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"value": "1 General information CPI FIM SA, soci\u00e9t\u00e9 anonyme (the \u201cCompany\u201d) and its subsidiaries (together the \u201cGroup\u201d or \u201cCPI FIM\u201d), is an owner of income-generating real estate primarily in Poland and in the Czech Republic as well as of landbank and development projects intended for future rent. The Company is a subsidiary of CPI Property Group (also \u201cCPIPG\u201d and together with its subsidiaries as the \u201cCPIPG Group\u201d), which holds 97.31% of the Company shares. The Company is also involved in providing of loans and management services to other entities within the CPIPG Group. The Company is a joint stock company incorporated for an unlimited term and registered in Luxembourg. The address of its registered office is 40, rue de la Vall\u00e9e, L-2661 Luxembourg, Grand Duchy of Luxembourg. The trade registry number of the Company is B 44 996. The Company\u2019s shares registered under ISIN code LU0122624777 are listed on the regulated markets of the Luxembourg Stock Exchange and the Warsaw Stock Exchange. Description of the ownership structure As at 31 December 2024, CPIPG directly owns 97.31% of the Company shares. CPIPG is a Luxembourg joint stock company (soci\u00e9t\u00e9anonyme), whose shares registered under ISIN code LU0251710041 are listed on the regulated market of the Frankfurt Stock Exchange in the General Standard segment. As at 31 December 2024, Radovan Vitek (Vitek Trusts) is the primary shareholder of CPIPG holding indirectly 88.52% of its shares. For the list of shareholders as at 31 December 2024 refer to note 6.10. Board of Directors As at 31 December 2024, the Board of Directors consists of the following directors: Mr. David Greenbaum Mr. Edward Hughes Mrs. Anita Dubost Mr. Alfred Brandner",
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"value": "2 Basis of preparation and significant accounting policies 2.1 Basis of preparation of consolidated financial statements (a) Basis of preparation The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union. All the figures are presented in thousands of Euros, except if explicitly indicated otherwise. The consolidated financial statements have been prepared on a going concern basis. The consolidated financial statements were authorised for issue by the Board of Directors on 31 March 2025. (b) New and amended standards and interpretations For the preparation of these consolidated financial statements, the following amended standards and interpretations are mandatory for the first time for the financial year beginning 1 January 2024. The amendments and interpretations apply for the first time in 2024, but do not have an impact on the consolidated financial statements of the Group. The Group has not early adopted any standards, interpretations or amendments that have been issued but are not yet effective. Amendments to IFRS 16 - Lease Liability in a Sale and Leaseback The amendments in IFRS 16 specify the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognise any amount of the gain or loss that relates to the right of use it retains. The amendments had no impact on the Group\u2019s financial statements. Supplier Finance Arrangements - Amendments to IAS 7 and IFRS 7 The amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures clarify the characteristics of supplier finance arrangements and require additional disclosure of such arrangements. The disclosure requirements in the amendments are intended to assist users of financial statements in understanding the effects of supplier finance arrangements on an entity\u2019s liabilities, cash flows and exposure to liquidity risk. The amendments had no impact on the Group\u2019s financial statements. The amendments are effective for annual reporting periods beginning on or after 1 January 2024 and must be applied retrospectively. The Group is currently assessing the impact the amendments will have on current practice and whether existing loan agreements may require renegotiation. Amendments to IAS 1 - Classification of Liabilities as Current or Non-current The amendments to IAS 1 specify the requirements for classifying liabilities as current or non-current. The amendments clarify: - What is meant by a right to defer settlement - That a right to defer must exist at the end of the reporting period - That classification is unaffected by the likelihood that an entity will exercise its deferral right - That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification In addition, an entity is required to disclose when a liability arising from a loan agreement is classified as non-current and the entity\u2019s right to defer settlement is contingent on compliance with future covenants within twelve months. The amendments have no impact on the Group. The amendments that are not yet effective and have not yet been endorsed by the European Union IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures - Classification and Measurement of Financial Instruments (Amendments) In May 2024, the IASB issued amendments to the Classification and Measurement of Financial Instruments which amended IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures and they become effective for annual reporting periods beginning on or after January 1, 2026, with earlier application permitted. IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures - Contracts Referencing Nature-dependent Electricity (Amendments)In December 2024, the IASB issued targeted amendments for a better reflection of Contracts Referencing Nature-dependent Electricity, which amended IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures and they become effective for annual reporting periods beginning on or after January 1, 2026, with earlier application permitted. The amendments have no impact on the Group. IFRS 18 Presentation and Disclosure in Financial Statements IFRS 18 introduces new requirements on presentation within the statement of profit or loss. It requires an entity to classify all income and expenses within its statement of profit or loss into one of the five categories: operating; investing; financing; income taxes; and discontinued operations. These categories are complemented by the requirements to present subtotals and totals for \u2018operating profit or loss\u2019, \u2018profit or loss before financing and income taxes\u2019 and \u2018profit or loss\u2019. It also requires disclosure of management-defined performance measures and includes new requirements for aggregation and disaggregation of financial information based on the identified \u2018roles\u2019 of the primary financial statements and the notes. In addition, there are consequential amendments to other accounting standards. IFRS 18 is effective for reporting periods beginning on or after January 1, 2027, with earlier application permitted. Retrospective application is required in both annual and interim financial statements. The standard has not yet been endorsed by the EU. The Group analyses impact of the IFRS 18 on its consolidated financial statements. (c) Basis of measurement The consolidated financial statements have been prepared on a historical cost basis except for the following material items in the consolidated statement of financial position, which are measured as indicated below at each reporting date: \uf02d Inventories at lower of cost or net realisable value; \uf02d Investment property is measured at fair value; \uf02d Derivative instruments are measured at fair value; \uf02d Non-derivative financial instruments at fair value through profit or loss are measured at fair value; (d) Functional and presentation currency These consolidated financial statements are presented in Euro (EUR), which is the Company\u2019s functional currency. All financial information presented in EUR has been rounded to the nearest thousand, except when otherwise indicated. The functional currencies of other entities within the Group are listed in note 2.2(b). (e) Use of estimates and judgements The preparation of the consolidated financial statements in conformity with IFRS as adopted by the European Union requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. The estimates and assumptions are based on historical experience, internal calculations and various other factors that the management believes to be reasonable under the circumstances. The actual result might differ from the estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. Information about critical judgements in applying accounting policies that have the most significant effect on the amounts recognised in the financial statements is included in the following notes: \uf02d Note 2.2(c) \u2013 Classification of investment property \uf02d Note 2.2(l) \u2013 Service charges: Gross versus net revenue recognition. Information about assumptions and estimation uncertainties that have a significant risk of a material adjustment within the next financial year are included in the following notes: \uf02d Note 2.2(i) \u2013 Impairment test; \uf02d Note 2.3 \u2013 Determination of fair value; \uf02d Note 5.12 \u2013 Income tax expenses; \uf02d Note 7 \u2013 Financial risk management. 2.2 Significant accounting policies Except for the changes described above in note 2.1(b). New standards, the accounting policies used in preparing the consolidated financial statements are set out below. These accounting policies have been consistently applied in all material respects to all periods presented. (a) Basis of consolidation (i) Business combinations The Group uses the direct method of consolidation, under which the financial statements are translated directly into the presentation currency of the Group, EUR. Subsidiaries are fully consolidated from the date of the acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date when such control ceases. All intra-group balances, transactions, unrealised gains and losses resulting from intra-group transactions and dividends are eliminated in full on consolidation. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognised for noncontrolling interests, and any previous interest held, over the net identifiable assets acquired and liabilities assumed. When the excess is negative, a bargain purchase gain is recognised immediately in profit or loss. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts generally are recognised in profit or loss. Transaction costs, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination are expensed as incurred. Any contingent consideration payable is measured at fair value at the acquisition date. If the contingent consideration is classified as equity, then it is not re-measured and settlement is accounted for within the equity. Otherwise, subsequent changes in the fair value of the contingent consideration are recognised in profit or loss. The interest of non-controlling shareholders at the date of the business combination is generally recorded at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s identifiable net assets, which are generally at fair value, unless Group management has any other indicators about the non-controlling interest fair value. Changes in the Group\u2019s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. (ii) Business combinations involving entities under common control Business combinations arising from transfers of interests in entities that are under the control of the shareholder that controls the Group are not in scope of IFRS 3. The assets and liabilities acquired are recognised at the carrying amounts recognised previously in the financial statements of the acquire or at deemed costs if the local standards are different from IFRS adopted by the EU. Components of equity of the acquired entities are added to the corresponding equity components of the Group and any gain or loss arising is recognised in equity. (iii) Loss of control On the loss of control, the Group derecognises the assets and liabilities of the subsidiary, any non-controlling interests and the other components of equity related to the subsidiary. Any surplus or deficit arising on the loss of control is recognised in profit or loss. If the Group retains any interest in the previous subsidiary, then such interest is measured at fair value at the date that control is lost. Subsequently it is accounted for as equity accounted investee or as a debt investment at fair value through OCI depending on the level of influence retained. (iv) Equity accounted investees Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. The considerations made in determining significant influence or joint control are similar to those necessary to determine control over subsidiaries. The Group\u2019s investment in joint venture are accounted for using the equity method. The financial statements of the equity accounted investees are prepared for the same reporting period as the Group. The accounting policies are aligned with those of the Group. Therefore, no adjustments are made when measuring and recognising the Group\u2019s share of the profit or loss of the investees after the date of acquisition. The Group\u2019s investment in joint venture are accounted for using the equity method. The aggregate of the Group\u2019s share of profit or loss of a joint venture is shown on the face of the statement of profit or loss outside operating profit and represents profit or loss after tax and non[1]controlling interests in joint venture. Under the equity method, the investment in a joint venture is initially recognised at cost. The carrying amount of the investment is adjusted to recognise changes in the Group\u2019s share of net assets of joint venture since the acquisition date. Goodwill relating to joint venture is included in the carrying amount of the investment and is not tested for impairment separately. The cost of the investment includes transaction costs. The statement of profit or loss reflects the Group\u2019s share of the results of operations of joint venture. Any change in OCI of those investees is presented as part of the Group\u2019s OCI. In addition, when there has been a change recognised directly in the equity of joint venture, the Group recognises its share of any changes, when applicable, in the statement of changes in equity. Unrealised gains and losses resulting from transactions between the Group and the joint venture are eliminated to the extent of the interest in joint venture. After application of the equity method, the Group determines whether it is necessary to recognise an impairment loss on its investment in joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of joint venture and its carrying value, and then recognises the loss within \u2018Share of profit of an associate and a joint venture\u2019 in the statement of profit or loss. Upon loss of significant influence over joint control over the joint venture, the Group measures and recognises any retained investment at its fair value. Any difference between the carrying amount of the joint venture upon loss of significant influence or joint control and the fair value of the retained investment and proceeds from disposal is recognised in profit or loss. (v) Property asset acquisition Transaction that does not represent a business combination, because the acquired entity does not constitute a business in accordance with the IFRS 3, are accounted for as an asset acquisition. (b) Foreign currency (i) Functional currencies Functional currencies of the companies in the Group are the currencies of the primary economic environment in which the entities operate, and the majority of its transactions are carried out in this currency. The Group\u2019s consolidated financial statements are presented in EUR. The table below presents functional currencies of all Group\u2019s subsidiaries having non-EUR functional currency. Each Group\u2019s subsidiary determines its own functional currency, and items included in the financial statements of each entity are measured using that functional currency. For the purposes of inclusion in the consolidated financial statements, the statement of financial position of entities with non-EUR functional currencies are translated to EUR at the exchange rates prevailing at the balance sheet date and the income statements are translated at the average exchange rate for each month of the relevant year. The resulting net translation difference is recorded in OCI. When a foreign operation is disposed of, the cumulative amount in the translation reserve related to that foreign operation is reclassified to profit or loss as a part of gain or loss on the disposal. Group entities in different countries that have non-EUR functional currency: Country Functional currencyCzech Republic CZKPoland PLN(ii) Foreign currency transactions Transactions in foreign currencies are translated to the respective functional currencies of the Group\u2019s entities at exchange rates valid at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the functional currency at the exchange rate at that date. The foreign currency gain or loss on monetary items is the difference between the amortised cost in the functional currency at the beginning of the period, adjusted for effective interest and payments during the period, and the amortised cost in foreign currency translated at the exchange rate at the end of the period. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate at the date that the fair value was determined. Non-monetary items in a foreign currency that are measured based on historical cost are translated using the exchange rate at the date of the transaction. Foreign currency differences arising on retranslation are recognised in profit or loss, except for the differences arising on the retranslation of qualifying cash flow hedges to the extent the hedge is effective, which are recognised in OCI. The Group translates the foreign currency operations and transactions using the foreign exchange rates declared by relevant central banks. (c) Investment property and investment property under development Investment property is property held either to earn rental income or for capital appreciation or for both. Investment property is measured at cost on initial recognition and subsequently at fair value with any change therein recognised in profit or loss. Cost of investment property includes expenditure that is directly attributable to the acquisition of the investment property. The cost of self-constructed investment property includes the cost of material and direct labour, any other costs directly attributable to bringing the investment property to a working condition for their intended use and capitalised borrowing costs. External independent valuation companies, having appropriate recognised professional qualifications and recent experience in the location and category of property being valued, valued the portfolio of investment property at the year end of 2024 and 2023 respectively. Any gain or loss on disposal of an investment property (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognised in profit or loss. Property that is being constructed or developed for future use is measured at fair value until construction or development is completed. Any gain or loss arising on the measurement is recognised in profit or loss. The Group capitalises external borrowing costs on qualifying investment properties under development. (d) Leased assets The Group recognises right-of-use assets at the commencement date of the lease. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognised right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. Right-of-use assets are subject to impairment. Short-term leases and leases of low-value assets: The Group applies the short-term lease recognition exemption to its short-term leases. Short term leases have a lease term of 12 months or less from the commencement date and do not contain a purchase option. It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered of low value. Lease payments on short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term. The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. (e) Property, plant and equipment (i) Recognition and measurement Items of property, plant and equipment are measured at cost less accumulated depreciation (see below) and impairment losses (see accounting policy 2.2 (i). Other items of property, plant and equipment are measured at the lower of cost less accumulated depreciation and impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials, direct labour and any other costs directly attributable to bringing the assets to a working condition for their intended use, capitalised borrowing costs and an appropriate proportion of production overheads. Where components of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. Any gain or loss on disposal of an item of property, plant and equipment (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognised in profit or loss. (ii) Reclassification to investment property When the use of a property changes from owner-occupied to investment property, the property is reclassified to investment property and remeasured to fair value. Any gain arising on remeasurement is recognised in profit or loss to the extent that it reverses the previous impairment loss on the specific property, with any remaining gain recognised in OCI and presented in the revaluation reserve in equity. Any loss is recognised immediately in profit or loss. (iii) Subsequent costs Subsequent expenditure is capitalised only when it is probable that the future economic benefits associated with the expenditure will flow to the Group. Ongoing repairs and maintenance is expensed as incurred. (iv) Depreciation Items of property, plant and equipment are depreciated on a straight-line basis in profit or loss over the estimated useful lives of each component. Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Group will obtain ownership by the end of the lease term. Land is not depreciated. Items of property, plant and equipment are depreciated from the date that they are ready for use. The estimated useful lives for the current and comparative period are as follows: Assets 20242023Property 50 \u2013 80 years50 \u2013 80 yearsEquipment 5 \u2013 10 years5 \u2013 10 yearsFittings 3 \u2013 20 years3 \u2013 20 yearsDepreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. (f) Intangible assets (i) Other intangible assets Other intangible assets that are acquired by the Group and have finite useful lives, are measured at cost less accumulated amortisation (see (iii) below) and accumulated impairment losses (see accounting policy 2.2 (i)). (ii) Subsequent expenditure Subsequent expenditure on intangible assets is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure is recognised in profit or loss as incurred. (iii) Amortisation Except for goodwill and intangible assets with indefinite useful life, intangible assets are amortised on a straightline basis in profit or loss over their estimated useful lives, from the date that they are available for use. Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. (g) Inventories Inventories represent trading property and are measured at the lower of cost and net realisable value. Cost includes expenditure that is directly attributable to the acquisition of the trading property. The cost of self-constructed trading property includes the cost of material and direct labour, any other costs directly attributable to bringing the trading property to a condition for their intended use and capitalised borrowing costs. Deemed costs of trading property reclassified from existing investment property is the fair value of such property. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and selling expenses. (h) Financial instruments Initial recognition and measurement Financial assets are classified, at initial recognition: as subsequently measured at amortised cost, fair value through other comprehensive income (OCI), and fair value through profit or loss. The Group measures financial assets at amortised cost if both of the following conditions are met: \uf02d The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows; and \uf02d The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is classified and measured at fair value through OCI if it meets both of the following conditions: \uf02d The financial asset is held within a business model with the objective of both holding to collect contractual cash flows and selling; and \uf02d The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. All financial assets not classified as measured at amortised cost or fair value through OCI as described above are measured at fair value through profit or loss. On initial recognition, the Group may irrevocably designate a financial asset, that otherwise meets the requirements to be classified and measured at amortised cost or at fair value through OCI, to be classified and measured at fair value through profit or loss if it eliminates or reduces an accounting mismatch that would otherwise arise. Subsequent measurement For purposes of subsequent measurement, financial assets are classified in four categories: \uf02d Financial assets at amortised cost (debt instruments) This category is the most relevant to the Group. The Group\u2019s financial assets at amortised cost include trade receivables, and loans provided. Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. \uf02d Financial assets at fair value through OCI (debt instruments) For debt instruments at fair value through OCI, interest income, foreign exchange revaluation and impairment losses or reversals are recognised in the statement of profit or loss and computed in the same manner as for financial assets measured at amortised cost. The remaining fair value changes are recognised in OCI. Upon derecognition, the cumulative fair value change recognised in OCI is recycled to profit or loss. \uf02d Financial assets designated at fair value through OCI (equity instruments) Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognised as other income in the statement of profit or loss when the right of payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment. The Group elected to classify irrevocably its non-listed equity investments under this category. Investment in an equity instrument that does not have a quoted market price in an active market and for which other methods of reasonably estimating fair value are inappropriate are carried at cost. \uf02d Financial assets at fair value through profit or loss Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured at fair value through profit or loss, irrespective of the business model. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognised in the statement of profit or loss. Derecognition A financial asset is primarily derecognised when the rights to receive cash flows from the asset have expired. A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss. (i) Non-derivative financial assets The Group initially recognises loans and receivables on the date that they are originated. All other financial assets are recognised initially on the trade date, which is the date that the Group becomes a party to the contractual provisions of the instrument. The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Any interest in such transferred financial assets that is created or retained by the Group is recognised as a separate asset or liability. Financial assets and liabilities are offset, and the net amount presented in the consolidated statement of financial position when, and only when, the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. Loans provided Loans are financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, provided loans are measured at amortised cost using the effective interest method, less any impairment losses (see accounting policy 2.2(i)). Finance charges, including premiums receivable on settlement or redemption and direct issue costs, are recognised in profit or loss on an accrual basis using the effective interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. The recoverable amount of the Group\u2019s provided loans is calculated as the present value of estimated future cash flows, discounted at the original effective interest rate (i.e., the effective interest rate calculated at initial recognition of these financial assets). The Group classifies any part of long-term loans, that is due within one year from the reporting date, as current. Trade and other receivables Trade and other receivables are financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, receivables are measured at amortised cost using the effective interest method, less any impairment losses (see accounting policy 2.2(i)). Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits with maturities of three months or less from the acquisition date that are subject to an insignificant risk of changes in their fair value and are used by the Group in the management of its short-term cash commitments. Bank accounts and call deposits that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the cash-flow statement. The Company treats cash deposited as a security in accordance with bank loan covenants as cash and cash equivalents for cash flow purposes. The cash flow statement of the Group is prepared based on the indirect method from the consolidated statement of financial position and consolidated statement of profit and loss. In 2020, the Company agreed a cash-pool contracts with related subsidiaries of CPI Property Group. The Company classifies the provided and received cash pool balances including interests as other current receivables and other financial current liabilities, respectively. (ii) Non-derivative financial liabilities Non-derivative financial liabilities comprise loans and borrowings, bonds issued, bank overdrafts, and trade and other payables. The Group initially recognises debt securities issued and subordinated liabilities on the date that they are originated. All other financial liabilities (including financial liabilities designated as at fair value through profit or loss) are recognised initially on the trade date, which is the date that the Group becomes a party to the contractual provisions of the instrument. The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expire. The Group classifies non-derivative financial liabilities as the other financial liabilities category. Such financial liabilities are recognised initially at fair value less any directly attributable transaction costs. Subsequent to initial recognition, these financial liabilities are measured at amortised cost using the effective interest method. The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the contractual cash flows of the financial liability. Financial debts and bonds are recognised initially at fair value less any directly attributable transaction costs. Subsequent to initial recognition, financial debts and bonds are measured at amortised cost using the effective interest method. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are recognised in profit or loss on an accrual basis using the effective interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which it arises. The Group classifies any part of long-term loans or bonds that is due within one year from the date of the consolidated statement of financial position as current liabilities. Bond transaction costs Bonds payable are initially recognised at the amount of the proceeds from issued bonds less any attributable transaction costs. Bond transaction costs include fees and commissions paid to agents, advisers, brokers and dealers, levies by regulatory agencies and securities exchanges. Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment to purchase the underlying asset. (iii) Share capital Ordinary shares Incremental costs directly attributable to the issue of new shares and shares options, other than upon a business combination, are recognised as a deduction from equity, net of any tax effects. (i) Impairment (i) Impairment of non-derivative financial assets The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the discounted cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). For trade receivables, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience. The Group considers a non-derivative financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding amounts in full. A non-derivative financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Determination of ECLs for loans provided to related parties is based on Group\u2019s risk assessment and estimated rating of the borrower. (ii) Impairment of non-financial assets The carrying amounts of the Group\u2019s non-financial assets, other than investment property (see accounting policy 2.2(c)), property plant and equipment (only partially, see accounting policy 2.2(e)), inventories (see accounting policy 2.2(g)), and deferred tax assets (see accounting policy 2.2(p)), are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. An asset\u2019s recoverable amount is the higher of an asset\u2019s or CGU\u2019s fair value less costs of disposal and its value in use. For the purpose of impairment testing, assets are grouped together into cash generating units (CGU\u2019s) \u2013 the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. The Group bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for each of the Group\u2019s CGUs to which the individual assets are allocated. An assessment is made at each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to CGU (group of CGUs), and then to reduce the carrying amounts of the other assets in the CGU (group of CGUs) on a pro-rata basis. (j) Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. The unwinding of the discount is recognised as a finance cost. (k) Assets held for sale and disposal groups Non-current assets held for sale and disposal groups comprising assets and liabilities are classified as held-for-sale when it is highly probable that they will be recovered primarily through sale rather than through continuing use. The following criteria must be met for an asset or disposal group to be classified as held for sale: the Group is committed to selling the asset or disposal group, the asset is available for immediate sale, an active plan of sale has commenced, the sale is expected to be completed within 12 months and the asset is being actively marketed for sale at a sales price reasonable in relation to its fair value. Such assets, or disposal groups, are measured at the lower of carrying amount and fair value less costs to sell. (l) Revenue (i) Rental revenue Rental income arising from operating leases on investment property is accounted for on a straight-line basis over the lease terms. Initial direct costs incurred in negotiating and arranging an operating lease are recognised as an expense over the lease term on the same basis as the lease income. Tenant lease incentives are recognised as a reduction of rental revenue on a straight-line basis over the term of the lease. The term of the lease is the non-cancellable period of the lease. Any further term for which the tenant has the option to continue the lease is not considered by the Group. (ii) Services rendered Revenue from services rendered is recognised in profit or loss in proportion to the stage of completion of the transaction at the reporting date. The stage of completion is assessed by reference to surveys of work performed. (iii) Service charges and other income Income arising from expenses recharged to tenants is recognised in the period in which the compensation becomes receivable. Service and management charges and other such receipts are included in net rental income gross of the related costs. The Group determined that it does control the services before they are transferred to tenants and therefore that the Group acts rather as a principal in these arrangements. (iv) Sale of investment property and trading property, investment in subsidiaries and equity-accounted investees Revenue from the sale of investment and trading property, investments in subsidiaries and equity-accounted investees are recognised in profit or loss by the Group at the point of time when the control over the property is transferred to a customer, usually on the date on which the application is submitted to the Land Registry for transfer of legal ownership title. The property must be completed, and the apartments are ready for sale, including the necessary regulatory permissions. The timing of the transfer of risks and rewards varies depending on the individual terms of the sale arrangement. (m) Expenses Operating expenses are expensed as incurred. Expenditures that relate to multiple accounting periods are deferred and recognised over those accounting periods irrespective of the timing of the consideration given or liability incurred. (n) Interest income, interest expense and other net financial result Interest income comprises interest income on funds invested, such as bank interest, interest on provided loans, interest on bonds purchased and interest on non-current receivables. Interest expense comprises interest expense on loans and borrowings, on leases, on bonds issued and interest charges related to leases. Interest income and expense is recognised as it accrues in profit or loss, using the effective interest method. Other net financial result comprises dividend income, gains on disposal of debt investments at fair value through OCI, gains on derivative instruments that are recognised in profit or loss and reclassifications of amounts (losses) previously recognised in OCI, bank charges, losses on disposal of debt investments at fair value through OCI, losses on derivative instruments that are recognised in profit or loss and reclassifications of amounts (gains) previously recognised in OCI and foreign currency gains and losses that are reported on a net basis as either finance income or finance costs depending on whether foreign currency movements result in a net gain or net loss position. Borrowing costs that are not directly attributable to the acquisition or construction of a qualifying asset are recognised in profit or loss using the effective interest method. Dividend income is recognised in profit or loss on the date that the Group\u2019s right to receive payment is established. (o) Current income tax Current income tax assets and liabilities recognised are the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the country where the Group operates and generates taxable income. The estimated current income tax expense is calculated using the accounting profit for the period and an estimate of non-deductible expenses of each entity of the Group and the corresponding income tax rate applicable to the given country and accounting period. Current and deferred income tax is recognised in profit or loss except to the extent that it relates to a business combination, or items recognised directly in equity or in OCI. (p) Deferred tax Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for: \uf02d temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss (asset acquisition); \uf02d temporary differences related to investments in subsidiaries and jointly controlled entities to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future; and \uf02d taxable temporary differences arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantially enacted at the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised. (q) Earnings per share The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the period. Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding for the effects of all dilutive potential ordinary shares. (r) Entity wide disclosures The Group has applied the criteria of IFRS 8, \u2018Operating Segments\u2019 to determine the number and type of operating segments. From second half of 2018, the Group reports as a single operating segment entity. Previously, the Group reported the three operating segments: Income generating rental properties, Land bank and Development. The entity-wide disclosures are determined based on the nature of the business and how the business is managed by the Board of Directors, the Group\u2019s chief operating decision maker and reflect the internal reporting structure. Reasons supporting the change of operating segments in 2018 are: \uf02d The chief operating decision maker no longer focuses on the differentiation based on the asset types but reviews and manages the business as a whole. \uf02d Income generating rental properties, land bank and development, previously reported as individual operating segments, became less significant business considering the Group\u2019s financing function. As required by IFRS 8, the Group provides information on the business activities in which, the Group engages including split of revenue and investment property per asset portfolio. (s) Key management personnel The Group discloses the total remuneration of key management personnel as required by IAS 24 \u2013 Related party disclosures. The Group includes within key management personnel all individuals (and their family members, if applicable) who have authority and responsibility for planning, directing and controlling the activities of the Group. Key management personnel include all members of the Management Board and the senior executives of the Group. 2.3 Determination of fair value Investment properties are stated at fair value as at 31 December 2024 and 2023 based on external valuations performed by professionally qualified valuers. The Group\u2019s property portfolio in the Czech Republic is valued by Jones Lang LaSalle, CBRE and RSM, in Poland by Knight Frank. The residential portfolio in France is valued by Savills and two Italian properties are valued by Colliers. One asset in Poland was valued internally. Independent valuations are reviewed by the Group\u2019s management and represent a basis for the management\u2019s estimate of the investment properties\u2019 fair value. Those estimates considered the results of current and prior external valuations, information from comparable selling and purchase transactions, the deferred tax impact and current market conditions. Valuations reflect, where appropriate, the type of tenants in occupation or responsible for meeting the lease commitments and the market\u2019s general perception of their creditworthiness; the allocation of maintenance and insurance responsibilities between lessor and lessee; and the remaining economic life of the property. The following valuation methods of investment property were used: The real estate market in Central and Eastern Europe is considered small and transactions with real estate portfolios of the size similar to that of the Group\u2019s portfolio are rare. Global volatility of the financial system is reflected also in local residential and commercial real estate markets. Therefore, in arriving at the estimates of market values of investment property as at 31 December 2024 and 31 December 2023, the reliance placed on comparable historical transactions was limited. Due to the need to use the market knowledge and professional judgements of the valuers to a greater extent, there was higher degree of uncertainty than which would exist in a more developed and active market. (i) Office, Industry and Logistics Office, logistics and industry properties have been valued using predominantly income capitalisation and discounted cash flow valuation techniques. Income capitalisation method is based on the capitalisation of the net annual income the property generates or is potentially able to generate. On lease expiry, future income flows have been capitalised into perpetuity at the estimated rental value, taking into account expiry voids and rent-free periods. The net income is the total rental income reduced by the costs the landlord cannot cover from the tenants. The capitalisation yield (equivalent yield) is determined by the market transactions achieved at the sale of the property or similar properties in the market between the willing buyer and the willing seller in the arm\u2019s length transaction. A yield reflects the risks inherent in the net cash flows applicable to the net annual rentals to arrive at the property valuation. The sales comparison valuation technique has been used for smaller special retail assets in the Czech Republic. (ii) Land and vacant buildings Land and vacant buildings have been valued using the direct comparison method to arrive at the value of the property in its existing state. Comparison was performed with other similarly located and zoned plots of land/buildings that are currently on the market. This valuation method is most useful when several similar properties have recently been sold or are currently for sale in the subject property market. Using this approach a value indication by comparing the subject property to prices of similar properties is produced. The sale prices of the properties that are judged to be most comparable tend to indicate a range in which the value indication for the subject property will fall. The valuer estimated the degree of similarity or difference between the subject property and the comparable sales by considering various elements of comparison. Percentage adjustments were then applied to the sale prices of the comparable information because the prices of these properties are known, while the value of the subject property is not. (iii) Investment property under development/developments The valuer used the Residual Value Approach for the valuation of the investment property under development. In order to assess the market value of the sites, the valuer undertook a development appraisal to assess the potential value (Gross Development Value) of the fully completed and leased development as currently proposed, and deducted hard costs, soft costs, financing costs and a developer\u2019s expected required profit (which reflects the required level of return to a developer and the risk of undertaking the project). In assessing the Gross Development Value, the valuator adopted a market approach by estimating the market rental values for the accommodation being developed, and the appropriate capitalisation rate which a potential investor would require, to arrive at the Market Value of the completed and leased building. For sensitivity analysis on changes in assumptions of Investment property valuation refer to note 7.5.",
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"value": "2 Basis of preparation and significant accounting policies 2.1 Basis of preparation of consolidated financial statements (a) Basis of preparation The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union. All the figures are presented in thousands of Euros, except if explicitly indicated otherwise. The consolidated financial statements have been prepared on a going concern basis. The consolidated financial statements were authorised for issue by the Board of Directors on 31 March 2025. (b) New and amended standards and interpretations For the preparation of these consolidated financial statements, the following amended standards and interpretations are mandatory for the first time for the financial year beginning 1 January 2024. The amendments and interpretations apply for the first time in 2024, but do not have an impact on the consolidated financial statements of the Group. The Group has not early adopted any standards, interpretations or amendments that have been issued but are not yet effective. Amendments to IFRS 16 - Lease Liability in a Sale and Leaseback The amendments in IFRS 16 specify the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognise any amount of the gain or loss that relates to the right of use it retains. The amendments had no impact on the Group\u2019s financial statements. Supplier Finance Arrangements - Amendments to IAS 7 and IFRS 7 The amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures clarify the characteristics of supplier finance arrangements and require additional disclosure of such arrangements. The disclosure requirements in the amendments are intended to assist users of financial statements in understanding the effects of supplier finance arrangements on an entity\u2019s liabilities, cash flows and exposure to liquidity risk. The amendments had no impact on the Group\u2019s financial statements. The amendments are effective for annual reporting periods beginning on or after 1 January 2024 and must be applied retrospectively. The Group is currently assessing the impact the amendments will have on current practice and whether existing loan agreements may require renegotiation. Amendments to IAS 1 - Classification of Liabilities as Current or Non-current The amendments to IAS 1 specify the requirements for classifying liabilities as current or non-current. The amendments clarify: - What is meant by a right to defer settlement - That a right to defer must exist at the end of the reporting period - That classification is unaffected by the likelihood that an entity will exercise its deferral right - That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification In addition, an entity is required to disclose when a liability arising from a loan agreement is classified as non-current and the entity\u2019s right to defer settlement is contingent on compliance with future covenants within twelve months. The amendments have no impact on the Group. The amendments that are not yet effective and have not yet been endorsed by the European Union IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures - Classification and Measurement of Financial Instruments (Amendments) In May 2024, the IASB issued amendments to the Classification and Measurement of Financial Instruments which amended IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures and they become effective for annual reporting periods beginning on or after January 1, 2026, with earlier application permitted. IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures - Contracts Referencing Nature-dependent Electricity (Amendments)In December 2024, the IASB issued targeted amendments for a better reflection of Contracts Referencing Nature-dependent Electricity, which amended IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures and they become effective for annual reporting periods beginning on or after January 1, 2026, with earlier application permitted. The amendments have no impact on the Group. IFRS 18 Presentation and Disclosure in Financial Statements IFRS 18 introduces new requirements on presentation within the statement of profit or loss. It requires an entity to classify all income and expenses within its statement of profit or loss into one of the five categories: operating; investing; financing; income taxes; and discontinued operations. These categories are complemented by the requirements to present subtotals and totals for \u2018operating profit or loss\u2019, \u2018profit or loss before financing and income taxes\u2019 and \u2018profit or loss\u2019. It also requires disclosure of management-defined performance measures and includes new requirements for aggregation and disaggregation of financial information based on the identified \u2018roles\u2019 of the primary financial statements and the notes. In addition, there are consequential amendments to other accounting standards. IFRS 18 is effective for reporting periods beginning on or after January 1, 2027, with earlier application permitted. Retrospective application is required in both annual and interim financial statements. The standard has not yet been endorsed by the EU. The Group analyses impact of the IFRS 18 on its consolidated financial statements. (c) Basis of measurement The consolidated financial statements have been prepared on a historical cost basis except for the following material items in the consolidated statement of financial position, which are measured as indicated below at each reporting date: \uf02d Inventories at lower of cost or net realisable value; \uf02d Investment property is measured at fair value; \uf02d Derivative instruments are measured at fair value; \uf02d Non-derivative financial instruments at fair value through profit or loss are measured at fair value; (d) Functional and presentation currency These consolidated financial statements are presented in Euro (EUR), which is the Company\u2019s functional currency. All financial information presented in EUR has been rounded to the nearest thousand, except when otherwise indicated. The functional currencies of other entities within the Group are listed in note 2.2(b). (e) Use of estimates and judgements The preparation of the consolidated financial statements in conformity with IFRS as adopted by the European Union requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. The estimates and assumptions are based on historical experience, internal calculations and various other factors that the management believes to be reasonable under the circumstances. The actual result might differ from the estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. Information about critical judgements in applying accounting policies that have the most significant effect on the amounts recognised in the financial statements is included in the following notes: \uf02d Note 2.2(c) \u2013 Classification of investment property \uf02d Note 2.2(l) \u2013 Service charges: Gross versus net revenue recognition. Information about assumptions and estimation uncertainties that have a significant risk of a material adjustment within the next financial year are included in the following notes: \uf02d Note 2.2(i) \u2013 Impairment test; \uf02d Note 2.3 \u2013 Determination of fair value; \uf02d Note 5.12 \u2013 Income tax expenses; \uf02d Note 7 \u2013 Financial risk management. 2.2 Significant accounting policies Except for the changes described above in note 2.1(b). New standards, the accounting policies used in preparing the consolidated financial statements are set out below. These accounting policies have been consistently applied in all material respects to all periods presented. (a) Basis of consolidation (i) Business combinations The Group uses the direct method of consolidation, under which the financial statements are translated directly into the presentation currency of the Group, EUR. Subsidiaries are fully consolidated from the date of the acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date when such control ceases. All intra-group balances, transactions, unrealised gains and losses resulting from intra-group transactions and dividends are eliminated in full on consolidation. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognised for noncontrolling interests, and any previous interest held, over the net identifiable assets acquired and liabilities assumed. When the excess is negative, a bargain purchase gain is recognised immediately in profit or loss. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts generally are recognised in profit or loss. Transaction costs, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination are expensed as incurred. Any contingent consideration payable is measured at fair value at the acquisition date. If the contingent consideration is classified as equity, then it is not re-measured and settlement is accounted for within the equity. Otherwise, subsequent changes in the fair value of the contingent consideration are recognised in profit or loss. The interest of non-controlling shareholders at the date of the business combination is generally recorded at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s identifiable net assets, which are generally at fair value, unless Group management has any other indicators about the non-controlling interest fair value. Changes in the Group\u2019s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. (ii) Business combinations involving entities under common control Business combinations arising from transfers of interests in entities that are under the control of the shareholder that controls the Group are not in scope of IFRS 3. The assets and liabilities acquired are recognised at the carrying amounts recognised previously in the financial statements of the acquire or at deemed costs if the local standards are different from IFRS adopted by the EU. Components of equity of the acquired entities are added to the corresponding equity components of the Group and any gain or loss arising is recognised in equity. (iii) Loss of control On the loss of control, the Group derecognises the assets and liabilities of the subsidiary, any non-controlling interests and the other components of equity related to the subsidiary. Any surplus or deficit arising on the loss of control is recognised in profit or loss. If the Group retains any interest in the previous subsidiary, then such interest is measured at fair value at the date that control is lost. Subsequently it is accounted for as equity accounted investee or as a debt investment at fair value through OCI depending on the level of influence retained. (iv) Equity accounted investees Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. The considerations made in determining significant influence or joint control are similar to those necessary to determine control over subsidiaries. The Group\u2019s investment in joint venture are accounted for using the equity method. The financial statements of the equity accounted investees are prepared for the same reporting period as the Group. The accounting policies are aligned with those of the Group. Therefore, no adjustments are made when measuring and recognising the Group\u2019s share of the profit or loss of the investees after the date of acquisition. The Group\u2019s investment in joint venture are accounted for using the equity method. The aggregate of the Group\u2019s share of profit or loss of a joint venture is shown on the face of the statement of profit or loss outside operating profit and represents profit or loss after tax and non[1]controlling interests in joint venture. Under the equity method, the investment in a joint venture is initially recognised at cost. The carrying amount of the investment is adjusted to recognise changes in the Group\u2019s share of net assets of joint venture since the acquisition date. Goodwill relating to joint venture is included in the carrying amount of the investment and is not tested for impairment separately. The cost of the investment includes transaction costs. The statement of profit or loss reflects the Group\u2019s share of the results of operations of joint venture. Any change in OCI of those investees is presented as part of the Group\u2019s OCI. In addition, when there has been a change recognised directly in the equity of joint venture, the Group recognises its share of any changes, when applicable, in the statement of changes in equity. Unrealised gains and losses resulting from transactions between the Group and the joint venture are eliminated to the extent of the interest in joint venture. After application of the equity method, the Group determines whether it is necessary to recognise an impairment loss on its investment in joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of joint venture and its carrying value, and then recognises the loss within \u2018Share of profit of an associate and a joint venture\u2019 in the statement of profit or loss. Upon loss of significant influence over joint control over the joint venture, the Group measures and recognises any retained investment at its fair value. Any difference between the carrying amount of the joint venture upon loss of significant influence or joint control and the fair value of the retained investment and proceeds from disposal is recognised in profit or loss. (v) Property asset acquisition Transaction that does not represent a business combination, because the acquired entity does not constitute a business in accordance with the IFRS 3, are accounted for as an asset acquisition. (b) Foreign currency (i) Functional currencies Functional currencies of the companies in the Group are the currencies of the primary economic environment in which the entities operate, and the majority of its transactions are carried out in this currency. The Group\u2019s consolidated financial statements are presented in EUR. The table below presents functional currencies of all Group\u2019s subsidiaries having non-EUR functional currency. Each Group\u2019s subsidiary determines its own functional currency, and items included in the financial statements of each entity are measured using that functional currency. For the purposes of inclusion in the consolidated financial statements, the statement of financial position of entities with non-EUR functional currencies are translated to EUR at the exchange rates prevailing at the balance sheet date and the income statements are translated at the average exchange rate for each month of the relevant year. The resulting net translation difference is recorded in OCI. When a foreign operation is disposed of, the cumulative amount in the translation reserve related to that foreign operation is reclassified to profit or loss as a part of gain or loss on the disposal. Group entities in different countries that have non-EUR functional currency: Country Functional currencyCzech Republic CZKPoland PLN(ii) Foreign currency transactions Transactions in foreign currencies are translated to the respective functional currencies of the Group\u2019s entities at exchange rates valid at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the functional currency at the exchange rate at that date. The foreign currency gain or loss on monetary items is the difference between the amortised cost in the functional currency at the beginning of the period, adjusted for effective interest and payments during the period, and the amortised cost in foreign currency translated at the exchange rate at the end of the period. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate at the date that the fair value was determined. Non-monetary items in a foreign currency that are measured based on historical cost are translated using the exchange rate at the date of the transaction. Foreign currency differences arising on retranslation are recognised in profit or loss, except for the differences arising on the retranslation of qualifying cash flow hedges to the extent the hedge is effective, which are recognised in OCI. The Group translates the foreign currency operations and transactions using the foreign exchange rates declared by relevant central banks. (c) Investment property and investment property under development Investment property is property held either to earn rental income or for capital appreciation or for both. Investment property is measured at cost on initial recognition and subsequently at fair value with any change therein recognised in profit or loss. Cost of investment property includes expenditure that is directly attributable to the acquisition of the investment property. The cost of self-constructed investment property includes the cost of material and direct labour, any other costs directly attributable to bringing the investment property to a working condition for their intended use and capitalised borrowing costs. External independent valuation companies, having appropriate recognised professional qualifications and recent experience in the location and category of property being valued, valued the portfolio of investment property at the year end of 2024 and 2023 respectively. Any gain or loss on disposal of an investment property (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognised in profit or loss. Property that is being constructed or developed for future use is measured at fair value until construction or development is completed. Any gain or loss arising on the measurement is recognised in profit or loss. The Group capitalises external borrowing costs on qualifying investment properties under development. (d) Leased assets The Group recognises right-of-use assets at the commencement date of the lease. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognised right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. Right-of-use assets are subject to impairment. Short-term leases and leases of low-value assets: The Group applies the short-term lease recognition exemption to its short-term leases. Short term leases have a lease term of 12 months or less from the commencement date and do not contain a purchase option. It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered of low value. Lease payments on short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term. The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. (e) Property, plant and equipment (i) Recognition and measurement Items of property, plant and equipment are measured at cost less accumulated depreciation (see below) and impairment losses (see accounting policy 2.2 (i). Other items of property, plant and equipment are measured at the lower of cost less accumulated depreciation and impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials, direct labour and any other costs directly attributable to bringing the assets to a working condition for their intended use, capitalised borrowing costs and an appropriate proportion of production overheads. Where components of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. Any gain or loss on disposal of an item of property, plant and equipment (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognised in profit or loss. (ii) Reclassification to investment property When the use of a property changes from owner-occupied to investment property, the property is reclassified to investment property and remeasured to fair value. Any gain arising on remeasurement is recognised in profit or loss to the extent that it reverses the previous impairment loss on the specific property, with any remaining gain recognised in OCI and presented in the revaluation reserve in equity. Any loss is recognised immediately in profit or loss. (iii) Subsequent costs Subsequent expenditure is capitalised only when it is probable that the future economic benefits associated with the expenditure will flow to the Group. Ongoing repairs and maintenance is expensed as incurred. (iv) Depreciation Items of property, plant and equipment are depreciated on a straight-line basis in profit or loss over the estimated useful lives of each component. Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Group will obtain ownership by the end of the lease term. Land is not depreciated. Items of property, plant and equipment are depreciated from the date that they are ready for use. The estimated useful lives for the current and comparative period are as follows: Assets 20242023Property 50 \u2013 80 years50 \u2013 80 yearsEquipment 5 \u2013 10 years5 \u2013 10 yearsFittings 3 \u2013 20 years3 \u2013 20 yearsDepreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. (f) Intangible assets (i) Other intangible assets Other intangible assets that are acquired by the Group and have finite useful lives, are measured at cost less accumulated amortisation (see (iii) below) and accumulated impairment losses (see accounting policy 2.2 (i)). (ii) Subsequent expenditure Subsequent expenditure on intangible assets is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure is recognised in profit or loss as incurred. (iii) Amortisation Except for goodwill and intangible assets with indefinite useful life, intangible assets are amortised on a straightline basis in profit or loss over their estimated useful lives, from the date that they are available for use. Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. (g) Inventories Inventories represent trading property and are measured at the lower of cost and net realisable value. Cost includes expenditure that is directly attributable to the acquisition of the trading property. The cost of self-constructed trading property includes the cost of material and direct labour, any other costs directly attributable to bringing the trading property to a condition for their intended use and capitalised borrowing costs. Deemed costs of trading property reclassified from existing investment property is the fair value of such property. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and selling expenses. (h) Financial instruments Initial recognition and measurement Financial assets are classified, at initial recognition: as subsequently measured at amortised cost, fair value through other comprehensive income (OCI), and fair value through profit or loss. The Group measures financial assets at amortised cost if both of the following conditions are met: \uf02d The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows; and \uf02d The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is classified and measured at fair value through OCI if it meets both of the following conditions: \uf02d The financial asset is held within a business model with the objective of both holding to collect contractual cash flows and selling; and \uf02d The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. All financial assets not classified as measured at amortised cost or fair value through OCI as described above are measured at fair value through profit or loss. On initial recognition, the Group may irrevocably designate a financial asset, that otherwise meets the requirements to be classified and measured at amortised cost or at fair value through OCI, to be classified and measured at fair value through profit or loss if it eliminates or reduces an accounting mismatch that would otherwise arise. Subsequent measurement For purposes of subsequent measurement, financial assets are classified in four categories: \uf02d Financial assets at amortised cost (debt instruments) This category is the most relevant to the Group. The Group\u2019s financial assets at amortised cost include trade receivables, and loans provided. Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. \uf02d Financial assets at fair value through OCI (debt instruments) For debt instruments at fair value through OCI, interest income, foreign exchange revaluation and impairment losses or reversals are recognised in the statement of profit or loss and computed in the same manner as for financial assets measured at amortised cost. The remaining fair value changes are recognised in OCI. Upon derecognition, the cumulative fair value change recognised in OCI is recycled to profit or loss. \uf02d Financial assets designated at fair value through OCI (equity instruments) Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognised as other income in the statement of profit or loss when the right of payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment. The Group elected to classify irrevocably its non-listed equity investments under this category. Investment in an equity instrument that does not have a quoted market price in an active market and for which other methods of reasonably estimating fair value are inappropriate are carried at cost. \uf02d Financial assets at fair value through profit or loss Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured at fair value through profit or loss, irrespective of the business model. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognised in the statement of profit or loss. Derecognition A financial asset is primarily derecognised when the rights to receive cash flows from the asset have expired. A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss. (i) Non-derivative financial assets The Group initially recognises loans and receivables on the date that they are originated. All other financial assets are recognised initially on the trade date, which is the date that the Group becomes a party to the contractual provisions of the instrument. The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Any interest in such transferred financial assets that is created or retained by the Group is recognised as a separate asset or liability. Financial assets and liabilities are offset, and the net amount presented in the consolidated statement of financial position when, and only when, the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. Loans provided Loans are financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, provided loans are measured at amortised cost using the effective interest method, less any impairment losses (see accounting policy 2.2(i)). Finance charges, including premiums receivable on settlement or redemption and direct issue costs, are recognised in profit or loss on an accrual basis using the effective interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. The recoverable amount of the Group\u2019s provided loans is calculated as the present value of estimated future cash flows, discounted at the original effective interest rate (i.e., the effective interest rate calculated at initial recognition of these financial assets). The Group classifies any part of long-term loans, that is due within one year from the reporting date, as current. Trade and other receivables Trade and other receivables are financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, receivables are measured at amortised cost using the effective interest method, less any impairment losses (see accounting policy 2.2(i)). Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits with maturities of three months or less from the acquisition date that are subject to an insignificant risk of changes in their fair value and are used by the Group in the management of its short-term cash commitments. Bank accounts and call deposits that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the cash-flow statement. The Company treats cash deposited as a security in accordance with bank loan covenants as cash and cash equivalents for cash flow purposes. The cash flow statement of the Group is prepared based on the indirect method from the consolidated statement of financial position and consolidated statement of profit and loss. In 2020, the Company agreed a cash-pool contracts with related subsidiaries of CPI Property Group. The Company classifies the provided and received cash pool balances including interests as other current receivables and other financial current liabilities, respectively. (ii) Non-derivative financial liabilities Non-derivative financial liabilities comprise loans and borrowings, bonds issued, bank overdrafts, and trade and other payables. The Group initially recognises debt securities issued and subordinated liabilities on the date that they are originated. All other financial liabilities (including financial liabilities designated as at fair value through profit or loss) are recognised initially on the trade date, which is the date that the Group becomes a party to the contractual provisions of the instrument. The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expire. The Group classifies non-derivative financial liabilities as the other financial liabilities category. Such financial liabilities are recognised initially at fair value less any directly attributable transaction costs. Subsequent to initial recognition, these financial liabilities are measured at amortised cost using the effective interest method. The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the contractual cash flows of the financial liability. Financial debts and bonds are recognised initially at fair value less any directly attributable transaction costs. Subsequent to initial recognition, financial debts and bonds are measured at amortised cost using the effective interest method. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are recognised in profit or loss on an accrual basis using the effective interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which it arises. The Group classifies any part of long-term loans or bonds that is due within one year from the date of the consolidated statement of financial position as current liabilities. Bond transaction costs Bonds payable are initially recognised at the amount of the proceeds from issued bonds less any attributable transaction costs. Bond transaction costs include fees and commissions paid to agents, advisers, brokers and dealers, levies by regulatory agencies and securities exchanges. Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment to purchase the underlying asset. (iii) Share capital Ordinary shares Incremental costs directly attributable to the issue of new shares and shares options, other than upon a business combination, are recognised as a deduction from equity, net of any tax effects. (i) Impairment (i) Impairment of non-derivative financial assets The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the discounted cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). For trade receivables, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience. The Group considers a non-derivative financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding amounts in full. A non-derivative financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Determination of ECLs for loans provided to related parties is based on Group\u2019s risk assessment and estimated rating of the borrower. (ii) Impairment of non-financial assets The carrying amounts of the Group\u2019s non-financial assets, other than investment property (see accounting policy 2.2(c)), property plant and equipment (only partially, see accounting policy 2.2(e)), inventories (see accounting policy 2.2(g)), and deferred tax assets (see accounting policy 2.2(p)), are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. An asset\u2019s recoverable amount is the higher of an asset\u2019s or CGU\u2019s fair value less costs of disposal and its value in use. For the purpose of impairment testing, assets are grouped together into cash generating units (CGU\u2019s) \u2013 the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. The Group bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for each of the Group\u2019s CGUs to which the individual assets are allocated. An assessment is made at each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to CGU (group of CGUs), and then to reduce the carrying amounts of the other assets in the CGU (group of CGUs) on a pro-rata basis. (j) Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. The unwinding of the discount is recognised as a finance cost. (k) Assets held for sale and disposal groups Non-current assets held for sale and disposal groups comprising assets and liabilities are classified as held-for-sale when it is highly probable that they will be recovered primarily through sale rather than through continuing use. The following criteria must be met for an asset or disposal group to be classified as held for sale: the Group is committed to selling the asset or disposal group, the asset is available for immediate sale, an active plan of sale has commenced, the sale is expected to be completed within 12 months and the asset is being actively marketed for sale at a sales price reasonable in relation to its fair value. Such assets, or disposal groups, are measured at the lower of carrying amount and fair value less costs to sell. (l) Revenue (i) Rental revenue Rental income arising from operating leases on investment property is accounted for on a straight-line basis over the lease terms. Initial direct costs incurred in negotiating and arranging an operating lease are recognised as an expense over the lease term on the same basis as the lease income. Tenant lease incentives are recognised as a reduction of rental revenue on a straight-line basis over the term of the lease. The term of the lease is the non-cancellable period of the lease. Any further term for which the tenant has the option to continue the lease is not considered by the Group. (ii) Services rendered Revenue from services rendered is recognised in profit or loss in proportion to the stage of completion of the transaction at the reporting date. The stage of completion is assessed by reference to surveys of work performed. (iii) Service charges and other income Income arising from expenses recharged to tenants is recognised in the period in which the compensation becomes receivable. Service and management charges and other such receipts are included in net rental income gross of the related costs. The Group determined that it does control the services before they are transferred to tenants and therefore that the Group acts rather as a principal in these arrangements. (iv) Sale of investment property and trading property, investment in subsidiaries and equity-accounted investees Revenue from the sale of investment and trading property, investments in subsidiaries and equity-accounted investees are recognised in profit or loss by the Group at the point of time when the control over the property is transferred to a customer, usually on the date on which the application is submitted to the Land Registry for transfer of legal ownership title. The property must be completed, and the apartments are ready for sale, including the necessary regulatory permissions. The timing of the transfer of risks and rewards varies depending on the individual terms of the sale arrangement. (m) Expenses Operating expenses are expensed as incurred. Expenditures that relate to multiple accounting periods are deferred and recognised over those accounting periods irrespective of the timing of the consideration given or liability incurred. (n) Interest income, interest expense and other net financial result Interest income comprises interest income on funds invested, such as bank interest, interest on provided loans, interest on bonds purchased and interest on non-current receivables. Interest expense comprises interest expense on loans and borrowings, on leases, on bonds issued and interest charges related to leases. Interest income and expense is recognised as it accrues in profit or loss, using the effective interest method. Other net financial result comprises dividend income, gains on disposal of debt investments at fair value through OCI, gains on derivative instruments that are recognised in profit or loss and reclassifications of amounts (losses) previously recognised in OCI, bank charges, losses on disposal of debt investments at fair value through OCI, losses on derivative instruments that are recognised in profit or loss and reclassifications of amounts (gains) previously recognised in OCI and foreign currency gains and losses that are reported on a net basis as either finance income or finance costs depending on whether foreign currency movements result in a net gain or net loss position. Borrowing costs that are not directly attributable to the acquisition or construction of a qualifying asset are recognised in profit or loss using the effective interest method. Dividend income is recognised in profit or loss on the date that the Group\u2019s right to receive payment is established. (o) Current income tax Current income tax assets and liabilities recognised are the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the country where the Group operates and generates taxable income. The estimated current income tax expense is calculated using the accounting profit for the period and an estimate of non-deductible expenses of each entity of the Group and the corresponding income tax rate applicable to the given country and accounting period. Current and deferred income tax is recognised in profit or loss except to the extent that it relates to a business combination, or items recognised directly in equity or in OCI. (p) Deferred tax Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for: \uf02d temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss (asset acquisition); \uf02d temporary differences related to investments in subsidiaries and jointly controlled entities to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future; and \uf02d taxable temporary differences arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantially enacted at the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised. (q) Earnings per share The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the period. Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding for the effects of all dilutive potential ordinary shares. (r) Entity wide disclosures The Group has applied the criteria of IFRS 8, \u2018Operating Segments\u2019 to determine the number and type of operating segments. From second half of 2018, the Group reports as a single operating segment entity. Previously, the Group reported the three operating segments: Income generating rental properties, Land bank and Development. The entity-wide disclosures are determined based on the nature of the business and how the business is managed by the Board of Directors, the Group\u2019s chief operating decision maker and reflect the internal reporting structure. Reasons supporting the change of operating segments in 2018 are: \uf02d The chief operating decision maker no longer focuses on the differentiation based on the asset types but reviews and manages the business as a whole. \uf02d Income generating rental properties, land bank and development, previously reported as individual operating segments, became less significant business considering the Group\u2019s financing function. As required by IFRS 8, the Group provides information on the business activities in which, the Group engages including split of revenue and investment property per asset portfolio. (s) Key management personnel The Group discloses the total remuneration of key management personnel as required by IAS 24 \u2013 Related party disclosures. The Group includes within key management personnel all individuals (and their family members, if applicable) who have authority and responsibility for planning, directing and controlling the activities of the Group. Key management personnel include all members of the Management Board and the senior executives of the Group. 2.3 Determination of fair value Investment properties are stated at fair value as at 31 December 2024 and 2023 based on external valuations performed by professionally qualified valuers. The Group\u2019s property portfolio in the Czech Republic is valued by Jones Lang LaSalle, CBRE and RSM, in Poland by Knight Frank. The residential portfolio in France is valued by Savills and two Italian properties are valued by Colliers. One asset in Poland was valued internally. Independent valuations are reviewed by the Group\u2019s management and represent a basis for the management\u2019s estimate of the investment properties\u2019 fair value. Those estimates considered the results of current and prior external valuations, information from comparable selling and purchase transactions, the deferred tax impact and current market conditions. Valuations reflect, where appropriate, the type of tenants in occupation or responsible for meeting the lease commitments and the market\u2019s general perception of their creditworthiness; the allocation of maintenance and insurance responsibilities between lessor and lessee; and the remaining economic life of the property. The following valuation methods of investment property were used: The real estate market in Central and Eastern Europe is considered small and transactions with real estate portfolios of the size similar to that of the Group\u2019s portfolio are rare. Global volatility of the financial system is reflected also in local residential and commercial real estate markets. Therefore, in arriving at the estimates of market values of investment property as at 31 December 2024 and 31 December 2023, the reliance placed on comparable historical transactions was limited. Due to the need to use the market knowledge and professional judgements of the valuers to a greater extent, there was higher degree of uncertainty than which would exist in a more developed and active market. (i) Office, Industry and Logistics Office, logistics and industry properties have been valued using predominantly income capitalisation and discounted cash flow valuation techniques. Income capitalisation method is based on the capitalisation of the net annual income the property generates or is potentially able to generate. On lease expiry, future income flows have been capitalised into perpetuity at the estimated rental value, taking into account expiry voids and rent-free periods. The net income is the total rental income reduced by the costs the landlord cannot cover from the tenants. The capitalisation yield (equivalent yield) is determined by the market transactions achieved at the sale of the property or similar properties in the market between the willing buyer and the willing seller in the arm\u2019s length transaction. A yield reflects the risks inherent in the net cash flows applicable to the net annual rentals to arrive at the property valuation. The sales comparison valuation technique has been used for smaller special retail assets in the Czech Republic. (ii) Land and vacant buildings Land and vacant buildings have been valued using the direct comparison method to arrive at the value of the property in its existing state. Comparison was performed with other similarly located and zoned plots of land/buildings that are currently on the market. This valuation method is most useful when several similar properties have recently been sold or are currently for sale in the subject property market. Using this approach a value indication by comparing the subject property to prices of similar properties is produced. The sale prices of the properties that are judged to be most comparable tend to indicate a range in which the value indication for the subject property will fall. The valuer estimated the degree of similarity or difference between the subject property and the comparable sales by considering various elements of comparison. Percentage adjustments were then applied to the sale prices of the comparable information because the prices of these properties are known, while the value of the subject property is not. (iii) Investment property under development/developments The valuer used the Residual Value Approach for the valuation of the investment property under development. In order to assess the market value of the sites, the valuer undertook a development appraisal to assess the potential value (Gross Development Value) of the fully completed and leased development as currently proposed, and deducted hard costs, soft costs, financing costs and a developer\u2019s expected required profit (which reflects the required level of return to a developer and the risk of undertaking the project). In assessing the Gross Development Value, the valuator adopted a market approach by estimating the market rental values for the accommodation being developed, and the appropriate capitalisation rate which a potential investor would require, to arrive at the Market Value of the completed and leased building. For sensitivity analysis on changes in assumptions of Investment property valuation refer to note 7.5.",
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"value": "2.1 Basis of preparation of consolidated financial statements (a) Basis of preparation The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union. All the figures are presented in thousands of Euros, except if explicitly indicated otherwise. The consolidated financial statements have been prepared on a going concern basis. The consolidated financial statements were authorised for issue by the Board of Directors on 31 March 2025. (b) New and amended standards and interpretations For the preparation of these consolidated financial statements, the following amended standards and interpretations are mandatory for the first time for the financial year beginning 1 January 2024. The amendments and interpretations apply for the first time in 2024, but do not have an impact on the consolidated financial statements of the Group. The Group has not early adopted any standards, interpretations or amendments that have been issued but are not yet effective. Amendments to IFRS 16 - Lease Liability in a Sale and Leaseback The amendments in IFRS 16 specify the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognise any amount of the gain or loss that relates to the right of use it retains. The amendments had no impact on the Group\u2019s financial statements. Supplier Finance Arrangements - Amendments to IAS 7 and IFRS 7 The amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures clarify the characteristics of supplier finance arrangements and require additional disclosure of such arrangements. The disclosure requirements in the amendments are intended to assist users of financial statements in understanding the effects of supplier finance arrangements on an entity\u2019s liabilities, cash flows and exposure to liquidity risk. The amendments had no impact on the Group\u2019s financial statements. The amendments are effective for annual reporting periods beginning on or after 1 January 2024 and must be applied retrospectively. The Group is currently assessing the impact the amendments will have on current practice and whether existing loan agreements may require renegotiation. Amendments to IAS 1 - Classification of Liabilities as Current or Non-current The amendments to IAS 1 specify the requirements for classifying liabilities as current or non-current. The amendments clarify: - What is meant by a right to defer settlement - That a right to defer must exist at the end of the reporting period - That classification is unaffected by the likelihood that an entity will exercise its deferral right - That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification In addition, an entity is required to disclose when a liability arising from a loan agreement is classified as non-current and the entity\u2019s right to defer settlement is contingent on compliance with future covenants within twelve months. The amendments have no impact on the Group. The amendments that are not yet effective and have not yet been endorsed by the European Union IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures - Classification and Measurement of Financial Instruments (Amendments) In May 2024, the IASB issued amendments to the Classification and Measurement of Financial Instruments which amended IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures and they become effective for annual reporting periods beginning on or after January 1, 2026, with earlier application permitted. IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures - Contracts Referencing Nature-dependent Electricity (Amendments)In December 2024, the IASB issued targeted amendments for a better reflection of Contracts Referencing Nature-dependent Electricity, which amended IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures and they become effective for annual reporting periods beginning on or after January 1, 2026, with earlier application permitted. The amendments have no impact on the Group. IFRS 18 Presentation and Disclosure in Financial Statements IFRS 18 introduces new requirements on presentation within the statement of profit or loss. It requires an entity to classify all income and expenses within its statement of profit or loss into one of the five categories: operating; investing; financing; income taxes; and discontinued operations. These categories are complemented by the requirements to present subtotals and totals for \u2018operating profit or loss\u2019, \u2018profit or loss before financing and income taxes\u2019 and \u2018profit or loss\u2019. It also requires disclosure of management-defined performance measures and includes new requirements for aggregation and disaggregation of financial information based on the identified \u2018roles\u2019 of the primary financial statements and the notes. In addition, there are consequential amendments to other accounting standards. IFRS 18 is effective for reporting periods beginning on or after January 1, 2027, with earlier application permitted. Retrospective application is required in both annual and interim financial statements. The standard has not yet been endorsed by the EU. The Group analyses impact of the IFRS 18 on its consolidated financial statements. (c) Basis of measurement The consolidated financial statements have been prepared on a historical cost basis except for the following material items in the consolidated statement of financial position, which are measured as indicated below at each reporting date: \uf02d Inventories at lower of cost or net realisable value; \uf02d Investment property is measured at fair value; \uf02d Derivative instruments are measured at fair value; \uf02d Non-derivative financial instruments at fair value through profit or loss are measured at fair value; (d) Functional and presentation currency These consolidated financial statements are presented in Euro (EUR), which is the Company\u2019s functional currency. All financial information presented in EUR has been rounded to the nearest thousand, except when otherwise indicated. The functional currencies of other entities within the Group are listed in note 2.2(b). (e) Use of estimates and judgements The preparation of the consolidated financial statements in conformity with IFRS as adopted by the European Union requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. The estimates and assumptions are based on historical experience, internal calculations and various other factors that the management believes to be reasonable under the circumstances. The actual result might differ from the estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. Information about critical judgements in applying accounting policies that have the most significant effect on the amounts recognised in the financial statements is included in the following notes: \uf02d Note 2.2(c) \u2013 Classification of investment property \uf02d Note 2.2(l) \u2013 Service charges: Gross versus net revenue recognition. Information about assumptions and estimation uncertainties that have a significant risk of a material adjustment within the next financial year are included in the following notes: \uf02d Note 2.2(i) \u2013 Impairment test; \uf02d Note 2.3 \u2013 Determination of fair value; \uf02d Note 5.12 \u2013 Income tax expenses; \uf02d Note 7 \u2013 Financial risk management.2.2 Significant accounting policies Except for the changes described above in note 2.1(b). New standards, the accounting policies used in preparing the consolidated financial statements are set out below. These accounting policies have been consistently applied in all material respects to all periods presented. (a) Basis of consolidation (i) Business combinations The Group uses the direct method of consolidation, under which the financial statements are translated directly into the presentation currency of the Group, EUR. Subsidiaries are fully consolidated from the date of the acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date when such control ceases. All intra-group balances, transactions, unrealised gains and losses resulting from intra-group transactions and dividends are eliminated in full on consolidation. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognised for noncontrolling interests, and any previous interest held, over the net identifiable assets acquired and liabilities assumed. When the excess is negative, a bargain purchase gain is recognised immediately in profit or loss. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts generally are recognised in profit or loss. Transaction costs, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination are expensed as incurred. Any contingent consideration payable is measured at fair value at the acquisition date. If the contingent consideration is classified as equity, then it is not re-measured and settlement is accounted for within the equity. Otherwise, subsequent changes in the fair value of the contingent consideration are recognised in profit or loss. The interest of non-controlling shareholders at the date of the business combination is generally recorded at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s identifiable net assets, which are generally at fair value, unless Group management has any other indicators about the non-controlling interest fair value. Changes in the Group\u2019s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. (ii) Business combinations involving entities under common control Business combinations arising from transfers of interests in entities that are under the control of the shareholder that controls the Group are not in scope of IFRS 3. The assets and liabilities acquired are recognised at the carrying amounts recognised previously in the financial statements of the acquire or at deemed costs if the local standards are different from IFRS adopted by the EU. Components of equity of the acquired entities are added to the corresponding equity components of the Group and any gain or loss arising is recognised in equity. (iii) Loss of control On the loss of control, the Group derecognises the assets and liabilities of the subsidiary, any non-controlling interests and the other components of equity related to the subsidiary. Any surplus or deficit arising on the loss of control is recognised in profit or loss. If the Group retains any interest in the previous subsidiary, then such interest is measured at fair value at the date that control is lost. Subsequently it is accounted for as equity accounted investee or as a debt investment at fair value through OCI depending on the level of influence retained. (iv) Equity accounted investees Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. The considerations made in determining significant influence or joint control are similar to those necessary to determine control over subsidiaries. The Group\u2019s investment in joint venture are accounted for using the equity method. The financial statements of the equity accounted investees are prepared for the same reporting period as the Group. The accounting policies are aligned with those of the Group. Therefore, no adjustments are made when measuring and recognising the Group\u2019s share of the profit or loss of the investees after the date of acquisition. The Group\u2019s investment in joint venture are accounted for using the equity method. The aggregate of the Group\u2019s share of profit or loss of a joint venture is shown on the face of the statement of profit or loss outside operating profit and represents profit or loss after tax and non[1]controlling interests in joint venture. Under the equity method, the investment in a joint venture is initially recognised at cost. The carrying amount of the investment is adjusted to recognise changes in the Group\u2019s share of net assets of joint venture since the acquisition date. Goodwill relating to joint venture is included in the carrying amount of the investment and is not tested for impairment separately. The cost of the investment includes transaction costs. The statement of profit or loss reflects the Group\u2019s share of the results of operations of joint venture. Any change in OCI of those investees is presented as part of the Group\u2019s OCI. In addition, when there has been a change recognised directly in the equity of joint venture, the Group recognises its share of any changes, when applicable, in the statement of changes in equity. Unrealised gains and losses resulting from transactions between the Group and the joint venture are eliminated to the extent of the interest in joint venture. After application of the equity method, the Group determines whether it is necessary to recognise an impairment loss on its investment in joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of joint venture and its carrying value, and then recognises the loss within \u2018Share of profit of an associate and a joint venture\u2019 in the statement of profit or loss. Upon loss of significant influence over joint control over the joint venture, the Group measures and recognises any retained investment at its fair value. Any difference between the carrying amount of the joint venture upon loss of significant influence or joint control and the fair value of the retained investment and proceeds from disposal is recognised in profit or loss. (v) Property asset acquisition Transaction that does not represent a business combination, because the acquired entity does not constitute a business in accordance with the IFRS 3, are accounted for as an asset acquisition. (b) Foreign currency (i) Functional currencies Functional currencies of the companies in the Group are the currencies of the primary economic environment in which the entities operate, and the majority of its transactions are carried out in this currency. The Group\u2019s consolidated financial statements are presented in EUR. The table below presents functional currencies of all Group\u2019s subsidiaries having non-EUR functional currency. Each Group\u2019s subsidiary determines its own functional currency, and items included in the financial statements of each entity are measured using that functional currency. For the purposes of inclusion in the consolidated financial statements, the statement of financial position of entities with non-EUR functional currencies are translated to EUR at the exchange rates prevailing at the balance sheet date and the income statements are translated at the average exchange rate for each month of the relevant year. The resulting net translation difference is recorded in OCI. When a foreign operation is disposed of, the cumulative amount in the translation reserve related to that foreign operation is reclassified to profit or loss as a part of gain or loss on the disposal. Group entities in different countries that have non-EUR functional currency: Country Functional currencyCzech Republic CZKPoland PLN(ii) Foreign currency transactions Transactions in foreign currencies are translated to the respective functional currencies of the Group\u2019s entities at exchange rates valid at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the functional currency at the exchange rate at that date. The foreign currency gain or loss on monetary items is the difference between the amortised cost in the functional currency at the beginning of the period, adjusted for effective interest and payments during the period, and the amortised cost in foreign currency translated at the exchange rate at the end of the period. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate at the date that the fair value was determined. Non-monetary items in a foreign currency that are measured based on historical cost are translated using the exchange rate at the date of the transaction. Foreign currency differences arising on retranslation are recognised in profit or loss, except for the differences arising on the retranslation of qualifying cash flow hedges to the extent the hedge is effective, which are recognised in OCI. The Group translates the foreign currency operations and transactions using the foreign exchange rates declared by relevant central banks. (c) Investment property and investment property under development Investment property is property held either to earn rental income or for capital appreciation or for both. Investment property is measured at cost on initial recognition and subsequently at fair value with any change therein recognised in profit or loss. Cost of investment property includes expenditure that is directly attributable to the acquisition of the investment property. The cost of self-constructed investment property includes the cost of material and direct labour, any other costs directly attributable to bringing the investment property to a working condition for their intended use and capitalised borrowing costs. External independent valuation companies, having appropriate recognised professional qualifications and recent experience in the location and category of property being valued, valued the portfolio of investment property at the year end of 2024 and 2023 respectively. Any gain or loss on disposal of an investment property (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognised in profit or loss. Property that is being constructed or developed for future use is measured at fair value until construction or development is completed. Any gain or loss arising on the measurement is recognised in profit or loss. The Group capitalises external borrowing costs on qualifying investment properties under development. (d) Leased assets The Group recognises right-of-use assets at the commencement date of the lease. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognised right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. Right-of-use assets are subject to impairment. Short-term leases and leases of low-value assets: The Group applies the short-term lease recognition exemption to its short-term leases. Short term leases have a lease term of 12 months or less from the commencement date and do not contain a purchase option. It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered of low value. Lease payments on short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term. The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. (e) Property, plant and equipment (i) Recognition and measurement Items of property, plant and equipment are measured at cost less accumulated depreciation (see below) and impairment losses (see accounting policy 2.2 (i). Other items of property, plant and equipment are measured at the lower of cost less accumulated depreciation and impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials, direct labour and any other costs directly attributable to bringing the assets to a working condition for their intended use, capitalised borrowing costs and an appropriate proportion of production overheads. Where components of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. Any gain or loss on disposal of an item of property, plant and equipment (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognised in profit or loss. (ii) Reclassification to investment property When the use of a property changes from owner-occupied to investment property, the property is reclassified to investment property and remeasured to fair value. Any gain arising on remeasurement is recognised in profit or loss to the extent that it reverses the previous impairment loss on the specific property, with any remaining gain recognised in OCI and presented in the revaluation reserve in equity. Any loss is recognised immediately in profit or loss. (iii) Subsequent costs Subsequent expenditure is capitalised only when it is probable that the future economic benefits associated with the expenditure will flow to the Group. Ongoing repairs and maintenance is expensed as incurred. (iv) Depreciation Items of property, plant and equipment are depreciated on a straight-line basis in profit or loss over the estimated useful lives of each component. Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Group will obtain ownership by the end of the lease term. Land is not depreciated. Items of property, plant and equipment are depreciated from the date that they are ready for use. The estimated useful lives for the current and comparative period are as follows: Assets 20242023Property 50 \u2013 80 years50 \u2013 80 yearsEquipment 5 \u2013 10 years5 \u2013 10 yearsFittings 3 \u2013 20 years3 \u2013 20 yearsDepreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. (f) Intangible assets (i) Other intangible assets Other intangible assets that are acquired by the Group and have finite useful lives, are measured at cost less accumulated amortisation (see (iii) below) and accumulated impairment losses (see accounting policy 2.2 (i)). (ii) Subsequent expenditure Subsequent expenditure on intangible assets is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure is recognised in profit or loss as incurred. (iii) Amortisation Except for goodwill and intangible assets with indefinite useful life, intangible assets are amortised on a straightline basis in profit or loss over their estimated useful lives, from the date that they are available for use. Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. (g) Inventories Inventories represent trading property and are measured at the lower of cost and net realisable value. Cost includes expenditure that is directly attributable to the acquisition of the trading property. The cost of self-constructed trading property includes the cost of material and direct labour, any other costs directly attributable to bringing the trading property to a condition for their intended use and capitalised borrowing costs. Deemed costs of trading property reclassified from existing investment property is the fair value of such property. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and selling expenses. (h) Financial instruments Initial recognition and measurement Financial assets are classified, at initial recognition: as subsequently measured at amortised cost, fair value through other comprehensive income (OCI), and fair value through profit or loss. The Group measures financial assets at amortised cost if both of the following conditions are met: \uf02d The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows; and \uf02d The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is classified and measured at fair value through OCI if it meets both of the following conditions: \uf02d The financial asset is held within a business model with the objective of both holding to collect contractual cash flows and selling; and \uf02d The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. All financial assets not classified as measured at amortised cost or fair value through OCI as described above are measured at fair value through profit or loss. On initial recognition, the Group may irrevocably designate a financial asset, that otherwise meets the requirements to be classified and measured at amortised cost or at fair value through OCI, to be classified and measured at fair value through profit or loss if it eliminates or reduces an accounting mismatch that would otherwise arise. Subsequent measurement For purposes of subsequent measurement, financial assets are classified in four categories: \uf02d Financial assets at amortised cost (debt instruments) This category is the most relevant to the Group. The Group\u2019s financial assets at amortised cost include trade receivables, and loans provided. Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. \uf02d Financial assets at fair value through OCI (debt instruments) For debt instruments at fair value through OCI, interest income, foreign exchange revaluation and impairment losses or reversals are recognised in the statement of profit or loss and computed in the same manner as for financial assets measured at amortised cost. The remaining fair value changes are recognised in OCI. Upon derecognition, the cumulative fair value change recognised in OCI is recycled to profit or loss. \uf02d Financial assets designated at fair value through OCI (equity instruments) Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognised as other income in the statement of profit or loss when the right of payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment. The Group elected to classify irrevocably its non-listed equity investments under this category. Investment in an equity instrument that does not have a quoted market price in an active market and for which other methods of reasonably estimating fair value are inappropriate are carried at cost. \uf02d Financial assets at fair value through profit or loss Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured at fair value through profit or loss, irrespective of the business model. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognised in the statement of profit or loss. Derecognition A financial asset is primarily derecognised when the rights to receive cash flows from the asset have expired. A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss. (i) Non-derivative financial assets The Group initially recognises loans and receivables on the date that they are originated. All other financial assets are recognised initially on the trade date, which is the date that the Group becomes a party to the contractual provisions of the instrument. The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Any interest in such transferred financial assets that is created or retained by the Group is recognised as a separate asset or liability. Financial assets and liabilities are offset, and the net amount presented in the consolidated statement of financial position when, and only when, the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. Loans provided Loans are financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, provided loans are measured at amortised cost using the effective interest method, less any impairment losses (see accounting policy 2.2(i)). Finance charges, including premiums receivable on settlement or redemption and direct issue costs, are recognised in profit or loss on an accrual basis using the effective interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. The recoverable amount of the Group\u2019s provided loans is calculated as the present value of estimated future cash flows, discounted at the original effective interest rate (i.e., the effective interest rate calculated at initial recognition of these financial assets). The Group classifies any part of long-term loans, that is due within one year from the reporting date, as current. Trade and other receivables Trade and other receivables are financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, receivables are measured at amortised cost using the effective interest method, less any impairment losses (see accounting policy 2.2(i)). Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits with maturities of three months or less from the acquisition date that are subject to an insignificant risk of changes in their fair value and are used by the Group in the management of its short-term cash commitments. Bank accounts and call deposits that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the cash-flow statement. The Company treats cash deposited as a security in accordance with bank loan covenants as cash and cash equivalents for cash flow purposes. The cash flow statement of the Group is prepared based on the indirect method from the consolidated statement of financial position and consolidated statement of profit and loss. In 2020, the Company agreed a cash-pool contracts with related subsidiaries of CPI Property Group. The Company classifies the provided and received cash pool balances including interests as other current receivables and other financial current liabilities, respectively. (ii) Non-derivative financial liabilities Non-derivative financial liabilities comprise loans and borrowings, bonds issued, bank overdrafts, and trade and other payables. The Group initially recognises debt securities issued and subordinated liabilities on the date that they are originated. All other financial liabilities (including financial liabilities designated as at fair value through profit or loss) are recognised initially on the trade date, which is the date that the Group becomes a party to the contractual provisions of the instrument. The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expire. The Group classifies non-derivative financial liabilities as the other financial liabilities category. Such financial liabilities are recognised initially at fair value less any directly attributable transaction costs. Subsequent to initial recognition, these financial liabilities are measured at amortised cost using the effective interest method. The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the contractual cash flows of the financial liability. Financial debts and bonds are recognised initially at fair value less any directly attributable transaction costs. Subsequent to initial recognition, financial debts and bonds are measured at amortised cost using the effective interest method. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are recognised in profit or loss on an accrual basis using the effective interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which it arises. The Group classifies any part of long-term loans or bonds that is due within one year from the date of the consolidated statement of financial position as current liabilities. Bond transaction costs Bonds payable are initially recognised at the amount of the proceeds from issued bonds less any attributable transaction costs. Bond transaction costs include fees and commissions paid to agents, advisers, brokers and dealers, levies by regulatory agencies and securities exchanges. Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment to purchase the underlying asset. (iii) Share capital Ordinary shares Incremental costs directly attributable to the issue of new shares and shares options, other than upon a business combination, are recognised as a deduction from equity, net of any tax effects. (i) Impairment (i) Impairment of non-derivative financial assets The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the discounted cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). For trade receivables, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience. The Group considers a non-derivative financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding amounts in full. A non-derivative financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Determination of ECLs for loans provided to related parties is based on Group\u2019s risk assessment and estimated rating of the borrower. (ii) Impairment of non-financial assets The carrying amounts of the Group\u2019s non-financial assets, other than investment property (see accounting policy 2.2(c)), property plant and equipment (only partially, see accounting policy 2.2(e)), inventories (see accounting policy 2.2(g)), and deferred tax assets (see accounting policy 2.2(p)), are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. An asset\u2019s recoverable amount is the higher of an asset\u2019s or CGU\u2019s fair value less costs of disposal and its value in use. For the purpose of impairment testing, assets are grouped together into cash generating units (CGU\u2019s) \u2013 the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. The Group bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for each of the Group\u2019s CGUs to which the individual assets are allocated. An assessment is made at each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to CGU (group of CGUs), and then to reduce the carrying amounts of the other assets in the CGU (group of CGUs) on a pro-rata basis. (j) Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. The unwinding of the discount is recognised as a finance cost. (k) Assets held for sale and disposal groups Non-current assets held for sale and disposal groups comprising assets and liabilities are classified as held-for-sale when it is highly probable that they will be recovered primarily through sale rather than through continuing use. The following criteria must be met for an asset or disposal group to be classified as held for sale: the Group is committed to selling the asset or disposal group, the asset is available for immediate sale, an active plan of sale has commenced, the sale is expected to be completed within 12 months and the asset is being actively marketed for sale at a sales price reasonable in relation to its fair value. Such assets, or disposal groups, are measured at the lower of carrying amount and fair value less costs to sell. (l) Revenue (i) Rental revenue Rental income arising from operating leases on investment property is accounted for on a straight-line basis over the lease terms. Initial direct costs incurred in negotiating and arranging an operating lease are recognised as an expense over the lease term on the same basis as the lease income. Tenant lease incentives are recognised as a reduction of rental revenue on a straight-line basis over the term of the lease. The term of the lease is the non-cancellable period of the lease. Any further term for which the tenant has the option to continue the lease is not considered by the Group. (ii) Services rendered Revenue from services rendered is recognised in profit or loss in proportion to the stage of completion of the transaction at the reporting date. The stage of completion is assessed by reference to surveys of work performed. (iii) Service charges and other income Income arising from expenses recharged to tenants is recognised in the period in which the compensation becomes receivable. Service and management charges and other such receipts are included in net rental income gross of the related costs. The Group determined that it does control the services before they are transferred to tenants and therefore that the Group acts rather as a principal in these arrangements. (iv) Sale of investment property and trading property, investment in subsidiaries and equity-accounted investees Revenue from the sale of investment and trading property, investments in subsidiaries and equity-accounted investees are recognised in profit or loss by the Group at the point of time when the control over the property is transferred to a customer, usually on the date on which the application is submitted to the Land Registry for transfer of legal ownership title. The property must be completed, and the apartments are ready for sale, including the necessary regulatory permissions. The timing of the transfer of risks and rewards varies depending on the individual terms of the sale arrangement. (m) Expenses Operating expenses are expensed as incurred. Expenditures that relate to multiple accounting periods are deferred and recognised over those accounting periods irrespective of the timing of the consideration given or liability incurred. (n) Interest income, interest expense and other net financial result Interest income comprises interest income on funds invested, such as bank interest, interest on provided loans, interest on bonds purchased and interest on non-current receivables. Interest expense comprises interest expense on loans and borrowings, on leases, on bonds issued and interest charges related to leases. Interest income and expense is recognised as it accrues in profit or loss, using the effective interest method. Other net financial result comprises dividend income, gains on disposal of debt investments at fair value through OCI, gains on derivative instruments that are recognised in profit or loss and reclassifications of amounts (losses) previously recognised in OCI, bank charges, losses on disposal of debt investments at fair value through OCI, losses on derivative instruments that are recognised in profit or loss and reclassifications of amounts (gains) previously recognised in OCI and foreign currency gains and losses that are reported on a net basis as either finance income or finance costs depending on whether foreign currency movements result in a net gain or net loss position. Borrowing costs that are not directly attributable to the acquisition or construction of a qualifying asset are recognised in profit or loss using the effective interest method. Dividend income is recognised in profit or loss on the date that the Group\u2019s right to receive payment is established. (o) Current income tax Current income tax assets and liabilities recognised are the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the country where the Group operates and generates taxable income. The estimated current income tax expense is calculated using the accounting profit for the period and an estimate of non-deductible expenses of each entity of the Group and the corresponding income tax rate applicable to the given country and accounting period. Current and deferred income tax is recognised in profit or loss except to the extent that it relates to a business combination, or items recognised directly in equity or in OCI. (p) Deferred tax Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for: \uf02d temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss (asset acquisition); \uf02d temporary differences related to investments in subsidiaries and jointly controlled entities to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future; and \uf02d taxable temporary differences arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantially enacted at the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised. (q) Earnings per share The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the period. Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding for the effects of all dilutive potential ordinary shares. (r) Entity wide disclosures The Group has applied the criteria of IFRS 8, \u2018Operating Segments\u2019 to determine the number and type of operating segments. From second half of 2018, the Group reports as a single operating segment entity. Previously, the Group reported the three operating segments: Income generating rental properties, Land bank and Development. The entity-wide disclosures are determined based on the nature of the business and how the business is managed by the Board of Directors, the Group\u2019s chief operating decision maker and reflect the internal reporting structure. Reasons supporting the change of operating segments in 2018 are: \uf02d The chief operating decision maker no longer focuses on the differentiation based on the asset types but reviews and manages the business as a whole. \uf02d Income generating rental properties, land bank and development, previously reported as individual operating segments, became less significant business considering the Group\u2019s financing function. As required by IFRS 8, the Group provides information on the business activities in which, the Group engages including split of revenue and investment property per asset portfolio. (s) Key management personnel The Group discloses the total remuneration of key management personnel as required by IAS 24 \u2013 Related party disclosures. The Group includes within key management personnel all individuals (and their family members, if applicable) who have authority and responsibility for planning, directing and controlling the activities of the Group. Key management personnel include all members of the Management Board and the senior executives of the Group.",
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"value": "(a) Basis of preparation The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union. All the figures are presented in thousands of Euros, except if explicitly indicated otherwise. The consolidated financial statements have been prepared on a going concern basis. The consolidated financial statements were authorised for issue by the Board of Directors on 31 March 2025.",
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"value": "The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union.",
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"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
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"value": "The consolidated financial statements have been prepared on a going concern basis.",
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"value": "The consolidated financial statements have been prepared on a going concern basis.",
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"value": "The consolidated financial statements were authorised for issue by the Board of Directors on 31 March 2025.",
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"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
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"value": "(a) Basis of consolidation (i) Business combinations The Group uses the direct method of consolidation, under which the financial statements are translated directly into the presentation currency of the Group, EUR. Subsidiaries are fully consolidated from the date of the acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date when such control ceases. All intra-group balances, transactions, unrealised gains and losses resulting from intra-group transactions and dividends are eliminated in full on consolidation. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognised for noncontrolling interests, and any previous interest held, over the net identifiable assets acquired and liabilities assumed. When the excess is negative, a bargain purchase gain is recognised immediately in profit or loss. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts generally are recognised in profit or loss. Transaction costs, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination are expensed as incurred. Any contingent consideration payable is measured at fair value at the acquisition date. If the contingent consideration is classified as equity, then it is not re-measured and settlement is accounted for within the equity. Otherwise, subsequent changes in the fair value of the contingent consideration are recognised in profit or loss. The interest of non-controlling shareholders at the date of the business combination is generally recorded at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s identifiable net assets, which are generally at fair value, unless Group management has any other indicators about the non-controlling interest fair value. Changes in the Group\u2019s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. (ii) Business combinations involving entities under common control Business combinations arising from transfers of interests in entities that are under the control of the shareholder that controls the Group are not in scope of IFRS 3. The assets and liabilities acquired are recognised at the carrying amounts recognised previously in the financial statements of the acquire or at deemed costs if the local standards are different from IFRS adopted by the EU. Components of equity of the acquired entities are added to the corresponding equity components of the Group and any gain or loss arising is recognised in equity. (iii) Loss of control On the loss of control, the Group derecognises the assets and liabilities of the subsidiary, any non-controlling interests and the other components of equity related to the subsidiary. Any surplus or deficit arising on the loss of control is recognised in profit or loss. If the Group retains any interest in the previous subsidiary, then such interest is measured at fair value at the date that control is lost. Subsequently it is accounted for as equity accounted investee or as a debt investment at fair value through OCI depending on the level of influence retained. (iv) Equity accounted investees Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. The considerations made in determining significant influence or joint control are similar to those necessary to determine control over subsidiaries. The Group\u2019s investment in joint venture are accounted for using the equity method. The financial statements of the equity accounted investees are prepared for the same reporting period as the Group. The accounting policies are aligned with those of the Group. Therefore, no adjustments are made when measuring and recognising the Group\u2019s share of the profit or loss of the investees after the date of acquisition. The Group\u2019s investment in joint venture are accounted for using the equity method. The aggregate of the Group\u2019s share of profit or loss of a joint venture is shown on the face of the statement of profit or loss outside operating profit and represents profit or loss after tax and non[1]controlling interests in joint venture. Under the equity method, the investment in a joint venture is initially recognised at cost. The carrying amount of the investment is adjusted to recognise changes in the Group\u2019s share of net assets of joint venture since the acquisition date. Goodwill relating to joint venture is included in the carrying amount of the investment and is not tested for impairment separately. The cost of the investment includes transaction costs. The statement of profit or loss reflects the Group\u2019s share of the results of operations of joint venture. Any change in OCI of those investees is presented as part of the Group\u2019s OCI. In addition, when there has been a change recognised directly in the equity of joint venture, the Group recognises its share of any changes, when applicable, in the statement of changes in equity. Unrealised gains and losses resulting from transactions between the Group and the joint venture are eliminated to the extent of the interest in joint venture. After application of the equity method, the Group determines whether it is necessary to recognise an impairment loss on its investment in joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of joint venture and its carrying value, and then recognises the loss within \u2018Share of profit of an associate and a joint venture\u2019 in the statement of profit or loss. Upon loss of significant influence over joint control over the joint venture, the Group measures and recognises any retained investment at its fair value. Any difference between the carrying amount of the joint venture upon loss of significant influence or joint control and the fair value of the retained investment and proceeds from disposal is recognised in profit or loss. (v) Property asset acquisition Transaction that does not represent a business combination, because the acquired entity does not constitute a business in accordance with the IFRS 3, are accounted for as an asset acquisition.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__25": {
"value": "(i) Business combinations The Group uses the direct method of consolidation, under which the financial statements are translated directly into the presentation currency of the Group, EUR. Subsidiaries are fully consolidated from the date of the acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date when such control ceases. All intra-group balances, transactions, unrealised gains and losses resulting from intra-group transactions and dividends are eliminated in full on consolidation. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognised for noncontrolling interests, and any previous interest held, over the net identifiable assets acquired and liabilities assumed. When the excess is negative, a bargain purchase gain is recognised immediately in profit or loss. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts generally are recognised in profit or loss. Transaction costs, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination are expensed as incurred. Any contingent consideration payable is measured at fair value at the acquisition date. If the contingent consideration is classified as equity, then it is not re-measured and settlement is accounted for within the equity. Otherwise, subsequent changes in the fair value of the contingent consideration are recognised in profit or loss. The interest of non-controlling shareholders at the date of the business combination is generally recorded at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s identifiable net assets, which are generally at fair value, unless Group management has any other indicators about the non-controlling interest fair value. Changes in the Group\u2019s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__26": {
"value": "The interest of non-controlling shareholders at the date of the business combination is generally recorded at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s identifiable net assets, which are generally at fair value, unless Group management has any other indicators about the non-controlling interest fair value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__27": {
"value": "(i) Functional currencies Functional currencies of the companies in the Group are the currencies of the primary economic environment in which the entities operate, and the majority of its transactions are carried out in this currency. The Group\u2019s consolidated financial statements are presented in EUR. The table below presents functional currencies of all Group\u2019s subsidiaries having non-EUR functional currency. Each Group\u2019s subsidiary determines its own functional currency, and items included in the financial statements of each entity are measured using that functional currency. For the purposes of inclusion in the consolidated financial statements, the statement of financial position of entities with non-EUR functional currencies are translated to EUR at the exchange rates prevailing at the balance sheet date and the income statements are translated at the average exchange rate for each month of the relevant year. The resulting net translation difference is recorded in OCI. When a foreign operation is disposed of, the cumulative amount in the translation reserve related to that foreign operation is reclassified to profit or loss as a part of gain or loss on the disposal. Group entities in different countries that have non-EUR functional currency: Country Functional currencyCzech Republic CZKPoland PLN",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__29": {
"value": "(c) Investment property and investment property under development Investment property is property held either to earn rental income or for capital appreciation or for both. Investment property is measured at cost on initial recognition and subsequently at fair value with any change therein recognised in profit or loss. Cost of investment property includes expenditure that is directly attributable to the acquisition of the investment property. The cost of self-constructed investment property includes the cost of material and direct labour, any other costs directly attributable to bringing the investment property to a working condition for their intended use and capitalised borrowing costs. External independent valuation companies, having appropriate recognised professional qualifications and recent experience in the location and category of property being valued, valued the portfolio of investment property at the year end of 2024 and 2023 respectively. Any gain or loss on disposal of an investment property (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognised in profit or loss. Property that is being constructed or developed for future use is measured at fair value until construction or development is completed. Any gain or loss arising on the measurement is recognised in profit or loss. The Group capitalises external borrowing costs on qualifying investment properties under development.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__28": {
"value": "(c) Investment property and investment property under development Investment property is property held either to earn rental income or for capital appreciation or for both. Investment property is measured at cost on initial recognition and subsequently at fair value with any change therein recognised in profit or loss. Cost of investment property includes expenditure that is directly attributable to the acquisition of the investment property. The cost of self-constructed investment property includes the cost of material and direct labour, any other costs directly attributable to bringing the investment property to a working condition for their intended use and capitalised borrowing costs. External independent valuation companies, having appropriate recognised professional qualifications and recent experience in the location and category of property being valued, valued the portfolio of investment property at the year end of 2024 and 2023 respectively. Any gain or loss on disposal of an investment property (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognised in profit or loss. Property that is being constructed or developed for future use is measured at fair value until construction or development is completed. Any gain or loss arising on the measurement is recognised in profit or loss. The Group capitalises external borrowing costs on qualifying investment properties under development.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__30": {
"value": "(d) Leased assets The Group recognises right-of-use assets at the commencement date of the lease. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognised right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. Right-of-use assets are subject to impairment. Short-term leases and leases of low-value assets: The Group applies the short-term lease recognition exemption to its short-term leases. Short term leases have a lease term of 12 months or less from the commencement date and do not contain a purchase option. It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered of low value. Lease payments on short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term. The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__31": {
"value": "(e) Property, plant and equipment (i) Recognition and measurement Items of property, plant and equipment are measured at cost less accumulated depreciation (see below) and impairment losses (see accounting policy 2.2 (i). Other items of property, plant and equipment are measured at the lower of cost less accumulated depreciation and impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials, direct labour and any other costs directly attributable to bringing the assets to a working condition for their intended use, capitalised borrowing costs and an appropriate proportion of production overheads. Where components of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. Any gain or loss on disposal of an item of property, plant and equipment (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognised in profit or loss. (ii) Reclassification to investment property When the use of a property changes from owner-occupied to investment property, the property is reclassified to investment property and remeasured to fair value. Any gain arising on remeasurement is recognised in profit or loss to the extent that it reverses the previous impairment loss on the specific property, with any remaining gain recognised in OCI and presented in the revaluation reserve in equity. Any loss is recognised immediately in profit or loss. (iii) Subsequent costs Subsequent expenditure is capitalised only when it is probable that the future economic benefits associated with the expenditure will flow to the Group. Ongoing repairs and maintenance is expensed as incurred. (iv) Depreciation Items of property, plant and equipment are depreciated on a straight-line basis in profit or loss over the estimated useful lives of each component. Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Group will obtain ownership by the end of the lease term. Land is not depreciated. Items of property, plant and equipment are depreciated from the date that they are ready for use. The estimated useful lives for the current and comparative period are as follows: Assets 20242023Property 50 \u2013 80 years50 \u2013 80 yearsEquipment 5 \u2013 10 years5 \u2013 10 yearsFittings 3 \u2013 20 years3 \u2013 20 yearsDepreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__33": {
"value": "Ongoing repairs and maintenance is expensed as incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__32": {
"value": "(iv) Depreciation Items of property, plant and equipment are depreciated on a straight-line basis in profit or loss over the estimated useful lives of each component. Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Group will obtain ownership by the end of the lease term. Land is not depreciated. Items of property, plant and equipment are depreciated from the date that they are ready for use. The estimated useful lives for the current and comparative period are as follows: Assets 20242023Property 50 \u2013 80 years50 \u2013 80 yearsEquipment 5 \u2013 10 years5 \u2013 10 yearsFittings 3 \u2013 20 years3 \u2013 20 yearsDepreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__34": {
"value": "(f) Intangible assets (i) Other intangible assets Other intangible assets that are acquired by the Group and have finite useful lives, are measured at cost less accumulated amortisation (see (iii) below) and accumulated impairment losses (see accounting policy 2.2 (i)). (ii) Subsequent expenditure Subsequent expenditure on intangible assets is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure is recognised in profit or loss as incurred. (iii) Amortisation Except for goodwill and intangible assets with indefinite useful life, intangible assets are amortised on a straightline basis in profit or loss over their estimated useful lives, from the date that they are available for use. Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__35": {
"value": "(i) Other intangible assets Other intangible assets that are acquired by the Group and have finite useful lives, are measured at cost less accumulated amortisation (see (iii) below) and accumulated impairment losses (see accounting policy 2.2 (i)). (ii) Subsequent expenditure Subsequent expenditure on intangible assets is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure is recognised in profit or loss as incurred. (iii) Amortisation Except for goodwill and intangible assets with indefinite useful life, intangible assets are amortised on a straightline basis in profit or loss over their estimated useful lives, from the date that they are available for use. Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__36": {
"value": "(g) Inventories Inventories represent trading property and are measured at the lower of cost and net realisable value. Cost includes expenditure that is directly attributable to the acquisition of the trading property. The cost of self-constructed trading property includes the cost of material and direct labour, any other costs directly attributable to bringing the trading property to a condition for their intended use and capitalised borrowing costs. Deemed costs of trading property reclassified from existing investment property is the fair value of such property. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and selling expenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__43": {
"value": "(h) Financial instruments Initial recognition and measurement Financial assets are classified, at initial recognition: as subsequently measured at amortised cost, fair value through other comprehensive income (OCI), and fair value through profit or loss. The Group measures financial assets at amortised cost if both of the following conditions are met: \uf02d The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows; and \uf02d The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is classified and measured at fair value through OCI if it meets both of the following conditions: \uf02d The financial asset is held within a business model with the objective of both holding to collect contractual cash flows and selling; and \uf02d The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. All financial assets not classified as measured at amortised cost or fair value through OCI as described above are measured at fair value through profit or loss. On initial recognition, the Group may irrevocably designate a financial asset, that otherwise meets the requirements to be classified and measured at amortised cost or at fair value through OCI, to be classified and measured at fair value through profit or loss if it eliminates or reduces an accounting mismatch that would otherwise arise. Subsequent measurement For purposes of subsequent measurement, financial assets are classified in four categories: \uf02d Financial assets at amortised cost (debt instruments) This category is the most relevant to the Group. The Group\u2019s financial assets at amortised cost include trade receivables, and loans provided. Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. \uf02d Financial assets at fair value through OCI (debt instruments) For debt instruments at fair value through OCI, interest income, foreign exchange revaluation and impairment losses or reversals are recognised in the statement of profit or loss and computed in the same manner as for financial assets measured at amortised cost. The remaining fair value changes are recognised in OCI. Upon derecognition, the cumulative fair value change recognised in OCI is recycled to profit or loss. \uf02d Financial assets designated at fair value through OCI (equity instruments) Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognised as other income in the statement of profit or loss when the right of payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment. The Group elected to classify irrevocably its non-listed equity investments under this category. Investment in an equity instrument that does not have a quoted market price in an active market and for which other methods of reasonably estimating fair value are inappropriate are carried at cost. \uf02d Financial assets at fair value through profit or loss Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured at fair value through profit or loss, irrespective of the business model. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognised in the statement of profit or loss. Derecognition A financial asset is primarily derecognised when the rights to receive cash flows from the asset have expired. A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__47": {
"value": "loans provided. Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. \uf02d Financial assets at fair value through OCI (debt instruments) For debt instruments at fair value through OCI, interest income, foreign exchange revaluation and impairment losses or reversals are recognised in the statement of profit or loss and computed in the same manner as for financial assets measured at amortised cost. The remaining fair value changes are recognised in OCI. Upon derecognition, the cumulative fair value change recognised in OCI is recycled to profit or loss. \uf02d Financial assets designated at fair value through OCI (equity instruments) Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognised as other income in the statement of profit or loss when the right of payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment. The Group elected to classify irrevocably its non-listed equity investments under this category. Investment in an equity instrument that does not have a quoted market price in an active market and for which other methods of reasonably estimating fair value are inappropriate are carried at cost. \uf02d Financial assets at fair value through profit or loss Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured at fair value through profit or loss, irrespective of the business model. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognised in the statement of profit or loss. Derecognition A financial asset is primarily derecognised when the rights to receive cash flows from the asset have expired. A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss. (i) Non-derivative financial assets The Group initially recognises loans and receivables on the date that they are originated. All other financial assets are recognised initially on the trade date, which is the date that the Group becomes a party to the contractual provisions of the instrument. The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Any interest in such transferred financial assets that is created or retained by the Group is recognised as a separate asset or liability. Financial assets and liabilities are offset, and the net amount presented in the consolidated statement of financial position when, and only when, the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. Loans provided Loans are financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, provided loans are measured at amortised cost using the effective interest method, less any impairment losses (see accounting policy 2.2(i)). Finance charges, including premiums receivable on settlement or redemption and direct issue costs, are recognised in profit or loss on an accrual basis using the effective interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. The recoverable amount of the Group\u2019s provided loans is calculated as the present value of estimated future cash flows, discounted at the original effective interest rate (i.e., the effective interest rate calculated at initial recognition of these financial assets). The Group classifies any part of long-term loans, that is due within one year from the reporting date, as current.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__44": {
"value": "Financial assets at fair value through profit or loss Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured at fair value through profit or loss, irrespective of the business model. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognised in the statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__45": {
"value": "Derecognition A financial asset is primarily derecognised when the rights to receive cash flows from the asset have expired. A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__46": {
