1.\n\u00a0\u00a0\u00a0Material accounting policies and overall\nconsiderations
\n\u00a0
\nThe principal material\naccounting policies adopted in the preparation of these\nconsolidated financial statements are set out below and in the\nsucceeding pages.\u00a0 These policies have been consistently\napplied to all the years presented, unless otherwise\nstated.
\n\u00a0
\na.\u00a0\u00a0\u00a0\nGoing concern
\n\u00a0
\nThe Board of Directors\nhas at the time of approving the consolidated financial statements,\na reasonable expectation that the Group has adequate resources to\ncontinue in operational existence for the foreseeable future. Thus,\nthey continue to adopt the going concern basis of accounting in\npreparing the consolidated financial statements.
\n\u00a0
\n\u00a0
\nThese consolidated\nfinancial statements are prepared in accordance with International\nFinancial Reporting Standards (IFRS) as adopted by the European\nUnion (EU) and comply with the Companies Act (Cap.386).\u00a0 The\nGroup\u2019s consolidated financial statements comply with Article\n4 of the EU IAS Consolidated Regulation.
\n\u00a0
\nThe consolidated\nfinancial statements are prepared under the historical cost\nconvention, except for investment properties measured at fair\nvalue, as explained in the material accounting policies below.\nHistorical cost is generally based on the fair value of the\nconsideration given in exchange for goods and services.
\n\u00a0
\nThe nature of the\nCompany\u2019s operations and its principal activities is to hold\nshares in subsidiary companies registered in Malta. The nature of\nthe subsidiary companies\u2019 operations and its principal\nactivities is to hold investment properties for capital\nappreciation and long-term rental yields and to hold properties for\nresale.
\n\u00a0
\n\u00a0
\nIn preparing the\nfinancial statements, the Board of Directors are required to make\njudgements (other than those involving estimates) that have\nsignificant impact on the amounts recognised and to make\nestimates and assumptions about the\ncarrying amounts of assets and liabilities that are not readily\napparent from other sources. The estimates and associated\nassumptions are based on historical experience and other factors\nthat are considered to be relevant. Actual results may differ from\nthese estimates.
\n\u00a0
\nThe estimates and\nunderlying assumptions are reviewed on a regular\nbasis. Revisions to accounting estimates are recognised in the\nperiod in which the estimate is revised if the revision affects\nonly that period, or in the period of the revision and future\nperiods if the revision affects both current and future\nperiod.
\n\u00a0
\nCritical judgements\nin applying the Group\u2019s accounting policies
\n\u00a0
\nThe following are the\ncritical judgements, apart from those involving estimations (which\nare presented separately below), that the Board of Directors have\nmade in the process of applying the Group\u2019s accounting\npolicies and that have the most significant effect on the amounts\nrecognised in the consolidated financial statements.
\n\u00a0
\nCapitalisation of\nborrowing costs
\n\u00a0
\nAs described in Note\n1(p), the Group capitalises finance costs which are directly\nattributable to the acquisition, construction or production of\nqualifying assets. Capitalisation of the borrowing costs relating\nto development of the Group\u2019s various investment properties\nis made in proportion to the purpose of the original borrowings.\nManagement exercises judgment to determine the appropriate\nallocation of borrowing costs to investment properties, based on\nthe specific use of the funds. Capitalisation ceases when the\ninvestment property is substantially ready for its intended use or\nwhen development activities are suspended for an extended\nperiod.
\n\u00a0
\nKey sources of\nestimation uncertainty
\n\u00a0
\nThe key assumptions\nconcerning the future and other key sources of estimation\nuncertainty at the reporting date, that have a significant risk of\ncausing a material adjustment to the carrying amount of assets and\nliabilities within the next financial year, are described\nbelow.
\n\u00a0
\nFair value of\ninvestment properties
\n\u00a0
\nThe Group uses the\nservices of professional valuers to revalue investment properties.\nThe professional valuers take into account the market\nparticipant\u2019s ability to generate economic benefits by using\nthe asset in its highest and best use or by selling it to another\nmarket participant that would use the asset in its highest and best\nuse.
\n\u00a0
\nThe highest and best use\nof a non-financial asset takes into account the use of the asset\nthat is physically possible, legally permissible and financially\nfeasible, as follows:
\n\u00a0
\n| \n - \n | \n\n A use that is physically\npossible, takes into account the physical characteristics of the\nasset that market participants would take into account when pricing\nthe asset (e.g. the location or size of a property). \n | \n
| \n - \n | \n\n A use that is legally\npermissible takes into account any legal restrictions on the use of\nthe asset that market participants would take into account when\npricing the asset (e.g. the zoning regulations applicable to a\nproperty). \n | \n
| \n - \n | \n\n A use that is financially\nfeasible takes into account whether a use of the asset that is\nphysically possible and legally permissible generates adequate\nincome or cash flows (taking into account the costs of converting\nthe asset to that use) to produce an investment return that market\nparticipants would require from an investment in that asset put to\nthat use. \n | \n
\u00a0
\nAs described in Note 11,\nthe Group uses valuation techniques that include inputs that are\nnot always based on observable market data in order to estimate the\nfair value of investment properties. This note also provides\ndetailed information regarding these valuation methods and the key\nassumptions used in performing such valuations.
\n\u00a0
\nEstimation of allowance\nfor expected credit losses (ECL)
\n\u00a0
\nWhen measuring ECL the\ngroup uses reasonable and supportable forward-looking information,\nwhich is based on assumptions for the future movement of different\neconomic drivers and how these drivers will affect each other. Loss\ngiven default is an estimate of the loss arising on default. It is\nbased on the difference between the contractual cash flows due and\nthose that the lender would expect to receive, taking into account\ncash flows from collateral and integral credit\nenhancements.
\n\u00a0
\nProbability of default\nconstitutes a key input in measuring ECL. Probability of default is\nan estimate of the likelihood of default over a given time horizon,\nthe calculation of which includes historical data, assumptions and\nexpectations of future conditions.
\n\u00a0
\nii.\n\u00a0\u00a0\u00a0 New Standards adopted as at 1 January 2025
\n\u00a0
\nSome accounting\npronouncements which have become effective from 1 January 2025 and\nhave therefore been adopted do not have a significant impact on the\nGroup\u2019s consolidated financial results or\nposition.
\n\u00a0
\nAmendments that are\neffective for the first time in 2025 and could be applicable to the\nGroup are:
\n\u00a0
\n| \n \u2022 \n | \n\n Lack of Exchangeability\n(Amendments to IAS 21). \n | \n
\u00a0
\nThese amendments do not\nhave a significant impact on these consolidated financial\nstatements and therefore the disclosures have not been\nmade.
\n\u00a0
\niii.\n\u00a0\u00a0\u00a0 Standards, amendments and interpretations to existing\nStandards that are not yet effective and have not been adopted\nearly by the Group
\n\u00a0
\nAt the date of\nauthorisation of these consolidated financial statements, several\nnew, but not yet effective, Standards and amendments to existing\nStandards, and Interpretations have been published by the IASB or\nIFRIC. None of these Standards or amendments to existing Standards\nhave been adopted early by the Group and no Interpretations have\nbeen issued that are applicable and need to be taken into\nconsideration by the Group at either reporting date.
\n\u00a0
\nStandards and amendments\nthat are not yet effective and have not been adopted early by the\nGroup include:
\n\u00a0
\n| \n \u2022 \n | \n\n Amendments to the\nClassification and Measurement of Financial Instruments (Amendments\nto IFRS 9 and 7) \n | \n
| \n \u2022 \n | \n\n Contracts Referencing\nNature-dependent Electricity (Amendments to IFRS 9 and IFRS\n7) \n | \n
| \n \u2022 \n | \n\n Annual Improvements to\nIFRS Accounting Standards\u2014Volume 11 \n | \n
| \n \u2022 \n | \n\n IFRS 19\n\u2018Subsidiaries without Public Accountability:\nDisclosures\u2019 \n | \n
| \n \u2022 \n | \n\n Amendments to IFRS 19\n\u2018Subsidiaries without Public Accountability:\nDisclosures\u2019 \n | \n
\u00a0
\nThese Standards and\namendments are not expected to have a significant impact on the\nconsolidated financial statements in the period of initial\napplication and therefore no disclosures have been made.
\n\u00a0
\nManagement anticipates\nthat all relevant pronouncements will be adopted for the first\nperiod beginning on or after the effective date of the\npronouncement.
\n\u00a0
\nIn April 2024, the IASB\nissued IFRS 18, which replaces IAS 1 \u2018Presentation of\nFinancial Statements\u2019. The adoption of IFRS 18\n\u2018Presentation and Disclosure in financial statements\u2019,\neffective for periods commencing on or after 1 January 2027, is\nexpected to have a material impact on the presentation of the\nfinancial Statements, and therefore relevant disclosures are\nincluded below.
\n\u00a0
\nAlthough IFRS 18\nincludes many of the requirements of IAS 1, it introduces new\nrequirements to better structure financial statements and to\nprovide more detailed and useful information to investors,\nincluding:
\n\u00a0
\n| \n \u2022 \n | \n\n two new subtotals defined\nin the statement of profit or loss, namely (1) operating profit and\n(2) profit or loss before financing and income taxes \n | \n
| \n \u2022 \n | \n\n the classification of all\nincome and expenses within the statement of profit or loss in one\nof five categories \n | \n
| \n \u2022 \n | \n\n a new requirement to\ndisclose performance measures defined by management, and \n | \n
| \n \u2022 \n | \n\n an improvement in the\nprinciples related to the aggregation and disaggregation of\ninformation in the financial statements and accompanying\nnotes. \n | \n
\u00a0
\nIFRS 18 will be applied\nretrospectively with specific transitional provisions.
\n\u00a0
\nThe Group is currently\nworking to identify all of the impacts that IFRS 18 will have on\nthe consolidated primary financial statements and notes to the\nconsolidated financial statements.
\n\u00a0
\nOther new standards,\namendments and Interpretations not adopted in the current year have\nnot been disclosed as they are not expected to have a material\nimpact on the Group\u2019s consolidated financial\nstatements.
\n\u00a0
\nc.\n\u00a0\u00a0\u00a0 Presentation of financial statements
\n\u00a0
\nThe financial\nstatements are presented in accordance with IAS 1\n\u2018Presentation of Financial Statements\u2019. The Group has\nelected to present the \u2018statement of profit or loss and other\ncomprehensive income in one statement.
\n\u00a0
\nThe Directors have\ndecided to prepare separate consolidated financial\nstatements.
\n\u00a0
\nd.\n\u00a0\u00a0\u00a0 Basis of consolidation
\n\u00a0
\nThe Group\u2019s\nconsolidated financial statements consolidate those of the parent\nCompany and all of its subsidiaries (together referred to as the\n\u201cGroup\u201d) as of 31 December each year. The subsidiaries\nhave a reporting date of 31 December. Control is achieved when the\nCompany:
\n\u00a0
\n| \n \u2022 \n | \n\n has the power over the\ninvestee; \n | \n
| \n \u2022 \n | \n\n is exposed, or has\nrights, to variable returns from its involvement with the\ninvestee; \n | \n
| \n \u2022 \n | \n\n has the ability to use\nits power to affect its returns. \n | \n
\u00a0
\nThe Company\nreassesses whether or\nnot it controls an investee if facts and circumstances indicate\nthat there are changes to one or more of the three elements of\ncontrol listed above.
\n\u00a0
\nWhen the Company has\nless than a majority of the voting rights of an investee, it\nconsiders that it has power over the investee when the voting\nrights are sufficient to give it the practical ability to direct\nthe relevant activities of the investee unilaterally. The Company\nconsiders all relevant facts and circumstances in assessing whether\nor not the Company\u2019s voting rights in an investee are\nsufficient to give it power, including:
\n\u00a0
\n| \n \u2022 \n | \n\n The size of the\nCompany\u2019s holding of voting rights relative to the size and\ndispersion of holdings of the other vote holders \n | \n
| \n \u2022 \n | \n\n Potential voting rights\nheld by the Company, other vote holders or other parties \n | \n
| \n \u2022 \n | \n\n Rights arising from\nother contractual arrangements \n | \n
| \n \u2022 \n | \n\n Any additional facts and\ncircumstances that indicate that the Company has, or does not have,\nthe current ability to direct the relevant activities at the time\nthat decisions need to be made, including voting patterns at\nprevious shareholder\u2019s meetings. \n | \n
\u00a0
\nConsolidation of a\nsubsidiary begins when the Company obtains control over the\nsubsidiary and ceases when the Company loses control of the\nsubsidiary. Specifically, the results of subsidiaries acquired or\ndisposed of during the year are included in profit or loss from the\ndate the Company gains control until the date when the Company\nceases to control the subsidiary.
\n\u00a0
\nWhere necessary,\nadjustments are made to the financial statements of subsidiaries to\nbring the accounting policies used in line with the Group\u2019s\naccounting policies.
\n\u00a0
\nAll intragroup assets\nand liabilities, equity, income, expenses and cash flows relating\nto transactions between the members of the Group are eliminated on\nconsolidation.
\n\u00a0
\nNon-controlling\ninterests in subsidiaries are identified separately from the\nGroup\u2019s equity therein. Those interests of non-controlling\nshareholders that are present ownership interests entitling their\nholders to a proportionate share of net assets upon liquidation may\ninitially be measured at fair value or at the non-controlling\ninterests\u2019 proportionate share of the fair value of the\nacquiree\u2019s identifiable net assets. The choice of measurement\nis made on an acquisition-by-acquisition basis. Other\nnon-controlling interests are initially measured at fair value.\nSubsequent to acquisition, the carrying amount of non-controlling\ninterests is the amount of those interests at initial recognition\nplus the non-controlling interests\u2019 share of subsequent\nchanges in equity.
\n\u00a0
\nProfit or loss and each\ncomponent of other comprehensive income are attributed to the\nowners of the Company and to the non-controlling interests. Total\ncomprehensive income of the subsidiaries is attributed to the\nowners of the Company and to the non-controlling interests even if\nthis results in the non-controlling interests having a deficit\nbalance.
\n\u00a0
\nChanges in the\nCompany\u2019s interests in subsidiaries that do not result in a\nloss of control are accounted for as equity transactions. The\ncarrying amount of the Company\u2019s interests and the\nnon-controlling interests are adjusted to reflect the changes in\ntheir relative interests in the subsidiaries. Any difference\nbetween the amount by which the non-controlling interests are\nadjusted and the fair value of the consideration paid or received\nis recognised directly in equity and attributed to the owners of\nthe Company.
\n\u00a0
\nWhen the Company loses\ncontrol of a subsidiary, the gain or loss on disposal recognised in\nprofit or loss is calculated as the difference between (i) the\naggregate of the fair value of the consideration received and the\nfair value of any retained interest and (ii) the previous carrying\namount of the assets (including goodwill), less liabilities of the\nsubsidiary and any non-controlling interests. All amounts\npreviously recognised in other comprehensive income in relation to\nthat subsidiary are accounted for as if the Group had directly\ndisposed of the related assets or liabilities of the subsidiary\n(i.e. reclassified to profit or loss or transferred to another\ncategory of equity as required/permitted by applicable IFRS\nAccounting Standards). The fair value of any investment retained in\nthe former subsidiary at the date when control is lost is regarded\nas the fair value on initial recognition for subsequent accounting\nunder IFRS\u00a09 Financial Instruments when applicable, or the\ncost on initial recognition of an investment in an associate or a\njoint venture.
\n\u00a0
\ne.\n\u00a0\u00a0 Business combinations
\n\u00a0
\nAcquisitions of\nbusinesses are accounted for using the acquisition method. The\nconsideration transferred in a business combination is measured at\nfair value, which is calculated as the sum of the acquisition-date\nfair values of assets transferred by the Group, liabilities\nincurred by the Group to the former owners of the acquiree and the\nequity interest issued by the group in exchange for control of the\nacquiree. Acquisition-related costs are recognised in profit or\nloss as incurred.
\n\u00a0
\nAt the acquisition date,\nthe identifiable assets acquired and the liabilities assumed are\nrecognised at their fair value at the acquisition date, except\nthat:
\n\u00a0
\n| \n \u2022 \n | \n\n Deferred tax assets or\nliabilities and assets or liabilities related to employee benefit\narrangements are recognised and measured in accordance with IAS 12\nand IAS 19 Employee Benefits respectively. \n | \n
| \n \u2022 \n | \n\n Liabilities or equity\ninstruments related to share-based payment arrangements of the\nacquiree or share-based payment arrangements of the group entered\ninto to replace share-based payment arrangements of the acquiree\nare measured in accordance with IFRS 2 Share-based Payment at the\nacquisition date (see below). \n | \n
| \n \u2022 \n | \n\n Assets (or disposal\ngroups) that are classified as held for sale in accordance with\nIFRS 5 Non-current Assets Held for Sale and Discontinued Operations\nare measured in accordance with that Standard. \n | \n
\u00a0
\nGoodwill is measured as\nthe excess of the sum of the consideration transferred, the amount\nof any non-controlling interests in the acquiree, and the fair\nvalue of the acquirer\u2019s previously held equity interest in\nthe acquiree (if any) over the net of the acquisition-date amounts\nof the identifiable assets acquired and the liabilities assumed.\nIf, after reassessment, the net of the acquisition-date amounts of\nthe identifiable assets acquired and liabilities assumed exceeds\nthe sum of the consideration transferred, the amount of any\nnon-controlling interests in the acquiree and the fair value of the\nacquirer\u2019s previously held interest in the acquiree (if any),\nthe excess is recognised immediately in profit or loss as a bargain\npurchase gain.
\n\u00a0
\nWhen the consideration\ntransferred by the Group in a business combination includes a\ncontingent consideration arrangement, the contingent consideration\nis measured at its acquisition-date fair value and included as part\nof the consideration transferred in a business combination. Changes\nin fair value of the contingent consideration that qualify as\nmeasurement period adjustments are adjusted retrospectively, with\ncorresponding adjustments against goodwill. Measurement period\nadjustments are adjustments that arise from additional information\nobtained during the \u2018measurement period\u2019 (which cannot\nexceed one year from the acquisition date) about facts and\ncircumstances that existed at the acquisition date.
\n\u00a0
\nThe subsequent\naccounting for changes in the fair value of the contingent\nconsideration that do not qualify as measurement period adjustments\ndepends on how the contingent consideration is classified.\nContingent consideration that is classified as equity is not\nremeasured at subsequent reporting dates and its subsequent\nsettlement is accounted for within equity. Other contingent\nconsideration is remeasured to fair value at subsequent reporting\ndates with changes in fair value recognised in profit or\nloss.
\n\u00a0
\nf.\n\u00a0\u00a0\u00a0 Revenue recognition
\n\u00a0
\nRevenue is measured at\nthe fair value of the consideration received or receivable for\nservices provided in the normal course of business, net of\nvalue-added tax and discounts, where applicable.
\n\u00a0
\nTo determine whether to\nrecognise revenue, the Group follows a 5-step process:
\n\u00a0
\n| \n i. \n | \n\n Identifying the\ncontract with a customer \n | \n
| \n ii. \n | \n\n Identifying the\nperformance obligations \n | \n
| \n iii. \n | \n\n Determining the\ntransaction price \n | \n
| \n iv. \n | \n\n Allocating the\ntransaction price to the performance obligations \n | \n
| \n v. \n | \n\n Recognising revenue\nwhen/as performance obligations are satisfied. \n | \n
\u00a0
\nThe Group recognises\nrevenue from the following major sources:
\n\u00a0
\n| \n i. \n | \n\n Finishing works income\n\u2013 the Group provides construction related works to its\ncustomers. Revenue from construction works is recognised over time,\nbased on the proportion of works performed to date. The Board of\nDirectors considers that this input method is an appropriate\nmeasure of the progress towards complete satisfaction of these\nperformance obligations under IFRS 15. \n | \n
| \n ii. \n | \n\n Sales of inventory\nproperties \u2013 The sale of property constitutes a single\nperformance obligation and the Group has determined that this is\nsatisfied at the point in time when control transfers. For\nunconditional exchange of contracts, this generally occurs when\nlegal title transfers to the customer. For conditional exchanges,\nthis generally occurs when all significant conditions are\nsatisfied. Payments are received when legal title\ntransfers. \n | \n
| \n iii. \n | \n\n Rental income \u2013\nRental income from operating leases , less the\naggregate cost of incentives given to the lessee,\nis recognised as revenue in the\nstatement of profit or loss and other comprehensive income\non a straight-line basis over the lease\nterm unless another systematic basis is more\nrepresentative of the time pattern in which use benefit derived\nfrom the leased asset is diminished .\u00a0 Initial direct costs incurred in negotiating and\narranging an operating lease, including letting and agency fees,\nare added to the carrying amount of the leased asset\nand recognised as an expense\nin the statement of profit or loss and other comprehensive\nincome when incurred, as these are not\nconsidered material to be spread over the lease term. \n | \n
| \n iv. \n | \n\n Other income \u2013\nOther income includes income from management services to related\nparties recognised over time. \n | \n
\u00a0
\ng.\n\u00a0 \u00a0\u00a0\u00a0 Administrative expenses
\n\u00a0
\nOperating expenses are\nrecognised in the statement of profit or loss and other\ncomprehensive income upon utilisation of service or at the date of\ntheir origin.
\n\u00a0
\nh.\n\u00a0\u00a0 Foreign currencies
\n\u00a0
\n\u00a0\u00a0 (i)\nFunctional and presentation currency
\n\u00a0
\nItems included in\nthe Group \u2019s\nconsolidated financial statements are measured using the currency\nof the primary economic environment in which the entity operates.\nThe financial statements are presented in euro (\u20ac), which is\nalso the Group\u2019s functional currency.
\n\u00a0
\n(ii) Transactions and\nbalances
\n\u00a0
\nForeign currency\ntransactions are translated into the functional currency (Euro)\nusing the exchange rates prevailing at the dates of the\ntransactions.\u00a0 Foreign exchange gains and losses resulting\nfrom the settlement of such transactions and from the translation\nat year-end exchange rates of monetary assets and liabilities\ndenominated in foreign currencies are recognised in the\nconsolidated statement of profit or loss and other comprehensive\nincome.
\n\u00a0
\ni.\n\u00a0\u00a0\u00a0 Intangible assets
\n\u00a0
\nIntangible assets\ncomprise computer software.
\n\u00a0
\nComputer software are\nintangible assets with finite useful lives that are acquired\nseparately. These are carried at cost less accumulated amortisation\nand accumulated impairment losses. Amortisation is recognised on a\nstraight-line basis over their estimated useful lives of 4 years.\nThe estimated useful life and amortisation method are reviewed at\nthe end of each reporting period, with the effect of any changes in\nestimate being accounted for on a prospective basis.
\n\u00a0
\nDerecognition of\nintangible assets
\n\u00a0
\nAn intangible asset is\nderecognised on disposal, or when no future economic benefits are\nexpected from use or disposal. Gains or losses arising from\nderecognition of an intangible asset, measured as the\ndifference between the net disposal proceeds and\nthe carrying amount of the asset, are recognised in profit or loss\nwhen the asset is derecognised.
\n\u00a0
\nImpairment
\n\u00a0
\nWhere an indication of\nimpairment exists, in that the carrying amount of an intangible\nasset is greater than its estimated recoverable amount, a charge is\nmade to write down the value of the asset to its estimated\nrecoverable amount (Accounting policy (m)).
