and other receivables | 37,851 | 34,878 | 36,704 | 32,707 |
18. Lease liabilities
Group | ||
2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | |
Non\u2013current | ||
Land & buildings | 2,007 | 2,116 |
Current | ||
Land & buildings | 120 | 92 |
Total lease liabilities | 2,127 | 2,208 |
Company | ||
2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | |
Non\u2013current | ||
Land & buildings | 1,888 | 1,970 |
Current | ||
Land & buildings | 92 | 92 |
Total lease liabilities | 1,980 | 2,062 |
Group | ||
2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | |
Land & buildings | ||
At beginning of the year | 2,208 | 5,319 |
Additions | \u2013 | 4,133 |
Interest expense | 78 | 248 |
Payments | (159) | (1,644) |
Liabilities associated with assets held for distribution to shareholders | \u2013 | (11,637) |
Interest payments from discontinued operations | \u2013 | 5,789 |
At end of year | 2,127 | 2,208 |
Company | ||
2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | |
Land & buildings | ||
At beginning of the year | 2,062 | 186 |
Additions | \u2013 | 1,876 |
Interest expense | 73 | 7 |
Payments | (155) | (7) |
At end of year | 1,980 | 2,062 |
Included in the lease liabilities for land & buildings of the Group are amounts of \u20ac1,776,000 (2025: \u20ac2,662,000) which are attributable arrangements with a related party.
20. Trade and other payables
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Non\u2013current | ||||
Capital and other payables | 2,354 | 2,586 | 2,354 | 2,586 |
Current | ||||
Trade payables | 7,086 | 5,950 | 4,521 | 3,876 |
Capital and other payables | 3,871 | 3,581 | 3,728 | 3,629 |
Amounts due to subsidiaries | \u2013 | \u2013 | 3,182 | 1,688 |
Indirect taxes and social security | 2,834 | 2,829 | 2,664 | 2,746 |
Accruals and deferred income | 11,089 | 9,955 | 7,556 | 7,101 |
24,880 | 22,315 | 21,651 | 19,040 | |
Total trade and other payables | 27,234 | 24,901 | 24,005 | 21,626 |
28. Directors\u2019 emoluments
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Fees | 237 | 234 | 237 | 234 |
Salaries | 224 | 177 | 224 | 177 |
Other emoluments | 466 | 422 | 466 | 422 |
Total Directors' remuneration | 927 | 833 | 927 | 833 |
A number of Directors availed themselves of an allowance for the use of Company cars during the year. The estimated value of this benefit has been included within the Directors\u2019 emoluments, which also includes other allowances.
33. Related party transactions
The following companies (and their respective subsidiaries) are related parties by virtue of their shareholding in the Company:
Percentage ofshares held | ||
2026 | 2025 | |
Farrugia Investments Limited | 26.50 | 26.50 |
M.S.M. Investments Limited | 26.50 | 26.50 |
Sciclunas Estates Limited | 26.32 | 26.32 |
The remaining 20.68% (2025: 20.68%) of the shares are widely held. The transactions set out below were carried out with related parties. The Directors make particular reference to the fact that Trident Estates p.l.c. and Quinco Holdings p.l.c. (with respect from financial year 2026) and their subsidiaries are considered to be related parties due to common Directors and the common shareholding. As disclosed in Note 21, the food business was spun-off into a separate listed entity on 6 October 2025.
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Income from goods and services | ||||
\u2013 Sales of goods to subsidiaries | \u2013 | \u2013 | 2,272 | 2,987 |
\u2013 Sales of goods to related parties | 618 | 396 | 937 | 262 |
\u2013 Recharge of costs to subsidiaries | \u2013 | \u2013 | 2,456 | 2,530 |
\u2013 Recharge of costs to related parties | 19 | \u2013 | 70 | \u2013 |
\u2013 Recharge of payroll costs to subsidiaries | \u2013 | \u2013 | 1,310 | 2,457 |
\u2013 Recharge of payroll costs to a related party | 19 | 1 | 935 | 1 |
\u2013 Finance income on loans to subsidiaries | \u2013 | \u2013 | 53 | 32 |
656 | 397 | 8,033 | 8,269 | |
Expenditure for goods and services | ||||
\u2013 Purchases of goods from subsidiaries | \u2013 | \u2013 | 2,651 | 2,671 |
\u2013 Purchases of goods and services from related parties | 1,249 | 1,307 | 1,380 | 1,261 |
\u2013 Rental expenses from related parties | 249 | 620 | \u2013 | \u2013 |
\u2013 Finance costs on loans from subsidiaries | \u2013 | \u2013 | \u2013 | 30 |
1,498 | 1,927 | 4,031 | 3,962 |
Key management personnel compensation, consisting of Directors\u2019 and Senior Management remuneration,is disclosed as follows:
Group | ||
2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | |
Directors (Note 28) | 927 | 833 |
Senior Management | 1,523 | 1,516 |
2,450 | 2,349 |
The Company has no profit sharing, share options or pension benefits arrangements with key management personnel. As disclosed in the Remuneration Report, provision for the lifetime annuity is provided for under accruals.
Amounts due from/to subsidiaries, in connection with sales and purchases and treasury transactions, are disclosed in Notes 10 and 20 of these financial statements.
36. Subsidiaries
The subsidiaries are shown below:
Percentage of shares held | ||||
Registered office | Principal activities | 2026 | 2025 | |
EcoPure Limited | The Brewery, Mdina Road, Zone 2, Central Business District, Birkirkara | Sale and distribution of bottled water | 100 | 100 |
Farsons Distribution Services Limited | ||||
The Brewery, Mdina Road, Zone 2, Central Business District, Birkirkara | Non\u2013operating | 100 | 100 | |
Farsons Beverage Imports Company Limited | ||||
The Brewery, Mdina Road, Zone 2, Central Business District, Birkirkara | Importation and wholesale of beverages, wines and spirits | 100 | 100 | |
Portanier Warehouses Limited | ||||
The Brewery, Mdina Road, Zone 2, Central Business District, Birkirkara | Non\u2013operating | 100 | 100 | |
The Brewhouse Company Limited | ||||
The Brewery, Mdina Road, Zone 2, Central Business District, Birkirkara | ||||
Operation of brand visitors' attraction, retail outlets, leasing of commercial and office space | 100 | 100 |
Food Chain Limited and Quintano Foods Limited were sold to the subsidiary Quinco Holdings p.l.c. on 10 September 2025, a 100% subsidiary of the Group which was incorporated on 8 May 2025 and spun-off through a distribution in kind to the shareholders (\u20ac46,800,000) on 6 October 2025 (2025: 100%).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__263": { "value": "10. Trade and other receivables
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Non\u2013current | ||||
Other receivables | 2,043 | 1,017 | 1,711 | 953 |
Current | ||||
Trade receivables | 28,946 | 26,349 | 19,137 | 16,687 |
Amounts due from subsidiaries | \u2013 | \u2013 | 9,490 | 9,165 |
Amounts due from related parties | 1,852 | 23 | 1,997 | 23 |
Indirect taxation | 1 | \u2013 | - | \u2013 |
Other receivables and advanced deposits | 3,635 | 5,043 | 2,492 | 3,565 |
Prepayments | 1,374 | 2,446 | 1,877 | 2,314 |
35,808 | 33,861 | 34,993 | 31,754 | |
Total trade and other receivables | 37,851 | 34,878 | 36,704 | 32,707 |
10. Trade and other receivables
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Non\u2013current | ||||
Other receivables | 2,043 | 1,017 | 1,711 | 953 |
Current | ||||
Trade receivables | 28,946 | 26,349 | 19,137 | 16,687 |
Amounts due from subsidiaries | \u2013 | \u2013 | 9,490 | 9,165 |
Amounts due from related parties | 1,852 | 23 | 1,997 | 23 |
Indirect taxation | 1 | \u2013 | - | \u2013 |
Other receivables and advanced deposits | 3,635 | 5,043 | 2,492 | 3,565 |
Prepayments | 1,374 | 2,446 | 1,877 | 2,314 |
35,808 | 33,861 | 34,993 | 31,754 | |
Total trade and other receivables | 37,851 | 34,878 | 36,704 | 32,707 |
Trade and other receivables are stated net of impairment provision as follows:
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Impairment provision | ||||
Trade and other receivables | 5,697 | 6,837 | 4,096 | 5,015 |
Amounts due from subsidiaries | \u2013 | \u2013 | 2,957 | 2,793 |
5,697 | 6,837 | 7,053 | 7,808 | |
Continuing operations | 5,697 | 6,837 | ||
Discontinued operations | \u2013 | 178 | ||
5,697 | 7,015 |
The Group's and the Company's bad debts written off against provision as at 31 January 2026 amounted to \u20ac15,000 (2025: \u20ac9,000) for the Group, and \u20ac7,000 (2025: \u20ac2,000) for the Company respectively.