"value": "(i) Non-derivative financial assets The Group initially recognises loans and receivables on the date that they are originated. All other financial assets are recognised initially on the trade date, which is the date that the Group becomes a party to the contractual provisions of the instrument. The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Any interest in such transferred financial assets that is created or retained by the Group is recognised as a separate asset or liability. Financial assets and liabilities are offset, and the net amount presented in the consolidated statement of financial position when, and only when, the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. Loans provided Loans are financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, provided loans are measured at amortised cost using the effective interest method, less any impairment losses (see accounting policy 2.2(i)). Finance charges, including premiums receivable on settlement or redemption and direct issue costs, are recognised in profit or loss on an accrual basis using the effective interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. The recoverable amount of the Group\u2019s provided loans is calculated as the present value of estimated future cash flows, discounted at the original effective interest rate (i.e., the effective interest rate calculated at initial recognition of these financial assets). The Group classifies any part of long-term loans, that is due within one year from the reporting date, as current. Trade and other receivables Trade and other receivables are financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, receivables are measured at amortised cost using the effective interest method, less any impairment losses (see accounting policy 2.2(i)). Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits with maturities of three months or less from the acquisition date that are subject to an insignificant risk of changes in their fair value and are used by the Group in the management of its short-term cash commitments. Bank accounts and call deposits that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the cash-flow statement. The Company treats cash deposited as a security in accordance with bank loan covenants as cash and cash equivalents for cash flow purposes. The cash flow statement of the Group is prepared based on the indirect method from the consolidated statement of financial position and consolidated statement of profit and loss. In 2020, the Company agreed a cash-pool contracts with related subsidiaries of CPI Property Group. The Company classifies the provided and received cash pool balances including interests as other current receivables and other financial current liabilities, respectively. (ii) Non-derivative financial liabilities Non-derivative financial liabilities comprise loans and borrowings, bonds issued, bank overdrafts, and trade and other payables. The Group initially recognises debt securities issued and subordinated liabilities on the date that they are originated. All other financial liabilities (including financial liabilities designated as at fair value through profit or loss) are recognised initially on the trade date, which is the date that the Group becomes a party to the contractual provisions of the instrument. The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expire. The Group classifies non-derivative financial liabilities as the other financial liabilities category. Such financial liabilities are recognised initially at fair value less any directly attributable transaction costs. Subsequent to initial recognition, these financial liabilities are measured at amortised cost using the effective interest method. The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the contractual cash flows of the financial liability. Financial debts and bonds are recognised initially at fair value less any directly attributable transaction costs. Subsequent to initial recognition, financial debts and bonds are measured at amortised cost using the effective interest method. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are recognised in profit or loss on an accrual basis using the effective interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which it arises. The Group classifies any part of long-term loans or bonds that is due within one year from the date of the consolidated statement of financial position as current liabilities. Bond transaction costs Bonds payable are initially recognised at the amount of the proceeds from issued bonds less any attributable transaction costs. Bond transaction costs include fees and commissions paid to agents, advisers, brokers and dealers, levies by regulatory agencies and securities exchanges. Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment to purchase the underlying asset. (iii) Share capital Ordinary shares Incremental costs directly attributable to the issue of new shares and shares options, other than upon a business combination, are recognised as a deduction from equity, net of any tax effects.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__48": {
"value": "Trade and other receivables Trade and other receivables are financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, receivables are measured at amortised cost using the effective interest method, less any impairment losses (see accounting policy 2.2(i)).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__49": {
"value": "Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits with maturities of three months or less from the acquisition date that are subject to an insignificant risk of changes in their fair value and are used by the Group in the management of its short-term cash commitments. Bank accounts and call deposits that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the cash-flow statement. The Company treats cash deposited as a security in accordance with bank loan covenants as cash and cash equivalents for cash flow purposes. The cash flow statement of the Group is prepared based on the indirect method from the consolidated statement of financial position and consolidated statement of profit and loss. In 2020, the Company agreed a cash-pool contracts with related subsidiaries of CPI Property Group. The Company classifies the provided and received cash pool balances including interests as other current receivables and other financial current liabilities, respectively.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__50": {
"value": "The cash flow statement of the Group is prepared based on the indirect method from the consolidated statement of financial position and consolidated statement of profit and loss. In 2020, the Company agreed a cash-pool contracts with related subsidiaries of CPI Property Group. The Company classifies the provided and received cash pool balances including interests as other current receivables and other financial current liabilities, respectively.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__53": {
"value": "(ii) Non-derivative financial liabilities Non-derivative financial liabilities comprise loans and borrowings, bonds issued, bank overdrafts, and trade and other payables. The Group initially recognises debt securities issued and subordinated liabilities on the date that they are originated. All other financial liabilities (including financial liabilities designated as at fair value through profit or loss) are recognised initially on the trade date, which is the date that the Group becomes a party to the contractual provisions of the instrument. The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expire. The Group classifies non-derivative financial liabilities as the other financial liabilities category. Such financial liabilities are recognised initially at fair value less any directly attributable transaction costs. Subsequent to initial recognition, these financial liabilities are measured at amortised cost using the effective interest method. The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the contractual cash flows of the financial liability. Financial debts and bonds are recognised initially at fair value less any directly attributable transaction costs. Subsequent to initial recognition, financial debts and bonds are measured at amortised cost using the effective interest method. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are recognised in profit or loss on an accrual basis using the effective interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which it arises. The Group classifies any part of long-term loans or bonds that is due within one year from the date of the consolidated statement of financial position as current liabilities. Bond transaction costs Bonds payable are initially recognised at the amount of the proceeds from issued bonds less any attributable transaction costs. Bond transaction costs include fees and commissions paid to agents, advisers, brokers and dealers, levies by regulatory agencies and securities exchanges. Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment to purchase the underlying asset.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__52": {
"value": "(ii) Non-derivative financial liabilities Non-derivative financial liabilities comprise loans and borrowings, bonds issued, bank overdrafts, and trade and other payables. The Group initially recognises debt securities issued and subordinated liabilities on the date that they are originated. All other financial liabilities (including financial liabilities designated as at fair value through profit or loss) are recognised initially on the trade date, which is the date that the Group becomes a party to the contractual provisions of the instrument. The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expire. The Group classifies non-derivative financial liabilities as the other financial liabilities category. Such financial liabilities are recognised initially at fair value less any directly attributable transaction costs. Subsequent to initial recognition, these financial liabilities are measured at amortised cost using the effective interest method. The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the contractual cash flows of the financial liability. Financial debts and bonds are recognised initially at fair value less any directly attributable transaction costs. Subsequent to initial recognition, financial debts and bonds are measured at amortised cost using the effective interest method. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are recognised in profit or loss on an accrual basis using the effective interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which it arises. The Group classifies any part of long-term loans or bonds that is due within one year from the date of the consolidated statement of financial position as current liabilities. Bond transaction costs Bonds payable are initially recognised at the amount of the proceeds from issued bonds less any attributable transaction costs. Bond transaction costs include fees and commissions paid to agents, advisers, brokers and dealers, levies by regulatory agencies and securities exchanges. Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment to purchase the underlying asset.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__51": {
"value": "(ii) Non-derivative financial liabilities Non-derivative financial liabilities comprise loans and borrowings, bonds issued, bank overdrafts, and trade and other payables. The Group initially recognises debt securities issued and subordinated liabilities on the date that they are originated. All other financial liabilities (including financial liabilities designated as at fair value through profit or loss) are recognised initially on the trade date, which is the date that the Group becomes a party to the contractual provisions of the instrument. The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expire. The Group classifies non-derivative financial liabilities as the other financial liabilities category. Such financial liabilities are recognised initially at fair value less any directly attributable transaction costs. Subsequent to initial recognition, these financial liabilities are measured at amortised cost using the effective interest method. The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the contractual cash flows of the financial liability. Financial debts and bonds are recognised initially at fair value less any directly attributable transaction costs. Subsequent to initial recognition, financial debts and bonds are measured at amortised cost using the effective interest method. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are recognised in profit or loss on an accrual basis using the effective interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which it arises. The Group classifies any part of long-term loans or bonds that is due within one year from the date of the consolidated statement of financial position as current liabilities. Bond transaction costs Bonds payable are initially recognised at the amount of the proceeds from issued bonds less any attributable transaction costs. Bond transaction costs include fees and commissions paid to agents, advisers, brokers and dealers, levies by regulatory agencies and securities exchanges. Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment to purchase the underlying asset.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__54": {
"value": "(iii) Share capital Ordinary shares Incremental costs directly attributable to the issue of new shares and shares options, other than upon a business combination, are recognised as a deduction from equity, net of any tax effects.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__55": {
"value": "(i) Impairment (i) Impairment of non-derivative financial assets The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the discounted cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). For trade receivables, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience. The Group considers a non-derivative financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding amounts in full. A non-derivative financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Determination of ECLs for loans provided to related parties is based on Group\u2019s risk assessment and estimated rating of the borrower. (ii) Impairment of non-financial assets The carrying amounts of the Group\u2019s non-financial assets, other than investment property (see accounting policy 2.2(c)), property plant and equipment (only partially, see accounting policy 2.2(e)), inventories (see accounting policy 2.2(g)), and deferred tax assets (see accounting policy 2.2(p)), are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. An asset\u2019s recoverable amount is the higher of an asset\u2019s or CGU\u2019s fair value less costs of disposal and its value in use. For the purpose of impairment testing, assets are grouped together into cash generating units (CGU\u2019s) \u2013 the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. The Group bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for each of the Group\u2019s CGUs to which the individual assets are allocated. An assessment is made at each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to CGU (group of CGUs), and then to reduce the carrying amounts of the other assets in the CGU (group of CGUs) on a pro-rata basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__56": {
"value": "(i) Impairment of non-derivative financial assets The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the discounted cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). For trade receivables, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience. The Group considers a non-derivative financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding amounts in full. A non-derivative financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Determination of ECLs for loans provided to related parties is based on Group\u2019s risk assessment and estimated rating of the borrower.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__57": {
"value": "(ii) Impairment of non-financial assets The carrying amounts of the Group\u2019s non-financial assets, other than investment property (see accounting policy 2.2(c)), property plant and equipment (only partially, see accounting policy 2.2(e)), inventories (see accounting policy 2.2(g)), and deferred tax assets (see accounting policy 2.2(p)), are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. An asset\u2019s recoverable amount is the higher of an asset\u2019s or CGU\u2019s fair value less costs of disposal and its value in use. For the purpose of impairment testing, assets are grouped together into cash generating units (CGU\u2019s) \u2013 the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. The Group bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for each of the Group\u2019s CGUs to which the individual assets are allocated. An assessment is made at each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to CGU (group of CGUs), and then to reduce the carrying amounts of the other assets in the CGU (group of CGUs) on a pro-rata basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__58": {
"value": "(j) Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. The unwinding of the discount is recognised as a finance cost.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__59": {
"value": "(k) Assets held for sale and disposal groups Non-current assets held for sale and disposal groups comprising assets and liabilities are classified as held-for-sale when it is highly probable that they will be recovered primarily through sale rather than through continuing use. The following criteria must be met for an asset or disposal group to be classified as held for sale: the Group is committed to selling the asset or disposal group, the asset is available for immediate sale, an active plan of sale has commenced, the sale is expected to be completed within 12 months and the asset is being actively marketed for sale at a sales price reasonable in relation to its fair value. Such assets, or disposal groups, are measured at the lower of carrying amount and fair value less costs to sell.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__60": {
"value": "(l) Revenue (i) Rental revenue Rental income arising from operating leases on investment property is accounted for on a straight-line basis over the lease terms. Initial direct costs incurred in negotiating and arranging an operating lease are recognised as an expense over the lease term on the same basis as the lease income. Tenant lease incentives are recognised as a reduction of rental revenue on a straight-line basis over the term of the lease. The term of the lease is the non-cancellable period of the lease. Any further term for which the tenant has the option to continue the lease is not considered by the Group. (ii) Services rendered Revenue from services rendered is recognised in profit or loss in proportion to the stage of completion of the transaction at the reporting date. The stage of completion is assessed by reference to surveys of work performed. (iii) Service charges and other income Income arising from expenses recharged to tenants is recognised in the period in which the compensation becomes receivable. Service and management charges and other such receipts are included in net rental income gross of the related costs. The Group determined that it does control the services before they are transferred to tenants and therefore that the Group acts rather as a principal in these arrangements. (iv) Sale of investment property and trading property, investment in subsidiaries and equity-accounted investees Revenue from the sale of investment and trading property, investments in subsidiaries and equity-accounted investees are recognised in profit or loss by the Group at the point of time when the control over the property is transferred to a customer, usually on the date on which the application is submitted to the Land Registry for transfer of legal ownership title. The property must be completed, and the apartments are ready for sale, including the necessary regulatory permissions. The timing of the transfer of risks and rewards varies depending on the individual terms of the sale arrangement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__61": {
"value": "(iv) Sale of investment property and trading property, investment in subsidiaries and equity-accounted investees Revenue from the sale of investment and trading property, investments in subsidiaries and equity-accounted investees are recognised in profit or loss by the Group at the point of time when the control over the property is transferred to a customer, usually on the date on which the application is submitted to the Land Registry for transfer of legal ownership title. The property must be completed, and the apartments are ready for sale, including the necessary regulatory permissions. The timing of the transfer of risks and rewards varies depending on the individual terms of the sale arrangement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__62": {
"value": "(m) Expenses Operating expenses are expensed as incurred. Expenditures that relate to multiple accounting periods are deferred and recognised over those accounting periods irrespective of the timing of the consideration given or liability incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__64": {
"value": "(n) Interest income, interest expense and other net financial result Interest income comprises interest income on funds invested, such as bank interest, interest on provided loans, interest on bonds purchased and interest on non-current receivables. Interest expense comprises interest expense on loans and borrowings, on leases, on bonds issued and interest charges related to leases. Interest income and expense is recognised as it accrues in profit or loss, using the effective interest method. Other net financial result comprises dividend income, gains on disposal of debt investments at fair value through OCI, gains on derivative instruments that are recognised in profit or loss and reclassifications of amounts (losses) previously recognised in OCI, bank charges, losses on disposal of debt investments at fair value through OCI, losses on derivative instruments that are recognised in profit or loss and reclassifications of amounts (gains) previously recognised in OCI and foreign currency gains and losses that are reported on a net basis as either finance income or finance costs depending on whether foreign currency movements result in a net gain or net loss position. Borrowing costs that are not directly attributable to the acquisition or construction of a qualifying asset are recognised in profit or loss using the effective interest method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__63": {
"value": "(n) Interest income, interest expense and other net financial result Interest income comprises interest income on funds invested, such as bank interest, interest on provided loans, interest on bonds purchased and interest on non-current receivables. Interest expense comprises interest expense on loans and borrowings, on leases, on bonds issued and interest charges related to leases. Interest income and expense is recognised as it accrues in profit or loss, using the effective interest method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__65": {
"value": "Dividend income is recognised in profit or loss on the date that the Group\u2019s right to receive payment is established.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__37": {
"value": "(o) Current income tax Current income tax assets and liabilities recognised are the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the country where the Group operates and generates taxable income. The estimated current income tax expense is calculated using the accounting profit for the period and an estimate of non-deductible expenses of each entity of the Group and the corresponding income tax rate applicable to the given country and accounting period. Current and deferred income tax is recognised in profit or loss except to the extent that it relates to a business combination, or items recognised directly in equity or in OCI.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__38": {
"value": "(p) Deferred tax Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for: \uf02d temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss (asset acquisition); \uf02d temporary differences related to investments in subsidiaries and jointly controlled entities to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future; and \uf02d taxable temporary differences arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantially enacted at the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__39": {
"value": "(q) Earnings per share The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the period. Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding for the effects of all dilutive potential ordinary shares.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__40": {
"value": "(r) Entity wide disclosures The Group has applied the criteria of IFRS 8, \u2018Operating Segments\u2019 to determine the number and type of operating segments. From second half of 2018, the Group reports as a single operating segment entity. Previously, the Group reported the three operating segments: Income generating rental properties, Land bank and Development. The entity-wide disclosures are determined based on the nature of the business and how the business is managed by the Board of Directors, the Group\u2019s chief operating decision maker and reflect the internal reporting structure. Reasons supporting the change of operating segments in 2018 are: \uf02d The chief operating decision maker no longer focuses on the differentiation based on the asset types but reviews and manages the business as a whole. \uf02d Income generating rental properties, land bank and development, previously reported as individual operating segments, became less significant business considering the Group\u2019s financing function. As required by IFRS 8, the Group provides information on the business activities in which, the Group engages including split of revenue and investment property per asset portfolio.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__41": {
"value": "(s) Key management personnel The Group discloses the total remuneration of key management personnel as required by IAS 24 \u2013 Related party disclosures. The Group includes within key management personnel all individuals (and their family members, if applicable) who have authority and responsibility for planning, directing and controlling the activities of the Group. Key management personnel include all members of the Management Board and the senior executives of the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__42": {
"value": "2.3 Determination of fair value Investment properties are stated at fair value as at 31 December 2024 and 2023 based on external valuations performed by professionally qualified valuers. The Group\u2019s property portfolio in the Czech Republic is valued by Jones Lang LaSalle, CBRE and RSM, in Poland by Knight Frank. The residential portfolio in France is valued by Savills and two Italian properties are valued by Colliers. One asset in Poland was valued internally. Independent valuations are reviewed by the Group\u2019s management and represent a basis for the management\u2019s estimate of the investment properties\u2019 fair value. Those estimates considered the results of current and prior external valuations, information from comparable selling and purchase transactions, the deferred tax impact and current market conditions. Valuations reflect, where appropriate, the type of tenants in occupation or responsible for meeting the lease commitments and the market\u2019s general perception of their creditworthiness; the allocation of maintenance and insurance responsibilities between lessor and lessee; and the remaining economic life of the property. The following valuation methods of investment property were used: The real estate market in Central and Eastern Europe is considered small and transactions with real estate portfolios of the size similar to that of the Group\u2019s portfolio are rare. Global volatility of the financial system is reflected also in local residential and commercial real estate markets. Therefore, in arriving at the estimates of market values of investment property as at 31 December 2024 and 31 December 2023, the reliance placed on comparable historical transactions was limited. Due to the need to use the market knowledge and professional judgements of the valuers to a greater extent, there was higher degree of uncertainty than which would exist in a more developed and active market. (i) Office, Industry and Logistics Office, logistics and industry properties have been valued using predominantly income capitalisation and discounted cash flow valuation techniques. Income capitalisation method is based on the capitalisation of the net annual income the property generates or is potentially able to generate. On lease expiry, future income flows have been capitalised into perpetuity at the estimated rental value, taking into account expiry voids and rent-free periods. The net income is the total rental income reduced by the costs the landlord cannot cover from the tenants. The capitalisation yield (equivalent yield) is determined by the market transactions achieved at the sale of the property or similar properties in the market between the willing buyer and the willing seller in the arm\u2019s length transaction. A yield reflects the risks inherent in the net cash flows applicable to the net annual rentals to arrive at the property valuation. The sales comparison valuation technique has been used for smaller special retail assets in the Czech Republic. (ii) Land and vacant buildings Land and vacant buildings have been valued using the direct comparison method to arrive at the value of the property in its existing state. Comparison was performed with other similarly located and zoned plots of land/buildings that are currently on the market. This valuation method is most useful when several similar properties have recently been sold or are currently for sale in the subject property market. Using this approach a value indication by comparing the subject property to prices of similar properties is produced. The sale prices of the properties that are judged to be most comparable tend to indicate a range in which the value indication for the subject property will fall. The valuer estimated the degree of similarity or difference between the subject property and the comparable sales by considering various elements of comparison. Percentage adjustments were then applied to the sale prices of the comparable information because the prices of these properties are known, while the value of the subject property is not. (iii) Investment property under development/developments The valuer used the Residual Value Approach for the valuation of the investment property under development. In order to assess the market value of the sites, the valuer undertook a development appraisal to assess the potential value (Gross Development Value) of the fully completed and leased development as currently proposed, and deducted hard costs, soft costs, financing costs and a developer\u2019s expected required profit (which reflects the required level of return to a developer and the risk of undertaking the project). In assessing the Gross Development Value, the valuator adopted a market approach by estimating the market rental values for the accommodation being developed, and the appropriate capitalisation rate which a potential investor would require, to arrive at the Market Value of the completed and leased building. For sensitivity analysis on changes in assumptions of Investment property valuation refer to note 7.5.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__66": {
"value": "4 Entity-wide disclosures The management of the Group reviews financial information that is principally the same as that based on the accounting policies described in note 2.2. For all asset types, discrete financial information is provided to the Board of Directors, which is the chief operating decision maker, on an individual entity basis. The Group is engaged primarily in financing of CPI Property Group; the Group\u2019s other business activities consist of: \uf02d rendering of advisory and other services to CPI Property Group; \uf02d investing in landbank and development portfolio in the Czech Republic; \uf02d managing of office and retail portfolio in Poland; \uf02d operating of hotel resort in Italy; \uf02d managing of residential portfolio in France. 4.1 Financing Interest income by countries 2024 2023 AmountIn % AmountIn %Poland 877\u2013626\u2013Luxembourg 227,94797%264,43099%Czech Republic 3,5782%260\u2013Italy 2,5891%2,4441%Total 234,991100%267,760100%Loans provided by country of the creditor 31 December 2024 31 December 2023 AmountIn % AmountIn %Luxembourg 3,475,60294%4,319,00086%Poland 97\u2013\u2013\u2013Non-current loans provided 3,475,699 94% 4,319,00086%Luxembourg 135,9864%719,27614%Poland 98,4982%\u2013\u2013Current loans provided 234,484 6% 719,27614%Total 3,710,183100%5,038,276100%4.2 Other business activities Revenues by countries 2024 2023 AmountIn % AmountIn %Czech Republic 63,07843%2,5745%\u2013 Development 62,95743% 1,8794%\u2013 Office \u2013 \u2013 5751%\u2013 Retail 121 \u2013 120\u2013Luxembourg \u2013 Rendering of services 4,5733%5,37810%Poland 78,52953%46,42084%\u2013 Office 70,97548% 46,42084%\u2013 Retail 7,554 5% \u2013\u2013France \u2013 Residential 141 \u2013 \u2013\u2013Italy \u2013 Hospitality 1,344 1% 8661%Total 147,665100%55,238100%Investment property by countries 31 December 2024 31 December 2023 AmountIn % AmountIn %Czech Republic 961,18546%970,89761%\u2013 Development and land bank 936,68245%951,97160%\u2013 Office 4,700\u20134,700\u2013\u2013 Development 13,0241%12,1341%\u2013 Retail 6,779\u20132,092\u2013Poland 1,090,09051%543,16334%\u2013 Office 986,77546%542,78034%\u2013 Retail 102,9265%\u2013\u2013\u2013 Landbank 389\u2013383\u2013Other \u2013 residential 50,6001%50,6003%Other \u2013 hospitality 25,5002%24,9502%Total 2,127,375100%1,589,610100%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__67-1": {
"value": "5.1 Gross rental income 20242023Gross rental income 56,38535,948In 2024, the increase in gross rental income was driven primarily due to the acquisition of Polish subsidiaries (EUR 19.0 million).5.2 Net service charge and other income20242023Service revenue 5231,176Service charge income 33,00713,131Service charges and other income 33,53014,307Cost of service charges (30,782)(13,463)Cost of service and other charges (30,782)(13,463)Total net service charge income 2,748844In 2024, the service charges increased mainly due to an increase in net service charges generated mainly by newly acquired Polish offices.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__69": {
"value": "5.3 Property operating expenses 20242023Building maintenance (5,522)(2,604)Real estate tax (1,048)(540)Letting fee, other fees paid to real estate agents (2,944)(332)Facility management and other property related services (2,644)(475)Total (12,158)(3,951)The operating expenses arising from investment property that generate rental income in 2024 amounted to EUR 11.5 million (EUR 3.6 million in 2023). The operating expenses arising from investment property that did not generate rental income in 2024 amounted to EUR 0.7 million (EUR 0.4 million in 2023).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__70": {
"value": "5.5 Net valuation gain/(loss) 20242023Valuation gain 37,25744,834Valuation loss (50,128)(63,321)Total (12,871)(18,487)In 2024 and 2023, the valuation gain primarily relates to the Group\u2019s portfolio located in the Czech Republic (EUR 35.8 million and EUR 43.8 million, respectively) and Polish office portfolio (EUR 1.5 million and EUR 1.0 million, respectively). Valuation loss incurred in 2024 primarily relates to Polish office portfolio (EUR 37.9 million) and Czech Land Bank (EUR 12.2 million). For the assumptions, the independent valuers used in the property valuations as at 31 December 2024 and 2023, refer to note 7.5.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantAdjustmentsToValuationObtainedExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__72": {
"value": "5.7 Amortisation, depreciation and impairments 20242023Depreciation and amortisation (801) (389)Impairment of assets (11,050)(678)Total (11,851)(1,067)Increase of impairment of assets in 2024 reflects higher general risk of default (under IFRS9) related to Group\u2019s receivables.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__71": {
"value": "5.7 Amortisation, depreciation and impairments 20242023Depreciation and amortisation (801) (389)Impairment of assets (11,050)(678)Total (11,851)(1,067)Increase of impairment of assets in 2024 reflects higher general risk of default (under IFRS9) related to Group\u2019s receivables.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__73": {
"value": "5.8 Administrative expenses 20242023Advisory and tax services (4,313)(5,383)Audit services (294)(154)Personnel expenses (911)(751)Legal services (254)(356)Other administrative expenses (1,146)(994)Total (6,918)(7,638)In 2024 and 2023, the advisory expenses also include the management services received from related parties in the amount of EUR 0.6 million and EUR 0.1 million, respectively. In 2024 and 2023, the audit, tax and advisory expenses also include the cost of services provided by the Group\u2019s auditor of EUR 0.3 million and 0.2 million in 2023, respectively. Personnel administrative expenses 20242023Wages and salaries (745)(628)Social and health security contributions (153)(116)Other social expenses (13)(7)Total (911)(751)As at 31 December 2024 and 2023, the Group had 10 and 7 employees, respectively.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__74": {
"value": "In 2024 and 2023, the audit, tax and advisory expenses also include the cost of services provided by the Group\u2019s auditor of EUR 0.3 million and 0.2 million in 2023, respectively.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__75": {
"value": "Personnel administrative expenses 20242023Wages and salaries (745)(628)Social and health security contributions (153)(116)Other social expenses (13)(7)Total (911)(751)As at 31 December 2024 and 2023, the Group had 10 and 7 employees, respectively.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__76": {
"value": "5.9 Other net financial result 20242023Net foreign exchange loss on investment property (5,600)(37,771)Other net foreign exchange gain (11,853)(7,100)Other net financial result (3,221)16,094Bank charges (2,885)(932)Total (23,559)(29,709)In 2024 and 2023 the other net financial result mainly represents a loss on foreign exchange on investment property related to Polish portfolio of EUR 16.2 million, partly eliminated by EUR 4.6 million of the foreign exchange gain on investment property related to Czech Republic land banks. The other net foreign exchange losses in 2024 and 2023 were driven by the retranslation of loans provided to related parties in foreign currencies.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__77": {
"value": "5.10 Interest income and expense Interest income on loans and receivables relates primarily to loans provided to related parties (see note 6.5 and 10). Interest expense relates primarily to loans received from related parties, (see note 6.11 and 10).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__78": {