\n\u00a0
\nj. \u00a0\u00a0\u00a0 Leases
\n\u00a0
\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 The\nGroup as lessor
\n\u00a0
\nThe Group enters into\nlease agreements as a lessor with respect to most of its investment\nproperties.\u00a0
\n\u00a0
\nLeases for which the\nGroup is a lessor are classified as finance or operating leases.\nLeases in which the Group does not transfer substantially all the\nrisks and rewards incidental to ownership of an asset are\nclassified as operating leases. Under a finance lease, the lessee\nhas substantially transferred all of the risks and rewards of\nownership. The following considerations are made by the Board of\nDirectors in determining whether a lease transfers substantially\nall the risk and rewards:
\n\u00a0
\n| \n \u2022 \n | \n\n The lease transfers\nownership of the asset to the lessee by the end of the lease\nterm \n | \n
| \n \u2022 \n | \n\n The lease term is for\nthe major part of the economic life of the asset, even if title is\nnot transferred; \n | \n
| \n \u2022 \n | \n\n At inception of the\nlease, the present value of the minimum lease payments amounts to\nat least substantially all of the fair value of the leased\nasset; \n | \n
| \n \u2022 \n | \n\n The leased assets are of\na specialised nature such that only the lessee can use them without\nmajor modifications being made; \n | \n
| \n \u2022 \n | \n\n If the lessee is entitled\nto cancel the lease, the lessor\u2019s losses associated with the\ncancellation are borne by the lessee; and \n | \n
| \n \u2022 \n | \n\n Gains and losses from\nfluctuations in the fair value of the residual fall to the\nlessee. \n | \n
\u00a0
\nAll the Group\u2019s\nleases are operating leases. Lease agreements entered into by the\nGroup do not include an option for the lessee to purchase the asset\nhance the risk and rewards incidental to ownership are not\nsubstantially transferred to the lessee, classifying the lease as\nan operating lease.
\n\u00a0
\nSubsequent to initial\nrecognition, the Group regularly reviews the estimated unguaranteed\nresidual value and applies the impairment requirements of IFRS 9,\nrecognising an allowance for expected credit losses on the lease\nreceivables. When a contract includes both\nlease and non-lease components, the Company applies IFRS 15 to\nallocate the consideration under the contract to each\ncomponent.
\n\u00a0
\nk.\n\u00a0\u00a0\u00a0 Property, plant and equipment
\n\u00a0
\nProperty, plant and\nequipment, comprising buildings improvement, motor vehicles,\nfixture and fittings, plant and machinery and computer and\nelectronic equipment, are initially recorded at cost and are\nsubsequently stated at cost less depreciation.\u00a0 Historical\ncost includes expenditure that is directly attributable to the\nacquisition of items.\u00a0
\n\u00a0
\nSubsequent costs are\nincluded in the asset\u2019s carrying amount, or recognised as a\nseparate asset, as appropriate, only when it is probable that\nfuture economic benefits associated with the item will flow to the\nGroup, and the cost of the item can be measured reliably.\u00a0 All\nother repairs and maintenance are charged to the statement\nof profit or loss and other comprehensive\nincome during the financial year in which\nthey are incurred.
\n\u00a0
\nDepreciation is\ncalculated on the straight-line method to allocate the cost of the\nassets to their residual values over their estimated useful lives\nas follows:
\n\u00a0
\n| \n Improvement to\npremises \n | \n\n 2% \n | \n
| \n Computer and electronic\nequipment \n | \n\n 25% \n | \n
| \n Furniture and\nfittings \n | \n\n 10% \n | \n
| \n Motor\nvehicles \n | \n\n 20% \n | \n
| \n Plant and\nmachinery \n | \n\n 20% \n | \n
\u00a0
\nThe assets\u2019\nresidual values and useful lives are reviewed, and adjusted if\nappropriate, at the end of each reporting year.
\n\u00a0
\nGains and losses on\ndisposal of property, plant and equipment are determined by\ncomparing proceeds with the carrying amount, and are taken into\naccount in determining operating profit.
\n\u00a0
\nAn asset\u2019s\ncarrying amount is written down immediately to its recoverable\namount if its carrying amount is greater than its estimated\nrecoverable amount (Accounting policy (m)).
\n\u00a0
\nl.\n\u00a0\u00a0\u00a0 Investment properties
\n\u00a0
\nInvestment properties\nare properties held to earn rentals or for capital appreciation or\nboth. Investment properties are recognised as an asset when it is\nprobable that the future economic benefits that are associated with\nthe investment properties will flow to the entity and the cost can\nbe measured reliably.
\n\u00a0
\nInvestment properties\nare initially measured at cost, including transaction costs, less\nimpairment losses. Subsequent to initial recognition, investment\nproperties are stated at fair value, which reflects market\nconditions at the reporting date. Gains or losses arising from\nchanges in fair values of investment properties are included in\nprofit and loss in the period in which they arise, including the\ncorresponding tax effect. Fair values are determined by a\nprofessionally qualified architect on the basis of market\nvalues.
\n\u00a0
\nInvestment properties\nare derecognised either when they have been disposed of (i.e. at\nthe date the recipient obtains control) or when they are\npermanently withdrawn from use and no future economic benefit is\nexpected from their disposal. The difference between the net\ndisposal proceeds and the carrying amount of the asset is\nrecognized in profit and loss in the period of derecognition. The\namount of consideration to be included in the gain or loss arising\nfrom the derecognition of investment properties is determined in\naccordance with the requirements for determining the transaction\nprice in IFRS 15.
\n\u00a0
\nTransfers are made to or\nfrom investment properties only when there is a change in use. For\ntransfers from inventory to investment properties at fair value,\nany difference between the fair value at the date of the transfer\nand its previous carrying amount should be recognised in profit or\nloss. For transfers from investment\nproperty carried at fair value to inventory the fair value at the\nchange of use is the \u2018cost\u2019 of the property under its\nnew classification.
\n\u00a0
\nm.\n\u00a0\u00a0 Impairment of non-financial assets
\n\u00a0
\nAt each reporting date,\nthe Group reviews the carrying amounts of its intangible assets,\ninvestment properties, and property, plant and equipment to\ndetermine whether there is any indication that those assets have\nsuffered an impairment loss. If any such indication exists, the\nrecoverable amount of the asset is estimated to determine the\nextent of the impairment loss (if any). Where the asset does not\ngenerate cash flows that are independent from other assets, the\nGroup estimates the recoverable amount of the cash-generating unit\nto which the asset belongs. When a reasonable and consistent basis\nof allocation can be identified, corporate assets are also\nallocated to individual cash-generating units, or otherwise they\nare allocated to the smallest Group\u2019s cash-generating units\nfor which a reasonable and consistent allocation basis can be\nidentified.
\n\u00a0
\nRecoverable amount is\nthe higher of fair value less costs of disposal and value in use.\nIn assessing value in use, the estimated future cash flows are\ndiscounted to their present value using a pre-tax discount rate\nthat reflects current market assessments of the time value of money\nand the risks specific to the asset for which the estimates of\nfuture cash flows have not been adjusted.
\n\u00a0
\nIf the recoverable\namount of an asset (or cash-generating unit) is estimated to be\nless than its carrying amount, the carrying amount of the asset (or\ncash-generating unit) is reduced to its recoverable amount. An\nimpairment loss is recognised immediately in profit or loss, unless\nthe relevant asset is carried at a revalued amount, in which case\nthe impairment loss is treated as a revaluation decrease and to the\nextent that the impairment loss is greater than the related\nrevaluation surplus, the excess impairment loss is recognised in\nprofit or loss.
\n\u00a0
\nWhere an impairment loss\nsubsequently reverses, the carrying amount of the asset (or\ncash-generating unit) is increased to the revised estimate of its\nrecoverable amount, but so that the increased carrying amount does\nnot exceed the carrying amount that would have been determined had\nno impairment loss been recognised for the asset (or\ncash-generating unit) in prior years. A reversal of an impairment\nloss is recognised immediately in profit or loss to the extent that\nit eliminates the impairment loss which has been recognised for the\nasset in prior years. Any increase in excess of this amount is\ntreated as a revaluation increase.
\n\u00a0
\n\u00a0
\nProperty held for\ndevelopment and resale
\n\u00a0
\nWhen the main object of\na property project is the development for resale purposes, the\nasset is classified in the financial statements as inventory.\u00a0\nAny elements of a project which are identified for business\noperation or long-term investment purposes are transferred at their\ncarrying amount or fair value to property, plant and equipment or\ninvestment property when such identification is made and the cost\nthereof can be reliably segregated.
\n\u00a0
\nProperty held for\ndevelopment is carried at the lower of cost and net realisable\nvalue.\u00a0
\n\u00a0
\nCost comprises the\npurchase cost of acquiring the property together with other costs\nincurred during its subsequent development, including:
\n\u00a0
\n| \n i. \n | \n\n the costs incurred on\ndevelopment works, including demolition, site clearance,\nexcavation, construction and other activities together with the\ncosts of ancillary activities such as site security; \n | \n
| \n ii. \n | \n\n the cost of various\ndesign and other studies conducted in connection with the project\ntogether with all other expenses incurred in connection\ntherewith; \n | \n
| \n iii. \n | \n\n any borrowing costs\nattributable to the development phases of the project. \n | \n
\u00a0
\nNet realisable value is\nthe estimated selling price in the ordinary course of business,\nless the cost of completion and selling expenses.
\n\u00a0
\nGains and losses on\ndisposal of property inventories are determined by reference to\ntheir carrying amount and are taken into account in determining\ngross profit.
\n\u00a0
\no.\n\u00a0 \u00a0\u00a0 Fair value measurement
\n\u00a0
\nThe Group measures\nnon-financial assets such as investment properties at fair value\nevery two years.
\n\u00a0
\nFair value is the price\nthat would be received to sell an asset or paid to transfer a\nliability in an orderly transaction between market participants at\nthe measurement date. The fair value measurement is based on the\npresumption that the transaction to sell the asset or transfer the\nliability takes place either:
\n\u00a0
\n| \n - \n | \n\n In the principal market\nfor the asset or liability, or \n | \n
| \n - \n | \n\n In the absence of a\nprincipal market, in the most advantageous market for the asset or\nliability. \n | \n
\u00a0
\nThe principal or the\nmost advantageous market must be accessible by the Group. The fair\nvalue of an asset or a liability is measured using the assumptions\nthat market participants would use when pricing the asset or\nliability, assuming that market participants act in their economic\nbest interest.
\n\u00a0
\nA fair value measurement\nof a non-financial asset takes into account a market\nparticipant\u2019s ability to generate economic benefits by using\nthe asset in its highest and best use or by selling it to another\nmarket participant that would use the asset in its highest and best\nuse.
\n\u00a0
\nThe Group uses valuation\ntechniques that are appropriate in the circumstances and for which\nsufficient data are available to measure fair value, maximising the\nuse of relevant observable inputs and minimising the use of\nunobservable inputs.
\n\u00a0
\nAll assets and\nliabilities for which fair value is measured or disclosed in the\nconsolidated financial statements are categorised within the fair\nvalue hierarchy, described as follows, based on the lowest level\ninput that is significant to the fair value measurement as a\nwhole:
\n\u00a0
\n| \n Level 1: \n | \n\n Quoted (unadjusted)\nmarket prices in active markets for identical assets or\nliabilities \n | \n
| \n Level 2: \n | \n\n Valuation techniques for\nwhich the lowest level input that is significant to the fair value\nmeasurement is directly or indirectly observable \n | \n
| \n Level 3: \n | \n\n Valuation techniques for\nwhich the lowest level input that is significant to the fair value\nmeasurement is unobservable. \n | \n
\u00a0
\nFor assets and\nliabilities that are recognised in the financial statements at fair\nvalue on a recurring basis, the Group determines whether transfers\nhave occurred between levels in the hierarchy by re-assessing\ncategorisation (based on the lowest level input that is significant\nto the fair value measurement as a whole) at the end of each\nreporting period.
\n\u00a0
\np.\n\u00a0 \u00a0\u00a0 Financial instruments
\n\u00a0
\nFinancial assets and\nfinancial liabilities are recognised in the Group\u2019s\nconsolidated statement of financial position when the Group becomes\na party to the contractual provisions of the instrument.
\n\u00a0
\nFinancial assets and\nfinancial liabilities are initially measured at fair value, except\nfor trade receivables that do not have a significant financing\ncomponent which are measured at transaction price. Transaction\ncosts that are directly attributable to the acquisition or issue of\nfinancial assets and financial liabilities (other than financial\nassets and financial liabilities at fair value through profit or\nloss) are added to or deducted from the fair value of the financial\nassets or financial liabilities, as appropriate, on initial\nrecognition. Transaction costs directly attributable to the\nacquisition of financial assets or financial liabilities at fair\nvalue through profit or loss are recognised immediately in profit\nor loss.
\n\u00a0
\ni)\n\u00a0\u00a0\u00a0\u00a0\u00a0 Financial assets
\n\u00a0
\n\u00a7 \u00a0\nInitial recognition and\nmeasurement
\n\u00a0
\nFinancial assets are\nclassified, at initial recognition either at amortised cost, fair\nvalue through other comprehensive income (\u201cOCI\u201d) or\nfair value through profit or loss.
\n\u00a0
\nThe classification of\nfinancial assets at initial recognition depends on the financial\nasset\u2019s contractual cash flow characteristics and the\nGroup\u2019s business model for managing them. With the exception\nof trade receivables that do not contain a significant financing\ncomponent, or for which the Group has applied the practical\nexpedient, the Group initially measures a financial asset at its\nfair value.
\n\u00a0
\nTrade and other\nreceivables that do not contain a significant financing component\nor for which the Group has applied the practical expedient are\nmeasured at the transaction price determined under IFRS\n15.
\n\u00a0
\nIn order for a financial\nasset to be classified and measured at amortised cost or fair value\nthrough OCI, it needs to give rise to cash flows that are\n\u2018solely payments of principal and interest (SPPI)\u2019 on\nthe principal amount outstanding. This assessment is referred to as\nthe SPPI test and is performed at an instrument level.
\n\u00a0
\nThe Group\u2019s\nbusiness model for managing financial assets refer to how it\nmanages its financial assets in order to generate cash flows. The\nbusiness model determines whether cash flows will result from\ncollecting contractual cash flows, selling the financial assets, or\nboth.
\n\u00a0
\n\u00a7\n\u00a0 Subsequent measurement
\n\u00a0
\nFor purposes of\nsubsequent measurement, financial assets are classified in four\ncategories:
\n\u00a0
\n| \n a) \n | \n\n Financial assets at\namortised cost; \n | \n
| \n b) \n | \n\n Financial assets at fair\nvalue through OCI with recycling of cumulative gains and losses\n(debt instruments); \n | \n
| \n c) \n | \n\n Financial assets\ndesignated at fair value through OCI with no recycling of\ncumulative gains and losses upon derecognition (equity\ninstruments); \n | \n
| \n d) \n | \n\n Financial assets at fair\nvalue through profit or loss. \n | \n
\u00a0
\nThe Group holds\nfinancial assets at amortised costs.
\n\u00a0
\nFinancial assets at\namortised cost
\n\u00a0
\nThe Group measures\nfinancial assets at amortised cost if both of the following\nconditions are met:
\n\u00a0
\n| \n a) \n | \n\n The financial asset is\nheld within a business model with the objective to hold financial\nassets in order to collect contractual cash flows; and \n | \n
| \n b) \n | \n\n The contractual terms of\nthe financial asset give rise on specified dates to cash flows that\nare solely payments of principal and interest on the principal\namount outstanding. \n | \n
\u00a0
\nFinancial assets at\namortised cost are subsequently measured using the effective\ninterest rate (\u201cEIR\u201d) method and are subject to\nimpairment. Gains and losses are recognised in profit or loss when\nthe asset is derecognised, modified or impaired.
\n\u00a0
\nThe effective interest\nmethod is a method of calculating the amortised cost of a debt\ninstrument and of allocating interest income over the relevant\nperiod. The Group\u2019s cash and cash equivalents and trade and\nother receivables fall into this category of financial\ninstruments.
\n\u00a0
\nFor financial assets\nother than purchased or originated credit-impaired financial assets\n(i.e. assets that are credit-impaired on initial recognition), the\neffective interest rate is the rate that exactly discounts\nestimated future cash receipts (including all fees and points paid\nor received that form an integral part of the effective interest\nrate, transaction costs and other premiums or discounts) excluding\nexpected credit losses, through the expected life of the debt\ninstrument, or, where appropriate, a shorter period, to the gross\ncarrying amount of the debt instrument on initial\nrecognition.\u00a0
\n\u00a0
\nThe amortised cost of a\nfinancial asset is the amount at which the financial asset is\nmeasured at initial recognition minus the principal repayments,\nplus the cumulative amortisation using the effective interest\nmethod of any difference between that initial amount and the\nmaturity amount, adjusted for any loss allowance.\u00a0 The gross\ncarrying amount of a financial asset is the amortised cost of a\nfinancial asset before adjusting for any loss allowance.
\n\u00a0
\nInterest income is\nrecognised using the effective interest method for debt instruments\nmeasured subsequently at amortised cost.\u00a0 For financial assets\nother than purchased or originated credit-impaired financial\nassets, interest income is calculated by applying effective\ninterest rate to the gross carrying amount of a financial\nasset.\u00a0
\n\u00a0
\nInterest income is\nrecognised in profit or loss and is included in the \u201cfinance\nincome\u201d line item (Note 5).
\n\u00a0
\n\u00a7\n\u00a0 Derecognition
\n\u00a0
\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 A\nfinancial asset is primarily derecognised when:
\n\u00a0
\n| \n a) \n | \n\n The rights to receive\ncash flows from the asset have expired; or \n | \n
| \n b) \n | \n\n The Group has transferred\nits rights to receive cash flows from the asset, or has assumed an\nobligation to pay the received cash flows in full without material\ndelay to a third party and either the Group has transferred\nsubstantially all the risks and rewards of the asset or the Group\nhas neither transferred nor retained substantially all the risks\nand rewards of the asset, but has transferred control of the\nasset. \n | \n
\u00a0
\n\u00a7\n\u00a0 Impairment
\n\u00a0
\nThe Group recognises an\nallowance for expected credit losses (\u201cECLs\u201d) for all\ndebt instruments not held at fair value through profit or loss.\nECLs are based on the difference between the contractual cash flows\ndue in accordance with the contract and all the cash flows that the\nGroup expects to receive, discounted at an approximate of the\noriginal effective interest rate. The expected cash flows will\ninclude cash flows from the sale of a collateral held or other\ncredit enhancements that are integral to the contractual\nterms.
\n\u00a0
\nFor trade and other\nreceivables, the Group applies a simplified approach in calculating\nECLs. Therefore, the Group does not track changes in credit risk,\nbut instead recognises a loss allowance based on lifetime ECLs at\neach reporting date. The Group has established a provision matrix\nthat is based on its historical credit loss experience, adjusted\nfor forward-looking factors specific to debtors and the economic\nenvironment.
\n\u00a0
\nThe Group considers a\nfinancial asset in default when contractual payments are thirty\n(30) days past due. However, in certain cases, the Group may also\nconsider a financial asset to be in default when internal or\nexternal information indicates that the Group is unlikely to\nreceive the outstanding contractual amounts in full before taking\ninto account any credit enhancements held by the Group. A financial\nasset is written-off when there is no reasonable expectation of\nrecovering the contractual cash flows.
\n\u00a0
\nii)\n\u00a0\u00a0\u00a0 Financial liabilities and equity
\n\u00a0
\n\u00a7 \u00a0\nClassification as debt or equity
\n\u00a0
\nDebt and equity\ninstruments are classified as either financial liabilities or as\nequity in accordance with the substance of the contractual\narrangements and the definitions of a financial liability and an\nequity instrument.
\n\u00a0
\n\u00a7\n\u00a0 Equity\ninstruments
\n\u00a0
\nAn equity instrument is\nany contract that evidences a residual interest in the assets of an\nentity after deducting all of its liabilities. Equity instruments\nissued by the Group are recognised at the proceeds received, net of\ndirect issue costs.
\n\u00a0
\nRepurchase of the\nGroup\u2019s own equity instruments is recognised and deducted\ndirectly in equity. No gain or loss is recognised in profit or loss\non the purchase, sale, issue or cancellation of the Group\u2019s\nown equity instruments.
\n\u00a0
\n\u00a7\n\u00a0 Financial liabilities
\n\u00a0
\nAll financial\nliabilities are measured subsequently at amortised cost using the\neffective interest method or at FVTPL.
\n\u00a0
\nHowever, financial\nliabilities that arise when a transfer of a financial asset does\nnot qualify for derecognition or when the continuing involvement\napproach applies, and financial guarantee contracts issued by the\nGroup, are measured in accordance with the specific accounting\npolicies set out below.
\n\u00a0
\nFinancial liabilities\nat amortised cost
\n\u00a0
\nFinancial liabilities\nthat are not (i) contingent consideration of an acquirer in a\nbusiness combination, (ii) held-for-trading, or (iii) designated as\nat FVTPL, are measured subsequently at amortised cost using the\neffective interest method.
\n\u00a0
\nFinancial liabilities\nare classified, at initial recognition, as loans and borrowings,\npayables, or as derivatives designated as hedging instruments in an\neffective hedge, as appropriate. All financial liabilities are\nrecognised initially at fair value and, in the case of loans and\nborrowings and payables, net of directly attributable transaction\ncosts.
\n\u00a0
\nThe effective interest\nmethod is a method of calculating the amortised cost of a financial\nliability and of allocating interest expense over the relevant\nperiod. The effective interest rate is the rate that exactly\ndiscounts estimated future cash payments (including all fees and\npoints paid or received that form an integral part of the effective\ninterest rate, transaction costs and other premiums or discounts)\nthrough the expected life of the financial liability, or (where\nappropriate) a shorter period, to the amortised cost of a financial\nliability.
\n\u00a0
\nThe Group\u2019s\nfinancial liabilities also include trade and other payables, and\ninterest-bearing borrowings.
\n\u00a0
\nAfter initial\nrecognition, interest-bearing loans and borrowings are subsequently\nmeasured at amortised cost using the effective interest rate, the\n\u201cEIR\u201d method. Gains and losses are recognised in profit\nor loss when the liabilities are derecognised as well as through\nthe EIR amortisation process.
\n\u00a0
\nAny difference between\nthe proceeds, net of transaction costs, and the redemption amount\nis recognised in profit or loss over the period of the borrowings\nusing the effective interest method. Fees paid on the establishment\nof loan facilities are recognised as transaction costs of the loan\nto the extent that it is probable that some or all of the facility\nwill be drawn down. In this case, the fee is deferred until the\ndraw down occurs. To the extent there is no evidence that it is\nprobable that some or all of the facility will be drawn down, the\nfee is capitalised as a prepayment for liquidity services and\namortised over the period of the facility to which it relates. The\nEIR amortisation is included as finance costs in the consolidated\nstatement of profit or loss and other comprehensive\nincome.
\n\u00a0
\nA financial liability is\nderecognised when the obligation under the liability is discharged\nor cancelled or expires. When an existing financial liability is\nreplaced by another from the same lender on substantially different\nterms, or the terms of an existing liability are substantially\nmodified, such an exchange or modification is treated as the\nderecognition of the original liability and the recognition of a\nnew liability. The difference in the respective carrying amounts is\nrecognised in the statement of profit or loss.
\n\u00a0
\nq.\u00a0\u00a0\u00a0\nCash and cash equivalents and restricted cash
\n\u00a0
\nIn the statement of\nfinancial position, cash and cash equivalents are comprised of cash\n(i.e. on-demand deposits) and cash equivalents. Cash equivalents\nare short-term (generally with original maturity of three months or\nless),\u00a0\u00a0\u00a0\u00a0 highly liquid investments that are\nreadily convertible to a known amount of cash and which are subject\nto an insignificant risk of changes in value. Cash equivalents are\nheld for the purpose of meeting short-term cash commitments rather\nthan for investment or other purposes.
\n\u00a0
\nRestricted cash refers\nto cash and cash equivalents that are subject to legal or\ncontractual restrictions, which limit the Group\u2019s ability to\nuse the funds for general operations. These restrictions can arise\nfrom interest-bearing borrowings agreements. \nRestricted cash is recognised when the Group has\ncontrol over the funds and the restriction on the use of cash is\nlegally enforceable. The restricted cash is initially recorded at\nits nominal value. Any interest or change in the value of the\nrestricted cash is measured based on the applicable exchange rate\nor interest terms.
\n\u00a0
\nFor the purposes of the\nconsolidated statement of cash flows, cash and cash equivalents\nconsist of cash and cash equivalents and restricted cash as defined\nabove, net of outstanding bank overdrafts which are repayable on\ndemand and form an integral part of the group\u2019s cash\nmanagement. Such overdrafts are presented as short-term\ninterest-bearing borrowings in the consolidated statement of\nfinancial position.
\n\u00a0
\nr.\n\u00a0\u00a0\u00a0 Current and deferred taxation
\n\u00a0
\nThe tax expense for the\nyear comprises current and deferred taxation.