Included in other receivables are advanced deposits on non-current assets not yet commissioned as at year end amounting to \u20ac437,000 (2025: \u20ac52,000).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__265-1": { "value": "10. Trade and other receivables
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Non\u2013current | ||||
Other receivables | 2,043 | 1,017 | 1,711 | 953 |
Current | ||||
Trade receivables | 28,946 | 26,349 | 19,137 | 16,687 |
Amounts due from subsidiaries | \u2013 | \u2013 | 9,490 | 9,165 |
Amounts due from related parties | 1,852 | 23 | 1,997 | 23 |
Indirect taxation | 1 | \u2013 | - | \u2013 |
Other receivables and advanced deposits | 3,635 | 5,043 | 2,492 | 3,565 |
Prepayments | 1,374 | 2,446 | 1,877 | 2,314 |
35,808 | 33,861 | 34,993 | 31,754 | |
Total trade and other receivables | 37,851 | 34,878 | 36,704 | 32,707 |
Trade and other receivables are stated net of impairment provision as follows:
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Impairment provision | ||||
Trade and other receivables | 5,697 | 6,837 | 4,096 | 5,015 |
Amounts due from subsidiaries | \u2013 | \u2013 | 2,957 | 2,793 |
5,697 | 6,837 | 7,053 | 7,808 | |
Continuing operations | 5,697 | 6,837 | ||
Discontinued operations | \u2013 | 178 | ||
5,697 | 7,015 |
The Group's and the Company's bad debts written off against provision as at 31 January 2026 amounted to \u20ac15,000 (2025: \u20ac9,000) for the Group, and \u20ac7,000 (2025: \u20ac2,000) for the Company respectively.
Included in other receivables are advanced deposits on non-current assets not yet commissioned as at year end amounting to \u20ac437,000 (2025: \u20ac52,000).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__268-1": { "value": "10. Trade and other receivables
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Non\u2013current | ||||
Other receivables | 2,043 | 1,017 | 1,711 | 953 |
Current | ||||
Trade receivables | 28,946 | 26,349 | 19,137 | 16,687 |
Amounts due from subsidiaries | \u2013 | \u2013 | 9,490 | 9,165 |
Amounts due from related parties | 1,852 | 23 | 1,997 | 23 |
Indirect taxation | 1 | \u2013 | - | \u2013 |
Other receivables and advanced deposits | 3,635 | 5,043 | 2,492 | 3,565 |
Prepayments | 1,374 | 2,446 | 1,877 | 2,314 |
35,808 | 33,861 | 34,993 | 31,754 | |
Total trade and other receivables | 37,851 | 34,878 | 36,704 | 32,707 |
11. Cash and cash equivalents
For the purposes of the statements of cash flows, the cash and cash equivalents at the end of the reporting period comprise the following:
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Cash at bank and in hand | 2,841 | 4,940 | 1,059 | 2,320 |
For the purpose of the statement of cash flows, cash and cash equivalents comprise the following at 31 January:
Group | ||
2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | |
Cash at bank and on hand | 2,841 | 4,940 |
Cash at bank attributable to discontinued operations (Note 21) | \u2013 | 1,536 |
2,841 | 6,476 | |
Bank overdrafts attributable to discontinued operations (Note 21) | \u2013 | (221) |
2,841 | 6,255 |
11. Cash and cash equivalents
For the purposes of the statements of cash flows, the cash and cash equivalents at the end of the reporting period comprise the following:
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Cash at bank and in hand | 2,841 | 4,940 | 1,059 | 2,320 |
For the purpose of the statement of cash flows, cash and cash equivalents comprise the following at 31 January:
Group | ||
2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | |
Cash at bank and on hand | 2,841 | 4,940 |
Cash at bank attributable to discontinued operations (Note 21) | \u2013 | 1,536 |
2,841 | 6,476 | |
Bank overdrafts attributable to discontinued operations (Note 21) | \u2013 | (221) |
2,841 | 6,255 |
30. Cash generated from operations
Reconciliation of operating profit to cash generated from operations:
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Operating profit from continuing operations | 16,778 | 15,606 | 15,453 | 13,402 |
Operating profit from discontinued operations | 3,256 | 3,145 | \u2013 | \u2013 |
Operating profit | 20,034 | 18,751 | 15,453 | 13,402 |
Adjustments for: | ||||
Depreciation and impairment of property, plant and equipment (Note 5) | 7,743 | 8,368 | 6,731 | 6,757 |
Depreciation of right-of-use assets (Note 6) | 1,135 | 1,570 | 150 | 2 |
Loss on disposal of property, plant and equipment (Note 22) | \u2013 | \u2013 | \u2013 | (1) |
Amortisation of intangible assets (Note 7) | 69 | 109 | 69 | 70 |
Amortisation of institutional grant (Note 22) | (250) | (250) | (250) | (250) |
Diminution of impairment in subsidiaries (Note 8) | \u2013 | \u2013 | \u2013 | (80) |
Amortisation of bond issue costs (Note 17) | 32 | 32 | 32 | 32 |
(Decrease)/increase in provision for impairment of trade and other receivables (Note 10) | (1,125) | 402 | (755) | 1,236 |
27,638 | 28,982 | 21,430 | 21,168 | |
Changes in working capital: | ||||
Inventories | (1,545) | (1,749) | 51 | 267 |
Trade and other receivables | (5,607) | (4,621) | (3,242) | (5,414) |
Trade and other payables | 5,465 | (1,119) | 2,620 | (3,358) |
Cash generated from operations | 25,951 | 21,493 | 20,859 | 12,663 |
Net debt reconciliation
All the movements in the Company\u2019s net debt (bank and bond borrowings net of cash and cash equivalents) related only to cash flow movements and disclosed as part of the financing activities in the statement of cash flows on page 88 and movement in lease liability is disclosed in Note 18.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__274-1": { "value": "12. Share capital
Group and Company | ||
2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | |
Authorised: | ||
60,000,000 ordinary shares of \u20ac0.30 each | 18,000 | 18,000 |
21,000,000 preference shares of \u20ac1.00 each | 21,000 | 21,000 |
39,000 | 39,000 | |
Issued and fully paid: | ||
36,000,000 ordinary shares of \u20ac0.30 each | 10,800 | 10,800 |
14. Revaluation reserve
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Revaluation on property, plant and equipment | ||||
At beginning of year, before deferred tax | 43,293 | 38,763 | 37,933 | 37,933 |
Deferred tax movement | (855) | \u2013 | \u2013 | \u2013 |
Reclassification to retained earnings | 25 | \u2013 | \u2013 | \u2013 |
Fair value movement (Note 21) | (4,530) | 4,530 | \u2013 | \u2013 |
Deferred taxation (Note 19) | (4,062) | (4,917) | (4,062) | (4,062) |
At 31 January | 33,871 | 38,376 | 33,871 | 33,871 |
The revaluation reserve was created upon the revaluation of the Group\u2019s and Company\u2019s properties classified within non-current assets. Related deferred tax was debited to this reserve. The fair value movement relates to the realisation (2026) and the revaluation (2025) of the discontinued business property. The revaluation reserve is a non-distributable reserve.
15. Other reserves
Share premium | Other unrealised reserve | Incentives and benefits reserve | Capital redemption reserve | Total | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
GROUP | |||||
At 1 February 2025 | 2,078 | 3,507 | 2,515 | 7,463 | 15,563 |
Reclassification to retained earnings | \u2013 | (3,507) | \u2013 | \u2013 | (3,507) |
At 31 January 2026 | 2,078 | \u2013 | 2,515 | 7,463 | 12,056 |
COMPANY | |||||
At 1 February 2025 | 2,078 | 210 | 2,515 | 7,463 | 12,266 |
Reclassification to retained earnings | \u2013 | (210) | \u2013 | \u2013 | (210) |
At 31 January 2026 | 2,078 | \u2013 | 2,515 | 7,463 | 12,056 |
The share premium is principally related to a rights issue approved in 2003 for 1,714,286 shares with a nominal value of \u20ac0.30 which were successfully offered to the existing shareholders at a price of \u20ac1.40.
The incentives and benefits reserve represents profits set aside for re-investment in terms of Sections 6(1) and 36(2) of the Business Promotion Act. Amounts included in this reserve can only be distributed by way of capitalisation of profits.
The capital redemption reserve represents amounts set aside as a result of the redemption of cumulative redeemable preference shares. In accordance with the Maltese Companies Act, 1995, this reserve is only available for distribution to ordinary shareholders by way of a Bonus share issue.
16. Hedging reserve
The changes in fair values of hedging instruments qualifying as cash flow hedges are recorded in a separate category of equity in the hedging reserve as shown below:
Group and Company | |
Interest rate swap | |
\u20ac\u2019000 | |
At 31 January 2024 | |
Gross amounts of losses | (17) |
Deferred taxes (Note 19) | 6 |
(11) | |
Movement for the year ended 31 January 2025 | |
Gains from changes in fair value | 11 |
Deferred taxes (Note 19) | (4) |
7 | |
Transferred to statement of comprehensive income (Note 26) | 6 |
Deferred taxes (Note 19) | (2) |
4 | |
At 31 January 2025 | |
Gross amounts of losses | \u2013 |
Deferred taxes (Note 19) | \u2013 |
\u2013 |
As at the reporting period date, these contracts are designated as hedging anticipated variable interest payments which will also accrue over the term of the derivative contract. No movements were recorded for the year ended 31 January 2026.