"value": "5.11 Income tax expense Tax recognised in profit or loss 20242023Current income tax expense (7,223)(718)Adjustment for prior year 11928Income tax expense (7,103) (690)Temporary differences 2,831(22,605)Utilisation of tax losses carried forward 832(26,654)Deferred income tax expense (863)(49,259)Total (7,967)(49,949)In 2024 and 2023, based on the assessment of its recoverability, the Group partially released deferred tax asset of EUR 0.8 million and EUR 26.7 million, respectively. Reconciliation of effective tax rate 20242023Profit for the period 65,60246,433Total income tax recognised in profit or loss 7,96749,949Profit before tax 73,56996,382Current income tax rate 24.94%24.94%Income tax expense using the domestic corporate income tax rate (18,348)(24,038)Change in income tax rates -(18,377)Effect of tax rates in foreign jurisdictions 9503,500Non-deductible expense (9,323)(12,460)Tax exempt income 4,2851,426Change in unrecognised deferred tax asset from tax losses carried forward 14,469\u2013Income tax expense (7,967)(49,949)Pillar Two On 23 May 2023, the International Accounting Standards Board issued International Tax Reform \u2013 Pillar Two Model Rules \u2013 Amendments to IAS 12 which clarify that IAS 12 applies to income taxes arising from tax law enacted or substantively enacted to implement the Pillar Two model rules published by the OECD, including tax law that implements Qualified Domestic Minimum Top-up Taxes. The Group has adopted these amendments. Using a transitional safe harbor rules, the Group evaluated impact of the OECD's global tax reform under Pillar II, which enforces a minimum global corporate tax rate of 15% and concluded no material impact on its tax position as at 31 December 2024. The main tax rules imposed on the Group companies Luxembourg: The tax rate is 24.94% considering the combined corporate income tax rate, solidarity surtax of 7% on the corporate income tax rate and municipal business tax rate of 6.75%. Tax losses incurred until 2017 may be carried forward indefinitely, while losses incurred as from 2017 should be limited to 17 years. From 2025, the overall tax rate will decrease from 24.94% to 23.87%. Czech Republic: The corporate income tax rate is 21%. Tax losses can be carried forward for 5 years. Losses may not be carried forward on a substantial (approximately 25%) change in the ownership of a company unless certain conditions are met. Poland: The corporate income tax rate is 19%. Tax losses 2017-2018 may be carried forward for 5 years but the loss utilisation in each year is capped at 50% of the tax loss. The losses incurred during 2019-2022 can be utilised: a) in the next five consecutive tax years, provided that the amount of the utilisation in any of these years may not exceed 50% of the amount of this loss, or b) in one of the next five subsequent tax years by an amount not exceeding PLN 5,000,000, the undetermined amount is subject to settlement in the remaining years of this five-year period, provided that the amount of reduction in any of these years may not exceed 50% of the amount of this loss. Italy: The corporate income tax (\u201cIRES\u201d) rate is 24% plus the regional tax on productive activities (\u201cIRAP\u201d) of 4.82% is applicable in Rome where the business of the Group is located. For IRES purposes, tax losses may be carried forward indefinitely. However, tax losses may be offset only up to 80% of taxable income in each year. Tax losses incurred during the first 3 years of new activity may be used to fully offset corporate taxable income. Utilisation of the tax losses carried forward is limited upon business reorganisations and a change of control. For IRAP purposes, tax losses may not be carried forward. Recognised deferred tax assets and liabilities Asset Liability Net 31 Dec 202431 Dec 202331 Dec 202431 Dec 202331 Dec 202431 Dec 2023Investment property \u201332(176,258)(158,947)(176,258)(158,915)Tax losses carried-forward 85,28288,627\u2013\u201385,28288,627Other 7,6734,017\u2013(5,604)7,673(1,587)Gross deferred tax asset/(liability) 92,95592,676(176,258)(164,551)(83,303)(71,875)Deferred tax offset by subsidiaries (2,888)2572,888(257)\u2013\u2013Net deferred tax asset/(liability) 90,06792,933(173,370)(164,808)(83,303)(71,875)As at 31 December 2024 and 2023, the Group recognised the deferred tax asset from tax losses carried forward in total amount of EUR 85.3 million and EUR 88.6 million, respectively. As these tax losses relate primarily to the Luxembourg entities and were generated before 2017, they can be carried forward indefinitely. Recognition of the deferred tax asset is based on the future taxable profits that are expected to be generated in next 10 years. The expected profits reflect a strategy of CPIPG in which, the Group renders the financial services to CPIPG\u2019s subsidiaries. Expiry of unrecognised tax losses carried forward Less than 1 year1 to 3 years3 to 5 yearsMore than 5 yearsTotalAs at 31 December 2024 3,55914,63121,0465,09144,327As at 31 December 2023 2,2209,7818,6353,67824,314An increase in expiry of unrecognized tax losses carried forward relates to newly acquired Polish offices. Movement in deferred tax 20242023As at 1 January (71,875) (28,769)Recognised in profit or loss (863)(49,259)Recognised in other comprehensive income 8871,249Common control acquisition (18,129)-Disposal of subsidiaries -1,190Translation effect and other 6,6773,714As at 31 December (83,303)(71,875)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__79": {
"value": "Recognised deferred tax assets and liabilities Asset Liability Net 31 Dec 202431 Dec 202331 Dec 202431 Dec 202331 Dec 202431 Dec 2023Investment property \u201332(176,258)(158,947)(176,258)(158,915)Tax losses carried-forward 85,28288,627\u2013\u201385,28288,627Other 7,6734,017\u2013(5,604)7,673(1,587)Gross deferred tax asset/(liability) 92,95592,676(176,258)(164,551)(83,303)(71,875)Deferred tax offset by subsidiaries (2,888)2572,888(257)\u2013\u2013Net deferred tax asset/(liability) 90,06792,933(173,370)(164,808)(83,303)(71,875)As at 31 December 2024 and 2023, the Group recognised the deferred tax asset from tax losses carried forward in total amount of EUR 85.3 million and EUR 88.6 million, respectively. As these tax losses relate primarily to the Luxembourg entities and were generated before 2017, they can be carried forward indefinitely. Recognition of the deferred tax asset is based on the future taxable profits that are expected to be generated in next 10 years. The expected profits reflect a strategy of CPIPG in which, the Group renders the financial services to CPIPG\u2019s subsidiaries. Expiry of unrecognised tax losses carried forward Less than 1 year1 to 3 years3 to 5 yearsMore than 5 yearsTotalAs at 31 December 2024 3,55914,63121,0465,09144,327As at 31 December 2023 2,2209,7818,6353,67824,314An increase in expiry of unrecognized tax losses carried forward relates to newly acquired Polish offices. Movement in deferred tax 20242023As at 1 January (71,875) (28,769)Recognised in profit or loss (863)(49,259)Recognised in other comprehensive income 8871,249Common control acquisition (18,129)-Disposal of subsidiaries -1,190Translation effect and other 6,6773,714As at 31 December (83,303)(71,875)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__80": {
"value": "6.1 Investment property OfficeLandbankDevelopmentRetailHospitalityResidentialTotalAs at 1 January 2023 616,780 930,438 12,565 2,27725,95052,100 1,640,110Development costs and other additions 15,39627,0823\u20137875843,317Transfers within investment property \u2013(29,474)\u2013\u2013\u2013\u2013(29,474)Disposals (24,547)(296)\u2013\u2013\u2013\u2013(24,843)Valuation gain/loss (57,625)42,689(128)(87)(1,078)(2,258)(18,487)Net foreign exchange loss (44,062)6,283\u2013\u2013\u2013\u2013(37,779)Translation differences 41,538(24,368)(306)(98)\u2013\u201316,766As at 31 December 2023 547,480 952,354 12,134 2,09224,95050,600 1,589,610Common control acquisition 453,518\u2013\u2013112,078\u2013\u2013565,596Development costs and other additions 19,219 11,878215 3,685 40360 35,460 Transfers to inventories \u2013(28,428)\u2013\u2013\u2013\u2013(28,428)Transfers to assets held for sale \u2013(5,374)\u2013\u2013\u2013\u2013(5,374)Transfers between segments \u2013(5,339)\u20135,339\u2013\u2013\u2013Disposals (48)(6,539)\u2013\u2013\u2013\u2013(6,587)Valuation gain/loss (32,478)31,096900(12,476)147(60)(12,871)Net foreign exchange gain/loss (7,443)4,875\u2013(1,718)\u2013\u2013(4,286)Translation differences 11,227(17,452)(225)705\u2013\u2013(5,745)As at 31 December 2024 991,475937,07113,024109,70525,50050,6002,127,375Common control acquisition In 2024, the Group acquired and retails 7 Poland offices of EUR 453.5 million and 2 Poland shopping malls of EUR 112.1 million through a common control acquisition (refer to note 3). Development costs and other additions In 2024, the development costs primarily related to newly acquired Polish offices of EUR 19.2 million and landbanks of EUR 11.9 million. In 2023, the development costs primarily related to landbank in Brno and Poland offices of EUR 14.7 million and EUR 10.7 million, respectively. Transfers to inventories In 2024 and 2023, the Group transferred landbank in Prague of EUR 28.4 million and EUR 29.5 million from investment property to inventories due to change in its use. Disposals In 2023, the Group disposed one office property of EUR 24.6 million. Net valuation gain/loss In 2024, the valuation loss related primarily to the Polish portfolio (EUR 35.3 million) and Czech Land Bank (EUR 4.9 million), the loss was partly offset by valuation gains recognised by the Group\u2019s Czech landbank portfolio (EUR 37.0 million, primarily related to development projects Bubny Development of EUR 10.5 million, STRM Beta of EUR 5.3 million and Polygon BC of EUR 4.5 million) and Polish office portfolio (EUR 1.7 million). In 2023, the valuation loss related primarily to the Polish portfolio (EUR 57.6 million), the loss was partly offset by valuation gains recognised by the Group\u2019s Czech landbank portfolio (EUR 43.9 million, primarily related to development projects Bubny Development of EUR 14.9 million, Nov\u00e1 Zbrojovka of EUR 8.6 million and CPI Podhorsk\u00fd Park of EUR 5.2 million). Translation differences Translation differences related to investment property arise in connection with translation of amounts of subsidiaries with different functional currency than EUR. Reconciliation between the values obtained from the external valuers and the reported values 31 December 202431 December 2023Market value as estimated by the external valuer (refer to note 7.5) 2,086,3971,574,675Add: leased assets and other 40,97814,935As at 31 December 2,127,3751,589,610",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__81": {
"value": "6.2 Property, plant and equipment 20242023Other TotalOtherTotalCostAs at 1 January3,1713,1713,0333,033Development costs and other additions324324145145Disposals(4)(4)Translation differences(6)(6)(7)(7)As at 31 December3,4853,4853,1713,171Accumulated depreciation and impairment lossesAs at 1 January(677)(677)(281)(281)Depreciation (456)(456)(396)(396)As at 31 December(1,133)(1,133)(677)(677)Carrying amountsAs at 1 January2,4942,4942,7522,752At 31 December2,3522,3522,4942,494",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__83": {
"value": "6.3 Equity accounted investees As at 31 December 2024, the equity accounted investment in the amount of EUR 16.8 million (EUR 16.9 million as at 31 December 2023) represents investment in Uniborc S.A. Uniborc S.A. is a joint venture constituted in 2013 with Rodamco with aim to develop a shopping centre in the Bubny area in Prague, the Czech Republic. The Group\u2019s shareholding is 35%. 20242023As at 1 January 16,9399,724Share of profit 9215Capital increase/decrease (143)7,000As at 31 December 16,80516,939Condensed statement of comprehensive income of Uniborc S.A. 20242023Net valuation gain on investment property (55)3,846Administrative expenses 191170Operating result 1364,016Interest expenses (1,000)(2,499)Profit before taxes (864)1,517Income taxes 520(913)Profit/loss for the period (344)604Condensed statement of financial position of Uniborc S.A. 31 December 202431 December 2023Investment property 91,06087,738Cash and cash equivalents 471294Total assets 91,53188,032Non-current financial liabilities (26,268)(24,710)Deferred tax liabilities (16,986)(14,701)Current financial liabilities (176)(167)Other current liabilities (87)(57)Total liabilities (43,517)(39,635)Net assets 48,01448,397",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__82": {
"value": "6.3 Equity accounted investees As at 31 December 2024, the equity accounted investment in the amount of EUR 16.8 million (EUR 16.9 million as at 31 December 2023) represents investment in Uniborc S.A. Uniborc S.A. is a joint venture constituted in 2013 with Rodamco with aim to develop a shopping centre in the Bubny area in Prague, the Czech Republic. The Group\u2019s shareholding is 35%. 20242023As at 1 January 16,9399,724Share of profit 9215Capital increase/decrease (143)7,000As at 31 December 16,80516,939Condensed statement of comprehensive income of Uniborc S.A. 20242023Net valuation gain on investment property (55)3,846Administrative expenses 191170Operating result 1364,016Interest expenses (1,000)(2,499)Profit before taxes (864)1,517Income taxes 520(913)Profit/loss for the period (344)604Condensed statement of financial position of Uniborc S.A. 31 December 202431 December 2023Investment property 91,06087,738Cash and cash equivalents 471294Total assets 91,53188,032Non-current financial liabilities (26,268)(24,710)Deferred tax liabilities (16,986)(14,701)Current financial liabilities (176)(167)Other current liabilities (87)(57)Total liabilities (43,517)(39,635)Net assets 48,01448,397",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__84": {
"value": "6.4 Other investments As at 31 December 2024 and 2023, the Group holds 67,000,000 shares in CPIPG, which represents 0.75% of the CPIPG\u2019s shareholding and is valued at EUR 51.2 million (EUR 54.6 million as at 31 December 2023). The valuation of CPIPG shares held by the Group as at 31 December 2024 and 2023 is based on an alternative valuation model because of not an active market. The management determined the use of EPRA NAV per share (net asset value per share determined based on the methodology of European Public Real Estate Association) of CPIPG as the most representative valuation model primarily due to: \uf02d EPRA NAV is a globally recognised measure of fair value; \uf02d EPRA NAV takes into consideration the fair value of the net assets of a company, applying known aspects of the company\u2019s business model. For the valuation of the CPIPG shares held as at 31 December 2024 and 2023, EPRA NAV per CPIPG share as at 31 December 2024 and 2023 was used. CPIPG\u2019s EPRA NAV per share EUR 0.74 as at 31 December 2024 (EUR 0.81 as at 31 December 2023) differs from the price at the stock-exchange EUR 0.79 as at 31 December 2024 (EUR 0.93 as at 31 December 2023). The change in the value of CPIPG shares is recognised in other comprehensive income by the Group. The detailed calculation of CPIPG\u2019s EPRA NAV per share is presented in the CPIPG\u2019s annual report. The Group adjusted the number of shares used in the calculation for the amount of shares owned by the Group as at 31 December 2024 and 2023. As at 31 December 2024, the EPRA NAV per share of EUR 0.76 (EUR 0.83 as at 31 December 2023) disclosed by CPIPG therefore differs from value used by the Group to value the CPIPG\u2018s shares owned.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__85": {
"value": "6.5 Loans provided 31 December 202431 December 2023Loans provided \u2013 related parties and joint ventures 3,504,1764,333,679Impairment to non-current loans provided to related parties (28,477)(14,679)Total non-current loans provided 3,475,699 4,319,000Loans provided \u2013 related parties and joint ventures 234,484719,276Total current loans provided 234,484719,276Loans provided decreased in 2024 mainly due to decrease of loans provided to related parties. These loans bear interest rate between 0.48% \u2013 13.83% p.a. (determined based on the Group\u2019s risk assessment) and mature from 2024 to 2031. See note 10 for more information. Loans provided to joint venture include loan principal and the interest granted to Uniborc S.A. (see note 6.3) in the amount of EUR 7.6 million and EUR 8.7 million as at 31 December 2024 and 2023. The joint venture is primarily financed through a loan by both partners in the same proportion as their respective shareholdings. The loan is repayable in 2028.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__86": {
"value": "6.6 Inventories 31 December 202431 December 2023Inventories 36,69050,344Compared to 31 December 2023, inventories decreased due to sales of flats in the Czech Republic in the period.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__87": {
"value": "6.7 Trade receivables 31 December 202431 December 2023Trade receivables due from related parties 22,4703,984Trade receivables due from third parties 16,0315,538Impairment \u2013 trade receivables due from other parties (5,810)(1,580)Total 32,6917,942Trade receivables increased primarily due to acquisition of certain Polish subsidiaries in June 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__88": {
"value": "6.8 Cash and cash equivalents 31 December 202431 December 2023Bank balances 163,44183,600Cash on hand 22Total 163,44383,602",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__89": {
"value": "6.9 Other current receivables 31 December 202431 December 2023Cash pool receivables due from related parties 58,34050,930Other receivables due from related parties 191,984153,444Other receivables due from third parties 30,40134,561Impairment \u2013 other receivables due from other parties -(18)Total 280,725238,917The Company has agreed a cash-pool contracts with related subsidiaries of CPI Property Group (refer to note 2.2). As at 31 December 2024, other current receivables related to cash pool amounted to EUR 58.3 million (EUR 50.9 million as at 31 December 2023).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__93": {
"value": "6.10 Equity As of 31 December 2024 and 2023, the share capital of the Company amounts to EUR 13,145 thousand and is represented by 1,314,507,629 ordinary fully paid shares with a nominal value of EUR 0.01 each. The following table sets out information regarding the ownership of the Company\u2019s shares as at 31 December 2024 and 2023, respectively: Shareholder Number of sharesShare heldCPI PROPERTY GROUP S.A. 1,279,198,97697.31%Others 35,308,6532.69%As at 31 December 2024 and 2023 1,314,507,629100.00%Non-controlling interests (NCI) 20242023Opening balance467310,726Acquisition of non-controlling interests(12,729)-Loss for the period-(310,259)Common control acquisition153,284-Sale of non-controlling interest in CPI PIF180,516-As at 31 December321,538467CPI Project Invest and Finance The registered office of CPI Project Invest and Finance, a.s. is Purky\u0148ova 2121/3, Prague, the Czech Republic. Movement of CPI PIF-related non-controlling interest: 2024Group\u2019s interest 49.0%Common control acquisition153,284Sale of non-controlling interest in CPI PIF180,516Non-controlling interest \u2013 profit for the period (12,729)Total non-controlling interest 321,071Condensed financial information of CPI PIF as at 31 December 2024: 2024Non-current assets 1,247,421.9Current assets 164,515.9Total assets 1,411,937.8Equity attributable to owners 677,752.5Non-current liabilities 711,677.5Current liabilities 22,507.8Total equity and liabilities 1,411,937.8Profit for the period (27,976)Net increase/(decrease) in cash and cash equivalents 43,264.7On 24 June 2024, as a result of common control acquisition through which the Group acquired CPI PIF, the Group recognised non-controlling interest of EUR 153.3 million (for more details refer to note 3). On 27 June 2024, the Group sold 26% share of CPI Project Invest and Finance (hereinafter together with its subsidiaries as \u201eCPI PIF\u201c) to European asset manager SONA ASSET MANAGEMENT (UK) LLP (\u201cSona Asset Management\u201d) for EUR 96.7 million. The difference between the carrying value of EUR 180.5 million and the sales price of EUR 96.7 million amounting to EUR 83.3 million represents Group\u2019s loss from sale of NCI and was recognised against retained earnings as of the date of sale. The Group holds a call option to repurchase the shares of CPI PIF back from Sona Asset Management at a price which depends on the date of exercise of the call option. If the shares were not fully repurchased after five years by the Group, Sona Asset Management has a (conditional) right to trigger a sale of CPI PIF\u2019s assets on the market. As at 31 December 2024, the fair value of the Group\u2019s call option was considered insignificant. As part of the investment, Sona Asset Management does not have present access to any returns. The Group cannot be required to any payments as distributions depend on operational performance and approval of CPI PIF\u2019s board. In 2023, the Group acquired a non-controlling 80% interest in its Czech subsidiaries Bubny Development, STRM Alfa, MQM Czech, Polygon BC (all with registered office at Vladislavova 1390/17, Prague 1, 110 00) and Vyso\u010dany Office (registered office at Poho\u0159elec 112/24, Prague 1, 118 00) from the related company GSG Europa for EUR 311.6 million of which EUR 1.3 million (representing a difference between carrying value of related non-controlling interest and the purchase price) was recognised against retained earnings. Mandatory takeover bid over Company shares On 8 June 2016 the Company\u2019s fully owned subsidiary Nukasso Holdings Limited directly and indirectly acquired approximately 97.31% of shares in CPI FIM. As a consequence, Nukasso Holdings Limited became obliged to launch a mandatory takeover bid to purchase any and all of the ordinary shares of CPI FIM (the \u201cMandatory Takeover Offer\u201d). On 22 August 2016, the Czech Office for the Protection of Competition granted the merger clearance for the acquisition of CPI FIM by the Group, whereas its decision became final and binding on 23 August 2016. On 8 December 2017 the CSSF published press releases in which it stated, inter alia, that it has decided not to approve the offer document in the Mandatory Takeover Offer as a consequence of the existence of an undisclosed concert action with respect to CPI FIM. On 15 March 2018 the CSSF published a press release informing that the decisions detailed in the above-mentioned CSSF press releases of 8 December 2017 have been challenged before the Luxembourg administrative courts. On 21 November 2023 the first instance court rejected administrative lawsuits against the decisions of the CSSF. The shareholders appealed against this decision. On 27 June 2024, the appeals formed against the judgments of 21 November 2023 have been dismissed by the Administrative Court (Cour administrative). As a consequence, decisions adopted by the CSSF on 8 December 2017 are final and may no longer be challenged before the Luxembourg administrative courts. As of the date of this report, the Company has not received any formal decision in relation to the Mandatory Takeover Offer. Earnings per share 31 December 202431 December 2023Weighted average outstanding shares for the purpose of calculating the basic EPS 1,314,507,6291,314,507,629Weighted average outstanding shares for the purpose of calculating the diluted EPS 1,314,507,6291,314,507,629Net profit attributable to owners of the parent 78,33146,433Net profit attributable to owners of the parent after assumed conversions/exercises 78,33146,433Total Basic earnings in EUR per share 0.060.04Diluted earnings in EUR per share 0.060.04Basic earnings per share (EPS) are calculated by dividing the profit attributable to the Group by the weighted average number of ordinary shares in issue during the period, excluding ordinary shares purchased by the Group and held as treasury shares. Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. The warrants issued by the Company were not taken into account in the diluted EPS calculation.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__90": {
"value": "6.10 Equity As of 31 December 2024 and 2023, the share capital of the Company amounts to EUR 13,145 thousand and is represented by 1,314,507,629 ordinary fully paid shares with a nominal value of EUR 0.01 each. The following table sets out information regarding the ownership of the Company\u2019s shares as at 31 December 2024 and 2023, respectively: Shareholder Number of sharesShare heldCPI PROPERTY GROUP S.A. 1,279,198,97697.31%Others 35,308,6532.69%As at 31 December 2024 and 2023 1,314,507,629100.00%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__92": {
"value": "Non-controlling interests (NCI) 20242023Opening balance467310,726Acquisition of non-controlling interests(12,729)-Loss for the period-(310,259)Common control acquisition153,284-Sale of non-controlling interest in CPI PIF180,516-As at 31 December321,538467CPI Project Invest and Finance The registered office of CPI Project Invest and Finance, a.s. is Purky\u0148ova 2121/3, Prague, the Czech Republic. Movement of CPI PIF-related non-controlling interest: 2024Group\u2019s interest 49.0%Common control acquisition153,284Sale of non-controlling interest in CPI PIF180,516Non-controlling interest \u2013 profit for the period (12,729)Total non-controlling interest 321,071Condensed financial information of CPI PIF as at 31 December 2024: 2024Non-current assets 1,247,421.9Current assets 164,515.9Total assets 1,411,937.8Equity attributable to owners 677,752.5Non-current liabilities 711,677.5Current liabilities 22,507.8Total equity and liabilities 1,411,937.8Profit for the period (27,976)Net increase/(decrease) in cash and cash equivalents 43,264.7On 24 June 2024, as a result of common control acquisition through which the Group acquired CPI PIF, the Group recognised non-controlling interest of EUR 153.3 million (for more details refer to note 3). On 27 June 2024, the Group sold 26% share of CPI Project Invest and Finance (hereinafter together with its subsidiaries as \u201eCPI PIF\u201c) to European asset manager SONA ASSET MANAGEMENT (UK) LLP (\u201cSona Asset Management\u201d) for EUR 96.7 million. The difference between the carrying value of EUR 180.5 million and the sales price of EUR 96.7 million amounting to EUR 83.3 million represents Group\u2019s loss from sale of NCI and was recognised against retained earnings as of the date of sale. The Group holds a call option to repurchase the shares of CPI PIF back from Sona Asset Management at a price which depends on the date of exercise of the call option. If the shares were not fully repurchased after five years by the Group, Sona Asset Management has a (conditional) right to trigger a sale of CPI PIF\u2019s assets on the market. As at 31 December 2024, the fair value of the Group\u2019s call option was considered insignificant. As part of the investment, Sona Asset Management does not have present access to any returns. The Group cannot be required to any payments as distributions depend on operational performance and approval of CPI PIF\u2019s board. In 2023, the Group acquired a non-controlling 80% interest in its Czech subsidiaries Bubny Development, STRM Alfa, MQM Czech, Polygon BC (all with registered office at Vladislavova 1390/17, Prague 1, 110 00) and Vyso\u010dany Office (registered office at Poho\u0159elec 112/24, Prague 1, 118 00) from the related company GSG Europa for EUR 311.6 million of which EUR 1.3 million (representing a difference between carrying value of related non-controlling interest and the purchase price) was recognised against retained earnings. Mandatory takeover bid over Company shares On 8 June 2016 the Company\u2019s fully owned subsidiary Nukasso Holdings Limited directly and indirectly acquired approximately 97.31% of shares in CPI FIM. As a consequence, Nukasso Holdings Limited became obliged to launch a mandatory takeover bid to purchase any and all of the ordinary shares of CPI FIM (the \u201cMandatory Takeover Offer\u201d). On 22 August 2016, the Czech Office for the Protection of Competition granted the merger clearance for the acquisition of CPI FIM by the Group, whereas its decision became final and binding on 23 August 2016. On 8 December 2017 the CSSF published press releases in which it stated, inter alia, that it has decided not to approve the offer document in the Mandatory Takeover Offer as a consequence of the existence of an undisclosed concert action with respect to CPI FIM. On 15 March 2018 the CSSF published a press release informing that the decisions detailed in the above-mentioned CSSF press releases of 8 December 2017 have been challenged before the Luxembourg administrative courts. On 21 November 2023 the first instance court rejected administrative lawsuits against the decisions of the CSSF. The shareholders appealed against this decision. On 27 June 2024, the appeals formed against the judgments of 21 November 2023 have been dismissed by the Administrative Court (Cour administrative). As a consequence, decisions adopted by the CSSF on 8 December 2017 are final and may no longer be challenged before the Luxembourg administrative courts. As of the date of this report, the Company has not received any formal decision in relation to the Mandatory Takeover Offer. Earnings per share 31 December 202431 December 2023Weighted average outstanding shares for the purpose of calculating the basic EPS 1,314,507,6291,314,507,629Weighted average outstanding shares for the purpose of calculating the diluted EPS 1,314,507,6291,314,507,629Net profit attributable to owners of the parent 78,33146,433Net profit attributable to owners of the parent after assumed conversions/exercises 78,33146,433Total Basic earnings in EUR per share 0.060.04Diluted earnings in EUR per share 0.060.04Basic earnings per share (EPS) are calculated by dividing the profit attributable to the Group by the weighted average number of ordinary shares in issue during the period, excluding ordinary shares purchased by the Group and held as treasury shares. Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. The warrants issued by the Company were not taken into account in the diluted EPS calculation.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__91": {
"value": "Earnings per share 31 December 202431 December 2023Weighted average outstanding shares for the purpose of calculating the basic EPS 1,314,507,6291,314,507,629Weighted average outstanding shares for the purpose of calculating the diluted EPS 1,314,507,6291,314,507,629Net profit attributable to owners of the parent 78,33146,433Net profit attributable to owners of the parent after assumed conversions/exercises 78,33146,433Total Basic earnings in EUR per share 0.060.04Diluted earnings in EUR per share 0.060.04Basic earnings per share (EPS) are calculated by dividing the profit attributable to the Group by the weighted average number of ordinary shares in issue during the period, excluding ordinary shares purchased by the Group and held as treasury shares. Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. The warrants issued by the Company were not taken into account in the diluted EPS calculation.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__94": {
"value": "6.11 Financial debts 31 December 202431 December 2023Loans from related parties 3,651,4644,633,435Bank loans 308,787327,027Lease liabilities 43,4474,771Total non-current financial debts 4,003,6984,965,233Loans from related parties 168,548183,368Bank loans \u20138,098Lease liabilities 239252Total current financial debts 168,787191,718As at 31 December 2024 and 2023, the balance of the loans received from the Group\u2019s parent company CPIPG and its subsidiaries was EUR 3,532.8 million and EUR 4,018.2 million, respectively. The loans from CPIPG bear interest rates between 0.65% \u2013 6.13% p.a (0.65% \u2013 6.12% in 2023). Maturity of financial debts As at 31 December 2024 Less than one year1 to 5 yearsMore than 5 yearsTotalLoans from related parties 168,5481,971,9191,680,3453,820,812Bank loans -285,57723,210308,787Lease liabilities 2394,37839,06943,686Total 168,7872,261,8741,742,6244,173,285As at 31 December 2023 Less than one year1 to 5 yearsMore than 5 yearsTotalLoans from related parties 183,3681,970,5682,662,8674,816,803Bank loans 8,098306,49420,533335,125Lease liabilities 2524,771\u20135,023Total 191,7182,281,8332,683,4005,156,951For details on the loans received from related parties, refer to note 10. Reconciliation of movements of liabilities to cash flows arising from financing activities Loans and borrowingsLease liabilitiesTotalAs at 1 January 2024 5,151,9285,0235,156,951Interest paid (116,763) \u2013 (116,763)Drawings of loans and borrowings 80,448 \u2013 80,448Repayments of loans and borrowings (1,510,900) \u2013 (1,510,900)Total changes from financing cash flows (1,547,215)\u2013 (1,547,215)Changes from obtaining or losing control of subsidiaries or other 355,70338,663394,366businessesThe effect of changes in foreign exchange rates 12,643\u201312,643Interest expense 155,740\u2013155,740As at 31 December 2024 4 128 79943,6864,172,485Loans and borrowingsLease liabilitiesTotalAs at 1 January 2023 4,895,2074,6684,899,875Interest paid (112,728) \u2013(112,728)Drawings of loans and borrowings 504,175 \u2013504,175Repayments of loans and borrowings (291,605) \u2013(291,605)Lease liabilities \u2013 \u2013\u2013Total changes from financing cash flows 99,842\u201399,842The effect of changes in foreign exchange rates 7.9283558.283Interest expense 148,951\u2013148.951As at 31 December 2023 5,151,9285,0235,156,951",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__96": {
"value": "6.12 Other financial non-current liabilities 31 December 202431 December 2023Tenant deposits 9,8394,010Advances received from third parties 2,855-Payables from retentions 1,2361,515Other payables due to third parties -20Interest rate swaps used for hedging 8,2598,488Total 22,18914,033",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__95": {
"value": "6.12 Other financial non-current liabilities 31 December 202431 December 2023Tenant deposits 9,8394,010Advances received from third parties 2,855-Payables from retentions 1,2361,515Other payables due to third parties -20Interest rate swaps used for hedging 8,2598,488Total 22,18914,033",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__97": {
"value": "6.13 Trade payables 31 December 202431 December 2023Trade payables due to related parties 9,96311,565Trade payables due to third parties 17,48010,949Total 27,44322,514",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__98": {
"value": "6.14 Other financial current liabilities 31 December 202431 December 2023Cash pool payables due to related parties 37,13447,447Other payables due to related parties 317,813311,693Other financial current liabilities due to third parties 16,27914,413Total 371,226373,553The Company has agreed a cash-pool contracts with selected subsidiaries of CPI Property Group. As at 31 December 2024 and 2023 other payables represent acquisition price of 80% of NCI, mainly Bubny of EUR 155.0 million and STRM Alfa of EUR 55.2 million acquired in 2022. As at 31 December 2024, the other financial current liabilities related to cash pool amounted to EUR 37.1 million (EUR 47.4 million as at 31 December 2023).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__99": {
"value": "6.15 Other non-financial current liabilities 31 December 202431 December 2023Value added tax payables 1,683114Provisions 1,3381,062Other 6139Total 3,0821,215",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__100": {
"value": "6.16 Leases where the Group acts as a lessor The commercial property leases typically have lease terms of between 5 and 10 years and include clauses to enable periodic upward revision of the rental charge according to market conditions. Some contracts contain options to terminate before the end of the lease term. The following table shows the future rental income from lease agreements where the terms are non-cancellable. 31 December 202431 December 2023Less than one year 73,22936,073Between one and five years 173,62359,093More than five years 31,6727,642Total 278,524102,808As at 31 December 2024, the leases where the Group acts as a lessor increased due to acquisitions of Polish offices and retails.",
"dimensions": {
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"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__101": {