\n\u00a0
\nTaxation is recognised\nin profit or loss, except to the extent that it relates to items\nrecognised in other comprehensive income or directly in\nequity.\u00a0 In this case, the tax is also recognised in other\ncomprehensive income or equity, respectively.
\n\u00a0
\n\n\u00a0
\nDeferred taxation is\nprovided using the liability method, for all temporary differences\narising between the tax bases of assets and liabilities and their\ncarrying values for financial reporting purposes. Deferred taxation\nis determined using tax rates and laws that have been enacted or\nsubstantially enacted by the end of the reporting year and are\nexpected to apply when the related deferred tax asset is realised\nor the deferred tax liability is settled. Deferred tax assets are\nrecognised only to the extent that it is probable that future\ntaxable profits will be available against which the temporary\ndifferences can be utilised.
\n\u00a0
\ns.\n\u00a0 \u00a0\u00a0 Share capital and dividends
\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\nOrdinary shares are\nclassified as equity.
\n\u00a0
\nDividend distribution to\nthe Company\u2019s shareholders is recognised as a liability in\nthe Company\u2019s financial statements in the year in which the\ndividends are approved by the Company\u2019s\nshareholders.
\n\u00a0
\nt.\u00a0\n\u00a0\u00a0Borrowings costs
\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\nBorrowing costs\ninclude the costs incurred in obtaining external financing.\nBorrowing costs directly attributable to the acquisition,\nconstruction or production of qualifying assets, which are assets\nthat necessarily take a substantial period of time to get ready for\ntheir intended use or sale, are capitalised from the time that\nexpenditure for these assets and borrowing costs are being incurred\nand activities that are necessary to prepare these assets for their\nintended use or sale are in progress.\u00a0 Borrowing costs are\ncapitalised until such time as the assets are substantially ready\nfor their intended use or sale. Borrowing costs are suspended\nduring extended periods in which active development is interrupted.\nAll other borrowing costs are recognised as an expense in profit or\nloss in the period in which they are incurred.
\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 To the\nextent that variable rate borrowings are used to finance a\nqualifying asset and are hedged in an effective cash flow hedge of\ninterest rate risk, the effective portion of the derivative is\nrecognised in other comprehensive income and reclassified to profit\nor loss when the qualifying asset affects profit or loss. To the\nextent that fixed rate borrowings are used to finance a qualifying\nasset and are hedged in an effective fair value hedge of interest\nrate risk, the capitalised borrowing costs reflect the hedged\ninterest rate.
\n\u00a0
\nu.\n\u00a0\u00a0\u00a0 Employee benefits
\n\u00a0
\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 The Group\ncontributes towards the state pension in accordance with local\nlegislation. The only obligation is to make the required\ncontributions. Costs are expensed in the year in which they are\nincurred.
\n\u00a0
\nv.\n\u00a0\u00a0\u00a0Segment reporting
\n\u00a0
\nThe Group determines and\npresents operating segments based on the information that\ninternally is provided to\nthe Board of Directors, which is the\nGroup\u2019s chief operating decision-maker in accordance with the\nrequirements of IFRS 8, Operating Segments.
\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\nAn operating\nsegment is a component of the Group that engages in business\nactivities from which it may earn revenues and incur expenses,\nincluding revenues and expenses that relate to transactions with\nany of the Group\u2019s other components, and for which discrete\nfinancial information is available. An operating segment\u2019s\noperating results are reviewed regularly by the Board of Directors\nto make decisions about resources to be allocated to the segment\nand to assess its performance executing the function of the\nchief-operating decision-maker.
\n\u00a0
\nThe Board of Directors\nconsiders the Group to constitute one reporting segment in view of\nits activities.
\n\u00a0
\nw.\n\u00a0\u00a0\u00a0 Contingent liabilities
\n\u00a0
\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Contingent\nliabilities, which include certain guarantees and letters of credit\npledged as collateral security, are possible obligations that arise\nfrom past events whose existence will be confirmed only by the\noccurrence, or non-occurrence, of one or more uncertain future\nevents not wholly within the control of the local group; or are\npresent obligations that have arisen from past events but are not\nrecognised because it is not probable that settlement will require\nthe outflow of economic benefits.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "IQBZuNjpzS": { "value": "The principal material\naccounting policies adopted in the preparation of these\nconsolidated financial statements are set out below and in the\nsucceeding pages.\u00a0 These policies have been consistently\napplied to all the years presented, unless otherwise\nstated.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfFinancialStatements", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "X7UpHyiPSx": { "value": "a.\u00a0\u00a0\u00a0\nGoing concern
\n\u00a0
\nThe Board of Directors\nhas at the time of approving the consolidated financial statements,\na reasonable expectation that the Group has adequate resources to\ncontinue in operational existence for the foreseeable future. Thus,\nthey continue to adopt the going concern basis of accounting in\npreparing the consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "yNTAzhDY8t": { "value": "\u00a0
\nThese consolidated\nfinancial statements are prepared in accordance with International\nFinancial Reporting Standards (IFRS) as adopted by the European\nUnion (EU) and comply with the Companies Act (Cap.386).\u00a0 The\nGroup\u2019s consolidated financial statements comply with Article\n4 of the EU IAS Consolidated Regulation.
\n\u00a0
\nThe consolidated\nfinancial statements are prepared under the historical cost\nconvention, except for investment properties measured at fair\nvalue, as explained in the material accounting policies below.\nHistorical cost is generally based on the fair value of the\nconsideration given in exchange for goods and services.
\n\u00a0
\nThe nature of the\nCompany\u2019s operations and its principal activities is to hold\nshares in subsidiary companies registered in Malta. The nature of\nthe subsidiary companies\u2019 operations and its principal\nactivities is to hold investment properties for capital\nappreciation and long-term rental yields and to hold properties for\nresale.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "DAfZi3GiTA": { "value": "\u00a0
\nThese consolidated\nfinancial statements are prepared in accordance with International\nFinancial Reporting Standards (IFRS) as adopted by the European\nUnion (EU) and comply with the Companies Act (Cap.386).\u00a0 The\nGroup\u2019s consolidated financial statements comply with Article\n4 of the EU IAS Consolidated Regulation.
\n\u00a0
\nThe consolidated\nfinancial statements are prepared under the historical cost\nconvention, except for investment properties measured at fair\nvalue, as explained in the material accounting policies below.\nHistorical cost is generally based on the fair value of the\nconsideration given in exchange for goods and services.
\n\u00a0
\nThe nature of the\nCompany\u2019s operations and its principal activities is to hold\nshares in subsidiary companies registered in Malta. The nature of\nthe subsidiary companies\u2019 operations and its principal\nactivities is to hold investment properties for capital\nappreciation and long-term rental yields and to hold properties for\nresale.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "pCaa9qBcp-": { "value": "These consolidated\nfinancial statements are prepared in accordance with International\nFinancial Reporting Standards (IFRS) as adopted by the European\nUnion (EU) and comply with the Companies Act (Cap.386).\u00a0 The\nGroup\u2019s consolidated financial statements comply with Article\n4 of the EU IAS Consolidated Regulation.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "xsPDlDmHX0": { "value": "\u00a0
\nIn preparing the\nfinancial statements, the Board of Directors are required to make\njudgements (other than those involving estimates) that have\nsignificant impact on the amounts recognised and to make\nestimates and assumptions about the\ncarrying amounts of assets and liabilities that are not readily\napparent from other sources. The estimates and associated\nassumptions are based on historical experience and other factors\nthat are considered to be relevant. Actual results may differ from\nthese estimates.
\n\u00a0
\nThe estimates and\nunderlying assumptions are reviewed on a regular\nbasis. Revisions to accounting estimates are recognised in the\nperiod in which the estimate is revised if the revision affects\nonly that period, or in the period of the revision and future\nperiods if the revision affects both current and future\nperiod.
\n\u00a0
\nCritical judgements\nin applying the Group\u2019s accounting policies
\n\u00a0
\nThe following are the\ncritical judgements, apart from those involving estimations (which\nare presented separately below), that the Board of Directors have\nmade in the process of applying the Group\u2019s accounting\npolicies and that have the most significant effect on the amounts\nrecognised in the consolidated financial statements.
\n\u00a0
\nCapitalisation of\nborrowing costs
\n\u00a0
\nAs described in Note\n1(p), the Group capitalises finance costs which are directly\nattributable to the acquisition, construction or production of\nqualifying assets. Capitalisation of the borrowing costs relating\nto development of the Group\u2019s various investment properties\nis made in proportion to the purpose of the original borrowings.\nManagement exercises judgment to determine the appropriate\nallocation of borrowing costs to investment properties, based on\nthe specific use of the funds. Capitalisation ceases when the\ninvestment property is substantially ready for its intended use or\nwhen development activities are suspended for an extended\nperiod.
\n\u00a0
\nKey sources of\nestimation uncertainty
\n\u00a0
\nThe key assumptions\nconcerning the future and other key sources of estimation\nuncertainty at the reporting date, that have a significant risk of\ncausing a material adjustment to the carrying amount of assets and\nliabilities within the next financial year, are described\nbelow.
\n\u00a0
\nFair value of\ninvestment properties
\n\u00a0
\nThe Group uses the\nservices of professional valuers to revalue investment properties.\nThe professional valuers take into account the market\nparticipant\u2019s ability to generate economic benefits by using\nthe asset in its highest and best use or by selling it to another\nmarket participant that would use the asset in its highest and best\nuse.
\n\u00a0
\nThe highest and best use\nof a non-financial asset takes into account the use of the asset\nthat is physically possible, legally permissible and financially\nfeasible, as follows:
\n\u00a0
\n| \n - \n | \n\n A use that is physically\npossible, takes into account the physical characteristics of the\nasset that market participants would take into account when pricing\nthe asset (e.g. the location or size of a property). \n | \n
| \n - \n | \n\n A use that is legally\npermissible takes into account any legal restrictions on the use of\nthe asset that market participants would take into account when\npricing the asset (e.g. the zoning regulations applicable to a\nproperty). \n | \n
| \n - \n | \n\n A use that is financially\nfeasible takes into account whether a use of the asset that is\nphysically possible and legally permissible generates adequate\nincome or cash flows (taking into account the costs of converting\nthe asset to that use) to produce an investment return that market\nparticipants would require from an investment in that asset put to\nthat use. \n | \n
\u00a0
\nAs described in Note 11,\nthe Group uses valuation techniques that include inputs that are\nnot always based on observable market data in order to estimate the\nfair value of investment properties. This note also provides\ndetailed information regarding these valuation methods and the key\nassumptions used in performing such valuations.
\n\u00a0
\nEstimation of allowance\nfor expected credit losses (ECL)
\n\u00a0
\nWhen measuring ECL the\ngroup uses reasonable and supportable forward-looking information,\nwhich is based on assumptions for the future movement of different\neconomic drivers and how these drivers will affect each other. Loss\ngiven default is an estimate of the loss arising on default. It is\nbased on the difference between the contractual cash flows due and\nthose that the lender would expect to receive, taking into account\ncash flows from collateral and integral credit\nenhancements.
\n\u00a0
\nProbability of default\nconstitutes a key input in measuring ECL. Probability of default is\nan estimate of the likelihood of default over a given time horizon,\nthe calculation of which includes historical data, assumptions and\nexpectations of future conditions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "l3FZhja61t": { "value": "ii.\n\u00a0\u00a0\u00a0 New Standards adopted as at 1 January 2025
\n\u00a0
\nSome accounting\npronouncements which have become effective from 1 January 2025 and\nhave therefore been adopted do not have a significant impact on the\nGroup\u2019s consolidated financial results or\nposition.
\n\u00a0
\nAmendments that are\neffective for the first time in 2025 and could be applicable to the\nGroup are:
\n\u00a0
\n| \n \u2022 \n | \n\n Lack of Exchangeability\n(Amendments to IAS 21). \n | \n
\u00a0
\nThese amendments do not\nhave a significant impact on these consolidated financial\nstatements and therefore the disclosures have not been\nmade.
\n\u00a0
\niii.\n\u00a0\u00a0\u00a0 Standards, amendments and interpretations to existing\nStandards that are not yet effective and have not been adopted\nearly by the Group
\n\u00a0
\nAt the date of\nauthorisation of these consolidated financial statements, several\nnew, but not yet effective, Standards and amendments to existing\nStandards, and Interpretations have been published by the IASB or\nIFRIC. None of these Standards or amendments to existing Standards\nhave been adopted early by the Group and no Interpretations have\nbeen issued that are applicable and need to be taken into\nconsideration by the Group at either reporting date.
\n\u00a0
\nStandards and amendments\nthat are not yet effective and have not been adopted early by the\nGroup include:
\n\u00a0
\n| \n \u2022 \n | \n\n Amendments to the\nClassification and Measurement of Financial Instruments (Amendments\nto IFRS 9 and 7) \n | \n
| \n \u2022 \n | \n\n Contracts Referencing\nNature-dependent Electricity (Amendments to IFRS 9 and IFRS\n7) \n | \n
| \n \u2022 \n | \n\n Annual Improvements to\nIFRS Accounting Standards\u2014Volume 11 \n | \n
| \n \u2022 \n | \n\n IFRS 19\n\u2018Subsidiaries without Public Accountability:\nDisclosures\u2019 \n | \n
| \n \u2022 \n | \n\n Amendments to IFRS 19\n\u2018Subsidiaries without Public Accountability:\nDisclosures\u2019 \n | \n
\u00a0
\nThese Standards and\namendments are not expected to have a significant impact on the\nconsolidated financial statements in the period of initial\napplication and therefore no disclosures have been made.
\n\u00a0
\nManagement anticipates\nthat all relevant pronouncements will be adopted for the first\nperiod beginning on or after the effective date of the\npronouncement.
\n\u00a0
\nIn April 2024, the IASB\nissued IFRS 18, which replaces IAS 1 \u2018Presentation of\nFinancial Statements\u2019. The adoption of IFRS 18\n\u2018Presentation and Disclosure in financial statements\u2019,\neffective for periods commencing on or after 1 January 2027, is\nexpected to have a material impact on the presentation of the\nfinancial Statements, and therefore relevant disclosures are\nincluded below.
\n\u00a0
\nAlthough IFRS 18\nincludes many of the requirements of IAS 1, it introduces new\nrequirements to better structure financial statements and to\nprovide more detailed and useful information to investors,\nincluding:
\n\u00a0
\n| \n \u2022 \n | \n\n two new subtotals defined\nin the statement of profit or loss, namely (1) operating profit and\n(2) profit or loss before financing and income taxes \n | \n
| \n \u2022 \n | \n\n the classification of all\nincome and expenses within the statement of profit or loss in one\nof five categories \n | \n
| \n \u2022 \n | \n\n a new requirement to\ndisclose performance measures defined by management, and \n | \n
| \n \u2022 \n | \n\n an improvement in the\nprinciples related to the aggregation and disaggregation of\ninformation in the financial statements and accompanying\nnotes. \n | \n
\u00a0
\nIFRS 18 will be applied\nretrospectively with specific transitional provisions.
\n\u00a0
\nThe Group is currently\nworking to identify all of the impacts that IFRS 18 will have on\nthe consolidated primary financial statements and notes to the\nconsolidated financial statements.
\n\u00a0
\nOther new standards,\namendments and Interpretations not adopted in the current year have\nnot been disclosed as they are not expected to have a material\nimpact on the Group\u2019s consolidated financial\nstatements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "BrtdzaUw5D": { "value": "d.\n\u00a0\u00a0\u00a0 Basis of consolidation
\n\u00a0
\nThe Group\u2019s\nconsolidated financial statements consolidate those of the parent\nCompany and all of its subsidiaries (together referred to as the\n\u201cGroup\u201d) as of 31 December each year. The subsidiaries\nhave a reporting date of 31 December. Control is achieved when the\nCompany:
\n\u00a0
\n| \n \u2022 \n | \n\n has the power over the\ninvestee; \n | \n
| \n \u2022 \n | \n\n is exposed, or has\nrights, to variable returns from its involvement with the\ninvestee; \n | \n
| \n \u2022 \n | \n\n has the ability to use\nits power to affect its returns. \n | \n
\u00a0
\nThe Company\nreassesses whether or\nnot it controls an investee if facts and circumstances indicate\nthat there are changes to one or more of the three elements of\ncontrol listed above.
\n\u00a0
\nWhen the Company has\nless than a majority of the voting rights of an investee, it\nconsiders that it has power over the investee when the voting\nrights are sufficient to give it the practical ability to direct\nthe relevant activities of the investee unilaterally. The Company\nconsiders all relevant facts and circumstances in assessing whether\nor not the Company\u2019s voting rights in an investee are\nsufficient to give it power, including:
\n\u00a0
\n| \n \u2022 \n | \n\n The size of the\nCompany\u2019s holding of voting rights relative to the size and\ndispersion of holdings of the other vote holders \n | \n
| \n \u2022 \n | \n\n Potential voting rights\nheld by the Company, other vote holders or other parties \n | \n
| \n \u2022 \n | \n\n Rights arising from\nother contractual arrangements \n | \n
| \n \u2022 \n | \n\n Any additional facts and\ncircumstances that indicate that the Company has, or does not have,\nthe current ability to direct the relevant activities at the time\nthat decisions need to be made, including voting patterns at\nprevious shareholder\u2019s meetings. \n | \n
\u00a0
\nConsolidation of a\nsubsidiary begins when the Company obtains control over the\nsubsidiary and ceases when the Company loses control of the\nsubsidiary. Specifically, the results of subsidiaries acquired or\ndisposed of during the year are included in profit or loss from the\ndate the Company gains control until the date when the Company\nceases to control the subsidiary.
\n\u00a0
\nWhere necessary,\nadjustments are made to the financial statements of subsidiaries to\nbring the accounting policies used in line with the Group\u2019s\naccounting policies.
\n\u00a0
\nAll intragroup assets\nand liabilities, equity, income, expenses and cash flows relating\nto transactions between the members of the Group are eliminated on\nconsolidation.
\n\u00a0
\nNon-controlling\ninterests in subsidiaries are identified separately from the\nGroup\u2019s equity therein. Those interests of non-controlling\nshareholders that are present ownership interests entitling their\nholders to a proportionate share of net assets upon liquidation may\ninitially be measured at fair value or at the non-controlling\ninterests\u2019 proportionate share of the fair value of the\nacquiree\u2019s identifiable net assets. The choice of measurement\nis made on an acquisition-by-acquisition basis. Other\nnon-controlling interests are initially measured at fair value.\nSubsequent to acquisition, the carrying amount of non-controlling\ninterests is the amount of those interests at initial recognition\nplus the non-controlling interests\u2019 share of subsequent\nchanges in equity.
\n\u00a0
\nProfit or loss and each\ncomponent of other comprehensive income are attributed to the\nowners of the Company and to the non-controlling interests. Total\ncomprehensive income of the subsidiaries is attributed to the\nowners of the Company and to the non-controlling interests even if\nthis results in the non-controlling interests having a deficit\nbalance.
\n\u00a0
\nChanges in the\nCompany\u2019s interests in subsidiaries that do not result in a\nloss of control are accounted for as equity transactions. The\ncarrying amount of the Company\u2019s interests and the\nnon-controlling interests are adjusted to reflect the changes in\ntheir relative interests in the subsidiaries. Any difference\nbetween the amount by which the non-controlling interests are\nadjusted and the fair value of the consideration paid or received\nis recognised directly in equity and attributed to the owners of\nthe Company.
\n\u00a0
\nWhen the Company loses\ncontrol of a subsidiary, the gain or loss on disposal recognised in\nprofit or loss is calculated as the difference between (i) the\naggregate of the fair value of the consideration received and the\nfair value of any retained interest and (ii) the previous carrying\namount of the assets (including goodwill), less liabilities of the\nsubsidiary and any non-controlling interests. All amounts\npreviously recognised in other comprehensive income in relation to\nthat subsidiary are accounted for as if the Group had directly\ndisposed of the related assets or liabilities of the subsidiary\n(i.e. reclassified to profit or loss or transferred to another\ncategory of equity as required/permitted by applicable IFRS\nAccounting Standards). The fair value of any investment retained in\nthe former subsidiary at the date when control is lost is regarded\nas the fair value on initial recognition for subsequent accounting\nunder IFRS\u00a09 Financial Instruments when applicable, or the\ncost on initial recognition of an investment in an associate or a\njoint venture.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Yft1B6bJfs": { "value": "e.\n\u00a0\u00a0 Business combinations
\n\u00a0
\nAcquisitions of\nbusinesses are accounted for using the acquisition method. The\nconsideration transferred in a business combination is measured at\nfair value, which is calculated as the sum of the acquisition-date\nfair values of assets transferred by the Group, liabilities\nincurred by the Group to the former owners of the acquiree and the\nequity interest issued by the group in exchange for control of the\nacquiree. Acquisition-related costs are recognised in profit or\nloss as incurred.
\n\u00a0
\nAt the acquisition date,\nthe identifiable assets acquired and the liabilities assumed are\nrecognised at their fair value at the acquisition date, except\nthat:
\n\u00a0
\n| \n \u2022 \n | \n\n Deferred tax assets or\nliabilities and assets or liabilities related to employee benefit\narrangements are recognised and measured in accordance with IAS 12\nand IAS 19 Employee Benefits respectively. \n | \n
| \n \u2022 \n | \n\n Liabilities or equity\ninstruments related to share-based payment arrangements of the\nacquiree or share-based payment arrangements of the group entered\ninto to replace share-based payment arrangements of the acquiree\nare measured in accordance with IFRS 2 Share-based Payment at the\nacquisition date (see below). \n | \n
| \n \u2022 \n | \n\n Assets (or disposal\ngroups) that are classified as held for sale in accordance with\nIFRS 5 Non-current Assets Held for Sale and Discontinued Operations\nare measured in accordance with that Standard. \n | \n
\u00a0
\nGoodwill is measured as\nthe excess of the sum of the consideration transferred, the amount\nof any non-controlling interests in the acquiree, and the fair\nvalue of the acquirer\u2019s previously held equity interest in\nthe acquiree (if any) over the net of the acquisition-date amounts\nof the identifiable assets acquired and the liabilities assumed.\nIf, after reassessment, the net of the acquisition-date amounts of\nthe identifiable assets acquired and liabilities assumed exceeds\nthe sum of the consideration transferred, the amount of any\nnon-controlling interests in the acquiree and the fair value of the\nacquirer\u2019s previously held interest in the acquiree (if any),\nthe excess is recognised immediately in profit or loss as a bargain\npurchase gain.
\n\u00a0
\nWhen the consideration\ntransferred by the Group in a business combination includes a\ncontingent consideration arrangement, the contingent consideration\nis measured at its acquisition-date fair value and included as part\nof the consideration transferred in a business combination. Changes\nin fair value of the contingent consideration that qualify as\nmeasurement period adjustments are adjusted retrospectively, with\ncorresponding adjustments against goodwill. Measurement period\nadjustments are adjustments that arise from additional information\nobtained during the \u2018measurement period\u2019 (which cannot\nexceed one year from the acquisition date) about facts and\ncircumstances that existed at the acquisition date.
\n\u00a0
\nThe subsequent\naccounting for changes in the fair value of the contingent\nconsideration that do not qualify as measurement period adjustments\ndepends on how the contingent consideration is classified.\nContingent consideration that is classified as equity is not\nremeasured at subsequent reporting dates and its subsequent\nsettlement is accounted for within equity. Other contingent\nconsideration is remeasured to fair value at subsequent reporting\ndates with changes in fair value recognised in profit or\nloss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tVNuKjsgI6": { "value": "Goodwill is measured as\nthe excess of the sum of the consideration transferred, the amount\nof any non-controlling interests in the acquiree, and the fair\nvalue of the acquirer\u2019s previously held equity interest in\nthe acquiree (if any) over the net of the acquisition-date amounts\nof the identifiable assets acquired and the liabilities assumed.\nIf, after reassessment, the net of the acquisition-date amounts of\nthe identifiable assets acquired and liabilities assumed exceeds\nthe sum of the consideration transferred, the amount of any\nnon-controlling interests in the acquiree and the fair value of the\nacquirer\u2019s previously held interest in the acquiree (if any),\nthe excess is recognised immediately in profit or loss as a bargain\npurchase gain.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ElAJl0UHd-": { "value": "f.\n\u00a0\u00a0\u00a0 Revenue recognition
\n\u00a0
\nRevenue is measured at\nthe fair value of the consideration received or receivable for\nservices provided in the normal course of business, net of\nvalue-added tax and discounts, where applicable.