12. Share capital
Group and Company | ||
2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | |
Authorised: | ||
60,000,000 ordinary shares of \u20ac0.30 each | 18,000 | 18,000 |
21,000,000 preference shares of \u20ac1.00 each | 21,000 | 21,000 |
39,000 | 39,000 | |
Issued and fully paid: | ||
36,000,000 ordinary shares of \u20ac0.30 each | 10,800 | 10,800 |
13. Dividends paid
Group and Company | ||
2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | |
Interim dividend | 2,340 | 2,160 |
Final dividend | 5,040 | 3,960 |
Dividends paid in cash | 7,380 | 6,120 |
Interim dividend paid in kind | 46,800 | \u2013 |
Total net dividend | 54,180 | 6,120 |
Dividend per share (Euro cents) | 150c5 | 17c0 |
During the financial year ended 31 January 2025 a net interim dividend of \u20ac2,160,000 (\u20ac0.060 per share) was paid on 16 October 2024. A final net dividend of \u20ac5,040,000 (\u20ac0.140 per share) in respect of financial year ended 31 January 2025 was paid on 27 June 2025. Both final and interim dividends were paid out of tax-exempt profits.
On 24 September 2025, the Company declared a net interim dividend (paid in kind) of \u20ac46,800,000 (\u20ac1.30 per share) through the distribution of the Company's entire shareholding in Quinco Holdings p.l.c. (Note 21).
During the financial year ended 31 January 2026 a net interim dividend of \u20ac2,340,000 (\u20ac0.065 per share) was paid on 16 October 2025. Interim dividends were paid out of tax-exempt profits.
At the forthcoming annual general meeting, a final net dividend of \u20ac5,220,000 (\u20ac0.145 per share) in respect of financial year ended 31 January 2026 is to be proposed.
These financial statements do not reflect this proposed dividend which will be accounted for in shareholders' equity as an appropriation of retained earnings in the year ending 31 January 2027.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__7__278": { "value": "0.06", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2024-02-01T00:00:00/2025-02-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f0__s7__6__277": { "value": "0.065", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f0__s7__6__279": { "value": "5220000.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00", "unit": "iso4217:EUR" } }, "f0__s7__6__280": { "value": "0.145", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f0__s7__6__281-1": { "value": "14. Revaluation reserve
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Revaluation on property, plant and equipment | ||||
At beginning of year, before deferred tax | 43,293 | 38,763 | 37,933 | 37,933 |
Deferred tax movement | (855) | \u2013 | \u2013 | \u2013 |
Reclassification to retained earnings | 25 | \u2013 | \u2013 | \u2013 |
Fair value movement (Note 21) | (4,530) | 4,530 | \u2013 | \u2013 |
Deferred taxation (Note 19) | (4,062) | (4,917) | (4,062) | (4,062) |
At 31 January | 33,871 | 38,376 | 33,871 | 33,871 |
The revaluation reserve was created upon the revaluation of the Group\u2019s and Company\u2019s properties classified within non-current assets. Related deferred tax was debited to this reserve. The fair value movement relates to the realisation (2026) and the revaluation (2025) of the discontinued business property. The revaluation reserve is a non-distributable reserve.
15. Other reserves
Share premium | Other unrealised reserve | Incentives and benefits reserve | Capital redemption reserve | Total | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
GROUP | |||||
At 1 February 2025 | 2,078 | 3,507 | 2,515 | 7,463 | 15,563 |
Reclassification to retained earnings | \u2013 | (3,507) | \u2013 | \u2013 | (3,507) |
At 31 January 2026 | 2,078 | \u2013 | 2,515 | 7,463 | 12,056 |
COMPANY | |||||
At 1 February 2025 | 2,078 | 210 | 2,515 | 7,463 | 12,266 |
Reclassification to retained earnings | \u2013 | (210) | \u2013 | \u2013 | (210) |
At 31 January 2026 | 2,078 | \u2013 | 2,515 | 7,463 | 12,056 |
The share premium is principally related to a rights issue approved in 2003 for 1,714,286 shares with a nominal value of \u20ac0.30 which were successfully offered to the existing shareholders at a price of \u20ac1.40.
The incentives and benefits reserve represents profits set aside for re-investment in terms of Sections 6(1) and 36(2) of the Business Promotion Act. Amounts included in this reserve can only be distributed by way of capitalisation of profits.
The capital redemption reserve represents amounts set aside as a result of the redemption of cumulative redeemable preference shares. In accordance with the Maltese Companies Act, 1995, this reserve is only available for distribution to ordinary shareholders by way of a Bonus share issue.
16. Hedging reserve
The changes in fair values of hedging instruments qualifying as cash flow hedges are recorded in a separate category of equity in the hedging reserve as shown below:
Group and Company | |
Interest rate swap | |
\u20ac\u2019000 | |
At 31 January 2024 | |
Gross amounts of losses | (17) |
Deferred taxes (Note 19) | 6 |
(11) | |
Movement for the year ended 31 January 2025 | |
Gains from changes in fair value | 11 |
Deferred taxes (Note 19) | (4) |
7 | |
Transferred to statement of comprehensive income (Note 26) | 6 |
Deferred taxes (Note 19) | (2) |
4 | |
At 31 January 2025 | |
Gross amounts of losses | \u2013 |
Deferred taxes (Note 19) | \u2013 |
\u2013 |
As at the reporting period date, these contracts are designated as hedging anticipated variable interest payments which will also accrue over the term of the derivative contract. No movements were recorded for the year ended 31 January 2026.
16. Hedging reserve
The changes in fair values of hedging instruments qualifying as cash flow hedges are recorded in a separate category of equity in the hedging reserve as shown below:
Group and Company | |
Interest rate swap | |
\u20ac\u2019000 | |
At 31 January 2024 | |
Gross amounts of losses | (17) |
Deferred taxes (Note 19) | 6 |
(11) | |
Movement for the year ended 31 January 2025 | |
Gains from changes in fair value | 11 |
Deferred taxes (Note 19) | (4) |
7 | |
Transferred to statement of comprehensive income (Note 26) | 6 |
Deferred taxes (Note 19) | (2) |
4 | |
At 31 January 2025 | |
Gross amounts of losses | \u2013 |
Deferred taxes (Note 19) | \u2013 |
\u2013 |
As at the reporting period date, these contracts are designated as hedging anticipated variable interest payments which will also accrue over the term of the derivative contract. No movements were recorded for the year ended 31 January 2026.
17. Borrowings
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Non\u2013current | ||||
Bonds | 19,946 | 19,914 | 19,946 | 19,914 |
Current | ||||
Bank loans | \u2013 | 1,163 | \u2013 | 1,163 |
Total borrowings | 19,946 | 21,077 | 19,946 | 21,077 |
The bonds are disclosed at the value of the proceeds less the net book amount of the issue costs as follows:
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Face value of bonds | ||||
3.5% Bonds 2017 \u2013 2027 | 20,000 | 20,000 | 20,000 | 20,000 |
20,000 | 20,000 | 20,000 | 20,000 | |
Issue costs | 305 | 305 | 305 | 305 |
Accumulated amortisation | (251) | (219) | (251) | (219) |
Net book amount | 54 | 86 | 54 | 86 |
Amortised cost | 19,946 | 19,914 | 19,946 | 19,914 |
By virtue of an offering memorandum dated 31 July 2017, the Company issued \u20ac20,000,000 Bonds (2017 - 2027), having a nominal value of \u20ac100 each, bearing interest at the rate of 3.5% per annum.
These bonds are unsecured pursuant and subject to the terms and conditions in the prospectus dated 31 July 2017. The quoted market price as at 31 January 2026 for the 3.5% Bonds 2017 - 2027 was \u20ac99.00 (2025: \u20ac101.90).
The Group's and the Company's banking facilities as at 31 January 2026 amounted to \u20ac15,662,500 (2025: \u20ac17,212,500) for the Group, and \u20ac9,162,500 (2025: \u20ac10,712,500) for the Company.
Interest rate exposure:
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
At floating rates | \u2013 | 1,163 | \u2013 | 1,163 |
At fixed rates | 19,946 | 19,914 | 19,946 | 19,914 |
Total borrowings | 19,946 | 21,077 | 19,946 | 21,077 |
The weighted average effective interest rates at the end of the reporting period were as follows:
Group and Company | ||
2026 | 2025 | |
% | % | |
Bank loans | 2.0 | 2.0 |
Bonds | 3.5 | 3.5 |
This note provides information about the contractual terms of the Group\u2019s and the Company\u2019s loans and borrowings. For more information about the Group\u2019s and the Company\u2019s exposure to interest rate and liquidity risk, refer to Note 2.
17. Borrowings
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Non\u2013current | ||||
Bonds | 19,946 | 19,914 | 19,946 | 19,914 |
Current | ||||
Bank loans | \u2013 | 1,163 | \u2013 | 1,163 |
Total borrowings | 19,946 | 21,077 | 19,946 | 21,077 |
The bonds are disclosed at the value of the proceeds less the net book amount of the issue costs as follows:
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Face value of bonds | ||||
3.5% Bonds 2017 \u2013 2027 | 20,000 | 20,000 | 20,000 | 20,000 |
20,000 | 20,000 | 20,000 | 20,000 | |
Issue costs | 305 | 305 | 305 | 305 |
Accumulated amortisation | (251) | (219) | (251) | (219) |
Net book amount | 54 | 86 | 54 | 86 |
Amortised cost | 19,946 | 19,914 | 19,946 | 19,914 |
By virtue of an offering memorandum dated 31 July 2017, the Company issued \u20ac20,000,000 Bonds (2017 - 2027), having a nominal value of \u20ac100 each, bearing interest at the rate of 3.5% per annum.