"value": "7 Financial risk management Exposure to various risks arises in the normal course of the Group\u2019s business. Financial risk comprises: \uf02d credit risk (refer to note 7.1); \uf02d liquidity risk (refer to note 7.2); \uf02d market risk including currency risk, interest rate risk and price risk (refer to note 7.3). This note presents information about the Group\u2019s exposure to each of the above risks, the Group\u2019s objectives, policies and processes for measuring and managing risk, and the Group\u2019s management of capital. The primary objectives of the financial risk management function are to establish risk limits, and then ensure that exposure to risks stays within these limits. Supervision of the Group\u2019s risk is accomplished through discussions held by executive management in appropriate frameworks together with reporting and discussions with the Board of Directors. 7.1 Credit risk Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk mainly from its rental activities (primarily for trade receivables) and from its financing activities, including provided loans, purchased bonds, deposits with banks and financial institutions and other financial instruments. The Group evaluates the concentration of risk with respect to loans provided as low, as the debtors are primarily entities controlled by the ultimate shareholder of the Company. Aging structure of financial assets as at 31 December 2024 and 2023 Total past due but not 31 December 2024 Carrying valueImpairedimpairedOther investments 51,681\u2013\u2013Loans provided 3,710,183\u201328,477\u2013 to related parties 3,702,539\u201326,873\u2013 to third parties -\u2013\u2013\u2013 to joint venture 7,644\u20131,604Trade and other receivables 313,5334,6675,804Cash and cash equivalents 163,443\u2013\u2013Total 4,238,8404,66734,281Total past due but not 31 December 2023 Carrying valueImpairedimpairedOther investments 54,571\u2013\u2013Loans provided 5,052,955\u201314,679\u2013 to related parties 5,051,374\u201314,679\u2013 to third parties (7,126)\u2013\u2013\u2013 to joint venture 8,707\u2013\u2013Trade and other receivables 248,53069,7171,598Cash and cash equivalents 83,602\u2013\u2013Total 5,439,65869,71716,277As at 31 December 2024, the Group recognised an impairment of EUR 24.1 million (EUR 14.7 million as at 31 December 2023) against loans provided to related parties. Breakdown of overdue financial assets which are not impaired: Past due Past due Past due Past due Past due more 31 December 2024 Total1-30 days31-90 days91-180 days181-360 daysthan 360 days Trade and other receivables 6031563,3623781684,667Total 6031563,3623781684,667Past due Past due Past due Past due Past due more 31 December 2023 Total1-30 days31-90 days91-180 days181-360 daysthan 360 days Trade and other receivables 68,627\u2013480\u201361069,717Total 68,627\u2013480\u201361069,717As at 31 December 2024, receivables overdue 91 - 180 days primarily related to the intended acquisition of certain office in Poland and were therefore not assessed as doubtful. Cash and cash equivalents Cash and cash equivalents, neither past due nor impaired (Moody\u2019s ratings of respective counterparties): 31 December 202431 December 2023A1 64,88867,800A2 11,6899,267A3 77,37926Aa3 \u2013125Baa1 8,1796,192Baa2 1,2238Not rated 85184Total 163,44383,6027.2 Liquidity risk The main objective of liquidity risk management is to reduce the risk that the Group does not have available resources to meet its financial obligations, working capital and committed capital expenditure requirements. The Group maintains liquidity management to ensure that funds are available to meet all cash flow needs. Concentration of risk is limited thanks to diversified maturity of the Group\u2019s liabilities and diversified portfolio of the Group\u2019s financing. The Group manages liquidity risk by constantly monitoring forecasts and actual cash flows and by various long-term financing. The Group\u2019s liquidity position is monitored on a weekly basis by division managers and is reviewed quarterly by the Board of Directors. A summary table with maturity of liabilities is used by key management personnel to manage liquidity risks. Liquidity risk analysis The following table summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments including accrued interest. The table reflects the earliest settlement of the Group\u2019s liabilities based on contractual maturity and includes non-derivative as well as derivative financial liabilities. 31 December 2024 Carrying value< 3 month3-12 months1-2 years2-5 years> 5 yearTotalFinancial debts 4,172,485195,54983,192501,9491,885,7412,190,0614,856,492\u2013 loans from related parties3,820,012194,19780,161495,7751,863,2381,807,4774 440 848\u2013 bank loans 308,7871,113 3,031 4,042 14,789 309,852332,827\u2013 lease liabilities 43,686239 \u2013 2,132 7,714 72,73282,817Other non-current liabilities 22,189\u2013\u201315,5794,6631,94722,189Other current liabilities* 398,669373,4541,74423,471\u2013\u2013398,669Total 4,593,343569,00384,936540,9991,890,4042,192,0085,277,35031 December 2023 Carrying value< 3 month3-12 months1-2 years2-5 years> 5 yearTotalFinancial debts 5,156,951193,17854,89564,0122,162,5363,086,6965,561,317\u2013 loans from related parties4,816,803191,82251,61659,4162,148,8162,746,1165,197,786\u2013 bank loans 335,1251,104 3,2794,35613,069336,700358,508\u2013 lease liabilities 5,023252 \u20132406513,8805,023Other non-current liabilities 14,034\u2013\u20132,6366,4784,91914,033Other current liabilities* 396,067370,23625,831\u2013\u2013\u2013396,067Total 5,567,052563,41480,72666,6292,169,0153,091,6155,971,417* Other current liabilities include current trade payables and other financial current liabilities. The Group maintains strong cash reserves and maintains flexibility with regard to potential uses of liquidity such as capital expenditures and development spending, shareholder distributions etc. As of the date of these financial statements, the Group does not face a significant liquidity risk. 7.3 Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and prices will affect the Group\u2019s income or the value of its holdings of financial instruments or could cause future cash flows related to financial instruments to fluctuate. The objective of market risk management is to manage and control market risk exposures within acceptable parameters while optimising the return. The Group\u2019s market risk mainly arises from open positions in a) foreign currencies and b) loans provided and financial debts, to the extent that these are exposed to general and specific market movements. Market risk exposures are measured using sensitivity analysis. Sensitivities to market risks included below are based on a change in one factor while holding all other factors constant. Foreign currency risk Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates (see note 2.2(b)). The Group is exposed to currency risk mainly on sales, purchases and borrowings that are denominated in a currency other than the respective functional currencies of Group entities, primarily the CZK, but also others (see note 2.2(b)). Sensitivity analysis \u2013 exposure to currency risk The table below shows the material balances held in foreign currencies that are deemed subject to currency risk and presents sensitivities of profit or loss to reasonably possible changes in foreign currency rates with all other variables held constant. A 10% change in the foreign currency rate of foreign currencies would have the below effect on profit/(loss) or equity of the Group providing all other variables remaining constant: Original Change in TEUR (functional Change in TEUR (functional 31 December 2024 In TEURcurrencycurrency depreciated by 10%)currency appreciated by 10%)Cash and cash equivalents163,443TEUR93,746\u2013\u2013TCZK42,3834,238(4,238)TUSD808(8)THUF3,498350(350)TCHF444(4)TPLN23,2012,320(2,320)TGBP19119(19)TRON30030(30)Loans provided3,710,183TEUR2,894,868\u2013\u2013TCZK429,95342,995(42,995)THUF93,5629,356(9,356)TRON12,7881,279(1,279)TGBP229,32522,932(22,932)TUSD2,608261(261)TAED47,0794,708(4,708)Financial debts(4,172,485)TEUR(4,070,147)\u2013\u2013TCZK(58,653)(5,865)5,865TPLN(43,685)(4,369)4,369Net exposure to currency riskTCZK413,68341,368(41,368)TGBP229,51622,951(22,951)TPLN(20,484)(2,049)2,049TRON13,0881,309(1,309)TUSD2,688269(269)THUF97,0609,706(9,706)TCHF444(4)TAED47,0794,708(4,708)Original Change in TEUR (functional Change in TEUR (functional 31 December 2023 In TEURcurrencycurrency depreciated by 10%)currency appreciated by 10%)Cash and cash equivalents83,602TEUR41,954\u2013\u2013TCZK22,2322,223(2,223)TUSD94194(94)THUF4,825483(483)TCHF1\u2013\u2013TPLN13,5981,360(1,360)TGBP515(5)Loans provided5,038,276TEUR3,745,997\u2013\u2013TCZK873,93487,393(87,393)THUF181,29518,129(18,129)TRON13,9001,390(1,390)TGBP222,31922,232(22,232)TUSD83183(83)Financial debts(5,156,951)TEUR(5,102,280)\u2013\u2013TCZK(49,648)(4,965)4,965TPLN(5,023)(502)502Net exposure to currency riskTCZK846,51884,652(84,652)TGBP222,37022,237(22,237)TPLN8,575857(857)TRON13,9001,390(1,390)TUSD1,772177(177)THUF186,12018,612(18,612)TCHF1\u2013\u2013Interest rate risk At the reporting date the interest rate profile of the Group\u2019s interest-bearing financial instruments are described under notes 6.5 for financial assets and under notes 6.11 financial liabilities respectively. Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group\u2019s interest rate risk is monitored by the Group\u2019s management on a monthly basis. The interest rate risk policy is approved quarterly by the Board of Directors. Management analyses the Group\u2019s interest rate exposure on a dynamic basis. Various scenarios are simulated, taking into consideration refinancing, renewal of existing positions and alternative financing sources. Loans provided by the Group require instalments to be paid by the borrower according to a payment schedule, based on a fixed interest rate. The interest rates charged by the Group are usually based on Group\u2018s borrowing interest rates. As the loans provided (including those to related parties) are based on fixed rates, and no financial debt is measured at fair value through profit and loss the Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the Group\u2019s long-term debt obligations with floating interest rates. These obligations primarily include bank loans. Interest rate risk connected with financial debts is limited as 87% of the loans is provided with fix interest rate as at 31 December 2024. Trade receivables and payables are interest-free and have settlement dates within one year. Price risk The Group is exposed to price risks related to investments in shares of CPIPG, which are classified as other investments. Other components of equity would increase or decrease by EUR 2.5 million as at 31 December 2024 (EUR 2.8 million as at 31 December 2023) as a result of 5% increase or decrease of EPRA NAV per share of CPIPG. Other risks The Group is exposed to price risk other than in respect of financial instruments, such as property price risk including property rental risk. For sensitivity analysis on changes in assumptions of investment property valuation refer to note 7.5.",
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"f1__s6__6__102": {
"value": "7.1 Credit risk Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk mainly from its rental activities (primarily for trade receivables) and from its financing activities, including provided loans, purchased bonds, deposits with banks and financial institutions and other financial instruments. The Group evaluates the concentration of risk with respect to loans provided as low, as the debtors are primarily entities controlled by the ultimate shareholder of the Company. Aging structure of financial assets as at 31 December 2024 and 2023 Total past due but not 31 December 2024 Carrying valueImpairedimpairedOther investments 51,681\u2013\u2013Loans provided 3,710,183\u201328,477\u2013 to related parties 3,702,539\u201326,873\u2013 to third parties -\u2013\u2013\u2013 to joint venture 7,644\u20131,604Trade and other receivables 313,5334,6675,804Cash and cash equivalents 163,443\u2013\u2013Total 4,238,8404,66734,281Total past due but not 31 December 2023 Carrying valueImpairedimpairedOther investments 54,571\u2013\u2013Loans provided 5,052,955\u201314,679\u2013 to related parties 5,051,374\u201314,679\u2013 to third parties (7,126)\u2013\u2013\u2013 to joint venture 8,707\u2013\u2013Trade and other receivables 248,53069,7171,598Cash and cash equivalents 83,602\u2013\u2013Total 5,439,65869,71716,277As at 31 December 2024, the Group recognised an impairment of EUR 24.1 million (EUR 14.7 million as at 31 December 2023) against loans provided to related parties. Breakdown of overdue financial assets which are not impaired: Past due Past due Past due Past due Past due more 31 December 2024 Total1-30 days31-90 days91-180 days181-360 daysthan 360 days Trade and other receivables 6031563,3623781684,667Total 6031563,3623781684,667Past due Past due Past due Past due Past due more 31 December 2023 Total1-30 days31-90 days91-180 days181-360 daysthan 360 days Trade and other receivables 68,627\u2013480\u201361069,717Total 68,627\u2013480\u201361069,717As at 31 December 2024, receivables overdue 91 - 180 days primarily related to the intended acquisition of certain office in Poland and were therefore not assessed as doubtful. Cash and cash equivalents Cash and cash equivalents, neither past due nor impaired (Moody\u2019s ratings of respective counterparties): 31 December 202431 December 2023A1 64,88867,800A2 11,6899,267A3 77,37926Aa3 \u2013125Baa1 8,1796,192Baa2 1,2238Not rated 85184Total 163,44383,602",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s6__6__103": {
"value": "7.2 Liquidity risk The main objective of liquidity risk management is to reduce the risk that the Group does not have available resources to meet its financial obligations, working capital and committed capital expenditure requirements. The Group maintains liquidity management to ensure that funds are available to meet all cash flow needs. Concentration of risk is limited thanks to diversified maturity of the Group\u2019s liabilities and diversified portfolio of the Group\u2019s financing. The Group manages liquidity risk by constantly monitoring forecasts and actual cash flows and by various long-term financing. The Group\u2019s liquidity position is monitored on a weekly basis by division managers and is reviewed quarterly by the Board of Directors. A summary table with maturity of liabilities is used by key management personnel to manage liquidity risks. Liquidity risk analysis The following table summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments including accrued interest. The table reflects the earliest settlement of the Group\u2019s liabilities based on contractual maturity and includes non-derivative as well as derivative financial liabilities. 31 December 2024 Carrying value< 3 month3-12 months1-2 years2-5 years> 5 yearTotalFinancial debts 4,172,485195,54983,192501,9491,885,7412,190,0614,856,492\u2013 loans from related parties3,820,012194,19780,161495,7751,863,2381,807,4774 440 848\u2013 bank loans 308,7871,113 3,031 4,042 14,789 309,852332,827\u2013 lease liabilities 43,686239 \u2013 2,132 7,714 72,73282,817Other non-current liabilities 22,189\u2013\u201315,5794,6631,94722,189Other current liabilities* 398,669373,4541,74423,471\u2013\u2013398,669Total 4,593,343569,00384,936540,9991,890,4042,192,0085,277,35031 December 2023 Carrying value< 3 month3-12 months1-2 years2-5 years> 5 yearTotalFinancial debts 5,156,951193,17854,89564,0122,162,5363,086,6965,561,317\u2013 loans from related parties4,816,803191,82251,61659,4162,148,8162,746,1165,197,786\u2013 bank loans 335,1251,104 3,2794,35613,069336,700358,508\u2013 lease liabilities 5,023252 \u20132406513,8805,023Other non-current liabilities 14,034\u2013\u20132,6366,4784,91914,033Other current liabilities* 396,067370,23625,831\u2013\u2013\u2013396,067Total 5,567,052563,41480,72666,6292,169,0153,091,6155,971,417* Other current liabilities include current trade payables and other financial current liabilities. The Group maintains strong cash reserves and maintains flexibility with regard to potential uses of liquidity such as capital expenditures and development spending, shareholder distributions etc. As of the date of these financial statements, the Group does not face a significant liquidity risk.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__104": {
"value": "7.3 Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and prices will affect the Group\u2019s income or the value of its holdings of financial instruments or could cause future cash flows related to financial instruments to fluctuate. The objective of market risk management is to manage and control market risk exposures within acceptable parameters while optimising the return. The Group\u2019s market risk mainly arises from open positions in a) foreign currencies and b) loans provided and financial debts, to the extent that these are exposed to general and specific market movements. Market risk exposures are measured using sensitivity analysis. Sensitivities to market risks included below are based on a change in one factor while holding all other factors constant. Foreign currency risk Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates (see note 2.2(b)). The Group is exposed to currency risk mainly on sales, purchases and borrowings that are denominated in a currency other than the respective functional currencies of Group entities, primarily the CZK, but also others (see note 2.2(b)). Sensitivity analysis \u2013 exposure to currency risk The table below shows the material balances held in foreign currencies that are deemed subject to currency risk and presents sensitivities of profit or loss to reasonably possible changes in foreign currency rates with all other variables held constant. A 10% change in the foreign currency rate of foreign currencies would have the below effect on profit/(loss) or equity of the Group providing all other variables remaining constant: Original Change in TEUR (functional Change in TEUR (functional 31 December 2024 In TEURcurrencycurrency depreciated by 10%)currency appreciated by 10%)Cash and cash equivalents163,443TEUR93,746\u2013\u2013TCZK42,3834,238(4,238)TUSD808(8)THUF3,498350(350)TCHF444(4)TPLN23,2012,320(2,320)TGBP19119(19)TRON30030(30)Loans provided3,710,183TEUR2,894,868\u2013\u2013TCZK429,95342,995(42,995)THUF93,5629,356(9,356)TRON12,7881,279(1,279)TGBP229,32522,932(22,932)TUSD2,608261(261)TAED47,0794,708(4,708)Financial debts(4,172,485)TEUR(4,070,147)\u2013\u2013TCZK(58,653)(5,865)5,865TPLN(43,685)(4,369)4,369Net exposure to currency riskTCZK413,68341,368(41,368)TGBP229,51622,951(22,951)TPLN(20,484)(2,049)2,049TRON13,0881,309(1,309)TUSD2,688269(269)THUF97,0609,706(9,706)TCHF444(4)TAED47,0794,708(4,708)Original Change in TEUR (functional Change in TEUR (functional 31 December 2023 In TEURcurrencycurrency depreciated by 10%)currency appreciated by 10%)Cash and cash equivalents83,602TEUR41,954\u2013\u2013TCZK22,2322,223(2,223)TUSD94194(94)THUF4,825483(483)TCHF1\u2013\u2013TPLN13,5981,360(1,360)TGBP515(5)Loans provided5,038,276TEUR3,745,997\u2013\u2013TCZK873,93487,393(87,393)THUF181,29518,129(18,129)TRON13,9001,390(1,390)TGBP222,31922,232(22,232)TUSD83183(83)Financial debts(5,156,951)TEUR(5,102,280)\u2013\u2013TCZK(49,648)(4,965)4,965TPLN(5,023)(502)502Net exposure to currency riskTCZK846,51884,652(84,652)TGBP222,37022,237(22,237)TPLN8,575857(857)TRON13,9001,390(1,390)TUSD1,772177(177)THUF186,12018,612(18,612)TCHF1\u2013\u2013Interest rate risk At the reporting date the interest rate profile of the Group\u2019s interest-bearing financial instruments are described under notes 6.5 for financial assets and under notes 6.11 financial liabilities respectively. Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group\u2019s interest rate risk is monitored by the Group\u2019s management on a monthly basis. The interest rate risk policy is approved quarterly by the Board of Directors. Management analyses the Group\u2019s interest rate exposure on a dynamic basis. Various scenarios are simulated, taking into consideration refinancing, renewal of existing positions and alternative financing sources. Loans provided by the Group require instalments to be paid by the borrower according to a payment schedule, based on a fixed interest rate. The interest rates charged by the Group are usually based on Group\u2018s borrowing interest rates. As the loans provided (including those to related parties) are based on fixed rates, and no financial debt is measured at fair value through profit and loss the Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the Group\u2019s long-term debt obligations with floating interest rates. These obligations primarily include bank loans. Interest rate risk connected with financial debts is limited as 87% of the loans is provided with fix interest rate as at 31 December 2024. Trade receivables and payables are interest-free and have settlement dates within one year. Price risk The Group is exposed to price risks related to investments in shares of CPIPG, which are classified as other investments. Other components of equity would increase or decrease by EUR 2.5 million as at 31 December 2024 (EUR 2.8 million as at 31 December 2023) as a result of 5% increase or decrease of EPRA NAV per share of CPIPG. Other risks The Group is exposed to price risk other than in respect of financial instruments, such as property price risk including property rental risk. For sensitivity analysis on changes in assumptions of investment property valuation refer to note 7.5.",
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"value": "7.4 Capital 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. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. There is no real seasonality impact on its financial position but rather a volatility of financial markets might positively or negatively influence Group\u2019s consolidated financial position. No changes were made in the objectives, policies or processes during the year ended 31 December 2024. The Group monitors capital on the basis of the gearing ratio. Gearing ratio This ratio is calculated as total debt divided by total equity. Debt is defined as all non-current and current liabilities. Equity includes all capital and reserves as shown in the consolidated statement of financial position. 31 December 202431 December 2023Debt 4,774,437 5,733,511Equity 1,763,184 1,457,614Gearing ratio in % 270.8%393.4%",
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"value": "7.5 Fair value measurement Fair value of financial instruments Fair value measurements of financial instruments reported at fair value are classified by level of the following measurement hierarchy: \uf02d Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. \uf02d Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices); \uf02d Level 3: Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). There were no changes in the Group\u2019s valuation processes, valuation techniques, and types of inputs used in the fair value measurements during the period. There were no transfers between Level 1 and Level 2 fair value measurements during the period, and no transfers into or out of Level 3 fair value measurements during the period 2024. The following tables show the carrying amounts at fair value of financial assets and liabilities, including their level in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value. Accounting classification and fair values The following tables show the carrying amounts and fair value of financial assets and liabilities, including their level in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value. 31 December 2024 31 December 2023 Financial assets measured at fair value Carrying amountFair valueCarrying amountFair valueCPI Property Group shares* 49,90549,90554,56254,562Other investments 1,7761,77699Financial assets not measured at fair value Loans provided** 3,702,5394,048,0885,029,5695,832,001Loans provided to joint venture 7,6447,6448,7078,707Financial liabilities not measured at fair value Financial debt \u2013 other 3,863,7514,113,9204,821,8264,737,634Financial debt \u2013 bank loans (floating rate) 288,201288,201314,592314,592Financial debt \u2013 bank loans (fixed rate) 20,53320,54120,53319,008* For the valuation as at 31 December 2024, the shares are valued using EPRA NAV per share of CPIPG as at 31 December 2024 (refer to note 6.4). ** The fair values of the financial assets and financial liabilities included in the level 3 category have been determined in accordance with generally accepted pricing models based on the discounted cash flow analysis, with the most significant inputs being the discount rate that reflects the credit risk of counterparties, with the exception of loans provided to/received from entities controlled by the majority shareholder of the Company, which bear limited credit risk from the Group\u2019s perspective. The Group classifies all its financial assets and liabilities as Level 3 in the fair value hierarchy. Fair value measurement of investment property The Group\u2019s investment properties were valued at 31 December 2024 and 2023 in accordance with the Group\u2019s accounting policies. The Group utilises independent professionally qualified valuers, who hold a recognised relevant professional qualification and have recent experience in the locations and segments of the investment properties valued. For all these properties, their current use equates to the highest and best use. The Group\u2019s finance department includes a team that reviews the valuations performed by the independent valuers for financial reporting purposes. Main observable and unobservable inputs The table below presents the valuation method, the key observable and unobservable inputs for each class of property owned by the Group, used by the valuers as at the end of 31 December 2024 and 2023 respectively. The fair value hierarchy of the valuations is Level 3. Fair value amounts are stated in EUR millions. Investment property Fair value Fair value Valuation Significant Range (weighted avg) Range (weighted avg) 2024 2023 technique unobservable inputs20242023RetailCzech Republic - 5 0 DCF ERV per sqm \u20ac155\u2013retail warehouse NRI per sqm \u20ac76\u2013 Discount rate 6.5%\u2013 Exit yield 6.5%\u2013 Vacancy rate 0%\u2013Czech Republic - 2 2 DCF ERV per sqm \u20ac205\u20ac204other retail properties NRI per sqm \u20ac191\u20ac194 Discount rate 5.9%6.0% Exit yield 5.9%6.0% Vacancy rate 0%0%Poland* 103 0 Investment method ERV per sqm \u20ac188\u2013\u20ac204 (\u20ac190)\u2013 NRI per sqm \u20ac127\u2013\u20ac160 (\u20ac155)\u2013 Equivalent yield 8.2%\u20138.2% (8.2%)\u2013 Vacancy rate 0%\u20137.7% (6.6%)\u2013Office Czech Republic 5 5 DCF ERV per sqm \u20ac150\u20ac148 NRI per sqm \u20ac126\u20ac188 Discount rate 7.0%7.4% Equivalent yield 0%7.0% Vacancy rate 19.2%0%Poland* 920 542 Investment method ERV per sqm \u20ac206\u2013\u20ac323 (\u20ac252)\u20ac203\u2013\u20ac313 (\u20ac260) NRI per sqm \u20ac84\u2013\u20ac248 (\u20ac174)\u20ac170\u2013\u20ac325 (\u20ac262) Equivalent yield 6.2%\u20138.5% (7.4%)5.8%\u20138.6% (6.7%) Vacancy rate 0%\u201315.6% (5.6%)0%\u201317.7% (3.0%)*acquisition of Polish offices Fair value Fair value Valuation Significant Range (weighted avg) Range (weighted avg) 2024 2023 technique unobservable inputs20242023Hotels rented Complementary 26 25 DCF Rate per key \u20ac262,887\u20ac257,216 Exit yield 6.8%6.8% Discount rate 10.8%10.8%Residential \u20ac20,041\u2013\u20ac27,919 \u20ac19,524\u2013\u20ac28,041 Complementary 26 26 Comparable Fair value per sqm (\u20ac26,252)(\u20ac26,236)Italy 25 25 Comparable Fair value per sqm \u20ac13,938\u20ac13,938Landbank Czech Republic 230 199 Comparable Fair value per sqm \u20ac2\u2013\u20ac2,615 (\u20ac14)\u20ac2\u2013\u20ac2,350 (\u20ac13)Prague 294 311 Comparable Fair value per sqm \u20ac8\u2013\u20ac3,195 (\u20ac290)\u20ac8\u2013\u20ac3,988 (\u20ac302)Gross development Czech Republic 9 9 Residual \u20ac3,037\u20ac3,042value Development margin 25.0%25.0%Landbank and Development Landbank Bubny 270 260 Comparable Fair value per sqm (\u20ac1,343)(\u20ac1,294)Landbank Zbrojovka 133 158 Comparable Fair value per sqm (\u20ac623)(\u20ac688)Development appraisal Development Vyso\u010dany13 12 Fair value per sqm (\u20ac2,161)(\u20ac2,013)\u2013comparableDevelopment appraisal Development Prosta 6926 0 Fair value per sqm (\u20ac2,126)\u20ac0\u2013comparableTotal 2,087 1,574 The tables above are net of properties classified as assets held for sale, recent acquisitions and selected leased properties. Appraisal for Bubny as at 31 December 2024 Bubny is a landbank with a size of over 202 thousand square meters and is located near Prague\u2019s city centre. The majority of the site is currently not used. As of 31 December 2022, a valuation of the landbank was conducted by external valuation expert Jones Lang La Salle (\u201cJLL\u201d) using the comparable method. As of 30 June 2023, JLL transferred its existing businesses to iO Partners and created a Preferred Partnership in the Czech Republic, Hungary, Romania and Slovakia. IO Partners have performed the valuation of the landbank as of 31 December 2024 and 2023, also using the comparable method. This method was based on 6 recently executed land site transactions in Prague, included in below table: Comparative method 2024 123456Zoning plan Mixed useMixed useMixed useMixed useIndustrial -> ResidentialMixed useSize (sqm) \u2013 approx. 14,00067,00010,0009,00053,00020,000Transacted price per sqm (EUR) 1,2009002,9002,1008002,000Comparative method 2023 123456Zoning plan Mixed useMixed useMixed useMixed useIndustrial -> ResidentialMixed useSize (sqm) \u2013 approx. 44,00067,00010,0009,00053,00020,000Transacted price per sqm (EUR) 5009002,9002,2008002,100The fair value was determined by estimating the fair value per one square meter based on comparative land site transaction prices, adjusted for differences between comparative land sites and Bubny site. The adjustments provided for the following characteristics: Average Adjustment Range used by iO Description multiple usedVicinity to the city centre, attractiveness of the area, Micro-location Multiple 0.90 \u2013 1.401.17 public amenities. AccessMultiple 0.95 \u20131.051.02Vehicular and pedestrian access to the propertyPublic transportationMultiple 0.90 \u20131.151.03Metro, tram and bus stops in the vicinitySizeMultiple 0.80 \u20130.900.84Size of land plotsOld structures being present on the site, with potential Existence of structures Multiple 1 \u2013 1.051.02 historical protection.Improvement of the market since the transaction, Market improvement Multiple 1 \u2013 1.251.09 adjustment used for optimising dates of transactions to the date of valuationRisk of floods based on flood map issued by the Flooding area Multiple 1.001.00 Association of Insurance CompaniesLiquidity of apartments Multiple 0.95 \u20131.101.02Demand for flats in the locationIndividual characteristics of the land, Status of development (construction feasibility, land Multiple 0.70 \u2013 1.300.85 planning & permitsusability, construction ban, zoning / building permits etc.)Adjustment in case the realised price was above market Adjustment factor due to too high price Multiple 0.75 \u2013 1.000.96 levelSensitivity analysis of Bubny site As the Bubny site was valued using the comparable method, the sensitivity analysis was prepared for two key adjustments: individual characteristics of the land & permits and size. For individual characteristics iO used the largest range of multiples, indicating a high level of judgement included in the adjustment estimate. Size adjustment is selected for sensitivity analysis because of the significance of differences in size between Bubny and comparative land sites. Multiple individual characteristics m EUR0.95 1.00 1.05 0.95239 255 271 1.00255 271 288 1.05271 288 305 Triggering and expected events for further development of the Bubny land bank In December 2020, there was a new land study Holesovice-Bubny-Zatory approved. The study represents a basis for a change in the zoning plan which is expected to focus on the future growth of real estate in Prague through development inside the city rather than by growth outside the city\u2019s existing borders. The study divides the Bubny area in several sectors with different use and potential for future development. The land bank owned by the Group was split to several blocks planned for residential and for commercial development, the northern part which is close to the railway line is planned for a public park. Total potential gross floor area attributable to the Group\u2019s land bank in the study is approx. 530,000 sqm. Once the change in the zoning plan becomes legally binding, the construction ban is expected to be removed. These plans contribute to increasing public pressure on the authorities to allow development in Prague, particularly in the brownfield development areas. Appraisal for Zbrojovka as at 31 December 2024 Zbrojovka is a brownfield/land bank with a size over 230 thousand square meters and is located in Brno, the Czech Republic. The majority of the site is currently not used (except for newly developed office buildings ZET office and D1). As of 31 December 2024, 2023, a valuation of the land bank was prepared by iO/JLL using the comparable method. The subject of this valuation does not include land that is part of ongoing developments (buildings D4, D2&D3, A and C). This method was lastly based on 6 recently executed land site transactions in Brno, included in below table: Comparative method 2024 1234 5 6Zoning plan Industrial -> ResidentialMixed useMixed useIndustrial -> ResidentialResidentialMixed useSize (sqm) \u2013 approx. 17,0009,0004,0008,0006,00046,000Transacted price per sqm (EUR) 600400400700500400Comparative method 2023 123456Industrial -> Zoning plan Mixed useMixed useIndustrial -> ResidentialResidentialMixed useResidentialSize (sqm) \u2013 approx. 17,00023,0004,0008,0006,00046,000Transacted price per sqm (EUR) 600500400700500400The fair value was determined by estimating the fair value per one square meter based on comparative land site transaction prices, adjusted for differences between comparative land sites and Zbrojovka site. The adjustments provided for the following characteristics: Average Adjustment Range used by iO Description multiple usedVicinity to the city centre, attractiveness of the area, Micro-location Multiple 0.90 \u2013 1.301.10 public amenities. Access Multiple 0.95 \u2013 1.051.00 Vehicular and pedestrian access to the property Public transportation Multiple 0.90 \u2013 1.201.03 Tram, trolleybus and bus stops in the vicinity Size Multiple 0.70 \u2013 0.850.78 Size of land plots Old structures being present on the site, with potential Existence of structures Multiple 0.95 \u2013 1.101.02 historical protection.Improvement of the market since the transaction, Market improvement Multiple 1.05 \u2013 1.201.09 adjustment used for optimising dates of transactions to the date of valuationRisk of floods based on flood map issued by the Flooding area Multiple 0.95 \u2013 1.050.98 Association of Insurance CompaniesLiquidity of apartments Multiple 0.95 \u2013 1.101.02 Demand for flats in the location Individual characteristics of the land, Status of development (construction feasibility, zoning / Multiple 0.70 \u2013 1.251.10 planning & permitsbuilding permits etc.)Planning (land usability) Multiple 1.10 \u2013 1.351.23 Usage of the land allowed by valid Master Plan Sensitivity analysis of Zbrojovka As the Zbrojovka site was valued by the comparable method, the sensitivity analysis was prepared for two key adjustments: Individual characteristics of the land & permits and size. For permits iO used the largest range of multiples, indicating high level of judgement included in the adjustment estimate. Size adjustment is selected for sensitivity analysis because of the significance of differences in size between Zbrojovka and comparative land sites. Multiple permits m EUR0.95 1.00 1.05 0.95123 128 133 1.00128 133 139 1.05133 139 144 Triggering and expected events for further development of Zbrojovka landbank Zbrojovka (former armoury factory) is classified as development for over the last 4 years. In December 2020, there were final changes to master plan approved. The master plan defines all the main urbanistic, technical and infrastructure links of the area. Development expects residential, office and public amenities with expected gross floor area of over 500,000 sqm. The budgeted timeline for the development of the whole area is between 10 and 15 years. As of the valuation date, vast of the former structures were removed. The development of the area is divided into 8 phases in separate areas. The first phase started in 2022 in the southern part of the landbank. Other landbanks The other land banks which were valued by the comparable method have a total fair value of EUR 524.0 million and EUR 510.0 million as at 31 December 2024 and 2023 and a size of 18 million sqm. As these land banks differ significantly in various parameters (such as current zoning, location & micro-location, existence of structures, access etc.) no further disaggregation was performed. Smaller part of landbanks was valued by residual method with total fair value of EUR 9.0 million as at 31 December 2024 (EUR 9.0 million as at 31 December 2023) and a size of 15 thousands sqm as at 31 December 2024 (15 thousands sqm as at 31 December 2023). The sensitivity analysis for assets where the fair value was determined by comparative method was not prepared, as the potential change in inputs (such as change of multiples etc.) would result in equal or direct change in outputs. Sensitivity analysis on changes in assumptions of property valuations The Group has performed a sensitivity analysis on changes in assumptions of property valuation. The significant unobservable inputs used in fair value measurement categorised within level 3 of the fair value hierarchy of the Group portfolio are: \uf02d equivalent yield or discount rate; \uf02d estimated rental value (ERV) for rental asset; \uf02d development margin/profit for development. Change of the valuation rates would result in the following fair values \u2013 analysis of the portfolio of assets valued by discounted cash flow, income capitalisation method and development appraisal: As at 31 December 2024 Czech Republic \u2013Retail \u2013DCFCzech Republic \u2013Office \u2013DCFDiscount rateDiscount ratem EUR(0.25%)\u20130.25%m EUR(0.25%)\u20130.25%(5.00%)6.606.406.10(5.00%)4.504.404.20ERV \u20137.006.706.40\u20134.804.604.405.00%7.307.006.805.00%5.004.804.70Czech RepublicLandbank as a development m EURDeveloper\u2019s Profit (5.00%)10.23Developer\u2019s Profit (2.50%)9.59Developer\u2019s Profit \u20138.97Developer\u2019s Profit 2.50%8.37Developer\u2019s Profit 5.00%7.80Poland \u2013Office \u2013Income capitalisationComplementary \u2013Hotels \u2013DCFPoland \u2013Retail \u2013Income capitalisationYieldDiscount rateYieldm EUR(0.25%)\u20130.25%m EUR(0.25%)\u20130.25%m EUR(0.25%)\u20130.25%(5.00%)904.4878.5854.4(5.00%)26.1625.5024.89(5.00%)98.094.891.7ERV \u2013945.1919.5895.3\u201326.1625.5024.89\u2013106.5 103.2100.2 5.00%985.9960.3936.35.00%26.1625.5024.895.00%115.3 112.1109.0 As at 31 December 2023 Czech Republic \u2013Retail \u2013DCFCzech Republic \u2013Office \u2013DCFDiscount rateDiscount ratem EUR(0.25%)\u20130.25%m EUR(0.25%)\u20130.25%(5.00%)1.771.691.62(5.00%)4.604.504.30ERV \u20131.861.781.70\u20134.904.704.505.00%1.951.871.795.00%5.104.904.80Czech RepublicLandbank as a development m EURDeveloper\u2019s Profit (5.00%)10.38Developer\u2019s Profit (2.50%)9.74Developer\u2019s Profit \u20139.14Developer\u2019s Profit 2.50%8.55Developer\u2019s Profit 5.00%7.99Poland \u2013Office \u2013Income capitalisationComplementary \u2013Hotels \u2013DCFYieldDiscount ratem EUR(0.25%)\u20130.25%m EUR(0.25%)\u20130.25%(5.00%)538.1516.4496.5(5.00%)25.6024.9524.35ERV \u2013564.5541.7520.7\u201325.6024.9524.355.00%590.8566.9544.95.00%25.6024.9524.35",
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"value": "Fair value of financial instruments Fair value measurements of financial instruments reported at fair value are classified by level of the following measurement hierarchy: \uf02d Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. \uf02d Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices); \uf02d Level 3: Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). There were no changes in the Group\u2019s valuation processes, valuation techniques, and types of inputs used in the fair value measurements during the period. There were no transfers between Level 1 and Level 2 fair value measurements during the period, and no transfers into or out of Level 3 fair value measurements during the period 2024. The following tables show the carrying amounts at fair value of financial assets and liabilities, including their level in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.",