\n\u00a0
\nTo determine whether to\nrecognise revenue, the Group follows a 5-step process:
\n\u00a0
\n| \n i. \n | \n\n Identifying the\ncontract with a customer \n | \n
| \n ii. \n | \n\n Identifying the\nperformance obligations \n | \n
| \n iii. \n | \n\n Determining the\ntransaction price \n | \n
| \n iv. \n | \n\n Allocating the\ntransaction price to the performance obligations \n | \n
| \n v. \n | \n\n Recognising revenue\nwhen/as performance obligations are satisfied. \n | \n
\u00a0
\nThe Group recognises\nrevenue from the following major sources:
\n\u00a0
\n| \n i. \n | \n\n Finishing works income\n\u2013 the Group provides construction related works to its\ncustomers. Revenue from construction works is recognised over time,\nbased on the proportion of works performed to date. The Board of\nDirectors considers that this input method is an appropriate\nmeasure of the progress towards complete satisfaction of these\nperformance obligations under IFRS 15. \n | \n
| \n ii. \n | \n\n Sales of inventory\nproperties \u2013 The sale of property constitutes a single\nperformance obligation and the Group has determined that this is\nsatisfied at the point in time when control transfers. For\nunconditional exchange of contracts, this generally occurs when\nlegal title transfers to the customer. For conditional exchanges,\nthis generally occurs when all significant conditions are\nsatisfied. Payments are received when legal title\ntransfers. \n | \n
| \n iii. \n | \n\n Rental income \u2013\nRental income from operating leases , less the\naggregate cost of incentives given to the lessee,\nis recognised as revenue in the\nstatement of profit or loss and other comprehensive income\non a straight-line basis over the lease\nterm unless another systematic basis is more\nrepresentative of the time pattern in which use benefit derived\nfrom the leased asset is diminished .\u00a0 Initial direct costs incurred in negotiating and\narranging an operating lease, including letting and agency fees,\nare added to the carrying amount of the leased asset\nand recognised as an expense\nin the statement of profit or loss and other comprehensive\nincome when incurred, as these are not\nconsidered material to be spread over the lease term. \n | \n
| \n iv. \n | \n\n Other income \u2013\nOther income includes income from management services to related\nparties recognised over time. \n | \n
g.\n\u00a0 \u00a0\u00a0\u00a0 Administrative expenses
\n\u00a0
\nOperating expenses are\nrecognised in the statement of profit or loss and other\ncomprehensive income upon utilisation of service or at the date of\ntheir origin.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "b-H5uNwBsL": { "value": "h.\n\u00a0\u00a0 Foreign currencies
\n\u00a0
\n\u00a0\u00a0 (i)\nFunctional and presentation currency
\n\u00a0
\nItems included in\nthe Group \u2019s\nconsolidated financial statements are measured using the currency\nof the primary economic environment in which the entity operates.\nThe financial statements are presented in euro (\u20ac), which is\nalso the Group\u2019s functional currency.
\n\u00a0
\n(ii) Transactions and\nbalances
\n\u00a0
\nForeign currency\ntransactions are translated into the functional currency (Euro)\nusing the exchange rates prevailing at the dates of the\ntransactions.\u00a0 Foreign exchange gains and losses resulting\nfrom the settlement of such transactions and from the translation\nat year-end exchange rates of monetary assets and liabilities\ndenominated in foreign currencies are recognised in the\nconsolidated statement of profit or loss and other comprehensive\nincome.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "wX_LGmfeGW": { "value": "i.\n\u00a0\u00a0\u00a0 Intangible assets
\n\u00a0
\nIntangible assets\ncomprise computer software.
\n\u00a0
\nComputer software are\nintangible assets with finite useful lives that are acquired\nseparately. These are carried at cost less accumulated amortisation\nand accumulated impairment losses. Amortisation is recognised on a\nstraight-line basis over their estimated useful lives of 4 years.\nThe estimated useful life and amortisation method are reviewed at\nthe end of each reporting period, with the effect of any changes in\nestimate being accounted for on a prospective basis.
\n\u00a0
\nDerecognition of\nintangible assets
\n\u00a0
\nAn intangible asset is\nderecognised on disposal, or when no future economic benefits are\nexpected from use or disposal. Gains or losses arising from\nderecognition of an intangible asset, measured as the\ndifference between the net disposal proceeds and\nthe carrying amount of the asset, are recognised in profit or loss\nwhen the asset is derecognised.
\n\u00a0
\nImpairment
\n\u00a0
\nWhere an indication of\nimpairment exists, in that the carrying amount of an intangible\nasset is greater than its estimated recoverable amount, a charge is\nmade to write down the value of the asset to its estimated\nrecoverable amount (Accounting policy (m)).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tf9GmfOuR4": { "value": "j. \u00a0\u00a0\u00a0 Leases
\n\u00a0
\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 The\nGroup as lessor
\n\u00a0
\nThe Group enters into\nlease agreements as a lessor with respect to most of its investment\nproperties.\u00a0
\n\u00a0
\nLeases for which the\nGroup is a lessor are classified as finance or operating leases.\nLeases in which the Group does not transfer substantially all the\nrisks and rewards incidental to ownership of an asset are\nclassified as operating leases. Under a finance lease, the lessee\nhas substantially transferred all of the risks and rewards of\nownership. The following considerations are made by the Board of\nDirectors in determining whether a lease transfers substantially\nall the risk and rewards:
\n\u00a0
\n| \n \u2022 \n | \n\n The lease transfers\nownership of the asset to the lessee by the end of the lease\nterm \n | \n
| \n \u2022 \n | \n\n The lease term is for\nthe major part of the economic life of the asset, even if title is\nnot transferred; \n | \n
| \n \u2022 \n | \n\n At inception of the\nlease, the present value of the minimum lease payments amounts to\nat least substantially all of the fair value of the leased\nasset; \n | \n
| \n \u2022 \n | \n\n The leased assets are of\na specialised nature such that only the lessee can use them without\nmajor modifications being made; \n | \n
| \n \u2022 \n | \n\n If the lessee is entitled\nto cancel the lease, the lessor\u2019s losses associated with the\ncancellation are borne by the lessee; and \n | \n
| \n \u2022 \n | \n\n Gains and losses from\nfluctuations in the fair value of the residual fall to the\nlessee. \n | \n
\u00a0
\nAll the Group\u2019s\nleases are operating leases. Lease agreements entered into by the\nGroup do not include an option for the lessee to purchase the asset\nhance the risk and rewards incidental to ownership are not\nsubstantially transferred to the lessee, classifying the lease as\nan operating lease.
\n\u00a0
\nSubsequent to initial\nrecognition, the Group regularly reviews the estimated unguaranteed\nresidual value and applies the impairment requirements of IFRS 9,\nrecognising an allowance for expected credit losses on the lease\nreceivables. When a contract includes both\nlease and non-lease components, the Company applies IFRS 15 to\nallocate the consideration under the contract to each\ncomponent.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tauo30j0P7": { "value": "k.\n\u00a0\u00a0\u00a0 Property, plant and equipment
\n\u00a0
\nProperty, plant and\nequipment, comprising buildings improvement, motor vehicles,\nfixture and fittings, plant and machinery and computer and\nelectronic equipment, are initially recorded at cost and are\nsubsequently stated at cost less depreciation.\u00a0 Historical\ncost includes expenditure that is directly attributable to the\nacquisition of items.\u00a0
\n\u00a0
\nSubsequent costs are\nincluded in the asset\u2019s carrying amount, or recognised as a\nseparate asset, as appropriate, only when it is probable that\nfuture economic benefits associated with the item will flow to the\nGroup, and the cost of the item can be measured reliably.\u00a0 All\nother repairs and maintenance are charged to the statement\nof profit or loss and other comprehensive\nincome during the financial year in which\nthey are incurred.
\n\u00a0
\nDepreciation is\ncalculated on the straight-line method to allocate the cost of the\nassets to their residual values over their estimated useful lives\nas follows:
\n\u00a0
\n| \n Improvement to\npremises \n | \n\n 2% \n | \n
| \n Computer and electronic\nequipment \n | \n\n 25% \n | \n
| \n Furniture and\nfittings \n | \n\n 10% \n | \n
| \n Motor\nvehicles \n | \n\n 20% \n | \n
| \n Plant and\nmachinery \n | \n\n 20% \n | \n
\u00a0
\nThe assets\u2019\nresidual values and useful lives are reviewed, and adjusted if\nappropriate, at the end of each reporting year.
\n\u00a0
\nGains and losses on\ndisposal of property, plant and equipment are determined by\ncomparing proceeds with the carrying amount, and are taken into\naccount in determining operating profit.
\n\u00a0
\nAn asset\u2019s\ncarrying amount is written down immediately to its recoverable\namount if its carrying amount is greater than its estimated\nrecoverable amount (Accounting policy (m)).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "exyhD8DS9K": { "value": "l.\n\u00a0\u00a0\u00a0 Investment properties
\n\u00a0
\nInvestment properties\nare properties held to earn rentals or for capital appreciation or\nboth. Investment properties are recognised as an asset when it is\nprobable that the future economic benefits that are associated with\nthe investment properties will flow to the entity and the cost can\nbe measured reliably.
\n\u00a0
\nInvestment properties\nare initially measured at cost, including transaction costs, less\nimpairment losses. Subsequent to initial recognition, investment\nproperties are stated at fair value, which reflects market\nconditions at the reporting date. Gains or losses arising from\nchanges in fair values of investment properties are included in\nprofit and loss in the period in which they arise, including the\ncorresponding tax effect. Fair values are determined by a\nprofessionally qualified architect on the basis of market\nvalues.
\n\u00a0
\nInvestment properties\nare derecognised either when they have been disposed of (i.e. at\nthe date the recipient obtains control) or when they are\npermanently withdrawn from use and no future economic benefit is\nexpected from their disposal. The difference between the net\ndisposal proceeds and the carrying amount of the asset is\nrecognized in profit and loss in the period of derecognition. The\namount of consideration to be included in the gain or loss arising\nfrom the derecognition of investment properties is determined in\naccordance with the requirements for determining the transaction\nprice in IFRS 15.
\n\u00a0
\nTransfers are made to or\nfrom investment properties only when there is a change in use. For\ntransfers from inventory to investment properties at fair value,\nany difference between the fair value at the date of the transfer\nand its previous carrying amount should be recognised in profit or\nloss. For transfers from investment\nproperty carried at fair value to inventory the fair value at the\nchange of use is the \u2018cost\u2019 of the property under its\nnew classification.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "INNsF2cQbb": { "value": "m.\n\u00a0\u00a0 Impairment of non-financial assets
\n\u00a0
\nAt each reporting date,\nthe Group reviews the carrying amounts of its intangible assets,\ninvestment properties, and property, plant and equipment to\ndetermine whether there is any indication that those assets have\nsuffered an impairment loss. If any such indication exists, the\nrecoverable amount of the asset is estimated to determine the\nextent of the impairment loss (if any). Where the asset does not\ngenerate cash flows that are independent from other assets, the\nGroup estimates the recoverable amount of the cash-generating unit\nto which the asset belongs. When a reasonable and consistent basis\nof allocation can be identified, corporate assets are also\nallocated to individual cash-generating units, or otherwise they\nare allocated to the smallest Group\u2019s cash-generating units\nfor which a reasonable and consistent allocation basis can be\nidentified.
\n\u00a0
\nRecoverable amount is\nthe higher of fair value less costs of disposal and value in use.\nIn assessing value in use, the estimated future cash flows are\ndiscounted to their present value using a pre-tax discount rate\nthat reflects current market assessments of the time value of money\nand the risks specific to the asset for which the estimates of\nfuture cash flows have not been adjusted.
\n\u00a0
\nIf the recoverable\namount of an asset (or cash-generating unit) is estimated to be\nless than its carrying amount, the carrying amount of the asset (or\ncash-generating unit) is reduced to its recoverable amount. An\nimpairment loss is recognised immediately in profit or loss, unless\nthe relevant asset is carried at a revalued amount, in which case\nthe impairment loss is treated as a revaluation decrease and to the\nextent that the impairment loss is greater than the related\nrevaluation surplus, the excess impairment loss is recognised in\nprofit or loss.
\n\u00a0
\nWhere an impairment loss\nsubsequently reverses, the carrying amount of the asset (or\ncash-generating unit) is increased to the revised estimate of its\nrecoverable amount, but so that the increased carrying amount does\nnot exceed the carrying amount that would have been determined had\nno impairment loss been recognised for the asset (or\ncash-generating unit) in prior years. A reversal of an impairment\nloss is recognised immediately in profit or loss to the extent that\nit eliminates the impairment loss which has been recognised for the\nasset in prior years. Any increase in excess of this amount is\ntreated as a revaluation increase.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "hxENOLSAWX": { "value": "m.\n\u00a0\u00a0 Impairment of non-financial assets
\n\u00a0
\nAt each reporting date,\nthe Group reviews the carrying amounts of its intangible assets,\ninvestment properties, and property, plant and equipment to\ndetermine whether there is any indication that those assets have\nsuffered an impairment loss. If any such indication exists, the\nrecoverable amount of the asset is estimated to determine the\nextent of the impairment loss (if any). Where the asset does not\ngenerate cash flows that are independent from other assets, the\nGroup estimates the recoverable amount of the cash-generating unit\nto which the asset belongs. When a reasonable and consistent basis\nof allocation can be identified, corporate assets are also\nallocated to individual cash-generating units, or otherwise they\nare allocated to the smallest Group\u2019s cash-generating units\nfor which a reasonable and consistent allocation basis can be\nidentified.
\n\u00a0
\nRecoverable amount is\nthe higher of fair value less costs of disposal and value in use.\nIn assessing value in use, the estimated future cash flows are\ndiscounted to their present value using a pre-tax discount rate\nthat reflects current market assessments of the time value of money\nand the risks specific to the asset for which the estimates of\nfuture cash flows have not been adjusted.
\n\u00a0
\nIf the recoverable\namount of an asset (or cash-generating unit) is estimated to be\nless than its carrying amount, the carrying amount of the asset (or\ncash-generating unit) is reduced to its recoverable amount. An\nimpairment loss is recognised immediately in profit or loss, unless\nthe relevant asset is carried at a revalued amount, in which case\nthe impairment loss is treated as a revaluation decrease and to the\nextent that the impairment loss is greater than the related\nrevaluation surplus, the excess impairment loss is recognised in\nprofit or loss.
\n\u00a0
\nWhere an impairment loss\nsubsequently reverses, the carrying amount of the asset (or\ncash-generating unit) is increased to the revised estimate of its\nrecoverable amount, but so that the increased carrying amount does\nnot exceed the carrying amount that would have been determined had\nno impairment loss been recognised for the asset (or\ncash-generating unit) in prior years. A reversal of an impairment\nloss is recognised immediately in profit or loss to the extent that\nit eliminates the impairment loss which has been recognised for the\nasset in prior years. Any increase in excess of this amount is\ntreated as a revaluation increase.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "rYZGCdLZFP": { "value": "\u00a0
\nProperty held for\ndevelopment and resale
\n\u00a0
\nWhen the main object of\na property project is the development for resale purposes, the\nasset is classified in the financial statements as inventory.\u00a0\nAny elements of a project which are identified for business\noperation or long-term investment purposes are transferred at their\ncarrying amount or fair value to property, plant and equipment or\ninvestment property when such identification is made and the cost\nthereof can be reliably segregated.
\n\u00a0
\nProperty held for\ndevelopment is carried at the lower of cost and net realisable\nvalue.\u00a0
\n\u00a0
\nCost comprises the\npurchase cost of acquiring the property together with other costs\nincurred during its subsequent development, including:
\n\u00a0
\n| \n i. \n | \n\n the costs incurred on\ndevelopment works, including demolition, site clearance,\nexcavation, construction and other activities together with the\ncosts of ancillary activities such as site security; \n | \n
| \n ii. \n | \n\n the cost of various\ndesign and other studies conducted in connection with the project\ntogether with all other expenses incurred in connection\ntherewith; \n | \n
| \n iii. \n | \n\n any borrowing costs\nattributable to the development phases of the project. \n | \n
\u00a0
\nNet realisable value is\nthe estimated selling price in the ordinary course of business,\nless the cost of completion and selling expenses.
\n\u00a0
\nGains and losses on\ndisposal of property inventories are determined by reference to\ntheir carrying amount and are taken into account in determining\ngross profit.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "nOeB8uuhNY": { "value": "o.\n\u00a0 \u00a0\u00a0 Fair value measurement
\n\u00a0
\nThe Group measures\nnon-financial assets such as investment properties at fair value\nevery two years.
\n\u00a0
\nFair value is the price\nthat would be received to sell an asset or paid to transfer a\nliability in an orderly transaction between market participants at\nthe measurement date. The fair value measurement is based on the\npresumption that the transaction to sell the asset or transfer the\nliability takes place either:
\n\u00a0
\n| \n - \n | \n\n In the principal market\nfor the asset or liability, or \n | \n
| \n - \n | \n\n In the absence of a\nprincipal market, in the most advantageous market for the asset or\nliability. \n | \n
\u00a0
\nThe principal or the\nmost advantageous market must be accessible by the Group. The fair\nvalue of an asset or a liability is measured using the assumptions\nthat market participants would use when pricing the asset or\nliability, assuming that market participants act in their economic\nbest interest.
\n\u00a0
\nA fair value measurement\nof a non-financial asset takes into account a market\nparticipant\u2019s ability to generate economic benefits by using\nthe asset in its highest and best use or by selling it to another\nmarket participant that would use the asset in its highest and best\nuse.
\n\u00a0
\nThe Group uses valuation\ntechniques that are appropriate in the circumstances and for which\nsufficient data are available to measure fair value, maximising the\nuse of relevant observable inputs and minimising the use of\nunobservable inputs.
\n\u00a0
\nAll assets and\nliabilities for which fair value is measured or disclosed in the\nconsolidated financial statements are categorised within the fair\nvalue hierarchy, described as follows, based on the lowest level\ninput that is significant to the fair value measurement as a\nwhole:
\n\u00a0
\n| \n Level 1: \n | \n\n Quoted (unadjusted)\nmarket prices in active markets for identical assets or\nliabilities \n | \n
| \n Level 2: \n | \n\n Valuation techniques for\nwhich the lowest level input that is significant to the fair value\nmeasurement is directly or indirectly observable \n | \n
| \n Level 3: \n | \n\n Valuation techniques for\nwhich the lowest level input that is significant to the fair value\nmeasurement is unobservable. \n | \n
\u00a0
\nFor assets and\nliabilities that are recognised in the financial statements at fair\nvalue on a recurring basis, the Group determines whether transfers\nhave occurred between levels in the hierarchy by re-assessing\ncategorisation (based on the lowest level input that is significant\nto the fair value measurement as a whole) at the end of each\nreporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "hoLQE8ZuXH": { "value": "p.\n\u00a0 \u00a0\u00a0 Financial instruments
\n\u00a0
\nFinancial assets and\nfinancial liabilities are recognised in the Group\u2019s\nconsolidated statement of financial position when the Group becomes\na party to the contractual provisions of the instrument.
\n\u00a0
\nFinancial assets and\nfinancial liabilities are initially measured at fair value, except\nfor trade receivables that do not have a significant financing\ncomponent which are measured at transaction price. Transaction\ncosts that are directly attributable to the acquisition or issue of\nfinancial assets and financial liabilities (other than financial\nassets and financial liabilities at fair value through profit or\nloss) are added to or deducted from the fair value of the financial\nassets or financial liabilities, as appropriate, on initial\nrecognition. Transaction costs directly attributable to the\nacquisition of financial assets or financial liabilities at fair\nvalue through profit or loss are recognised immediately in profit\nor loss.
\n\u00a0
\ni)\n\u00a0\u00a0\u00a0\u00a0\u00a0 Financial assets
\n\u00a0
\n\u00a7 \u00a0\nInitial recognition and\nmeasurement
\n\u00a0
\nFinancial assets are\nclassified, at initial recognition either at amortised cost, fair\nvalue through other comprehensive income (\u201cOCI\u201d) or\nfair value through profit or loss.
\n\u00a0
\nThe classification of\nfinancial assets at initial recognition depends on the financial\nasset\u2019s contractual cash flow characteristics and the\nGroup\u2019s business model for managing them. With the exception\nof trade receivables that do not contain a significant financing\ncomponent, or for which the Group has applied the practical\nexpedient, the Group initially measures a financial asset at its\nfair value.
\n\u00a0
\nTrade and other\nreceivables that do not contain a significant financing component\nor for which the Group has applied the practical expedient are\nmeasured at the transaction price determined under IFRS\n15.
\n\u00a0
\nIn order for a financial\nasset to be classified and measured at amortised cost or fair value\nthrough OCI, it needs to give rise to cash flows that are\n\u2018solely payments of principal and interest (SPPI)\u2019 on\nthe principal amount outstanding. This assessment is referred to as\nthe SPPI test and is performed at an instrument level.
\n\u00a0
\nThe Group\u2019s\nbusiness model for managing financial assets refer to how it\nmanages its financial assets in order to generate cash flows. The\nbusiness model determines whether cash flows will result from\ncollecting contractual cash flows, selling the financial assets, or\nboth.
\n\u00a0
\n\u00a7\n\u00a0 Subsequent measurement
\n\u00a0
\nFor purposes of\nsubsequent measurement, financial assets are classified in four\ncategories:
\n\u00a0
\n| \n a) \n | \n\n Financial assets at\namortised cost; \n | \n
| \n b) \n | \n\n Financial assets at fair\nvalue through OCI with recycling of cumulative gains and losses\n(debt instruments); \n | \n
| \n c) \n | \n\n Financial assets\ndesignated at fair value through OCI with no recycling of\ncumulative gains and losses upon derecognition (equity\ninstruments); \n | \n
| \n d) \n | \n\n Financial assets at fair\nvalue through profit or loss. \n | \n
\u00a0
\nThe Group holds\nfinancial assets at amortised costs.
\n\u00a0
\nFinancial assets at\namortised cost
\n\u00a0
\nThe Group measures\nfinancial assets at amortised cost if both of the following\nconditions are met:
\n\u00a0
\n| \n a) \n | \n\n The financial asset is\nheld within a business model with the objective to hold financial\nassets in order to collect contractual cash flows; and \n | \n
| \n b) \n | \n\n The contractual terms of\nthe financial asset give rise on specified dates to cash flows that\nare solely payments of principal and interest on the principal\namount outstanding. \n | \n
\u00a0
\nFinancial assets at\namortised cost are subsequently measured using the effective\ninterest rate (\u201cEIR\u201d) method and are subject to\nimpairment. Gains and losses are recognised in profit or loss when\nthe asset is derecognised, modified or impaired.
\n\u00a0
\nThe effective interest\nmethod is a method of calculating the amortised cost of a debt\ninstrument and of allocating interest income over the relevant\nperiod. The Group\u2019s cash and cash equivalents and trade and\nother receivables fall into this category of financial\ninstruments.
\n\u00a0
\nFor financial assets\nother than purchased or originated credit-impaired financial assets\n(i.e. assets that are credit-impaired on initial recognition), the\neffective interest rate is the rate that exactly discounts\nestimated future cash receipts (including all fees and points paid\nor received that form an integral part of the effective interest\nrate, transaction costs and other premiums or discounts) excluding\nexpected credit losses, through the expected life of the debt\ninstrument, or, where appropriate, a shorter period, to the gross\ncarrying amount of the debt instrument on initial\nrecognition.\u00a0
\n\u00a0
\nThe amortised cost of a\nfinancial asset is the amount at which the financial asset is\nmeasured at initial recognition minus the principal repayments,\nplus the cumulative amortisation using the effective interest\nmethod of any difference between that initial amount and the\nmaturity amount, adjusted for any loss allowance.\u00a0 The gross\ncarrying amount of a financial asset is the amortised cost of a\nfinancial asset before adjusting for any loss allowance.