These bonds are unsecured pursuant and subject to the terms and conditions in the prospectus dated 31 July 2017. The quoted market price as at 31 January 2026 for the 3.5% Bonds 2017 - 2027 was \u20ac99.00 (2025: \u20ac101.90).
Interest rate exposure:
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
At floating rates | \u2013 | 1,163 | \u2013 | 1,163 |
At fixed rates | 19,946 | 19,914 | 19,946 | 19,914 |
Total borrowings | 19,946 | 21,077 | 19,946 | 21,077 |
The weighted average effective interest rates at the end of the reporting period were as follows:
Group and Company | ||
2026 | 2025 | |
% | % | |
Bank loans | 2.0 | 2.0 |
Bonds | 3.5 | 3.5 |
This note provides information about the contractual terms of the Group\u2019s and the Company\u2019s loans and borrowings. For more information about the Group\u2019s and the Company\u2019s exposure to interest rate and liquidity risk, refer to Note 2.
20. Trade and other payables
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Non\u2013current | ||||
Capital and other payables | 2,354 | 2,586 | 2,354 | 2,586 |
Current | ||||
Trade payables | 7,086 | 5,950 | 4,521 | 3,876 |
Capital and other payables | 3,871 | 3,581 | 3,728 | 3,629 |
Amounts due to subsidiaries | \u2013 | \u2013 | 3,182 | 1,688 |
Indirect taxes and social security | 2,834 | 2,829 | 2,664 | 2,746 |
Accruals and deferred income | 11,089 | 9,955 | 7,556 | 7,101 |
24,880 | 22,315 | 21,651 | 19,040 | |
Total trade and other payables | 27,234 | 24,901 | 24,005 | 21,626 |
The Group's and Company's exposure to currency and liquidity risk related to trade and other payables is disclosed in Note 2.
Amounts due by the Company to subsidiaries are unsecured and repayable on demand. Included in these balances at year-end there are no amounts (2025: \u20ac850,000) which are subject to an interest rate of 3.5% (2025: 3.5%). Other balances within amounts due from subsidiaries are interest free.
As at 31 January 2026, capital and other payables include institutional grants amounting to \u20ac1,729,000 (2025: \u20ac\u20ac1,979,000) relating to funds advanced directly by the Government of Malta and its agencies to the Group, co-financing its capital expenditure on certain items of property, plant and equipment. The non-current portion of deferred institutional grants amounted to \u20ac1,479,000 (2025: \u20ac1,729,000). Such funds are treated as deferred income and are credited to profit or loss on a systematic basis over the useful lives of the assets.
As at 31 January 2026, capital and other payables include net provisions of \u20ac1,100,000 (2025: \u20ac1,000,000) for annuities payable to pensioners and/or widowers under the closed pension fund scheme.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__291-1": { "value": "17. Borrowings
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Non\u2013current | ||||
Bonds | 19,946 | 19,914 | 19,946 | 19,914 |
Current | ||||
Bank loans | \u2013 | 1,163 | \u2013 | 1,163 |
Total borrowings | 19,946 | 21,077 | 19,946 | 21,077 |
The bonds are disclosed at the value of the proceeds less the net book amount of the issue costs as follows:
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Face value of bonds | ||||
3.5% Bonds 2017 \u2013 2027 | 20,000 | 20,000 | 20,000 | 20,000 |
20,000 | 20,000 | 20,000 | 20,000 | |
Issue costs | 305 | 305 | 305 | 305 |
Accumulated amortisation | (251) | (219) | (251) | (219) |
Net book amount | 54 | 86 | 54 | 86 |
Amortised cost | 19,946 | 19,914 | 19,946 | 19,914 |
By virtue of an offering memorandum dated 31 July 2017, the Company issued \u20ac20,000,000 Bonds (2017 - 2027), having a nominal value of \u20ac100 each, bearing interest at the rate of 3.5% per annum.
These bonds are unsecured pursuant and subject to the terms and conditions in the prospectus dated 31 July 2017. The quoted market price as at 31 January 2026 for the 3.5% Bonds 2017 - 2027 was \u20ac99.00 (2025: \u20ac101.90).
Interest rate exposure:
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
At floating rates | \u2013 | 1,163 | \u2013 | 1,163 |
At fixed rates | 19,946 | 19,914 | 19,946 | 19,914 |
Total borrowings | 19,946 | 21,077 | 19,946 | 21,077 |
The weighted average effective interest rates at the end of the reporting period were as follows:
Group and Company | ||
2026 | 2025 | |
% | % | |
Bank loans | 2.0 | 2.0 |
Bonds | 3.5 | 3.5 |
This note provides information about the contractual terms of the Group\u2019s and the Company\u2019s loans and borrowings. For more information about the Group\u2019s and the Company\u2019s exposure to interest rate and liquidity risk, refer to Note 2.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__305-1": { "value": "19. Deferred taxation\t
The movement in the deferred tax account is as follows:
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
At beginning of year | (12,003) | (9,191) | (13,224) | (10,510) |
Income statement - discontinued operations | (1,757) | \u2013 | \u2013 | \u2013 |
Charged/(credited) to income statements (Note 27) | 593 | (2,768) | 503 | (2,708) |
Net tax effect of re\u2013measurement of derivatives (Note 16) | \u2013 | (6) | \u2013 | (6) |
Deferred tax on assets held for distribution to shareholders (Note 21) | \u2013 | (111) | \u2013 | \u2013 |
Debit to income statement - discontinued operations | \u2013 | 73 | \u2013 | \u2013 |
At end of year | (13,167) | (12,003) | (12,721) | (13,224) |
Deferred taxes are calculated on all temporary differences under the liability method and are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based on tax rates (and tax laws) that have been enacted by the end of the reporting period. The principal tax rate used is 35% (2025: 35%), with the exception of deferred taxation on the fair valuation of non-depreciable property which is computed on the basis applicable to disposals of immovable property, that is, tax effect of 8% or 10% (2025: 8% or 10%) of the transfer value.
The manufacturing arm of the Group has been availing itself of investment aid under the various investment tax credit schemes that were applicable until 30 June 2014. The Group and the Company have reviewed the extent to which the related deferred tax may be utilised in the foreseeable future and transferred the movement to the income statement.
This assessment has been based on projected taxable profits. If the actual chargeable income differed by 10% from management\u2019s estimates, the Group and Company, would register no change to the deferred tax asset (2025: \u20ac1,030,000).
The movements in the deferred taxation elements and the balance at 31 January represent:
(Assets)/Liabilities | Fixed assets | Investment tax credits | Fair value(gain)/loss | Revaluation surplus | Provisions and Tax Losses | Total |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
GROUP | ||||||
At 1 February 2024 | 3,080 | (15,902) | 485 | 4,917 | (1,771) | (9,191) |
Income statement - continuing operations | (847) | (2,036) | \u2013 | \u2013 | 115 | (2,768) |
Income statement - discontinued operations | (16) | \u2013 | \u2013 | \u2013 | 89 | 73 |
Deferred tax on assets held for distribution to shareholders | (78) | \u2013 | \u2013 | \u2013 | (33) | (111) |
Other comprehensive income | \u2013 | \u2013 | (6) | \u2013 | \u2013 | (6) |
At 31 January 2025 | 2,139 | (17,938) | 479 | 4,917 | (1,600) | (12,003) |
At 1 February 2025 | 2,139 | (17,938) | 479 | 4,917 | (1,600) | (12,003) |
Income statement - continuing operations | (725) | 922 | \u2013 | \u2013 | 396 | 593 |
Income statement - discontinued operations | 255 | \u2013 | (479) | (855) | (678) | (1,757) |
At 31 January 2026 | 1,669 | (17,016) | \u2013 | 4,062 | (1,882) | (13,167) |
COMPANY | ||||||
At 1 February 2024 | 3,107 | (15,902) | 6 | 4,062 | (1,783) | (10,510) |
Income statement | (839) | (2,036) | \u2013 | \u2013 | 167 | (2,708) |
Other comprehensive income | \u2013 | \u2013 | (6) | \u2013 | \u2013 | (6) |
At 31 January 2025 | 2,268 | (17,938) | \u2013 | 4,062 | (1,616) | (13,224) |
At 1 February 2025 | 2,268 | (17,938) | \u2013 | 4,062 | (1,616) | (13,224) |
Income statements | (720) | 922 | \u2013 | \u2013 | 301 | 503 |
At 31 January 2026 | 1,548 | (17,016) | \u2013 | 4,062 | (1,315) | (12,721) |
Deferred taxation is principally composed of deferred tax assets and liabilities which are to be recovered and settled after more than twelve months.
At 31 January 2026, the Group and the Company had no unrecognised deferred tax assets (2025: \u20ac2,556,000).