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"value": "8 Litigations Kingstown dispute in Luxembourg On 20 January 2015, the Company was served with a summons containing petition of the three companies namely Kingstown Partners Master Ltd. of the Cayman Islands, Kingstown Partners II, LP of Delaware and Ktown LP of Delaware (together referred to as \u201eKingstown\u201c), claiming to be the shareholders of CPI FIM SA, filed with the Tribunal d\u00b4Arrondissement de et a Luxembourg (the \u201cLuxembourg Court\u201d). The petition seeks condemnation of CPIPG, CPI FIM and certain members of CPI FIM SA\u2019s board of directors as jointly and severally liable to pay damages in the amount of EUR 14.5 million and compensation for moral damage in the amount of EUR 5 million. According to Kingstown\u2019s allegation the claimed damage has arisen as a consequence of inter alia alleged violation of CPI FIM\u2019s minority shareholders rights. The Management of the Company has been taking all available legal actions to oppose these allegations in order to protect the corporate interest as well as the interest of its shareholders. Accordingly, the parties sued by Kingstown raised the exceptio judicatum solvi plea, which consists in requiring the entity who initiated the proceedings and who does not reside in the European Union or in a State which is not a Member State of the Council of Europe to pay a legal deposit to cover the legal costs and compensation procedure. On 19 February 2016 the Luxembourg Court rendered a judgement, whereby each claimant has to place a legal deposit in the total amount of EUR 90 thousand with the \u201cCaisse de Consignation\u201d in Luxembourg in order to continue the proceedings. Kingstown paid the deposit in January 2017, and the litigation is pending. In October 2018, Kingstown's legal advisers filed additional submission to increase the amount of alleged damages claimed to EUR 157.0 million, without prejudice to interest. The Company continues to believe the claim is without merit. On 21 June 2019 the Company received a first instance judgment, which declared that a claim originally filed by Kingstown in 2015 was null and void against CPIPG. The Court dismissed the claim against CPIPG because the claim was not clearly pleaded (\u201clibell\u00e9 obscur\u201d). Specifically, Kingstown did not substantiate or explain the basis of their claim against CPIPG and failed to demonstrate how CPIPG committed any fault. In December 2020, the Luxembourg Court declared that the inadmissibility of the claim against CPIPG and certain other defendants has not resulted in the inadmissibility of the litigation against the Company and the remaining defendants. Some defendants have decided to appeal against this judgment of which declared the claim admissible against CPI FIM. On 28 March 2023 the court of appeal has rejected the appeal and therefore the case will be heard on the merits before the first instance Luxembourg Court during 2025. Disputes related to warrants issued by the Company CPI FIM was sued by holders of the warrants holders of 2014 Warrants registered under ISIN code XS0290764728 (the \u201c2014 Warrants\u201c). The first group of the holders of the Warrants sued CPI FIM for approximately EUR 1.2 million in relation to the Change of Control Notice published by CPI FIM, notifying the holders of the 2014 Warrants that the Change of Control, as defined in the Securities Note and the Summary for the 2014 Warrants, occurred on 8 June 2016. The second holder of the 2014 Warrants sued CPI FIM for approximately EUR 1 million in relation to the alleged change of control which allegedly occurred in 2013. These litigations are pending. CPI FIM is defending itself against these lawsuits. It is reminded that in accordance with the judgement of the Paris Commercial Court pronounced on 26 October 2015 concerning the termination of the CPI FIM\u2019s Safeguard Plan, liabilities that were admitted to the Safeguard, but are conditional or uncalled (such as uncalled bank guarantees, conditional claims of the holders of 2014 Warrants registered under ISIN code XS0290764728, provided that they were admitted to the Safeguard plan), will be paid according to their contractual terms. Pre-Safeguard liabilities that were not admitted to the CPI FIM\u2019s Safeguard will be unenforceable. As such, only claims of holders of the 2014 Warrants, whose potential claims were admitted to the CPI FIM\u2019s Safeguard Plan, could be considered in respect of the present Change of Control. Claims of holders of the 2014 Warrants that were not admitted to the CPI FIM\u2019s Safeguard will be unenforceable against CPI FIM. To the best of Company\u2019s knowledge, none of the holders of the 2014 Warrants who sued CPI FIM filed their claims 2014 Warrants related claims in the CPI FIM\u2019s Safeguard Plan. On 9 March 2023 the Luxembourg Court issued a judgment, rejecting the claims of the holders of the 2014 Warrants. The Luxembourg Court confirmed that any claim in relation to the change of control provision had to be made, in accordance with the provisions of the Paris Commercial Code, within 2 months as from the date of publication of the judgement opening the Safeguard Procedure in the French Official Gazette. Since the claimants did not comply with this obligation, their claim for payment under the change of control provision is not well-founded and has to be rejected. The claimants did not appeal and the case is closed now.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__109": {
"value": "9 Capital and other commitments The Group has capital commitments of EUR 72.4 million and EUR 16.7 million in respect of capital expenditures contracted as at 31 December 2024 and 2023, respectively.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__110": {
"value": "10 Related party transactions Transactions with key management personnel Total compensation given as short-term employee benefits to the top managers was EUR 438 thousand and EUR 405 thousand in 2024 and 2023, respectively. The Board and Committee\u2019s attendance compensation was EUR 62 thousand and EUR 36 thousand in 2024 and 2023. Breakdown of balances and transactions with related of the Group Majority shareholder of the Group 31 December 202431 December 2023Trade receivables \u20132,778Management 31 December 202431 December 2023Other current payables \u201312Advances received \u2013131Transactions Other operating expenses \u2013(36)Entities over which the majority shareholder has control 31 December 202431 December 2023Trade receivables 2522Transactions Rental income 1620Other operating income 3030Interest income (refer below for the detail) 3,045158Entities controlled by members of the Board of Directors 31 December 202431 December 2023Trade payables 111Transactions Interest income (refer below for the detail) 538CPI Property Group 31 December 202431 December 2023Loans provided non-current (refer below for the detail) 3,494,1974,325,062Loans provided current (refer below for the detail) 234,400719,187Trade receivables 22,4451,184Other current receivables 250,324204,374Loans received non-current (refer below for the detail) 3,651,4644,633,435Loans received current (refer below for the detail) 168,548183,368Trade payables 9,96311,564Other current liabilities 354,947359,140Transactions Service revenue 5,3851,022Advisory services (3,822)(4,115)Interest income (refer below for the detail) 225,635261,040Interest expense (refer below for the detail) (147,451)(139,241)Joint venture 31 December 202431 December 2023Loans provided non-current (refer below for the detail) 7,5608,617Loans provided current (refer below for the detail) 8489Transactions Interest income (refer below for the detail) 5421,062Non-current loans provided to related parties CPI Property Group 31 December 202431 December 20231 Bishops Avenue Limited 125,747129,973Andr\u00e1ssy Hotel Zrt. 3,5823,845Balvinder, a.s. 3,0423,038Baudry Beta, a.s. \u201310,326BAYTON Alfa, a.s. 12,74216,090Best Properties South, a.s. \u201367,354BPT Development, a.s. 1212Brno Property Invest I., s.r.o. 3\u2013Brno Property Invest II., s.r.o. 2\u2013B\u0159ezin\u011bves, a.s. 1,0391,083CAMPONA Shopping Center Kft. 23,56251,016Carpenter Invest, a.s. 3,2332,574Chuchle Arena Praha, s.r.o. (merged with V Team Prague, s.r.o.) 7,705136Conradian, a.s. 5,9695,163CPI \u2013 Horom\u011b\u0159ice, a.s. 6458CPI \u2013 Orlov\u00e1, a.s. 1,1441,045CPI \u2013 Real Estate, a.s. \u20132,573CPI \u2013 Zbraslav, a.s. 99192CPI Beet, a.s. 402322CPI Black, s.r.o. 1,934\u2013CPI Blatiny, s.r.o. (formerly CPI Tercie, s.r.o.) 3,3853,211CPI BYTY, a.s. 58,69872,088CPI Development Services, s.r.o. (formerly Brno Development Services, s.r.o.) 2,72813,243CPI Energo, a.s. 114866CPI Facility Slovakia, a.s. 2,0763,077CPI Green, a.s. 6,8402,554CPI Hotels, a.s. \u201318,024CPI Hotels Properties, a.s. \u201315,818CPI IMMO, S.a.r.l. 3,739\u2013CPI Kappa, s.r.o. 1,0381,056CPI Management, s.r.o. 2,0631,148CPI N\u00e1rodn\u00ed, s.r.o. \u201382,734CPI Park Jablonn\u00e9 v Podje\u0161t\u011bd\u00ed, s.r.o. 540271CPI PROPERTY GROUP S.A. 2,400,3652,455,017CPI Reality, a.s. 35,78537,414CPI Retail One Kft. 2,7424,261CPI Retail Portfolio Holding Kft. 1,86514,273CPI Sekunda, s.r.o. 9391,509CPI Septima, s.r.o. 16\u2013CPI Services, a.s. 15,183\u2013CPI Shopping Teplice, a.s. \u201342,969CPI Silver, a.s. 2,201\u2013CPI Smart Power, a.s. 471405CPI Solar ONE, a.s. 162\u2013CPI Solar Slovakia ONE, s.r.o. 9\u2013CPI \u017dabotova, a.s. 3,8114,188CPIPG Management S.\u00e0 r.l. 157,266165,948Czech Property Investments, a.s. 113,271439,462Eclair Blue, s.r.o. 2,549815EMH South, s.r.o. 4,5375,321Karpouzisi S.\u00e0 r.l. (formerly ENDURANCE HOSPITALITY FINANCE S.\u00e0 r.l.) 8,0438,043Europeum Kft. \u201321,087Farhan, a.s. \u201353,266FL Property Development, a.s. 188195FVE D\u011blou\u0161, s.r.o. 5,384\u2013FVE Radkyn\u011b, s.r.o. 3,977\u2013FVE roofs & grounds, s.r.o. 6,8274,105HD Investment s.r.o. 12Hightech Park Kft. 3,2123,756Hrani\u010d\u00e1\u0159, a.s. 13,70113,557IS Ny\u00edr Ingatlanhasznos\u00edt\u00f3\u00e9s Vagyonkezelo Kft. \u20132,832IS Zala Ingatlanhasznos\u00edt\u00f3\u00e9s Vagyonkezelo Kft. \u20137,446Jan\u00e1\u010dkovo n\u00e1b\u0159e\u017e\u00ed 15, s.r.o. 7,3497,615CPI Property Group 31 December 202431 December 2023Kerina, a.s. \u2013\u2013KOENIG Shopping, s.r.o. 40,82744,701Kunratick\u00e1 farma, s.r.o. 9131,901LD Praha, a.s. 3,8594,363Lockhart, a.s. \u201322,066Marcano, a.s. 14,86024,493Marissa Tau, a.s. \u201315,851Marissa Th\u00e9ta, a.s. 154\u2013Marissa West, a.s. 33,85942,535MARRETIM s.r.o. 325414MUXUM, a.s. \u20137,161Na Po\u0159\u00ed\u010d\u00ed, a.s. \u201328,735New Age Kft. 1,4491,360Notosoaria, s.r.o. \u201323,702Nymburk Property Development, a.s. 1,124435Olomouc Building, a.s. \u201319,996Orchard Hotel a.s. 5,0655,821Outlet Arena Moravia, s.r.o. 41\u2013OZ Trmice, a.s. 3,7481,530Ozrics Kft. 4,0982,976Platn\u00e9\u0159sk\u00e1 10 s.r.o. 9986P\u00f3lus Shopping Center Zrt. 54,28860,990Projekt Nisa, s.r.o. 70,89872,698Prost\u011bjov Investments, a.s. 3,0822,608Real Estate Energy Kft. \u201326Residence Belgick\u00e1, s.r.o. 1,568\u2013Residence Izabella, Zrt. 3,2073,502Rezidence Jan\u010dova, s.r.o. 1,3201,486Rezidence Malkovsk\u00e9ho, s.r.o. \u20134,632RISING FALCON HOLDING LIMITED 44,630\u2013Savile Row 1 Limited 87,21177,965SCP Reflets 8,5078,823Seattle, s.r.o. 8,4388,008Sentreta, a.s. 1,275\u2013Spojen\u00e9 farmy a.s. 4,0482,645Statek Krava\u0159e, a.s. 794723Statenice Property Development, a.s. 1,5022,937Tachov Investments, s.r.o. 3745Tel\u010d Property Development, a.s. 6\u2013Uchaux Limited 16,36714,381Vigano, a.s. 12,36313,091Vulpixo, s.r.o. 4\u2013Z\u00e1vodi\u0161t\u011b Chuchle, a.s. (merged with Turf Praha a.s.) 2,875\u2013Total loans provided non-current \u2013 related parties 3,494,1974,325,062Joint venture Uniborc S.A. 7,5608,617Total 3,501,7574,333,679Current loans provided to related parties CPI Property Group 31 December 202431 December 2023Andr\u00e1ssy Hotel Zrt. 6872Balvinder, a.s. 3535Baudry Beta, a.s. \u2013373BAYTON Alfa, a.s. 188253Best Properties South, a.s. \u20131,189B\u0159ezin\u011bves, a.s. 2022CAMPONA Shopping Center Kft. 2,4551,172Carpenter Invest, a.s. 5040Chuchle Arena Praha, s.r.o. (merged with V Team Prague, s.r.o.) 301\u2013Conradian, a.s. 9583CPI \u2013 Horom\u011b\u0159ice, a.s. 11CPI \u2013 Orlov\u00e1, a.s. 3128CPI \u2013 Real Estate, a.s. \u201331CPI \u2013 Zbraslav, a.s. 38CPI Beet, a.s. 65CPI Property Group 31 December 202431 December 2023CPI Black, s.r.o. 94\u2013CPI Blatiny, s.r.o. (formerly CPI Tercie, s.r.o.) 9287CPI BYTY, a.s. 585772CPI Development Services, s.r.o. (formerly Brno Development Services, s.r.o.) 16186CPI Energo, a.s. 240CPI Facility Slovakia, a.s. 28153CPI Green, a.s. 27846CPI Hotels, a.s. \u2013258CPI Hotels Properties, a.s. \u2013323CPI IMMO, S.a.r.l. 983,782CPI Kappa, s.r.o. 1717CPI Management, s.r.o. 21,19432CPI N\u00e1rodn\u00ed, s.r.o. \u20131,806CPI Park Jablonn\u00e9 v Podje\u0161t\u011bd\u00ed, s.r.o. 918CPI PROPERTY GROUP S.A. 172,883668,489CPI Reality, a.s. 6071,485CPI Retail One Kft. 14164CPI RETAIL PORTFOLIO HOLDING Kft. 11450CPI Sekunda, s.r.o. 1729CPI Services, a.s. 318\u2013CPI Silver, a.s. 95\u2013CPI Shopping Teplice, a.s. \u2013754CPI Smart Power, a.s. 288CPI Solar ONE, a.s. 7\u2013CPI \u017dabotova, a.s. 7785CPIPG Management S.\u00e0 r.l. 10,2568,653Czech Property Investments, a.s. 11,7636,727Eclair Blue, s.r.o. 5817EMH South, s.r.o. 7993Europeum Kft. \u2013417Farhan, a.s. \u2013956FL Property Development, a.s. 33FVE D\u011blou\u0161, s.r.o. 315\u2013FVE Radkyn\u011b, s.r.o. 122\u2013FVE roofs & grounds, s.r.o. 50163Hightech Park Kft. 5763Hospitality Invest S.a r.l. 225191Hrani\u010d\u00e1\u0159, a.s. 191188IS Ny\u00edr Kft. \u201359IS Zala Kft. \u2013165Jan\u00e1\u010dkovo n\u00e1b\u0159e\u017e\u00ed 15, s.r.o. 9295Kerina, a.s. \u20136,205KOENIG Shopping s.r.o. 733807Kunratick\u00e1 farma, s.r.o. 236128LD Praha, a.s. 3641Lockhart, a.s. \u2013308Marcano, a.s. 3,198158Marissa Tau, a.s. \u2013260Marissa Th\u00e9ta, a.s. 2261Marissa West, a.s. 602749MARRETIM s.r.o. 56MUXUM, a.s. \u201384Na Po\u0159\u00ed\u010d\u00ed, a.s. \u2013511New Age Kft. 2631Notosoaria, s.r.o. \u2013851Nymburk Property Development, a.s. 2032Olomouc Building, a.s. \u2013371Orchard Hotel a.s. 92105Outlet Arena Moravia, s.r.o. 1\u2013OZ Trmice, a.s. 8765Ozrics, Kft. 11851Platn\u00e9\u0159sk\u00e1 10 s.r.o. 21P\u00f3lus Shopping Center Zrt. 1,1871,331Projekt Nisa, s.r.o. 1,3051,267Prost\u011bjov Investments, a.s. 61104CPI Property Group 31 December 202431 December 2023Real Estate Energy Kft. \u20131Residence Belgick\u00e1, s.r.o. 221,519Residence Izabella, Zrt. 6976Rezidence Jan\u010dova, s.r.o. 3742Rezidence Malkovsk\u00e9ho, s.r.o. \u2013138RISING FALCON HOLDING LIMITED 2,449\u2013SCP Reflets 5756Seattle, s.r.o. 12265Sentreta, a.s. 34\u2013Spojen\u00e9 elektr\u00e1rny, s.r.o. \u201315Spojen\u00e9 farmy a.s. 9047Statek Krava\u0159e, a.s. 4017Statenice Property Development, a.s. 2251Tachov Investments, s.r.o. 11Tyr\u0161ova 6, a.s. \u20133,340Vigano, a.s. 193205Z\u00e1vodi\u0161t\u011b Chuchle, a.s. (merged with Turf Praha a.s.) 41\u2013Total loans provided current \u2013 related parties 234,400719,187Joint venture Uniborc S.A. 8489Total 234,484719,276Other current receivables (Cash pool) CPI Property Group 31 December 202431 December 2023Andrassy Hotel Zrt. 11774Balvinder, a.s. 72Baudry Beta, a.s. \u2013211BAYTON Alfa, a.s. 292605Best Properties South, a.s. \u2013168BRNO INN, a.s. 82B\u0159ezin\u011bves, a.s. 2324CPI \u2013 Bor, a.s. 572109CPI \u2013 Real Estate, a.s. \u20136CPI \u2013 Zbraslav, a.s. 1314CPI Beet, a.s. 2315CPI BYTY, a.s. 10561CPI Development Services, s.r.o. (formerly Brno Development Services, s.r.o.) 346223CPI Energo Slovakia, s.r.o. 66\u2013CPI Energo, a.s. 432812CPI Facility Management Kft. 183256CPI Hotels Properties, a.s. \u201339CPI Hungary Kft. 1772,376CPI Kappa, s.r.o. 2617CPI Management, s.r.o. \u2013132CPI N\u00e1rodn\u00ed, s.r.o. \u2013515CPI Poland Property Management sp. z o.o. 7721,219CPI Poland Sp. z o.o. 6,6066,668CPI PROPERTY GROUP S.A. 19,7864,085CPI Property, s.r.o. 6313CPI Services, a.s. 15,04917,163CPI Shopping Teplice, a.s. \u2013622CPI Smart Power, a.s. 215\u2013CPIPG Management S.\u00e0 r.l. 609570CT Development sp. z o.o. 581\u2013Czech Property Investments, a.s. 41813Diana Development sp. z o.o. 609428EMH South, s.r.o. 3026Hightech Park Kft. 48\u2013Hospitality invest S.\u00e0 r.l. \u20131HOTEL U PARKU, s.r.o. 32Hrani\u010d\u00e1\u0159, a.s. 5121Equator II Development sp. z o.o. \u2013807Equator Real sp. z o.o. \u2013477Europeum Kft. \u2013157Farhan, a.s. \u20131,078CPI Property Group 31 December 202431 December 2023GCA Property Development sp. z o.o. \u20132,574IS Ny\u00edr Kft. \u201386IS Zala Kft. \u201399Jan\u00e1\u010dkovo n\u00e1b\u0159e\u017e\u00ed 15, s.r.o. 435Kerina, a.s. \u20138KOENIG Shopping, s.r.o. 5465LD Praha, a.s. 32Le Regina Warsaw Sp. z o.o. 41Lockhart, a.s. \u20136Marissa West, a.s. 570295MARRETIM s.r.o. 12Moniuszki Office sp. z o.o. 1,108785MUXUM, a.s. \u20132New Age Kft. 3217Nymburk Property Development, a.s. 8811Olomouc Building, a.s. \u2013150Orchard Hotel a.s. 42Oxford Tower sp. z o.o. \u20134,174OZ Trmice, a.s. 1539Ozrics Kft. \u201335Platn\u00e9\u0159sk\u00e1 10 s.r.o. 54Projekt Nisa, s.r.o. 7,1221,479Prosta 69 Sp. z o.o. \u2013244Real Estate Energy Kft. 1,9591,617Residence Belgick\u00e1, s.r.o. 32Residence Izabella Zrt. 11466Tepeln\u00e9 hospod\u00e1\u0159stv\u00ed Litv\u00ednov s.r.o. 24117Tyr\u0161ova 6, a.s. \u20132Total 58,34050,930Non-current financial debts received from related parties CPI Property Group 31 December 202431 December 2023BRNO INN, a.s. 582288Brno Property Development, a.s. 81717,492CPI \u2013 Bor, a.s. 11,46826,860CPI Facility Management Kft. 413529CPI Finance CEE, a.s. \u201372CPI Group Services, a.s. 7776CPI PROPERTY GROUP S.A. 3,094,0594,018,197CPI Septima, s.r.o. 19,853\u2013Czech Property Investments, a.s. 140\u2013Europeum Kft. 11,265\u2013Gebauer H\u00f6fe Liegenschaften GmbH 25,54124,118GSG ARMO Verwaltungsgesellschaft mbH 37,80239,500GSG Asset GmbH & Co. Verwaltungs KG 7714,134GSG Berlin GmbH (formerly Gewerbesiedlungs-Gessellschaft mbH) 80,61976,128GSG Berlin Invest GmbH 36,78234,733GSG Gewerbeh\u00f6fe Berlin 1. GmbH & Co. KG 5,36222,468GSG Gewerbeh\u00f6fe Berlin 2. GmbH & Co. KG 15,74923,310GSG Gewerbeh\u00f6fe Berlin 3. GmbH & Co. KG 75,06776,726GSG Gewerbeh\u00f6fe Berlin 4. GmbH & Co. KG 20,93131,831GSG Gewerbeh\u00f6fe Berlin 5. GmbH & Co. KG 64,22660,648Jet\u0159ichovice Property, a.s. \u2013219PROJECT FIRST a.s. \u20133,287Real Estate Energy Kft. 3,9185,741Rizeros, a.s. 7173ST Project Limited 144,936166,284Tepeln\u00e9 hospod\u00e1\u0159stv\u00ed Litv\u00ednov s.r.o. 1,015721Total 3,651,4644,633,435Current financial debts received from related parties CPI Property Group 31 December 202431 December 2023BRNO INN, a.s. 114Brno Property Development, a.s. 24,819131Byty Lehovec, s.r.o. 1,1971,217CPI \u2013 Bor, a.s. 187193CPI \u2013 Zbraslav, a.s. \u20131CPI Facility Management Kft. 57CPI Finance CEE, a.s. 721CPI Group Services, a.s. 11CPI Hungary Investments Kft. 7,1435,598CPI Hungary Kft. 1,011\u2013CPI PROPERTY GROUP S.A. 99,752128,649CPI Septima, s.r.o. 124\u2013Czech Property Investments, a.s. 19625,777Europeum Kft. 24\u2013Gebauer H\u00f6fe Liegenschaften GmbH 1,5111,423GSG ARMO Verwaltungsgesellschaft mbH 2,347562GSG Asset GmbH & Co. Verwaltungs KG 222244GSG Berlin GmbH (formerly Gewerbesiedlungs-Gessellschaft mbH) 4,7694,491GSG Berlin Invest GmbH 2,4302,049GSG Gewerbeh\u00f6fe Berlin 1. GmbH & Co. KG 1,2201,326GSG Gewerbeh\u00f6fe Berlin 2. GmbH & Co. KG 1,3691,375GSG Gewerbeh\u00f6fe Berlin 3. GmbH & Co. KG 4,7434,526GSG Gewerbeh\u00f6fe Berlin 4. GmbH & Co. KG 1,8641,878GSG Gewerbeh\u00f6fe Berlin 5. GmbH & Co. KG 3,7993,578HOTEL U PARKU, s.r.o. 470247Jet\u0159ichovice Property, a.s. 382PROJECT FIRST, a.s. 2,97028Real Estate Energy Kft. 5647Rezidence Malkovsk\u00e9ho, s.r.o. 6,170\u2013Rizeros, a.s. 5\u2013Tepeln\u00e9 hospod\u00e1\u0159stv\u00ed Litv\u00ednov s.r.o. 2313Total 168,548183,368Other current liabilities (Cash pool) CPI Property Group 31 December 202431 December 2023Andrassy Hotel Zrt. 237265Atrium Complex sp. z o.o. \u2013801Balvinder, a.s. \u20134Baudry Beta, a.s. \u2013478BAYTON Alfa, a.s. 251\u2013Best Properties South, a.s. \u2013835BRNO INN, a.s. 210238CAMPONA Shopping Center Kft. \u20131,026Central Tower 81 sp. z o.o. \u2013458City Gardens Sp. z o.o. \u20132,234CPI \u2013 Bor, a.s. 816730CPI \u2013 Real Estate, a.s. \u2013166CPI \u2013 Zbraslav, a.s. 13147CPI BYTY, a.s. 5833,664CPI Development Services, s.r.o. (formerly Brno Development Services, s.r.o.) 2,3981CPI Energo, a.s. 2,8412,867CPI Facility Slovakia, a.s. 441272CPI Hotels Properties, a.s. \u20131CPI Hungary Investments Kft. 1,8191,595CPI Hungary Kft. 322\u2013CPI Management, s.r.o. 2,004507CPI N\u00e1rodn\u00ed, s.r.o. \u20131,646CPI Poland Property Management sp. z o.o. 1,8561,461CPI Poland Sp. z o.o. 5,6347,186CPI Property Group S.A. \u20131,693CPI Property, s.r.o. 2,429\u2013CPI Reality, a.s. 4371,365CPI Retail One Kft. \u20131,104CPI Services, a.s. 2,8273,492CPI Property Group 31 December 202431 December 2023CPI Shopping Teplice, a.s. \u2013904CPI \u017dabotova, a.s. 76108CT Development sp. z o.o. 3,594218Czech Property Investments, a.s. \u20132,075EMH South, s.r.o. 217209Europeum Kft. \u20131,153Farhan, a.s. \u20131,108Gadwall, Sp. z o.o. \u2013309Hightech Park Kft. 5321HOTEL U PARKU, s.r.o. 5893Hrani\u010d\u00e1\u0159, a.s. \u2013106IS Ny\u00edr Kft. \u2013122IS Zala Kft. \u2013351Jan\u00e1\u010dkovo n\u00e1b\u0159e\u017e\u00ed 15, s.r.o. 80\u2013KOENIG Shopping, s.r.o. 1,016444LD Praha, a.s. 93157Le Regina Warsaw Sp. z o.o. 237184Lockhart, a.s. \u2013180Marissa Tau, a.s. \u2013453Marissa Th\u00e9ta, a.s. \u201335Marissa West, a.s. \u20138MARRETIM s.r.o. 2019Moniuszki Office sp. z o.o. \u2013189MUXUM, a.s. \u2013168Na Po\u0159\u00ed\u010d\u00ed, a.s. \u2013368New Age Kft. 881Nymburk Property Development, a.s. 1,545402Orchard Hotel a.s. 12785OZ Trmice, a.s. 327355P\u00f3lus Shopping Center Zrt. \u20131,511Projekt Nisa, s.r.o. 1,8111,256Prosta 69 Sp. z o.o. \u201329Real Estate Energy Kft. 2,622122Residence Belgick\u00e1, s.r.o. 1633Residence Izabella Zrt. 4569Tepeln\u00e9 hospod\u00e1\u0159stv\u00ed Litv\u00ednov s.r.o. 11Tyr\u0161ova 6, a.s. \u201385Total 37,13447,447Interest income from related parties CPI Property Group 2024 20231 Bishops Avenue Limited 4,0454,802Andr\u00e1ssy Hotel Zrt. 281296Andr\u00e1ssy Real Kft. \u2013146Atrium Complex sp. z o.o. \u20131Balvinder, a.s. 139143Baudry Beta, a.s. 232784BAYTON Alfa, a.s. 943950Best Properties South, a.s. 8005,030BPT Development, a.s. 1\u2013BRNO INN, a.s. \u20131B\u0159ezin\u011bves, a.s. 86114CAMPONA Shopping Center Kft. 3,8764,665Carpenter Invest, a.s. 192162CD Property s.r.o. \u2013239Ceratopsia, a.s. \u2013437Conradian, a.s. 367332CPI \u2013 Bor, a.s. 5481,131CPI \u2013 Horom\u011b\u0159ice, a.s. 44CPI \u2013 Orlov\u00e1, a.s. 118124CPI \u2013 Real Estate, a.s. 19134CPI \u2013 Zbraslav, a.s. 1610CPI Beet, a.s. 2220CPI Black, s.r.o. 125\u2013CPI Blatiny, s.r.o. 355344CPI Property Group 2024 2023CPI BYTY, a.s. 2,9393,937CPI Development Services, s.r.o. 387572CPI East, s.r.o. \u20132,984CPI Energo, a.s. 998170CPI Energo Slovakia, s.r.o. 1\u2013CPI Facility Management Kft. 724CPI Facility Slovakia, a.s. 68131CPI Green, a.s. 47069CPI Hotels, a.s. 1591,126CPI Hotels Properties, a.s. 1971,322CPI Hungary Investments Kft. 1045CPI Hungary Kft. 147167CPI IMMO, S.a.r.l. 5656CPI Kappa, s.r.o. 7369CPI Management, s.r.o. 1,25951CPI N\u00e1rodn\u00ed, s.r.o. 2,1947,783CPI Office Business Center, s.r.o. \u20135,946CPI Office Prague, s.r.o. \u2013123CPI Park Jablonn\u00e9 v Podje\u0161t\u011bd\u00ed, s.r.o. 3318CPI Poland Property Management sp. z o.o. 6280CPI Poland sp. z o.o. 403377CPI PROPERTY GROUP S.A. 134,892120,309CPI Property, s.r.o. 18CPI Reality, a.s. 2,4483,291CPI Retail One Kft. 256 249CPI Retail Portfolio Holding Kft. 205 452CPI Retail Portfolio I, a.s. \u2013796CPI Retail Portfolio VIII s.r.o. \u2013467CPI Sekunda, s.r.o. 100112CPI Services, a.s. 1,651886CPI Shopping MB, a.s. \u20131,931CPI Shopping Teplice, a.s. 9293,246CPI Silver, a.s. 101\u2013CPI Solar ONE, a.s. 7\u2013CPI Th\u00e9ta, a.s. \u2013 255CPI \u017dabotova, a.s. 319 339CPIPG Management S.\u00e0 r.l. 4,442 5,054CT Development sp. z o.o. 40 15Czech Property Investments, a.s. 22,370 22,019David Leo Greenbaum \u20133Diana Development sp. z o.o. 309Eclair Blue, s.r.o. 12573EMH South, s.r.o. 334460Equator II Development sp. z o.o. \u201320Equator Real sp. z o.o. \u201319Europeum Kft. 1,447 1,738Farhan, a.s. 1,186 3,986FL Property Development, a.s. 11 12Futurum HK Shopping, s.r.o. \u20135,467FVE D\u011blou\u0161, s.r.o. 358 \u2013FVE Radkyn\u011b, s.r.o. 122 \u2013FVE roofs & grounds, s.r.o. 439 64GCA Property Development sp. z o.o. \u201349Hightech Park Kft. 235 250Hospitality Invest S.\u00e1 r.l. 9 5HOTEL U PARKU, s.r.o. \u2013 1Hrani\u010d\u00e1\u0159, a.s. 747 772Chuchle Arena Praha, s.r.o. 300 1IS Ny\u00edr Ingatlanhasznos\u00edt\u00f3\u00e9s Vagyonkezelo Kft. 107 242IS Zala Ingatlanhasznos\u00edt\u00f3\u00e9s Vagyonkezelo Kft. 281 682Jan\u00e1\u010dkovo n\u00e1b\u0159e\u017e\u00ed 15, s.r.o. 370 387Karnosota, a.s. \u2013365Kerina, a.s. 46295KOENIG Shopping, s.r.o. 3,080 3,326Kunratick\u00e1 farma, s.r.o. 111 130CPI Property Group 2024 2023LD Praha, a.s. 150 172Le Regina Warsaw Sp. z o.o. 3 \u2013Lockhart, a.s. 2071,271Lucembursk\u00e1 46, a.s. \u201350Marissa Omikr\u00f3n, a.s. \u2013902Marissa Tau, a.s. 312 1,073Marissa Th\u00e9ta, a.s. 7 12Marissa West, a.s. 2,786 2,983MARRETIM s.r.o. 2228MB Property Development, a.s. (merged with Nymburk Property Development, a.s.) \u2013\u2013Moniuszki Office sp. z o.o. 65MUXUM, a.s. 56 341Na Po\u0159\u00ed\u010d\u00ed, a.s. 620 2,123New Age Kft. 108 126Notosoaria, s.r.o. \u20131,898Nymburk Property Development, a.s. 3082Olomouc Building, a.s. 2541,533Orchard Hotel a.s. 389430Outlet Arena Moravia, s.r.o. 2\u2013Oxford Tower sp. z o.o. \u2013152OZ Trmice, a.s. 281 637Ozrics, Kft. 224 202Platn\u00e9\u0159sk\u00e1 10 s.r.o. 65P\u00f3lus Shopping Center Zrt. 4,9665,331Projekt Nisa, s.r.o. 5,5095,392Projekt Zlat\u00fd And\u011bl, s.r.o. \u20134,008Prosta 69 Sp. z o.o. \u20134Prost\u011bjov Investments, a.s. 218179Real Estate Energy Kft. 206 735Residence Belgick\u00e1, s.r.o. 76 74Residence Izabella, Zrt. 293 318Rezidence Jan\u010dova, s.r.o. 161 151Rezidence Malkovsk\u00e9ho, s.r.o. 42 394RISING FALCON HOLDING LIMITED 2,449\u2013Savile Row 1 Limited 4,170 3,932SCP Reflets 225 220Seattle, s.r.o. 472 68Sentreta, a.s. 130\u2013Spojen\u00e9 elektr\u00e1rny, s.r.o. \u201322Spojen\u00e9 farmy a.s. 259 88Statek Krava\u0159e, a.s. 77 52Statenice Property Development, a.s. 166 197Tachov Investments, s.r.o. 54Tepeln\u00e9 hospod\u00e1\u0159stv\u00ed Litv\u00ednov, s.r.o. 54T\u0159inec Property Development, a.s. \u2013327Tyr\u0161ova 6, a.s. 1694U svat\u00e9ho Michala, a.s. \u2013179Uchaux Limited 1,1451,020V Team Prague, s.r.o. \u20131Vigano, a.s. 794793ZET.office, a.s. \u2013732Z\u00e1vodi\u0161t\u011b Chuchle, a.s. (merged with Turf Praha, a.s.) 40\u2013Total interest income \u2013 related parties 225,635261,040Joint venture Uniborc S.A. 5421,062Entitles over which the majority shareholder has control Marcano, a.s. 3,045158Entities controlled by members of the Board of Directors CPI Smart Power, a.s. 538Total 229,275262,268Interest expense from related parties CPI Property Group 2024 2023Andrassy Hotel Zrt. 36Atrium Complex sp. z o.o. \u201331CPI Property Group 2024 2023Balvinder, a.s. 12Baudry Beta, a.s. 29BAYTON Alfa, a.s. 51Best Properties South, a.s. 748BPT Development, a.s. \u20131BRNO INN, a.s. 5365Brno Property Development, a.s. 562 550B\u0159ezin\u011bves, a.s. 1 9Byty Lehovec, s.r.o. 24 23CAMPONA Shopping Center Kft. 2371Central Tower 81 sp. z o.o. \u201326City Gardens Sp. z o.o. \u201375CPI \u2013 Bor, a.s. 1,192394CPI \u2013 Real Estate, a.s. 210CPI \u2013 Zbraslav, a.s. 312CPI Beet, a.s. 11CPI BYTY, a.s. 551768CPI Development Services, s.r.o. 297154CPI East, s.r.o. \u201364CPI Energo, a.s. 1,284172CPI Facility Management Kft. 2616CPI Facility Slovakia, a.s. 128CPI Finance CEE, a.s. 33CPI Green, a.s. \u20132CPI Group Services, a.s. 51CPI Hotels Properties, a.s. 110CPI Hungary Investments Kft. 395311CPI Hungary Kft. 4513CPI Management, s.r.o. 3636CPI N\u00e1rodn\u00ed, s.r.o. 1577CPI Office Business Center, s.r.o. \u201349CPI Office Prague, s.r.o. \u20131CPI Poland Property Management sp. z o.o. 12886CPI Poland Sp. z o.o. 499432CPI PROPERTY GROUP S.A. 106,945113,217CPI Property, s.r.o. 5\u2013CPI Reality, a.s. 4280CPI Retail One Kft. 39CPI Retail Portfolio I, a.s. \u201321CPI Retail Portfolio VIII, a.s. \u201311CPI Septima, s.r.o. 124\u2013CPI Services, a.s. 5243CPI Shopping MB, a.s. \u201319CPI Shopping Teplice, a.s. 425CPI \u017dabotova, a.s. 74CPIPG Management S.\u00e0 r.l. 26CT Development sp. z o.o. 159 5Czech Property Investments, a.s. 9,671 377Diana Development sp. z o.o. \u20131EMH South, s.r.o. 2226Equator II Development sp. z o.o. \u201315Equator Real sp. z o.o. \u201311Europeum Kft. 4333Farhan, a.s. 327Futurum HK Shopping, s.r.o. \u201352Gadwall, Sp. z o.o. \u201312GCA Property Development sp. z o.o. \u201319Gebauer H\u00f6fe Liegenschaften GmbH 1,5111,423GSG ARMO Verwaltungsgesellschaft mbH 2,347 562GSG Asset GmbH & Co. Verwaltungs KG 222 244GSG Berlin GmbH (formerly Gewerbesiedlungs-Gessellschaft mbH) 4,769 4,491GSG Berlin Invest GmbH 2,430 2,049GSG Gewerbeh\u00f6fe Berlin 1. GmbH & Co. KG 1,220 1,326GSG Gewerbeh\u00f6fe Berlin 2. GmbH & Co. KG 1,369 1,375GSG Gewerbeh\u00f6fe Berlin 3. GmbH & Co. KG 4,743 4,527CPI Property Group 2024 2023GSG Gewerbeh\u00f6fe Berlin 4. GmbH & Co. KG 1,864 1,878GSG Gewerbeh\u00f6fe Berlin 5. GmbH & Co. KG 3,799 3,578Hightech Park Kft. 13HOTEL U PARKU, s.r.o. 15 11Hrani\u010d\u00e1\u0159, a.s. 6 12IS Ny\u00edr Kft. 1 4IS Zala Kft. 3 11Jan\u00e1\u010dkovo n\u00e1b\u0159e\u017e\u00ed 15, s.r.o. 6 1Jet\u0159ichovice Property, a.s. 47Kerina, a.s. 114KOENIG Shopping, s.r.o. 5276LD Praha, a.s. 69Le Regina Warsaw Sp. z o.o. 58Lockhart, a.s. 221Lucembursk\u00e1 46, a.s. \u20133Marissa Omikr\u00f3n, a.s. \u201311Marissa Tau, a.s. 421Marissa Th\u00e9ta, a.s. 12Marissa West, a.s. 142MARRETIM s.r.o. 11Moniuszki Office sp. z o.o. 9 13MUXUM, a.s. 1 4Na Po\u0159\u00ed\u010d\u00ed, a.s. 4 30New Age Kft. \u20131Nymburk Property Development, a.s. 52 27Olomouc Building, a.s. \u201317Orchard Hotel a.s. 128Oxford Tower sp. z o.o. \u201322OZ Trmice, a.s. 1245P\u00f3lus Shopping Center Zrt. 3471PROJECT FIRST a.s. 89137Projekt Nisa, s.r.o. 1627Projekt Zlat\u00fd And\u011bl, s.r.o. \u201324Prosta 69 Sp. z o.o. \u20137Real Estate Energy Kft. 255421Residence Belgick\u00e1, s.r.o. \u20132Residence Izabella Zrt. 44Rezidence Malkovsk\u00e9ho, s.r.o. 274\u2013Rizeros, a.s. 4\u2013Tachov Investments, s.r.o. \u20131Tepeln\u00e9 hospod\u00e1\u0159stv\u00ed Litv\u00ednov s.r.o. 4335T\u0159inec Property Development, a.s. \u20136Tyr\u0161ova 6, a.s. 17U svat\u00e9ho Michala, a.s. \u20131ZET.office, a.s. (formerly CPI Orange, a.s.) \u20133Total 147,451140,173Resale of CPI Project Invest and Finance On 24 June 2024, through capital contribution of its subsidiaries Equator IV Offices sp. z o.o., Eurocentrum Offices sp.z o.o. and WFC Investments sp. z o.o., the Group gained control over CPI Project Invest and Finance (hereinafter together with its subsidiaries as \u201eCPI PIF\u201c), formerly subsidiary of the Group\u00b4s related party Czech Property Investments a.s.",
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"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"value": "Transactions with key management personnel Total compensation given as short-term employee benefits to the top managers was EUR 438 thousand and EUR 405 thousand in 2024 and 2023, respectively. The Board and Committee\u2019s attendance compensation was EUR 62 thousand and EUR 36 thousand in 2024 and 2023. Breakdown of balances and transactions with related of the Group Majority shareholder of the Group 31 December 202431 December 2023Trade receivables \u20132,778Management 31 December 202431 December 2023Other current payables \u201312Advances received \u2013131Transactions Other operating expenses \u2013(36)Entities over which the majority shareholder has control 31 December 202431 December 2023Trade receivables 2522Transactions Rental income 1620Other operating income 3030Interest income (refer below for the detail) 3,045158Entities controlled by members of the Board of Directors 31 December 202431 December 2023Trade payables 111Transactions Interest income (refer below for the detail) 538CPI Property Group 31 December 202431 December 2023Loans provided non-current (refer below for the detail) 3,494,1974,325,062Loans provided current (refer below for the detail) 234,400719,187Trade receivables 22,4451,184Other current receivables 250,324204,374Loans received non-current (refer below for the detail) 3,651,4644,633,435Loans received current (refer below for the detail) 168,548183,368Trade payables 9,96311,564Other current liabilities 354,947359,140Transactions Service revenue 5,3851,022Advisory services (3,822)(4,115)Interest income (refer below for the detail) 225,635261,040Interest expense (refer below for the detail) (147,451)(139,241)Joint venture 31 December 202431 December 2023Loans provided non-current (refer below for the detail) 7,5608,617Loans provided current (refer below for the detail) 8489Transactions Interest income (refer below for the detail) 5421,062",
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"value": "11 Events after the reporting period There were no material events after the reporting period.",
"dimensions": {
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"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s6__6__114": {
"value": "Appendix I \u2013 List of Group entities Entities fully consolidated Company Country 31 December 202431 December 2023Atrium Complex sp. z o.o. Poland 51.00%\u2013BD Malostransk\u00e1, a.s. Czech Republic 100.00%100.00%Brno Property Invest XV., a.s. Czech Republic 100.00%100.00%Bubny Development, s.r.o. Czech Republic 100.00%100.00%BYTY PODKOVA, a.s. Czech Republic 100.00%100.00%Camuzzi, a.s. Czech Republic 100.00%100.00%Castor Investments sp. z o.o. Poland 51.00%100.00%Castor Investments sp. z o.o. S.K.A. Poland 51.00%100.00%CENTRAL TOWER 81 sp. z o.o. Poland 51.00%\u2013City Gardens sp. z o.o. Poland 51.00%\u2013CPI \u2013 Kr\u00e1sn\u00e9 B\u0159ezno, a.s. Czech Republic 100.00%100.00%CPI \u2013 Land Development, a.s. Czech Republic 100.00%100.00%CPI ACAYA S.r.l. Italy 100.00%100.00%CPI FIM GOLD, a.s. Czech Republic 100.00%100.00%CPI FIM WHITE, a.s. Czech Republic 100.00%100.00%CPI Italy 130 SPV S.r.l. Italy 100.00%100.00%CPI Park Chaba\u0159ovice, s.r.o. Czech Republic 100.00%100.00%CPI Park Plze\u0148, s.r.o. Czech Republic 100.00%100.00%CPI Park \u017d\u010f\u00e1rek, a.s. Czech Republic 100.00%100.00%CPI Pigna S.r.l. Italy 100.00%100.00%CPI Podhorsk\u00fd Park, s.r.o. Czech Republic 100.00%100.00%CPI Project Invest and Finance, a.s. Czech Republic 51.00%\u2013CPI REV Italy II S.r.l. Italy 100.00%100.00%CPI South, s.r.o. Czech Republic 90.00%90.00%Darilia, a.s. Czech Republic 100.00%20.00%Development Doupovsk\u00e1, s.r.o. Czech Republic 75.00%75.00%Diana Property sp. z o.o. Poland 100.00%100.00%Equator II Development sp. z o.o. Poland 51.00%\u2013Equator IV Offices sp. z o.o. Poland 51.00%100.00%Equator Real sp. z o.o. Poland 51.00%\u2013Estate Grand, s.r.o. Czech Republic 100.00%100.00%Eurocentrum Offices sp. z o.o. Poland 51.00%100.00%GADWALL sp. z o.o. Poland 51.00%\u2013GCA Property Development sp. z o.o. Poland 51.00%\u2013Industrial Park St\u0159\u00edbro, s.r.o. Czech Republic 100.00%100.00%JIHOV\u00ddCHODN\u00cd M\u011aSTO, a.s. Czech Republic 100.00%100.00%Land Properties, a.s. Czech Republic 100.00%100.00%LES MAS DU FIGUER France 100.00%100.00%Marki Real Estate Sp. z o.o. Poland 100.00%100.00%MQM Czech, a.s. Czech Republic 100.00%100.00%NOV\u00c1 ZBROJOVKA, s.r.o. Czech Republic 100.00%100.00%Nupaky a.s. Czech Republic 100.00%100.00%Oxford Tower sp. z o.o. Poland 51.00%\u2013Pietroni, s.r.o. Czech Republic 100.00%100.00%Polygon BC, a.s. Czech Republic 100.00%100.00%Prosta 69 sp. z o.o. Poland 51.00%\u2013Rezidence Kunratice, s.r.o. Czech Republic 100.00%100.00%Rezidence Pragovka, s.r.o. Czech Republic 100.00%100.00%Strakonice Property Development, a.s. Czech Republic 100.00%100.00%STRM Alfa, a.s. Czech Republic 100.00%100.00%STRM Beta, a.s. Czech Republic 100.00%100.00%STRM Gama, a.s. Czech Republic 100.00%100.00%Vyso\u010dany Office, a.s. Czech Republic 100.00%100.00%WFC Investments sp. z o.o. Poland 51.00%100.00%Equity method investments Company Country 31 December 2024 31 December 2023Beta Development, s.r.o. Czech Republic 35.00%35.00%Uniborc S.A. Luxembourg 35.00%35.00%",
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"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s6__6__113": {
"value": "Appendix I \u2013 List of Group entities Entities fully consolidated Company Country 31 December 202431 December 2023Atrium Complex sp. z o.o. Poland 51.00%\u2013BD Malostransk\u00e1, a.s. Czech Republic 100.00%100.00%Brno Property Invest XV., a.s. Czech Republic 100.00%100.00%Bubny Development, s.r.o. Czech Republic 100.00%100.00%BYTY PODKOVA, a.s. Czech Republic 100.00%100.00%Camuzzi, a.s. Czech Republic 100.00%100.00%Castor Investments sp. z o.o. Poland 51.00%100.00%Castor Investments sp. z o.o. S.K.A. Poland 51.00%100.00%CENTRAL TOWER 81 sp. z o.o. Poland 51.00%\u2013City Gardens sp. z o.o. Poland 51.00%\u2013CPI \u2013 Kr\u00e1sn\u00e9 B\u0159ezno, a.s. Czech Republic 100.00%100.00%CPI \u2013 Land Development, a.s. Czech Republic 100.00%100.00%CPI ACAYA S.r.l. Italy 100.00%100.00%CPI FIM GOLD, a.s. Czech Republic 100.00%100.00%CPI FIM WHITE, a.s. Czech Republic 100.00%100.00%CPI Italy 130 SPV S.r.l. Italy 100.00%100.00%CPI Park Chaba\u0159ovice, s.r.o. Czech Republic 100.00%100.00%CPI Park Plze\u0148, s.r.o. Czech Republic 100.00%100.00%CPI Park \u017d\u010f\u00e1rek, a.s. Czech Republic 100.00%100.00%CPI Pigna S.r.l. Italy 100.00%100.00%CPI Podhorsk\u00fd Park, s.r.o. Czech Republic 100.00%100.00%CPI Project Invest and Finance, a.s. Czech Republic 51.00%\u2013CPI REV Italy II S.r.l. Italy 100.00%100.00%CPI South, s.r.o. Czech Republic 90.00%90.00%Darilia, a.s. Czech Republic 100.00%20.00%Development Doupovsk\u00e1, s.r.o. Czech Republic 75.00%75.00%Diana Property sp. z o.o. Poland 100.00%100.00%Equator II Development sp. z o.o. Poland 51.00%\u2013Equator IV Offices sp. z o.o. Poland 51.00%100.00%Equator Real sp. z o.o. Poland 51.00%\u2013Estate Grand, s.r.o. Czech Republic 100.00%100.00%Eurocentrum Offices sp. z o.o. Poland 51.00%100.00%GADWALL sp. z o.o. Poland 51.00%\u2013GCA Property Development sp. z o.o. Poland 51.00%\u2013Industrial Park St\u0159\u00edbro, s.r.o. Czech Republic 100.00%100.00%JIHOV\u00ddCHODN\u00cd M\u011aSTO, a.s. Czech Republic 100.00%100.00%Land Properties, a.s. Czech Republic 100.00%100.00%LES MAS DU FIGUER France 100.00%100.00%Marki Real Estate Sp. z o.o. Poland 100.00%100.00%MQM Czech, a.s. Czech Republic 100.00%100.00%NOV\u00c1 ZBROJOVKA, s.r.o. Czech Republic 100.00%100.00%Nupaky a.s. Czech Republic 100.00%100.00%Oxford Tower sp. z o.o. Poland 51.00%\u2013Pietroni, s.r.o. Czech Republic 100.00%100.00%Polygon BC, a.s. Czech Republic 100.00%100.00%Prosta 69 sp. z o.o. Poland 51.00%\u2013Rezidence Kunratice, s.r.o. Czech Republic 100.00%100.00%Rezidence Pragovka, s.r.o. Czech Republic 100.00%100.00%Strakonice Property Development, a.s. Czech Republic 100.00%100.00%STRM Alfa, a.s. Czech Republic 100.00%100.00%STRM Beta, a.s. Czech Republic 100.00%100.00%STRM Gama, a.s. Czech Republic 100.00%100.00%Vyso\u010dany Office, a.s. Czech Republic 100.00%100.00%WFC Investments sp. z o.o. Poland 51.00%100.00%Equity method investments Company Country 31 December 2024 31 December 2023Beta Development, s.r.o. Czech Republic 35.00%35.00%Uniborc S.A. Luxembourg 35.00%35.00%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:222100KIDRQ6NNVYUH61",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
}
}
}