\n\u00a0
\nInterest income is\nrecognised using the effective interest method for debt instruments\nmeasured subsequently at amortised cost.\u00a0 For financial assets\nother than purchased or originated credit-impaired financial\nassets, interest income is calculated by applying effective\ninterest rate to the gross carrying amount of a financial\nasset.\u00a0
\n\u00a0
\nInterest income is\nrecognised in profit or loss and is included in the \u201cfinance\nincome\u201d line item (Note 5).
\n\u00a0
\n\u00a7\n\u00a0 Derecognition
\n\u00a0
\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 A\nfinancial asset is primarily derecognised when:
\n\u00a0
\n| \n a) \n | \n\n The rights to receive\ncash flows from the asset have expired; or \n | \n
| \n b) \n | \n\n The Group has transferred\nits rights to receive cash flows from the asset, or has assumed an\nobligation to pay the received cash flows in full without material\ndelay to a third party and either the Group has transferred\nsubstantially all the risks and rewards of the asset or the Group\nhas neither transferred nor retained substantially all the risks\nand rewards of the asset, but has transferred control of the\nasset. \n | \n
\u00a0
\n\u00a7\n\u00a0 Impairment
\n\u00a0
\nThe Group recognises an\nallowance for expected credit losses (\u201cECLs\u201d) for all\ndebt instruments not held at fair value through profit or loss.\nECLs are based on the difference between the contractual cash flows\ndue in accordance with the contract and all the cash flows that the\nGroup expects to receive, discounted at an approximate of the\noriginal effective interest rate. The expected cash flows will\ninclude cash flows from the sale of a collateral held or other\ncredit enhancements that are integral to the contractual\nterms.
\n\u00a0
\nFor trade and other\nreceivables, the Group applies a simplified approach in calculating\nECLs. Therefore, the Group does not track changes in credit risk,\nbut instead recognises a loss allowance based on lifetime ECLs at\neach reporting date. The Group has established a provision matrix\nthat is based on its historical credit loss experience, adjusted\nfor forward-looking factors specific to debtors and the economic\nenvironment.
\n\u00a0
\nThe Group considers a\nfinancial asset in default when contractual payments are thirty\n(30) days past due. However, in certain cases, the Group may also\nconsider a financial asset to be in default when internal or\nexternal information indicates that the Group is unlikely to\nreceive the outstanding contractual amounts in full before taking\ninto account any credit enhancements held by the Group. A financial\nasset is written-off when there is no reasonable expectation of\nrecovering the contractual cash flows.
\n\u00a0
\nii)\n\u00a0\u00a0\u00a0 Financial liabilities and equity
\n\u00a0
\n\u00a7 \u00a0\nClassification as debt or equity
\n\u00a0
\nDebt and equity\ninstruments are classified as either financial liabilities or as\nequity in accordance with the substance of the contractual\narrangements and the definitions of a financial liability and an\nequity instrument.
\n\u00a0
\n\u00a7\n\u00a0 Equity\ninstruments
\n\u00a0
\nAn equity instrument is\nany contract that evidences a residual interest in the assets of an\nentity after deducting all of its liabilities. Equity instruments\nissued by the Group are recognised at the proceeds received, net of\ndirect issue costs.
\n\u00a0
\nRepurchase of the\nGroup\u2019s own equity instruments is recognised and deducted\ndirectly in equity. No gain or loss is recognised in profit or loss\non the purchase, sale, issue or cancellation of the Group\u2019s\nown equity instruments.
\n\u00a0
\n\u00a7\n\u00a0 Financial liabilities
\n\u00a0
\nAll financial\nliabilities are measured subsequently at amortised cost using the\neffective interest method or at FVTPL.
\n\u00a0
\nHowever, financial\nliabilities that arise when a transfer of a financial asset does\nnot qualify for derecognition or when the continuing involvement\napproach applies, and financial guarantee contracts issued by the\nGroup, are measured in accordance with the specific accounting\npolicies set out below.
\n\u00a0
\nFinancial liabilities\nat amortised cost
\n\u00a0
\nFinancial liabilities\nthat are not (i) contingent consideration of an acquirer in a\nbusiness combination, (ii) held-for-trading, or (iii) designated as\nat FVTPL, are measured subsequently at amortised cost using the\neffective interest method.
\n\u00a0
\nFinancial liabilities\nare classified, at initial recognition, as loans and borrowings,\npayables, or as derivatives designated as hedging instruments in an\neffective hedge, as appropriate. All financial liabilities are\nrecognised initially at fair value and, in the case of loans and\nborrowings and payables, net of directly attributable transaction\ncosts.
\n\u00a0
\nThe effective interest\nmethod is a method of calculating the amortised cost of a financial\nliability and of allocating interest expense over the relevant\nperiod. The effective interest rate is the rate that exactly\ndiscounts estimated future cash payments (including all fees and\npoints paid or received that form an integral part of the effective\ninterest rate, transaction costs and other premiums or discounts)\nthrough the expected life of the financial liability, or (where\nappropriate) a shorter period, to the amortised cost of a financial\nliability.
\n\u00a0
\nThe Group\u2019s\nfinancial liabilities also include trade and other payables, and\ninterest-bearing borrowings.
\n\u00a0
\nAfter initial\nrecognition, interest-bearing loans and borrowings are subsequently\nmeasured at amortised cost using the effective interest rate, the\n\u201cEIR\u201d method. Gains and losses are recognised in profit\nor loss when the liabilities are derecognised as well as through\nthe EIR amortisation process.
\n\u00a0
\nAny difference between\nthe proceeds, net of transaction costs, and the redemption amount\nis recognised in profit or loss over the period of the borrowings\nusing the effective interest method. Fees paid on the establishment\nof loan facilities are recognised as transaction costs of the loan\nto the extent that it is probable that some or all of the facility\nwill be drawn down. In this case, the fee is deferred until the\ndraw down occurs. To the extent there is no evidence that it is\nprobable that some or all of the facility will be drawn down, the\nfee is capitalised as a prepayment for liquidity services and\namortised over the period of the facility to which it relates. The\nEIR amortisation is included as finance costs in the consolidated\nstatement of profit or loss and other comprehensive\nincome.
\n\u00a0
\nA financial liability is\nderecognised when the obligation under the liability is discharged\nor cancelled or expires. When an existing financial liability is\nreplaced by another from the same lender on substantially different\nterms, or the terms of an existing liability are substantially\nmodified, such an exchange or modification is treated as the\nderecognition of the original liability and the recognition of a\nnew liability. The difference in the respective carrying amounts is\nrecognised in the statement of profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "FkDCvPl-6O": { "value": "i)\n\u00a0\u00a0\u00a0\u00a0\u00a0 Financial assets
\n\u00a0
\n\u00a7 \u00a0\nInitial recognition and\nmeasurement
\n\u00a0
\nFinancial assets are\nclassified, at initial recognition either at amortised cost, fair\nvalue through other comprehensive income (\u201cOCI\u201d) or\nfair value through profit or loss.
\n\u00a0
\nThe classification of\nfinancial assets at initial recognition depends on the financial\nasset\u2019s contractual cash flow characteristics and the\nGroup\u2019s business model for managing them. With the exception\nof trade receivables that do not contain a significant financing\ncomponent, or for which the Group has applied the practical\nexpedient, the Group initially measures a financial asset at its\nfair value.
\n\u00a0
\nTrade and other\nreceivables that do not contain a significant financing component\nor for which the Group has applied the practical expedient are\nmeasured at the transaction price determined under IFRS\n15.
\n\u00a0
\nIn order for a financial\nasset to be classified and measured at amortised cost or fair value\nthrough OCI, it needs to give rise to cash flows that are\n\u2018solely payments of principal and interest (SPPI)\u2019 on\nthe principal amount outstanding. This assessment is referred to as\nthe SPPI test and is performed at an instrument level.
\n\u00a0
\nThe Group\u2019s\nbusiness model for managing financial assets refer to how it\nmanages its financial assets in order to generate cash flows. The\nbusiness model determines whether cash flows will result from\ncollecting contractual cash flows, selling the financial assets, or\nboth.
\n\u00a0
\n\u00a7\n\u00a0 Subsequent measurement
\n\u00a0
\nFor purposes of\nsubsequent measurement, financial assets are classified in four\ncategories:
\n\u00a0
\n| \n a) \n | \n\n Financial assets at\namortised cost; \n | \n
| \n b) \n | \n\n Financial assets at fair\nvalue through OCI with recycling of cumulative gains and losses\n(debt instruments); \n | \n
| \n c) \n | \n\n Financial assets\ndesignated at fair value through OCI with no recycling of\ncumulative gains and losses upon derecognition (equity\ninstruments); \n | \n
| \n d) \n | \n\n Financial assets at fair\nvalue through profit or loss. \n | \n
\u00a0
\nThe Group holds\nfinancial assets at amortised costs.
\n\u00a0
\nFinancial assets at\namortised cost
\n\u00a0
\nThe Group measures\nfinancial assets at amortised cost if both of the following\nconditions are met:
\n\u00a0
\n| \n a) \n | \n\n The financial asset is\nheld within a business model with the objective to hold financial\nassets in order to collect contractual cash flows; and \n | \n
| \n b) \n | \n\n The contractual terms of\nthe financial asset give rise on specified dates to cash flows that\nare solely payments of principal and interest on the principal\namount outstanding. \n | \n
\u00a0
\nFinancial assets at\namortised cost are subsequently measured using the effective\ninterest rate (\u201cEIR\u201d) method and are subject to\nimpairment. Gains and losses are recognised in profit or loss when\nthe asset is derecognised, modified or impaired.
\n\u00a0
\nThe effective interest\nmethod is a method of calculating the amortised cost of a debt\ninstrument and of allocating interest income over the relevant\nperiod. The Group\u2019s cash and cash equivalents and trade and\nother receivables fall into this category of financial\ninstruments.
\n\u00a0
\nFor financial assets\nother than purchased or originated credit-impaired financial assets\n(i.e. assets that are credit-impaired on initial recognition), the\neffective interest rate is the rate that exactly discounts\nestimated future cash receipts (including all fees and points paid\nor received that form an integral part of the effective interest\nrate, transaction costs and other premiums or discounts) excluding\nexpected credit losses, through the expected life of the debt\ninstrument, or, where appropriate, a shorter period, to the gross\ncarrying amount of the debt instrument on initial\nrecognition.\u00a0
\n\u00a0
\nThe amortised cost of a\nfinancial asset is the amount at which the financial asset is\nmeasured at initial recognition minus the principal repayments,\nplus the cumulative amortisation using the effective interest\nmethod of any difference between that initial amount and the\nmaturity amount, adjusted for any loss allowance.\u00a0 The gross\ncarrying amount of a financial asset is the amortised cost of a\nfinancial asset before adjusting for any loss allowance.
\n\u00a0
\nInterest income is\nrecognised using the effective interest method for debt instruments\nmeasured subsequently at amortised cost.\u00a0 For financial assets\nother than purchased or originated credit-impaired financial\nassets, interest income is calculated by applying effective\ninterest rate to the gross carrying amount of a financial\nasset.\u00a0
\n\u00a0
\nInterest income is\nrecognised in profit or loss and is included in the \u201cfinance\nincome\u201d line item (Note 5).
\n\u00a0
\n\u00a7\n\u00a0 Derecognition
\n\u00a0
\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 A\nfinancial asset is primarily derecognised when:
\n\u00a0
\n| \n a) \n | \n\n The rights to receive\ncash flows from the asset have expired; or \n | \n
| \n b) \n | \n\n The Group has transferred\nits rights to receive cash flows from the asset, or has assumed an\nobligation to pay the received cash flows in full without material\ndelay to a third party and either the Group has transferred\nsubstantially all the risks and rewards of the asset or the Group\nhas neither transferred nor retained substantially all the risks\nand rewards of the asset, but has transferred control of the\nasset. \n | \n
\u00a0
\n\u00a7\n\u00a0 Impairment
\n\u00a0
\nThe Group recognises an\nallowance for expected credit losses (\u201cECLs\u201d) for all\ndebt instruments not held at fair value through profit or loss.\nECLs are based on the difference between the contractual cash flows\ndue in accordance with the contract and all the cash flows that the\nGroup expects to receive, discounted at an approximate of the\noriginal effective interest rate. The expected cash flows will\ninclude cash flows from the sale of a collateral held or other\ncredit enhancements that are integral to the contractual\nterms.
\n\u00a0
\nFor trade and other\nreceivables, the Group applies a simplified approach in calculating\nECLs. Therefore, the Group does not track changes in credit risk,\nbut instead recognises a loss allowance based on lifetime ECLs at\neach reporting date. The Group has established a provision matrix\nthat is based on its historical credit loss experience, adjusted\nfor forward-looking factors specific to debtors and the economic\nenvironment.
\n\u00a0
\nThe Group considers a\nfinancial asset in default when contractual payments are thirty\n(30) days past due. However, in certain cases, the Group may also\nconsider a financial asset to be in default when internal or\nexternal information indicates that the Group is unlikely to\nreceive the outstanding contractual amounts in full before taking\ninto account any credit enhancements held by the Group. A financial\nasset is written-off when there is no reasonable expectation of\nrecovering the contractual cash flows.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "xWTpOZ2XXA": { "value": "\u00a7\n\u00a0 Derecognition
\n\u00a0
\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 A\nfinancial asset is primarily derecognised when:
\n\u00a0
\n| \n a) \n | \n\n The rights to receive\ncash flows from the asset have expired; or \n | \n
| \n b) \n | \n\n The Group has transferred\nits rights to receive cash flows from the asset, or has assumed an\nobligation to pay the received cash flows in full without material\ndelay to a third party and either the Group has transferred\nsubstantially all the risks and rewards of the asset or the Group\nhas neither transferred nor retained substantially all the risks\nand rewards of the asset, but has transferred control of the\nasset. \n | \n
\u00a7\n\u00a0 Impairment
\n\u00a0
\nThe Group recognises an\nallowance for expected credit losses (\u201cECLs\u201d) for all\ndebt instruments not held at fair value through profit or loss.\nECLs are based on the difference between the contractual cash flows\ndue in accordance with the contract and all the cash flows that the\nGroup expects to receive, discounted at an approximate of the\noriginal effective interest rate. The expected cash flows will\ninclude cash flows from the sale of a collateral held or other\ncredit enhancements that are integral to the contractual\nterms.
\n\u00a0
\nFor trade and other\nreceivables, the Group applies a simplified approach in calculating\nECLs. Therefore, the Group does not track changes in credit risk,\nbut instead recognises a loss allowance based on lifetime ECLs at\neach reporting date. The Group has established a provision matrix\nthat is based on its historical credit loss experience, adjusted\nfor forward-looking factors specific to debtors and the economic\nenvironment.
\n\u00a0
\nThe Group considers a\nfinancial asset in default when contractual payments are thirty\n(30) days past due. However, in certain cases, the Group may also\nconsider a financial asset to be in default when internal or\nexternal information indicates that the Group is unlikely to\nreceive the outstanding contractual amounts in full before taking\ninto account any credit enhancements held by the Group. A financial\nasset is written-off when there is no reasonable expectation of\nrecovering the contractual cash flows.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "QEiiG-kxMs": { "value": "ii)\n\u00a0\u00a0\u00a0 Financial liabilities and equity
\n\u00a0
\n\u00a7 \u00a0\nClassification as debt or equity
\n\u00a0
\nDebt and equity\ninstruments are classified as either financial liabilities or as\nequity in accordance with the substance of the contractual\narrangements and the definitions of a financial liability and an\nequity instrument.
\n\u00a0
\n\u00a7\n\u00a0 Equity\ninstruments
\n\u00a0
\nAn equity instrument is\nany contract that evidences a residual interest in the assets of an\nentity after deducting all of its liabilities. Equity instruments\nissued by the Group are recognised at the proceeds received, net of\ndirect issue costs.
\n\u00a0
\nRepurchase of the\nGroup\u2019s own equity instruments is recognised and deducted\ndirectly in equity. No gain or loss is recognised in profit or loss\non the purchase, sale, issue or cancellation of the Group\u2019s\nown equity instruments.
\n\u00a0
\n\u00a7\n\u00a0 Financial liabilities
\n\u00a0
\nAll financial\nliabilities are measured subsequently at amortised cost using the\neffective interest method or at FVTPL.
\n\u00a0
\nHowever, financial\nliabilities that arise when a transfer of a financial asset does\nnot qualify for derecognition or when the continuing involvement\napproach applies, and financial guarantee contracts issued by the\nGroup, are measured in accordance with the specific accounting\npolicies set out below.
\n\u00a0
\nFinancial liabilities\nat amortised cost
\n\u00a0
\nFinancial liabilities\nthat are not (i) contingent consideration of an acquirer in a\nbusiness combination, (ii) held-for-trading, or (iii) designated as\nat FVTPL, are measured subsequently at amortised cost using the\neffective interest method.
\n\u00a0
\nFinancial liabilities\nare classified, at initial recognition, as loans and borrowings,\npayables, or as derivatives designated as hedging instruments in an\neffective hedge, as appropriate. All financial liabilities are\nrecognised initially at fair value and, in the case of loans and\nborrowings and payables, net of directly attributable transaction\ncosts.
\n\u00a0
\nThe effective interest\nmethod is a method of calculating the amortised cost of a financial\nliability and of allocating interest expense over the relevant\nperiod. The effective interest rate is the rate that exactly\ndiscounts estimated future cash payments (including all fees and\npoints paid or received that form an integral part of the effective\ninterest rate, transaction costs and other premiums or discounts)\nthrough the expected life of the financial liability, or (where\nappropriate) a shorter period, to the amortised cost of a financial\nliability.
\n\u00a0
\nThe Group\u2019s\nfinancial liabilities also include trade and other payables, and\ninterest-bearing borrowings.
\n\u00a0
\nAfter initial\nrecognition, interest-bearing loans and borrowings are subsequently\nmeasured at amortised cost using the effective interest rate, the\n\u201cEIR\u201d method. Gains and losses are recognised in profit\nor loss when the liabilities are derecognised as well as through\nthe EIR amortisation process.
\n\u00a0
\nAny difference between\nthe proceeds, net of transaction costs, and the redemption amount\nis recognised in profit or loss over the period of the borrowings\nusing the effective interest method. Fees paid on the establishment\nof loan facilities are recognised as transaction costs of the loan\nto the extent that it is probable that some or all of the facility\nwill be drawn down. In this case, the fee is deferred until the\ndraw down occurs. To the extent there is no evidence that it is\nprobable that some or all of the facility will be drawn down, the\nfee is capitalised as a prepayment for liquidity services and\namortised over the period of the facility to which it relates. The\nEIR amortisation is included as finance costs in the consolidated\nstatement of profit or loss and other comprehensive\nincome.
\n\u00a0
\nA financial liability is\nderecognised when the obligation under the liability is discharged\nor cancelled or expires. When an existing financial liability is\nreplaced by another from the same lender on substantially different\nterms, or the terms of an existing liability are substantially\nmodified, such an exchange or modification is treated as the\nderecognition of the original liability and the recognition of a\nnew liability. The difference in the respective carrying amounts is\nrecognised in the statement of profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "CW9AqNayic": { "value": "q.\u00a0\u00a0\u00a0\nCash and cash equivalents and restricted cash
\n\u00a0
\nIn the statement of\nfinancial position, cash and cash equivalents are comprised of cash\n(i.e. on-demand deposits) and cash equivalents. Cash equivalents\nare short-term (generally with original maturity of three months or\nless),\u00a0\u00a0\u00a0\u00a0 highly liquid investments that are\nreadily convertible to a known amount of cash and which are subject\nto an insignificant risk of changes in value. Cash equivalents are\nheld for the purpose of meeting short-term cash commitments rather\nthan for investment or other purposes.
\n\u00a0
\nRestricted cash refers\nto cash and cash equivalents that are subject to legal or\ncontractual restrictions, which limit the Group\u2019s ability to\nuse the funds for general operations. These restrictions can arise\nfrom interest-bearing borrowings agreements. \nRestricted cash is recognised when the Group has\ncontrol over the funds and the restriction on the use of cash is\nlegally enforceable. The restricted cash is initially recorded at\nits nominal value. Any interest or change in the value of the\nrestricted cash is measured based on the applicable exchange rate\nor interest terms.
\n\u00a0
\nFor the purposes of the\nconsolidated statement of cash flows, cash and cash equivalents\nconsist of cash and cash equivalents and restricted cash as defined\nabove, net of outstanding bank overdrafts which are repayable on\ndemand and form an integral part of the group\u2019s cash\nmanagement. Such overdrafts are presented as short-term\ninterest-bearing borrowings in the consolidated statement of\nfinancial position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "KRL0d7xgLp": { "value": "r.\n\u00a0\u00a0\u00a0 Current and deferred taxation
\n\u00a0
\nThe tax expense for the\nyear comprises current and deferred taxation.
\n\u00a0
\nTaxation is recognised\nin profit or loss, except to the extent that it relates to items\nrecognised in other comprehensive income or directly in\nequity.\u00a0 In this case, the tax is also recognised in other\ncomprehensive income or equity, respectively.
\n\u00a0
\n\n\u00a0
\nDeferred taxation is\nprovided using the liability method, for all temporary differences\narising between the tax bases of assets and liabilities and their\ncarrying values for financial reporting purposes. Deferred taxation\nis determined using tax rates and laws that have been enacted or\nsubstantially enacted by the end of the reporting year and are\nexpected to apply when the related deferred tax asset is realised\nor the deferred tax liability is settled. Deferred tax assets are\nrecognised only to the extent that it is probable that future\ntaxable profits will be available against which the temporary\ndifferences can be utilised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "WzOc4oBUjI": { "value": "r.\n\u00a0\u00a0\u00a0 Current and deferred taxation
\n\u00a0
\nThe tax expense for the\nyear comprises current and deferred taxation.
\n\u00a0
\nTaxation is recognised\nin profit or loss, except to the extent that it relates to items\nrecognised in other comprehensive income or directly in\nequity.\u00a0 In this case, the tax is also recognised in other\ncomprehensive income or equity, respectively.
\n\u00a0
\n\n\u00a0
\nDeferred taxation is\nprovided using the liability method, for all temporary differences\narising between the tax bases of assets and liabilities and their\ncarrying values for financial reporting purposes. Deferred taxation\nis determined using tax rates and laws that have been enacted or\nsubstantially enacted by the end of the reporting year and are\nexpected to apply when the related deferred tax asset is realised\nor the deferred tax liability is settled. Deferred tax assets are\nrecognised only to the extent that it is probable that future\ntaxable profits will be available against which the temporary\ndifferences can be utilised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Hs.4gu8A_O": { "value": "s.\n\u00a0 \u00a0\u00a0 Share capital and dividends
\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\nOrdinary shares are\nclassified as equity.
\n\u00a0
\nDividend distribution to\nthe Company\u2019s shareholders is recognised as a liability in\nthe Company\u2019s financial statements in the year in which the\ndividends are approved by the Company\u2019s\nshareholders.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "oXvAEEKfm9": { "value": "s.\n\u00a0 \u00a0\u00a0 Share capital and dividends
\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\nOrdinary shares are\nclassified as equity.
\n\u00a0
\nDividend distribution to\nthe Company\u2019s shareholders is recognised as a liability in\nthe Company\u2019s financial statements in the year in which the\ndividends are approved by the Company\u2019s\nshareholders.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ij.c90ng18": { "value": "t.\u00a0\n\u00a0\u00a0Borrowings costs
\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\nBorrowing costs\ninclude the costs incurred in obtaining external financing.\nBorrowing costs directly attributable to the acquisition,\nconstruction or production of qualifying assets, which are assets\nthat necessarily take a substantial period of time to get ready for\ntheir intended use or sale, are capitalised from the time that\nexpenditure for these assets and borrowing costs are being incurred\nand activities that are necessary to prepare these assets for their\nintended use or sale are in progress.\u00a0 Borrowing costs are\ncapitalised until such time as the assets are substantially ready\nfor their intended use or sale. Borrowing costs are suspended\nduring extended periods in which active development is interrupted.\nAll other borrowing costs are recognised as an expense in profit or\nloss in the period in which they are incurred.