Whereas tax losses have no expiry date, unabsorbed capital allowances and other tax credits are forfeited upon cessation of trade.
27. Tax expense/(income)
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Current tax expense | 348 | 558 | 10 | 11 |
Deferred tax income (Note 19) | 593 | (2,768) | 503 | (2,708) |
Tax expense/(income) | 941 | (2,210) | 513 | (2,697) |
The tax on the Group\u2019s and Company\u2019s profit before tax differs from the theoretical amount that would arise using the basic tax rate as follows:
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Profit before tax from continuing operations | 15,949 | 14,743 | 14,686 | 12,605 |
Profit before tax from discontinued operations (Note 21) | 3,026 | 2,825 | \u2013 | \u2013 |
Profit before tax | 18,975 | 17,568 | 14,686 | 12,605 |
Tax on profit at 35% | 6,641 | 6,149 | 5,140 | 4,412 |
Tax effect of: | ||||
Movement in deferred tax assets/conversion tax credits | (4,652) | (7,390) | (4,560) | (7,390) |
Under/(over) provision in deferred tax related to prior years | \u2013 | 96 | \u2013 | (24) |
Non-taxable income or disallowable expenses | 90 | 169 | (99) | 305 |
Income taxed at source at a reduced rate | (295) | (145) | \u2013 | \u2013 |
Other | 26 | 71 | 32 | \u2013 |
Tax expense/(income) | 1,810 | (1,050) | 513 | (2,697) |
Tax expense/(income) as reported in the statement of profit and loss | 941 | (2,210) | 513 | (2,697) |
Tax expense attributable to discontinued operations (Note 21) | 869 | 1,160 | \u2013 | \u2013 |
1,810 | (1,050) | 513 | (2,697) |
19. Deferred taxation\t
The movement in the deferred tax account is as follows:
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
At beginning of year | (12,003) | (9,191) | (13,224) | (10,510) |
Income statement - discontinued operations | (1,757) | \u2013 | \u2013 | \u2013 |
Charged/(credited) to income statements (Note 27) | 593 | (2,768) | 503 | (2,708) |
Net tax effect of re\u2013measurement of derivatives (Note 16) | \u2013 | (6) | \u2013 | (6) |
Deferred tax on assets held for distribution to shareholders (Note 21) | \u2013 | (111) | \u2013 | \u2013 |
Debit to income statement - discontinued operations | \u2013 | 73 | \u2013 | \u2013 |
At end of year | (13,167) | (12,003) | (12,721) | (13,224) |
Deferred taxes are calculated on all temporary differences under the liability method and are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based on tax rates (and tax laws) that have been enacted by the end of the reporting period. The principal tax rate used is 35% (2025: 35%), with the exception of deferred taxation on the fair valuation of non-depreciable property which is computed on the basis applicable to disposals of immovable property, that is, tax effect of 8% or 10% (2025: 8% or 10%) of the transfer value.
The manufacturing arm of the Group has been availing itself of investment aid under the various investment tax credit schemes that were applicable until 30 June 2014. The Group and the Company have reviewed the extent to which the related deferred tax may be utilised in the foreseeable future and transferred the movement to the income statement.
This assessment has been based on projected taxable profits. If the actual chargeable income differed by 10% from management\u2019s estimates, the Group and Company, would register no change to the deferred tax asset (2025: \u20ac1,030,000).
The movements in the deferred taxation elements and the balance at 31 January represent:
(Assets)/Liabilities | Fixed assets | Investment tax credits | Fair value(gain)/loss | Revaluation surplus | Provisions and Tax Losses | Total |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
GROUP | ||||||
At 1 February 2024 | 3,080 | (15,902) | 485 | 4,917 | (1,771) | (9,191) |
Income statement - continuing operations | (847) | (2,036) | \u2013 | \u2013 | 115 | (2,768) |
Income statement - discontinued operations | (16) | \u2013 | \u2013 | \u2013 | 89 | 73 |
Deferred tax on assets held for distribution to shareholders | (78) | \u2013 | \u2013 | \u2013 | (33) | (111) |
Other comprehensive income | \u2013 | \u2013 | (6) | \u2013 | \u2013 | (6) |
At 31 January 2025 | 2,139 | (17,938) | 479 | 4,917 | (1,600) | (12,003) |
At 1 February 2025 | 2,139 | (17,938) | 479 | 4,917 | (1,600) | (12,003) |
Income statement - continuing operations | (725) | 922 | \u2013 | \u2013 | 396 | 593 |
Income statement - discontinued operations | 255 | \u2013 | (479) | (855) | (678) | (1,757) |
At 31 January 2026 | 1,669 | (17,016) | \u2013 | 4,062 | (1,882) | (13,167) |
COMPANY | ||||||
At 1 February 2024 | 3,107 | (15,902) | 6 | 4,062 | (1,783) | (10,510) |
Income statement | (839) | (2,036) | \u2013 | \u2013 | 167 | (2,708) |
Other comprehensive income | \u2013 | \u2013 | (6) | \u2013 | \u2013 | (6) |
At 31 January 2025 | 2,268 | (17,938) | \u2013 | 4,062 | (1,616) | (13,224) |
At 1 February 2025 | 2,268 | (17,938) | \u2013 | 4,062 | (1,616) | (13,224) |
Income statements | (720) | 922 | \u2013 | \u2013 | 301 | 503 |
At 31 January 2026 | 1,548 | (17,016) | \u2013 | 4,062 | (1,315) | (12,721) |
Deferred taxation is principally composed of deferred tax assets and liabilities which are to be recovered and settled after more than twelve months.
At 31 January 2026, the Group and the Company had no unrecognised deferred tax assets (2025: \u20ac2,556,000).
Whereas tax losses have no expiry date, unabsorbed capital allowances and other tax credits are forfeited upon cessation of trade.
20. Trade and other payables
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Non\u2013current | ||||
Capital and other payables | 2,354 | 2,586 | 2,354 | 2,586 |
Current | ||||
Trade payables | 7,086 | 5,950 | 4,521 | 3,876 |
Capital and other payables | 3,871 | 3,581 | 3,728 | 3,629 |
Amounts due to subsidiaries | \u2013 | \u2013 | 3,182 | 1,688 |
Indirect taxes and social security | 2,834 | 2,829 | 2,664 | 2,746 |
Accruals and deferred income | 11,089 | 9,955 | 7,556 | 7,101 |
24,880 | 22,315 | 21,651 | 19,040 | |
Total trade and other payables | 27,234 | 24,901 | 24,005 | 21,626 |
The Group's and Company's exposure to currency and liquidity risk related to trade and other payables is disclosed in Note 2.
Amounts due by the Company to subsidiaries are unsecured and repayable on demand. Included in these balances at year-end there are no amounts (2025: \u20ac850,000) which are subject to an interest rate of 3.5% (2025: 3.5%). Other balances within amounts due from subsidiaries are interest free.
As at 31 January 2026, capital and other payables include institutional grants amounting to \u20ac1,729,000 (2025: \u20ac\u20ac1,979,000) relating to funds advanced directly by the Government of Malta and its agencies to the Group, co-financing its capital expenditure on certain items of property, plant and equipment. The non-current portion of deferred institutional grants amounted to \u20ac1,479,000 (2025: \u20ac1,729,000). Such funds are treated as deferred income and are credited to profit or loss on a systematic basis over the useful lives of the assets.
As at 31 January 2026, capital and other payables include net provisions of \u20ac1,100,000 (2025: \u20ac1,000,000) for annuities payable to pensioners and/or widowers under the closed pension fund scheme.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__308": { "value": "20. Trade and other payables
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Non\u2013current | ||||
Capital and other payables | 2,354 | 2,586 | 2,354 | 2,586 |
Current | ||||
Trade payables | 7,086 | 5,950 | 4,521 | 3,876 |
Capital and other payables | 3,871 | 3,581 | 3,728 | 3,629 |
Amounts due to subsidiaries | \u2013 | \u2013 | 3,182 | 1,688 |
Indirect taxes and social security | 2,834 | 2,829 | 2,664 | 2,746 |
Accruals and deferred income | 11,089 | 9,955 | 7,556 | 7,101 |
24,880 | 22,315 | 21,651 | 19,040 | |
Total trade and other payables | 27,234 | 24,901 | 24,005 | 21,626 |
The Group's and Company's exposure to currency and liquidity risk related to trade and other payables is disclosed in Note 2.
Amounts due by the Company to subsidiaries are unsecured and repayable on demand. Included in these balances at year-end there are no amounts (2025: \u20ac850,000) which are subject to an interest rate of 3.5% (2025: 3.5%). Other balances within amounts due from subsidiaries are interest free.
As at 31 January 2026, capital and other payables include institutional grants amounting to \u20ac1,729,000 (2025: \u20ac\u20ac1,979,000) relating to funds advanced directly by the Government of Malta and its agencies to the Group, co-financing its capital expenditure on certain items of property, plant and equipment. The non-current portion of deferred institutional grants amounted to \u20ac1,479,000 (2025: \u20ac1,729,000). Such funds are treated as deferred income and are credited to profit or loss on a systematic basis over the useful lives of the assets.
As at 31 January 2026, capital and other payables include net provisions of \u20ac1,100,000 (2025: \u20ac1,000,000) for annuities payable to pensioners and/or widowers under the closed pension fund scheme.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__309-1": { "value": "20. Trade and other payables
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Non\u2013current | ||||
Capital and other payables | 2,354 | 2,586 | 2,354 | 2,586 |
Current | ||||
Trade payables | 7,086 | 5,950 | 4,521 | 3,876 |
Capital and other payables | 3,871 | 3,581 | 3,728 | 3,629 |
Amounts due to subsidiaries | \u2013 | \u2013 | 3,182 | 1,688 |
Indirect taxes and social security | 2,834 | 2,829 | 2,664 | 2,746 |
Accruals and deferred income | 11,089 | 9,955 | 7,556 | 7,101 |
24,880 | 22,315 | 21,651 | 19,040 | |
Total trade and other payables | 27,234 | 24,901 | 24,005 | 21,626 |
As at 31 January 2026, capital and other payables include institutional grants amounting to \u20ac1,729,000 (2025: \u20ac\u20ac1,979,000) relating to funds advanced directly by the Government of Malta and its agencies to the Group, co-financing its capital expenditure on certain items of property, plant and equipment. The non-current portion of deferred institutional grants amounted to \u20ac1,479,000 (2025: \u20ac1,729,000). Such funds are treated as deferred income and are credited to profit or loss on a systematic basis over the useful lives of the assets.
As at 31 January 2026, capital and other payables include net provisions of \u20ac1,100,000 (2025: \u20ac1,000,000) for annuities payable to pensioners and/or widowers under the closed pension fund scheme.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__310-1": { "value": "20. Trade and other payables
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Non\u2013current | ||||
Capital and other payables | 2,354 | 2,586 | 2,354 | 2,586 |
Current | ||||
Trade payables | 7,086 | 5,950 | 4,521 | 3,876 |
Capital and other payables | 3,871 | 3,581 | 3,728 | 3,629 |
Amounts due to subsidiaries | \u2013 | \u2013 | 3,182 | 1,688 |
Indirect taxes and social security | 2,834 | 2,829 | 2,664 | 2,746 |
Accruals and deferred income | 11,089 | 9,955 | 7,556 | 7,101 |
24,880 | 22,315 | 21,651 | 19,040 | |
Total trade and other payables | 27,234 | 24,901 | 24,005 | 21,626 |
As at 31 January 2026, capital and other payables include institutional grants amounting to \u20ac1,729,000 (2025: \u20ac\u20ac1,979,000) relating to funds advanced directly by the Government of Malta and its agencies to the Group, co-financing its capital expenditure on certain items of property, plant and equipment. The non-current portion of deferred institutional grants amounted to \u20ac1,479,000 (2025: \u20ac1,729,000). Such funds are treated as deferred income and are credited to profit or loss on a systematic basis over the useful lives of the assets.
As at 31 January 2026, capital and other payables include net provisions of \u20ac1,100,000 (2025: \u20ac1,000,000) for annuities payable to pensioners and/or widowers under the closed pension fund scheme.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__311": { "value": "20. Trade and other payables
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Non\u2013current | ||||
Capital and other payables | 2,354 | 2,586 | 2,354 | 2,586 |
Current | ||||
Trade payables | 7,086 | 5,950 | 4,521 | 3,876 |
Capital and other payables | 3,871 | 3,581 | 3,728 | 3,629 |
Amounts due to subsidiaries | \u2013 | \u2013 | 3,182 | 1,688 |
Indirect taxes and social security | 2,834 | 2,829 | 2,664 | 2,746 |
Accruals and deferred income | 11,089 | 9,955 | 7,556 | 7,101 |
24,880 | 22,315 | 21,651 | 19,040 | |
Total trade and other payables | 27,234 | 24,901 | 24,005 | 21,626 |
20. Trade and other payables
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Non\u2013current | ||||
Capital and other payables | 2,354 | 2,586 | 2,354 | 2,586 |
Current | ||||
Trade payables | 7,086 | 5,950 | 4,521 | 3,876 |
Capital and other payables | 3,871 | 3,581 | 3,728 | 3,629 |
Amounts due to subsidiaries | \u2013 | \u2013 | 3,182 | 1,688 |
Indirect taxes and social security | 2,834 | 2,829 | 2,664 | 2,746 |
Accruals and deferred income | 11,089 | 9,955 | 7,556 | 7,101 |
24,880 | 22,315 | 21,651 | 19,040 | |
Total trade and other payables | 27,234 | 24,901 | 24,005 | 21,626 |
As at 31 January 2026, capital and other payables include institutional grants amounting to \u20ac1,729,000 (2025: \u20ac\u20ac1,979,000) relating to funds advanced directly by the Government of Malta and its agencies to the Group, co-financing its capital expenditure on certain items of property, plant and equipment. The non-current portion of deferred institutional grants amounted to \u20ac1,479,000 (2025: \u20ac1,729,000). Such funds are treated as deferred income and are credited to profit or loss on a systematic basis over the useful lives of the assets.
As at 31 January 2026, capital and other payables include net provisions of \u20ac1,100,000 (2025: \u20ac1,000,000) for annuities payable to pensioners and/or widowers under the closed pension fund scheme.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__320": { "value": "21. Assets held for distribution to shareholders and discontinued operations
On 27 November 2024, the Board of Directors issued a company announcement pursuant to Chapter 5 of the Capital Markets Rules as issued by the Malta Financial Services Authority in accordance with the provisions of the Financial Markets Act (Chapter 345 of the Laws of Malta). Through this announcement the Board of Directors advised that after having carefully considered the outcome of the strategic review referred to in the Annual Reports of January 2023 and 2024, it concluded that the growth of the food business as well as the interest of the Group, it's shareholders and other stakeholders would be best served through a reorganisation by way of a spin-off of the food business as a separate legal entity that would be listed on the Malta Stock Exchange.
At 31 January 2025, the food business was classified as a disposal group held for distribution to shareholders and as a discontinued operation.
The Shareholders approved the Board of Directors\u2019 strategic direction for the food business during the Annual General Meeting held on 26 June 2025. As part of the restructuring prior to the spin-off, the food subsidiaries distributed a net dividend of \u20ac8,276,000 to the Company. The Board of Directors deemed it appropriate to strengthen the share capital base of these subsidiaries prior to spin-off. The share capital of the two subsidiaries was increased to \u20ac10,000,000 for each company.
On 24 September 2025, the Board approved the actual spin-off of the food business by declaring a net interim dividend (paid in kind) of \u20ac46,800,000 through the distribution of the Company's entire shareholding in Quinco Holdings p.l.c. (Note 13).
The business of the subsidiaries Quintano Foods Limited and Food Chain Limited represented the entirety of the Group's food business. The results of the Group's food business prior to spin-off together with the comparative for the full year 2025 are presented below:
2026 | 2025 | |
Group | \u20ac\u2019000 | \u20ac\u2019000 |
Revenue | 29,660 | 39,276 |
Expenses | (26,404) | (36,166) |
Net Impairment movement of financial assets | \u2013 | 35 |
Operating profit | 3,256 | 3,145 |
Finance income | 21 | 30 |
Finance costs | (251) | (350) |
Profit before tax from discontinued operations | 3,026 | 2,825 |
Tax expense | (869) | (1,160) |
Profit for the year from discontinued operations | 2,157 | 1,665 |
Fair Value adjustment to investment in subsidiaries upon distribution | 21,946 | \u2013 |
Profit after tax from discontinued operations | 24,103 | 1,665 |
Revaluation of property included in OCI | \u2013 | 4,530 |
Other comprehensive income for the year from discontinued operations | 24,103 | 6,195 |
2026 | 2025 | |
Company | \u20ac\u2019000 | \u20ac\u2019000 |
Dividend income net of tax | 8,276 | \u2013 |
Fair Value adjustment to investment in subsidiaries upon distribution | 20,872 | \u2013 |
Profit after tax from discontinued operations | 29,148 | \u2013 |
The continuing operations revenue for the year ended 31 January 2026 includes revenue generated from sales to the discontinued operations of \u20ac553,000 (2025: \u20ac875,000) whilst the same amounts are included within the cost of sales (expenses) under the discontinued operations.