\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 To the\nextent that variable rate borrowings are used to finance a\nqualifying asset and are hedged in an effective cash flow hedge of\ninterest rate risk, the effective portion of the derivative is\nrecognised in other comprehensive income and reclassified to profit\nor loss when the qualifying asset affects profit or loss. To the\nextent that fixed rate borrowings are used to finance a qualifying\nasset and are hedged in an effective fair value hedge of interest\nrate risk, the capitalised borrowing costs reflect the hedged\ninterest rate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "jRq-UR81u8": { "value": "u.\n\u00a0\u00a0\u00a0 Employee benefits
\n\u00a0
\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 The Group\ncontributes towards the state pension in accordance with local\nlegislation. The only obligation is to make the required\ncontributions. Costs are expensed in the year in which they are\nincurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "WkoKySZfuZ": { "value": "v.\n\u00a0\u00a0\u00a0Segment reporting
\n\u00a0
\nThe Group determines and\npresents operating segments based on the information that\ninternally is provided to\nthe Board of Directors, which is the\nGroup\u2019s chief operating decision-maker in accordance with the\nrequirements of IFRS 8, Operating Segments.
\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\nAn operating\nsegment is a component of the Group that engages in business\nactivities from which it may earn revenues and incur expenses,\nincluding revenues and expenses that relate to transactions with\nany of the Group\u2019s other components, and for which discrete\nfinancial information is available. An operating segment\u2019s\noperating results are reviewed regularly by the Board of Directors\nto make decisions about resources to be allocated to the segment\nand to assess its performance executing the function of the\nchief-operating decision-maker.
\n\u00a0
\nThe Board of Directors\nconsiders the Group to constitute one reporting segment in view of\nits activities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "yX2H2YiRV1": { "value": "w.\n\u00a0\u00a0\u00a0 Contingent liabilities
\n\u00a0
\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Contingent\nliabilities, which include certain guarantees and letters of credit\npledged as collateral security, are possible obligations that arise\nfrom past events whose existence will be confirmed only by the\noccurrence, or non-occurrence, of one or more uncertain future\nevents not wholly within the control of the local group; or are\npresent obligations that have arisen from past events but are not\nrecognised because it is not probable that settlement will require\nthe outflow of economic benefits.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "wqF_9bOr6e": { "value": "2. \u00a0\u00a0\u00a0\nRevenue
\n\u00a0
\n| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Sale of inventory\nproperties \n | \n\n 1,350,000 \n | \n\n 140,000 \n | \n
| \n Finishing works\nincome \n | \n\n 59,085 \n | \n\n 42,373 \n | \n
| \n Rental income \n | \n\n 2,510,477 \n | \n\n 1,167,219 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n 3,919,562 \n | \n\n 1,349,592 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
\u00a0
\nThe Group\u2019s\nrevenue disaggregated by pattern of revenue recognition is as\nfollows:\u00a0
\n\u00a0
\nTiming of revenue\nrecognition
\n\u00a0
\n| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n At a point in\ntime \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Sale of inventory\nproperties \n | \n\n 1,350,000 \n | \n\n 140,000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Over\ntime \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Finishing works\nincome\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \n | \n\n 59,085 \n | \n\n 42,373 \n | \n
| \n Rental income \n | \n\n 2,510,477 \n | \n\n 1,167,219 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n 3,919,562 \n | \n\n 1,349,592 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
3. \u00a0\u00a0\u00a0 Expenses by\nnature
\n\u00a0
\nThe major items included\nin profit or loss are as follows:
\n\u00a0
\n| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Amortisation of\nintangible assets (Note 9) \n | \n\n 3,580 \n | \n\n 4,427 \n | \n
| \n Depreciation of property,\nplant and equipment (Note 10) \n | \n\n 10,860 \n | \n\n 24,556 \n | \n
| \n Staff costs (Note\n4) \n | \n\n 353,044 \n | \n\n 223,864 \n | \n
| \n Directors\u2019\nremuneration \n | \n\n 26,000 \n | \n\n 26,000 \n | \n
| \n Directors\u2019\nfees \n | \n\n 8,000 \n | \n\n 8,000 \n | \n
| \n Auditor\u2019s\nremuneration \n | \n\n 46,510 \n | \n\n 36,133 \n | \n
| \n Cost of sales \n | \n\n 1,123,174 \n | \n\n 132,953 \n | \n
\u00a0
\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Cost of sales\nconsist of the following:
\n\u00a0
\n| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Cost of inventory\nproperties sold \n | \n\n 1,058,634 \n | \n\n 120,397 \n | \n
| \n Commission\nexpense \n | \n\n 6,500 \n | \n\n 2,828 \n | \n
| \n Construction\ncosts \n | \n\n 58,040 \n | \n\n 9,728 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n 1,123,174 \n | \n\n 132,953 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
\u00a0
\nAuditor\u2019s\nfees
\n\u00a0
\nFees charged, including\nany irrecoverable VAT, by the auditor for the services rendered\nduring the financial years relate to the following:
\n\u00a0
\n| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Annual statutory\naudit \n | \n\n 41,510 \n | \n\n 36,133 \n | \n
| \n Other non-audit\nservices \n | \n\n 5,000 \n | \n\n - \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n 46,510 \n | \n\n 36,133 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Cost of sales\nconsist of the following:
\n\u00a0
\n| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Cost of inventory\nproperties sold \n | \n\n 1,058,634 \n | \n\n 120,397 \n | \n
| \n Commission\nexpense \n | \n\n 6,500 \n | \n\n 2,828 \n | \n
| \n Construction\ncosts \n | \n\n 58,040 \n | \n\n 9,728 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n 1,123,174 \n | \n\n 132,953 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
Auditor\u2019s\nfees
\n\u00a0
\nFees charged, including\nany irrecoverable VAT, by the auditor for the services rendered\nduring the financial years relate to the following:
\n\u00a0
\n| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Annual statutory\naudit \n | \n\n 41,510 \n | \n\n 36,133 \n | \n
| \n Other non-audit\nservices \n | \n\n 5,000 \n | \n\n - \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n 46,510 \n | \n\n 36,133 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
4. \u00a0\u00a0\u00a0 Staff\ncosts
\n\u00a0
\n| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Wages and\nsalaries \n | \n\n 390,036 \n | \n\n 468,676 \n | \n
| \n Social security\ncosts \n | \n\n 21,549 \n | \n\n 28,852 \n | \n
| \n Recharge to other related\nparties \n | \n\n - \n | \n\n (273,664) \n | \n
| \n Capitalisation to\ninvestment properties \n | \n\n (58,541) \n | \n\n - \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Total staff\ncosts \n | \n\n 353,044 \n | \n\n 223,864 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
\u00a0
\nAverage number of\nfull-time equivalents employed by the Group during the year is 8\n(2024: 9). These are classified as administration\nemployees.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ISa_W4VtaH": { "value": "Average number of\nfull-time equivalents employed by the Group during the year is 8\n(2024: 9). These are classified as administration\nemployees.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "k-dChpzUi-": { "value": "5.\n\u00a0\u00a0\u00a0 Finance income
\n\u00a0
\n| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Interest on investment in\nfinancial assets \n | \n\n 69,416 \n | \n\n 36,287 \n | \n
| \n Interest on cash and\ncash equivalents \n | \n\n 25,449 \n | \n\n 39 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n 94,865 \n | \n\n 36,326 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
6.\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nOther income
\n\u00a0
\n| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Services rendered to\nother related parties \n | \n\n 720,000 \n | \n\n 120,000 \n | \n
| \n Other income \n | \n\n 65,213 \n | \n\n 24,791 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n 785,213 \n | \n\n 144,791 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
7.\n\u00a0\u00a0\u00a0\u00a0\u00a0\nFinance costs
\n\u00a0
\n8.\n\u00a0\u00a0\u00a0 Income tax
\n\u00a0
\n\u00a0
\nThe tax expense and the\nresult of accounting profit multiplied by the statutory domestic\nincome tax rate is reconciled as follows:
\n\u00a0
\n8.\n\u00a0\u00a0\u00a0 Income tax
\n\u00a0
\n\u00a0
\nThe tax expense and the\nresult of accounting profit multiplied by the statutory domestic\nincome tax rate is reconciled as follows:
\n\u00a0
\n9.\n\u00a0\u00a0\u00a0 Intangible assets
\n\u00a0
\n| \n \u00a0 \n | \n\n \u00a0 \n | \n\n Computer\nSoftware \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n |
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u20ac \n | \n
| \n At 1 January\n2024 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Cost \n | \n\n \u00a0 \n | \n\n 19,953 \n | \n
| \n Accumulated\namortisation \n | \n\n \u00a0 \n | \n\n (11,229) \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Net book\namount \n | \n\n \u00a0 \n | \n\n 8,724 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Movements for the\nyear ended 31 December 2024 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Opening net book\namount \n | \n\n \u00a0 \n | \n\n 8,724 \n | \n
| \n Additions \n | \n\n \u00a0 \n | \n\n 2,590 \n | \n
| \n Amortisation\ncharge \n | \n\n \u00a0 \n | \n\n (4,427) \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Closing net book\namount \n | \n\n \u00a0 \n | \n\n 6,887 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 31 December\n2024 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Cost \n | \n\n \u00a0 \n | \n\n 22,543 \n | \n
| \n Accumulated\namortisation \n | \n\n \u00a0 \n | \n\n (15,656) \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Net book\namount \n | \n\n \u00a0 \n | \n\n 6,887 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n\n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Opening net book\namount \n | \n\n \u00a0 \n | \n\n 6,887 \n | \n
| \n Amortisation\ncharge \n | \n\n \u00a0 \n | \n\n (3,580) \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Closing net book\namount \n | \n\n \u00a0 \n | \n\n 3,307 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 31 December\n2025 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n\n | \n\n \u00a0 \n | \n\n 22,543 \n | \n
| \n Accumulated\namortisation \n | \n\n \u00a0 \n | \n\n (19,236) \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Net book\namount \n | \n\n \u00a0 \n | \n\n 3,307 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
\u00a0
\nAmortisation charge of\n\u20ac3,580 (2024: \u20ac4,427) is included in administrative\nexpenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "sGgUAmfDIN": { "value": "10.\n\u00a0\u00a0 Property, plant and equipment
\n\u00a0
\n| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n Plant,\nmachinery \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n Improvement \n | \n\n Furniture\n& \n | \n\n Motor \n | \n\n and\nComputer \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n to\npremises \n | \n\n fittings \n | \n\n Vehicles \n | \n\n Equipment \n | \n\n Total \n | \n
| \n \u00a0 \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u00a0\u20ac \n | \n\n \u20ac \n | \n
| \n At 1 January\n2024 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Cost \n | \n\n 27,960 \n | \n\n 118,790 \n | \n\n 64,642 \n | \n\n 216,931 \n | \n\n 428,323 \n | \n
| \n Accumulated\ndepreciation \n | \n\n (559) \n | \n\n (80,482) \n | \n\n (52,623) \n | \n\n (55,971) \n | \n\n (189,635) \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Net book\namount \n | \n\n 27,401 \n | \n\n 38,308 \n | \n\n 12,019 \n | \n\n 160,960 \n | \n\n \u00a0 \n238,688 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Movements for year\nended 31 December 2024 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Opening net book\namount \n | \n\n 27,401 \n | \n\n 38,308 \n | \n\n 12,019 \n | \n\n 160,960 \n | \n\n 238,688 \n | \n
| \n Additions \n | \n\n 1,895 \n | \n\n 40,034 \n | \n\n - \n | \n\n 9,802 \n | \n\n 51,731 \n | \n
| \n Disposals \n | \n\n - \n | \n\n - \n | \n\n (64,642) \n | \n\n - \n | \n\n (64,642) \n | \n
| \n Depreciation\ncharge \n | \n\n (597) \n | \n\n (8,956) \n | \n\n - \n | \n\n (15,003) \n | \n\n (24,556) \n | \n
| \n Reclassified to\ninvestment property \n | \n\n - \n | \n\n - \n | \n\n - \n | \n\n (83,340) \n | \n\n (83,340) \n | \n
| \n Release of depreciation\nupon disposal \n | \n\n - \n | \n\n - \n | \n\n 52,623 \n | \n\n - \n | \n\n 52,623 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Closing net book\namount \n | \n\n 28,699 \n | \n\n 69,386 \n | \n\n - \n | \n\n 72,419 \n | \n\n 170,504 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 31 December\n2024 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Cost \n | \n\n 29,855 \n | \n\n 158,824 \n | \n\n - \n | \n\n 143,392 \n | \n\n 332,071 \n | \n
| \n Accumulated\ndepreciation \n | \n\n (1,156) \n | \n\n (89,438) \n | \n\n - \n | \n\n (70,973) \n | \n\n (161,567) \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Net book\namount \n | \n\n 28,699 \n | \n\n 69,386 \n | \n\n - \n | \n\n 72,419 \n | \n\n 170,504 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n\u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Movements for year\nended 31 December 2025 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Opening net book\namount \n | \n\n 28,699 \n | \n\n 69,386 \n | \n\n - \n | \n\n 72,419 \n | \n\n 170,504 \n | \n
| \n Additions \n | \n\n - \n | \n\n - \n | \n\n 32,035 \n | \n\n - \n | \n\n 32,035 \n | \n
| \n Depreciation\ncharge \n | \n\n (597) \n | \n\n (3,336) \n | \n\n (6,407) \n | \n\n (520) \n | \n\n (10,860) \n | \n
| \n Reclassified to\ninvestment property \n | \n\n - \n | \n\n (48,594) \n | \n\n - \n | \n\n (66,979) \n | \n\n (115,573) \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Closing net book\namount \n | \n\n 28,102 \n | \n\n 17,456 \n | \n\n 25,628 \n | \n\n 4,920 \n | \n\n 76,106 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At 31 December\n2025 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Cost \n | \n\n 29,855 \n | \n\n 110,230 \n | \n\n 32,035 \n | \n\n 76,413 \n | \n\n 248,533 \n | \n
| \n Accumulated\ndepreciation \n | \n\n (1,753) \n | \n\n (92,774) \n | \n\n (6,407) \n | \n\n (71,493) \n | \n\n (172,427) \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Net book\namount \n | \n\n 28,102 \n | \n\n 17,456 \n | \n\n 25,628 \n | \n\n 4,920 \n | \n\n 76,106 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
\u00a0
\nDepreciation charge of\n\u20ac10,860 (2024: \u20ac24,556) are included in the\nadministrative expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Y._XkCATQC": { "value": "11.\n\u00a0\u00a0 Investment properties
\n\u00a0
\n| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Movements for the\nyear ended 31 December \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Opening net book\namount \n | \n\n 49,147,216 \n | \n\n 47,055,647 \n | \n
| \n Transfers from property,\nplant and equipment \n | \n\n 115,573 \n | \n\n 83,340 \n | \n
| \n Additions and\ndevelopment costs \n | \n\n \u00a08,175,281 \n | \n\n \u00a0373,930 \n | \n
| \n Other capitalised\ncosts \n | \n\n 472,316 \n | \n\n 1,034,813 \n | \n
| \n Capitalised finance\ncosts \n | \n\n 564,179 \n | \n\n \u00a0256,890 \n | \n
| \n Transfers from\ninventory \n | \n\n 209,305 \n | \n\n 342,596 \n | \n
| \n Fair value gains for the\nyear \n | \n\n 5,704,241 \n | \n\n - \n | \n
| \n Closing net book\namount \n | \n\n 64,388,111 \n | \n\n 49,147,216 \n | \n
| \n At 31\nDecember \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Cost \n | \n\n 35,897,869 \n | \n\n 26,361,215 \n | \n
| \n Net fair value\ngains \n | \n\n 28,490,242 \n | \n\n 22,786,001 \n | \n
| \n Net book\namount \n | \n\n 64,388,111 \n | \n\n 49,147,216 \n | \n
\u00a0
\nThe transfers from\nproperty, plant and equipment, and inventory during the current\nyear relate to the transfer of properties resulting from a change\nin use, following management\u2019s assessment of whether the\nproperty meets the definition of investment property.
\n\u00a0
\nAs at 31 December 2025,\nthe Company\u2019s debt securities in issue were secured by a\nnumber of investment properties owned by the Group, the fair value\nof which as at 31 December 2025 amounted to \u20ac38,820,000 (2024:\n\u20ac28,452,923).
\n\u00a0
\nAs at 31 December 2025,\nthe Company\u2019s secured callable notes were secured by a number\nof investment properties owned by the Group, the fair value of\nwhich as at 31 December 2025 amounted to \u20ac6,193,111 (2024:\nnil).
\n\u00a0
\nAs at 31 December 2025,\ninvestment properties with a total fair value of \u20ac6,150,000\n(2024: \u20ac4,516,037) were pledged against facilities held by\nZammit Holdings Limited, the Company\u2019s immediate parent\ncompany.
\n\u00a0
\nAs at 31 December 2025,\nfacilities held by the Group and other related parties were secured\nby investment properties owned by the Group, the fair value of\nwhich amounted to \u20ac6,150,000 (2024:\n\u20ac9,021,112).
\n\u00a0
\nAt 31 December 2025, the\nGroup had entered into contractual commitments for the acquisition\nof investment properties amounting to \u20ac8,520,0000 (2024:\n\u20ac8,520,0000).
\n\u00a0
\nFair value of\ninvestment properties
\n\u00a0
\nThe fair value of the Group\u2019s\ninvestment properties are estimated based on appraisals performed\nby independent, professionally qualified property valuers. The\ninvestment property was remeasured at fair value as at 31 December\n2025 by an independent valuer.
\n\u00a0
\nThe significant inputs and\nassumptions are developed in close consultation with management.\nThe valuation processes and fair value changes are reviewed by the\nboard of directors and audit committee of the parent company at\neach reporting date.
\n\u00a0
\nThe Group\u2019s\ninvestment properties were revalued by an independent architect in\nthe current year. It is the Group\u2019s policy to revalue its\ninvestment properly every two years. The architect is qualified and\nhas experience in valuation of properties. The valuations conform to the standards and general\nguidelines issued by the Royal Institute of Chartered Surveyors\n(RICS) and the International Valuation Standards (IVS) and are in\naccordance with the local KTP Valuation Standards (2012), which are\naligned with the TEGoVA European Valuations Standards.
\n\u00a0
\nThe fair value of the property was\ndetermined using an income approach, specifically a discounted cash\nflow (DCF) methodology, which estimates the present value of\nexpected future net cash flows over a defined holding period,\nincluding a terminal value. Future cash flows were projected based\non estimated market rental income, lease assumptions, anticipated\ngrowth rates and expected operating and capital expenditure, and\nwere discounted using a pre-tax market-derived discount rate\nreflecting the time value of money and risks specific to the asset.\nThe terminal value was calculated by capitalising the stabilised\nnet income using an appropriate exit yield.
\n\u00a0
\nThe Group\u2019s investment\nproperties, comprising mainly of commercial properties, have been\ndetermined to fall within Level 3 of the fair valuation hierarchy.\nThe different levels in the fair value hierarchy are defined in\nNote 1 (o). The Group\u2019s policy is to recognise transfers into\nand out of fair value hierarchy levels as of the date of the event\nor change in circumstances that caused the transfer. There were no\ntransfers between levels during the year.
\n\u00a0
\nThe most significant\nunobservable inputs used in the valuations are the discount rate,\ncapitalisation (exit) rate, market rental values and long\n\u2011 term rental growth rates. These\ninputs reflect management\u2019s assessment of current market\nconditions, property \u2011 specific risk characteristics, location, tenant profile and\nlease structure. Changes in these assumptions, particularly the\ndiscount rate and capitalisation rate, would result in a material\nchange in the fair value of the investment properties.
\n\u00a0
\nIn estimating the fair\nvalue of the properties the highest and best use of the properties\nis their current use.
\n\u00a0
\n| \n \u00a0 \n | \n\n Sites for\ndevelopment \n | \n\n Commercial\nrents \n | \n\n \u00a0 \nVacant \n | \n\n \u00a0 \nTotal \n | \n
| \n \u00a0 \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Year ended 31 December\n2025 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Opening\nbalance \n | \n\n 16,157,089 \n | \n\n 24,369,606 \n | \n\n 8,620,521 \n | \n\n 49,147,216 \n | \n
| \n Additions and development\ncosts \n | \n\n \u00a04,076,250 \n | \n\n 4,011,249 \n | \n\n 87,782 \n | \n\n \u00a08,175,281 \n | \n
| \n Other capitalised\ncosts \n | \n\n 184,513 \n | \n\n 272,688 \n | \n\n 15,115 \n | \n\n 472,316 \n | \n
| \n Capitalised finance\ncosts \n | \n\n \u00a0437,238 \n | \n\n 65,319 \n | \n\n \u00a061,622 \n | \n\n \u00a0564,179 \n | \n
| \n Reclassified from\nproperty, plant and equipment \n | \n\n \u00a0 \n- \n | \n\n \u00a0 \n115,573 \n | \n\n - \n | \n\n 115,573 \n | \n
| \n Reclassified from\ninventory \n | \n\n - \n | \n\n - \n | \n\n 209,305 \n | \n\n 209,305 \n | \n
| \n Reclassifications during\nthe year \n | \n\n (4,390,801) \n | \n\n 8,578,022 \n | \n\n (4,187,221) \n | \n\n - \n | \n
| \n Fair value gains for the\nyear \n | \n\n 2,935,711 \n | \n\n 3,214,654 \n | \n\n (446,124) \n | \n\n 5,704,241 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Closing\nbalance \n | \n\n 19,400,000 \n | \n\n 40,627,111 \n | \n\n 4,361,000 \n | \n\n 64,388,111 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Year ended 31 December\n2024 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Opening\nbalance \n | \n\n 13,220,000 \n | \n\n 27,280,231 \n | \n\n 6,555,416 \n | \n\n 47,055,647 \n | \n
| \n Additions and development\ncosts \n | \n\n \u00a097,150 \n | \n\n 176,497 \n | \n\n 100,283 \n | \n\n 373,930 \n | \n
| \n Other capitalised\ncosts \n | \n\n 846,959 \n | \n\n 182,097 \n | \n\n 5,757 \n | \n\n 1,034,813 \n | \n
| \n Capitalised finance\ncosts \n | \n\n \u00a084,124 \n | \n\n \u00a0145,658 \n | \n\n 27,108 \n | \n\n 256,890 \n | \n
| \n Reclassified from\nproperty, plant and equipment \n | \n\n \u00a0 \n- \n | \n\n \u00a0 \n83,340 \n | \n\n - \n | \n\n 83,340 \n | \n
| \n Reclassified from\ninventory \n | \n\n 342,596 \n | \n\n - \n | \n\n - \n | \n\n 342,596 \n | \n
| \n Reclassifications during\nthe year \n | \n\n 1,565,760 \n | \n\n (3,497,717) \n | \n\n 1,931,957 \n | \n\n - \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Closing\nbalance \n | \n\n 16,156,589 \n | \n\n 24,370,106 \n | \n\n 8,620,521 \n | \n\n 49,147,216 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
\u00a0
\nThe table below\nsummarises the significant unobservable inputs applied across the\nGroup\u2019s investment property valuations as at the reporting\ndate:
\n\u00a0
\n| \n Significant\nunobservable input \n | \n\n Range\napplied \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Discount\nrate \n | \n\n 6.9% - 7.4% \n | \n
| \n Capitalisation / exit\nrate \n | \n\n 4.9%-5.4% \n | \n
| \n Market rental\nvalues \n | \n\n Existing contracts\nduring contract term.\u00a0 Following expiration of contract,\nrental rates were increased either by 3% or in line with expected\nmarket rental rates \n | \n
| \n Long\u2011term rental growth\nrate \n | \n\n 2% \n | \n
| \n Vacancy / collection\nallowance \n | \n\n 5% vacancy allowance in\nterminal year \n | \n
| \n Capital expenditure\nassumptions \n | \n\n 3% during explicit\nperiod and terminal year, plus an additional 10% at the end of\nexplicit period \n | \n
\u00a0
\nSensitivity\nanalysis
\n\u00a0
\nA slight increase in the\ncapitalisation rate used would result in a significant decrease in\nfair value, and vice versa, and a significant increase in the\nunobservable inputs used would result in a significant increase in\nfair value, and vice versa.