At the date of the distribution of the Company's entire shareholding in Quinco Holdings p.l.c. (Note 13), the carrying value of the assets and liabilities of the food business were as follows:
6 October2025 | 2025 | |
Group | \u20ac\u2019000 | \u20ac\u2019000 |
Assets | ||
Property, plant and equipment | 23,405 | 19,151 |
Right-of-use assets | 4,711 | 5,694 |
Intangible assets | 584 | 584 |
Inventories | 2,177 | 2,309 |
Trade and other receivables | 7,093 | 3,334 |
Cash and cash equivalents | 5,633 | 1,536 |
Assets held for distribution to shareholders | 43,603 | 32,608 |
Liabilities | ||
Trade and other payables | (9,931) | (7,214) |
Lease liabilities | (4,920) | (5,848) |
Current tax liabilities | (710) | (906) |
Borrowings | (952) | (221) |
Deferred tax liability | (92) | (111) |
Liabilities directly associated with assets held for distribution to shareholders | (16,605) | (14,300) |
Net assets directly associated with assets held for distribution to shareholders | 26,998 | 18,308 |
Amounts included in accumulated OCI: | ||
Revaluation of property | - | 4,530 |
Reserve of disposal group classified as held for distribution to shareholders | - | 4,530 |
The net cash flows of the discontinued food business are, as follows:
2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | |
Net cash from operating activities | 2,659 | 7,308 |
Net cash from used in investing activities | (4,879) | (6,563) |
Net cash from/(used in) financing activities | 5,587 | (1,520) |
Net cash inflow/(outflow) | 3,367 | (775) |
Earnings per share | ||
Basic and diluted earnings per share for the year from discontinued operations | \u20ac0.6695 | \u20ac0.0463 |
On 6 October 2025, the Company transferred its entire investment in Quinco Holdings p.l.c. to its shareholders through a non-cash dividend distribution of \u20ac46,800,000 (Note 13). The distribution represented the fair value of the food business subsidiaries and their underlying net assets. The difference between the fair value and the carrying amount of the food business in the consolidated accounts, net of all related adjustments, is presented as a fair value adjustment upon distribution under the discontinued operations and amounts to \u20ac21,946,000.
21. Assets held for distribution to shareholders and discontinued operations
On 27 November 2024, the Board of Directors issued a company announcement pursuant to Chapter 5 of the Capital Markets Rules as issued by the Malta Financial Services Authority in accordance with the provisions of the Financial Markets Act (Chapter 345 of the Laws of Malta). Through this announcement the Board of Directors advised that after having carefully considered the outcome of the strategic review referred to in the Annual Reports of January 2023 and 2024, it concluded that the growth of the food business as well as the interest of the Group, it's shareholders and other stakeholders would be best served through a reorganisation by way of a spin-off of the food business as a separate legal entity that would be listed on the Malta Stock Exchange.
At 31 January 2025, the food business was classified as a disposal group held for distribution to shareholders and as a discontinued operation.
The Shareholders approved the Board of Directors\u2019 strategic direction for the food business during the Annual General Meeting held on 26 June 2025. As part of the restructuring prior to the spin-off, the food subsidiaries distributed a net dividend of \u20ac8,276,000 to the Company. The Board of Directors deemed it appropriate to strengthen the share capital base of these subsidiaries prior to spin-off. The share capital of the two subsidiaries was increased to \u20ac10,000,000 for each company.
On 24 September 2025, the Board approved the actual spin-off of the food business by declaring a net interim dividend (paid in kind) of \u20ac46,800,000 through the distribution of the Company's entire shareholding in Quinco Holdings p.l.c. (Note 13).
The business of the subsidiaries Quintano Foods Limited and Food Chain Limited represented the entirety of the Group's food business. The results of the Group's food business prior to spin-off together with the comparative for the full year 2025 are presented below:
2026 | 2025 | |
Group | \u20ac\u2019000 | \u20ac\u2019000 |
Revenue | 29,660 | 39,276 |
Expenses | (26,404) | (36,166) |
Net Impairment movement of financial assets | \u2013 | 35 |
Operating profit | 3,256 | 3,145 |
Finance income | 21 | 30 |
Finance costs | (251) | (350) |
Profit before tax from discontinued operations | 3,026 | 2,825 |
Tax expense | (869) | (1,160) |
Profit for the year from discontinued operations | 2,157 | 1,665 |
Fair Value adjustment to investment in subsidiaries upon distribution | 21,946 | \u2013 |
Profit after tax from discontinued operations | 24,103 | 1,665 |
Revaluation of property included in OCI | \u2013 | 4,530 |
Other comprehensive income for the year from discontinued operations | 24,103 | 6,195 |
2026 | 2025 | |
Company | \u20ac\u2019000 | \u20ac\u2019000 |
Dividend income net of tax | 8,276 | \u2013 |
Fair Value adjustment to investment in subsidiaries upon distribution | 20,872 | \u2013 |
Profit after tax from discontinued operations | 29,148 | \u2013 |
The continuing operations revenue for the year ended 31 January 2026 includes revenue generated from sales to the discontinued operations of \u20ac553,000 (2025: \u20ac875,000) whilst the same amounts are included within the cost of sales (expenses) under the discontinued operations.
At the date of the distribution of the Company's entire shareholding in Quinco Holdings p.l.c. (Note 13), the carrying value of the assets and liabilities of the food business were as follows:
6 October2025 | 2025 | |
Group | \u20ac\u2019000 | \u20ac\u2019000 |
Assets | ||
Property, plant and equipment | 23,405 | 19,151 |
Right-of-use assets | 4,711 | 5,694 |
Intangible assets | 584 | 584 |
Inventories | 2,177 | 2,309 |
Trade and other receivables | 7,093 | 3,334 |
Cash and cash equivalents | 5,633 | 1,536 |
Assets held for distribution to shareholders | 43,603 | 32,608 |
Liabilities | ||
Trade and other payables | (9,931) | (7,214) |
Lease liabilities | (4,920) | (5,848) |
Current tax liabilities | (710) | (906) |
Borrowings | (952) | (221) |
Deferred tax liability | (92) | (111) |
Liabilities directly associated with assets held for distribution to shareholders | (16,605) | (14,300) |
Net assets directly associated with assets held for distribution to shareholders | 26,998 | 18,308 |
Amounts included in accumulated OCI: | ||
Revaluation of property | - | 4,530 |
Reserve of disposal group classified as held for distribution to shareholders | - | 4,530 |
The net cash flows of the discontinued food business are, as follows:
2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | |
Net cash from operating activities | 2,659 | 7,308 |
Net cash from used in investing activities | (4,879) | (6,563) |
Net cash from/(used in) financing activities | 5,587 | (1,520) |
Net cash inflow/(outflow) | 3,367 | (775) |
Earnings per share | ||
Basic and diluted earnings per share for the year from discontinued operations | \u20ac0.6695 | \u20ac0.0463 |
On 6 October 2025, the Company transferred its entire investment in Quinco Holdings p.l.c. to its shareholders through a non-cash dividend distribution of \u20ac46,800,000 (Note 13). The distribution represented the fair value of the food business subsidiaries and their underlying net assets. The difference between the fair value and the carrying amount of the food business in the consolidated accounts, net of all related adjustments, is presented as a fair value adjustment upon distribution under the discontinued operations and amounts to \u20ac21,946,000.
21. Assets held for distribution to shareholders and discontinued operations
On 27 November 2024, the Board of Directors issued a company announcement pursuant to Chapter 5 of the Capital Markets Rules as issued by the Malta Financial Services Authority in accordance with the provisions of the Financial Markets Act (Chapter 345 of the Laws of Malta). Through this announcement the Board of Directors advised that after having carefully considered the outcome of the strategic review referred to in the Annual Reports of January 2023 and 2024, it concluded that the growth of the food business as well as the interest of the Group, it's shareholders and other stakeholders would be best served through a reorganisation by way of a spin-off of the food business as a separate legal entity that would be listed on the Malta Stock Exchange.
At 31 January 2025, the food business was classified as a disposal group held for distribution to shareholders and as a discontinued operation.
The Shareholders approved the Board of Directors\u2019 strategic direction for the food business during the Annual General Meeting held on 26 June 2025. As part of the restructuring prior to the spin-off, the food subsidiaries distributed a net dividend of \u20ac8,276,000 to the Company. The Board of Directors deemed it appropriate to strengthen the share capital base of these subsidiaries prior to spin-off. The share capital of the two subsidiaries was increased to \u20ac10,000,000 for each company.
On 24 September 2025, the Board approved the actual spin-off of the food business by declaring a net interim dividend (paid in kind) of \u20ac46,800,000 through the distribution of the Company's entire shareholding in Quinco Holdings p.l.c. (Note 13).
The business of the subsidiaries Quintano Foods Limited and Food Chain Limited represented the entirety of the Group's food business. The results of the Group's food business prior to spin-off together with the comparative for the full year 2025 are presented below:
2026 | 2025 | |
Group | \u20ac\u2019000 | \u20ac\u2019000 |
Revenue | 29,660 | 39,276 |
Expenses | (26,404) | (36,166) |
Net Impairment movement of financial assets | \u2013 | 35 |
Operating profit | 3,256 | 3,145 |
Finance income | 21 | 30 |
Finance costs | (251) | (350) |
Profit before tax from discontinued operations | 3,026 | 2,825 |
Tax expense | (869) | (1,160) |
Profit for the year from discontinued operations | 2,157 | 1,665 |
Fair Value adjustment to investment in subsidiaries upon distribution | 21,946 | \u2013 |
Profit after tax from discontinued operations | 24,103 | 1,665 |
Revaluation of property included in OCI | \u2013 | 4,530 |
Other comprehensive income for the year from discontinued operations | 24,103 | 6,195 |
2026 | 2025 | |
Company | \u20ac\u2019000 | \u20ac\u2019000 |
Dividend income net of tax | 8,276 | \u2013 |
Fair Value adjustment to investment in subsidiaries upon distribution | 20,872 | \u2013 |
Profit after tax from discontinued operations | 29,148 | \u2013 |
The continuing operations revenue for the year ended 31 January 2026 includes revenue generated from sales to the discontinued operations of \u20ac553,000 (2025: \u20ac875,000) whilst the same amounts are included within the cost of sales (expenses) under the discontinued operations.
At the date of the distribution of the Company's entire shareholding in Quinco Holdings p.l.c. (Note 13), the carrying value of the assets and liabilities of the food business were as follows:
6 October2025 | 2025 | |
Group | \u20ac\u2019000 | \u20ac\u2019000 |
Assets | ||
Property, plant and equipment | 23,405 | 19,151 |
Right-of-use assets | 4,711 | 5,694 |
Intangible assets | 584 | 584 |
Inventories | 2,177 | 2,309 |
Trade and other receivables | 7,093 | 3,334 |
Cash and cash equivalents | 5,633 | 1,536 |
Assets held for distribution to shareholders | 43,603 | 32,608 |
Liabilities | ||
Trade and other payables | (9,931) | (7,214) |
Lease liabilities | (4,920) | (5,848) |
Current tax liabilities | (710) | (906) |
Borrowings | (952) | (221) |
Deferred tax liability | (92) | (111) |
Liabilities directly associated with assets held for distribution to shareholders | (16,605) | (14,300) |
Net assets directly associated with assets held for distribution to shareholders | 26,998 | 18,308 |
Amounts included in accumulated OCI: | ||
Revaluation of property | - | 4,530 |
Reserve of disposal group classified as held for distribution to shareholders | - | 4,530 |
The net cash flows of the discontinued food business are, as follows:
2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | |
Net cash from operating activities | 2,659 | 7,308 |
Net cash from used in investing activities | (4,879) | (6,563) |
Net cash from/(used in) financing activities | 5,587 | (1,520) |
Net cash inflow/(outflow) | 3,367 | (775) |
Earnings per share | ||
Basic and diluted earnings per share for the year from discontinued operations | \u20ac0.6695 | \u20ac0.0463 |
On 6 October 2025, the Company transferred its entire investment in Quinco Holdings p.l.c. to its shareholders through a non-cash dividend distribution of \u20ac46,800,000 (Note 13). The distribution represented the fair value of the food business subsidiaries and their underlying net assets. The difference between the fair value and the carrying amount of the food business in the consolidated accounts, net of all related adjustments, is presented as a fair value adjustment upon distribution under the discontinued operations and amounts to \u20ac21,946,000.
Auditor\u2019s fees
Fees charged by the auditor for services rendered during the financial periods ended 31 January 2026 and 2025 relate to the following:
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Annual statutory audit | 132 | 128 | 79 | 77 |
During the current year fees amounting to \u20ac74,000 (2025: \u20ac82,000) and \u20ac74,000 (2025: \u20ac82,000) for the Group and Company respectively have been charged by connected undertakings of the Company's auditor to the Group and Company for other non-assurance services.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__327": { "value": "23. Employee benefit expense
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Wages and salaries | 19,729 | 18,810 | 16,541 | 15,795 |
Social security costs | 1,197 | 1,148 | 1,011 | 974 |
20,926 | 19,958 | 17,552 | 16,769 | |
Recharged to subsidiaries and related parties | \u2013 | \u2013 | (2,245) | (2,457) |
20,926 | 19,958 | 15,307 | 14,312 | |
Termination benefits | \u2013 | 11 | \u2013 | 11 |
20,926 | 19,969 | 15,307 | 14,323 |
The average number of full time equivalents employed during the year by the Group and Company were:
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Continuing Operations | ||||
Management | 98 | 100 | 82 | 85 |
Non-Management | 461 | 453 | 373 | 367 |
559 | 553 | 455 | 452 |
The average number of full time equivalents employed during the year by the Group and Company were:
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Continuing Operations | ||||
Management | 98 | 100 | 82 | 85 |
Non-Management | 461 | 453 | 373 | 367 |
559 | 553 | 455 | 452 |
25. Finance income
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Interest on amounts owed by subsidiaries | \u2013 | \u2013 | 53 | 38 |
Other operating income | 70 | 49 | 17 | 11 |
70 | 49 | 70 | 49 |
25. Finance income
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Interest on amounts owed by subsidiaries | \u2013 | \u2013 | 53 | 38 |
Other operating income | 70 | 49 | 17 | 11 |
70 | 49 | 70 | 49 |
26. Finance costs
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Interest on bank loans and overdrafts | 121 | 199 | 64 | 133 |
Lease interest | 78 | 7 | 73 | 7 |
Interest on bonds | 700 | 700 | 700 | 700 |
Fair value loss on derivative financial instruments | \u2013 | 6 | \u2013 | 6 |
899 | 912 | 837 | 846 |
25. Finance income
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Interest on amounts owed by subsidiaries | \u2013 | \u2013 | 53 | 38 |
Other operating income | 70 | 49 | 17 | 11 |
70 | 49 | 70 | 49 |
25. Finance income
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Interest on amounts owed by subsidiaries | \u2013 | \u2013 | 53 | 38 |
Other operating income | 70 | 49 | 17 | 11 |
70 | 49 | 70 | 49 |
26. Finance costs
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Interest on bank loans and overdrafts | 121 | 199 | 64 | 133 |
Lease interest | 78 | 7 | 73 | 7 |
Interest on bonds | 700 | 700 | 700 | 700 |
Fair value loss on derivative financial instruments | \u2013 | 6 | \u2013 | 6 |
899 | 912 | 837 | 846 |
26. Finance costs
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Interest on bank loans and overdrafts | 121 | 199 | 64 | 133 |
Lease interest | 78 | 7 | 73 | 7 |
Interest on bonds | 700 | 700 | 700 | 700 |
Fair value loss on derivative financial instruments | \u2013 | 6 | \u2013 | 6 |
899 | 912 | 837 | 846 |
26. Finance costs
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Interest on bank loans and overdrafts | 121 | 199 | 64 | 133 |
Lease interest | 78 | 7 | 73 | 7 |
Interest on bonds | 700 | 700 | 700 | 700 |
Fair value loss on derivative financial instruments | \u2013 | 6 | \u2013 | 6 |
899 | 912 | 837 | 846 |
26. Finance costs
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Interest on bank loans and overdrafts | 121 | 199 | 64 | 133 |
Lease interest | 78 | 7 | 73 | 7 |
Interest on bonds | 700 | 700 | 700 | 700 |
Fair value loss on derivative financial instruments | \u2013 | 6 | \u2013 | 6 |
899 | 912 | 837 | 846 |
28. Directors\u2019 emoluments
Group | Company | |||
2026 | 2025 | 2026 | 2025 | |
\u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | \u20ac\u2019000 | |
Fees | 237 | 234 | 237 | 234 |
Salaries | 224 | 177 | 224 | 177 |
Other emoluments | 466 | 422 | 466 | 422 |
Total Directors' remuneration | 927 | 833 | 927 | 833 |
A number of Directors availed themselves of an allowance for the use of Company cars during the year. The estimated value of this benefit has been included within the Directors\u2019 emoluments, which also includes other allowances.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__350": { "value": "29. Earnings per share
Earnings per share is based on the profit for the financial year attributable to the shareholders of Simonds Farsons Cisk p.l.c. divided by the weighted average number of ordinary shares in issue during the year and ranking for dividend.
Group | ||
2026 | 2025 | |
Profit attributable to shareholders (\u20ac\u2019000) | ||
Continuing operations | 15,008 | 16,953 |
Discontinued operations | 24,103 | 1,665 |
39,111 | 18,618 | |
Weighted average number of ordinary shares in issue (thousands) | 36,000 | 36,000 |
Basic and diluted earnings per share for the year attributable to shareholders | ||
Continuing operations | \u20ac0.4169 | \u20ac0.4709 |
Discontinued operations | \u20ac0.6695 | \u20ac0.0463 |
The Company does not have any dilutive contracts on own shares in issue.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__354": { "value": "32. Contingent liabilities
At 31 January 2026, the Group and the Company had contingent liabilities amounting to \u20ac723,000 (2025: \u20ac723,000) and \u20ac27,000 (2025: \u20ac27,000) respectively, with regards to guarantees mainly in favour of the Comptroller of Customs issued by the bank on behalf of the Group and Company in the ordinary course of business and capital expenditure.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__355": { "value": "32. Contingent liabilities
At 31 January 2026, the Group and the Company had contingent liabilities amounting to \u20ac723,000 (2025: \u20ac723,000) and \u20ac27,000 (2025: \u20ac27,000) respectively, with regards to guarantees mainly in favour of the Comptroller of Customs issued by the bank on behalf of the Group and Company in the ordinary course of business and capital expenditure.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__363": { "value": "Simonds Farsons Cisk p.l.c. ", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__364": { "value": "Simonds Farsons Cisk p.l.c. ", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__365": { "value": "Simonds Farsons Cisk p.l.c. ", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__366": { "value": "public limited company ", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__367": { "value": "Malta", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__368": { "value": "Malta", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } }, "f0__s7__6__369": { "value": "Malta", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800X6EBTSVRJUMI71", "period": "2025-02-01T00:00:00/2026-02-01T00:00:00" } } } }