\n\u00a0
\nOperating lease\ncommitments - Group as lessor
\n\u00a0
\nThe operating leases relating to\ninvestment properties owned by the Group have terms between 1 and\n10 years. The lessees do not have the option to purchase the\nproperties at the expiry of the lease period. The income earned\nunder the operating leases amounted to \u20ac2,510,477 (2024:\n\u20ac1,167,219).
\n\u00a0
\nAt the end of the\nreporting period, the lessees had outstanding commitments under\nnon-cancellable operating leases, which fall due as\nfollows:
\n\u00a0
\n| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Not later than 1\nyear \n | \n\n 1,716,838 \n | \n\n 1,578,302 \n | \n
| \n Later than 1 year and not\nlater than 5 years \n | \n\n 3,976,746 \n | \n\n 4,446,864 \n | \n
| \n More than 5\nyears \n | \n\n 650,708 \n | \n\n 11,303 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n 6,344,292 \n | \n\n 6,036,469 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
12.\n\u00a0\u00a0 Inventories
\n\u00a0
\n| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Properties held for\ndevelopment and resale \n | \n\n \u00a0 \n2,346,920 \n | \n\n \u00a0 \n2,395,882 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
\u00a0
\nInventories of nil\n(2024: \u20ac874,730) are expected to be recovered after more than\ntwelve months from the statement of financial position\ndate.
\n\u00a0
\nThe Group has pledged\ninventories amounting to \u20ac1,631,958 (2024: \u20ac1,362,805) as\nsecurity for one of the Group\u2019s bank loans.
\n\u00a0
\nSimilarly, the Group has\npledged 80% of the future sale proceeds of inventories amounting to\n\u20ac229,092 (2024: \u20ac1,338,995) as collateral for the bank\nloan obtained by one the Group\u2019s bank loans.
\n\u00a0
\nMoreover, interest on\nbank borrowings amounting to \u20ac90,714 (2024: \u20ac98,510) was\ncapitalised as part of inventories.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "RIQPuoFspq": { "value": "13.\u00a0\u00a0 Trade\nand other receivables
\n\u00a0
\n\u00a0
\nAmounts due from other\nrelated parties are unsecured, interest-free and repayable on\ndemand.
\n\u00a0
\nThe carrying amount of\nfinancial assets is considered a reasonable approximation of fair\nvalue.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "CG4YK8eUxY": { "value": "14.\u00a0\u00a0\nInvestment in financial assets
\n\u00a0
\n| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Non-current \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Financial assets\nmeasured at amortised cost \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Loan to third party (Note\ni) \n | \n\n 199,700 \n | \n\n 191,619 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n 199,700 \n | \n\n 191,619 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Current \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Financial assets\nmeasured at amortised cost \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Bank term deposits (Note\nii) \n | \n\n - \n | \n\n 700,000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
Notes:
\n\u00a0
\n| \n i. \n | \n\n Loan to third party is\nsecured, bears interest of 5% per annum and is repayable by 4\nOctober 2033. \n\u00a0 \nThe maximum exposure to\ncredit risk is the carrying amount of the loan. The asset is\nsecured by a property, the value of which significantly exceeds the\npresent value of the loan. No loss allowance has been recorded on\nthe basis that the probability of default is considered to be zero.\nFurthermore, there are no significant interest rate or fair value\nrisks related to the loan since market rates will not fluctuate\nsignificantly over the loan\u2019s term. \n\u00a0 \n | \n
| \n ii. \n | \n\n The Group holds term\ndeposits with a local bank.\u00a0 The term deposits are subject to\ninterest at 3.5% per annum and have matured in February 2025. The\ncounterparty has a minimum B credit rating by Fitch and therefore\nno loss allowance has been recorded on the basis that the\nprobability of default is considered to be zero. \n\u00a0 \n | \n
| \n iii. \n | \n\n The carrying value of\nfinancial assets is considered a reasonable approximation of fair\nvalue. \n | \n
\u00a0
\n| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Authorised, issued and\nfully paid up \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n 10,360,000 Ordinary\nShares of \u20ac1 each \n | \n\n 10,360,000 \n | \n\n 10,360,000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
16.\u00a0\u00a0\nRetained earnings
\n\u00a0
\nThe Group\u2019s\nretained earnings represent accumulated profits and losses since\nincorporation date. Included in the Group\u2019s retained earnings\nare undistributable reserves amounting to \u20ac25,926,047 (2024:\n\u20ac20,736,859) relating to the fair value gains on investment\nproperty net of deferred tax.
", "dimensions": { "concept": "Agora:DisclosureOfRetainedEarningsExplanatory", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ptWRgUoSXW": { "value": "17.\u00a0\u00a0\nInterest-bearing borrowings
\n\u00a0
\n\u00a0
\nInterest-bearings\nborrowings are classified as follows:
\n\u00a0
\n| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Non-current \n | \n\n 24,990,183 \n | \n\n 20,249,087 \n | \n
| \n Current \n | \n\n 1,921,167 \n | \n\n 1,716,820 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n 26,911,350 \n | \n\n 21,965,907 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
\u00a0
\nNote i:\nDebt securities in issue
\n\u00a0
\n\u00a0
\nBy virtue\nof a prospectus dated 9 February 2024, the Company\nissued \u20ac21,000,000 secured bonds with a nominal value of\n\u20ac100 each. These bonds were issued in two tranches.
\n\u00a0
\n| \n \u25a0 \n | \n\n First tranche amounting\nto \u20ac12,000,000 was issued on 8 March 2024. These bonds have a\ncoupon interest of 5.8% which is payable annually in arrears on 1\nMarch of each year. The bonds are redeemable at par and are due for\nredemption on 1 March 2036. \n\u00a0 \n | \n
| \n \u00a0 \n | \n\n The bonds constitute the\ngeneral, direct, unconditional, and unsecured obligations of\nthe\u00a0 Company to the Bondholders and shall at all times, rank\npari passu, without any priority or preference among themselves and\nwith other outstanding and unsecured debt of the Company, present\nand future. The bonds are secured by first ranking special hypothec\nover two of the Group\u2019s investment properties, pursuant to\nand subject to the terms and conditions in the final terms of this\ntranche. \n\u00a0 \n | \n
| \n \u00a0 \n | \n\n These bonds were admitted\non the Official List of the Malta Stock Exchange on 8 March 2024.\nThe quoted market price as at 31 December 2025 for the bonds was\n\u20ac102.00 (2024: \u20ac103.75). In the opinion of the Board of\nDirectors, the market price fairly represents the fair value of\nthis financial liability.\u00a0 \n\u00a0 \n | \n
| \n \u25a0 \n | \n\n Second tranche amounting\nto \u20ac9,000,000 was issued on 11 October 2024. These bonds have\na coupon interest of 5.5% which is payable annually in arrears on 8\nOctober of each year. The bonds are redeemable at par and are due\nfor redemption on 8 October 2036. \n\u00a0 \n | \n
| \n \u00a0 \n | \n\n The bonds constitute the\ngeneral, direct, unconditional, and unsecured obligations of the\nCompany to the Bondholders and shall at all times, rank pari\npassu , without any priority or preference among themselves and\nwith other outstanding and unsecured debt of the Company, present\nand future. The bonds are secured by first ranking special hypothec\nover one of the Group\u2019s investment property, pursuant to and\nsubject to the terms and conditions in the final terms of this\ntranche. \n\u00a0 \n | \n
| \n \u00a0 \n | \n\n These bonds were admitted\non the Official List of the Malta Stock Exchange on 11 October\n2024. The quoted market price as at 31 December 2025 for the bonds\nwas \u20ac101.40 (2024: \u20ac102.50). \n\u00a0 \n | \n
In accordance with the\nprovisions of the prospectus, a portion of the proceeds from the\nbond issue is held by a Trustee and will be drawn down against the\npresentation of agreements, requests for payments and/or invoices.\nAmounts held by the Trustee are classified as restricted\ncash.
\n\u00a0
\nThe bonds are measured\nat the amount of the net proceeds adjusted for the amortisation of\nthe difference between the net proceeds and the redemption value of\nsuch bonds, using the effective interest rate as\nfollows:
\n\u00a0
\n| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Total face\nvalue \n | \n\n 21,000,000 \n | \n\n 21,000,000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Bond issue\ncosts \n | \n\n 917,413 \n | \n\n 954,997 \n | \n
| \n Accumulated\namortisation \n | \n\n (58,131) \n | \n\n (37,584) \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n 859,282 \n | \n\n 917,413 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Amortised cost and\nclosing carrying amount \n | \n\n 20,140,718 \n | \n\n 20,082,587 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
Note ii:\nSecured callable notes
\n\u00a0
\nBy virtue of a\nprospectus dated 7 August 2025, the Company issued \u20ac5,000,000\n6.75% secured callable notes with a nominal value of \u20ac1,000\neach, redeemable on 28 August 2027 at par. The issue was\nfully taken up with total proceeds amounted to \u20ac5,000,000. The\nnotes will not be listed on the Malta Stock Exchange or any other\nregulated market.
\n\u00a0
\nThe notes were secured\nthrough a first ranking special hypothec over properties owned, or\nbeing acquired, by one of the subsidiaries.
\n\u00a0
\n| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Total face\nvalue \n | \n\n 5,000,000 \n | \n\n - \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Issue costs \n | \n\n 179,716 \n | \n\n - \n | \n
| \n Accumulated\namortisation \n | \n\n (29,181) \n | \n\n - \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n 150,535 \n | \n\n - \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Amortised cost and\nclosing carrying amount \n | \n\n 4,849,465 \n | \n\n - \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
Note iii: Bank loan\nI
\n\u00a0
\nThe facility is secured\nand bears effective interest at the rate of 4.25% per annum plus\nthe applicable base rate, i.e. variable rate which is 3 months\nEuribor. The amount is repayable from 80% of the sale proceeds of\nproperties owned by its related party within four years from first\ndrawdown.
\n\u00a0
\nNote iv: Bank loan\nII
\n\u00a0
\nThe facility is secured\nand bears effective interest at the rate 1.75% per annum plus the\napplicable deposit rate of the Central Bank of Malta Deposit\nFacility Rate. Interest shall accrued on a quarterly basis on the\n25 th day of the month. The loan amount is repayable\nthrough 75% of the proceeds from the sale of properties as per bank\nfacility letter or 75% of the final contract selling price,\nwhichever is higher, within four years from first\ndrawdown.
\n\u00a0
\nApart from the above\nbank borrowings, the Group has undrawn loan facilities amounting to\nnil
\n(2024: \u20ac591,000), which are available until 20 December\n2026.
18.\u00a0\u00a0 Trade\nand other payables
\n\u00a0
\n| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Non-current \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Amounts due to other\nrelated parties (Note i) \n | \n\n 1,784,623 \n | \n\n - \n | \n
| \n Amounts due to ultimate\nparent company (Note i) \n | \n\n 1,863,080 \n | \n\n - \n | \n
| \n Amounts due to ultimate\nbeneficial owner (Note i) \n | \n\n 1,000,000 \n | \n\n - \n | \n
| \n Financial\nliabilities \n | \n\n 4,647,703 \n | \n\n - \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Current \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Trade\npayables \n | \n\n 4,763,190 \n | \n\n 1,186,128 \n | \n
| \n Amounts due to other\nrelated parties (Note ii) \n | \n\n 211,297 \n | \n\n 1,702,413 \n | \n
| \n Amounts due to ultimate\nparent company (Note ii) \n | \n\n 327,849 \n | \n\n 1,768,915 \n | \n
| \n Amounts due to ultimate\nbeneficial owner (Note ii) \n | \n\n 776,906 \n | \n\n 447,517 \n | \n
| \n Advance\ndeposits \n | \n\n 411,400 \n | \n\n 1,005,512 \n | \n
| \n Accruals \n | \n\n 1,458,724 \n | \n\n 1,442,976 \n | \n
| \n Financial\nliabilities \n | \n\n 7,949,366 \n | \n\n 7,553,461 \n | \n
| \n Other\npayables \n | \n\n 255,129 \n | \n\n 1,032,779 \n | \n
| \n Deferred\nincome \n | \n\n 731,684 \n | \n\n 328,090 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n 8,936,179 \n | \n\n 8,914,330 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
\u00a0
\nNote:
\n\u00a0
\n| \n i. \n | \n\n Amounts due to other\nrelated parties, ultimate parent company, and ultimate beneficial\nowner are unsecured, interest-free and are repayable on 31 December\n2041. \n | \n
| \n ii. \n | \n\n Amounts due to other\nrelated parties, ultimate parent company, and ultimate beneficial\nowner are unsecured, interest-free and repayable on\ndemand. \n | \n
| \n iii. \n | \n\n The carrying value of\nfinancial liabilities is considered a reasonable approximation of\nfair value \n | \n
19.\u00a0\u00a0\nDeferred taxation
\n\u00a0
\nDeferred income taxes\nare calculated on temporary differences under the liability method\nusing a principal tax rate of 35%, with the exception of deferred\ntax on the revalued amount of investment properties which is\ncomputed on the basis applicable to disposals of immovable\nproperty, that is, tax effect of 8% or 10% of the transfer\nvalue.\u00a0
\n\u00a0
\nThe Group\u2019s\ndeferred taxation is split between deferred tax asset of\n\u20ac35,025 (2024: \u20ac19,166) and deferred tax liabilities of\n\u20ac5,539,048 (2024: \u20ac4,174,449). Deferred income tax is as follows:
\n\u00a0
\n| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At beginning of\nyear \n | \n\n (4,155,283) \n | \n\n (3,974,653) \n | \n
| \n Charge to consolidated\nstatement of profit or loss and other comprehensive income (Note\n8) \n | \n\n \u00a0 \n(1,364,599) \n | \n\n \u00a0 \n(180,630) \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n At end of\nyear \n | \n\n (5,519,882) \n | \n\n (4,155,283) \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
\u00a0
\nDeferred tax is analysed\nas follows:
\n| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Net deferred tax\nliability at: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 Unabsorbed\ntrading losses \n | \n\n 13,971 \n | \n\n 19,166 \n | \n
| \n \u00a0 Unabsorbed\ncapital allowances \n | \n\n 5,195 \n | \n\n - \n | \n
| \n Temporary difference\non \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0\u00a0 Investment\nproperties \n | \n\n (5,539,048) \n | \n\n (4,167,165) \n | \n
| \n \u00a0\u00a0 Property,\nplant and equipment \n | \n\n - \n | \n\n (7,284) \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n (5,519,882) \n | \n\n (4,155,283) \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\nDeferred tax\nattributable to the above categories were charged to profit or\nloss.\u00a0 At reporting date, the Group had unutilised tax losses\nof \u20ac 54,761 (2024: \u20ac54,761)\navailable for offset against future profits.\u00a0 A deferred tax\nasset has been recognised in respect of \u20ac19,166 (2024:\n\u20ac19,166) of such losses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "mfWtxOhBkl": { "value": "20.\u00a0\u00a0\nReconciliation of liabilities arising from financing\nactivities
\n\u00a0
\nThe changes in the\nGroup\u2019s liabilities arising from financing activities can be\nclassified as follows:
\n\u00a0
\n| \n \u00a0 \n | \n\n Interest-bearing \n | \n\n Accrued\ninterest \n | \n\n Total \n | \n
| \n \u00a0 \n | \n\n borrowings \n | \n\n payable \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n 1 January\n2025 \n | \n\n 21,757,336 \n | \n\n 708,263 \n | \n\n 22,465,599 \n | \n
| \n Cash\nflows: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n - \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nPayment of interest \n | \n\n (46,250) \n | \n\n (1,191,000) \n | \n\n (1,237,250) \n | \n
| \n - \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nPayment of bond issue cost \n | \n\n (179,716) \n | \n\n - \n | \n\n (179,716) \n | \n
| \n - \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nPayment of principal \n | \n\n (766,589) \n | \n\n - \n | \n\n (766,589) \n | \n
| \n - \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nProceeds \n | \n\n 5,589,187 \n | \n\n - \n | \n\n 5,589,187 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Noncash\nflows: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n - \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nAccrual of interest \n | \n\n \u00a0 \n | \n\n 1,306,582 \n | \n\n 1,306,582 \n | \n
| \n - \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nAmortisation of bond issue cost \n | \n\n 87,312 \n | \n\n - \n | \n\n 87,312 \n | \n
| \n - \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nCapitalised finance cost to inventories \n | \n\n 62,873 \n | \n\n - \n | \n\n 62,873 \n | \n
| \n - \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nCapitalised finance cost to investment\nproperties \n | \n\n 24,993 \n | \n\n - \n | \n\n 24,993 \n | \n
| \n 31 December\n2025 \n | \n\n 26,529,146 \n | \n\n 823,845 \n | \n\n 27,352,991 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n 1 January\n2024 \n | \n\n 12,585,149 \n | \n\n - \n | \n\n 12,585,149 \n | \n
| \n Cash\nflows: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n - \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nPayment of interest \n | \n\n (273,186) \n | \n\n - \n | \n\n (273,186) \n | \n
| \n - \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nPayment of bond issue cost \n | \n\n (954,997) \n | \n\n - \n | \n\n (954,997) \n | \n
| \n - \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nPayment of principal \n | \n\n (12,271,689) \n | \n\n - \n | \n\n (12,271,689) \n | \n
| \n - \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nProceeds \n | \n\n 22,345,450 \n | \n\n - \n | \n\n 22,345,450 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Non-cash\nflows: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n - \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nAccrual of interest \n | \n\n 27,331 \n | \n\n 708,263 \n | \n\n 735,594 \n | \n
| \n - \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nAmortisation of bond issue cost \n | \n\n 37,584 \n | \n\n - \n | \n\n 37,584 \n | \n
| \n - \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nFinance cost to statement of profit or\nloss \n | \n\n 149,847 \n | \n\n - \n | \n\n 149,847 \n | \n
| \n - \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nCapitalised finance cost to inventories \n | \n\n 57,572 \n | \n\n - \n | \n\n 57,572 \n | \n
| \n - \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nCapitalised finance cost to investment\nproperties \n | \n\n 54,275 \n | \n\n - \n | \n\n 54,275 \n | \n
| \n 31 December\n2024 \n | \n\n 21,757,336 \n | \n\n 708,263 \n | \n\n 22,465,599 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
21.\u00a0\u00a0 Cash\nflow adjustments and changes in working capital
\n\u00a0
\nThe following non-cash\nflow adjustments for changes in working capital have been made to\nthe profit before tax to arrive at operating cash flows:
\n\u00a0
\n| \n \u00a0 \n | \n\n Note \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Adjustments: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Other income \n | \n\n \u00a0 \n | \n\n (785,213) \n | \n\n (144,791) \n | \n
| \n Finance\nincome \n | \n\n \u00a0 \n | \n\n \u00a0(94,865) \n | \n\n \u00a0(36,326) \n | \n
| \n Finance cost \n | \n\n \u00a0 \n | \n\n 835,372 \n | \n\n 840,641 \n | \n
| \n Amortisation of\nintangible assets \n | \n\n 9 \n | \n\n 3,580 \n | \n\n 4,427 \n | \n
| \n Depreciation of\nproperty, plant and equipment \n | \n\n 10 \n | \n\n 10,860 \n | \n\n 24,556 \n | \n
| \n Waiver of payable\nbalance \n | \n\n \u00a0 \n | \n\n (34,727) \n | \n\n - \n | \n
| \n Fair value gain on\ninvestment properties \n | \n\n 11 \n | \n\n (5,704,241) \n | \n\n - \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n (5,769,234) \n | \n\n 688,507 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Net changes in\nworking capital: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Changes in\ninventories \n | \n\n \u00a0 \n | \n\n \u00a0(52,983) \n | \n\n (1,633,727) \n | \n
| \n Changes in trade and\nother receivables \n | \n\n \u00a0 \n | \n\n (7,677,949) \n | \n\n (2,715,936) \n | \n
| \n Trade and other\npayables \n | \n\n \u00a0 \n | \n\n 2,509,061 \n | \n\n 687,538 \n | \n
| \n Total net changes in\nworking capital \n | \n\n \u00a0 \n | \n\n (5,221,871) \n | \n\n (3,662,125) \n | \n
22.\u00a0\u00a0 Cash\nand cash equivalents and restricted cash
\n\u00a0
\nFor the purposes of the\nconsolidated statement of cash flows, the cash and cash equivalents\nat the end of the year comprise the following:
\n\u00a0
\n| \n \u00a0 \n | \n\n Note \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Cash at bank \n | \n\n \u00a0 \n | \n\n 55,204 \n | \n\n 125,032 \n | \n
| \n Bank overdraft \n | \n\n 17 \n | \n\n (382,204) \n | \n\n (208,571) \n | \n
| \n Restricted\ncash \n | \n\n \u00a0 \n | \n\n 23,591 \n | \n\n 4,960,807 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Balance at 31\nDecember \n | \n\n \u00a0 \n | \n\n (303,409) \n | \n\n 4,877,268 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
\u00a0
\nThe Group has an amount\nof \u20ac23,591 (2024: \u20ac4,960,807) restricted cash with the\nTrustee in line with the final terms of the debt securities in\nissue. Such amount will be drawn down against the presentation of\nagreements, requests for payment and/or invoices in accordance with\nthe provisions of the said final terms.
\n\u00a0
\nThe bank overdraft bears\ninterest at a rate of 5.65% per annum over the bank\u2019s base\nrate and Sare repayable on demand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "vQ3.bom1cQ": { "value": "23.\u00a0\u00a0\nRelated party transactions
\n\u00a0
\nYear end balances due\nfrom or to other related parties, ultimate parent company, ultimate\nbeneficial owner, and directors are disclosed in notes 3, 13 and 18\nto these consolidated financial statements. Other related parties consist of related parties under common\ncontrol ownership.
\n\u00a0
\nThe Group entered into\nrelated party transactions on an arm\u2019s length basis.\nAny transactions between the Group have\nbeen eliminated on consolidation.
\n\u00a0
\nThe following\ntransactions were carried out with related parties:
\n\u00a0
\n| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Rental\nincome \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Other related\nparties \n | \n\n 108,033 \n | \n\n 103,995 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Other\nincome \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Other related\nparties \n | \n\n 720,000 \n | \n\n 120,000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Finance\nexpense \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Other related\nparty \n | \n\n 2,812 \n | \n\n 7,613 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Waiver of payable\nbalances \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Ultimate parent\ncompany \n | \n\n 34,727 \n | \n\n - \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Key management\nshort-term benefits \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Directors\u2019\nremuneration \n | \n\n 26,000 \n | \n\n 26,000 \n | \n
| \n Directors\u2019\nfees \n | \n\n 8,000 \n | \n\n 8,000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Surrender of tax\nlosses \n\u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Ultimate parent\ncompany \n | \n\n 327,849 \n | \n\n - \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
During the year\nthe Group entered into the following significant non-cash\ntransactions:
\n\u00a0
\n| \n \u2022 \n | \n\n The Group settled trade\npayables amounting to \u20ac14,578 (2024: \u20ac85,000) through a\nset-off arrangement with a related party. The liability was offset\nagainst a corresponding balance with the related party. \n | \n
| \n \u2022 \n | \n\n The Group settled trade\nreceivables amounting to \u20ac510,542 (2024: nil) through a\nset-off arrangement with a related party. The liability was offset\nagainst a corresponding balance with the related party. \n | \n
| \n \u2022 \n | \n\n Assignment of debts\nto/from parent company and other related parties during the year\namounted to nil (2024: \u20ac531,749) (net). \n | \n
\u00a0
\nExcept those mentioned\nin Note 26, no further guarantees have been given or received. The\nterms and conditions in respect of the related parties balances do\nnot specify the nature of the consideration to be provided in\nsettlement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "yjvrRf-3ot": { "value": "23.\u00a0\u00a0\nRelated party transactions
\n\u00a0
\nYear end balances due\nfrom or to other related parties, ultimate parent company, ultimate\nbeneficial owner, and directors are disclosed in notes 3, 13 and 18\nto these consolidated financial statements. Other related parties consist of related parties under common\ncontrol ownership.
\n\u00a0
\nThe Group entered into\nrelated party transactions on an arm\u2019s length basis.\nAny transactions between the Group have\nbeen eliminated on consolidation.
\n\u00a0
\nThe following\ntransactions were carried out with related parties:
\n\u00a0
\n| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Rental\nincome \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Other related\nparties \n | \n\n 108,033 \n | \n\n 103,995 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Other\nincome \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Other related\nparties \n | \n\n 720,000 \n | \n\n 120,000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Finance\nexpense \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Other related\nparty \n | \n\n 2,812 \n | \n\n 7,613 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Waiver of payable\nbalances \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Ultimate parent\ncompany \n | \n\n 34,727 \n | \n\n - \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Key management\nshort-term benefits \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Directors\u2019\nremuneration \n | \n\n 26,000 \n | \n\n 26,000 \n | \n
| \n Directors\u2019\nfees \n | \n\n 8,000 \n | \n\n 8,000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Surrender of tax\nlosses \n\u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Ultimate parent\ncompany \n | \n\n 327,849 \n | \n\n - \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
During the year\nthe Group entered into the following significant non-cash\ntransactions:
\n\u00a0
\n| \n \u2022 \n | \n\n The Group settled trade\npayables amounting to \u20ac14,578 (2024: \u20ac85,000) through a\nset-off arrangement with a related party. The liability was offset\nagainst a corresponding balance with the related party. \n | \n
| \n \u2022 \n | \n\n The Group settled trade\nreceivables amounting to \u20ac510,542 (2024: nil) through a\nset-off arrangement with a related party. The liability was offset\nagainst a corresponding balance with the related party. \n | \n
| \n \u2022 \n | \n\n Assignment of debts\nto/from parent company and other related parties during the year\namounted to nil (2024: \u20ac531,749) (net). \n | \n
\u00a0
\nExcept those mentioned\nin Note 26, no further guarantees have been given or received. The\nterms and conditions in respect of the related parties balances do\nnot specify the nature of the consideration to be provided in\nsettlement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "HSaeyKt7mv": { "value": "24.\u00a0\u00a0\nFinancial risk management
\n\u00a0
\nOverview
\n\u00a0
\nThe Group has an\nexposure to the following risks arising from the use of financial\ninstruments within its activities:
\n\u00a0
\n\u00a7 \u00a0 Credit\nrisk
\n\u00a7 \u00a0 Liquidity\nrisk
\n\u00a7 \u00a0 Market\nrisk
\n\u00a0
\nThis note presents\ninformation about the Group\u2019s exposure to each of the above\nrisks, policies and processes for measuring and managing risk, and\nthe Group\u2019s management of capital.\u00a0 Further quantitative\ndisclosures are included in these consolidated financial\nstatements.
\n\u00a0
\nThe responsibility for\nthe management of risk is vested in the Board of Directors.\u00a0\nAccordingly, it is the Board of Directors who have the overall\nresponsibility for establishing an appropriate risk management\nframework.
\n\u00a0
\nCredit\nrisk
\n\u00a0
\nCredit risk is the\nrisk of financial loss to the Group if a counterparty to a\nfinancial instrument fails to meet its contractual obligations and\narises principally from the Group\u2019s investment in financial\nassets, trade and other receivables, restricted cash, and cash and\ncash equivalents. The carrying amounts of financial assets\nrepresent the maximum credit exposure. The Group\u2019s investment\nin financial assets is secured by a property owned by the third\nparty. The net carrying value of the financial asset is considered\na reasonable approximation of fair value.
\n\u00a0
\nThe Group assesses the\ncredit quality of its customers by taking into account their\nfinancial standing, past experience, any payments made post\nreporting date and other factors, such as bank references and the\ncustomers\u2019 financial position.
\n\u00a0
\nManagement is\nresponsible for the quality of the Group\u2019s credit portfolios\nand has established credit processes involving delegated approval\nauthorities and credit procedures, the objective of which is to\nbuild and maintain assets of high quality.
\n\u00a0
\nThe Group\u2019s\npolicy is to deal only with credit worthy counterparties. The\ncredit terms are generally 30 days. The Group regularly review the\nageing analysis together with the credit limits per\ncustomer.
\n\u00a0
\nTrade\nand other receivables
\n\u00a0
\nTo measure the\nexpected credit losses, trade and other receivables have been\ngrouped based on shared credit risk characteristics and the days\npast due. Management considers the probability of default from such\ntrade and other receivables as not material. In view of this, the\namount calculated using the 12-month expected credit loss model is\nconsidered to be insignificant. Therefore, based on the above, no\nloss allowance has been recognized by the Group.
\n\u00a0
\nCash and cash\nequivalents
\n\u00a0
\nThe cash and cash\nequivalents held with banks as at 31 December 2025 and 2024 are\ncallable on demand and held with local financial institutions with\nhigh quality standing or rating. Management considers the\nprobability of default from such banks to be insignificant.\nTherefore, based on the above, no loss allowance has been\nrecognized by the Group.
\n\nLiquidity risk
\n\u00a0
\nLiquidity risk is the\nrisk that the Group will not be able to meet its financial\nobligations as they fall due.\u00a0 The Group\u2019s approach to\nmanaging liquidity is to ensure, as far as possible, that it will\nalways have sufficient liquidity to meet its liabilities when\ndue.\u00a0 Generally, the Group ensures that it has sufficient cash\non demand to meet expected operational expenditure, including the\nservicing of financial obligations.\u00a0
\n\u00a0
\nThe table below\nanalyses the Group\u2019s financial liabilities into relevant\nmaturity grouping based on the remaining period at the end of the\nreporting period to the contractual maturity date.
Asat
\n\n
| \n
Market\nrisk
\n\u00a0
\nMarket risk is the\nrisk that changes in market prices, such as foreign exchange rates\nor interest rates, will affect the fair value or future cash flows\nof a financial instrument.\u00a0 The objective of market risk is to\nmanage and control market risk exposures within acceptable\nparameters, while optimising the return on risk.\u00a0 There has\nbeen no changes to the Group\u2019s exposure to credit risks or\nthe manner in which these risks are managed and\nmeasured.\u00a0
\n\u00a0
\ni)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nForeign exchange\nrisk\u00a0\u00a0\u00a0
\n\u00a0
\nForeign exchange risk\narises from future commercial transactions and recognised assets\nand liabilities which are denominated in a currency that is not the\nrespective Group\u2019s functional currency. The Group is not\nexposed to significant foreign exchange risk arising from the\nGroup\u2019s financing transactions as assets and liabilities are\nprincipally denominated in Euro and trading transactions are\nprincipally denominated in Euro.
\n\u00a0
\nThe Group\u2019s\nfinancial assets and liabilities are denominated in\nEuro.
\n\u00a0
\nAccordingly, a\nsensitivity analysis for foreign exchange risk disclosing how\nprofit or loss and equity would have been affected by changes in\nforeign exchange rates that were reasonably possible at the end of\nthe reporting period is not deemed necessary.
\n\u00a0
\nii)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nInterest rate risk
\n\u00a0
\nThe Group is not\nsignificantly exposed to interest rate risk since it borrows funds\nat both fixed and floating interest rates. The risk is managed by\nthe Group by maintaining an appropriate mix between fixed and\nfloating rate borrowings.
\n\u00a0
\nThe exposure to\ninterest rates is not deemed material to these consolidated\nfinancial statements and accordingly, no sensitivity analysis has\nbeen disclosed.
\n\u00a0
\niii)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nOther price risks
\n\u00a0
\nThe Group is not\nexposed to equity price risks as it does not have any equity\ninvestments.
\n\u00a0
\nCapital management
\n\u00a0
\nThe Group\u2019s\nobjective is to maintain an adequate capital base through the\noptimisation of debt and equity balance in order to sustain the\nfuture development of the business and safeguard the ability of the\nGroup to continue as a going concern. The Group\u2019s overall\nstrategy remains unchanged from 2024.
\n\u00a0
\nThe capital structure\nof the Group consists of net debt and equity of the\nGroup.
\n\u00a0
\nThe capital structure\nof the Group consists of debt, which includes the interest-bearing\nborrowings disclosed in Note 17. Net debt is defined as debt after\ndeducting cash and cash equivalents as disclosed in Note 22. Equity\nincludes all items presented within equity in the statement of\nfinancial position and further disclosed in Notes 15 and\n16.
\n\u00a0
\nThe Group is not\nsubject to any externally imposed capital requirements.
\n\u00a0
\nThe Group\u2019s\nBoard of Directors manage the capital structure through reviews on\nan ongoing basis and adjustments are made in light of changes in\neconomic conditions. Based on recommendations of the Board of\nDirectors, the Group balances the overall capital structure through\nthe payments of dividends, new share issues as well as the issue of\nnew debt or the redemption of existing debt.
\n\u00a0
\nFair\nvalues
\n\u00a0
\nAt 31 December 2025\nand 2024 the carrying amounts of financial assets and liabilities\nreflected in the consolidated financial statements are reasonable\nestimates of fair value. The fair values of loans are not\nmaterially different from their carrying amounts.
\n\u00a0
\nSummary of financial assets and financial liabilities by\ncategory
\n\u00a0
\nA description of each\ncategory of financial assets and financial liabilities and related\naccounting policies is provided in Note 1(p). The carrying amounts\nof financial assets and financial liabilities in each category are\nas follows:
\n\u00a0
\n| \n \u00a0 \n | \n\n Notes \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Current\nassets \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Financial assets at\namortised cost: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n - \u00a0\u00a0 Trade and other\nreceivables \n | \n\n 13 \n | \n\n 6,794,566 \n | \n\n 3,050,003 \n | \n
| \n - \u00a0\u00a0 Restricted\ncash \n | \n\n 22 \n | \n\n 23,591 \n | \n\n 4,960,807 \n | \n
| \n - \u00a0\u00a0 Cash and cash\nequivalents \n | \n\n 22 \n | \n\n 55,204 \n | \n\n 125,032 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n 6,873,361 \n | \n\n 8,135,842 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Non-current\nliabilities \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Financial liabilities\nmeasured at amortised cost \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n - \u00a0\u00a0 Borrowings \n | \n\n 17 \n | \n\n 24,990,183 \n | \n\n 20,249,087 \n | \n
| \n - \u00a0\u00a0 Trade and other\npayables \n | \n\n 18 \n | \n\n 4,647,703 \n | \n\n - \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n 29,637,886 \n | \n\n 20,249,087 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Current\nliabilities \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Financial liabilities\nmeasured at amortised cost: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n - \u00a0\u00a0 Trade and other\npayables \n | \n\n 18 \n | \n\n 7,949,366 \n | \n\n 7,553,461 \n | \n
| \n - \u00a0\u00a0 Borrowings \n | \n\n 17 \n | \n\n 1,921,167 \n | \n\n 1,716,820 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n 9,870,533 \n | \n\n 9,270,281 \n | \n
Credit\nrisk
\n\u00a0
\nCredit risk is the\nrisk of financial loss to the Group if a counterparty to a\nfinancial instrument fails to meet its contractual obligations and\narises principally from the Group\u2019s investment in financial\nassets, trade and other receivables, restricted cash, and cash and\ncash equivalents. The carrying amounts of financial assets\nrepresent the maximum credit exposure. The Group\u2019s investment\nin financial assets is secured by a property owned by the third\nparty. The net carrying value of the financial asset is considered\na reasonable approximation of fair value.
\n\u00a0
\nThe Group assesses the\ncredit quality of its customers by taking into account their\nfinancial standing, past experience, any payments made post\nreporting date and other factors, such as bank references and the\ncustomers\u2019 financial position.
\n\u00a0
\nManagement is\nresponsible for the quality of the Group\u2019s credit portfolios\nand has established credit processes involving delegated approval\nauthorities and credit procedures, the objective of which is to\nbuild and maintain assets of high quality.
\n\u00a0
\nThe Group\u2019s\npolicy is to deal only with credit worthy counterparties. The\ncredit terms are generally 30 days. The Group regularly review the\nageing analysis together with the credit limits per\ncustomer.
\n\u00a0
\nTrade\nand other receivables
\n\u00a0
\nTo measure the\nexpected credit losses, trade and other receivables have been\ngrouped based on shared credit risk characteristics and the days\npast due. Management considers the probability of default from such\ntrade and other receivables as not material. In view of this, the\namount calculated using the 12-month expected credit loss model is\nconsidered to be insignificant. Therefore, based on the above, no\nloss allowance has been recognized by the Group.
\n\u00a0
\nCash and cash\nequivalents
\n\u00a0
\nThe cash and cash\nequivalents held with banks as at 31 December 2025 and 2024 are\ncallable on demand and held with local financial institutions with\nhigh quality standing or rating. Management considers the\nprobability of default from such banks to be insignificant.\nTherefore, based on the above, no loss allowance has been\nrecognized by the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "wBxrOnr70W": { "value": "Liquidity risk
\n\u00a0
\nLiquidity risk is the\nrisk that the Group will not be able to meet its financial\nobligations as they fall due.\u00a0 The Group\u2019s approach to\nmanaging liquidity is to ensure, as far as possible, that it will\nalways have sufficient liquidity to meet its liabilities when\ndue.\u00a0 Generally, the Group ensures that it has sufficient cash\non demand to meet expected operational expenditure, including the\nservicing of financial obligations.\u00a0
\n\u00a0
\nThe table below\nanalyses the Group\u2019s financial liabilities into relevant\nmaturity grouping based on the remaining period at the end of the\nreporting period to the contractual maturity date.
Asat
\n\n
| \n
Market\nrisk
\n\u00a0
\nMarket risk is the\nrisk that changes in market prices, such as foreign exchange rates\nor interest rates, will affect the fair value or future cash flows\nof a financial instrument.\u00a0 The objective of market risk is to\nmanage and control market risk exposures within acceptable\nparameters, while optimising the return on risk.\u00a0 There has\nbeen no changes to the Group\u2019s exposure to credit risks or\nthe manner in which these risks are managed and\nmeasured.\u00a0
\n\u00a0
\ni)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nForeign exchange\nrisk\u00a0\u00a0\u00a0
\n\u00a0
\nForeign exchange risk\narises from future commercial transactions and recognised assets\nand liabilities which are denominated in a currency that is not the\nrespective Group\u2019s functional currency. The Group is not\nexposed to significant foreign exchange risk arising from the\nGroup\u2019s financing transactions as assets and liabilities are\nprincipally denominated in Euro and trading transactions are\nprincipally denominated in Euro.
\n\u00a0
\nThe Group\u2019s\nfinancial assets and liabilities are denominated in\nEuro.
\n\u00a0
\nAccordingly, a\nsensitivity analysis for foreign exchange risk disclosing how\nprofit or loss and equity would have been affected by changes in\nforeign exchange rates that were reasonably possible at the end of\nthe reporting period is not deemed necessary.
\n\u00a0
\nii)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nInterest rate risk
\n\u00a0
\nThe Group is not\nsignificantly exposed to interest rate risk since it borrows funds\nat both fixed and floating interest rates. The risk is managed by\nthe Group by maintaining an appropriate mix between fixed and\nfloating rate borrowings.
\n\u00a0
\nThe exposure to\ninterest rates is not deemed material to these consolidated\nfinancial statements and accordingly, no sensitivity analysis has\nbeen disclosed.
\n\u00a0
\niii)\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\nOther price risks
\n\u00a0
\nThe Group is not\nexposed to equity price risks as it does not have any equity\ninvestments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "CdybEoIl5-": { "value": "Capital management
\n\u00a0
\nThe Group\u2019s\nobjective is to maintain an adequate capital base through the\noptimisation of debt and equity balance in order to sustain the\nfuture development of the business and safeguard the ability of the\nGroup to continue as a going concern. The Group\u2019s overall\nstrategy remains unchanged from 2024.
\n\u00a0
\nThe capital structure\nof the Group consists of net debt and equity of the\nGroup.
\n\u00a0
\nThe capital structure\nof the Group consists of debt, which includes the interest-bearing\nborrowings disclosed in Note 17. Net debt is defined as debt after\ndeducting cash and cash equivalents as disclosed in Note 22. Equity\nincludes all items presented within equity in the statement of\nfinancial position and further disclosed in Notes 15 and\n16.
\n\u00a0
\nThe Group is not\nsubject to any externally imposed capital requirements.
\n\u00a0
\nThe Group\u2019s\nBoard of Directors manage the capital structure through reviews on\nan ongoing basis and adjustments are made in light of changes in\neconomic conditions. Based on recommendations of the Board of\nDirectors, the Group balances the overall capital structure through\nthe payments of dividends, new share issues as well as the issue of\nnew debt or the redemption of existing debt.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "hpO.JKzO_G": { "value": "Fair\nvalues
\n\u00a0
\nAt 31 December 2025\nand 2024 the carrying amounts of financial assets and liabilities\nreflected in the consolidated financial statements are reasonable\nestimates of fair value. The fair values of loans are not\nmaterially different from their carrying amounts.
\n\u00a0
\nSummary of financial assets and financial liabilities by\ncategory
\n\u00a0
\nA description of each\ncategory of financial assets and financial liabilities and related\naccounting policies is provided in Note 1(p). The carrying amounts\nof financial assets and financial liabilities in each category are\nas follows:
\n\u00a0
\n| \n \u00a0 \n | \n\n Notes \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Current\nassets \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Financial assets at\namortised cost: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n - \u00a0\u00a0 Trade and other\nreceivables \n | \n\n 13 \n | \n\n 6,794,566 \n | \n\n 3,050,003 \n | \n
| \n - \u00a0\u00a0 Restricted\ncash \n | \n\n 22 \n | \n\n 23,591 \n | \n\n 4,960,807 \n | \n
| \n - \u00a0\u00a0 Cash and cash\nequivalents \n | \n\n 22 \n | \n\n 55,204 \n | \n\n 125,032 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n 6,873,361 \n | \n\n 8,135,842 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Non-current\nliabilities \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Financial liabilities\nmeasured at amortised cost \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n - \u00a0\u00a0 Borrowings \n | \n\n 17 \n | \n\n 24,990,183 \n | \n\n 20,249,087 \n | \n
| \n - \u00a0\u00a0 Trade and other\npayables \n | \n\n 18 \n | \n\n 4,647,703 \n | \n\n - \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n 29,637,886 \n | \n\n 20,249,087 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Current\nliabilities \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n Financial liabilities\nmeasured at amortised cost: \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n - \u00a0\u00a0 Trade and other\npayables \n | \n\n 18 \n | \n\n 7,949,366 \n | \n\n 7,553,461 \n | \n
| \n - \u00a0\u00a0 Borrowings \n | \n\n 17 \n | \n\n 1,921,167 \n | \n\n 1,716,820 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n 9,870,533 \n | \n\n 9,270,281 \n | \n
25.\u00a0\u00a0 Events after the reporting\nperiod
\n\u00a0
\nThere were no adjusting\nor significant non-adjusting events between the end of the\nreporting year and the date of authorisation by the Board of\nDirectors.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "eyuJfPUgPa": { "value": "26.\u00a0\u00a0 Guarantees
\n\u00a0
\nOne of the Group\u2019s\nsubsidiaries, J. Zammit Developments Limited, holds bank guarantees\nin favour of third parties for any applications or permits granted\nto the subsidiary and to other related parties amounting to\n\u20ac22,400 (2024: \u20ac22,400). The pledged amount is restricted\nand not available for general use until the guarantee is released\nor expired.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "lu52Jl-f9o": { "value": "26.\u00a0\u00a0 Guarantees
\n\u00a0
\nOne of the Group\u2019s\nsubsidiaries, J. Zammit Developments Limited, holds bank guarantees\nin favour of third parties for any applications or permits granted\nto the subsidiary and to other related parties amounting to\n\u20ac22,400 (2024: \u20ac22,400). The pledged amount is restricted\nand not available for general use until the guarantee is released\nor expired.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutLiquidityArrangementsGuaranteesOrOtherCommitmentsWithThirdPartiesThatMayAffectFairValueOrRiskOfInterestsInStructuredEntitiesExplanatory", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "r43VNrs6r1": { "value": "27.\u00a0\u00a0 Restatement
\n\u00a0
\nDuring the year, the\nGroup identified a prior period error relating to the consolidation\nprocess. Goodwill was incorrectly recognised upon the acquisition\nof a subsidiary by comparing the carrying amount of the net assets\nacquired with the consideration transferred. This resulted in\noverstated assets and understated equity.
\n\u00a0
\nThe error has been\ncorrected by restating each of the affected financial statement\nline items for the prior year as follows:
\n\u00a0
\n| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n 2024 \n | \n\n \u00a0 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n As previously\nreported \n | \n\n Adjustments \n | \n\n as restated \n | \n
| \n \u00a0 \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Administrative\nexpenses \n | \n\n (448,634) \n | \n\n (2,708) \n | \n\n (451,342) \n | \n
| \n Goodwill \n | \n\n 3,244,696 \n | \n\n (3,244,696) \n | \n\n - \n | \n
| \n Retained\nearnings \n | \n\n 20,373,707 \n | \n\n (3,244,696) \n | \n\n 17,129,011 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n 2023 \n | \n\n \u00a0 \n | \n\n 2023 \n | \n
| \n \u00a0 \n | \n\n As previously\nreported \n | \n\n Adjustments \n | \n\n as restated \n | \n
| \n \u00a0 \n | \n\n \u20ac \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n Goodwill \n | \n\n 3,241,988 \n | \n\n (3,241,988) \n | \n\n - \n | \n
| \n Retained\nearnings \n | \n\n 20,475,590 \n | \n\n (3,241,988) \n | \n\n 17,233,602 \n | \n
28.\u00a0\u00a0\nContingencies
\n\u00a0
\nAs at the end of the\nreporting period, the Group has contingent liabilities amounting to\n\u20ac81,375 (2024: \u20ac1,650,000) in respect of guarantees given\nto secure the banking facilities of other related\nparties.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "vt2HabBVlr": { "value": "29.\u00a0\u00a0\nCommitments
\n\u00a0
\n\nOperating lease commitments - Group as\nlessee
\n\u00a0
\nIn 2025, the Group\nleased commercial premises consisting of showrooms and offices\nunder a non-cancellable operating lease agreement.\u00a0 The\ncommencement date of the leases are 1 January 2025 and 14 October\n2025, respectively. The lease agreement was considered to be of low\nvalue hence no right-of use asset was recognized.
\n\u00a0
\nThe future aggregate\nminimum lease payments under the non-cancellable operating lease\nare as follows:
\n\u00a0
\n| \n \u00a0 \n | \n\n 2025 \n | \n\n 2024 \n | \n
| \n \u00a0 \n | \n\n \u20ac \n | \n\n \u20ac \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n No later than 1\nyear \n | \n\n 1,000 \n | \n\n 1,000 \n | \n
| \n Later than 1 year and no\nlater than 5 years \n | \n\n 2,000 \n | \n\n 3,000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n 3,000 \n | \n\n 4,000 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
| \n \u00a0 \n | \n\n \u00a0 \n | \n\n \u00a0 \n | \n
Other\ncommitments
\n\u00a0
\nIn 2024, one of the\nsubsidiaries of the Company entered into a loan agreement with a\nlocal bank which precludes the Company to request repayment of loan\nand request dividends without the prior approval of the bank. Also,\nthe Company has committed to make good for any payment of interest\nor principal for such loan which as at 31 December 2025 amounted to\n\u20ac1,134,437 (2024: \u20ac819,000).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "sFohO1qu3j": { "value": "Agora Estates p.l.c. is\na public limited company and is registered in Malta.", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "kGAoBqU.ku": { "value": "Agora Estates p.l.c. is\na public limited company and is registered in Malta", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ZR02ypOanK": { "value": "The ultimate parent\ncompany of Agora Estates p.l.c. is Zammit Holdings Limited, a\nprivate limited company registered in Malta with its registered\naddress at Aries House, Triq tal-Hlas, Zebbug, Malta.", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ruETPcvBaR": { "value": "The ultimate parent\ncompany of Agora Estates p.l.c. is Zammit Holdings Limited, a\nprivate limited company registered in Malta with its registered\naddress at Aries House, Triq tal-Hlas, Zebbug, Malta.", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "rq0cfk_nG1": { "value": "The ultimate beneficial\nowner of the Group is Mr. James Zammit of J House, Triq Edward\nPirotta, Bahar ic-Caghaq, Naxxar.", "dimensions": { "concept": "Agora:NameOfUltimateBeneficialOwnerOfTheGroup", "language": "en", "entity": "scheme:254900PHXY1Y2G1ITE65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }